SmartStop Self Storage enjoyed its first profitable year in 2014, and the public non-traded REIT remained in the black during the first quarter of 2015.
The Ladera Ranch, CA-based company earned a net profit of $1.3 million during the first quarter, which ended March 31. Revenue grew nearly 10 percent over the previous year to $25.4 million.
While last year was the company’s first profitable one, the first quarter of 2014 saw a loss of just over $1 million.
The company continued a 13 -quarter streak of same-store revenue and income growth. Revenue grew 5.5 percent from the same quarter last year, while net income grew 15.3 percent.
In the first quarter, SmartStop had 120 same-store facilities among 127 overall.
SmartStop grew occupancy by 2.8 percent at its same-store facilities in the first quarter of 2015 compared with the same period last year, rising to 86.8 percent. Same-store annual rent grew to $11.10 per square foot during the first quarter, compared with $10.85 in the year-ago period.
During the first quarter, the REIT bought one facility in Tempe, AZ, for $4.4 million.
SmartStop is expanding its portfolio primarily through two REITs that it sponsors: Strategic Storage Trust II and Strategic Storage Growth Trust. In total, the two REITs have acquired 30 facilities as part of a multiphase deal with DSI Properties.
Strategic Storage Trust II is poised to close on the final two facilities in the $145 million deal.