SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, announced that its board of directors has declared an updated estimated net asset value of $15.21 per share for its Class A and Class T shares, as of Sept. 30, 2022.
According to the company, this was based on an appraisal that provided an estimated net asset value range of $14.15 to $16.38 per share, with a mid-point estimated value of $15.21 per share. SmartStop’s previous estimated NAV per share was $15.08 as of June 30, 2021.
“I am pleased to report that SmartStop’s estimated NAV per share has increased from our most recently declared NAV, despite recent economic volatility,” said H. Michael Schwartz, chairman and chief executive officer of SmartStop. “The increase in SmartStop’s NAV is a testament to the power of the SmartStop Self Storage operating team and platform, our team of acquisition professionals who helped build this portfolio, and our long-term income and growth strategy.”
On Dec. 6, 2022, SmartStop’s board of directors approved the estimated per share NAV based on the estimated value of the company’s assets less the estimated value of its liabilities divided by the number of shares outstanding on an adjusted fully diluted basis, calculated as of Sept. 30, 2022.
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 properties and interests in six joint venture operating properties.
SmartStop acquired its 156 wholly owned assets for approximately $1.9 billion and invested approximately $77 million subsequent to purchase. The total estimated mid-point value of the properties was approximately $2.7 billion as of Sept. 30, 2022.
SmartStop is a self-managed REIT with an owned or managed portfolio of 176 properties in 22 states and Ontario, Canada, comprising approximately 120,700 units and 13.7 million rentable square feet, as of Nov. 10, 2022.