SmartStop Self Storage is on track toward its first profitable year in its six-year history.
The private REIT, which had operated under the name Strategic Storage Trust, notched a profit of $3 million during the third quarter, compared with a loss of $689,288 during the same period a year ago.
The company released its third-quarter results Nov. 14.
During the first nine months of 2014, the Ladera Ranch, CA-based company posted a profit of $3.4 million, compared with a loss of $4.8 million during the first nine months of last year.
The second quarter of 2014 marked the first profitable quarter for the company since it launched in 2008.
Revenue during the third quarter reached $24.7 million, a 20 percent increase over the same period last year. Year-to-date revenue also climbed 20 percent, to $70.7 million.
Solid same-store performance has helped bring the storage operator into the black. At its 109 same-store locations, revenue rose 7.8 percent during the quarter. As of Sept. 30, the company owned 126 facilities.
Same-store occupancy during the quarter climbed to 87.8 percent from 84.5 percent during the same period last year. Meanwhile, the company collected an average of $10.30 per square foot for rent — 44 cents more than in the third quarter of last year.
In November, the company announced it had changed its name from Strategic Storage Trust to SmartStop Self Storage, which is the name it already had been using to brand its self-storage facilities.
SmartStop also is the sponsor of two other REITs: the private Strategic Storage Growth Trust and Strategic Storage Trust II, a public non-traded REIT that’s in the midst of its first offering. As of Nov. 7, that REIT had raised $12.8 million, according to a filing with the U.S. Securities and Exchange Commission. Strategic Storage Trust II bought its first five facilities in November.