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Strategic Storage Trust VI, Inc. Reports Second Quarter 2025 Results

• Q2 Total revenues increased approximately 9.6% compared to the same period in 2024.
• Q2 Increased Same-Store Revenues by approximately 5.1% for the Quarter.
• Q2 Net loss attributable to common stockholders decreased approximately 46.4% compared to the same period in 2024.
• Q2 Increased Same-Store Net Operating Income ("NOI") by approximately 9.6% for the Quarter.
• YTD Total revenues increased approximately 10.3% compared to the same period in 2024.
• YTD Increased Same-Store Revenues by approximately 5.9% for the year.
• YTD Net loss attributable to common stockholders decreased approximately 30.1% compared to the same period in 2024.
• YTD Increased Same-Store Net Operating Income ("NOI") by approximately 11.5%.
• Decreased Same-Store Average Physical Occupancy by approximately 0.7%.

LADERA RANCH, Calif.--(BUSINESS WIRE)-- Strategic Storage Trust VI, Inc. (鈥淪ST VI鈥�), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (鈥淪martStop鈥�) (NYSE: SMA), announced operating results for the three and six months ended June 30, 2025.

"Q2 was another strong quarter of performance, underscoring the resilience of our business model and the continued demand for high-quality self-storage solutions," commented H. Michael Schwartz, President and CEO of Strategic Storage Trust VI, Inc. "We achieved second quarter revenue growth of 9.6%, driven by strategic pricing initiatives and sustained occupancy levels across our portfolio. Year-to-date, our revenue has grown 10.3%, reflecting the strength of our operational execution and customer engagement in leasing up our non-stabilized properties. Our focus on operational efficiency also delivered solid results, with same-store NOI increasing 9.6% for the quarter and 11.5% year-to-date. These gains demonstrate our team鈥檚 commitment to driving value and optimizing asset performance. As we look ahead, we remain confident in our ability to deliver consistent growth and long-term value for our shareholders."

Key Highlights for the Three Months Ended June 30, 2025:

• Total revenues were approximately $7.7 million, an increase of approximately $0.7 million when compared to the same period in 2024.
• Increased same-store revenues and NOI by 5.1% and 9.6%, respectively, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• Decreased same-store average physical occupancy by approximately 0.7% to 92.2% as of June 30, 2025 from 92.9% as of June 30, 2024.
• Increased same-store annualized rent per occupied square foot by approximately 4.3% to $17.38 for the three months ended June 30, 2025 from $16.67 for the three months ended June 30, 2024.

Key Highlights for the Six Months Ended June 30, 2025:

• Total revenues were approximately $15.0 million, an increase of approximately $1.4 million when compared to the same period in 2024.
• Increased same-store revenues and NOI by 5.9% and 11.5%, respectively, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
• Decreased same-store average physical occupancy by approximately 0.7% to 92.2% as of June 30, 2025 from 92.9% as of June 30, 2024.
• Increased same-store annualized rent per occupied square foot by approximately 4.0% to $17.20 for the six months ended June 30, 2025 from $16.54 for the six months ended June 30, 2024.

Opening of three joint venture development properties:

On April 16, 2025, SST VI announced the opening of an operating unconsolidated real estate venture located in York, Toronto. The property offers approximately 121,500 net rentable square feet of climate-controlled storage space, encompassing approximately 1,500 units.

On June 2, 2025, SST VI announced the opening of an operating unconsolidated real estate venture location in the Greater Montreal Area. The property, which is located in Dorval, Quebec, a suburb of Montreal, offers approximately 112,000 net rentable square feet of climate-controlled storage space, encompassing approximately 1,250 units.

On June 3, 2025, SST VI announced the opening of an operating unconsolidated real estate venture location in North York, Toronto. The property offers approximately 98,500 net rentable square feet of climate-controlled storage space, encompassing approximately 1,200 units.

Declared Distributions:

On June 27, 2025, our board of directors declared a daily distribution rate of approximately $0.001698 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on July 1, 2025 and ending September 30, 2025. In connection with this distribution, stockholders who hold Class T and Class Y shares, will be paid an amount equal to approximately $0.001698 per day less the stockholder servicing fee payable per share per day. Such distributions payable to each stockholder of record during a month will be paid the following month.

Suspension of Share Redemption Program:

On August 6, 2025, our board of directors approved the suspension of our share redemption program for stockholders who purchased Class P shares in the private offering and our share redemption program for stockholders who purchased Class A, Class T, Class W, Class Y and Class Z shares in the public offering (collectively, the 鈥淪hare Redemption Program鈥�) effective September 6, 2025, except with respect to redemption requests made in connection with the death, commitment to a long-term care facility, qualifying disability or bankruptcy of a stockholder. Accordingly, all pending redemption requests in the third quarter or subsequent thereto that were not made in connection with the death, commitment to a long-term care facility, qualifying disability or bankruptcy of a stockholder will be not be redeemed. The Share Redemption Program shall remain suspended as discussed above until such time, if any, as our board of directors may determine.

About Strategic Storage Trust VI, Inc. (SST VI):

SST VI is a public non-traded REIT that elected to qualify as a REIT for federal income tax purposes. SST VI鈥檚 primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of August 14, 2025, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking); 11 properties with approximately 10,205 units and 1,067,715 rentable square feet (including parking) in Canada, joint venture interests in four operational and one development property in two Canadian provinces (Ontario and 蚕耻茅产别肠) and one wholly owned development property in Ontario.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (鈥淪martStop鈥�) (NYSE:SMA), is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop庐 Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of August 14, 2025, SmartStop has an owned or managed portfolio of 230 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 167,200 units and 18.7 million rentable square feet. SmartStop and its affiliates own or manage 44 operating self-storage properties in Canada, which total approximately 39,000 units and 3.9 million rentable square feet. Additional information regarding SmartStop is available at .

STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES
COMPUTATION OF SAME-STORE OPERATING RESULTS
(UNAUDITED)

Same-Store Facility Results 鈥� three months ended June 30, 2025 and 2024

The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the three months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.

Our increase in same-store revenue of approximately $0.2 million was primarily the result of decreased average physical occupancy of approximately 0.7% and an increase in revenue per occupied square foot of approximately 4.3% for the three months ended June 30, 2025 over the three months ended June 30, 2024.

Our same-store property operating expenses decreased by approximately $15,000 or 1.1% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Net Operating Income (鈥淣OI鈥�)

NOI is a non-GAAP measure that SST VI defines as net income (loss), computed in accordance with GAAP, generated from properties, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SST VI believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SST VI believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SST VI鈥檚 use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.

The following table presents a reconciliation of net loss as presented on our consolidated statements of operations to NOI, as stated above, for the periods indicated:

Same-Store Facility Results 鈥� six months ended June 30, 2025 and 2024

The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the six months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.

Our increase in same-store revenue of approximately $0.4 million was primarily the result of decreased average physical occupancy of approximately 0.7% and an increase in revenue per occupied square foot of approximately 4.0% for the six months ended June 30, 2025 over the six months ended June 30, 2024.

Our same-store property operating expenses decreased by approximately $40,000 or 1.4% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

The following table presents a reconciliation of net loss as presented on our consolidated statements of operations to NOI, as stated above, for the periods indicated:

Forward-Looking Statements

Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渂elieve,鈥� 鈥渃ontinue,鈥� or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation:

• disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ("CAD")/U.S. Dollar ("USD") exchange rate;
• significant transaction costs, including financing costs, and unknown liabilities;
• whether we will be successful in the pursuit of our business plan and investment objectives;
• changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks;
• changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business;
• difficulties in our ability to attract and retain qualified personnel and management;
• the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline;
• failure to close on pending or future acquisitions on favorable terms or at all;
• our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse;
• increases in interest rates; and
• failure to maintain our REIT status.

All forward-looking statements, including without limitation, management鈥檚 examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management鈥檚 expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� and the 鈥淩isk Factors鈥� sections of the documents we file from time to time with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the risk factors included in Part II, Item 1A of our Form 10-Qs, copies of which may be obtained from our website at .

View source version on businesswire.com:

David Corak

SVP of Corporate Finance & Strategy

SmartStop Self Storage REIT, Inc.

[email protected]

Source: Strategic Storage Trust VI, Inc.