Strategic Storage Trust VI reports higher Q1 revenue as rental rates offset occupancy dip

Strategic Storage Trust VI, a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT (NYSE:SMA), announced its operating results for the first quarter of 2026, highlighted by top-line growth and improved same-store metrics.

Total revenues for the three months ended March 31, 2026, reached approximately $7.8 million, representing an increase of roughly $0.5 million compared to the same period in 2025.

The growth was supported by performance in the company's same-store portfolio, where revenue expanded by 4.2% and net operating income increased by 2.0% year-over-year.

The financial gains were achieved primarily through pricing power, which helped mitigate a minor softening in facility utilization.

Same-store annualized rent per occupied square foot advanced 5.8% to $17.81, up from $16.83 in the first quarter of 2025.

This increase in rental rates offset a 1.5% decline in same-store average physical occupancy, which fell to 90.3% from the 91.8% reported in the prior year's matching period.