SMA News & Events

Reports Q1 revenue $78.31M, consensus $74.37M. "We posted a strong quarter of growth, highlighted by same-store revenue growth of 1.5% and sector-leading same-store NOI growth of 2.0%, both of which had very difficult year-over-year comps," said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. "Our expense control initiatives and scale led to a quarter of muted operating expenses, in turn leading to 30 basis points of net operating income margin expansion in our same-store portfolio, the first year-over-year increase in several years."

SmartStop Self Storage "announced the formation of a real estate credit joint venture targeting bridge debt and preferred equity investments across the self-storage sector in the United States. The Venture will deploy capital across the full spectrum of structured capital solutions, including senior loans, mezzanine financing, preferred equity, and hybrid instruments. Target investment scenarios include ground-up development financing, value-add acquisitions and conversions, and recapitalizations of existing assets requiring rescue or bridge capital. The Venture will have an initial target of $100 million in invested capital and the ability to recycle capital throughout the Venture's term."