[8-K] Strategic Storage Trust VI, Inc. Reports Material Event
Rhea-AI Filing Summary
Strategic Storage Trust VI, Inc. reported first quarter 2026 results showing modest revenue growth but a wider loss. Total revenues for the three months ended March 31, 2026 were about $7.8 million, up roughly 6.5% from the same period in 2025, driven by higher rents.
Same-store revenues rose 4.2% and same-store net operating income increased 2.0%, helped by a 5.8% increase in annualized rent per occupied square foot to $17.81, partly offset by lower average same-store occupancy of 90.3% versus 91.8% a year earlier.
Net loss attributable to common stockholders increased to about $12.1 million, an 18.7% rise, with management citing foreign currency adjustments and losses from unconsolidated ventures. The company continued its growth strategy, opening the Etobicoke property in the Greater Toronto Area and maintaining a 25-property operating portfolio with average occupancy of 85.4%. The board declared a daily distribution of approximately $0.001698 per share for various common classes for April 1 through June 30, 2026.
Positive
- None.
Negative
- None.
Insights
Modest revenue growth contrasted with a larger net loss and active development.
Strategic Storage Trust VI grew total revenues to about $7.8M, up 6.5% year over year, with same-store revenue up 4.2%. Rent per occupied square foot rose 5.8% to $17.81, indicating effective pricing across stabilized properties despite softer occupancy.
Net loss attributable to common stockholders increased to roughly $12.1M, up 18.7%, influenced by foreign currency adjustments and losses from unconsolidated Canadian ventures. Total assets were $524.0M with debt of about $290.2M, highlighting a leveraged but typical REIT balance sheet.
The REIT continues to invest in growth, including the Etobicoke development of about 980 units and 90,300 rentable square feet, which was 3% occupied as of March 31, 2026. A daily distribution of around $0.001698 per share for the second quarter of 2026 underlines management’s commitment to ongoing payouts while the impact of lease-up and foreign currency trends will appear in future periods.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
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(IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered |
None |
None |
None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01. Regulation FD Disclosure.
On May 19, 2026, Strategic Storage Trust VI, Inc. (the “Company”) issued a press release discussing its financial results for the three months ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated by reference herein.
Pursuant to the rules and regulations of the Securities and Exchange Commission, the information in this Current Report, including Exhibit 99.1 and information set forth therein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release, dated May 19, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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STRATEGIC STORAGE TRUST VI, INC. |
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Date: May 19, 2026 |
By: /s/ Matt F. Lopez |
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Matt F. Lopez |
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Chief Financial Officer and Treasurer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
May 19, 2026
Strategic Storage Trust VI, Inc. Reports First Quarter 2026 Results
- Total revenues increased approximately $0.5 million or 6.5% compared to the same period in 2025.
- Same-Store Revenues increased by approximately $0.2 million or 4.2% for the Quarter.
- Net loss attributable to common stockholders increased approximately $1.9 million or 18.7% compared to the same period in 2025.
- Same-Store Net Operating Income ("NOI") increased by approximately $0.1 million or 2.0% for the Quarter.
LADERA RANCH, CA – May 19, 2026 – Strategic Storage Trust VI, Inc. (“SST VI”), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), announced operating results for the three months ended March 31, 2026.
“We delivered solid top-line growth in the quarter, with total revenues increasing 6.5% year over year and same-store revenues up 4.2%, reflecting steady demand across our portfolio,” commented H. Michael Schwartz, President and CEO of Strategic Storage Trust VI, Inc. “Same-store NOI growth of 2.0% underscores the resilience of SmartStop's operating platform. During the quarter, we also successfully opened a ground-up development, marking an important milestone in our growth strategy and expanding our presence in the Greater Toronto Area. While net loss attributable to common stockholders increased compared to the prior year period, this was largely driven by foreign currency adjustment and investments in unconsolidated real estate ventures that we believe will support long-term value creation. We remain focused on disciplined capital allocation, optimizing portfolio performance, and driving sustainable growth for our stockholders.”
Key Highlights for the Three Months Ended March 31, 2026:
• Total revenues were approximately $7.8 million, an increase of approximately $0.5 million when compared to the same period in 2025.
• Increased same-store revenues and NOI by 4.2% and 2.0%, respectively, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
• Decreased same-store average physical occupancy by approximately 1.5% to 90.3% for the three months ended March 31, 2026 from 91.8% for the three months ended March 31, 2025.
• Increased same-store annualized rent per occupied square foot by approximately 5.8% to $17.81 for the three months ended March 31, 2026 from $16.83 for the three months ended March 31, 2025.
Development Projects:
As of March 31, 2026, we owned 50% of the equity interests in five unconsolidated real estate ventures in two Canadian provinces (Ontario and Quebec), with subsidiaries of SmartCentres Real Estate Investment Trust (“SmartCentres”) owning the other 50% of such entities. Our unconsolidated real estate ventures consist of four operating self storage properties in the lease-up phase and one parcel of land that is intended to be developed into a self storage facility. As of March 31, 2026, the four operating unconsolidated real estate venture properties had an average physical occupancy of approximately 49%. The to-be-developed unconsolidated real estate venture property is currently under development and we expect to commence operations in mid-2026.
10 Terrace Road, Ladera Ranch, CA 92694 | 866.412.5161 | info@StrategicREIT.com
On February 25, 2026, we substantially completed development and commenced operations on our Etobicoke Property. Our Etobicoke Property consists of approximately 980 units and 90,300 net rentable square feet and was approximately 3% occupied as of March 31, 2026. As of March 31, 2026, our operating self storage portfolio had an average physical occupancy of approximately 85%.
Declared Distributions:
On March 27, 2026, 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 April 1, 2026 and ending June 30, 2026. 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.
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’s 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 May 19, 2026, SST VI owned 25 operating self storage properties of which 13 are located in seven states (Arizona, Delaware, Florida, Nevada, Oregon, Pennsylvania and Washington) comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking) and 12 located in three Canadian provinces (Albert, British Columbia and Ontario) comprising approximately 11,185 units and 1,158,015 rentable square feet (including parking), in addition to joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Florida.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), is a self-managed REIT with a fully integrated operations team of approximately 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs and, through its Managed Platform, offers third-party management services in the U.S. and Canada. As of May 19, 2026, SmartStop has an owned or managed portfolio of nearly 460 operating properties in 35 states, Washington, D.C., and Canada, comprising approximately 270,000 units and 35 million rentable square feet. SmartStop and its affiliates own or manage 50 operating self-storage properties across four provinces in Canada, which total approximately 43,400 units and 4.3 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
Contact:
David Corak
SVP of Corporate Finance & Strategy
SmartStop Self Storage REIT, Inc.
IR@smartstop.com
Media Relations Contact:
Spotlight Marketing Communications
949-427-1391
Julie@spotlightmarcom.com
STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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March 31, |
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December 31, |
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ASSETS |
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Real estate facilities: |
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Land |
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$ |
111,490,555 |
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$ |
112,763,319 |
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Buildings |
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395,763,757 |
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385,675,015 |
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Site improvements |
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14,162,648 |
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14,075,173 |
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521,416,960 |
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512,513,507 |
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Accumulated depreciation |
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(43,998,337 |
) |
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(41,047,473 |
) |
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477,418,623 |
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471,466,034 |
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Construction in process |
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8,643,757 |
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20,888,613 |
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Real estate facilities, net |
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486,062,380 |
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492,354,647 |
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Cash and cash equivalents |
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8,346,417 |
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8,801,019 |
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Restricted cash |
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1,196,951 |
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1,117,142 |
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Investments in unconsolidated real estate ventures |
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17,552,404 |
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24,512,945 |
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Other assets, net |
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10,837,538 |
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7,655,431 |
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Total assets |
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$ |
523,995,690 |
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$ |
534,441,184 |
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LIABILITIES, TEMPORARY EQUITY AND EQUITY |
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Debt, net |
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$ |
290,190,706 |
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$ |
292,908,254 |
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Accounts payable and accrued liabilities |
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11,140,731 |
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9,610,514 |
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Distributions payable |
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5,143,474 |
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4,679,935 |
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Due to affiliates |
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9,434,156 |
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4,674,857 |
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Total liabilities |
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315,909,067 |
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311,873,560 |
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Commitments and contingencies |
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Redeemable common stock |
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14,621,370 |
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13,063,224 |
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Series B Convertible Preferred Stock, net $0.001 par value; 150,000 shares authorized; 150,000 issued |
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148,599,723 |
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148,599,723 |
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Series D Preferred units in our Operating Partnership, net $0.001 par value; 1,400,000 units authorized; |
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34,626,688 |
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34,626,688 |
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Series E Redeemable 8% Preferred Stock, $0.001 par value; 10,000,000 shares authorized; none |
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— |
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— |
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Equity: |
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Strategic Storage Trust VI, Inc.: |
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Preferred Stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at |
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— |
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— |
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Class P Common stock, $0.001 par value; 30,000,000 shares authorized; 11,506,323 and 11,457,294 |
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11,506 |
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11,457 |
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Class A Common stock, $0.001 par value; 230,000,000 shares authorized; 3,273,726 and 3,252,608 |
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3,274 |
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3,253 |
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Class T Common stock, $0.001 par value; 100,000,000 shares authorized; 5,475,436 and 5,446,198 |
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5,475 |
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5,446 |
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Class W Common stock, $0.001 par value; 70,000,000 shares authorized; 725,625 and 720,067 |
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726 |
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720 |
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Class Y Common stock, $0.001 par value; 200,000,000 shares authorized; 5,497,253 and 5,459,946 |
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5,497 |
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5,460 |
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Class Z Common stock, $0.001 par value; 70,000,000 shares authorized; 579,447 and 576,712 |
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580 |
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577 |
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Additional paid-in capital |
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222,021,300 |
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222,010,592 |
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Distributions |
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(51,356,087 |
) |
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(47,498,935 |
) |
Accumulated deficit |
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(160,039,617 |
) |
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(147,963,237 |
) |
Accumulated other comprehensive loss |
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(4,624,889 |
) |
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(4,762,249 |
) |
Total Strategic Storage Trust VI, Inc. equity |
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6,027,765 |
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21,813,084 |
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Noncontrolling interests in our Operating Partnership |
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(865,488 |
) |
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(611,660 |
) |
Noncontrolling Series C Subordinated Units in our Operating Partnership |
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5,076,565 |
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5,076,565 |
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Total noncontrolling interest |
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4,211,077 |
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4,464,905 |
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Total equity |
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10,238,842 |
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26,277,989 |
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Total liabilities, temporary equity and equity |
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$ |
523,995,690 |
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$ |
534,441,184 |
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STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Revenues: |
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Self storage rental revenue |
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$ |
7,779,946 |
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$ |
7,303,641 |
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Ancillary operating revenue |
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44,867 |
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45,717 |
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Total revenues |
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7,824,813 |
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7,349,358 |
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Operating expenses: |
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Property operating expenses |
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3,237,485 |
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2,939,080 |
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Property operating expenses – affiliates |
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1,362,162 |
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1,240,267 |
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General and administrative |
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1,514,750 |
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1,703,808 |
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Depreciation |
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3,292,788 |
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3,118,402 |
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Acquisition expense – affiliates |
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128,280 |
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107,876 |
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Other property acquisition expenses |
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110,799 |
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14,020 |
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Total operating expenses |
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9,646,264 |
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9,123,453 |
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Operating loss |
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(1,821,451 |
) |
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(1,774,095 |
) |
Other income (expense): |
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Interest expense |
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(4,132,099 |
) |
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(4,107,295 |
) |
Interest expense – debt issuance costs |
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(159,852 |
) |
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(488,397 |
) |
Derivative fair value adjustment |
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— |
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(531,449 |
) |
Other income, net |
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21,913 |
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79,014 |
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Equity in loss of unconsolidated real estate ventures |
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(813,829 |
) |
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(222,528 |
) |
Foreign currency adjustment |
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(1,730,274 |
) |
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(195,936 |
) |
Net loss |
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(8,635,592 |
) |
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(7,240,686 |
) |
Less: Distributions to preferred unitholders in our Operating Partnership |
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(525,000 |
) |
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— |
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Less: Distributions to preferred stockholders |
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(3,088,356 |
) |
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(3,088,356 |
) |
Net loss attributable to the noncontrolling interests in our Operating Partnership |
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172,568 |
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152,735 |
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Net loss attributable to Strategic Storage Trust VI, Inc. common stockholders |
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$ |
(12,076,380 |
) |
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$ |
(10,176,307 |
) |
Net loss per Class P share—basic and diluted |
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$ |
(0.45 |
) |
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$ |
(0.40 |
) |
Net loss per Class A share—basic and diluted |
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$ |
(0.45 |
) |
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$ |
(0.40 |
) |
Net loss per Class T share—basic and diluted |
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$ |
(0.45 |
) |
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$ |
(0.40 |
) |
Net loss per Class W share—basic and diluted |
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$ |
(0.45 |
) |
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$ |
(0.40 |
) |
Net loss per Class Y share—basic and diluted |
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$ |
(0.45 |
) |
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$ |
(0.40 |
) |
Net loss per Class Z share—basic and diluted |
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$ |
(0.45 |
) |
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$ |
(0.40 |
) |
Weighted average Class P shares outstanding—basic and diluted |
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11,481,374 |
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11,331,153 |
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Weighted average Class A shares outstanding—basic and diluted |
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3,263,920 |
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3,389,986 |
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Weighted average Class T shares outstanding—basic and diluted |
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5,461,907 |
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5,386,419 |
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Weighted average Class W shares outstanding—basic and diluted |
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723,052 |
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707,444 |
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Weighted average Class Y shares outstanding—basic and diluted |
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5,481,048 |
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4,372,891 |
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Weighted average Class Z shares outstanding—basic and diluted |
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578,176 |
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366,596 |
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STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES
COMPUTATION OF SAME-STORE OPERATING RESULTS
(UNAUDITED)
Same-Store Facility Results - three months ended March 31, 2026 and 2025
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, 2025) for the three months ended March 31, 2026 and 2025. 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.
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Same-Store Facilities |
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Non Same-Store Facilities |
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Total |
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2026 |
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2025 |
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% Change |
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2026 |
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2025 |
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% Change |
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2026 |
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2025 |
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% Change |
Revenues(1) |
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$5,304,671 |
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$5,090,438 |
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4.2% |
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$2,520,142 |
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$2,258,920 |
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N/M |
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$7,824,813 |
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$7,349,358 |
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6.5% |
Property operating expenses(2) |
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2,214,683 |
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2,061,446 |
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7.4% |
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1,500,285 |
|
1,323,066 |
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N/M |
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3,714,968 |
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3,384,512 |
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9.8% |
Net operating income |
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$3,089,988 |
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$3,028,992 |
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2.0% |
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$1,019,857 |
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$935,854 |
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N/M |
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$4,109,845 |
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$3,964,846 |
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3.7% |
Number of Facilities |
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16 |
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16 |
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9 |
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8 |
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25 |
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24 |
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Rentable square feet(3) |
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1,361,225 |
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1,361,225 |
|
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|
876,185 |
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785,885 |
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2,237,410 |
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2,147,110 |
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Average physical occupancy(4) |
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90.3% |
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91.8% |
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-1.5% |
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77.6% |
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84.2% |
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N/M |
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85.4% |
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89.0% |
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-3.6% |
Annualized rent per occupied square foot(5) |
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$17.81 |
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$16.83 |
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5.8% |
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N/M |
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N/M |
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N/M |
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$17.30 |
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$16.29 |
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N/M Not meaningful
Our increase in same-store revenue of approximately $0.2 million was primarily the result of an increase in revenue per occupied square foot of approximately 5.8% for the three months ended March 31, 2026 over the three months ended March 31, 2025 offset by a decrease in average physical occupancy of approximately 1.5%.
Our same-store property operating expenses increased by approximately $0.2 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily related to an increase in real estate taxes and payroll.
Net operating income, or NOI, is a non-GAAP measure that we define 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, tenant protection economics, and other non-property related income and expense. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they
STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES
COMPUTATION OF SAME-STORE OPERATING RESULTS
(UNAUDITED)
may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance.
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:
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Three Months Ended |
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|
|
March 31, |
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March 31, |
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Net Loss |
|
$ |
(8,635,592 |
) |
|
$ |
(7,240,686 |
) |
Adjusted to exclude: |
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Asset management fees(1)(2) |
|
|
884,679 |
|
|
|
794,835 |
|
General and administrative |
|
|
1,514,750 |
|
|
|
1,703,808 |
|
Depreciation |
|
|
3,292,788 |
|
|
|
3,118,402 |
|
Acquisition expenses—affiliates |
|
|
128,280 |
|
|
|
107,876 |
|
Other property acquisition expenses |
|
|
110,799 |
|
|
|
14,020 |
|
Interest expense |
|
|
4,132,099 |
|
|
|
4,107,295 |
|
Interest expense—debt issuance costs |
|
|
159,852 |
|
|
|
488,397 |
|
Derivative fair value adjustment |
|
|
— |
|
|
|
531,449 |
|
Other income, net |
|
|
(21,913 |
) |
|
|
(79,014 |
) |
Equity in loss of unconsolidated real estate ventures |
|
|
813,829 |
|
|
|
222,528 |
|
Foreign currency adjustment |
|
|
1,730,274 |
|
|
|
195,936 |
|
Total property net operating income |
|
$ |
4,109,845 |
|
|
$ |
3,964,846 |
|
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 “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” 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:
STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES
COMPUTATION OF SAME-STORE OPERATING RESULTS
(UNAUDITED)
All forward-looking statements, including without limitation, management’s 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’s 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 “SEC”) 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 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” 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, 2025, 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 www.strategicreit.com.