SmartStop Self Storage REIT, Inc. has announced the opening of a new storage facility in San Gabriel, California. The three-story building has a total of 78,000 square feet and offers approximately 790 storage units. The facility includes features such as drive-up access, climate control, and video surveillance to ensure the security and convenience of its customers.
SmartStop, a self-managed and fully integrated self-storage company, has been experiencing strong growth in its diversified portfolio, particularly in Canada. While the U.S. self-storage industry has faced increased competition due to the pandemic, SmartStop’s assets in Canada, including their top-performing market in Toronto, have been relatively unaffected. The company attributes its success to factors such as the normalization of pandemic-related demand, a slowdown in the housing market, and volatile macroeconomic conditions.
In addition to its impressive performance in the market, SmartStop has also been recognized for its commitment to customer service. During the third quarter, the company received the top score among self-storage centers in Newsweek’s America’s Best Customer Service 2024. This achievement marks the third time that SmartStop has been recognized as the leading provider of customer service in the self-storage industry.
Financially, SmartStop reported overall positive results for the three months and nine months ended September 30, 2023. While the company experienced a decrease in net loss attributable to common stockholders compared to the same period in 2022, it also saw an increase in total self-storage related revenues. Additionally, same-store revenues, expenses, and net operating income showed positive growth compared to the same period last year.
With the opening of the new storage facility in San Gabriel, SmartStop continues to expand its presence in the market and remains confident in its ability to deliver value to its shareholders in the coming years.
Highlights:
- The new facility has approximately 790 storage units
- The facility offers drive-up access, climate control, and video surveillance
- SmartStop owns or manages 33 assets in Canada
- SmartStop has been recognized as the top provider of customer service in the self-storage industry three times.
