Self-Storage Revenue Growth
Total self-storage revenue increased by 3.7%, with New Construction up 5.5% and R3 up 0.7%. This growth was driven by strength in the International segment, which saw a 32.9% increase in revenue.
Adoption of Noke Smart Entry System
The Noke Smart Entry system had 439,000 installed units by the end of the quarter, representing a 35.9% increase year-over-year. The new Noke Ion product has been well received, showing strong interest from large institutional customers.
Improved EBITDA Margin
Adjusted EBITDA was $43.6 million, up 1.2% from the previous year, resulting in an adjusted EBITDA margin of 19.9%, an increase of approximately 120 basis points.
Strong Cash Flow and Liquidity
The company generated $15 million in cash from operating activities and $8.3 million in free cash flow, with total liquidity of $256.2 million and a net leverage of 2.3x.
S&P Credit Rating Upgrade
S&P upgraded Janus' credit rating from B+ to BB- with a stable outlook, reflecting the company's resilient business model and consistent cash flow generation.