Home Alts News Strategic Storage Growth Trust Declares $10.05 NAV Per Share

Strategic Storage Growth Trust Declares $10.05 NAV Per Share


Strategic Storage Growth Trust, a publicly registered non-traded real estate investment trust, approved an estimated value per share for its class A shares and class T shares of $10.05.

The company’s nominating and corporate governance committee, comprised of two independent directors, was responsible for the oversight of the valuation process. They engaged Duff & Phelps, an independent third party real estate valuation and advisory firm, to provide appraisals for each of the company’s properties and to calculate a range of the estimated value per share of class A and class T shares.

A range of $9.02 to $11.15 per share was provided, with an approximate midpoint value of $10.05. The current valuation of $10.05 was based upon an appraisal by Duff & Phelps of the 12 self storage properties owned by the company, as of December 31, 2015.

From inception through December 31, 2015, the company acquired 12 self storage properties for a total purchase price of approximately $62.2 million, exclusive of acquisition fees and expenses. The total appraised value of the individual real estate assets was approximately $75.5 million. This represents an approximate 21.3 percent increase in the total value of the real estate assets over the purchase price.

In connection with the NAV, the board also determined new per share offering prices of its two classes of common stock. The new class A share offering price is $11.17 per share, and the new class T share offering price is $10.58 per share, which took effect on April 14th. DRIP shares will be priced at $10.05 for both classes, effective April 21st.

Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. The REIT went effective in January 2015 and has raised $29.5 million since inception, according to the most recent Stanger Market Pulse.

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