Smartstop Self Storage REIT (NYSE:SMA) reported strong second-quarter results, generating a 1.3% increase in same-store revenue and raising its full-year revenue outlook. The company’s founder and CEO H. Michael Schwartz noted a reduction in same-store operating expenses by 3.4%, leading to a 3.7% increase in same-store net operating income, with average occupancy at 92.5% across their properties.
Key financial figures include fully diluted funds from operations (FFO) as adjusted at $0.49 per share, a 17.6% increase year-over-year, and a revised full-year same-store revenue growth forecast set between 0.5% to 1.5%. The company has also adjusted its projected operating expense growth to 0.25% to 1.25%, reflecting strong cost controls and improved operational efficiencies.
In addition to operational achievements, SmartStop made strategic acquisitions, purchasing a portfolio in Spartanburg, South Carolina for approximately $30 million. Management anticipates a favorable acquisition cycle in U.S. and Canadian markets and has raised its full-year capital deployment guidance to between $55 million and $75 million.
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