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SmartStop REIT Declares Slightly Higher NAV Per Share

SmartStop REIT Declares Slightly Higher NAV Per Share. Alternative investments, nav, net asset value, real estate investment trust, reit, self storage, smartstop, smartstop self storage reit

The board of directors of SmartStop Self Storage REIT, Inc., a self-managed and fully integrated self-storage company, updated the company’s estimated net asset value per share of Class A and Class T shares to $15.25, as of Sept. 30, 2023. This is an increase on SmartStop’s September 2022 per share estimate of $15.21.

“I am pleased to report that SmartStop’s estimated NAV per share has increased from our most recently declared NAV,” said H. Michael Schwartz, chairman and CEO of SmartStop.

On Jan. 15, 2024, SmartStop’s board of directors approved the estimated per share NAV of $15.25 based on the estimated value of SmartStop’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 Sept. 30, 2023.

“The nearly $3 billion declared valuation is a direct reflection of our investment strategy focused on acquiring and developing properties located in high-quality submarkets across North America, as well as our leading technology-powered operations and growing Managed REIT Platform…” Schwartz said.

In connection with the updated estimated NAV, SmartStop’s board of directors also approved an update to the purchase price of shares offered under SmartStop’s distribution reinvestment plan of $15.25, effective for distribution payments being paid in February 2024. Additionally, SmartStop’s share redemption program will also be updated to a redemption price of $15.25, effective beginning with redemption requests submitted during the fourth quarter of 2023, which will be redeemed at the end of January 2024. The SRP remains suspended other than for redemptions sought in connection with a stockholder’s death, qualifying disability, confinement to a long-term care facility, or other exigent circumstances.

Robert A. Stanger & Co., Inc., an independent third-party valuation firm, was engaged to provide valuation services of SmartStop’s assets and liabilities, including 156 wholly owned self-storage properties and SmartStop headquarters, as well as interests in eight joint venture operating properties.

SmartStop acquired its wholly owned appraised properties for approximately $1.9 billion and invested approximately $90 million after purchase. The total estimated value of the properties was approximately $2.7 billion as of Sept. 30, 2023, at the midpoint, representing an approximate 35.5% increase in the total value over the aggregate purchase price. Shares of SmartStop Self Storage REIT most recently traded on LODAS Markets, previously known as Realto, for $10.60.

SmartStop is a self-managed REIT with an owned or managed portfolio managing 194 operating properties in 22 states and Canada, comprising approximately 137,000 units and 15.4 million rentable square feet.

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