SmartStop Self Storage REIT, Inc.
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
SMA$38.92+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0000950170-25-068012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0000950170-25-105824
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 203 current paragraphs.
91 unchanged; 52 reworded; 31 added; 7 removed; 1 previous and 29 current paragraphs rearranged.
Tables are not compared: 7 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
As of June 30, 2025 and 2024, we wholly-owned 171 and 155 operating self storage facilities, respectively.
Current report
In addition to the above noted substantial acquisition activity, which occurred during the twelve months ended June 30, 2025, during the three months ended June 30, 2025, we also completed our Underwritten Public Offering, generating net proceeds of approximately $875.6 million. We utilized such proceeds to fund certain acquisitions, fully redeem $200 million of Series A Convertible Preferred Stock, and pay off approximately $647.1 million in previously outstanding debt. In connection with the foregoing, we also issued the IPO Grant. Furthermore, on June 16, 2025, we issued $500 million CAD indebtedness in our 2028 Canadian Notes Offering, which has a fixed interest rate of approximately 3.91% and paid down approximately $255.4 million of debt and a related interest rate swap, which at the time of the paydown had a weighted average interest rate of approximately 5.9%. Such transactions have had a significant impact on our operating results for the three and six months ended June 30, 2025, and will further impact our operating results in the future.
Current report
During the three months ended June 30, 2025, we incurred approximately $0.7 million incidental to our Underwritten Public Offering which was included in general and administrative expenses but were not capitalized as they were not directly attributable thereto, and were therefore included in general and administrative expense.
Current report
The increase in general and administrative expenses as compared to the prior period was primarily attributable to increased stock compensation costs, which was approximately $2.5 million more compared to the prior year period, inclusive of the IPO Grant, as well as the above mentioned expenses related to our Underwritten Public Offering. The change was to a lesser extent also attributable to increased compensation costs and professional expenses. We expect general and administrative expenses to decrease as a percentage of total revenues over time.
Current report
Loss on debt extinguishment for the three months ended June 30, 2025 and 2024 was approximately $1.7 million and none, respectively. Loss on debt extinguishment for the three months ended June 30, 2025 was primarily related to debt issuance costs written off in connection with a reduction in the total commitment on our Credit Facility from $700 million to $600 million, the pay-off of the 2027 NBC loan and the full repayment of the 2025 KeyBank Acquisition Facility which were all completed during the three months ended June 30, 2025.
Current report
Income Tax Expense
Current report
Our same-store revenue increased by approximately $0.2 million, or approximately 0.4%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due to an approximately 0.9% increase in average occupancy, an increase in late and administrative fees of approximately $0.2 million, slightly offset by an approximately 1.0% decrease in annualized rent per occupied square foot. Property operating expenses increased by approximately 3.5%, primarily attributable to increased property taxes and payroll costs.
Current report
Net operating income, or NOI, is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance.
Current report
(2)Stock compensation expense herein only includes such expense related to the Underwritten Public Offering (the "IPO Grant") which is included in property operating expense.
Current report
Comparison of the six months ended June 30, 2025 and 2024
Current report
Total Self Storage Revenues
Current report
Managed REIT Platform Revenues
Current report
Managed REIT Platform revenues for the six months ended June 30, 2025 and 2024 were approximately $8.1 million and $5.4 million, respectively. The increase in Managed REIT Platform revenues of approximately $2.7 million is primarily attributable to increased acquisition fees of approximately $1.7 million and an increase in the other recurring revenues derived from the Managed REIT's, generally commensurate with their growth, as compared to the same period in the prior year.
Current report
Property Operating Expenses
Current report
Managed REIT Platform Expenses
Current report
Managed REIT Platform expenses for the six months ended June 30, 2025 and 2024 were approximately $4.5 million and $1.5 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed REIT Platform. Included in the six months ended June 30, 2025 was approximately $1.2 million of contract termination costs related to the termination of the Former Dealer Manager for our Managed REIT's and approximately $1.0 million of stock compensation costs related to our IPO Grant related to the management of the Managed REIT's. We expect Managed REIT Platform expenses to fluctuate in future periods commensurate with our level of activity related to the Managed REITs.
Current report
Reimbursable costs from Managed REITs for the six months ended June 30, 2025 and 2024 were approximately $4.0 million and $3.2 million, respectively. Such expenses consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by the Managed REITs, pursuant to our related contracts with the Managed REITs. The increase in reimbursable costs from Managed REITs is primarily related to the growth in the Managed REITs' assets under management. We expect reimbursable costs from the Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.
Current report
General and Administrative Expenses
Current report
The increase in general and administrative expenses as compared to the prior period was primarily attributable to increased stock compensation costs, which was approximately $2.7 million more compared to the prior period, inclusive of the IPO Grant, as well as the above mentioned expenses related to our Underwritten Public Offering and our net asset value calculation. The change was to a lesser extent also attributable to increased compensation costs and professional expenses. We expect general and administrative expenses to decrease as a percentage of total revenues over time.
Current report
Depreciation and Amortization Expenses
Current report
Acquisition Expenses
Current report
Acquisition expenses for the six months ended June 30, 2025 and 2024 were approximately $0.6 million and $0.1 million, respectively. These acquisition expenses were incurred prior to acquisitions becoming probable in accordance with our capitalization policy, and such costs increased over the prior period given our increase in acquisition volume in the current period.
Current report
Other, Net
Current report
Other, net for the six months ended June 30, 2025 and 2024 was approximately $1.0 million and $1.0 million of expense, respectively. Other, net consists primarily of certain state tax expenses, foreign currency fluctuations, changes in value related to our foreign currency and interest rate hedges not designated for hedge accounting, and other miscellaneous items. Included in the current period was the termination of certain of our SOFR interest rate caps and the interest rate swap related to our 2027 NBC Loan, which was paid off in June 2025. Please see Note 7 – Derivative Instruments, of the notes to consolidated financial statements contained in this report for additional information.
Current report
Interest Income
Current report
Interest Expense
Current report
Loss on Debt Extinguishment
Current report
Income Tax Expense
Current report
N/M Not meaningful
Current report
(2)Stock compensation expense herein only includes such expense related to the Underwritten Public Offering (the "IPO Grant") which is included in property operating expense.
Current report
(6)The amounts adjusted for in the table above relate to the stock compensation expense recorded related to the equity grants issued in connection with the Underwritten Public Offering. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.
Removed paragraphs (7)
Previous report
Reimbursable Costs from Managed REITs
Previous report
Reimbursable Costs from Managed REITs
Previous report
Income Tax (Expense) Benefit
Previous report
As of March 31, 2025, our Credit Facility contained a borrowing base requirement, which was impacted by treasury yields. Increases to treasury yields have negatively impacted our borrowing base calculation and had limited our ability to borrow pursuant to the Credit Facility. Volatility in the debt and equity markets and continued and/or further impact of rising treasury yields, interest rates, inflation and other economic events will depend on future developments, which are highly uncertain. Subsequent to March 31, 2025, we completed the Underwritten Public Offering and used the net proceeds to pay down a substantial amount of the outstanding borrowings on our Credit Facility, which in turn substantially increased our available liquidity. Additionally, subsequent to quarter end we completed the Security Interest Termination Event, as originally included in our Credit Facility and the 2032 Private Placement Notes agreements. The result of that event, and the changes to the underlying calculation of capacity, is such that our availability under the Credit Facility is no longer subject to calculations that are affected by treasury yields.
Previous report
On February 26, 2025, our board of directors declared a distribution rate for the month of March 2025 of approximately $0.2038 per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on March 31, 2025. Such distributions payable to each stockholder of record were paid the following month.
Previous report
In connection with the net proceeds we received from the Underwritten Public Offering, on April 4, 2025, we fully repaid the balance of the 2025 KeyBank Acquisition Facility of $175.0 million, as well as accrued and unpaid interest. Similarly, on such date, we also paid down approximately $472.1 million on the Credit Facility.
Previous report
The following table presents the future principal payments required on outstanding debt, adjusted for the payment activity discussed immediately above, including other normal amortizing principal payments, as of April 4, 2025 (in thousands):
Reworded paragraphs (52)
Previous wording
We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2024, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on number of properties, units, and rentable square footage. As of March 31, 2025, our wholly-owned portfolio consisted of 164 operating self storage properties diversified across 20 states, the District of Columbia, and Canada comprising approximately 112,700 units and 12.8 million net rentable square feet. Additionally, we owned a 50% equity interest in eleven unconsolidated real estate ventures located in Canada, which included ten operating self storage properties, and one other property, which we plan to convert into a self storage property. Further, through our Managed REIT Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT launched in January 2025, ("SST X" and together with SST VI and SSGT III, the “Managed REITs”), additionally, we manage one other self storage property for an affiliated entity, which pays us fees, as applicable, to manage such property. In total, as of March 31, 2025, we managed 44 operating self storage properties.
Current wording
We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2024, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on number of properties, units, and rentable square footage. As of June 30, 2025, our wholly-owned portfolio consisted of 171 operating self storage properties diversified across 20 states, the District of Columbia, and Canada comprising approximately 118,000 units and 13.5 million net rentable square feet. Additionally, we owned a 50% equity interest in eleven unconsolidated real estate ventures located in Canada, which included ten operating self storage properties, and one other property, which is being developed into a self storage property. Further, through our Managed REIT Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT launched in January 2025, ("SST X" and together with SST VI and SSGT III, the “Managed REITs”), additionally, we manage one other self storage property for an affiliated entity, which pays us fees, as applicable, to manage such property. Inclusive of this aforementioned property and the Managed REIT's, in total, as of June 30, 2025, we managed 49 operating self storage properties which we did not directly own.
Previous wording
Our primary business model is focused on owning and operating high quality self storage properties in high growth markets in the United States and Canada. We finance our portfolio through a diverse capital strategy which includes cash generated from operations, borrowings under our syndicated revolving line of credit, secured debt financing, equity offerings and joint ventures. Our business model is designed to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow in order to maximize long-term stockholder value at acceptable levels of risk. We execute our organic growth strategy by pursuing revenue-optimizing and expense-minimizing opportunities in the operations of our existing portfolio. We execute our external growth strategy by developing, redeveloping, acquiring and managing self storage facilities in the United States and Canada both internally and through our Managed REITs, and we look to acquire properties that are physically stabilized, recently developed, in various stages of lease up or at certificate of occupancy. We seek to acquire undermanaged facilities that are not operated by institutional operators, where we can implement our proprietary management and technology to maximize net operating income.
Current wording
Our primary business model is focused on owning and operating high quality self storage properties in high growth markets in the United States and Canada. We finance our portfolio through a diverse capital strategy which includes cash generated from operations, borrowings under our syndicated revolving line of credit, secured and unsecured debt financing, equity offerings and joint ventures. Our business model is designed to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow in order to maximize long-term stockholder value at acceptable levels of risk. We execute our organic growth strategy by pursuing revenue-optimizing and expense-minimizing opportunities in the operations of our existing portfolio. We execute our external growth strategy by developing, redeveloping, acquiring and managing self storage facilities in the United States and Canada both internally and through our Managed REITs, and we look to acquire properties that are physically stabilized, recently developed, in various stages of lease up or at certificate of occupancy. We seek to acquire undermanaged facilities that are not operated by institutional operators, where we can implement our proprietary management and technology to maximize net operating income.
Previous wording
We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans and promissory notes, as applicable. As needed, we intend to continue in this practice going forward. We may look to expand our lending practice to self storage facilities outside of the Managed REITs, potentially to third party managed properties or joint venture properties. Lastly, we may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada.
Current wording
We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans and promissory notes, as applicable. We intend to continue in this practice going forward, if necessary. We may look to expand our lending practice to self storage facilities outside of the Managed REITs, potentially to third party managed properties or joint venture properties. We may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada.
Previous wording
To the extent we acquired facilities in clusters within geographic regions, we see property management efficiencies resulting in reduction of personnel and other administrative costs.
Current wording
To the extent we acquire facilities in clusters within geographic regions, we generally see property management efficiencies resulting in reduction of personnel and other administrative costs.
Previous wording
As discussed herein, we, through our subsidiaries, currently serve as the sponsor of SST VI, SSGT III, and SST X. We operate the properties owned by the Managed REITs, which together with one other self storage property we manage consist of, as of March 31, 2025, 44 operating properties and approximately 34,000 units and approximately 3.9 million rentable square feet. In addition, we have the internal capability to originate, structure and manage additional self storage investment programs (the “Managed REIT Platform”) which would be sponsored by SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. We acquired the Managed REIT Platform in 2019 from Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor ("SAM"). We generate asset management fees, property management fees, acquisition fees, and other fees and also receive substantially all of the tenant protection program revenue earned by our Managed REITs. For the property management and advisory services that we provide, we are reimbursed for certain expenses that otherwise helps to offset our net operating expense burden.
Current wording
As discussed herein, we, through our subsidiaries, currently serve as the sponsor of SST VI, SSGT III, and SST X. We operate the properties owned by the Managed REITs, which together with one other self storage property we manage consist of, as of June 30, 2025, 49 operating properties and approximately 39,500 units and approximately 4.3 million rentable square feet. In addition, we have the internal capability to originate, structure and manage additional self storage investment programs (the “Managed REIT Platform”) which would be sponsored by SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. We acquired the Managed REIT Platform in 2019 from Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor ("SAM"). We generate asset management fees, property management fees, acquisition fees, and other fees and also receive substantially all of the tenant protection program revenue earned by our Managed REITs. For the property management and advisory services that we provide, we are reimbursed for certain expenses that otherwise helps to offset our net operating expense burden.
Previous wording
Includes all rentable units, consisting of storage units and parking (approximately 3,445 units).
Current wording
Includes all rentable units, consisting of storage units and parking (approximately 3,500 units).
Previous wording
Includes all rentable square feet, consisting of storage units and parking (approximately 1,017,000 square feet).
Current wording
Includes all rentable square feet, consisting of storage units and parking (approximately 1,068,000 square feet).
Previous wording
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 three months ended March 31, 2025.
Current wording
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 six months ended June 30, 2025.
Previous wording
We evaluate our real property assets for impairment based on events and changes in circumstances that may arise in the future and that may impact the carrying amounts of such assets. When indicators of potential impairment are present, we will assess the recoverability of the particular asset by determining whether the carrying value of the asset will be recovered, through an evaluation of the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. This evaluation is based on a number of estimates and assumptions, such as, but not limited to, comparative sales, estimated cash flow, and other similar valuation techniques. Based on this evaluation, if the expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property asset and recognize an impairment loss. Our evaluation of the impairment of real property assets could result in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements, as the amount of impairment loss, if any, recognized may vary based on the estimates and assumptions we use.
Current wording
We evaluate our real property assets for impairment based on events and changes in circumstances that may arise in the future and that may impact the carrying amounts of such assets. When indicators of potential impairment are present, we have and will assess the recoverability of the particular asset by determining whether the carrying value of the asset will be recovered, through an evaluation of the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. This evaluation is based on a number of estimates and assumptions, such as, but not limited to, comparative sales, estimated cash flow, and other similar valuation techniques. Based on this evaluation, if the expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property asset and recognize an impairment loss. Our evaluation of the impairment of real property assets could result in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements, as the amount of impairment loss, if any, recognized may vary based on the estimates and assumptions we use.
Previous wording
Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. We perform an annual qualitative impairment assessment as of December 31 for goodwill; between annual tests we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. If circumstances indicate the carrying amount may not be fully recoverable, we perform a quantitative impairment test of goodwill to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. No impairment charges to goodwill were recognized during the three months ended March 31, 2025 and 2024.
Current wording
Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. We perform an annual qualitative impairment assessment as of December 31 for goodwill; between annual tests we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. If circumstances indicate the carrying amount may not be fully recoverable, we perform a quantitative impairment test of goodwill to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. No impairment charges to goodwill were recognized during the six months ended June 30, 2025 and 2024.
Previous wording
More recently, the broader economy has been experiencing elevated levels of inflation, higher interest rates (including higher mortgage rates), tightening monetary and fiscal policies and a slowdown in home sales and population mobility. These dynamics, paired with difficult comparables from 2022, resulted in a reduction in pricing power for self storage operators, leading to a deceleration in revenue growth in 2023 and once again in 2024. As of March 31, 2025, the U.S. listed self storage REITs averaged ending same-store occupancy of approximately 90.2%. Without a near term change in monetary policy and subsequent reduction in mortgage rates, we expect self storage demand to remain reduced relative to more recent COVID-19 era demand and more comparable to historical averages. Additionally, the broader interest rate and inflationary environment has moderated since the beginning of 2024. These factors could lead to increasing levels of population mobility, specifically amongst single family home buyers and sellers, which could increase demand for self storage. Based on these dynamics, we believe that disciplined self storage operators will generate revenue growth in the near term and will continue to drive revenue through various economic cycles.
Current wording
The broader economy has been experiencing elevated levels of inflation, higher interest rates (including higher mortgage rates), tightening monetary and fiscal policies and a slowdown in home sales and population mobility. These dynamics resulted in a reduction in pricing power for self storage operators, leading to a deceleration in revenue growth in 2023 and once again in 2024. Without a near term change in monetary policy and subsequent reduction in mortgage rates, we expect self storage demand to remain reduced relative to COVID-19 era demand and more comparable to historical averages. While the broader interest rate and inflationary environment has moderated since the beginning of 2024, broader demand for self storage has not returned to pre-COVID-19 era levels thus far in 2025. Continued improvements in such factors could lead to increasing levels of population mobility, specifically amongst single family home buyers and sellers, which could increase demand for self storage. Based on these dynamics, we believe that disciplined self storage operators will generate revenue growth in the near term and will continue to drive revenue through various economic cycles.
Previous wording
As of March 31, 2025 and 2024, we wholly-owned 164 and 154 operating self storage facilities, respectively. Our operating results for the three months ended March 31, 2025 included full quarter results for 161 self storage facilities, and partial period results for 3 self storage facilities. Our operating results for the three months ended March 31, 2024 included full quarter results for 154 self storage facilities. Operating results in future periods will depend on the results of operations of these properties and of the real estate properties that we may acquire in the future.
Current wording
Our operating results for the three months ended June 30, 2025 included full quarter results for 164 self storage facilities, and partial period results for seven self storage facilities. Our operating results for the three months ended June 30, 2024 included full quarter results for 154 self storage facilities, and partial period results for one self storage facility.
Previous wording
Total self storage related revenues for the three months ended March 31, 2025 and 2024 were approximately $59.2 million and $52.7 million, respectively. The increase in total self storage revenues of approximately $6.5 million, or approximately 12.4%, is primarily attributable to an increase in non same-store revenues of approximately $4.6 million, largely as a result of eleven property acquisitions after March 31, 2024, the operating results of which were not included during the three months ended March 31, 2024. Additionally, our same-store revenues were up approximately $1.6 million, or approximately 3.2%.
Current wording
Total self storage related revenues for the three months ended June 30, 2025 and 2024 were approximately $60.9 million and $55.0 million, respectively. The increase in total self storage revenues of approximately $5.9 million, or approximately 11%, is primarily attributable to an increase in non same-store revenues of approximately $5.3 million, largely as a result of 17 property acquisitions after June 30, 2024, the operating results of which were not included during the three months ended June 30, 2024. Additionally, our same-store revenues were up approximately $0.2 million, or approximately 0.4%.
Previous wording
Managed REIT Platform revenues for the three months ended March 31, 2025 and 2024 were approximately $4.1 million and $2.7 million, respectively. The increase in Managed REIT Platform revenues of approximately $1.4 million is primarily attributable to increased acquisition fees of approximately $1.2 million as compared to the same period in the prior year.
Current wording
Managed REIT Platform revenues for the three months ended June 30, 2025 and 2024 were approximately $4.0 million and $2.7 million, respectively. The increase in Managed REIT Platform revenues of approximately $1.4 million is primarily attributable to increased acquisition fees of approximately $0.5 million and an increase in the other recurring revenues derived from the Managed REIT's, generally commensurate with their growth, as compared to the same period in the prior year.
Previous wording
We expect Managed REIT Platform Revenue to fluctuate commensurate with our Managed REITs' increase in operations and assets under management, as well as additional reductions recorded to such revenue in connection with the Sponsor Funding Agreement as SST VI continues to sell shares in its public offering and such reductions increase commensurately.
Current wording
We expect Managed REIT Platform Revenue to fluctuate commensurate with our Managed REITs' increase in operations and assets under management, as well as additional reductions recorded to such revenue in connection with the Sponsor Funding Agreement.
Previous wording
Reimbursable costs from Managed REITs for the three months ended March 31, 2025 and 2024 were approximately $2.1 million and $1.6 million, respectively. Such revenues consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by the Managed REITs, pursuant to our related contracts with the Managed REITs. The increase in reimbursable costs from Managed REITs is primarily related to the growth in the Managed REITs' assets under management. We expect reimbursable costs from Managed REITs to increase in future periods as a result of additional acquisitions by our Managed REITs. We further expect reimbursable costs from Managed REITs to generally fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.
Current wording
Reimbursable costs from Managed REITs for the three months ended June 30, 2025 and 2024 were approximately $1.9 million and $1.5 million, respectively. Such revenues consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by the Managed REITs, pursuant to our related contracts with the Managed REITs. The increase in reimbursable costs from Managed REITs is primarily related to the growth in the Managed REITs' assets under management. We expect reimbursable costs from Managed REITs to increase in future periods as a result of additional acquisitions by our Managed REITs. We further expect reimbursable costs from Managed REITs to generally fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.
Previous wording
Property operating expenses for the three months ended March 31, 2025 and 2024 were approximately $20.1 million (or 34% of self storage revenue) and $17.4 million (or 33% of self storage revenue), respectively. Property operating expenses include the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The increase in property operating expenses of approximately $2.7 million is largely attributable to increased property operating expenses of approximately $1.8 million related to our non same-store properties and the balance related to increased property insurance costs, property taxes, payroll costs, and repairs and maintenance expenses at our same-store properties. We expect property operating expenses to fluctuate commensurate with inflationary pressures and any future acquisitions.
Current wording
Property operating expenses for the three months ended June 30, 2025 and 2024 were approximately $22.1 million (or 36% of self storage revenue) and $17.7 million (or 32% of self storage revenue), respectively. Property operating expenses include the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The increase in property operating expenses of approximately $4.4 million is largely attributable to increased property operating expenses of approximately $2.1 million related to our non same-store properties and an additional $1.7 million of stock based compensation due to the IPO Grant to store level employees, and to a lesser extent increased property insurance costs, property taxes, payroll costs, and repairs and maintenance expenses at our same-store properties. Generally, we expect the IPO Grant expense included in property operating expenses to significantly decrease after October 1, 2025 when the majority of such awards become fully vested. We expect property operating expenses to fluctuate commensurate with inflationary pressures and any future acquisitions.
Previous wording
Managed REIT Platform expenses for the three months ended March 31, 2025 and 2024 were approximately $1.2 million and $0.9 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed REIT Platform, some of which were incurred directly and indirectly through the Administrative Services Agreement (as discussed in Note 10 – Related Party Transactions, of the notes to consolidated financial statements contained in this report). We expect Managed REIT Platform expenses to fluctuate in future periods commensurate with our level of activity related to the Managed REITs.
Current wording
Managed REIT Platform expenses for the three months ended June 30, 2025 and 2024 were approximately $3.3 million and $0.6 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed REIT Platform. Included in the three months ended June 30, 2025 was approximately $1.2 million of contract termination costs related to the termination of the Former Dealer Manager for our Managed REIT's and approximately $1.0 million of stock compensation costs related to our IPO Grant related to the management of the Managed REITs. We expect Managed REIT Platform expenses to fluctuate in future periods commensurate with our level of activity related to the Managed REITs.
Previous wording
Reimbursable costs from Managed REITs for the three months ended March 31, 2025 and 2024 were approximately $2.1 million and $1.6 million, respectively. Such expenses consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by the Managed REITs, pursuant to our related contracts with the Managed REITs. The increase in reimbursable costs from Managed REITs is primarily related to the growth in the Managed REITs' assets under management. We expect reimbursable costs from the Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.
Current wording
Reimbursable costs from Managed REITs for the three months ended June 30, 2025 and 2024 were approximately $1.9 million and $1.5 million, respectively. Such expenses consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by the Managed REITs, pursuant to our related contracts with the Managed REITs. The increase in reimbursable costs from Managed REITs is primarily related to the growth in the Managed REITs' assets under management. We expect reimbursable costs from the Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.
Previous wording
General and administrative expenses for the three months ended March 31, 2025 and 2024 were approximately $7.9 million and $7.4 million, respectively. Such expenses consist primarily of compensation related costs, equity based compensation, marketing related costs, legal expenses, accounting expenses, transfer agent fees, directors and officers’ insurance expense and board of directors related costs. The increase in general and administrative expenses was primarily attributable to increased compensation related costs and professional services, primarily related to our calculation of an estimated net asset value incurred during the three months ended March 31, 2025. We expect general and administrative expenses to decrease as a percentage of total revenues over time.
Current wording
General and administrative expenses for the three months ended June 30, 2025 and 2024 were approximately $11.7 million and $7.8 million, respectively. Such expenses consist primarily of compensation related costs, equity based compensation, marketing related costs, legal expenses, accounting expenses, transfer agent fees, directors and officers’ insurance expense and board of directors related costs.
Previous wording
Depreciation and amortization expenses for the three months ended March 31, 2025 and 2024 were approximately $16.7 million and $13.7 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense primarily consists of the amortization of our in place lease intangible assets resulting from our self storage acquisitions. The increase in depreciation and amortization expense is primarily attributable to the depreciation and intangible amortization expense related to eleven properties which were acquired after March 31, 2024.
Current wording
Depreciation and amortization expenses for the three months ended June 30, 2025 and 2024 were approximately $17.3 million and $13.8 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense primarily consists of the amortization of our in place lease intangible assets resulting from our self storage acquisitions. The increase in depreciation and amortization expense is primarily attributable to the depreciation and intangible amortization expense related to 17 properties which were acquired after June 30, 2024.
Previous wording
Acquisition expenses for the three months ended March 31, 2025 and 2024 were approximately $0.2 million and $0.1 million, respectively. These acquisition expenses were incurred prior to acquisitions becoming probable in accordance with our capitalization policy.
Current wording
Acquisition expenses for the three months ended June 30, 2025 and 2024 were approximately $0.4 million and $0.1 million, respectively. These acquisition expenses were incurred prior to acquisitions becoming probable in accordance with our capitalization policy, and such costs increased over the prior period given our increase in acquisition volume in the current period.
Previous wording
Losses from our equity method investments in the JV Properties for the three months ended March 31, 2025 and 2024 were approximately $0.2 million and $0.3 million, respectively. Losses from our equity method investments in the JV Properties consists of our allocation of earnings and losses from our unconsolidated joint ventures.
Current wording
Losses from our equity method investments in the JV Properties for the three months ended June 30, 2025 and 2024 were approximately $0.1 million and $0.4 million, respectively. Losses from our equity method investments in the JV Properties consists of our allocation of earnings and losses from our unconsolidated joint ventures.
Previous wording
Losses from our equity method investments in the Managed REITs for the three months ended March 31, 2025 and 2024 were approximately $0.2 million and $0.5 million, respectively. Losses from our equity method investments in the Managed REITs consists primarily of our allocation of earnings and losses from our investments in SST VI and SSGT III.
Current wording
Losses from our equity method investments in the Managed REITs for the three months ended June 30, 2025 and 2024 were approximately $0.2 million and $0.3 million, respectively. Losses from our equity method investments in the Managed REITs consists primarily of our allocation of earnings and losses from our investments in SST VI and SSGT III.
Previous wording
Other, net for the three months ended March 31, 2025 and 2024 was approximately $0.5 million of income, and $0.2 million of expense, respectively. Other, net consists primarily of certain state tax expenses, foreign currency fluctuations, changes in value related to our foreign currency and interest rate hedges not designated for hedge accounting, and other miscellaneous items. The favorable variance is primarily attributable to favorable changes in the fair value of our FX hedges during the three months ended March 31, 2025.
Current wording
Other, net for the three months ended June 30, 2025 and 2024 was approximately $1.4 million and $0.8 million of expense, respectively. Other, net consists primarily of certain state tax expenses, foreign currency fluctuations, changes in value related to our foreign currency and interest rate hedges not designated for hedge accounting, and other miscellaneous items. The unfavorable variance is primarily attributable to the termination of certain of our SOFR interest rate caps and the interest rate swap related to our 2027 NBC Loan, which was paid off in June 2025. Please see Note 7 – Derivative Instruments, of the notes to consolidated financial statements contained in this report for additional information.
Previous wording
Interest Income for the three months ended March 31, 2025 and 2024 was approximately $0.7 million and $0.7 million, respectively. Interest income includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, and interest earned on cash held at financial institutions. We expect interest income from the
Current wording
Interest Income for the three months ended June 30, 2025 and 2024 was approximately $0.7 million and $0.7 million, respectively. Interest income includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, and interest earned on cash held at financial institutions. We expect interest income from the Managed REITs to fluctuate commensurate with their borrowings, as well as changes to benchmark interest rates on such borrowings.
Previous wording
Interest expense for the three months ended March 31, 2025 and 2024 was approximately $22.0 million and $16.6 million, respectively. Interest expense includes interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and the impact of our interest rate derivatives designated for hedge accounting. The increase of approximately $5.5 million as compared to the same period in the prior year is primarily attributable to increased borrowings, as well as a slightly higher effective interest rate due to the expiration of a previously existing interest rate cap on which we were applying hedge accounting. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and fluctuations in interest rates.
Current wording
Interest expense for the three months ended June 30, 2025 and 2024 was approximately $12.0 million and $17.3 million, respectively. Interest expense includes interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and the impact of our interest rate derivatives designated for hedge accounting. The decrease of approximately $5.3 million as compared to the same period in the prior year is primarily attributable to decreased borrowings, as well as a lower average effective interest rate. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and fluctuations in interest rates.
Previous wording
The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024, excluding four other properties) for the three months ended March 31, 2025 and 2024. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, development activity, properties impacted by casualty events or lease up properties (in thousands unless otherwise noted).
Current wording
The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024, excluding four other properties) for the three months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, development activity, properties impacted by casualty events, lease up properties or similar other such factors (in thousands unless otherwise noted).
Previous wording
Property operating expenses excludes Tenant Protection Program related expense. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss).
Current wording
Among other expenses, property operating expenses excludes Tenant Protection Program related expense and stock compensation expense related to the grant issued in connection with our Underwritten Public Offering. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss).
Previous wording
Of the total rentable square feet, parking represented approximately 1,017,000 square feet as of March 31, 2025 and approximately 1,013,000 square feet as of March 31, 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 980,000 square feet. Amount not in thousands.
Current wording
Of the total rentable square feet, parking represented approximately 1,068,000 square feet as of June 30, 2025 and approximately 1,042,000 square feet as of June 30, 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 975,000 square feet. Amount not in thousands.
Previous wording
Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation.
Current wording
Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation.
Previous wording
Loss on debt extinguishment for the three months ended March 31, 2025 and 2024 was approximately $0.8 million, and $0.5 million, respectively. Loss on debt extinguishment for the three months ended March 31, 2025 was related to the defeasance of our KeyBank Florida CMBS Loan completed during the three months ended March 31, 2025. Loss on debt extinguishment for the three months ended March 31, 2024 was related to unamortized debt issuance costs associated with our Former Credit Facility which were expensed in connection with its termination and the execution of the current Credit Facility, during the three months ended March 31, 2024. Please see Note 5 – Debt, of the notes to consolidated financial statements contained in this report for additional information.
Current wording
Loss on debt extinguishment for the six months ended June 30, 2025 and 2024 was approximately $2.5 million, and $0.5 million, respectively. Loss on debt extinguishment for the six months ended June 30, 2025 was primarily related to debt issuance costs written off in connection with a reduction in the total commitment on our Credit Facility from $700 million to $600 million, the pay-off of the 2027 NBC loan, the full repayment of the 2025 KeyBank Acquisition Facility, and the defeasance of our KeyBank Florida CMBS Loan, which were all completed during the six months ended June 30, 2025.
Previous wording
Income tax (expense) benefit for the three months ended March 31, 2025 and 2024 was approximately $0.6 million and $0.3 million of expense, respectively. Income tax consists primarily of state, federal, and Canadian income tax. The increase is primarily due to increasing operations at our Canadian properties. We expect our income tax expense to increase in future periods primarily related to our operations in Canada.
Current wording
Income tax expense benefit for the six months ended June 30, 2025 and 2024 was approximately $0.9 million and $0.7 million of expense, respectively. Income tax expense consists primarily of state, federal, and Canadian income tax. The increase is primarily due to increasing operations at our Canadian properties. We expect our income tax expense to increase in future periods primarily related to our operations in Canada.
Previous wording
Our same-store revenue increased by approximately $1.6 million, or approximately 3.2%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 due to an approximately 0.5% increase in average occupancy, and an approximately 2.0% increase in annualized rent per occupied square foot. Property operating expenses increased by approximately 5.2%, primarily attributable to increased property insurance costs, property taxes, payroll costs, and repairs and maintenance expenses.
Current wording
Our same-store revenue increased by approximately $1.8 million, or approximately 1.8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to an approximately 0.5% increase in average occupancy, an approximately 0.5% increase in annualized rent per occupied square foot, and an increase in late and administrative fees of approximately $0.5 million. Property operating expenses increased by approximately 4.3%, primarily attributable to increased property taxes and payroll costs.
Previous wording
(1) Included within ancillary operating revenue within our consolidated statements of operations, approximately $2.0 million and $1.9 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended March 31, 2025 and 2024, respectively, with the remaining approximately $0.3 million and $0.1 million earned at non same-store facilities during the three months ended March 31, 2025 and 2024, respectively.
Current wording
(1) Included within ancillary operating revenue within our consolidated statements of operations, approximately $4.1 million and $3.8 million of Tenant Protection Program revenue was earned at same-store facilities during the six months ended June 30, 2025 and 2024, respectively, with the remaining approximately $0.6 million and $0.2 million earned at non same-store facilities during the six months ended June 30, 2025 and 2024, respectively.
Previous wording
In determining FFO, as adjusted, we make further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, and other select non-recurring income or expense items which we believe are not indicative of our overall long-term operating performance. We exclude these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use FFO, as adjusted, as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies.
Current wording
In determining FFO, as adjusted, we make further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on certain foreign exchange and interest rate derivatives not designated for hedge accounting, and other select non-recurring income or expense items which we believe are not indicative of our overall long-term operating performance. We exclude these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use FFO, as adjusted, as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies.
Previous wording
(4) This represents the non-cash mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term.
Current wording
(4) This represents the mark-to-market adjustment for certain of our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings. Changes in foreign currency related to our foreign equity investments not classified as long term under GAAP are also included in this adjustment. There was no adjustment during the three months ended June 30, 2025 for the approximately $0.5 million of income received during the period related to the short term forward entered into and settled in the period to hedge interest rate movements related to the 2028 Canadian Notes. Changes in foreign currency related to our foreign equity investments not classified as long term are included in this adjustment.
Previous wording
(5)Such costs incurred in 2025 included approximately $61,000 related to our Underwritten Public Offering, but were not directly attributable thereto, and were therefore included in general and administrative expenses in our consolidated statements of operations. Additionally, the 2025 costs also included approximately $0.6 million of professional fees related to the calculation of our estimated net asset value, which we will no longer incur, given the listing of our common stock. Such costs in 2024 relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock. As these items are non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.
Current wording
(5)Such costs incurred for the three and six months ended June 30, 2025, respectively, primarily included: i) approximately $1.0 million and $1.0 million related to our Underwritten Public Offering, but were not directly attributable thereto, and were therefore included in general and administrative expenses in our consolidated statements of operations; ii) approximately $1.2 million and $1.2 million of termination costs related to our Former Dealer Manager; and iii) none and approximately $0.6 million of professional fees related to the calculation of our estimated net asset value, which we will no longer incur, given the listing of our common stock and other similar minor amounts. Such costs in 2024 relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock. As these items are non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.
Previous wording
FFO, as adjusted was slightly positive compared to the same period in the prior year primarily as a result of increased segment operating income from our self storage business and to a lesser extent from our Managed REIT business, mostly offset by increased borrowing costs.
Current wording
FFO, as adjusted for the three and six months ended June 30, 2025 increased compared to the three and six months ended June 30, 2024 primarily as a result of increased segment operating income from our self storage business and from our Managed REIT business, as well as reductions to our distributions to preferred stockholders.
Previous wording
A comparison of cash flows for operating, investing and financing activities for the three months ended March 31, 2025 and 2024 are as follows (in thousands):
Current wording
A comparison of cash flows for operating, investing and financing activities for the six months ended June 30, 2025 and 2024 are as follows (in thousands):
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (29)
Current report — wording carried from elsewhere
Our operating results for the six months ended June 30, 2025 included full period results for 161 self storage facilities, and partial period results for ten self storage facilities. Our operating results for the six months ended June 30, 2024 included full period results for 154 self storage facilities, and partial period results for one self storage facility.
Current report — wording carried from elsewhere
Operating results in future periods will depend on the results of operations of these properties and of the real estate properties that we may acquire in the future.
Current report — wording carried from elsewhere
Income tax expense for the three months ended June 30, 2025 and 2024 was approximately $0.3 million and $0.3 million of expense, respectively. Income tax expense consists primarily of state, federal, and Canadian income tax. We expect our income tax expense to increase in future periods primarily related to our operations in Canada.
Current report — wording carried from elsewhere
(1) Included within ancillary operating revenue within our consolidated statements of operations, approximately $2.1 million and $1.9 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended June 30, 2025 and 2024, respectively, with the remaining approximately $0.3 million and
Current report — wording carried from elsewhere
$0.1 million earned at non same-store facilities during the three months ended June 30, 2025 and 2024, respectively.
Current report — wording carried from elsewhere
Total self storage related revenues for the six months ended June 30, 2025 and 2024 were approximately $120.1 million and $107.6 million, respectively. The increase in total self storage revenues of approximately $12.4 million, or approximately 11.5%, is primarily attributable to an increase in non same-store revenues of approximately $9.9 million, largely as a result of 17 property acquisitions after June 30, 2024, the operating results of which were not included during the six months ended June 30, 2024. Additionally, our same-store revenues were up approximately $1.8 million, or approximately 1.8%.
Current report — wording carried from elsewhere
We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things.
Current report — wording carried from elsewhere
We expect Managed REIT Platform Revenue to fluctuate commensurate with our Managed REITs' increase in operations and assets under management, as well as additional reductions recorded to such revenue in connection with the Sponsor Funding Agreement.
Current report — wording carried from elsewhere
Reimbursable costs from Managed REITs for the six months ended June 30, 2025 and 2024 were approximately $4.0 million and $3.2 million, respectively. Such revenues consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by the Managed REITs, pursuant to our related contracts with the Managed REITs. The increase in reimbursable costs from Managed REITs is primarily related to the growth in the Managed REITs' assets under management. We expect reimbursable costs from Managed REITs to increase in future periods as a result of additional acquisitions by our Managed REITs. We further expect reimbursable costs from Managed REITs to generally fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.
Current report — wording carried from elsewhere
Property operating expenses for the six months ended June 30, 2025 and 2024 were approximately $42.1 million (or 35% of self storage revenue) and $35.1 million (or 33% of self storage revenue), respectively. Property operating expenses include the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The increase in property operating expenses of approximately $7.1 million is largely attributable to increased property operating expenses of approximately $3.9 million related to our non same-store properties and an additional $1.7 million of stock based compensation due to the IPO Grant to store level employees, and to a lesser extent increased property insurance costs, property taxes, payroll costs, and repairs and maintenance expenses at our same-store properties. Generally, we expect the IPO Grant expense included in property operating expenses to significantly decrease after October 1, 2025 when the majority of such awards become fully vested. We expect property operating expenses to fluctuate commensurate with inflationary pressures and any future acquisitions.
Current report — wording carried from elsewhere
General and administrative expenses for the six months ended June 30, 2025 and 2024 were approximately $19.5 million and $15.2 million, respectively. Such expenses consist primarily of compensation related costs, equity based compensation, marketing related costs, legal expenses, accounting expenses, transfer agent fees, directors and officers’ insurance expense and board of directors related costs.
Current report — wording carried from elsewhere
During the six months ended June 30, 2025, we incurred approximately $0.8 million related to our Underwritten Public Offering which was included in general and administrative expenses but were not capitalized as they were not directly attributable thereto, and were therefore included in general and administrative expense. Additionally, the 2025 costs also included approximately $0.6 million of professional fees related to the calculation of our estimated net asset value, which we will no longer incur, given the listing of our common stock. Certain of the general and administrative expenses incurred during the six months ended June 30, 2024 relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock, such amounts were expensed given the delay in our offering until 2025.
Current report — wording carried from elsewhere
Depreciation and amortization expenses for the six months ended June 30, 2025 and 2024 were approximately $34.0 million and $27.5 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense primarily consists of the amortization of our in place lease intangible assets resulting from our self storage acquisitions. The increase in depreciation and amortization expense is primarily attributable to the depreciation and intangible amortization expense related to 17 properties which were acquired after June 30, 2024.
Current report — wording carried from elsewhere
Equity in earnings (losses) from investments in JV Properties
Current report — wording carried from elsewhere
Losses from our equity method investments in the JV Properties for the six months ended June 30, 2025 and 2024 were approximately $0.4 million and $0.7 million, respectively. Losses from our equity method investments in the JV Properties consists of our allocation of earnings and losses from our unconsolidated joint ventures.
Current report — wording carried from elsewhere
Equity in earnings (losses) from investments in Managed REITs
Current report — wording carried from elsewhere
Losses from our equity method investments in the Managed REITs for the six months ended June 30, 2025 and 2024 were approximately $0.4 million and $0.7 million, respectively. Losses from our equity method investments in the Managed REITs consists primarily of our allocation of earnings and losses from our investments in SST VI and SSGT III.
Current report — wording carried from elsewhere
Interest Income for the six months ended June 30, 2025 and 2024 was approximately $1.4 million and $1.4 million, respectively. Interest income includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, and interest earned on cash held at financial institutions. We expect interest income from the Managed REITs to fluctuate commensurate with their borrowings, as well as changes to benchmark interest rates on such borrowings.
Current report — wording carried from elsewhere
Interest expense for the six months ended June 30, 2025 and 2024 was approximately $34.1 million and $33.8 million, respectively. Interest expense includes interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and the impact of our interest rate derivatives designated for hedge accounting. Such net change of approximately $0.3 million as compared to the same period in the prior year was primarily due to initially higher outstanding borrowings at the beginning of the year, offset by substantial principal paydowns during the six months ended June 30, 2025 as a result of the use of proceeds from the Underwritten Public Offering. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and fluctuations in interest rates.
Current report — wording carried from elsewhere
Loss on debt extinguishment for the six months ended June 30, 2024 was related to unamortized debt issuance costs associated with our Former Credit Facility which were expensed in connection with its termination and the execution of the current Credit Facility, during the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Same-Store Facility Results - six months ended June 30, 2025 and 2024
Current report — wording carried from elsewhere
The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024, excluding four other properties) for the six months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, development activity, properties impacted by casualty events, lease up properties or similar other such factors (in thousands unless otherwise noted).
Current report — wording carried from elsewhere
Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue.
Current report — wording carried from elsewhere
Among other expenses, property operating expenses excludes Tenant Protection Program related expense and stock compensation expense related to the grant issued in connection with our Underwritten Public Offering. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss).
Current report — wording carried from elsewhere
Of the total rentable square feet, parking represented approximately 1,068,000 square feet as of June 30, 2025 and approximately 1,042,000 square feet as of June 30, 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 975,000 square feet. Amount not in thousands.
Current report — wording carried from elsewhere
Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation.
Current report — wording carried from elsewhere
Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Amount not in thousands.
Current report — wording carried from elsewhere
The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods indicated (in thousands):
Current report — wording carried from elsewhere
On May 30, 2025, our board of directors approved a distribution amount for the month of June 2025 such that all holders of our outstanding common stock for the month of June, inclusive of our Class A, Class T and unclassified shares of Common Stock, received a distribution equal to $0.1315 per share. The June 2025 distribution payable to each stockholder of record at the end of June was paid on July 15, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Managed REITs to fluctuate commensurate with their borrowings, as well as changes to benchmark interest rates on such borrowings.