earnings
confidence high
sentiment positive
materiality 0.75
SmartStop Q4 net income $2.8M, FFO adj $0.55; FY25 FFO adj $1.87 (+10% YoY)
SmartStop Self Storage REIT, Inc.
- Net income $2.8M in Q4 vs net loss $3.7M YoY; diluted EPS $0.05 (improved from -$0.16).
- FFO as adjusted per share diluted $0.55 (Q4) and $1.87 (FY), up 31% and 10% YoY respectively.
- Same-store NOI -0.3% Q4, +0.6% FY; revenue +0.4% Q4, +1.6% FY; occupancy 92.3% Q4.
- New $500M unsecured credit facility (upsize to $1.6B) with 35 bps lower pricing; 4-yr term.
- Acquired Argus management platform for $21.1M; Q4 acquisitions include Winter Garden ($15.3M) and Canadian JV ($3M).