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SmartStop Self Storage REIT, Inc., a Maryland corporation (the Company ), is a self-managed and fully-integrated self storage real estate investment trust ( REIT ), formed on January 8, 2013 under the Maryland General Corporation Law. As used in this report, we, us, our, and Company refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries.
20.92% operating margin is above average. ROIC at 7.56%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 18.6%, still solid. Margins contracted 8.3pp, which offsets some of the top-line progress.
ROIC dropped from 18.56% to 7.56%, capital efficiency is deteriorating. Operating margin contracted 8.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$294M
▲ +18.6% YoY
Net Income (TTM)
$9M
▲ +52.3% YoY
Op. Margin
19.66%
▼ -8.3pp YoY
ROIC
3.83%
▼ -11.0pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$99M
▲ +32.7% YoY
Net Debt
$1.06B
Cash & Equiv.
$38M
5Y CAGR: +17.8%
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