SmartStop Self Storage (SMA, Financial) announced first-quarter revenue of $65.449 million, significantly exceeding market forecasts of $54.5 million. This marks their inaugural earnings report as a publicly listed Real Estate Investment Trust (REIT). The company experienced a 3.2% increase in same-store revenue compared to the first quarter of the previous year, signaling a rise in customer demand across its properties.
Additionally, SmartStop closed the quarter with a same-store occupancy rate of 93.0%, which is 100 basis points higher than the corresponding period in the prior year. As the rental season approaches, the company is projecting strength in its operations while remaining mindful of ongoing economic uncertainties in both the U.S. and Canadian markets.
