LADERA RANCH, Calif.--(BUSINESS WIRE)--Jun 20, 2023--
SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self-storage company, announced today that its affiliates, Strategic Storage Trust VI, Inc. and Strategic Growth Trust III, Inc. (together “the Managed REITs”), have acquired an eight-facility portfolio in the Greater Toronto Area (GTA) totaling approximately 7,400 units and 758,000 rentable square feet. With the acquisition of these eight facilities, SmartStop now owns or manages 33 operating self-storage properties in Canada, consisting of approximately 3.0 million square feet, making it the fifth largest operator in Canada.
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SmartStop Canadian Portfolio as of June 20, 2023 (Graphic: Business Wire)
The properties are all Class-A facilities located across Ontario in Toronto (East York and North York), Mississauga, Burlington, Hamilton and Vaughan (Woodbridge). All locations are in desirable high-growth areas with strong demographics, solid household incomes and populations, and excellent visibility. SmartStop plans to bring its innovative approach to these properties with a wide selection of storage products, flexible rental options, and award-winning customer service.
This portfolio acquisition exemplifies a very active past twelve months for SmartStop in Canada, having added 14 operating self-storage facilities across Canada either within SmartStop or the Managed REITs for over CAD $450 million. This growth was accomplished through development and acquisition and expanded the presence of the SmartStop® Self Storage brand beyond the Greater Toronto Area into new markets, including Vancouver and Edmonton.
“I firmly believe that our recent expansion in Canada is a pivotal move that perfectly demonstrates our vision for strategic growth,” said H. Michael Schwartz, CEO of SmartStop. “With these Class A facilities, we are bolstering our commitment to serving the Canadian market, while addressing a significant demand for purpose-built self storage in the thriving Greater Toronto Area. Our commitment to expansion in Canada remains unwavering, and we look forward to further contributing to the communities we serve.”
“Each of these Class A assets represents a unique opportunity for growth and innovation, enabling us to strengthen our presence in this dynamic landscape,” said Bliss Edwards, Executive Vice President of Canada for SmartStop. “We are extremely excited to bring SmartStop's operational excellence and our best-in-class customer service to both new and existing communities that our properties serve."
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of June 20, 2023, SmartStop has an owned or managed portfolio of 192 operating properties in 22 states and Canada, comprising approximately 135,000 units and 15.2 million rentable square feet. SmartStop and its affiliates own or manage 33 operating self-storage properties in Canada, which total approximately 28,600 units and 3.0 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
About Strategic Storage Trust VI, Inc. (SST VI):
SST VI is a Maryland corporation that elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of June 20, 2023, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 8,660 units and 1,005,000 rentable square feet (including parking); 11 properties with approximately 9,800 units and 1,050,000 rentable square feet (including parking) in Canada, joint venture interests in three development properties in two Canadian provinces (Ontario and Quebec) and one wholly owned development property in Ontario.
About Strategic Storage Growth Trust III, Inc. (SSGT III):
SSGT III is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of June 20, 2023, SSGT III has a portfolio of five operating properties in the United States, comprising approximately 4,400 units and 487,400 rentable square feet and one operating property in Canada, comprising approximately 750 units and 74,400 rentable square feet.
About the GTA Portfolio:
The eight assets serve not only communities that SmartStop currently serves, but also several new communities. The Burlington location services the communities of Palmer, Mountain Gardens, Brant Hills, Tansley, Orchard, Polermo West, Appleby, and Longmoor. The Hamilton location services the communities of Corkton, Beasley, Landsdale, Stipley, Crown Point East, Delta East, Eastmount and Inch Park. The North York location services the communities of Brookhaven, Amesbury, Maple Leaf, Glen Long, North Fairbank, Eglinton West, and Beechborough-Greenbrook. The Woodbridge location services the communities of Kleinburg, Vellore, Vaughan, Concord, Humber Summit, and Coleraine. The Toronto locations service the communities of Leaside, Thorncliffe Park, Todmorden Village, East York, Bennington Heights, Davisville, North York, York Height, Parkwoods, Victoria Village, St. Andrew-Winfields, Silver Hills and Graydon Hall. The Mississauga locations service the communities of Port Credit, Mineola, Applewood Acres, Lakeview, Orchard Heights, Alderwood, Long Branch, Clearview, Sheridan Park, Sherwood Forest, Clarkson, Birchwood, Meadow Wood and Park Royal.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230615786251/en/
CONTACT: David Corak
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.
IR@smartstop.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT
SOURCE: SmartStop Self Storage REIT, Inc.
Copyright Business Wire 2023.
PUB: 06/20/2023 06:00 AM/DISC: 06/20/2023 05:57 AM
http://www.businesswire.com/news/home/20230615786251/en
