Extra Space Storage to Acquire SmartStop Self Storage for $1.4B

TL;DR

Extra Space Storage is buying SmartStop for $1.4B, expanding its footprint.

AI Summary

SmartStop Self Storage REIT, Inc. announced on July 18, 2024, that it has entered into a definitive agreement to be acquired by Extra Space Storage Inc. for approximately $1.4 billion. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will significantly expand Extra Space Storage's portfolio.

Why It Matters

This acquisition represents a significant consolidation in the self-storage industry, potentially impacting market competition and pricing for consumers.

Risk Assessment

Risk Level: medium — The acquisition is subject to closing conditions and regulatory approvals, which could delay or prevent the transaction.

Key Numbers

• $1.4B — Acquisition Value (Total purchase price for SmartStop Self Storage REIT, Inc.)

Key Players & Entities

• SmartStop Self Storage REIT, Inc. (company) — Registrant
• Extra Space Storage Inc. (company) — Acquiring company
• $1.4 billion (dollar_amount) — Acquisition price
• July 18, 2024 (date) — Announcement date
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $1.78 — of June 30, 2024 and June 30, 2023 were $1.78 and $1.60, respectively. Monthly in-p
• $1 — , 2024 and June 30, 2023 were $1.78 and $1.60, respectively. Monthly in-place ra
• $1.64 — of June 30, 2024 and June 30, 2023 were $1.64 and $1.61, respectively. Pursuant to

Filing Documents

• ck0001585389-20240718.htm (8-K) — 41KB
• 0000950170-24-084356.txt ( ) — 144KB
• ck0001585389-20240718.xsd (EX-101.SCH) — 24KB
• ck0001585389-20240718_htm.xml (XML) — 4KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On July 18, 2024, H. Michael Schwartz, Chief Executive Officer and Chairman of the Board of Directors of SmartStop Self Storage REIT, Inc. (the "Company") will be delivering the Industry Keynote Presentation at the 19th Annual Self Storage Owners Summit 2024. Mr. Schwartz expects to discuss his views on the self storage industry and the following metrics for the Company's 2024 same-store pool (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2023, excluding four other properties): Physical occupancy as of June 30, 2024 and June 30, 2023 was 92.9% and 93.9%, respectively. Monthly asking rates as of June 30, 2024 and June 30, 2023 were $1.78 and $1.60, respectively. Monthly in-place rates as of June 30, 2024 and June 30, 2023 were $1.64 and $1.61, respectively. Pursuant to the rules and regulations of the Securities and Exchange Commission, the information in this Item 7.01 disclosure is deemed to have been furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Signature(s) Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SMARTSTOP SELF STORAGE REIT, Inc. Date: July 18, 2024 By: /s/ James R. Barry James R. Barry Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR