SmartStop REIT Reports Strong Occupancy

SmartStop Self Storage REIT, Inc. released key performance metrics for its same-store portfolio in 2024, demonstrating resilience in physical occupancy and strategic rate adjustments. With a portfolio occupancy rate of 92.4% as of December 31, 2024, compared to 92.3% a year earlier, the company has maintained stability in customer retention across its properties.

Despite slight declines in monthly web and move-in rates—dropping to $0.95 from $0.99 and $0.97 respectively—the company has leveraged higher in-place rents to strengthen revenue. In-place rates saw a year-over-year increase from $1.59 to $1.64, reflecting effective rent management strategies amid market challenges. These figures highlight SmartStop's ability to adapt to pricing pressures while ensuring occupancy remains robust.

SmartStop continues to focus on operational efficiency and consistent portfolio performance. The same-store data excludes properties acquired or under transition, providing a clearer picture of stabilized property operations. These results, part of a broader strategic effort, underscore the company’s emphasis on maximizing shareholder value through disciplined rent adjustments and occupancy management.

Headquartered in Ladera Ranch, California, SmartStop remains committed to delivering strong fundamentals across its real estate investment trust portfolio. Its performance indicators suggest positive trends for its storage facilities as it navigates evolving market dynamics.