Wednesday, August 18, 2021
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SmartStop Self Storage REIT, Inc. Stories Robust Second Quarter 2021 Outcomes With Report Similar-Retailer Income and NOI Progress

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage firm with roughly $1.8 billion…

By Staff , in RV Rentals , at August 17, 2021

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LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage firm with roughly $1.8 billion of self storage belongings below administration, introduced its total outcomes for the three and 6 months ended June 30, 2021.

“SmartStop had an exceptionally robust second quarter, with our highest ever recorded same-store occupancy of 96.3% at quarter finish and powerful rental fee progress. This resulted in same-store income and NOI progress of 21.5% and 28.7% for the quarter, respectively, each larger than all of our publicly-traded friends,” stated H. Michael Schwartz, Chairman and Chief Govt Officer of SmartStop. “Our greatest-in-class portfolio posted robust leads to all of our markets all through North America. Particularly, the Larger Toronto Space (“the GTA”) was our greatest performing market this quarter with same-store income and NOI progress of 33.6% and 45.0%, respectively. The GTA continues to be a excessive performing market, a key differentiator between SmartStop and our peer group and a major piece of our Firm’s progress initiatives. On the exterior progress entrance, we proceed to search out accretive acquisitions, buying two wholly-owned properties for $31 million in the course of the quarter and our acquisition pipeline stays wholesome. With ample attractively priced capital, a robust acquisitions pipeline and a sturdy working atmosphere, we consider the corporate is effectively positioned to execute each our inner and exterior progress initiatives, driving stockholder worth in 2021 and past.”

Three Months Ended June 30, 2021 Monetary Highlights:

  • Internet loss attributable to frequent stockholders decreased by roughly $4.6 million when in comparison with the identical interval in 2020. Internet loss per Class A and Class T shares (fundamental and diluted) decreased $0.09 when in comparison with the identical interval in 2020.
  • Complete self storage-related revenues elevated by roughly $14.0 million, or 53.6%, when in comparison with the identical interval in 2020.
  • FFO, as adjusted (attributable to frequent stockholders and Working Partnership (“OP”) unit holders), elevated by roughly $7.7 million, or 445%, when in comparison with the identical interval in 2020.
  • FFO, as adjusted per share and OP unit excellent – diluted was $0.10, a rise of $0.07, or 233%, when in comparison with the identical interval in 2020.
  • Similar-store revenues elevated by 21.5% in comparison with the identical interval in 2020.
  • Similar-store bills elevated by 7.2% in comparison with the identical interval in 2020.
  • Similar-store NOI elevated by 28.7% in comparison with the identical interval in 2020.
  • Similar-store common bodily occupancy elevated by 6.1% to 95.8% for the three months ended June 30, 2021, in comparison with 89.7% throughout the identical interval in 2020.
  • Similar-store annualized lease per occupied sq. foot was roughly $16.50 for the three months ended June 30, 2021, which represented a rise of roughly 14.7% when in comparison with the identical interval in 2020.

Six Months Ended June 30, 2021 Monetary Highlights:

  • Internet loss attributable to frequent stockholders decreased by roughly $25.8 million when in comparison with the identical interval in 2020. Internet loss per Class A and Class T shares (fundamental and diluted) decreased $0.50 when in comparison with the identical interval in 2020.
  • Complete self storage-related revenues elevated by roughly $18.3 million, or 34.7%, when in comparison with the identical interval in 2020.
  • Similar-store revenues elevated by 15.5% in comparison with the identical interval in 2020.
  • Similar-store bills elevated by 4.1% in comparison with the identical interval in 2020.
  • Similar-store NOI elevated by 21.4% in comparison with the identical interval in 2020.
  • Similar-store common bodily occupancy elevated by 5.3% to 94.5% for the six months ended June 30, 2021, in comparison with 89.2% throughout the identical interval in 2020.
  • Similar-store annualized lease per occupied sq. foot was roughly $15.93 for the six months ended June 30, 2021, which represented a rise of roughly 8.9% when in comparison with the identical interval in 2020.

Exterior Progress

In April, SmartStop acquired a not too long ago constructed, six-story self storage facility in Oakville, Ontario, Canada. The property was accomplished in April 2020 and was roughly 40% occupied at acquisition. The property’s 1,070 items are 100% climate-controlled throughout roughly 81,500 sq. toes. The property presents clients quite a lot of facilities together with state-of-the-art safety programs, elevators, keypad entry, a gated drive-in loading space and extra. The power is our third in Oakville, establishing SmartStop as a dominant participant within the submarket. This was SmartStop’s seventeenth owned or managed working property within the GTA.

In Could, SmartStop acquired a self storage facility in Riverside, CA, essentially the most populous metropolis in Southern California’s “Inland Empire.” This prime location has nice visibility from Van Buren Boulevard and gives quick access from the Riverside Freeway. The power serves the communities of La Sierra, Corona, East Vale, Ramona, and Jurupa Valley and is positioned subsequent to Riverside Municipal Airport. The property’s 379 items and 71 RV parking areas span throughout roughly 68,700 sq. toes. The property presents clients quite a lot of facilities together with a gated drive-in loading space, state-of-the-art safety programs, keypad entry and huge truck accessibility. With an RV parking part, this new facility presents clients a complimentary product sort from our two neighboring SmartStop amenities, one in every of which is straight adjoining. The power is the Firm’s third within the submarket and twenty ninth owned or managed location in California.

Declared Distributions

On June 23, 2021, SmartStop’s board of administrators declared a distribution fee for the third quarter of 2021, of roughly $0.00164 per day per share on the excellent shares of frequent inventory payable to each Class A and Class T stockholders. In reference to these distributions, after the stockholder servicing charge is paid, roughly $0.0014 per day shall be paid per Class T share. Such distributions payable to every stockholder of document throughout a month shall be paid the next month.

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

2021

(Unaudited)

 

December 31,

2020

ASSETS

 

 

 

 

 

 

Actual property amenities:

 

 

 

 

 

 

Land

 

$

396,430,618

 

 

$

335,800,354

 

Buildings

 

 

1,101,336,919

 

 

 

810,480,845

 

Website enhancements

 

 

77,553,126

 

 

 

63,821,383

 

 

 

 

1,575,320,663

 

 

 

1,210,102,582

 

Collected depreciation

 

 

(135,187,165

)

 

 

(115,903,045

)

 

 

 

1,440,133,498

 

 

 

1,094,199,537

 

Development in course of

 

 

1,857,047

 

 

 

1,761,303

 

Actual property amenities, web

 

 

1,441,990,545

 

 

 

1,095,960,840

 

Money and money equivalents

 

 

26,580,765

 

 

 

72,705,624

 

Restricted money

 

 

7,276,448

 

 

 

7,952,052

 

Investments in unconsolidated actual property ventures

 

 

20,682,690

 

 

 

 

Investments in and advances to Managed REITs

 

 

12,033,750

 

 

 

15,624,389

 

Different belongings, web

 

 

14,087,618

 

 

 

7,734,276

 

Intangible belongings, web of collected amortization

 

 

21,190,218

 

 

 

12,406,427

 

Emblems, web of collected amortization

 

 

16,123,529

 

 

 

16,194,118

 

Goodwill

 

 

53,643,331

 

 

 

53,643,331

 

Debt issuance prices, web of collected amortization

 

 

2,258,004

 

 

 

 

Complete belongings

 

$

1,615,866,898

 

 

$

1,282,221,057

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Debt, web

 

$

849,209,991

 

 

$

717,952,233

 

Accounts payable and accrued liabilities

 

 

24,971,528

 

 

 

23,038,976

 

As a result of associates

 

 

694,739

 

 

 

667,429

 

Distributions payable

 

 

8,088,854

 

 

 

6,650,317

 

Contingent earnout

 

 

19,900,000

 

 

 

28,600,000

 

Deferred tax liabilities

 

 

7,704,673

 

 

 

8,380,215

 

Complete liabilities

 

 

910,569,785

 

 

 

785,289,170

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable frequent inventory

 

 

64,028,104

 

 

 

57,335,575

 

Most well-liked inventory, $0.001 par worth; 200,000,000 shares licensed:

 

 

 

 

 

 

Sequence A Convertible Most well-liked Inventory, $0.001 par worth; 200,000 shares licensed; 200,000 and 200,000 shares issued and excellent at June 30, 2021 and December 31, 2020, respectively, with combination liquidation preferences of $203,116,438 and $202,928,620 at June 30, 2021 and December 31, 2020, respectively

 

 

196,356,107

 

 

 

196,356,107

 

Fairness:

 

 

 

 

 

 

SmartStop Self Storage REIT, Inc. fairness:

 

 

 

 

 

 

Class A typical inventory, $0.001 par worth; 350,000,000 shares licensed; 76,516,281 and 52,660,402 shares issued and excellent at June 30, 2021 and December 31, 2020, respectively

 

 

76,517

 

 

 

52,661

 

Class T frequent inventory, $0.001 par worth; 350,000,000 shares licensed; 7,978,951 and seven,903,911 shares issued and excellent at June 30, 2021 and December 31, 2020, respectively

 

 

7,979

 

 

 

7,904

 

Extra paid-in capital

 

 

724,292,971

 

 

 

492,408,006

 

Distributions

 

 

(185,799,706

)

 

 

(163,953,169

)

Collected deficit

 

 

(159,234,728

)

 

 

(141,444,880

)

Collected different complete loss

 

 

(1,882,006

)

 

 

(3,834,228

)

Complete SmartStop Self Storage REIT, Inc. fairness

 

 

377,461,027

 

 

 

183,236,294

 

Noncontrolling pursuits in our Working Partnership

 

 

67,440,975

 

 

 

59,982,111

 

Different noncontrolling pursuits

 

 

10,900

 

 

 

21,800

 

Complete noncontrolling pursuits

 

 

67,451,875

 

 

 

60,003,911

 

Complete fairness

 

 

444,912,902

 

 

 

243,240,205

 

Complete liabilities and fairness

 

$

1,615,866,898

 

 

$

1,282,221,057

 

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

2020

 

2021

 

2020

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Self storage rental income

 

$

38,104,699

 

 

$

24,946,793

 

 

$

67,608,141

 

 

$

50,514,812

 

Ancillary working income

 

 

2,027,041

 

 

 

1,183,418

 

 

 

3,584,471

 

 

 

2,336,261

 

Managed REIT Platform income

 

 

1,058,291

 

 

 

1,852,893

 

 

 

3,346,031

 

 

 

3,636,680

 

Reimbursable prices from Managed REITs

 

 

1,061,619

 

 

 

1,486,441

 

 

 

2,277,662

 

 

 

3,279,915

 

Complete revenues

 

 

42,251,650

 

 

 

29,469,545

 

 

 

76,816,305

 

 

 

59,767,668

 

Working bills:

 

 

 

 

 

 

 

 

 

 

 

 

Property working bills

 

 

12,479,969

 

 

 

9,195,043

 

 

 

22,823,250

 

 

 

18,870,069

 

Managed REIT Platform bills

 

 

316,142

 

 

 

1,008,014

 

 

 

636,032

 

 

 

2,182,823

 

Reimbursable prices from Managed REITs

 

 

1,061,619

 

 

 

1,486,441

 

 

 

2,277,662

 

 

 

3,279,915

 

Basic and administrative

 

 

6,811,313

 

 

 

4,149,713

 

 

 

11,564,302

 

 

 

7,817,660

 

Depreciation

 

 

10,742,801

 

 

 

7,842,443

 

 

 

19,286,728

 

 

 

15,559,114

 

Intangible amortization expense

 

 

3,653,681

 

 

 

3,218,152

 

 

 

4,913,228

 

 

 

6,887,783

 

Acquisition bills

 

 

30,448

 

 

 

97,221

 

 

 

336,098

 

 

 

125,326

 

Contingent earnout adjustment

 

 

400,000

 

 

 

500,000

 

 

 

2,519,744

 

 

 

(6,700,000

)

Impairment of goodwill and intangible belongings

 

 

 

 

 

 

 

 

 

 

 

36,465,732

 

Impairment of investments in Managed REITs

 

 

 

 

 

 

 

 

 

 

 

4,376,879

 

Write-off of fairness curiosity and preexisting relationships in SST IV upon acquisition of management

 

 

 

 

 

 

 

 

8,389,573

 

 

 

 

Complete working bills

 

 

35,495,973

 

 

 

27,497,027

 

 

 

72,746,617

 

 

 

88,865,301

 

Achieve on sale of actual property

 

 

178,631

 

 

 

 

 

 

178,631

 

 

 

 

Working revenue (loss)

 

 

6,934,308

 

 

 

1,972,518

 

 

 

4,248,319

 

 

 

(29,097,633

)

Different revenue (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Curiosity expense

 

 

(7,950,702

)

 

 

(8,284,429

)

 

 

(15,926,166

)

 

 

(16,623,732

)

Curiosity expense – accretion of honest market worth of secured debt

 

 

31,250

 

 

 

32,892

 

 

 

63,116

 

 

 

65,549

 

Curiosity expense – debt issuance prices

 

 

(496,897

)

 

 

(936,278

)

 

 

(1,169,370

)

 

 

(1,879,761

)

Internet loss on extinguishment of debt

 

 

 

 

 

 

 

 

(2,444,788

)

 

 

 

Different

 

 

171,203

 

 

 

152,456

 

 

 

1,614,585

 

 

 

2,729,155

 

Internet loss

 

 

(1,310,838

)

 

 

(7,062,841

)

 

 

(13,614,304

)

 

 

(44,806,422

)

Internet loss attributable to the noncontrolling pursuits in our Working Partnership

 

 

546,092

 

 

 

933,443

 

 

 

2,023,086

 

 

 

5,965,095

 

Much less: Distributions to most well-liked stockholders

 

 

(3,116,438

)

 

 

(2,362,023

)

 

 

(6,198,630

)

 

 

(4,724,045

)

Internet loss attributable to SmartStop Self Storage REIT, Inc. frequent stockholders

 

$

(3,881,184

)

 

$

(8,491,421

)

 

$

(17,789,848

)

 

$

(43,565,372

)

Internet loss per Class A share – fundamental and diluted

 

$

(0.05

)

 

$

(0.14

)

 

$

(0.24

)

 

$

(0.74

)

Internet loss per Class T share – fundamental and diluted

 

$

(0.05

)

 

$

(0.14

)

 

$

(0.24

)

 

$

(0.74

)

Weighted common Class A shares excellent – fundamental and diluted

 

 

75,994,754

 

 

 

51,622,509

 

 

 

66,252,067

 

 

 

51,469,807

 

Weighted common Class T shares excellent – fundamental and diluted

 

 

7,960,999

 

 

 

7,776,128

 

 

 

7,944,502

 

 

 

7,764,393

 

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NON-GAAP MEASURE – COMPUTATION OF ADJUSTED FUNDS FROM OPERATIONS

(Unaudited)

 

 

 

Three Months

Ended

June 30, 2021

 

Three Months

Ended

June 30, 2020

 

Six Months

Ended

June 30, 2021

 

Six Months

Ended

June 30, 2020

Internet loss (attributable to frequent stockholders)

 

$

(3,881,184

)

 

$

(8,491,421

)

 

$

(17,789,848

)

 

$

(43,565,372

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of actual property

 

 

10,521,283

 

 

 

7,705,792

 

 

 

18,898,768

 

 

 

15,293,130

 

Depreciation and amortization of actual property and intangible belongings from unconsolidated entities

 

 

213,959

 

 

 

 

 

 

230,996

 

 

 

 

Amortization of actual property associated intangible belongings

 

 

3,441,144

 

 

 

2,170,465

 

 

 

4,003,229

 

 

 

4,343,030

 

Achieve on deconsolidation

 

 

(169,533

)

 

 

 

 

 

(169,533

)

 

 

 

Achieve on sale of actual property

 

 

(178,631

)

 

 

 

 

 

(178,631

)

 

 

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for noncontrolling pursuits

 

 

(1,500,869

)

 

 

(1,305,577

)

 

 

(2,616,924

)

 

 

(2,603,208

)

FFO (attributable to frequent stockholders)

 

 

8,446,169

 

 

 

79,259

 

 

 

2,378,057

 

 

 

(26,532,420

)

Different Changes:

 

 

 

 

 

 

 

 

 

 

 

 

Intangible amortization expense – contracts(1)

 

 

212,537

 

 

 

1,047,687

 

 

 

909,999

 

 

 

2,544,753

 

Acquisition bills(2)

 

 

30,448

 

 

 

97,221

 

 

 

336,098

 

 

 

125,326

 

Acquisition bills and overseas forex (good points) losses, web from unconsolidated entities

 

 

107,388

 

 

 

 

 

 

107,388

 

 

 

 

Contingent earnout adjustment(3)

 

 

400,000

 

 

 

500,000

 

 

 

2,519,744

 

 

 

(6,700,000

)

Impairment of goodwill and intangible belongings(4)

 

 

 

 

 

 

 

 

 

 

 

36,465,732

 

Impairment of investments in Managed REITs(4)

 

 

 

 

 

 

 

 

 

 

 

4,376,879

 

Write-off of fairness curiosity and preexisting relationships in SST IV upon acquisition of management

 

 

 

 

 

 

 

 

8,389,573

 

 

 

 

Accretion of honest market worth of secured debt(5)

 

 

(31,250

)

 

 

(32,892

)

 

 

(63,116

)

 

 

(65,549

)

Internet loss on extinguishment of debt(6)

 

 

 

 

 

 

 

 

2,444,788

 

 

 

 

Overseas forex and rate of interest spinoff (good points) losses, web(7)

 

 

(643,547

)

 

 

(57,676

)

 

 

(425,549

)

 

 

109,843

 

Adjustment of deferred tax liabilities(1)

 

 

(56,880

)

 

 

(276,216

)

 

 

(1,929,746

)

 

 

(3,023,113

)

Adjustment for noncontrolling pursuits

 

 

(1,784

)

 

 

(168,680

)

 

 

(1,435,079

)

 

 

(4,488,613

)

FFO, as adjusted (attributable to frequent stockholders)

 

 

8,463,081

 

 

 

1,188,703

 

 

 

13,232,157

 

 

 

2,812,838

 

Internet loss attributable to the noncontrolling pursuits in our Working Partnership

 

 

(546,092

)

 

 

(933,443

)

 

 

(2,023,086

)

 

 

(5,965,095

)

Adjustment for noncontrolling pursuits

 

 

1,502,653

 

 

 

1,474,257

 

 

 

4,052,003

 

 

 

7,091,820

 

FFO, as adjusted (attributable to frequent Stockholders and OP unit holders)

 

$

9,419,642

 

 

$

1,729,517

 

 

$

15,261,074

 

 

$

3,939,563

 

(1)

 

This stuff characterize the amortization, accretion, or adjustment of intangible belongings or deferred tax liabilities. As these things are non-cash and never major drivers in SmartStop’s decision-making course of, FFO is adjusted for his or her impact to reach at FFO, as adjusted, as a way of figuring out a comparable sustainable working efficiency metric to different actual property corporations.

(2)

 

In evaluating investments in actual property, SmartStop differentiates the prices to amass the funding from the operations derived from the funding. Such info can be comparable just for publicly registered, non-traded REITs which have usually accomplished their acquisition exercise and produce other related working traits.

(3)

 

The contingent earnout adjustment represents the adjustment to the honest worth of the Class A-2 Models issued in reference to the Self Administration Transaction. FFO is adjusted to reach at FFO, as adjusted, as this acquisition associated merchandise shouldn’t be a major driver in SmartStop’s decision-making course of and excluding this gives traders a view of SmartStop’s persevering with working portfolio efficiency over time.

(4)

 

The impairment expenses relate to SmartStop’s goodwill, intangible belongings and investments within the Managed REIT Platform acquired within the Self Administration Transaction. SmartStop believes that adjusting for such non-recurring gadgets gives helpful supplemental info as a result of such bills will not be reflective of on-going operations and is in step with administration’s evaluation of SmartStop’s working efficiency and gives for a way of figuring out a comparable sustainable working efficiency metric.

(5)

 

This represents the distinction between the acknowledged rate of interest and the estimated market rate of interest on assumed notes as of the date of acquisition. Such quantities have been excluded from FFO, as adjusted, as a result of SmartStop believes FFO, as adjusted, gives helpful supplementary info by specializing in working fundamentals, fairly than occasions not associated to SmartStop’s regular operations. SmartStop is chargeable for managing rate of interest threat and don’t depend on one other get together to handle such threat.

(6)

 

The online loss related to the extinguishment of debt consists of prepayment penalties, the write-off of unamortized deferred financing charges, and different charges incurred. SmartStop believes that adjusting for such non-recurring gadgets gives helpful supplemental info as a result of such losses will not be reflective of on-going transactions and operations and is in step with administration’s evaluation of SmartStop’s working efficiency.

(7)

 

This represents the mark-to-market adjustment for SmartStop’s spinoff devices not designated for hedge accounting and the ineffective portion of the change in honest worth of derivatives acknowledged in earnings, in addition to adjustments in overseas forex associated to SmartStop’s overseas fairness investments not categorized as long run. These spinoff contracts are meant to handle the Firm’s publicity to rate of interest and overseas forex threat which will not be reflective of SmartStop’s ongoing efficiency and should replicate unrealized impacts on SmartStop’s working efficiency. Such quantities are recorded in “Different” inside SmartStop’s consolidated statements of operations.

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NON-GAAP MEASURE – COMPUTATION OF SAME-STORE OPERATING RESULTS

(Unaudited)

The next desk units forth working knowledge for SmartStop’s same-store amenities (these properties included within the consolidated outcomes of operations since January 1, 2020, excluding 9 lease-up properties SmartStop owned as of January 1, 2020) for the three months ended June 30, 2021 and 2020. SmartStop considers the next knowledge to be significant as this enables for the comparability of outcomes with out the consequences of acquisition, lease up, or improvement exercise.

 

 

Similar-Retailer Services

 

 

Non Similar-Retailer Services

 

Complete

 

 

 

2021

 

 

2020

 

 

%

Change

 

 

2021

 

 

2020

 

 

%

Change

 

2021

 

 

2020

 

 

%

Change

 

Income (1)

 

$

30,011,041

 

 

$

24,702,072

 

 

 

21.5

%

 

$

10,120,699

 

 

$

1,428,139

 

 

N/M

 

$

40,131,740

 

 

$

26,130,211

 

 

 

53.6

%

Property working bills (2)

 

 

8,878,839

 

 

 

8,279,464

 

 

 

7.2

%

 

 

3,601,130

 

 

 

915,579

 

 

N/M

 

 

12,479,969

 

 

 

9,195,043

 

 

 

35.7

%

Property working revenue

 

$

21,132,202

 

 

$

16,422,608

 

 

 

28.7

%

 

$

6,519,569

 

 

$

512,560

 

 

N/M

 

$

27,651,771

 

 

$

16,935,168

 

 

 

63.3

%

Variety of amenities

 

 

103

 

 

 

103

 

 

 

 

 

 

 

36

 

(6)

 

9

 

 

 

 

 

139

 

(6)

 

112

 

 

 

 

 

Rentable sq. toes (3)

 

 

7,595,600

 

 

 

7,557,300

 

 

 

 

 

 

 

2,982,400

 

 

 

680,300

 

 

 

 

 

10,578,000

 

(6)

 

8,237,600

 

 

 

 

 

Common bodily occupancy (4)

 

 

95.8

%

 

 

89.7

%

 

 

 

 

 

N/M

 

 

N/M

 

 

 

 

 

94.6

%

 

 

88.1

%

 

 

 

 

Annualized lease per occupied sq. foot (5)

 

$

16.50

 

 

$

14.38

 

 

 

 

 

 

N/M

 

 

N/M

 

 

 

 

$

16.18

 

 

$

14.12

 

 

 

 

 

N/M Not significant

(1)

 

Income consists of rental income, Tenant Packages income, ancillary income, and administrative and late charges.

(2)

 

Property working bills excludes company basic and administrative bills, curiosity expense, depreciation, amortization expense, and acquisition bills.

(3)

 

Of the full rentable sq. toes, parking represented roughly 937,000 sq. toes and 678,000 sq. toes as of June 30, 2021 and 2020, respectively. On a same-store foundation, for a similar durations, parking represented roughly 678,000 sq. toes.

(4)

 

Decided by dividing the sum of the month-end occupied sq. toes for the relevant group of amenities for every relevant interval by the sum of their month-end rentable sq. toes for the interval.

(5)

 

Decided by dividing the mixture realized rental revenue for every relevant interval by the mixture of the month-end occupied sq. toes for the interval. Properties are included within the respective calculations of their first full month of operations, as applicable. SmartStop has excluded the realized rental income and occupied sq. toes associated to parking herein for the aim of calculating annualized lease per occupied sq. foot.

(6)

 

Included within the non same-store knowledge is a self storage facility consisting of roughly 84,000 sq. toes owned by SST VI OP for the interval throughout which SmartStop consolidated their monetary statements. As of June 30, 2021, SmartStop was not required to consolidate their monetary statements.

SmartStop’s same-store income elevated by roughly $5.3 million for the three months ended June 30, 2021 in comparison with the three months ended June 30, 2020 because of larger annualized lease per occupied sq. foot and elevated occupancy.

The next desk presents a reconciliation of web loss as introduced on SmartStop’s consolidated statements of operations to property working revenue, as acknowledged above, for the durations indicated:

 

 

For the Three Months Ended June 30,

 

 

2021

 

2020

Internet loss

 

$

(1,310,838

)

 

$

(7,062,841

)

Adjusted to exclude:

 

 

 

 

 

 

Managed REIT Platform income

 

 

(1,058,291

)

 

 

(1,852,893

)

Managed REIT Platform bills

 

 

316,142

 

 

 

1,008,014

 

Basic and administrative

 

 

6,811,313

 

 

 

4,149,713

 

Depreciation

 

 

10,742,801

 

 

 

7,842,443

 

Intangible amortization expense

 

 

3,653,681

 

 

 

3,218,152

 

Acquisition bills

 

 

30,448

 

 

 

97,221

 

Contingent earnout adjustment

 

 

400,000

 

 

 

500,000

 

Achieve on sale of actual property

 

 

(178,631

)

 

 

 

Curiosity expense

 

 

7,950,702

 

 

 

8,284,429

 

Curiosity expense – accretion of honest market worth of secured debt

 

 

(31,250

)

 

 

(32,892

)

Curiosity expense – debt issuance prices

 

 

496,897

 

 

 

936,278

 

Different

 

 

(171,203

)

 

 

(152,456

)

Complete property working revenue

 

$

27,651,771

 

 

$

16,935,168

 

The next desk presents a reconciliation of same-store metrics by Metropolitan Statistical Space (“MSA”) or Census Metropolitan Areas (“CMA”), for the durations indicated:

 

 

% of

 

 

# of

 

 

Internet Rentable

 

 

 

 

 

Internet Lease per

Occupied Sq. Ft.

for the Three

Months Ended

June 30,(1)

 

 

Avg.

Occupancy for

the Three

Months Ended

June 30,

 

 

%

 

 

Income for the Three

Months Ended June 30,(3)

 

 

%

 

 

Bills for the Three

Months Ended June 30,(3)

 

 

%

 

 

NOI for the Three Months

Ended June 30,(3)

 

 

%

 

MSA/CMA

 

NOI

 

 

Shops

 

 

Sq. Ft.

 

 

Models

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Change

 

 

2021

 

 

2020

 

 

Change

 

 

2021

 

 

2020

 

 

Change

 

 

2021

 

 

2020

 

 

Change

Miami – Fort Lauderdale

 

15.8

%

 

9

 

 

941,400

 

 

7,750

 

$

20.65

 

$

18.70

 

 

94.8

%

 

88.8

%

 

6.0

%

$

4,429,592

 

$

3,790,280

 

 

16.9

%

$

1,087,089

 

$

1,009,228

 

 

7.7

%

$

3,342,503

 

$

2,781,052

 

 

20.2

%

Toronto (2)

 

14.7

%

 

10

 

 

849,600

 

 

7,800

 

 

20.20

 

 

15.13

 

 

95.5

%

 

92.5

%

 

3.0

%

 

4,222,800

 

 

3,159,757

 

 

33.6

%

 

1,107,797

 

 

1,011,978

 

 

9.5

%

 

3,115,003

 

 

2,147,779

 

 

45.0

%

Los Angeles

 

11.4

%

 

10

 

 

660,400

 

 

6,200

 

 

19.78

 

 

17.75

 

 

96.8

%

 

90.8

%

 

5.9

%

 

3,201,084

 

 

2,640,544

 

 

21.2

%

 

794,447

 

 

750,095

 

 

5.9

%

 

2,406,637

 

 

1,890,449

 

 

27.3

%

Asheville

 

7.6

%

 

13

 

 

780,200

 

 

5,530

 

 

12.79

 

 

11.35

 

 

95.4

%

 

89.3

%

 

6.1

%

 

2,243,269

 

 

1,941,617

 

 

15.5

%

 

645,575

 

 

579,851

 

 

11.3

%

 

1,597,694

 

 

1,361,766

 

 

17.3

%

Las Vegas

 

7.2

%

 

5

 

 

552,500

 

 

4,380

 

 

15.30

 

 

13.35

 

 

96.3

%

 

91.3

%

 

5.0

%

 

1,871,000

 

 

1,523,832

 

 

22.8

%

 

355,546

 

 

344,191

 

 

3.3

%

 

1,515,454

 

 

1,179,641

 

 

28.5

%

San Francisco – Oakland

 

6.2

%

 

4

 

 

322,600

 

 

2,920

 

 

21.93

 

 

19.66

 

 

95.5

%

 

88.5

%

 

7.1

%

 

1,748,144

 

 

1,436,514

 

 

21.7

%

 

445,084

 

 

421,353

 

 

5.6

%

 

1,303,060

 

 

1,015,161

 

 

28.4

%

Detroit

 

3.1

%

 

4

 

 

266,100

 

 

2,220

 

 

13.05

 

 

11.93

 

 

96.8

%

 

87.8

%

 

8.9

%

 

874,187

 

 

724,116

 

 

20.7

%

 

212,137

 

 

200,405

 

 

5.9

%

 

662,050

 

 

523,711

 

 

26.4

%

Riverside – SB

 

3.0

%

 

3

 

 

180,700

 

 

1,770

 

 

17.58

 

 

14.50

 

 

98.8

%

 

92.8

%

 

6.0

%

 

828,481

 

 

643,495

 

 

28.7

%

 

192,051

 

 

186,064

 

 

3.2

%

 

636,430

 

 

457,431

 

 

39.1

%

Dayton

 

2.8

%

 

7

 

 

392,400

 

 

3,340

 

 

10.58

 

 

8.89

 

 

95.5

%

 

92.9

%

 

2.6

%

 

1,035,962

 

 

857,345

 

 

20.8

%

 

441,251

 

 

361,157

 

 

22.2

%

 

594,711

 

 

496,188

 

 

19.9

%

Port St. Lucie

 

2.7

%

 

3

 

 

251,600

 

 

2,010

 

 

15.46

 

 

13.49

 

 

96.6

%

 

86.9

%

 

9.7

%

 

896,173

 

 

707,321

 

 

26.7

%

 

333,659

 

 

344,826

 

 

-3.2

%

 

562,514

 

 

362,495

 

 

55.2

%

Denver

 

2.6

%

 

5

 

 

290,700

 

 

2,550

 

 

12.73

 

 

11.66

 

 

96.3

%

 

86.7

%

 

9.6

%

 

945,909

 

 

779,657

 

 

21.3

%

 

401,721

 

 

375,148

 

 

7.1

%

 

544,188

 

 

404,509

 

 

34.5

%

Chicago

 

2.4

%

 

5

 

 

315,600

 

 

2,880

 

 

11.97

 

 

10.82

 

 

95.8

%

 

87.7

%

 

8.1

%

 

959,511

 

 

785,361

 

 

22.2

%

 

459,223

 

 

416,239

 

 

10.3

%

 

500,288

 

 

369,122

 

 

35.5

%

Myrtle Seashore

 

2.1

%

 

2

 

 

197,800

 

 

1,450

 

 

12.51

 

 

11.86

 

 

93.7

%

 

88.0

%

 

5.8

%

 

572,286

 

 

501,239

 

 

14.2

%

 

133,829

 

 

127,569

 

 

4.9

%

 

438,457

 

 

373,670

 

 

17.3

%

Raleigh – Cary

 

1.4

%

 

3

 

 

163,800

 

 

1,090

 

 

11.02

 

 

10.17

 

 

96.6

%

 

89.6

%

 

7.0

%

 

436,942

 

 

369,200

 

 

18.3

%

 

151,057

 

 

159,630

 

 

-5.4

%

 

285,885

 

 

209,570

 

 

36.4

%

Different

 

17.2

%

 

20

 

 

1,430,200

 

 

12,780

 

 

16.42

 

 

14.53

 

 

95.9

%

 

89.1

%

 

6.7

%

 

5,745,701

 

 

4,841,794

 

 

18.7

%

 

2,118,373

 

 

1,991,730

 

 

6.4

%

 

3,627,328

 

 

2,850,064

 

 

27.3

%

Complete Similar-Retailer

 

100.0

%

 

103

 

 

7,595,600

 

 

64,670

 

$

16.50

 

$

14.38

 

 

95.8

%

 

89.7

%

 

6.1

%

$

30,011,041

 

$

24,702,072

 

 

21.5

%

$

8,878,839

 

$

8,279,464

 

 

7.2

%

$

21,132,202

 

$

16,422,608

 

 

28.7

%

(1)

 

RentPOF outlined as rental income web of reductions & concessions, excluding late charges, admin charges and parking revenue, divided by occupied sq. toes of storage..

(2)

 

Introduced in US {Dollars} (USD) as translated on common for the quarter.

(3)

 

Similar-store income, expense and NOI are non-GAAP measures. See Computation of Similar-Retailer Working Outcomes for a reconciliation of those measures to essentially the most straight comparable GAAP monetary measures.

The next desk units forth working knowledge for SmartStop’s same-store amenities (these properties included within the consolidated outcomes of operations since January 1, 2020, excluding 9 lease-up properties SmartStop owned as of January 1, 2020) for the six months ended June 30, 2021 and 2020. SmartStop considers the next knowledge to be significant as this enables for the comparability of outcomes with out the consequences of acquisition, lease up, or improvement exercise.

 

 

Similar-Retailer Services

 

 

Non Similar-Retailer Services

 

Complete

 

 

 

2021

 

 

2020

 

 

%

Change

 

 

2021

 

 

2020

 

 

%

Change

 

2021

 

 

2020

 

 

%

Change

 

Income (1)

 

$

57,882,936

 

 

$

50,107,107

 

 

 

15.5

%

 

$

13,309,676

 

 

$

2,743,966

 

 

N/M

 

$

71,192,612

 

 

$

52,851,073

 

 

 

34.7

%

Property working bills (2)

 

 

17,696,351

 

 

 

16,996,158

 

 

 

4.1

%

 

 

5,126,899

 

 

 

1,873,911

 

 

N/M

 

 

22,823,250

 

 

 

18,870,069

 

 

 

20.9

%

Property working revenue

 

$

40,186,585

 

 

$

33,110,949

 

 

 

21.4

%

 

$

8,182,777

 

 

$

870,055

 

 

N/M

 

$

48,369,362

 

 

$

33,981,004

 

 

 

42.3

%

Variety of amenities

 

 

103

 

 

 

103

 

 

 

 

 

 

 

36

 

(6)

 

9

 

 

 

 

 

139

 

(6)

 

112

 

 

 

 

 

Rentable sq. toes (3)

 

 

7,595,600

 

 

 

7,557,300

 

 

 

 

 

 

 

2,982,400

 

 

 

680,300

 

 

 

 

 

10,578,000

 

(6)

 

8,237,600

 

 

 

 

 

Common bodily occupancy (4)

 

 

94.5

%

 

 

89.2

%

 

 

 

 

 

N/M

 

 

N/M

 

 

 

 

 

93.5

%

 

 

87.4

%

 

 

 

 

Annualized lease per occupied sq. foot (5)

 

$

15.93

 

 

$

14.63

 

 

 

 

 

 

N/M

 

 

N/M

 

 

 

 

$

15.72

 

 

$

14.40

 

 

 

 

 

N/M Not significant

(1)

 

Income consists of rental income, Tenant Packages income, ancillary income, and administrative and late charges.

(2)

 

Property working bills excludes company basic and administrative bills, curiosity expense, depreciation, amortization expense, and acquisition bills. Property working bills for the six months ended June 30, 2020 additionally consists of COVID-19 associated prices, together with specialised cleansing prices, the acquisition of private protecting gear, and bonuses to SmartStop’s retailer personnel, totaling roughly $0.5 million. On a same-store foundation, COVID-19 associated prices represented roughly $0.5 million of the full property working bills for the six months ended June 30, 2020.

(3)

 

Of the full rentable sq. toes, parking represented roughly 937,000 sq. toes and 678,000 sq. toes as of June 30, 2021 and 2020, respectively. On a same-store foundation, for a similar durations, parking represented roughly 678,000 sq. toes.

(4)

 

Decided by dividing the sum of the month-end occupied sq. toes for the relevant group of amenities for every relevant interval by the sum of their month-end rentable sq. toes for the interval.

(5)

 

Decided by dividing the mixture realized rental revenue for every relevant interval by the mixture of the month-end occupied sq. toes for the interval. Properties are included within the respective calculations of their first full month of operations, as applicable. SmartStop has excluded the realized rental income and occupied sq. toes associated to parking herein for the aim of calculating annualized lease per occupied sq. foot.

(6)

 

Included within the non same-store knowledge is a self storage facility consisting of roughly 84,000 sq. toes owned by SST VI OP for the interval throughout which SmartStop consolidated their monetary statements. As of June 30, 2021, SmartStop was not required to consolidate their monetary statements.

SmartStop’s same-store income elevated by roughly $7.8 million for the six months ended June 30, 2021 in comparison with the six months ended June 30, 2020 because of larger annualized lease per occupied sq. foot and elevated occupancy.

The next desk presents a reconciliation of web loss as introduced on SmartStop’s consolidated statements of operations to property working revenue, as acknowledged above, for the durations indicated:

 

 

For the Six Months Ended June 30,

 

 

2021

 

2020

Internet loss

 

$

(13,614,304

)

 

$

(44,806,422

)

Adjusted to exclude:

 

 

 

 

 

 

Managed REIT Platform income

 

 

(3,346,031

)

 

 

(3,636,680

)

Managed REIT Platform bills

 

 

636,032

 

 

 

2,182,823

 

Basic and administrative

 

 

11,564,302

 

 

 

7,817,660

 

Depreciation

 

 

19,286,728

 

 

 

15,559,114

 

Intangible amortization expense

 

 

4,913,228

 

 

 

6,887,783

 

Acquisition bills

 

 

336,098

 

 

 

125,326

 

Contingent earnout adjustment

 

 

2,519,744

 

 

 

(6,700,000

)

Impairment of goodwill and intangible belongings

 

 

 

 

 

36,465,732

 

Impairment of investments in Managed REITs

 

 

 

 

 

4,376,879

 

Write-off of fairness curiosity and preexisting relationships in SST IV upon acquisition of management

 

 

8,389,573

 

 

 

 

Achieve on sale of actual property

 

 

(178,631

)

 

 

 

Curiosity expense

 

 

15,926,166

 

 

 

16,623,732

 

Curiosity expense – accretion of honest market worth of secured debt

 

 

(63,116

)

 

 

(65,549

)

Curiosity expense – debt issuance prices

 

 

1,169,370

 

 

 

1,879,761

 

Internet loss on extinguishment of debt

 

 

2,444,788

 

 

 

 

Different

 

 

(1,614,585

)

 

 

(2,729,155

)

Complete property working revenue

 

$

48,369,362

 

 

$

33,981,004

 

ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted

Internet Working Revenue (“NOI”)

NOI is a non-GAAP measure that SmartStop defines as web revenue (loss), computed in accordance with GAAP, generated from properties earlier than company basic and administrative bills, asset administration charges, curiosity expense, depreciation, amortization, acquisition bills and different non-property associated bills. SmartStop believes that NOI is helpful for traders because it gives a measure of the working efficiency of its working belongings as a result of NOI excludes sure gadgets that aren’t related to the continued operation of the properties. Moreover, SmartStop believes that NOI (additionally known as property working revenue) is a broadly accepted measure of comparative working efficiency in the actual property neighborhood. Nonetheless, SmartStop’s use of the time period NOI will not be akin to that of different actual property corporations as they might have completely different methodologies for computing this quantity.

Funds from Operations (“FFO”) and FFO, as Adjusted

Funds from Operations

Funds from operations (“FFO”) is an trade broad metric promulgated by the Nationwide Affiliation of Actual Property Funding Trusts, or NAREIT, which SmartStop believes to be an applicable supplemental measure to replicate the working efficiency of a REIT. The usage of FFO is really useful by the REIT trade as a supplemental efficiency measure.

SmartStop defines FFO, a non-GAAP measure, in step with the requirements established by the White Paper on FFO authorized by the Board of Governors of NAREIT, or the White Paper. The White Paper defines FFO as web revenue (loss) computed in accordance with GAAP, excluding good points or losses from gross sales of property and asset impairment write downs, plus depreciation and amortization, and after changes for unconsolidated partnerships and joint ventures. Moreover, good points and losses from change in management are excluded from the dedication of FFO. Changes for unconsolidated partnerships and joint ventures are calculated to replicate FFO on the identical foundation. SmartStop’s FFO calculation complies with NAREIT’s coverage described above.

FFO, as Adjusted

SmartStop makes use of FFO, as adjusted, as a further non-GAAP monetary measure to judge its working efficiency. SmartStop beforehand used Modified Funds from Operations (“MFFO”) (as outlined by the Institute for Portfolio Options) as a non-GAAP measure of working efficiency. Administration changed the MFFO measure with FFO, as adjusted, as a result of FFO, as adjusted, gives traders with supplemental efficiency info that’s in step with the efficiency fashions and evaluation utilized by administration. As well as, FFO, as adjusted, is a measure used amongst SmartStop’s peer group, which incorporates publicly traded REITs. Additional, SmartStop believes FFO, as adjusted, is helpful in evaluating the sustainability of its working efficiency with the sustainability of the working efficiency of different actual property corporations.

In figuring out FFO, as adjusted, SmartStop makes additional changes to the NAREIT computation of FFO to exclude the consequences of non-real property associated asset impairments and intangible amortization, acquisition associated prices, different write-offs incurred in reference to acquisitions, contingent earnout bills, changes of honest worth of debt changes, good points or losses from extinguishment of debt, accretion of deferred tax liabilities, realized and unrealized good points/losses on overseas change transactions, and good points/losses on overseas change and rate of interest derivatives not designated for hedge accounting, which SmartStop believes should not indicative of the Firm’s total long-term working efficiency. SmartStop excludes these things from GAAP web revenue to reach at FFO, as adjusted, as they don’t seem to be the first drivers in its decision-making course of and excluding these things gives traders a view of its persevering with working portfolio efficiency over time and makes its outcomes extra comparable interval to interval and to different REITs, which in any respective interval could expertise fluctuations in such acquisition, merger or different related actions that aren’t of a long-term working efficiency nature. FFO, as adjusted, additionally displays changes for unconsolidated partnerships and collectively owned investments. SmartStop makes use of FFO, as adjusted, as one measure of working efficiency when SmartStop formulates company objectives and consider the effectiveness of its methods.

Presentation of FFO and FFO, as adjusted, is meant to offer helpful info to traders as they examine the working efficiency of various REITs, though it must be famous that not all REITs calculate FFO and FFO, as adjusted, the identical approach, so comparisons with different REITs will not be significant. Moreover, FFO and FFO, as adjusted, should not essentially indicative of money movement obtainable to fund money wants and shouldn’t be thought-about as a substitute for web revenue (loss) or revenue (loss) from persevering with operations as a sign of SmartStop’s efficiency, as a substitute for money flows from operations, which is a sign of liquidity, or indicative of funds obtainable to fund SmartStop’s money wants together with SmartStop’s potential to make distributions to its stockholders. FFO and FFO, as adjusted, shouldn’t be thought-about as a substitute for web revenue (decided in accordance with GAAP) and must be reviewed together with different measurements as a sign of SmartStop’s efficiency.

Neither the SEC, NAREIT, nor another regulatory physique has handed judgment on the acceptability of the changes that SmartStop makes use of to calculate FFO or FFO, as adjusted. Sooner or later, the SEC, NAREIT or one other regulatory physique could determine to standardize the allowable changes throughout the publicly registered, non-traded REIT trade and SmartStop must modify its calculation and characterization of FFO or FFO, as adjusted.

About SmartStop Self Storage REIT, Inc. (“SmartStop”):

SmartStop is a self-managed REIT with a completely built-in operations workforce of roughly 400 self storage professionals targeted on rising the SmartStop® Self Storage model. SmartStop, by means of its oblique subsidiary SmartStop REIT Advisors, LLC, additionally sponsors different self storage applications. SmartStop is the tenth-largest self storage firm within the U.S., with roughly $1.8 billion of actual property belongings below administration, together with an owned and managed portfolio of 155 properties in 19 states and Toronto, Canada and comprising roughly 105,000 items and 11.9 million rentable sq. toes. SmartStop and its associates personal or handle 17 working self storage properties within the Larger Toronto Space, which complete roughly 14,300 items and 1.5 million rentable sq. toes. Extra info concerning SmartStop is obtainable at www.smartstopselfstorage.com.

Sure of the issues mentioned on this communication represent forward-looking statements throughout the which means of the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995. Such forward-looking statements can usually be recognized by our use of forward-looking terminology resembling “could,” “will,” “count on,” “intend,” “anticipate,” “estimate,” “consider,” “proceed,” or different related phrases. Readers are cautioned to not place undue reliance on these forward-looking statements and any such forward-looking statements are certified of their entirety by reference to the next cautionary statements.

All forward-looking statements communicate solely as of the date hereof and are based mostly on present expectations and contain numerous assumptions, dangers and uncertainties that would trigger the precise outcomes to vary materially from such forward-looking statements. Such forward-looking statements embody, however should not restricted to, statements concerning the anticipated results and advantages of the SST IV merger, the SSGT merger, the self administration transaction and the Sequence A Most well-liked fairness funding, together with anticipated future monetary and working outcomes and synergies, in addition to all different statements on this press launch, apart from historic info. There are a number of components which may trigger precise plans and outcomes to vary materially from these expressed or implied in forward-looking statements, together with, with out limitation, the next: (i) dangers associated to disruption of administration’s consideration from SmartStop’s ongoing enterprise operations as a result of SST IV merger, the self administration transaction, or different enterprise issues; (ii) vital transaction prices, together with financing prices, and unknown liabilities; (iii) failure to understand the anticipated advantages and synergies of both of the SST IV merger, the SSGT merger or the self administration transaction within the anticipated timeframes or in any respect; (iv) prices or difficulties associated to the combination of acquired self storage amenities and operations, together with amenities acquired by means of the SST IV merger, the SSGT merger and operations acquired by means of the self administration transaction; (v) adjustments within the political and financial local weather, financial circumstances and financial imbalances in america, and different main developments, together with wars, pure disasters, epidemics and pandemics, together with the outbreak of novel coronavirus (COVID-19), army actions, and terrorist assaults; (vi) adjustments in tax and different legal guidelines and rules; or (vii) difficulties in SmartStop’s potential to draw and retain certified personnel and administration.

Precise outcomes could differ materially from these indicated by such forward-looking statements. As well as, the forward-looking statements characterize SmartStop’s views as of the date on which such statements had been made. SmartStop anticipates that subsequent occasions and developments could trigger its views to alter. These forward-looking statements shouldn’t be relied upon as representing SmartStop’s views as of any date subsequent to the date hereof. Extra components which will have an effect on the enterprise or monetary outcomes of SmartStop are described within the threat components included in SmartStop’s filings with the SEC, together with SmartStop’s Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2020 and subsequent Quarterly Stories on Type 10-Q and Present Stories on Type 8-Okay, which components are included herein by reference, all of that are filed with the SEC and obtainable at www.sec.gov. SmartStop expressly disclaims an obligation to offer updates to forward-looking statements, whether or not on account of new info, future occasions or different occurrences.



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