Latest news with #selfstorage
National Post
2 days ago
- Business
- National Post
SmartStop Self Storage REIT, Inc. to Join the Russell 3000 Index
Article content LADERA RANCH, Calif. — SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, will be added to the Russell 3000® Index following the annual reconstitution of the Russell indexes, effective after the market closes on Friday, June 27, 2025. Article content Article content SmartStop's inclusion follows its April 2025 listing on the New York Stock Exchange and marks a significant achievement in its growth as a publicly traded enterprise. The Russell 3000 Index captures the largest 3,000 U.S.-traded stocks by market capitalization and serves as the foundation for additional subindexes, including the Russell 1000® and Russell 2000® Indexes. Final placement in one of these subindexes will be based on SmartStop's relative market capitalization. Article content 'Joining the Russell indexes is a significant milestone for SmartStop as a newly listed company,' said H. Michael Schwartz, Chairman and CEO of SmartStop. 'It reflects the progress we've made and the scale of our platform. We believe this inclusion will help increase our visibility among institutional investors as we continue executing our growth strategy.' Article content About SmartStop Self Storage REIT, Inc. (SmartStop): Article content SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 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 May 30, 2025, SmartStop has an owned or managed portfolio of 221 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 157,600 units and 17.7 million rentable square feet. SmartStop and its affiliates own or manage 41 operating self-storage properties in Canada, which total approximately 34,400 units and 3.5 million rentable square feet. Additional information regarding SmartStop is available at Article content Article content Article content Article content
National Post
3 days ago
- Business
- National Post
SmartStop Self Storage REIT, Inc. Announces Acquisition of Self-Storage Facility in the Denver Metropolitan Statistical Area
Article content LADERA RANCH, Calif. — SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced the acquisition of a self-storage facility located at 5885 W Colfax Ave in Lakewood, Colorado, within the Denver Metropolitan Statistical Area. Article content Article content The newly acquired facility comprises approximately 66,850 net rentable square feet and offers approximately 600 storage units across six buildings, including one three-story building, one two-story building, and three one-story buildings. The property features a mix of drive-up, ground-level interior non-climate-controlled, and upper-level interior climate-controlled units, with access provided by three elevators. Article content Strategically positioned approximately 3.5 miles from downtown Denver, the facility boasts excellent visibility along West Colfax Avenue, which experiences a daily traffic count of approximately 22,000 vehicles. The surrounding area reflects a strong demographic profile, including a projected five-year population growth rate of 3.0% within a three-mile radius. This facility will serve the neighborhoods of Eiber, Two Creeks, Edgewater, Morse Park, North Alameda, and Sloan Lake. Article content 'Our continued investment in high-quality storage assets within strong, growing markets like the Denver MSA is part of our long-term strategic vision,' said Wayne Johnson, President and Chief Investment Officer of SmartStop. 'With its central location, modern layout, and diverse unit mix, this facility is well positioned to meet customers' needs throughout the Lakewood and greater Denver communities.' Article content SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 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 May 29, 2025, SmartStop has an owned or managed portfolio of 221 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 157,600 units and 17.7 million rentable square feet. SmartStop and its affiliates own or manage 41 operating self-storage properties in Canada, which total approximately 34,400 units and 3.5 million rentable square feet. Additional information regarding SmartStop is available at Article content Article content Article content Article content Article content
National Post
4 days ago
- Business
- National Post
SmartStop Receives BBB Credit Rating From Morningstar DBRS
Article content LADERA RANCH, Calif. — SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced that DBRS, Inc. ('Morningstar DBRS') has assigned an Issuer Rating of BBB with a Stable trend to SmartStop OP, L.P., the operating partnership of SmartStop. The rating was based on the credit risk profile of SmartStop and its subsidiaries (including SmartStop OP, L.P.). Morningstar DBRS also assigned a senior unsecured debt rating on SmartStop's 2032 Private Placement Notes of BBB with a stable trend. Article content Article content The rating is supported by information submitted to Morningstar DBRS as of May 21, 2025, including management presentations, financial forecasts, annual reports, and organizational documentation. Article content Assumptions underlying the rating include the expectation that any future senior unsecured debt issued by SmartStop OP, L.P. will be unsubordinated and rank equally with its other unsecured obligations. These obligations are also expected to be fully guaranteed by SmartStop and its subsidiaries, consistent with the guarantees provided under its existing credit agreement and in accordance with Morningstar DBRS' Global Corporate Criteria. Article content About SmartStop Self Storage REIT, Inc. (SmartStop): Article content SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 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 May 28, 2025, SmartStop has an owned or managed portfolio of 220 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 157,100 units and 17.7 million rentable square feet. SmartStop and its affiliates own or manage 41 operating self-storage properties in Canada, which total approximately 34,400 units and 3.5 million rentable square feet. Additional information regarding SmartStop is available at Article content Article content Article content Article content Article content
Yahoo
25-05-2025
- Yahoo
Accused storage unit burglar in Port St. Lucie linked to others in Martin County, police say
PORT ST. LUCIE − A man accused of breaking in to a self-storage business, and burglarizing nearly 20 storage units is behind bars after an investigation involving fingerprint and license plate reading technology, according to recently-obtained records. Jimmy Ray Patterson, 52, of Melbourne, was booked in at the St. Lucie County Jail May 16 on 20 counts each of burglary of structure and criminal mischief $200 or less, and single counts each of burglary of a conveyance and third-degree grand theft following a Port St. Lucie Police investigation, records show. The case began May 3 as an officer was sent to Ekonomy Self Storage in the 2700 block of Southwest Buckhardt Street in the St. Lucie West area. Police determined a total of 19 storage units had locks cut off. A manager said the company conducts daily walkthroughs and inspections, and they discovered many lockers without their locks. Investigators determined exterior cameras appeared to have been manipulated. Police reviewed surveillance footage and said a man forced his way onto the property. He first was detected at 12:19 a.m. on a camera system, though he moved a number of cameras away from him. The man pulled 'an older model crew cab Dodge Ram with a lift, aftermarket rims and tires and a large light bar across the front windshield' inside. Police got a description of the man before he pushed the cameras up with a stick. At 1:30 a.m. the truck left. Sgt. Dominick Mesiti, police spokesperson, on May 20 said nothing of value was reported stolen from the storage units. Police used license plate reader technology to search for vehicles matching the description and noted a dark truck at about 1:38 a.m. in the area of Southwest Gatlin Boulevard and Interstate 95 northbound. Police were led to Patterson after researching the truck's tag and other photos and making comparisons. Patterson has five felony convictions in Florida, according to records. He has been arrested in Seminole, Brevard, Pasco, Volusia and Martin counties, as well as in Tennessee and Texas, records state. He was released from state prison in January 2025, according to the Florida Department of Corrections. Police found Patterson's fingerprint on a GMC Sierra at the Ekonomy Self Storage business. What we know: New interim Fort Pierce Police Chief kept low profile with agency Deadly shooting: Possible drug use, sleep deprivation precede fatal shooting in Port St. Lucie The GMC owner told police he doesn't know Patterson, and said a 12-inch speaker and an amplifier were taken from the vehicle. In Martin County, Patterson previously was arrested in connection with July 2023 storage locker burglaries in Stuart and in Palm City. Those cases are continuing through the court system, according to police and court records. Patterson was held May 20 in the St. Lucie County Jail on $120,000 bond, according to the St. Lucie County Sheriff's Office. Will Greenlee is a breaking news reporter for TCPalm. Follow Will on X @OffTheBeatTweet or reach him by phone at 772-267-7926. E-mail him at This article originally appeared on Treasure Coast Newspapers: Here's how police solved more than 15 burglaries in Port St. Lucie
Associated Press
24-05-2025
- Business
- Associated Press
SILVER STAR PROPERTIES REIT ADVANCES STRATEGIC PIVOT WITH SELF-STORAGE GROWTH AND BROAD OPERATIONAL TURNAROUND AND EXPANSION
Silver Star Properties REIT logo (PRNewsfoto/Silver Star Properties REIT) Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] HOUSTON, May 23, 2025 /PRNewswire/ -- Silver Star Properties REIT, Inc. ('Silver Star' or the 'Company') today announced continued progress in its transformation into a premier self-storage investment platform. The Company's proactive pivot, led by Director of Asset Management David Strickland, is delivering measurable results across operations, finance, and portfolio management. 'As Silver Star advances with the momentum we have gained by shedding nonperforming assets and internalizing management, taking an opportunity with a disciplined approach for evaluating our remaining Legacy assets and the capital improvements they require for an ultimate decision to retain or sell,' stated Gerald W. Haddock, Chairman and CEO of Silver Star Properties REIT. 'David Strickland, Director of Asset Management, leveraged his long-standing vendor relationships, and secured timely and cost-effective commitments for critical repairs—many of which are already underway. He has also led the termination of underperforming third-party contracts and brought operations in-house, implementing a data-driven, community-focused strategy.' Strategic Milestones and Property Highlights McKinney, TX: NOI increased from $21,035 in Q1 2025 to $30,571 in Q2 2025, with occupancy rising from 64% to 77%. Houston, TX: Two additional locations transitioned from third-party management on May 9, 2025. Silver Star has implemented its marketing strategy to replicate prior success. Delray, FL: Silver Star is currently negotiating with the lender to assume full operational control, leveraging its proven track record in performance and management. It now has achieved a 92.5 % occupancy in square footage. Legacy Asset Challenges and Resolution Strategy Among the most significant challenges identified during Silver Star's operational transition were unresolved tenant grievances stemming from prolonged neglect under the prior leadership of Al Hartman. These concerns—ranging from HVAC failures to unmet capital improvements promises—had eroded tenant confidence and contributed to straining lender relations. David Strickland, Director of Asset Management, took direct action to engage with tenants, personally addressing long-standing complaints and restoring critical service levels. His proactive involvement was the beginning of establishing tenant trust. These issues were exacerbated by a legacy strategy that diverted essential maintenance reserves for unrelated purposes during the Hartman era. As a result, some lenders exercised their rights to draw on company-held reserves—resources that should have been available to fund necessary improvements—thereby placing additional financial pressure on the Company. These structural and financial failures validated the urgency of Silver Star's strategic pivot to self-storage. Under Strickland's leadership, the Company has stabilized key operations, executed targeted abatements, and reinforced service integrity—positioning the self-storage platform as a disciplined, performance-driven solution focused on long-term value creation for shareholders. In addressing the question regarding the condition of Silver Star's Legacy assets during 2022, Mr. Strickland, replied, 'The general attitude amongst the tenants was one of a very vocal anger. That caused me to have to do significant cleanup. Personally, I satisfied many complaints, but not all could be satisfied, and thereby, our lender began to complain, which resulted in further damage to our Company by our lenders taking our reserves that should have been available for additional tenant improvements. All of these problems stem, and can be traced (from my person knowledge) to a failure by Mr. Hartman to divert necessary maintenance funds to other purposes.' (Exhibit A) $50 Million Preferred Equity Raise to Fuel Expansion Subject to Certain Conditions To support continued growth, Silver Star is partnering with Emerson Equity, LLC to lead a $50 million preferred equity offering under Rule 506(c) of Regulation D. Proceeds will be used to acquire self-storage assets and drive the Company toward a scalable, public-ready platform. Key terms of the offering: Offering will be available to accredited investors only Defined preferred returns and full return of capital prior to sponsor participation Optional 721 roll-up into Silver Star OP units for long-term alignment and tax efficiency Southern Star Announces Distribution for Two DST Programs Southern Star Self Storage announced today a one-time distribution of .25%, reflecting an annualized distribution of 3.00%, for the Southern Star Self Storage Airport DST ('Airports DST') and Southern Star Self Storage IV Rockport ('Rockport DST') programs. This marks the second 2025 distribution for the Airports DST and the first 2025 distribution for Rockport DST. The distributions highlights our dedication to creating value for our investors as we advance turnaround efforts. Commitment to Shareholders 'Our transition to self-storage is both a response to legacy challenges and a proactive step toward long-term shareholder value,' said Gerald W. Haddock, Chairman and CEO. 'David Strickland's leadership has been instrumental in realigning our operations and proving the strength of our new strategy.' 'Silver Star is now positioned as a more agile, disciplined, and focused company with a clear mission: to deliver resilient cash flow and sustainable returns for our shareholders.' Departure of Principal Accounting Officer On May 19, 2025 Alex Board provided the Company with notice of his intent to resign from his position of Deputy Chief Financial Officer and Principal Accounting Officer, effective June 6, 2025. Mr. Board's resignation is not a result of any disagreement with the Company or its board of directors or any matter relating to the Company's operations, policies or practices. Eric Tam, Accounting Manager, who joined the Company in April 2022, will assume the position of Controller. About Silver Star Properties REIT, Inc. Silver Star Properties REIT, Inc. is a publicly registered, non-traded real estate investment trust headquartered in Houston, Texas. The Company (formerly Hartman Short Term Income Properties XX, Inc.) is repositioning its portfolio from legacy office, retail, and industrial assets into high-growth self-storage and single-tenant real estate. Silver Star's mission is to generate long-term value for shareholders through focused, efficient investment and management practices. Forward-Looking Statements This press release may contain forward-looking statements regarding strategic plans, projected savings, and expected outcomes. Actual results may differ due to various risks, including market changes, execution risks, and other factors disclosed in the Company's SEC filings. Silver Star undertakes no obligation to update forward-looking statements. IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC The Company has filed a Preliminary Proxy Statement with the SEC on May 19, 2025 in connection with the court ordered 2025 Annual Meeting and intends to solicit votes for the Pivot Strategy adopted by the Executive Committee and such other matters as the Executive Committee, at the discretion of its Chairman, determines to consider. The definitive Proxy Statement will contain important information about Silver Star, the court ordered annual meeting and the opportunity to vote whether to execute and pivot the Company into the self-storage real estate class. Shareholders are urged to read the definitive Proxy Statement carefully when it is available. Upon completion and filing of our definitive proxy statement, Shareholders will be able to obtain free copies of the Proxy Statement and other documents filed with the SEC by Silver Star on the SEC's website ( ). In addition, shareholders will be able to obtain free copies of the Proxy Statement from Silver Star by following the instructions provided in the Proxy Statement. Participants in the Solicitation Silver Star and its directors and executive officers may be deemed to be participants in the solicitation of proxies with respect to the 2025 Annual Meeting. Information regarding Silver Star's directors and executive officers is contained in the definitive proxy statement to be filed with the SEC. As of May 19, 2025, the Silver Star Executive Committee, current directors, other than Allen Hartman, and executive officers beneficially owned approximately 1,172,436 shares, or 1.74%, of Silver Star common stock. Allen Hartman beneficially owned approximately 5,006,412 shares, or 7.43%, of Silver Star common stock. Additional information regarding the interests of such participants will be included in the definitive proxy statement that will be filed with the SEC and available free of charge as indicated above. Exhibit A The following describes what had to be addressed at each property. Houston 400 North Belt: Unaddressed plumbing, elevator issues, and landscaping neglect Atrium I & II: Foundation deficiencies and landscaping concerns Gulf Plaza: Outdated lobby, leaking windows/balconies due to failed seals, and landscaping issues 616: Required window sealing, elevator repairs, fire panel upgrades, and landscaping Cornerstone: Elevator modifications, HVAC deficiencies, and landscaping Westheimer: Window seals, elevator and fire system repairs, house pumps, and landscaping Timbercreek: Elevator repairs, common area upgrades, HVAC replacement, and landscaping Regency: Full HVAC replacement, elevator upgrades, and landscaping The Tower: HVAC, roofing, fire panel, foundation, plumbing, house pumps, and landscaping Timmons: Elevator, foundation, plumbing, fire panel, and HVAC issues The Preserve: Roofing, waterproof doors, widespread foundation issues, plumbing, elevator, and tree/landscape work Sawyer: Roof, window seals, HVAC upgrade, and landscaping 11811: Window sealing, elevator and cooling tower repairs, fire line replacement, hazardous garage, and parking lot repair Dallas Gateway: HVAC, window seals, elevator upgrades, and fire panel CPP: Foundation, plumbing, HVAC, and landscaping Westway: HVAC above major tenant, foundation, elevator, and landscaping repairs Hillcrest: Widespread HVAC, foundation, plumbing, and landscaping issues NCP: HVAC and elevator repairs Skymark: HVAC unit replacement and window sealing Three Forest: Garage stairs, HVAC, cooling tower, fire panel, house pumps, trash service, camera system, and landscaping BTG: Pool pumps, elevator cooling tower, and window sealing Parkway I & II: Elevator, common area flooring, and significant plumbing repairs San Antonio OTC: Fire panel, roof, elevators, window sealing, and failing HVAC Energy Plaza: HVAC and roofing Walzum: HVAC, electrical, plumbing, and landscaping Retail Centers All retail centers required new roof systems and upgraded or replaced HVAC in vacant units. 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