Filing Flows › SmartStop Self Storage REIT (SMA) › Q1 2025
SmartStop Self Storage REIT (SMA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
SmartStop Self Storage REIT (SMA) reported revenue of $65.4M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +8% from the quarter before. Operating margin was 26.3%, net loss $5.5M (8.3% of revenue).
SmartStop Self Storage REIT, Q1 2025: revenue $65.4M (+15% year over year), operating margin 26.3%, net loss $5.5M, operating cash flow $10.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $65.4M | +8% | +15% |
| Operating profit | $17.2M | — | — |
| Net earnings | −$5.5M | — | — |
| Operating cash flow | $10.6M | -0.5% | -27% |
What changed
Revenue was $65.4M in Q1 2025, up 15% year over year and up 8% from the previous quarter. Self Storage Rental Revenue was the largest line at 86% of revenue. Self Storage Rental Revenue added $6.1M year over year (up 12%), 73% of the total change.
Gross margin was 64.1%, down 1.0 points from a year earlier. Operating profit was $17.2M, a 26.3% margin (down 1.7 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 28% margin then. Operating expenses grew 17% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+23%). The quarter ended with a net loss of $5.5M, wider than the previous quarter's $152K loss. Net interest and other expense of $22.1M was the main reason.
Operating cash flow was $10.6M (down 27% year over year). Non-cash charges added back $16.7M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items used $1.9M.
Questions
What was SmartStop Self Storage REIT's revenue in the first quarter 2025?
SmartStop Self Storage REIT (SMA) reported revenue of $65.4M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +8% from the quarter before.
Was SmartStop Self Storage REIT profitable in the first quarter 2025?
Operating profit was $17.2M (26.3% of revenue) and net loss $5.5M.