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Smartstop Self Storage (SSST0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024. The filing details the company's operations, financial performance, and strategic initiatives.
The company reported total self storage revenues of approximately $219.0 million for the year, representing a 2% increase from the previous year. This growth was attributed to new property acquisitions and increased rental income.
Managed REIT Platform revenues decreased slightly to $11.4 million, primarily due to reduced acquisition fees compared to the prior year. However, the company saw an increase in Tenant Protection Program fees and management fees.
Property operating expenses rose to $70.7 million, driven by higher insurance costs, property taxes, and payroll expenses. These increases were partially offset by operational efficiencies.
Net income attributable to common stockholders was reported at a loss of approximately $18.4 million, with an accumulated deficit of $185.6 million as of year-end.
The company highlighted its strategic focus on acquiring and managing self storage properties in high-growth markets across the United States and Canada.
Smartstop's portfolio as of December 31, 2024, included 161 operating self storage properties, with a total of approximately 12.6 million net rentable square feet.
The company continues to face challenges from increased competition in the self storage sector and the impact of rising interest rates on its financing costs.
Smartstop's board of directors declared an estimated net asset value per share of $14.50 for both Class A and Class T shares, reflecting the company's financial position and market conditions.
The filing also discusses the company's risk factors, including potential impacts from economic downturns, regulatory changes, and cybersecurity threats.
Smartstop Self Storage remains focused on executing its growth strategy through property acquisitions, operational efficiencies, and expansion of its Managed REIT Platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Smartstop Self Storage annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.