12 Apr 2019
Strategic Storage Trust II Inc. (SST II), a public, non-traded, self storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has released its financial statement for fourth-quarter and full-year 2018. In general, the company showed year-over-year gains in total revenue, same-store revenue and Net Operating Income (NOI).
Increased total revenue by approximately $0.8 million, or 4.1%, when compared to the same period in 2017.
Increased same-store revenues and NOI by 3.4 percent and 1.3%, respectively, compared to the same period in 2017.
Increased same-store annualized revenue per occupied square foot by approximately 7.6% to $16.19 from $15.05 when compared to the same period in 2017.
Modified funds from operations decreased by approximately $0.5 million, or 10%, when compared to the same period in 2017, primarily related to increases in general and administrative costs and interest expense.
Increased total revenue by approximately $4.3 million, or 5.7%, when compared to the same period in 2017.
Increased same-store revenues and NOI by 4.0% and 4.8%, respectively, compared to the same period in 2017.
Increased same-store annualized revenue per occupied square foot by approximately 9.5% to $15.81 from $14.44 when compared to the same period in 2017.
Increased modified funds from operations by approximately $1.4 million, or 7.8%, when compared to the same period in 2017.
On January 24, 2019, SST II completed its acquisition of Strategic Storage Growth Trust, Inc. (“SSGT”).
As a result of the SSGT Merger, SST II acquired 28 operating self storage facilities located in 10 states and in the Greater Toronto, Canada area and one development property in the Greater Toronto Area, together comprising approximately 19,800 self storage units and approximately 2.2 million net rentable square feet of storage space.
SST II also obtained the right to acquire one other self storage facility currently under contract.
Accordingly, SST II now has a portfolio consisting of 111 operating self storage facilities located in 17 states and Ontario, Canada, comprising approximately 70,000 self storage units and approximately 8.1 million net rentable square feet of storage space, and one development property in the Greater Toronto Area which will contain approximately 900 self storage units and 85,000 net rentable square feet of storage space once completed.
