Smartstop Self Storage Reit, Inc. · NYSE:SMA
Smartstop Self Storage Reit — Q2 2019 Earnings Presentation
28 slides from Smartstop Self Storage Reit's earnings presentation, Sep 17, 2019
Slide 1: Second Quarter Update
+ + Second Quarter Update Exhibit 99.1
Slide 2: Disclaimer & Risk Factors
Disclaimer & Risk Factors This investor presentation 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 identi
Slide 3: Additional Information Regarding NOI, FFO & MFFO
Additional Information Regarding NOI, FFO & MFFO Funds from Operations (“FFO”) and Modified Funds from Operations (“MFFO”) Due to certain unique operating characteristics of real estate companies, the National Association of Real Estate Investment Trusts, or NAREIT, an industry trade group, has prom
Slide 4: Additional Information Regarding NOI, FFO & MFFO
Additional Information Regarding NOI, FFO & MFFO Prior to January 1, 2019, when SmartStop adopted new accounting guidance, such costs were entirely expensed as operating expenses under GAAP. Subsequent to January 1, 2019, certain of such costs continue to be expensed. SmartStop believes these fees a
Slide 5: Additional Information Regarding NOI, FFO & MFFO
Additional Information Regarding NOI, FFO & MFFO Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income (loss) in determining cash flows from operations. In addition, SmartStop views fair value adjustme
Slide 6: SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc.
Slide 7: SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed and fully-integrated self storage company with a portfolio of over $1.4 billion of self storage assets. SmartStop is the 10th largest self storage company in the U.S. with an owned and managed portfol
Slide 8: SmartStop's Executive Team
SmartStop’s Executive Team H. Michael Schwartz Founder & Executive Chairman Mike Terjung Chief Accounting Officer Michael McClure Chief Executive Officer James Barry Chief Financial Officer & Treasurer Wayne Johnson President & Chief Investment Officer Gerald Valle Senior Vice President Self Storage
Slide 9: Institutional Management
Institutional Management Day-to-day operations Technology Innovation Web Development Marketing Pricing Analytics Revenue Management Dedicated In-house Call Center Developments & C/Os
Slide 10: Modern Website
Modern Website Modern, New Website Emphasis on mobile speed & experience → 1.9 second load time Geo-serving content Better search functionality UX testing to build best user flow Live chat with call center Online rentals ready to be released Web leads now converting over 60% Same store unique visito
Slide 11: SmartStop Self Storage – Branding
SmartStop Self Storage – Branding Brand Awareness Strong, well-known brand name Brand protection Registered trademarks in U.S./Canada 250 U.S./Canadian domain names Processes in place to act upon potential brand infringement Store Branding Locations feature SmartStop signage and colors The SmartStop
Slide 12: Brand Awareness
Brand Awareness Shane Kline Mississauga Steelheads Jessica Klejka Multiple Fighters CYCLIST ‘20 Olympic Hopeful HOCKEY IDITAROD MUSHER BOXING /MMA Social Media Followers: 17,840 Impressions: 10,597,274. Engagements: 510,181 Last 6 Months INDY CAR Sage Karam Bryce Hudson MOTO X STEP UP
Slide 13: SSGT Merger & Self Administration Transaction
SSGT Merger & Self Administration Transaction
Slide 14: SSGT Merger Overview
SSGT Merger Overview SmartStop completed its acquisition of Strategic Storage Growth Trust, Inc. “SSGT” by merger on January 24, 2019 in a 100% cash transaction Total transaction value of approximately $350M at $12.00/share, which includes SSGT debt that was assumed or repaid SmartStop obtained the
Slide 15: Self Administration Transaction Process
Self Administration Transaction Process The independent members of the Board of Directors, through a Special Committee, engaged in a process to consider, review and approve the Self Administration Transaction with SmartStop Asset Management, LLC (“SAM”) The Special Committee retained separate legal
Slide 16: Unique Opportunity For Growth In Self Storage
Unique Opportunity For Growth In Self Storage SmartStop offers a unique opportunity for future growth: Highly talented team of over 350 dedicated self storage professionals and executive team with an average of 15 years of self storage experience Tenth largest self storage company in the US with 113
Slide 17: SmartStop Self Storage - Managed REIT Platform
SmartStop Self Storage - Managed REIT Platform SmartStop REIT Advisors, a subsidiary of SmartStop, now serves as the sponsor, advisor, and property manager for one public non-traded REIT, SST IV and one private REIT, SSGT II SST IV and SSGT II have approximately $240M of combined current AUM and ove
Slide 18: NAV Process
NAV Process Net Asset Value (“NAV”) of $10.66/share as of March 31, 2019 Independent, 3rd Party Valuation by Robert A. Stanger & Co, Inc. Asset-by-Asset valuation of Real Estate (no portfolio premium) In accordance with IPA NAV Guideline See our Form 8-K filed with the SEC on June 27, 2019 for a des
Slide 19: Portfolio & Financial Update
Portfolio & Financial Update
Slide 20: Canadian Joint Venture
Canadian Joint Venture PRESS RELEASE TORONTO, ONTARIO–(Feb. 23, 2017) – SmartStop Asset Management, LLC, a diversified real estate company, announced today that it has signed a letter of intent to enter a joint venture with Smart Real Estate Investment Trust (SmartREIT) (TSX: SRU.UN), one of Canada’
Slide 21: Toronto Portfolio
Toronto Portfolio $235M CAD INVESTMENT IN TORONTO* *$235M figure represents Canadian dollar-denominated value of SmartStop’s portfolio, as designated under the “Current Properties” section. Value is determined based on the appraised value of the assets from the declared Net Asset Value (NAV) calcula
Slide 22: Current Portfolio
Current Portfolio *2 properties owned through SmartCentres JV *
Slide 23: SmartStop NOI by State Q2 2019
*NOI represents Q2 2019. SmartStop NOI by State Q2 2019 $15,740,000* Our portfolio is geographically diversified, with targeted investments in high growth markets such as California, Florida, and the Greater Toronto Area Owned NOI Owned & Managed NOI Q2 2019 $18,660,000*
Slide 24: Balance Sheet
Balance Sheet Royal Palm Beach, Florida Loan to Value(1) June 30, 2019 = 55% (1) Value based on most recent NAV Distributions(1) SmartStop pays a distribution rate of approximately $0.001644 per day per share (equivalent to $0.60 per share annually) to both Class A and Class T stockholders of record
Slide 25: SmartStop Financial Update Second Quarter 2019 vs. 2018
SmartStop Financial Update Second Quarter 2019 vs. 2018 Revenues (as reported) Revenues (adjusted for impact of ASU 2016-02 Leases) Net Operating Income* Property Operating Expenses as a Percentage of Revenue Number of Facilities Average Physical Occupancy Annualized Revenue per Occupied SF (exclude
Slide 26: SmartStop Financial Update Six Months Ended June 30, 2019 vs. 2018
SmartStop Financial Update Six Months Ended June 30, 2019 vs. 2018 Revenues (as reported) Revenues (adjusted for impact of ASU 2016-02 Leases) Net Operating Income* Property Operating Expenses as a Percentage of Revenue Number of Facilities Average Physical Occupancy Annualized Revenue per Occupied
Slide 27: Publicly Traded Self Storage Companies / Public Non-Traded REITs
Publicly Traded Self Storage Companies NYSE: EXR NYSE: PSA NYSE: CUBE NYSE: LSI NYSE: UHAL NYSE: JCAP NYSE: NSA Public Non-Traded Self Storage REITs - OFFERING CLOSED - - OFFERING OPEN -
Slide 28: Questions?
Vy SmartStop Self Storage REIT, Inc. ..The Smarter Way to Store!” Questions?
SmartStop Self Storage REIT — Q2 2019 Earnings Presentation on 6ix