SmartStop Self Storage REIT Files Routine 8-K on Jan 15 Event

TL;DR

**SmartStop Self Storage REIT filed a routine 8-K, no major news.**

AI Summary

SmartStop Self Storage REIT, Inc. filed an 8-K on January 16, 2024, reporting an event that occurred on January 15, 2024. This filing is a routine disclosure under Regulation FD and other events, indicating no major financial or operational changes. For investors, this means there's no immediate new information that would significantly impact the stock's valuation, suggesting a period of stability or business as usual.

Why It Matters

This filing signals business as usual for SmartStop Self Storage REIT, Inc., with no new material information disclosed that would alter an investor's current outlook on the company.

Risk Assessment

Risk Level: low — The filing is a standard disclosure with no specific events or financial impacts mentioned, indicating low immediate risk.

Analyst Insight

Investors should view this as a non-event, indicating no new material information that would necessitate a change in investment strategy for SmartStop Self Storage REIT, Inc. Continue to monitor for future filings that may contain substantive updates.

Key Players & Entities

• SmartStop Self Storage REIT, Inc. (company) — the registrant filing the 8-K
• January 15, 2024 (date) — date of the earliest event reported
• January 16, 2024 (date) — date the 8-K was filed
• Maryland (company) — state of incorporation for SmartStop Self Storage REIT, Inc.
• 000-55617 (company) — Commission File Number for SmartStop Self Storage REIT, Inc.
• 46-1722812 (company) — IRS Employer Identification No. for SmartStop Self Storage REIT, Inc.
• 10 Terrace Road, Ladera Ranch, California 92694 (company) — principal executive offices address for SmartStop Self Storage REIT, Inc.
• (877) 327-3485 (company) — telephone number for SmartStop Self Storage REIT, Inc.

FAQ

Key Financial Figures

• $14.14 — e range in estimated value per share of $14.14 to $16.46, with a mid-point estimated v
• $16 — estimated value per share of $14.14 to $16.46, with a mid-point estimated value pe
• $15 — mid-point estimated value per share of $15.25, as indicated in the Stanger NAV Rep
• $15.25 — recommended to the Board that it adopt $15.25 as the Estimated Per Share NAV for the
• $10.66 — Preferred Stock Purchase Agreement, of $10.66. (2) Includes outstanding units in S
• $1.9 billion — nger Appraisal Report was approximately $1.9 billion. In addition, through the Valuation Dat
• $90 million — the Company had invested approximately $90 million in capital improvements on these real e
• $2.6 billion — appraised properties was approximately $2.6 billion to $2.9 billion. The mid-point appraise
• $2.9 billion — rties was approximately $2.6 billion to $2.9 billion. The mid-point appraised value of appro
• $2.7 billion — -point appraised value of approximately $2.7 billion represents an approximately 35.5% incre
• $1.0 billion — ated Outstanding Debt was approximately $1.0 billion. The weighted-average discount rate app
• $15.21 — oints Decrease 5.0% Increase 5.0% $15.21 $15.31 $15.20 $15.32 Cash, Othe
• $15.31 — ecrease 5.0% Increase 5.0% $15.21 $15.31 $15.20 $15.32 Cash, Other Assets,
• $15.20 — .0% Increase 5.0% $15.21 $15.31 $15.20 $15.32 Cash, Other Assets, Other Li
• $15.32 — rease 5.0% $15.21 $15.31 $15.20 $15.32 Cash, Other Assets, Other Liabilities

Filing Documents

• d729475d8k.htm (8-K) — 104KB
• d729475dex991.htm (EX-99.1) — 8KB
• d729475dex992.htm (EX-99.2) — 3KB
• g729475dsp14.jpg (GRAPHIC) — 29KB
• 0001193125-24-008649.txt ( ) — 281KB
• ck0001585389-20240115.xsd (EX-101.SCH) — 3KB
• ck0001585389-20240115_lab.xml (EX-101.LAB) — 15KB
• ck0001585389-20240115_pre.xml (EX-101.PRE) — 9KB
• d729475d8k_htm.xml (XML) — 3KB

01

Item 7.01. Regulation FD Disclosure. On January 16, 2024, SmartStop Self Storage REIT, Inc. (the "Company") issued a press release announcing the calculation of an estimated value per share for shares of the Company's common stock. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report"). Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, such exhibit and the information set forth therein is deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

01

Item 8.01. Other Events. Determination of Estimated Per Share Net Asset Value On January 15, 2024, the board of directors (the "Board") of the Company, at the recommendation of the Nominating and Corporate Governance Committee of the Board (the "Committee"), unanimously approved and established the Company's estimated net asset value per share ("Estimated Per Share NAV"). The Estimated Per Share NAV is based on the estimated value of the Company's assets less the estimated value of the Company's liabilities, divided by the number of shares outstanding on a fully diluted basis, calculated as of September 30, 2023 (the "Valuation Date"). The Company is providing this Estimated Per Share NAV to assist broker-dealers in connection with their obligations under Financial Industry Regulatory Authority ("FINRA") Rule 2231, with respect to customer account statements. This valuation was performed in accordance with the provisions of the Institute for Portfolio Alternatives Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued in April 2013 (the "IPA Valuation Guidelines"). The Committee, which is composed solely of independent directors, was responsible for the oversight of the valuation process, including the review and approval of the valuation process and methodology used to determine the Estimated Per Share NAV, the consistency of the valuation and appraisal methodologies with real estate industry standards and practices, and the reasonableness of the assumptions used in the valuations and appraisals. The Estimated Per Share NAV was determined after consultation with the Company's management and Robert A. Stanger & Co, Inc. ("Stanger"), an independent third-party valuation firm. The engagement of Stanger was approved by the Committee. Stanger prepared an appraisal report (the "Stanger Appraisal Report") summarizing key information and assumptions and providing an appraised value range on 156 wholly-owned properties and eight prop

View Full Filing

View this 8-K filing on SEC EDGAR