Strategic Storage Trust VI Q1 Revenue Up 6.5% on Higher Per-Foot Rents

Strategic Storage Trust VI Inc., a publicly registered nontraded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc. (NYSE: SMA), reported first-quarter 2026 revenues of approximately $7.8 million, a 6.5% increase over the same period a year earlier, as higher rents per occupied square foot offset a modest decline in portfolio occupancy, the nontraded REIT said.

Same-store revenues rose 4.2% year over year and same-store net operating income increased 2%, driven by a 5.8% gain in annualized rent per occupied square foot, which reached $17.81. Same-store average physical occupancy declined approximately 150 basis points to 90.3% from 91.8% in the first quarter of 2025.

“We delivered solid top-line growth in the quarter, with total revenues increasing 6.5% year over year and same-store revenues up 4.2%, reflecting steady demand across our portfolio,” said H. Michael Schwartz, president and chief executive officer of SST VI.

The REIT substantially completed and commenced operations on its Etobicoke self-storage property on Feb. 25. The Greater Toronto Area facility comprises approximately 980 units and 90,300 net rentable square feet. As of March 31, the property was approximately 3% occupied, reflecting its early-stage lease-up status.

SST VI’s operating self-storage portfolio carried an average physical occupancy of approximately 85% as of March 31, a figure that includes the newly opened Etobicoke property.

SST VI also holds 50% equity interests in five unconsolidated real estate ventures across Ontario and Quebec, with subsidiaries of SmartCentres Real Estate Investment Trust owning the remaining 50%. Four of those joint venture properties are operating self-storage facilities in the lease-up phase, averaging approximately 49% physical occupancy as of March 31. A fifth parcel is under development, with operations expected to commence in mid-2026.

Net loss attributable to common stockholders increased compared to the prior-year period, a result the company attributed to foreign currency adjustments and losses from the unconsolidated real estate ventures.

The REIT’s board declared a daily distribution rate of approximately $0.001698 per share for the second quarter, payable to shareholders of Classes A, T, W, P, Y, and Z shares. Shareholders of Class T and Class Y shares receive distributions net of applicable stockholder servicing fees. Distributions accrued during each month are paid the following month.

As of May 19, SST VI owned 25 operating self-storage properties – 13 in seven U.S. states comprising 9,015 units and 1,079,395 rentable square feet, and 12 in three Canadian provinces comprising 11,185 units and 1,158,015 rentable square feet – in addition to its joint venture and development interests.

SmartStop, SST VI’s sponsor, manages a portfolio of more than 460 operating properties across 35 states and Canada.

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