Strategic Storage Trust, Inc. Reports First Quarter 2014 Results

    0
    3

    Strategic Storage Trust, Inc. today announced operating results for the three months ended March 31, 2014.

    “As we begin the 2014 year, we are pleased with the Q1 results and solid top line growth in same store revenues and NOI. SSTI will enter the busy season with its highest historical Q1 occupancy, which we believe has put us in a strong position for potential positive rental rate growth and increased occupancy.”

    Key Highlights for the Three Months Ended March 31, 2014:

    • Increased same-store revenues and net operating income (“NOI”) by 7.6% and 8.1%, respectively, for the three months ended March 31, 2014 compared to the three months ended March 31, 2013.
    • Increased same-store average occupancy by approximately 2.9% to 83.5% for the three months ended March 31, 2014 from 80.6% for the three months ended March 31, 2013.
    • Increased same-store annualized rent per occupied square foot by approximately 2.5% to $9.99 for the three months ended March 31, 2014 from $9.75 for the three months ended March 31, 2013.
    • Decreased property operating expenses as a percentage of revenues to 33.7% for the three months ended March 31, 2014 from 34.6% for the three months ended March 31, 2013.
    • Increased IPA Modified Funds From Operations (“MFFO”) by 35% to $6.3 million for the three months ended March 31, 2014 from $4.6 million for the three months ended March 31, 2013.
    • Increased cash flows from operations by 57% to $6.3 million for the three months ended March 31, 2014 from $4.0 million for the three months ended March 31, 2013.
    • During the three months ended March 31, 2014, we acquired two properties for a total purchase price of approximately $12 million.

    Acquisitions:

    • On March 5, 2014, we acquired a self storage facility located in Hampton, Virginia from an unaffiliated third party for a total purchase price of approximately $6.7 million, plus closing costs and acquisition fees.
    • On March 27, 2014, we acquired a self storage facility located in Chandler, Arizona from an unaffiliated third party for a total purchase price of approximately $4.9 million, plus closing costs and acquisition fees.
    • During the first quarter of 2014, we purchased an additional approximately 86% in beneficial interests in an entity that owns a self storage facility in San Francisco, CA for consideration of approximately $5.7 million in cash and the issuance of approximately 245,000 limited partnership units in our operating partnership. The acquisition brought our ownership of this property to approximately 98%.
    • Subsequent to March 31, 2014, we acquired a parcel of land located in Toronto, Canada from an unaffiliated third party for a total purchase price of approximately $3.8 million Canadian dollars, plus closing costs and acquisition fees. We intend to develop the land into a self storage facility with approximately 870 units and 78,000 rentable square feet.

    Click Here to Read The Full Report…

    About Strategic Storage Trust, LLC

    Strategic Storage Trust, Inc. (SSTI) is comprised of industry veterans with extensive institutional experience in the acquisition and property management of self-storage properties. Since the launch of SSTI in 2008, the company’s portfolio of wholly-owned properties has expanded to include 125 properties in 17 states and Canada that are being branded as SmartStop® Self Storage. The portfolio includes approximately 79,000 self-storage units and 10.4 million rentable square feet of storage space. For more information about SSTI, please call 949-469-6600 or visit www.strategicstoragetrust.com

    ]]>

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here