Strategic Storage Growth Trust, Inc. Reports Second Quarter 2016 Results
(firmenpresse) - LADERA RANCH, CA -- (Marketwired) -- 09/09/16 --
Strategic Storage Growth Trust, Inc. (SSGT) announced operating results for the three and six months ended June 30, 2016.
"We are pleased to report our second quarter results," commented H. Michael Schwartz, CEO of Strategic Storage Growth Trust, Inc. "We are also particularly pleased with our year-over-year same-store occupancy and revenue growth." Mr. Schwartz noted further, "These results validate the upside we saw in these properties and we look forward to similar continued operational improvements."
Increased same-store revenues and net operating income ("NOI") by 18.3% and 28%, respectively, for the three months ended June 30, 2016 compared to the three months ended June 30, 2015.
Increased same-store average physical occupancy by approximately 8.4% to 89.3% for the three months ended June 30, 2016 from 80.9% for the three months ended June 30, 2015.
Increased same-store annualized rent per occupied square foot by approximately 7.1% to $10.23 for the three months ended June 30, 2016 from $9.55 for the three months ended June 30, 2015.
Increased same-store revenues and NOI by 20.3% and 38.3%, respectively, for the six months ended June 30, 2016 compared to the six months ended June 30, 2015.
Increased same-store average physical occupancy by approximately 12.3% to 88.3% for the six months ended June 30, 2016 from 76.0% for the six months ended June 30, 2015.
Increased same-store annualized rent per occupied square foot by approximately 4.2% to $9.11 for the six months ended June 30, 2016 from $8.75 for the six months ended June 30, 2015.
On May 17, 2016, we acquired an industrial building located in Toronto, Canada from an unaffiliated third party for a total purchase price of approximately $2.3 million, plus closing costs and acquisition fees. We intend to convert the industrial building into a self storage facility resulting in a total of approximately 900 units and 85,000 rentable square feet.
On May 26, 2016, we acquired a self storage facility located in Phoenix, Arizona from an unaffiliated third party for a total purchase price of approximately $7.2 million, plus closing costs and acquisition expenses. The facility has approximately 840 units and 94,000 rentable square feet.
Redemption of Preferred Units
SSTI Preferred Investor, LLC invested an aggregate of approximately $17.5 million in our operating partnership in 2014 and 2015 in order to partially fund certain of our acquisitions and in exchange received approximately 700,000 Series A Cumulative Redeemable Preferred Units (the "Preferred Units") in our operating partnership. In September of 2015 we redeemed $1.5 million, in each of June and July of 2016 we redeemed $1 million, in August of 2016 we redeemed $4 million and thus far during September of 2016 we have redeemed $2 million, respectively, of the Liquidation Amount of the Preferred Units. The amount currently outstanding is approximately $8 million.
KeyBank Facility
During the second quarter of 2016, we made principal payments totaling $4.3 million on the KeyBank Facility bringing our outstanding balance to approximately $36.6 million as of June 30, 2016.
On June 9, 2016, our board of directors declared a daily distribution in the amount of $0.0010928962 per share on the outstanding shares of common stock, payable to both Class A and Class T stockholders of record of such shares as shown on our books as of the close of business on each day during the period commencing on July 1, 2016 and ending September 30, 2016. The distribution to the Class T stockholders will be reduced by the stockholder servicing fee due from the Class T stockholders. Such distributions payable to each stockholder of record during a month will be paid the following month.
SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 14 operating self storage facilities located in seven states comprising approximately 9,300 self storage units and approximately 1,100,000 net rentable square feet of storage space and two development properties to be comprised of approximately 1,700 self storage units and 170,000 net rental square feet of storage space once completed.
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 58,000 self storage units and approximately 6.6 million rentable square feet and nearly $1 billion of real estate assets under management. The company is the asset manager for 87 self storage facilities located throughout the United States and Toronto, Canada. SmartStop Asset Management is the sponsor of SSGT and Strategic Storage Trust II, Inc. (SST II), a public non-traded REIT focusing on stabilized self storage properties. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information is available at .
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the Company''s public filings with the Securities and Exchange Commission. This is neither an offer nor a solicitation to purchase securities.
NOI is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the operation of the properties. Additionally, we believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.
Media Contacts:
Anton Communications
Vanessa Showalter
949-748-0542
Genevieve Anton
714-544-6503
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Datum: 09.09.2016 - 15:40 Uhr
Sprache: Deutsch
News-ID 1457284
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