Strategic Storage Trust II Declares $10.09 NAV Per Share
Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, announced that the board of directors approved an estimated value per share for class A shares and class T shares of $10.09.
The nominating and corporate governance committee, comprised of four independent directors, was responsible for the oversight of the valuation process. The committee 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 $9.47 to $10.69 per share was provided, with an approximate mid-range value per share of $10.09. The current valuation of $10.09 was based upon an appraisal by Duff & Phelps of the 33 self storage properties owned by the company, as of December 31, 2015.
From inception through December 31, 2015, the company acquired 33 self storage properties for a total purchase price of $162.7 million, exclusive of acquisition fees and expenses. The total appraised value was $207.6 million, an approximate 27.6 percent increase over the total purchase price.
The board also determined new offering prices of its two classes of common stock. The new class A share offering price is $11.21 per share and the new class T share offering price is $10.62 per share, each of which took effect on April 14th. DRIP shares will be priced at $10.09 for both classes, effective April 21st.
Strategic Storage Trust II focuses on stabilized self storage properties, and oversees a portfolio of approximately 19,500 self storage units totaling 2 million rentable square feet of storage space. The REIT went effective in January 2014 and has raised $327 million since inception, according to the most recent Stanger Market Pulse.
