Strat Student & Senior (STSR) grows Q1 NOI and lifts occupancy

(High)

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Strategic Student & Senior Housing Trust, Inc. reported that its positive performance in 2025 continued into the first quarter of 2026. Comparing Q1 2026 to Q1 2025, revenues rose about 13%, expenses increased about 9%, and property net operating income grew about 23%, indicating improved profitability.

Portfolio occupancy increased from roughly 92% as of March 31, 2025 to about 95% as of March 31, 2026, reflecting strong demand for its senior housing communities. Management plans to work with operator MBK Senior Living to enhance rental and care fee margins while maintaining high service levels.

The company notes favorable industry trends cited from NIC MAP, including national occupancy approaching 90%, rent growth above 4%, and limited new construction. It also comments that senior housing cap rates have declined somewhat and expresses expectations for further reductions later in 2026, while emphasizing continued focus on operating performance and maximizing shareholder returns.

Positive

Stronger operating performance: Q1 2026 revenues increased about 13% year over year, while property net operating income rose about 23% and occupancy improved from roughly 92% to 95%, indicating better profitability and utilization across the portfolio.

Negative

None.

Insights

Q1 2026 shows stronger NOI and occupancy for SSSHT.

The company reports roughly 13% revenue growth and a 23% increase in property net operating income versus Q1 2025, with occupancy improving from about 92% to 95%. This suggests better operating leverage as expense growth trailed revenue.

Management highlights industry data showing national senior housing occupancy nearing 90%, rent growth above 4% annually, and constrained new construction. These conditions can support pricing power and stable occupancy for existing assets, though the letter frames this as contextual information rather than specific guidance.

The company also notes that cap rates for senior housing properties have fallen somewhat and expresses expectations for further reductions in the second half of 2026. Any cap-rate compression could be favorable for asset values, but actual impact will depend on transaction activity and broader market conditions.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue growth: 13% Expense growth: 9% Property NOI growth: 23% +4 more

7 metrics

Revenue growth 13% Increase in revenues, Q1 2026 vs Q1 2025

Expense growth 9% Increase in expenses, Q1 2026 vs Q1 2025

Property NOI growth 23% Increase in property net operating income, Q1 2026 vs Q1 2025

Portfolio occupancy 2025 92% Occupancy as of March 31, 2025

Portfolio occupancy 2026 95% Occupancy as of March 31, 2026

National senior housing occupancy 90% NIC MAP: national occupancy approaches 90%

Asking rent growth 4% NIC MAP: asking rent growth normalizes above 4% annually

Key Terms

Regulation FD, net operating income, cap rates, forward-looking statements, +1 more

5 terms

Regulation FD regulatory

"Item 7.01. Regulation FD Disclosure. On May 26, 2026, Strategic Student & Senior Housing Trust, Inc."

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

net operating income financial

"Property net operating income increased approximately $0 or 23%."

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

cap rates financial

"While cap rates for senior housing properties have lowered some, we still expect further reductions"

Cap rates, or capitalization rates, are a way to measure the potential return on a real estate investment. They are calculated by dividing the annual income a property generates by its current market value, similar to how a rental property's profit compares to its price. Investors use cap rates to compare different properties and assess how much they might earn relative to their investment.

forward-looking statements regulatory

"Certain statements contained in this letter, other than historical facts, may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

emerging growth company regulatory

"Emerging growth company Item 7.01."

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 05/26/2026 - 02:57 PM Accepted by SEC EDGAR 05/26/2026 - 02:56 PM

FAQ

How did Strategic Student & Senior Housing Trust (STSR) perform in Q1 2026?

The company reports continued improvement in Q1 2026 versus Q1 2025, with revenues up about 13% and property net operating income up about 23%. Occupancy rose from roughly 92% to 95%, suggesting stronger demand and more efficient operations at its senior housing communities.

What occupancy trends did STSR report for its portfolio in early 2026?

Occupancy increased from approximately 92% as of March 31, 2025 to about 95% as of March 31, 2026. The company also cites NIC MAP data that national senior housing occupancy is approaching 90%, reflecting broad demand against limited new supply in the sector.

How are STSR’s revenues and expenses changing year over year?

Comparing the first quarter of 2026 to the first quarter of 2025, revenues rose about 13% while expenses grew about 9%. This gap contributed to a roughly 23% increase in property net operating income, indicating that profitability improved faster than top-line growth.

What industry trends does STSR highlight from NIC MAP for 2026?

The letter references five NIC MAP trends: national occupancy approaching 90%, asking rent growth normalizing above 4% annually, historically low new construction, strengthening transactions and margins, and a long-term investment and development challenge that shapes the senior housing landscape.

What operational priorities is STSR focusing on in 2026?

Management plans to maintain communities at an institutional standard to support strong first impressions and high occupancy. Working with operator MBK Senior Living, the company aims to improve rental rate and care fee margins while continuing to offer what it calls best-in-class service to residents.

How does STSR view cap rates and valuation for senior housing assets?

The letter notes that cap rates for senior housing properties have declined somewhat and expresses expectations for further reductions in the second half of 2026. The company indicates it is concentrating on operating performance while evaluating opportunities to maximize shareholder returns in this environment.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 26, 2026

Strategic Student & Senior Housing Trust, Inc.

(Exact name of registrant as specified in its charter)

     Maryland
(State or other jurisdiction of incorporation)

     333-220646
(Commission File Number)

     81-4112948
(IRS Employer Identification No.)

    

19900 MacArthur Blvd. Suite 250

Irvine, California 92612

(Address of principal executive offices, including zip code)

(877) 327-3485

(Registrant’s telephone number, including area code)

None

(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 26, 2026, Strategic Student & Senior Housing Trust, Inc. (the "Company"), issued the letter to stockholders that is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the information in this Item 7.01 disclosure (including Exhibit 99.1) is deemed to have been furnished and shall not be deemed to be "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	Letter to Stockholders (furnished only)
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 Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Strategic STUDENT & SENIOR HOUSING Trust, Inc.


Date: May 26, 2026	By:	/s/ John Strockis
		John Strockis
		Chief Executive Officer and President

Exhibit 99.1

May 26, 2026

Re: First Quarter 2026 Letter to Stockholders of Strategic Student and Senior Housing Trust, Inc. (“SSSHT” or the “Company”)

Dear Stockholders,

Following a much-improved financial performance in calendar year 2025, I am pleased to report that the Company was able to continue its positive earnings momentum into the first quarter of 2026. Many of the reasons for our positive earnings performance can be explained by these “Senior Housing: Five Key Trends to watch in 2026,” as published by NIC MAP1.

Nationally, occupancy approaches 90% as demand surges against limited new supply.

Asking rent growth normalizes above 4% annually.

New construction remains historically low despite high absorption.

Transactions and margins strengthen amid renewed investor confidence.

A long-term investment and development challenge ahead.

Summary of quarterly performance: Comparing the first quarter of 2026 to the first quarter of 2025

•

Revenues increased approximately $1.2M or 13%.

•

Expenses increased approximately $0.6M or 9%.

•

Property net operating income increased approximately $0.6M or 23%.

•

Occupancy increased from approximately 92% as of March 31, 2025, to approximately 95% as of March 31, 2026.

Operational areas of focus in 2026

We will continue to maintain our communities at an institutional level to keep our positive “first impressions”, as well as maintain our high occupancies. Working with our Operator, MBK Senior Living, our goal is to improve both rental rate and care fee margins, all while offering the “best in class” service to our valued residents.

(1)

NIC MAP. NIC Map represents itself as “The world’s leading senior housing data and analytics for Operators, Lenders, Developers, Investors, Vendors and Healthcare."

In summary

While cap rates for senior housing properties have lowered some, we still expect further reductions towards the second half of this year.

In the meantime, the Company is continuing to focus on the operating performance of our portfolio and evaluating opportunities to maximize shareholder returns.

Sincerely,

     John Strockis
CEO and President

Strategic Student & Senior Housing Trust, Inc. | 19900 MacArthur Blvd, Suite 250, Irvine, CA 92612 | 877.327.3485 | info@StrategicREIT.com | www.strategicreit.com

Certain statements contained in this letter, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words. Such statements include, in particular, statements about our plans, strategies, and prospects and, in this letter, include our statements about expectations as to continued occupancy rates and expense savings, and the pace of the expected recovery in the senior housing industry generally, all of which are subject to certain risks and uncertainties, including known and unknown risks, and are based on a number of assumptions which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this letter. We cannot guarantee the accuracy of any such forward-looking statements contained in this letter, 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. The risks, uncertainties, assumptions and other factors that could cause such forward-looking statements not to come to fruition include, among other things, disease or other outbreaks, future economic, competitive, and market conditions, including without limitation, development of senior housing properties in our areas, changes in the political and economic climate, economic conditions and fiscal imbalances in the United States and in the markets in which we operate, and other major developments, including wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks. The occurrence or severity of any such event or circumstance is difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations and provide distributions to stockholders, and our ability to find suitable investment properties, may be significantly hindered. These risk and uncertainties that could cause forward-looking statements not to come to fruition also include those items that we identify as “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, our quarterly reports on Form 10-Q and other reports that we file from time to time with the Securities and Exchange Commission.