Strategic Storage Trust VI, Inc. (“SST VI”) announced today that
its board of directors (the “Board”) has approved an estimated per
share net asset value (“NAV”) of its Class P, Class A, Class T,
Class W, Class Y and Class Z common stock of $10.00, calculated as
of March 31, 2024.
“We are pleased to announce SST VI’s first estimated value per
share of $10.00,” said H. Michael Schwartz, chairman, president and
chief executive officer of SST VI. “The value of our existing
assets have increased, and we believe that continuing to invest in
stabilized and growth self storage assets will drive long-term
value for our shareholders.”
On August 7, 2024, the Board approved the estimated per share
NAV of $10.00 based on the estimated value of SST VI’s assets less
the estimated value of its liabilities, or net asset value, divided
by the number of shares outstanding on an adjusted fully diluted
basis, calculated as of March 31, 2024.
Kroll, LLC (“Kroll”), an independent third-party real estate
valuation and advisory firm, was engaged to provide valuation
services of SST VI’s assets and liabilities. Upon SST VI’s
nominating and corporate governance committee’s receipt and review
of the Kroll valuation report, the committee concluded that the
range in estimated net asset value per share of $7.45 to $11.00,
with an approximate mid-range value per share of $9.44, was
reasonable and recommended to the Board that it adopt, and the
Board subsequently determined to adopt, $10.00 as the estimated net
asset value per share for all shares. This determination was based
on the Board’s assessment of SST VI’s portfolio, the growth
remaining in various properties, and the estimated range of values
provided by Kroll.
SST VI acquired its Real Estate Facilities for approximately
$513.0 million (Canadian properties are translated based on the
foreign exchange rate in effect as of March 31, 2024). The total
appraised value of the Real Estate Facilities as calculated by us
with respect to an estimated net asset value per share of $10.00,
which is based on the valuation provided by Kroll, is approximately
$600.7 million (Canadian properties are translated based on the
foreign exchange rate in effect as of March 31, 2024), representing
an approximate 17.1% increase in the total value over the aggregate
purchase price.
The valuation was determined in compliance with Investment
Program Association Practice Guideline 2013-01 regarding valuations
of publicly registered non-listed REITs (“IPA guidelines”).
Consistent with the IPA guidelines, the valuation does not include
a portfolio premium that may reasonably be expected to accrue in a
typical real estate valuation process conducted for transaction
purposes, nor does it reflect an enterprise value.
For a full description of the methodology and assumptions used
to determine the estimated per share NAV and the limitations of the
estimated per share NAV, please see SST VI’s Current Report on Form
8-K that was filed with the U.S. Securities and Exchange Commission
on August 7, 2024.
About Strategic Storage Trust VI, Inc. (SST VI)
SST VI is a Maryland corporation that was 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 August 7, 2024, SST VI has a
portfolio of 13 operating properties in the United States
comprising approximately 8,630 units and 1,016,000 rentable square
feet (including parking); 11 properties with approximately 9,910
units and 1,082,000 rentable square feet (including parking) in
Canada, joint venture interests in five development properties in
two Canadian provinces (Ontario and Québec) and one wholly owned
development property in Ontario.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a
self-managed REIT with a fully integrated operations team of
approximately 500 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. As of August 7, 2024, SmartStop has an owned
or managed portfolio of 200 operating properties in 22 states and
Canada, comprising approximately 140,100 units and 16.0 million
rentable square feet. SmartStop and its affiliates own or manage 35
operating self-storage properties in Canada, which total
approximately 30,700 units and 3.2 million rentable square feet.
Additional information regarding SmartStop is available at
www.smartstopselfstorage.com.
Certain statements contained in this press release, 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 Exchange Act,
including statements relating to SST VI’s estimated net asset value
per share. SST VI intends 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 statements include, in particular, statements about SST VI’s
plans, strategies, and prospects and are subject to certain risks
and uncertainties, including known and unknown risks, and
assumptions, which could cause actual results to differ materially
from those projected or anticipated. To the extent that SST VI’s
assumptions differ from actual results, SST VI’s ability to realize
the plans, strategies, and prospects contemplated by such
forward-looking statements, including SST VI’s ability to generate
positive cash flow from operations and provide distributions to
stockholders, and SST VI’s ability to find suitable investment
properties, may be significantly hindered. Therefore, such
statements are not intended to be a guarantee of SST VI’s
performance in future periods. Such forward-looking statements can
generally be identified by SST VI’s use of forward-looking
terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “seek,” “continue,” or other
similar words. 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 U.S. Securities and Exchange
Commission. SST VI cannot guarantee the accuracy of any such
forward-looking statements contained in this press release, and SST
VI does not intend to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240807733715/en/
David Corak VP of Corporate Finance SmartStop Self Storage REIT,
Inc. IR@smartstop.com