SmartStop Self Storage REIT Inc
For the period ended Dec 31, 2023. Filed Mar 18, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 18, 2024
SMA$39.69+2.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
| Year EndedDecember 31,2023 | Year EndedDecember 31,2022 | Year EndedDecember 31,2021 | |
|---|---|---|---|
| Revenues: | |||
| Self storage rental revenue | $206,494,202 | $191,749,578 | $150,610,337 |
| Ancillary operating revenue | 8,826,868 | 8,445,803 | 7,552,597 |
| Managed REIT Platform revenues | 11,906,311 | 7,819,216 | 6,322,970 |
| Reimbursable costs from Managed REITs | 5,764,363 | 4,628,497 | 4,278,667 |
| Total revenues | 232,991,744 | 212,643,094 | 168,764,571 |
| Operating expenses: | |||
| Property operating expenses | 65,362,857 | 58,437,110 | 48,127,657 |
| Managed REIT Platform expenses | 3,365,491 | 2,485,290 | 1,451,166 |
| Reimbursable costs from Managed REITs | 5,764,363 | 4,628,497 | 4,278,667 |
| General and administrative | 27,451,533 | 28,253,905 | 23,265,196 |
| Depreciation | 53,636,353 | 49,417,679 | 40,946,406 |
| Intangible amortization expense | 6,593,853 | 15,200,854 | 12,422,205 |
| Acquisition expenses | 192,358 | 888,009 | 934,838 |
| Contingent earnout adjustment | — | 1,514,447 | 12,619,744 |
| Write-off of equity interest and preexisting relationships upon acquisition of control | — | 2,049,682 | 8,389,573 |
| Total operating expenses | 162,366,808 | 162,875,473 | 152,435,452 |
| Gain on equity interests upon acquisition | — | 16,101,237 | — |
| Gain on sale of real estate | — | — | 178,631 |
| Income from operations | 70,624,936 | 65,868,858 | 16,507,750 |
| Other income (expense): | |||
| Equity in earnings (losses) from Investments in JV Properties | (1,625,135) | (760,005) | (494,327) |
| Equity in earnings (losses) from Investments in Managed REITs | (1,273,143) | (930,201) | (623,393) |
| Other, net | 3,128,867 | 841,401 | (937,631) |
| Interest expense | (61,804,621) | (41,511,911) | (33,383,604) |
| Net loss on extinguishment of debt | — | (2,393,475) | (2,444,788) |
| Income tax (expense) benefit | 2,595,856 | 554,785 | 1,811,275 |
| Net income (loss) | 11,646,760 | 21,669,452 | (19,564,718) |
| Net (income) loss attributable to noncontrolling interests | (1,892,458) | (2,847,572) | 2,663,123 |
| Less: Distributions to preferred stockholders | (12,500,000) | (12,500,000) | (12,500,000) |
| Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders | $(2,745,698) | $6,321,880 | $(29,401,595) |
| Net income (loss) per Class A & Class T share – basic | $(0.03) | $0.07 | $(0.37) |
| Net income (loss) per Class A & Class T share – diluted | $(0.03) | $0.07 | $(0.37) |
| Weighted average Class A shares outstanding – basic | 88,706,340 | 83,857,222 | 71,454,798 |
| Weighted average Class A shares outstanding – diluted | 88,706,340 | 83,974,488 | 71,454,798 |
| Weighted average Class T shares outstanding – basic | 8,101,599 | 8,081,950 | 7,983,576 |
| Weighted average Class T shares outstanding – diluted | 8,101,599 | 8,081,950 | 7,983,576 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.