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EX-99.1 - PRESS RELEASE - SmartStop Self Storage, Inc. | rrd292010_33487.htm |
MD
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32-0211624
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
As reported earlier, on October 8, 2010, the Registrant, through a wholly-owned subsidiary of the Registrant's operating partnership, entered into a purchase and sale agreement with an unaffiliated third party for the acquisition of a self storage facility located in Toronto, Ontario - Canada (the "Toronto property"). On November 23, 2010, the Registrant closed on the purchase of the Toronto property.
The Registrant purchased the Toronto property for a purchase price of $14.15 million, plus closing costs and acquisition fees. The Registrant paid its advisor, Strategic Storage Advisor, LLC, a total of $353,750 in acquisition fees in connection with the acquisition of the Toronto property. The Registrant funded this acquisition using net proceeds from its initial public offering and debt proceeds from a group of loans previously obtained from The Prudential Insurance Company of America that are secured by a first priority mortgage or deed of trust on 11 of the properties in the Registrant's existing portfolio.
The Toronto property is an approximately 1,060-unit self storage facility that sits on approximately 4.7 acres and contains approximately 110,000 rentable square feet of self storage space, located at 4548 Dufferin Street, Toronto, Ontario - Canada. It was constructed in 1965 and converted to self storage in 2008.
The Registrant's portfolio now includes 41 wholly-owned properties in 15 states and Canada.
99.1 Press Release Announcing the Acquisition of the Toronto Property
Strategic Storage Trust, Inc.
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Date: November 23, 2010
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By:
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/s/ Michael S. McClure
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Michael S. McClure
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Chief Financial Officer
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Exhibit No.
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Description
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EX-99.1
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Press Release
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