Offering Overview

Real estate investment trust (REIT) structure
Focus on income-producing and growth self storage properties
Intend to use medium-to-high leverage between 50% – 60% loan to purchase price⁽²⁾
Provides regional diversification
Structured as a long-term investment strategy
Allows distribution reinvestment plan⁽³⁾
Inflation hedge due to short term month-to-month leases
Goal of achieving appreciation in the value of our properties and, hence, appreciation in stockholder value

We intend to acquire or develop income-producing and growth self storage properties and related self storage real estate investments in locations including, but not limited to, the United States and Canada, that are expected to support sustainable stockholder distributions over the long term while also achieving appreciation in the value of our properties and, hence, appreciation in stockholder value. While we intend to invest in a mix of income-producing and growth self storage properties, we do not have a planned allocation percentage between these two strategies at this time.
In order to implement our income-producing investment strategy, we will focus on self storage facilities with stabilized occupancy rates, but we have the opportunity for higher economic occupancy due to the property management capabilities of our Property Manager. In order to implement our growth investment strategy, we will focus on self storage facilities to be developed, currently under development, in lease-up, and self storage facilities in need of expansion, redevelopment, or repositioning. These properties may be undeveloped, under development, or in need of renovation. We will invest in self storage facilities located in primary and secondary markets. We may acquire properties with lower quality construction or management, with fewer amenities offered, or with low occupancy rates and reposition them by seeking to improve the property, management quality, amenities, and occupancy rates and thereby increase lease revenues and overall property value. We may also acquire properties in markets that are depressed or overbuilt with the anticipation that, within our targeted holding period, the markets will recover and favorably impact the value of these properties. We may also acquire properties from sellers who are distressed or face time-sensitive deadlines with the expectation that we can achieve better success with the properties. Many of the markets where we will acquire properties may have high growth potential in lease rates and sale prices.

Unlike many other REITs and real estate companies, we are an operating business. Our self storage facilities will offer inexpensive, easily accessible, enclosed storage units or parking space to residential and commercial users on a month-to-month basis. Most of our facilities will be fenced with computerized gates and well lighted. Many of our properties will be single-story, thereby providing customers with the convenience of direct vehicle access to their storage units. At certain facilities, we will offer climate controlled units that offer heating in the winter and cooling in the summer. Many of our facilities will also offer outside vehicle, boat, and recreational vehicle storage areas. Our facilities generally will be constructed of masonry or steel walls resting on concrete slabs and have standing seam metal, shingle, or tar and gravel roofs. We expect that customers will have access to their storage units from 6:00 A.M. – 10:00 P.M., and some of our facilities will provide 24-hour access. Individual storage units will be secured by a lock furnished by the customer to provide the customer with control of access to the space.

Maximum offering size: $1 Billion in shares of our common stock in our primary offering, consisting of two classes of shares:
Class Y share: $10.00 per share
Class Z share: $10.00 per share
We are also offering up to $95 million in shares of our common stock pursuant to our distribution reinvestment plan at the then-current primary offering price, which will be $10.00 per share for all share classes, commencing August 7, 2024.
Minimum investment: $5,000. $1,500 for IRAs.
Certain states may require different minimums – see prospectus for details
Asset Class: Self Storage
Distribution payment schedule: monthly.⁽⁴⁾
Exit strategy: list, liquidate, or merge.⁽⁵⁾

Under our distribution reinvestment plan, you may reinvest the distributions you receive in additional shares of our common stock, with such distributions being reinvested in the same class of shares as the shares paying the distribution. Commencing November 1, 2023, the purchase price per share under our distribution reinvestment plan is the then-current offering price (initially $9.30 per share) for each class of shares; following the termination of this offering, the purchase price per share under our distribution reinvestment plan will be the then-current estimated net asset value per share for each class of shares. No sales commissions or dealer manager fees will be paid on shares sold under the distribution reinvestment plan. If you participate in the distribution reinvestment plan, you will not receive the cash from your distributions, other than special distributions that are designated by our board of directors. As a result, you may have a tax liability with respect to your share of our taxable income, but you will not receive cash distributions to pay such liability. We may terminate the distribution reinvestment plan at our discretion at any time upon 10 days’ prior written notice to you.

Our board of directors adopted a share redemption program that enables you to sell your shares back to us in limited circumstances. Our share redemption program generally permits you to submit your shares for redemption to the extent we have sufficient funds available to us to fund such redemptions after you have held them for at least one year, subject to the significant restrictions and limitations described below.

There are several restrictions on your ability to sell your shares to us under our share redemption program. You generally have to hold your shares for one year before submitting your shares for redemption under the program; however, we may waive the one-year holding period in the event of the death, disability or bankruptcy of a stockholder. In addition, we will limit the number of shares redeemed pursuant to our share redemption program as follows: (1) during any calendar year, we will not redeem in excess of 5% of the weighted average number of shares outstanding during the prior calendar year; and (2) funding for the redemption of shares will be limited to the amount of net proceeds we receive from the sale of shares under our distribution reinvestment plan. These limits may prevent us from accommodating all requests made in any year. We are not obligated to redeem shares under our share redemption program.

During the term of this offering, and subject to certain provisions described in “Description of Shares — Share Redemption Program,” until we establish a net asset value per share, the redemption price per share will depend on the class of shares purchased and whether such shares were purchased in our private offering or in our public offering, among other factors. For Class A, Class T, Class W shares, Class Y shares, and Class Z shares, the redemption price per share will be equal to 93% of the net investment amount, which net investment amount will initially be the $9.30 primary offering price, until we conduct our first net asset value per share calculation. Thereafter, the redemption price per share will be equal to 93% of the then-current estimated net asset value per share for such class of shares once our board of directors approves such an estimated net asset value per share. For Class P shares, the redemption price per share will depend on the length of time such shares have been held, as follows: 90.0% of the Class P Redemption Amount (defined below) after one year from the purchase date; 92.5% of the Class P Redemption Amount after two years from the purchase date; 95.0% of the Class P Redemption Amount after three years from the purchase date; and 100% of the Class P Redemption Amount after four years from the purchase date. As long as we are engaged in an offering, the “Class P Redemption Amount” shall be the lesser of the amount paid for such shares or the price per share in the current offering.

For the six months ended June 30, 2024 we received redemption requests totaling approximately $1.2 million, approximately $0.8 million was fulfilled during the six months ended June 30, 2024 and the remaining approximately $0.4 million was included in accounts payable and accrued liabilities as of June 30, 2024, and fulfilled in July 2024

Our board of directors may choose to amend, suspend, or terminate our share redemption program upon 30 days’ written notice at any time.