SmartStop Self Storage reports Q1 adjusted FFO 49c, consensus 48c

Reports Q1 revenue $78.31M, consensus $74.37M. “We posted a strong quarter of growth, highlighted by same-store revenue growth of 1.5% and sector-leading same-store NOI growth of 2.0%, both of which had very difficult year-over-year comps,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “Our expense control initiatives and scale led to a quarter of muted operating expenses, in turn leading to 30 basis points of net operating income margin expansion in our same-store portfolio, the first year-over-year increase in several years.”