Exhibit 99.1
SmartStop Self Storage REIT, Inc. Declares Updated Estimated Per Share Value
LADERA RANCH, CALIF. – January 16, 2024 – SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self storage company, today announced that on January 15, 2024, its board of directors declared an updated estimated Net Asset Value (“NAV”) per share of $15.25 for its Class A and Class T shares, as of September 30, 2023. SmartStop’s previous estimated NAV per share was $15.21 as of September 30, 2022.
“I am pleased to report that SmartStop’s estimated NAV per share has increased from our most recently declared NAV,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “The nearly $3 billion declared valuation is a direct reflection of our investment strategy focused on acquiring and developing properties located in high quality sub-markets across North America, as well as our leading technology-powered operations and growing Managed REIT Platform. We are extremely proud of the SmartStop® Self Storage operating team and platform, the fantastic team of acquisitions professionals who helped build this portfolio, and all of our teammates who persistently drive value for our stockholders.”
On January 15, 2024, SmartStop’s board of directors approved the estimated per share NAV of $15.25 based on the estimated value of SmartStop’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 September 30, 2023.
Robert A. Stanger & Co., Inc. (“Stanger”), an independent third party valuation firm, was engaged to provide valuation services of SmartStop’s assets and liabilities, including 156 wholly-owned self storage properties and the Company’s headquarters, as well as interests in eight joint venture operating properties. Upon the nominating and corporate governance committee’s receipt and review of Stanger’s appraisal report and net asset value report, the committee determined that an estimated value per share of range of $14.14 to $16.46 was reasonable and recommended to the board that it adopt the midpoint of that range, $15.25, as the estimated value per share for the SmartStop’s Class A shares and Class T shares.
SmartStop acquired its wholly-owned appraised properties for approximately $1.9 billion and invested approximately $90 million subsequent to purchase. The total estimated value of the properties was approximately $2.7 billion as of September 30, 2023 at the midpoint, representing an approximate 35.5% increase in the total value over the aggregate purchase price.
The appraisals were performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), the real estate appraisal industry standards created by The Appraisal Institute, as well as the requirements of the jurisdiction where each real property is located.
