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LADERA RANCH, Calif. — Strategic Storage Belief VI, Inc. (“SST VI”) introduced as we speak that its board of administrators (the “Board”) has authorised an estimated per share web asset worth (“NAV”) of its Class P, Class A, Class T, Class W, Class Y and Class Z frequent inventory of $10.00, calculated as of March 31, 2024.
“We’re happy to announce SST VI’s first estimated worth per share of $10.00,” mentioned H. Michael Schwartz, chairman, president and chief government officer of SST VI. “The worth of our present belongings have elevated, and we imagine that persevering with to put money into stabilized and progress self storage belongings will drive long-term worth for our shareholders.”
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On August 7, 2024, the Board authorised the estimated per share NAV of $10.00 based mostly on the estimated worth of SST VI’s belongings much less the estimated worth of its liabilities, or web asset worth, divided by the variety of shares excellent on an adjusted totally diluted foundation, calculated as of March 31, 2024.
Kroll, LLC (“Kroll”), an unbiased third-party actual property valuation and advisory agency, was engaged to supply valuation companies of SST VI’s belongings and liabilities. Upon SST VI’s nominating and company governance committee’s receipt and evaluate of the Kroll valuation report, the committee concluded that the vary in estimated web asset worth per share of $7.45 to $11.00, with an approximate mid-range worth per share of $9.44, was cheap and really helpful to the Board that it undertake, and the Board subsequently decided to undertake, $10.00 because the estimated web asset worth per share for all shares. This willpower was based mostly on the Board’s evaluation of SST VI’s portfolio, the expansion remaining in varied properties, and the estimated vary of values supplied by Kroll.
SST VI acquired its Actual Property Services for roughly $513.0 million (Canadian properties are translated based mostly on the international change charge in impact as of March 31, 2024). The full appraised worth of the Actual Property Services as calculated by us with respect to an estimated web asset worth per share of $10.00, which relies on the valuation supplied by Kroll, is roughly $600.7 million (Canadian properties are translated based mostly on the international change charge in impact as of March 31, 2024), representing an approximate 17.1% improve within the complete worth over the combination buy value.
The valuation was decided in compliance with Funding Program Affiliation Observe Guideline 2013-01 relating to valuations of publicly registered non-listed REITs (“IPA tips”). According to the IPA tips, the valuation doesn’t embody a portfolio premium which will fairly be anticipated to accrue in a typical actual property valuation course of performed for transaction functions, nor does it mirror an enterprise worth.
For a full description of the methodology and assumptions used to find out the estimated per share NAV and the constraints of the estimated per share NAV, please see SST VI’s Present Report on Kind 8-Okay that was filed with the U.S. Securities and Alternate Fee on August 7, 2024.
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About Strategic Storage Belief VI, Inc. (SST VI)
SST VI is a Maryland company that was elected to qualify as a REIT for federal earnings tax functions. SST VI’s main funding technique is to put money into income-producing and progress self-storage amenities and associated self-storage actual property investments in america and Canada. As of August 7, 2024, SST VI has a portfolio of 13 working properties in america comprising roughly 8,630 items and 1,016,000 rentable sq. ft (together with parking); 11 properties with roughly 9,910 items and 1,082,000 rentable sq. ft (together with parking) in Canada, three way partnership pursuits in 5 growth properties in two Canadian provinces (Ontario and Québec) and one wholly owned growth property in Ontario.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a completely built-in operations staff of roughly 500 self-storage professionals centered on rising the SmartStop® Self Storage model. SmartStop, by its oblique subsidiary SmartStop REIT Advisors, LLC, additionally sponsors different self-storage packages. As of August 7, 2024, SmartStop has an owned or managed portfolio of 200 working properties in 22 states and Canada, comprising roughly 140,100 items and 16.0 million rentable sq. ft. SmartStop and its associates personal or handle 35 working self-storage properties in Canada, which complete roughly 30,700 items and three.2 million rentable sq. ft. Extra info relating to SmartStop is out there at www.smartstopselfstorage.com.
Sure statements contained on this press launch, aside from historic information, could also be thought-about forward-looking statements throughout the that means of Part 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Part 21E of the Alternate Act, together with statements regarding SST VI’s estimated web asset worth per share. SST VI intends for all such forward-looking statements to be lined by the relevant protected harbor provisions for forward-looking statements contained in Part 27A of the Securities Act and Part 21E of the Alternate Act, as relevant. Such statements embody, specifically, statements about SST VI’s plans, methods, and prospects and are topic to sure dangers and uncertainties, together with recognized and unknown dangers, and assumptions, which might trigger precise outcomes to vary materially from these projected or anticipated. To the extent that SST VI’s assumptions differ from precise outcomes, SST VI’s capability to appreciate the plans, methods, and prospects contemplated by such forward-looking statements, together with SST VI’s capability to generate constructive money stream from operations and supply distributions to stockholders, and SST VI’s capability to seek out appropriate funding properties, could also be considerably hindered. Subsequently, such statements will not be supposed to be a assure of SST VI’s efficiency in future intervals. Such forward-looking statements can usually be recognized by SST VI’s use of forward-looking terminology akin to “might,” “will,” “anticipate,” “intend,” “anticipate,” “estimate,” “imagine,” “search,” “proceed,” or different related phrases. Readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date this report is filed with the U.S. Securities and Alternate Fee. SST VI can not assure the accuracy of any such forward-looking statements contained on this press launch, and SST VI doesn’t intend to publicly replace or revise any forward-looking statements, whether or not on account of new info, future occasions, or in any other case.
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Contacts
David Corak
VP of Company Finance
SmartStop Self Storage REIT, Inc.
IR@smartstop.com
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