The self-storage REIT posted higher revenues but deeper losses as it continues shifting focus from fundraising to operational performance.

May 13, 2026

Strategic Storage Trust VI, Inc., a Maryland-based non-traded real estate investment trust focused on self-storage facilities, reported a net loss attributable to common stockholders of approximately $12.1 million for the three months ended March 31, 2026, compared to a loss of roughly $10.2 million for the same period a year earlier. The widening loss came even as the company posted modest revenue growth and continued advancing its portfolio stabilization strategy following the termination of its primary public offering last year.

Revenue Growth Offset by Rising Costs

Total revenues for the quarter reached approximately $7.8 million, up about 6 percent from roughly $7.3 million in the first quarter of 2025. The increase was driven by lease-up activity at non-stabilized properties and higher rental rates at stabilized facilities.

On a same-store basis, revenue grew approximately 4.2 percent, driven by a 5.8 percent increase in annualized rent per occupied square foot, which rose to roughly $17.81. This was partially offset by a decline in average physical occupancy of about 1.5 percentage points to 90.3 percent. Same-store property operating expenses climbed approximately 7.4 percent, primarily reflecting higher real estate taxes and payroll costs.

Portfolio Overview

The company’s portfolio consisted of 25 operating self-storage properties as of the end of the first quarter, spread across seven U.S. states and three Canadian provinces. Geographic concentration remains significant:

• Ontario, Canada: approximately 49 percent of rental income
• Arizona: 15 percent
• Florida: 11 percent

The company also holds 50 percent equity interests in five unconsolidated real estate ventures with subsidiaries of SmartCentres Real Estate Investment Trust in Canada, including four operating facilities in the lease-up phase and one parcel under development.

Operating Expenses and Bottom-Line Pressures

Operating expenses totaled approximately $9.6 million for the quarter, up from roughly $9.1 million a year earlier. Property operating expenses rose to approximately $3.2 million, while property operating expenses to affiliates increased to about $1.4 million. General and administrative expenses declined to roughly $1.5 million from $1.7 million in the prior-year period, primarily due to lower marketing costs.

Other items weighing on the bottom line included interest expense of approximately $4.1 million, equity in losses from unconsolidated real estate ventures of roughly $0.8 million, and a foreign currency loss of about $1.7 million tied to the company’s Canadian investments.

Balance Sheet and Debt Profile

As of the end of the first quarter, total assets stood at approximately $524.0 million, down from roughly $534.4 million at year-end 2025. Real estate facilities, net, totaled approximately $486.1 million. Cash and cash equivalents amounted to about $8.3 million, with restricted cash of roughly $1.2 million. Total liabilities reached approximately $315.9 million, including consolidated debt of about $290.2 million.

The company’s debt profile included approximately $164.4 million in variable rate debt and roughly $127.6 million in fixed rate debt. The weighted average interest rate on consolidated debt, excluding hedging activities, stood at approximately 5.97 percent. On March 31, 2026, the company entered a new interest rate swap fixing SOFR at 1.54 percent on roughly $86.5 million of notional debt through the Huntington Credit Facility’s November 2027 maturity.

Preferred Equity Activity

The company maintained 150,000 shares of Series B Convertible Preferred Stock outstanding, held by an affiliate of Extra Space Storage Inc., with an aggregate liquidation preference of approximately $153.1 million. The company also had 1.4 million Series D Preferred Units outstanding in its operating partnership, with an aggregate liquidation preference of about $35.7 million. The Series D units carry an initial 6 percent distribution rate that escalates to 9 percent annually after the fourth anniversary of issuance.

The company also commenced a Series E Preferred Stock offering on September 30, 2025, seeking up to $75 million in gross proceeds, expandable to $100 million at the board’s discretion. The shares carry an 8 percent annual dividend rate. As of May 12, 2026, the company had issued approximately 51,800 Series E Preferred shares for gross proceeds of roughly $0.5 million.

Strategic Shift and Recent Developments

In March 2026, the board approved an estimated net asset value of $10.00 per share for all classes of the company’s common stock, based on a valuation as of September 30, 2025. The board also declared a daily distribution rate of approximately $0.001698 per share for the period running from April 1, 2026 through June 30, 2026.

The company has been navigating a strategic shift following the termination of its primary public offering on May 30, 2025. Through that offering, the company raised:

• Approximately $30.3 million from Class A shares
• Approximately $48.1 million from Class T shares
• Approximately $6.3 million from Class W shares
• Approximately $50.6 million from Class Y shares
• Approximately $5.5 million from Class Z shares

On the development front, the company commenced operations at its Etobicoke, Ontario property on February 25, 2026. Remaining development costs are estimated at approximately CAD $4.7 million. The company also amended its SmartCentres Financing facility in February 2026, extending the maturity to May 2027 and drawing an additional CAD $17.5 million.

Cash Flows and Distributions

Cash flows for the quarter showed improvement in operating activities, generating approximately $1.3 million compared to a use of roughly $1.3 million in the prior-year period. Investing activities provided about $4.5 million, largely from a return of capital of approximately $6.4 million on investments in unconsolidated real estate ventures. Financing activities used approximately $6.1 million, reflecting reduced offering proceeds.

The company paid total distributions of approximately $7.1 million during the quarter, with cumulative distributions since inception totaling roughly $85.7 million against a cumulative net loss to common stockholders of approximately $160.0 million. Management acknowledged that the company has not consistently been able to fund distributions from operating cash flows alone, noting that some distributions may be funded from financing activities or offering proceeds, potentially constituting a return of capital.