Strategic Storage Growth Trust, Inc. Reports Third Quarter 2016 Results
(firmenpresse) - LADERA RANCH, CA -- (Marketwired) -- 11/10/16 --
Strategic Storage Growth Trust, Inc. (SSGT) announced operating results for the three and nine months ended September 30, 2016.
"We are particularly pleased with our increases in occupancy, both in our same-store year-over-year comparisons and in our brand new self storage facility in Phoenix, Arizona, which just opened in late May of 2016 and was already 46% occupied as of September 30, 2016," commented H. Michael Schwartz, CEO of Strategic Storage Growth Trust, Inc. Mr. Schwartz noted further, "From a financing perspective, we are also pleased to report we have fully redeemed the Preferred Units in our operating partnership, and look forward to the positive impact that will have to our common stockholders."
Increased same-store revenues and net operating income ("NOI") by 21.3% and 49.5%, respectively, for the three months ended September 30, 2016 compared to the three months ended September 30, 2015.
Increased same-store average physical occupancy by approximately 9.9% to 91.8% for the three months ended September 30, 2016 from 81.9% for the three months ended September 30, 2015.
Increased same-store annualized rent per occupied square foot by approximately 10.0% to $10.63 for the three months ended September 30, 2016 from $9.66 for the three months ended September 30, 2015.
Increased same-store revenues and NOI by 20.3% and 41.0%, respectively, for the nine months ended September 30, 2016 compared to the nine months ended September 30, 2015.
Increased same-store average physical occupancy by approximately 11.7% to 89.7% for the nine months ended September 30, 2016 from 78.0% for the nine months ended September 30, 2015.
Increased same-store annualized rent per occupied square foot by approximately 4.6% to $9.31 for the nine months ended September 30, 2016 from $8.90 for the nine months ended September 30, 2015.
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 of the Liquidation Amount of the Preferred Units. During the nine months ending September 30, 2016, we redeemed $11 million of the Liquidation Amount of the Preferred Units. As of September 30, 2016, the Preferred Investor had a remaining amount invested of approximately $5.0 million and approximately 200,000 Preferred Units in our Operating Partnership.
During October 2016, we redeemed the remaining approximately $5 million in Liquidation Amount of the Preferred Units outstanding and approximately $1.5 million in deferred distributions owed thereon. No further Preferred Units are outstanding and no further deferred distributions are owed, such that we no longer have any remaining obligations related to the Preferred Units.
On September 21, 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 October 1, 2016 and ending December 31, 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 in the Greater Toronto Area 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 59,000 self storage units and approximately 6.7 million rentable square feet and nearly $1 billion of real estate assets under management. The company is the asset manager for 89 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: 10.11.2016 - 14:54 Uhr
Sprache: Deutsch
News-ID 1469335
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