Strategic Storage Trust IV Declares Flat Net Asset Value Per Share
The board of Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has approved an estimated per share net asset value of its Class A, Class T, and Class W common stock of $22.65, calculated as of March 31, 2020.
The board of Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has approved an estimated per share net asset value of its Class A, Class T, and Class W common stock of $22.65, calculated as of March 31, 2020. The NAV per share is unchanged from March 31, 2019.
The NAV per share is based on the estimated value of Strategic Storage Trust IV’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 March 31, 2020.
Duff & Phelps, an independent third-party real estate valuation and advisory firm, assisted with the valuation process and provided a NAV per share range of $21.00 to $23.90, with a midpoint of $22.39 per share.
“The board approved $22.65 as the estimated per share NAV, which is slightly above the midpoint per share value of $22.39 provided by Duff & Phelps in the valuation report,” the company said in an SEC filing. “The board made this determination based upon its assessment of the company’s portfolio, the growth remaining in various properties, and the estimated range of values provided by Duff & Phelps in the valuation report.”
Class A shares in the primary offering were originally priced at $25.00 each, Class T shares at $24.21 each, and Class W shares at $22.75 each.
As of March 31, 2020, the REIT has total assets of $379.8 million, compared to $226.1 million last year. Total liabilities increased from $73.6 million to $148.4 million year-over-year.
In late April 2020, the REIT suspended the primary portion of its public offering, citing uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact.
Strategic Storage Trust IV owns 24 properties comprising approximately 18,000 self-storage units, as well as one operating property and three parcels of land under development. The REIT’s offering was declared effective in March 2017 and raised approximately $243.2 million in investor equity, as of April 17, 2020.
