Strategic Student & Senior Housing Trust Reports 29% Growth in NOI
Strategic Student & Senior Housing Trust Inc. – a publicly registered, non-traded real estate investment trust – announced second quarter of 2025 results, including an 8% year-over-year increase in revenue and substantial 29% growth in property net operating income, or NOI, since June 2024.
The REIT reported total assets of approximately $156.1 million, a 1.25% decrease from its total assets six months earlier.
“I am encouraged by our continued revenue momentum, operating expense management, and resulting increase in property net operating income,” said John Strockis, chief executive officer and president of the REIT, in an Aug. 14 letter to stockholders. Strockis credited the positive results to the company’s business plan, which includes increasing base rental and care fee revenues, managing property level-operating expenses, increasing operating income quarter-over-quarter, and upgrading the common areas of its three key Utah senior housing properties.
Compared to the same period in 2024, the company reported: $0.7 million in revenues, the aforementioned 8% increase; an increase of approximately 1%, or $0.1 million in expenses; and $0.6 million in property NOI, the previously noted 29% boost.
Also, overall occupancy for the REIT’s housing properties rose from approximately 91% in Q2 2024 to 95% in Q2 2025. The company’s senior housing occupancies also saw a quarter-over-quarter increase, rising from 92% at the end of Q1 2025 to 95% at the end of Q2 2025.
According to the company, it is currently implementing modest upgrades to its three senior housing communities in Utah, with a projected completion date in the fourth quarter of this year. These improvements, which include new painting, carpeting, lighting, and furniture, are expected to enhance the communities’ appearance and performance.
The CEO also noted that while the company’s communities have not yet been substantially affected by economic slowdowns, labor shortages for entry-level positions remain a challenge. The company plans to continue raising rents and care fees in favorable market conditions to drive future growth.
SSSHT is “still waiting for the senior housing capital markets to recover” before making decisions on its properties, which are encumbered by fixed-rate debt maturing in 2028. The company is evaluating options to optimize stockholder value, including potential sales, recapitalization, or repositioning of these assets.
“While the sale transaction numbers of senior properties have increased since 2024, it seems the market still needs time to fully recover and for cap rates to meaningfully compress,” he said. In meantime, we continue to evaluate all of our options to maximize shareholder value.”
Almost one year ago, the REIT sold its final student housing property – The District in Fayetteville, Ark. – for $72.25 million. The buyer – YOUnion at Fayetteville SPE, LLC – was a subsidiary of a joint venture between an affiliate of Virtus Real Estate LLC, which will own 95% of the JV, and an affiliate of Strategic Asset Management I, LLC, the sponsor of Strategic Student & Senior Housing Trust. The affiliate of Strategic Asset Management I, or SAM, will serve as the property manager of the Fayetteville property on behalf of the joint venture.
SAM was formerly known as SmartStop Asset Management.
In related news, the REIT elected three individuals to its board in June 2025: Brent Chappell, Stephen G. Muzzy, and H. Michael Schwartz. Schwartz is also the chairman and CEO of SmartStop Self Storage REIT, Inc. (NYSE:SMA).
Click here to visit the AltsWire directory page.
