SmartStop Self Storage REIT Declares Net Asset Value Per Share
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, has declared an estimated net asset value per share.
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, has declared an estimated net asset value per share of $15.08 for its Class A and Class T shares, as of June 30, 2021.
SmartStop’s previous estimated NAV per share was $10.40 as of December 31, 2019.
The NAV per share is 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 June 30, 2021.
“SmartStop’s estimated NAV per share has increased 45 percent from our most recently declared NAV, a testament to our income and growth strategy and the high-quality portfolio we’ve accumulated over the past six years,” said H. Michael Schwartz, chairman and chief executive officer.
SmartStop purchased its 145 real estate assets for approximately $1.65 billion and invested approximately $70 million subsequent to purchase, before joint venture adjustments. The total estimated value of the properties was approximately $2.56 billion as of June 30, 2021, representing an approximate 49 percent increase in the total value over the total purchase price.
Robert A. Stanger & Co. Inc., an independent third-party firm, assisted with the valuation process.
SmartStop has approximately $1.8 billion of real estate assets under management, including an owned and managed portfolio of 158 properties in 19 states and Ontario, Canada and comprising approximately 107,000 units and 12.2 million rentable square feet.
