The widening net loss driven by foreign currency and venture losses, combined with declining same-store occupancy, signals fundamental deterioration at the property level. Expect continued pressure from the joint venture lease-up phase (four properties at ~49% occupancy) and negative currency translation. Monitor for potential distribution cuts if cash flow erosion persists.
Price Chart
Executive Summary
Strategic Storage Trust VI reported Q1 2026 results with total revenue up 6.5% YoY to $7.8M and same-store revenue up 4.2%, but net loss attributable to common stockholders widened 18.7% to $12.1M driven by foreign currency losses and equity in losses of unconsolidated ventures. Same-store NOI growth of 2.0% was modest, and same-store occupancy declined 1.5% to 90.3%, partially offset by a 5.8% increase in annualized rent per occupied square foot.
Key Facts
- Total revenues increased 6.5% to $7,824,813 for Q1 2026 from $7,349,358 in Q1 2025
- Net loss attributable to common stockholders increased 18.7% to $12,076,380 from $10,176,307
- Same-store revenues increased 4.2% but same-store occupancy declined 1.5% to 90.3%
- Same-store NOI grew just 2.0% to $3,089,988
- Same-store annualized rent per occupied sq ft increased 5.8% to $17.81
- Operating loss widened to $1,821,451 from $1,774,095
- Foreign currency adjustment was a $1,730,274 loss vs $195,936 loss a year ago
- Equity in loss of unconsolidated real estate ventures was $813,829, up from $222,528
- Net loss per share worsened to $0.45 from $0.40 across all share classes
Financial Impact
Net loss attributable to common stockholders of $12.1M, widened by $1.9M YoY; total NOI grew only 3.7% to $4.1M
Risk Factors
- Continued foreign currency headwinds from CAD/USD exchange rate exposure
- Lease-up risk at unconsolidated ventures (49% occupancy) and newly opened Etobicoke property (3% occupancy)
- Same-store occupancy declining 1.5% despite rent growth, suggesting potential demand weakness
- Accumulated deficit increased to $160.0M from $148.0M at year-end 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-231102 |
| Document: sstvi-20260519.htm | 0001193125-26-231102 |
| Document: 0001193125-26-231102-index-headers.html | 0001193125-26-231102 |
| Document: 0001193125-26-231102-index.html | 0001193125-26-231102 |
| Document: 0001193125-26-231102.txt | 0001193125-26-231102 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | EFFECT | — | awaiting T+20 | — | — |
Aug 27, 2026 8w ago | S-4 | — | awaiting T+20 | — | — |
Jul 14, 2026 14w ago | 8-K | — | awaiting T+20 | — | — |
May 28, 2026 21w ago | 8-K | — | awaiting T+20 | — | — |
May 19, 2026 22w ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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