SmartStop Self Storage REIT Inc
For the period ended Dec 31, 2024. Filed Mar 12, 2025.
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FY2024 · Filed Mar 12, 2025
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Item 2. PROPERTIES
As of December 31, 2024, we owned 161 operating self storage facilities located in 19 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas, Virginia, Washington and Wisconsin), the District of Columbia, and Canada, comprising approximately 110,000 units and approximately 12.6 million rentable square feet.
See Note 5 – Debt, of the Notes to the Consolidated Financial Statements contained in this report for more information about our indebtedness secured by our properties.
As of December 31, 2024, our wholly-owned operating self storage portfolio was comprised as follows:
| State | No. ofProperties | Units(1) | Sq. Ft.(net)(2) | % of TotalRentableSq. Ft. | PhysicalOccupancy%(3) | RentalIncome%(4) |
|---|---|---|---|---|---|---|
| Alabama | 1 | 1,090 | 163,300 | 1.3% | 90.3% | 0.7% |
| Arizona | 4 | 3,130 | 329,100 | 2.6% | 93.3% | 2.5% |
| California | 32 | 21,955 | 2,313,400 | 18.4% | 91.9% | 20.3% |
| Colorado | 10 | 5,870 | 683,600 | 5.4% | 87.9% | 4.1% |
| Florida | 27 | 20,920 | 2,462,700 | 19.6% | 92.8% | 22.1% |
| Illinois | 6 | 3,785 | 432,450 | 3.4% | 92.0% | 3.0% |
| Indiana | 2 | 1,030 | 112,700 | 0.9% | 93.3% | 0.6% |
| Massachusetts | 2 | 1,045 | 111,800 | 0.9% | 90.7% | 1.8% |
| Maryland | 2 | 1,610 | 169,500 | 1.4% | 92.9% | 1.4% |
| Michigan | 4 | 2,220 | 266,100 | 2.1% | 93.5% | 1.8% |
| New Jersey | 2 | 2,350 | 205,100 | 1.6% | 78.6% | 1.7% |
| Nevada | 9 | 7,160 | 865,000 | 6.9% | 92.1% | 6.6% |
| North Carolina | 18 | 8,800 | 1,144,000 | 9.1% | 93.8% | 7.9% |
| Ohio | 5 | 2,540 | 288,900 | 2.4% | 87.9% | 1.6% |
| South Carolina | 4 | 2,890 | 355,800 | 2.9% | 89.1% | 1.8% |
| Texas | 12 | 6,960 | 919,300 | 7.3% | 94.1% | 6.9% |
| Virginia | 1 | 830 | 71,100 | 0.6% | 91.2% | 0.9% |
| Washington | 5 | 3,430 | 390,550 | 3.1% | 92.8% | 3.4% |
| Wisconsin | 1 | 780 | 83,400 | 0.7% | 87.7% | 0.5% |
| District of Columbia | 1 | 830 | 72,000 | 0.6% | 89.2% | 0.1% |
| Ontario, Canada | 13 | 10,610 | 1,110,700 | 8.8% | 91.6% | 10.3% |
| Total (5) | 161 | 109,835 | 12,550,500 | 100% | 91.8% | 100% |
(1)
Includes all rentable units, consisting of storage units and parking (approximately 3,400 units).
(2)
Includes all rentable square feet, consisting of storage units and parking (approximately 1,017,000 square feet).
(3)
Represents the occupied square feet of all facilities we owned in a state or province divided by total rentable square feet of all the facilities we owned in such state or area as of December 31, 2024.
(4)
Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the month ended December 31, 2024.
(5)
In September 2024, Hurricane Helene caused severe flooding at one of our wholly-owned properties in Asheville, North Carolina. As a result, this property was not operational as of December 31, 2024, but we expect to rebuild a self storage facility in its place. There is no assurance as to when this property will be rebuilt or the performance of this property upon completion or stabilization. The table above does not include the property statistics for this property. Please see Note 3 – Real Estate of the Notes to the Consolidated Financial Statements for additional detail.
Additionally, we own our office located at 10 Terrace Rd, Ladera Ranch, California (the “Ladera Office”) which houses our corporate headquarters.
On May 25, 2022, we, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, purchased a single tenant industrial building located in the city of Burnaby, British Columbia (the “Regent Property”), that we and SmartCentres plan to develop into a self storage facility in the near future.
On January 12, 2023, we as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, purchased a parcel of land in Whitby, Ontario, (the “Whitby Property”), that we and SmartCentres developed into a self storage facility that became operational in January 2024.
These joint venture agreements are with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities.
On July 18, 2024, we entered into a joint venture arrangement with an unaffiliated third party to develop a self storage property in Nantucket, Massachusetts (the "Nantucket Joint Venture"). Upon completion of development, we expect to serve as property manager of the self storage property. As of December 31, 2024, the carrying value of this investment was approximately $6.0 million. Such amount represents an approximately 38% ownership in the property.
We account for these investments using the equity method of accounting and they are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and increased for contributions. Equity in earnings (loss) will generally be recognized based on our ownership interest in the earnings (loss) of each of the unconsolidated investments.
The following table summarizes our 50% ownership interests in unconsolidated real estate ventures in Canada (the “Canadian JV Properties”) (in thousands):
| Canadian JV Property | Date Real Estate Venture Became Operational | Carrying Value of Investment as ofDecember 31, 2024 | Carrying Value of Investment as ofDecember 31, 2023 |
|---|---|---|---|
| Dupont (1)(6) | October 2019 | $3,358 | $3,975 |
| East York (2)(6) | June 2020 | 4,945 | 5,663 |
| Brampton (2)(6) | November 2020 | 1,533 | 1,975 |
| Vaughan (2)(6) | January 2021 | 2,019 | 2,297 |
| Oshawa (2)(6) | August 2021 | 938 | 1,275 |
| Scarborough (2)(5) | November 2021 | 1,969 | 2,343 |
| Aurora (1)(5) | December 2022 | 1,935 | 2,481 |
| Kingspoint (2)(5) | March 2023 | 3,299 | 3,947 |
| Whitby (4) | January 2024 | 7,661 | 7,076 |
| Markham (1)(7) | May 2024 | 2,470 | 2,064 |
| Regent (3) | Under Development | 2,655 | 2,736 |
| $32,782 | $35,832 | ||
(1)
These joint venture properties were acquired through the SSGT II Merger, which closed on June 1, 2022.
(2)
These joint venture properties were acquired through the SST IV Merger, which closed on March 17, 2021.
(3)
This property was leased as a single tenant industrial lease through October 2024. The joint venture plans to develop this property into a self storage facility in the future.
(4)
This property was acquired on January 12, 2023 in connection with a purchase agreement assumed in the SSGT II Merger.
(5)
As of December 31, 2024, these properties were encumbered by first mortgages pursuant to the RBC JV Term Loan II (defined below).
(6)
As of December 31, 2024, these properties were encumbered by first mortgages pursuant to the RBC JV Term Loan (defined below).
(7)
This property is encumbered by a first mortgage pursuant to the SmartCentres Financings (defined below).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.