Strategic Storage Trust II Increases NAV
July 1, 2019 | Luke Schmidt | Blue Vault
On June 27, 2019, Strategic Storage Trust II, Inc. (“SST II”), a public non-traded REIT, announced that its board of directors had approved an estimated per share net asset value (“NAV”) of its Class A common stock and Class T common stock of $10.66, calculated as of March 31, 2019. The board had previously approved an estimated NAV of $10.65 as of December 31, 2017.
“We are pleased to announce the updated net asset valuation of Strategic Storage Trust II, Inc., inclusive of the Strategic Storage Growth Trust acquisition,” said Michael McClure, President of SST II. “The institutional quality of our self-storage portfolio, paired with the growth potential of the SSGT properties, has maintained NAV while also growing revenues and operating income.”
On June 26, 2019, SST II’s board of directors approved the estimated per share NAV of $10.66 based on the estimated value of SST II’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, 2019.
In connection with this updated estimated NAV, shares purchased under the distribution reinvestment plan will be issued at the updated NAV per share of $10.66 for both Class A and Class T shares, to be effective for distribution payments being paid beginning in August 2019.
The valuation was determined in compliance with the Investment Program Association’s practice guideline regarding valuations of publicly registered non-listed REITs (“IPA guidelines”). Consistent with the IPA guidelines, the valuation does not include a portfolio premium that may reasonably be expected to accrue in a typical real estate valuation process conducted for transaction purposes, nor does it reflect an enterprise value.
As of March 31, 2019, SST II had a portfolio consisting of 112 self-storage facilities located in 17 states and Ontario, Canada, comprising 71,170 self-storage units and approximately 8.2 million net rentable square feet of storage space.
Sources: SEC, Blue Vault
