SmartStop Self Storage announces Q3 adjusted FFO per share of 47 cents, below consensus estimate of 52 cents.
Reports Q3 revenue $70.4M, consensus $69.88M. Reports Q3 EPS 9c, consensus 8c. "We have accomplished a tremendous amount in our short time as a publicly traded company," said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. "In the third quarter, we continued to successfully execute on the business plan we laid out on our public offering road show, highlighted by a CAD $200 million Maple Bond offering, nearly $90 million of high quality on-balance sheet acquisitions, and a transformative agreement to acquire Argus Professional Storage Management, accretively launching SmartStop into the third-party management business. We are encouraged by the sector's stabilization following years of elevated new supply," continued Mr. Schwartz. "However, the storage market undoubtedly remains choppy month-to-month, as customer demand ebbs and flows. Despite the choppiness, we delivered solid third quarter same-store results with average occupancy of 92.6% and sector leading revenue growth of 2.5%. We continue to be able to capture demand through our technology-driven North American platform. As sector fundamentals continue to stabilize, our accomplishments over the past seven months position SmartStop to achieve solid forward growth and to take advantage of an improving self-storage landscape."
