Business Context and Reporting Period
This Form 8-K is a current report filed by SmartStop Self Storage REIT, Inc. on January 3, 2023. The filing serves as a Regulation FD disclosure regarding an upcoming presentation by the Chief Executive Officer at the KeyBanc Capital Markets Self Storage Investor Forum on January 5, 2023.
Key Financial Metrics
The filing provides specific operational metrics for the Company's 2022 same-store pool as of November 30, 2022. It does not contain comprehensive financial statements regarding revenue, profit, cash flow, debt, or liquidity.
- Physical Occupancy: 93.2%
- Asking Rates: Up 3.2% year-over-year; Down 9.3% month-over-month
- In-Place Rates: Up 11.9% year-over-year; Up 1.1% month-over-month
Material Changes Versus Prior Period
Based on the November 30, 2022 data provided:
- Physical occupancy decreased 2.3% compared to the prior year and 0.5% compared to the prior month.
- Asking rates increased 3.2% year-over-year but experienced a significant 9.3% decline month-over-month.
- In-place rates showed strong year-over-year growth of 11.9% and a modest 1.1% increase month-over-month.
Guidance, Outlook, and Risks
The CEO is scheduled to discuss views on the self-storage industry and the "current landscape" for 2023. The filing explicitly states that the information provided is deemed "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, meaning it is not subject to the liabilities of that section and will not be incorporated by reference into other filings. No specific forward-looking guidance, risks, or contingencies are detailed beyond the operational metrics.
Investor Verification Checklist
- Verify the full transcript or presentation materials from the KeyBanc Capital Markets Self Storage Investor Forum held on January 5, 2023.
- Confirm the definition of the "same-store pool" used for the reported metrics.
- Review subsequent quarterly reports (10-Q) or annual reports (10-K) for audited revenue, profit, and liquidity figures, as this 8-K does not provide them.
- Monitor future filings for any updates on the significant month-over-month decline in asking rates.