secwatch.observer — SEC 8-K summary
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Issuer:     SmartStop Self Storage REIT, Inc. (SMA)
CIK:        0001585389
Form:       8-K
Filed at:   2025-05-07T23:59:59+00:00
Accession:  0000950170-25-065649
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SmartStop Q1 net loss $8.4M; FFO as adjusted $0.41/diluted share; same-store revenue +3.2%
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- Net loss attributable to common stockholders $8.4M (loss per Class A & T $0.35), vs loss $4.6M ($0.20) in Q1 2024.
- FFO as adjusted (attributable to common stockholders + OP unit holders) $11.2M ($0.41/diluted), vs $11.1M ($0.40) YoY.
- Same-store revenue +3.2%, same-store NOI +2.3%; same-store occupancy 92.6% (+0.5 ppts), annualized rent per sq ft $19.84 (+2.0%).
- Closed IPO of 31.05M shares at $30/share, net proceeds ~$875.6M; used to redeem all Series A Preferred ($203.6M), pay down debt ($472M to credit facility, $175M acquisition facility).
- Acquired three storage facilities in Q1 for ~$82.5M; post-quarter purchased Kelowna, BC facility for ~$28.3M and assumed $17.7M loan at 3.45%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1585389/000095017025065649/0000950170-25-065649-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1585389/000095017025065649/ck0001585389-20250507.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-065649

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