SmartStop Self Storage REIT, Inc. Reports First Quarter 2024 Results
“On the heels of the strongest 36-month period in the history of the self storage industry and in conjunction with slowing economic growth, our sector’s occupancy, same-store NOI growth and overall results have continued to normalize,” said
Three Months Ended
-
Net loss attributable to common stockholders was approximately
$4.6 million . This represents a decrease in the Company’s earnings of approximately$3.3 million when compared to the same period in 2023. Net loss per Class A and Class T shares (basic and diluted) was$0.05 , an increase in net loss per share of$0.03 as compared to the same period in 2023. -
Total self storage-related revenues were approximately
$52.7 million , a decrease of approximately$0.8 million when compared to the same period in 2023. -
FFO, as adjusted (attributable to common stockholders and
Operating Partnership (“OP”) unit holders), was approximately$11.1 million , a decrease of approximately$4.5 million when compared to the same period in 2023. -
FFO, as adjusted per share and OP unit outstanding – diluted was
$0.10 , a decrease of$0.04 when compared to the same period in 2023. - Same-store revenues and net operating income (“NOI”) decreased by 1.7% and 4.1%, respectively, compared to the same period in 2023, while same-store expenses increased by 3.5% compared to the same period in 2023.
- Same-store average physical occupancy decreased by 0.4% to 92.5% compared to the same period in 2023.
-
Same-store annualized rent per occupied square foot was approximately
$19.49 , a decrease of approximately$0.18 when compared to the same period in 2023.
External Growth
During the quarter, the Company opened an 87,700 square foot, 900 unit storage facility in the
Subsequent to quarter end, the Company announced the acquisition of a self storage property in
Capital Market Activities
In February, the Company entered into an amended and restated multi-currency revolving credit facility (the “2024 Credit Facility”) of up to
In March, the Company entered into a term loan (the "2027 NBC Loan") with National Bank of Canada (“NBC”) as administrative agent, and certain other lenders. The 2027 NBC Loan has aggregate borrowings of
Managed REIT Platform Update
SmartStop, through an indirect subsidiary, serves as the sponsor of
Additionally, SmartStop has made investments in the Managed REITs in the form of mezzanine loans, notes, subordinated limited partnership interests, and preferred limited partnership interests in the operating partnerships of the respective Managed REITs.
Declared Distributions
On
On
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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ASSETS |
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Real estate facilities: |
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Land |
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$ |
429,987,849 |
|
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$ |
430,868,563 |
|
Buildings |
|
|
1,398,893,933 |
|
|
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1,401,981,394 |
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Site improvements |
|
|
91,775,505 |
|
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|
91,896,415 |
|
|
|
|
1,920,657,287 |
|
|
|
1,924,746,372 |
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Accumulated depreciation |
|
|
(268,458,218 |
) |
|
|
(255,844,284 |
) |
|
|
|
1,652,199,069 |
|
|
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1,668,902,088 |
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Construction in process |
|
|
8,338,093 |
|
|
|
5,976,946 |
|
Real estate facilities, net |
|
|
1,660,537,162 |
|
|
|
1,674,879,034 |
|
Cash and cash equivalents |
|
|
39,157,898 |
|
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45,079,371 |
|
Restricted cash |
|
|
6,913,534 |
|
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|
8,347,805 |
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Investments in unconsolidated real estate ventures |
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|
36,155,596 |
|
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35,831,600 |
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Investments in and advances to Managed REITs |
|
|
36,070,661 |
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34,390,866 |
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Deferred tax assets |
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|
4,539,378 |
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4,449,665 |
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Other assets, net |
|
|
23,656,576 |
|
|
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21,701,107 |
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Intangible assets, net of accumulated amortization |
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1,108,769 |
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1,170,100 |
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Trademarks, net of accumulated amortization |
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15,735,294 |
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15,770,588 |
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|
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53,643,331 |
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53,643,331 |
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Debt issuance costs, net of accumulated amortization |
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8,878,424 |
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377,258 |
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Total assets |
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$ |
1,886,396,623 |
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$ |
1,895,640,725 |
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LIABILITIES, TEMPORARY EQUITY, AND EQUITY |
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Debt, net |
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$ |
1,093,200,523 |
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$ |
1,087,401,334 |
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Accounts payable and accrued liabilities |
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|
38,256,292 |
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28,977,714 |
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Due to affiliates |
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415,980 |
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415,980 |
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Distributions payable |
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8,881,526 |
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9,155,808 |
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Deferred tax liabilities |
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|
6,106,530 |
|
|
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6,193,675 |
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Total liabilities |
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1,146,860,851 |
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1,132,144,511 |
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Commitments and contingencies |
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Redeemable common stock |
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68,311,548 |
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71,277,195 |
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Preferred stock, |
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Series A Convertible Preferred Stock, |
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196,356,107 |
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196,356,107 |
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Equity: |
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SmartStop Self Storage REIT, Inc.: |
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Class A common stock, |
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88,870 |
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88,762 |
|
Class T common stock, |
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8,128 |
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|
8,114 |
|
Additional paid-in capital |
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894,796,414 |
|
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894,856,554 |
|
Distributions |
|
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(338,633,835 |
) |
|
|
(324,190,556 |
) |
Accumulated deficit |
|
|
(171,918,215 |
) |
|
|
(167,270,293 |
) |
Accumulated other comprehensive income |
|
|
432,640 |
|
|
|
847,183 |
|
|
|
|
384,774,002 |
|
|
|
404,339,764 |
|
Noncontrolling interests in our |
|
|
90,068,769 |
|
|
|
91,488,207 |
|
Other noncontrolling interests |
|
|
25,346 |
|
|
|
34,941 |
|
Total noncontrolling interests |
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90,094,115 |
|
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91,523,148 |
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Total equity |
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474,868,117 |
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495,862,912 |
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Total liabilities, temporary equity and equity |
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$ |
1,886,396,623 |
|
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$ |
1,895,640,725 |
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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED) |
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Three Months Ended
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2024 |
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2023 |
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Revenues: |
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Self storage rental revenue |
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$ |
50,469,142 |
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$ |
51,276,898 |
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Ancillary operating revenue |
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2,192,633 |
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2,190,622 |
|
Managed REIT Platform revenue |
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|
2,734,207 |
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|
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2,276,535 |
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Reimbursable costs from Managed REITs |
|
|
1,646,075 |
|
|
|
1,391,210 |
|
Total revenues |
|
|
57,042,057 |
|
|
|
57,135,265 |
|
Operating expenses: |
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Property operating expenses |
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17,389,955 |
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|
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16,533,452 |
|
Managed REIT Platform expenses |
|
|
851,187 |
|
|
|
549,936 |
|
Reimbursable costs from Managed REITs |
|
|
1,646,075 |
|
|
|
1,391,210 |
|
General and administrative |
|
|
7,426,164 |
|
|
|
6,536,626 |
|
Depreciation |
|
|
13,584,398 |
|
|
|
13,272,271 |
|
Intangible amortization expense |
|
|
73,065 |
|
|
|
1,919,705 |
|
Acquisition expenses |
|
|
70,876 |
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|
|
31,190 |
|
Total operating expenses |
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|
41,041,720 |
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|
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40,234,390 |
|
Income from operations |
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16,000,337 |
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16,900,875 |
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Other income (expense): |
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Equity in earnings (losses) from investments in |
|
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(329,092 |
) |
|
|
(405,111 |
) |
Equity in earnings (losses) from investments in Managed REITs |
|
|
(451,562 |
) |
|
|
(233,025 |
) |
Other, net |
|
|
507,515 |
|
|
|
750,978 |
|
Interest expense |
|
|
(16,553,242 |
) |
|
|
(14,703,897 |
) |
Loss on debt extinguishment |
|
|
(471,166 |
) |
|
|
— |
|
Income tax expense |
|
|
(342,303 |
) |
|
|
(277,220 |
) |
Net income (loss) |
|
|
(1,639,513 |
) |
|
|
2,032,600 |
|
Net (income) loss attributable to noncontrolling interests |
|
|
99,515 |
|
|
|
(340,365 |
) |
Less: Distributions to preferred stockholders |
|
|
(3,107,924 |
) |
|
|
(3,082,192 |
) |
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders |
|
$ |
(4,647,922 |
) |
|
$ |
(1,389,957 |
) |
Net loss per Class A & Class T share – basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
Weighted average Class A shares outstanding – basic and diluted |
|
|
88,714,643 |
|
|
|
88,735,173 |
|
Weighted average Class T shares outstanding – basic and diluted |
|
|
8,117,260 |
|
|
|
8,085,550 |
|
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE – |
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COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED |
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Three Months Ended
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2024 |
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2023 |
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Net loss (attributable to common stockholders) |
|
$ |
(4,647,922 |
) |
|
$ |
(1,389,957 |
) |
Add: |
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Depreciation of real estate |
|
|
13,309,061 |
|
|
|
13,056,494 |
|
Amortization of real estate related intangible assets |
|
|
— |
|
|
|
1,846,709 |
|
Depreciation and amortization of real estate and intangible assets from unconsolidated entities |
|
|
538,307 |
|
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|
502,157 |
|
Deduct: |
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Adjustment for noncontrolling interests in our |
|
|
(1,652,942 |
) |
|
|
(1,788,059 |
) |
FFO (attributable to common stockholders) |
|
$ |
7,546,504 |
|
|
$ |
12,227,344 |
|
Other Adjustments: |
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— |
|
|
|
— |
|
Intangible amortization expense - contracts (2) |
|
|
73,065 |
|
|
|
72,996 |
|
Acquisition expenses (3) |
|
|
70,876 |
|
|
|
31,190 |
|
Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities |
|
|
79,166 |
|
|
|
52,501 |
|
Accretion of fair market value of secured debt |
|
|
3,230 |
|
|
|
3,230 |
|
Foreign currency and interest rate derivative (gains) losses, net (4) |
|
|
(111,067 |
) |
|
|
384,747 |
|
Offering related expenses (5) |
|
|
326,665 |
|
|
|
— |
|
Adjustment of deferred tax assets and liabilities (2) |
|
|
217,882 |
|
|
|
120,287 |
|
Sponsor funding reduction (6) |
|
|
180,846 |
|
|
|
— |
|
Amortization of debt issuance costs (2) |
|
|
801,883 |
|
|
|
710,351 |
|
Net loss on extinguishment of debt (7) |
|
|
471,166 |
|
|
|
— |
|
Adjustment for noncontrolling interests in our |
|
|
(252,758 |
) |
|
|
(159,592 |
) |
FFO, as adjusted (attributable to common stockholders) (8) |
|
$ |
9,407,458 |
|
|
$ |
13,443,054 |
|
FFO (attributable to common stockholders) |
|
$ |
7,546,504 |
|
|
$ |
12,227,344 |
|
Net income (loss) attributable to the noncontrolling interests in our |
|
|
(208,869 |
) |
|
|
232,943 |
|
Adjustment for noncontrolling interests
|
|
|
1,652,942 |
|
|
|
1,788,059 |
|
FFO (attributable to common stockholders and OP unit holders) |
|
$ |
8,990,577 |
|
|
$ |
14,248,346 |
|
FFO, as adjusted (attributable to common stockholders) |
|
$ |
9,407,458 |
|
|
$ |
13,443,054 |
|
Net income (loss) attributable to the noncontrolling interests in our |
|
|
(208,869 |
) |
|
|
232,943 |
|
Adjustment for noncontrolling interests in our |
|
|
1,905,700 |
|
|
|
1,947,651 |
|
FFO, as adjusted (attributable to common stockholders and OP unit holders) (8) |
|
$ |
11,104,289 |
|
|
$ |
15,623,648 |
|
(1) This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests in our |
|
(2) These items represent the amortization, accretion, or adjustment of intangible assets, debt issuance costs, or deferred tax assets and liabilities. |
|
(3) This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy. |
|
(4) This represents the mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term. |
|
(5) Such costs relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock. As this item is non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. |
|
(6) Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return |
|
receives Series C Units in |
|
(7) The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred. |
|
(8) Our calculation of FFO, as adjusted was modified in the period ended |
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES |
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NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED ATTRIBUTABLE TO COMMON STOCKHOLDERS AND OP UNITS OUTSTANDING – DILUTED |
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The following is a reconciliation of FFO and FFO, as adjusted (attributable to common stockholders), to FFO and FFO, as adjusted (attributable to common stockholders and OP Unit holders), for each of the periods presented below: |
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Three Months Ended
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2024 |
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2023 |
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FFO (attributable to common stockholders and OP unit holders) Calculation: |
|
|
|
|
|||
FFO (attributable to common stockholders) |
|
$ |
7,546,504 |
|
|
$ |
12,227,344 |
Net income (loss) attributable to the noncontrolling interests in our |
|
|
(208,869 |
) |
|
|
232,943 |
Adjustment for noncontrolling interests in our |
|
|
1,652,942 |
|
|
|
1,788,059 |
FFO (attributable to common stockholders and OP unit holders) |
|
$ |
8,990,577 |
|
|
$ |
14,248,346 |
FFO, as adjusted (attributable to common stockholders and OP unit holders) Calculation: |
|
|
|
|
|||
FFO, as adjusted (attributable to common stockholders) |
|
$ |
9,407,458 |
|
|
$ |
13,443,054 |
Net income (loss) attributable to the noncontrolling interests in our |
|
|
(208,869 |
) |
|
|
232,943 |
Adjustment for noncontrolling interests in our |
|
|
1,905,700 |
|
|
|
1,947,651 |
FFO, as adjusted (attributable to common stockholders and OP unit holders) (3) |
|
$ |
11,104,289 |
|
|
$ |
15,623,648 |
|
|
|
|
|
|||
Weighted average Class A & T shares outstanding – basic |
|
|
96,831,903 |
|
|
|
96,820,723 |
Weighted average OP units outstanding |
|
|
13,127,843 |
|
|
|
12,773,507 |
Weighted average other dilutive securities |
|
|
337,948 |
|
|
|
414,660 |
Weighted average shares & OP units outstanding – diluted(2) |
|
|
110,297,694 |
|
|
|
110,008,890 |
FFO, as adjusted per share & OP unit outstanding – diluted |
|
$ |
0.10 |
|
|
$ |
0.14 |
(1) |
This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests. |
|
(2) |
Includes all Class A Shares, Class |
|
(3) |
Our calculation of FFO, as adjusted was modified in the period ended |
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES |
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COMPUTATION OF SAME-STORE OPERATING RESULTS |
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(Unaudited) |
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Same-Store Facility Results - three months ended |
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The following table sets forth operating data for SmartStop’s same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since |
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Same-Store Facilities |
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Non Same-Store Facilities |
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Total |
|
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|
|
2024 |
|
|
2023 |
|
|
%
|
|
|
2024 |
|
|
2023 |
|
|
%
|
|
2024 |
|
|
2023 |
|
|
%
|
|
||||||||
Revenue (1) |
|
$ |
49,456,951 |
|
|
$ |
50,302,951 |
|
|
|
(1.7 |
)% |
|
$ |
1,260,115 |
|
|
$ |
1,235,064 |
|
|
N/M |
|
$ |
50,717,066 |
|
|
$ |
51,538,015 |
|
|
|
(1.6 |
)% |
Property operating
|
|
|
16,419,540 |
|
|
|
15,866,265 |
|
|
|
3.5 |
% |
|
|
870,415 |
|
|
|
609,062 |
|
|
N/M |
|
|
17,289,955 |
|
|
|
16,475,327 |
|
|
|
4.9 |
% |
Net operating income |
|
$ |
33,037,411 |
|
|
$ |
34,436,686 |
|
|
|
(4.1 |
)% |
|
$ |
389,700 |
|
|
$ |
626,002 |
|
|
N/M |
|
$ |
33,427,111 |
|
|
$ |
35,062,688 |
|
|
|
(4.7 |
)% |
Number of facilities |
|
|
149 |
|
|
|
149 |
|
|
|
|
|
|
5 |
|
|
|
4 |
|
|
|
|
|
154 |
|
|
|
153 |
|
|
|
|
||
Rentable square feet (3) |
|
|
11,457,035 |
|
|
|
11,440,030 |
|
|
|
|
|
|
432,800 |
|
|
|
354,700 |
|
|
|
|
|
11,889,835 |
|
|
|
11,794,730 |
|
|
|
|
||
Average physical occupancy (4) |
|
|
92.5 |
% |
|
|
92.9 |
% |
|
|
(0.4 |
)% |
|
N/M |
|
|
N/M |
|
|
N/M |
|
|
91.9 |
% |
|
|
92.6 |
% |
|
|
(0.8 |
)% |
||
Annualized rent per occupied square foot (5) |
|
|
19.49 |
|
|
|
19.67 |
|
|
|
(0.9 |
)% |
|
N/M |
|
|
N/M |
|
|
N/M |
|
|
19.39 |
|
|
|
19.64 |
|
|
|
(1.2 |
)% |
N/M Not meaningful | ||
(1) |
Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. |
|
(2) |
Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, Tenant Protection Program related expense, and acquisition expenses. |
|
(3) |
Of the total rentable square feet, parking represented approximately 1,017,000 square feet as of |
|
(4) |
Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. |
|
(5) |
Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. |
SmartStop's same-store revenue decreased by approximately
The following table presents a reconciliation of net income as presented on SmartStop’s consolidated statements of operations to net operating income, as stated above, for the periods indicated:
|
|
For the Three Months Ended
|
||||||
|
|
2024 |
|
|
2023 |
|
||
Net income (loss) |
|
$ |
(1,639,513 |
) |
|
$ |
2,032,600 |
|
Adjusted to exclude: |
|
|
|
|
||||
Tenant Protection Program revenue(1) |
|
|
(1,944,709 |
) |
|
|
(1,929,505 |
) |
Tenant Protection Program related expense |
|
|
100,000 |
|
|
|
58,125 |
|
Managed REIT Platform revenue |
|
|
(2,734,207 |
) |
|
|
(2,276,535 |
) |
Managed REIT Platform expenses |
|
|
851,187 |
|
|
|
549,936 |
|
General and administrative |
|
|
7,426,164 |
|
|
|
6,536,626 |
|
Depreciation |
|
|
13,584,398 |
|
|
|
13,272,271 |
|
Intangible amortization expense |
|
|
73,065 |
|
|
|
1,919,705 |
|
Acquisition expenses |
|
|
70,876 |
|
|
|
31,190 |
|
Interest expense |
|
|
16,553,242 |
|
|
|
14,703,897 |
|
Other, net |
|
|
(507,515 |
) |
|
|
(750,978 |
) |
Earnings from our equity method investments in the |
|
|
329,092 |
|
|
|
405,111 |
|
Earnings from our equity method investments in Managed REITs |
|
|
451,562 |
|
|
|
233,025 |
|
Loss on debt extinguishment |
|
|
471,166 |
|
|
|
— |
|
Income Tax |
|
|
342,303 |
|
|
|
277,220 |
|
Total net operating income |
|
$ |
33,427,111 |
|
|
$ |
35,062,688 |
|
(1) |
Included within ancillary operating revenue within our consolidated statements of operations, approximately |
ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted
Net Operating Income (“NOI”)
NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties, excluding tenant protection plan revenue, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop’s use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.
Funds from Operations (“FFO”) and FFO, as Adjusted
Funds from Operations
Funds from operations ("FFO"), is a non-GAAP financial metric promulgated by NAREIT that SmartStop believes is an appropriate supplemental measure to reflect operating performance. SmartStop defines FFO consistent with the standards established by the white paper on FFO approved by the board of governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. SmartStop’s FFO calculation complies with NAREIT’s policy described above.
FFO, as Adjusted
SmartStop uses FFO, as adjusted, as an additional non-GAAP financial measure to evaluate their operating performance. FFO, as adjusted, provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. In addition, FFO, as adjusted, is a measure used among SmartStop’s peer group, which includes publicly traded REITs. Further, SmartStop believes FFO, as adjusted, is useful in comparing the sustainability of their operating performance with the sustainability of the operating performance of other real estate companies.
In determining FFO, as adjusted, SmartStop makes further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, and other select non-recurring income or expense items which SmartStop believes are not indicative of their overall long-term operating performance. SmartStop excludes these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in their decision-making process and excluding these items provides investors a view of their continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. SmartStop uses FFO, as adjusted, as one measure of their operating performance when they formulate corporate goals and evaluate the effectiveness of their strategies.
Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs. However, not all REITs calculate FFO and FFO, as adjusted, the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations as an indication of SmartStop’s liquidity or indicative of funds available to fund their cash needs including their ability to make distributions to their stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance.
Neither the
This press release, our Form 10-Q for the three months ended
About SmartStop Self Storage REIT, Inc. (“SmartStop”):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary
Forward-Looking Statements
Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including, without limitation, the following: (i) disruptions in the economy, including debt and banking markets and foreign currency changes; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) whether we will be successful in the pursuit of our business plan; (iv) whether we will succeed in our investment objectives; (v) changes in the political and economic climate, economic conditions and fiscal imbalances in
Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop’s views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop’s views as of any date subsequent to the date hereof.
Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop’s filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240513290626/en/
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.
investors.smartstopselfstorage.com
ir@smartstop.com
Source: SmartStop Self Storage REIT, Inc.