Attached files
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| EX-99.1 - PRESS RELEASE - SmartStop Self Storage, Inc. | rrd306165_34503.htm |
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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 September 13, 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 El Paso, Texas (the "El Paso I property"). On March 17, 2011, the Registrant closed on the purchase of the El Paso I property.
The Registrant purchased the El Paso I property for a purchase price of approximately $1.25 million, plus closing costs and acquisition fees. The Registrant paid its advisor, Strategic Storage Advisor, LLC, a total of $31,250 in acquisition fees in connection with the acquisition of this property. The Registrant funded this acquisition using net proceeds from its initial public offering. The acquisition of the El Paso I property is subject to an "earn out" provision that could increase the acquisition price up to an additional $450,000.
The El Paso I property was built in 2010, and as a result of recent renovations, has approximately 40,800 rentable square feet, consisting of approximately 290 units of self storage space, including 25 RV spaces. The El Paso I property is located at 6047 Woodrow Bean Drive, El Paso, Texas.
The Registrant's portfolio now includes 57 wholly-owned properties in 16 states and Canada.
Closing of the Prudential - Long Beach Loan
On March 22, 2011, the Registrant, through a wholly-owned subsidiary of the Registrant's operating partnership, entered into a loan with The Prudential Insurance Company of America ("Prudential") in the principal amount of approximately $6.8 million (the "Prudential - Long Beach Loan"). The proceeds from the Prudential - Long Beach Loan will be used to fund future acquisitions. The Prudential - Long Beach Loan has a term of over eight years and matures on September 5, 2019. The loan bears a fixed rate of 5.27% per annum, with payments of principal and interest due on a monthly basis. The loan may be prepaid at any time upon 30 days' written notice, subject to the payment of all outstanding interest and a prepayment premium. The Prudential - Long Beach Loan is secured by a deed of trust and first priority security interest in the Los Angeles - Long Beach property and is cross-collateralized by eleven other loans entered into with Prudential on August 25, 2010. The Prudential - Long Beach Loan is guaranteed by the Registrant's operating partnership through a property-owning subsidiary.
Termination of the London - Ontario Purchase Agreement
As previously reported, on December 22, 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 (the "London - Ontario Purchase Agreement") for the acquisition of two self storage facilities located in London - Ontario, Canada. On March 1, 2011 the Registrant terminated the London - Ontario Purchase Agreement. Pursuant to the terms of the London - Ontario Purchase Agreement, the Registrant did not forfeit its earnest money deposit upon termination.
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Strategic Storage Trust, Inc.
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Date: March 22, 2011
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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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