Strategic Storage Trust VI Declares Inaugural NAV for All Share Classes

Strategic Storage Trust VI Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc. and distributed by Pacific Oak Capital Markets, declared its first estimated net asset value of $10.00 per share for Class P, A, T, W, Y, and Z shares.

The board of directors unanimously approved and established the NAV based on the estimated value of the REIT’s assets less the estimated value of its liabilities, or the NAV divided by the number of shares outstanding on an adjusted fully diluted basis, calculated as of March 31, 2024.

The estimated per share NAV was based upon a valuation conducted by Kroll LLC, a third-party valuation and advisory firm, which determined an estimated net asset value per share range of $7.45 to $11.00.

According to the REIT’s share redemption program, following the determination of the first estimated NAV per share, the redemption price per share is to be equal to 93% of the most recently published estimated NAV of the applicable share class. In connection, the share redemption program is equal to 93% of the $10.00 NAV for Class A, T, W, Y, and Z shares beginning with redemption requests submitted during the third quarter of 2024, to be redeemed at the end of October 2024. For Class P shares, the redemption price per share will continue to depend on the length of time such shares have been held.

On June 26, the board declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class P, A, T, W, Y, and Z stockholders of record as of the close of business on each day beginning July 1 and ending Sept. 30. In connection with this distribution, for the stockholders of Class T and Y shares, after the stockholder servicing fee is paid, approximately $0.001439 per day will be paid. For the stockholders of Class W and Z shares, after the dealer manager servicing fee is paid, approximately $0.001566 per day will be paid. Distributions for a particular month will be paid the following month.

Pursuant to the REIT’s private offering, which terminated on March 17, 2022, it sold approximately $107.8 million in Class P shares, or approximately 11.2 million Class P shares. On March 17, 2022, its public offering was declared effective for the offering of Class A, T, and W shares. As of Oct. 31, 2023, it ceased offering Class A, T, and W shares in the primary offering after receiving gross offering proceeds of approximately $87.9 million. On Nov. 1, 2023, it commenced offering Class Y and Z shares at a price of $9.30 per share. As of Aug. 5, 2024, it had sold approximately 2.7 million Class Y shares and 0.2 million Class Z shares for gross offering proceeds of approximately $27.1 million in the public offering. Also as of Aug. 5, approximately $1 billion in shares remained available for sale in the public offering, including shares available pursuant to its distribution reinvestment plan. Unless changes occur, the offer expires on March 17, 2025.

Strategic Storage Trust VI, Inc., is a public non-traded REIT focused on income and growth self-storage facilities and related real estate investments. As of June 30, 2024, the REIT owned a portfolio of 24 operating properties in the United States and Canada and held 50% equity interests in five unconsolidated real estate ventures in Canada that are intended to be developed into self-storage facilities.

SmartStop Self Storage REIT Inc. is a self-managed real estate investment trust. As of July 31, 2024, SmartStop had an owned or managed portfolio of 200 operating properties in 22 states and Canada, comprising approximately 141,000 units and 16 million rentable square feet. SmartStop and its affiliates own or manage 35 operating self-storage properties in Canada, which total approximately 30,700 units and 3.2 million rentable square feet.

Pacific Oak Capital Markets is a wholesaler and managing broker-dealer for alternative investment offerings sponsored by Pacific Oak Capital Advisors, as well as other third parties.

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