The non-traded REIT’s board approved the valuation above the independent appraiser’s midpoint estimate, citing portfolio growth potential.

March 24, 2026

Strategic Storage Trust VI, Inc., a non-traded real estate investment trust focused on self-storage properties, announced that its board of directors has unanimously approved an estimated net asset value of $10.00 per share for all classes of the company’s common stock. The determination, made on March 20, 2026, is based on a valuation conducted as of September 30, 2025, and is designed to help broker-dealers meet their FINRA Rule 2231 obligations for customer account statements.

Above-Midpoint Valuation

The $10.00 per share figure sits above the approximate midpoint value of $9.74 per share calculated by the company’s independent valuation firm, Robert A. Stanger & Co., Inc. Stanger provided a net asset value range of $8.30 to $10.76 per share. The board justified the premium over the midpoint based on its assessment of the company’s portfolio and growth potential remaining in various properties.

The company’s total net asset value stood at approximately $273.2 million as of September 30, 2025, up meaningfully from roughly $226.6 million at the prior valuation date of March 31, 2024. That increase was driven largely by rising estimated values in the company’s real estate holdings, which grew from approximately $650.1 million to about $738.4 million during the period.

Portfolio and Appraisal Details

The valuation encompasses 26 wholly-owned self-storage properties and five properties held through unconsolidated joint ventures. The wholly-owned appraised properties had an original aggregate purchase price of approximately $491.7 million, with roughly $44.0 million in capital improvements invested since inception. The midpoint appraised value of those properties came in at approximately $672.3 million, representing a roughly 25.5 percent increase over combined purchase and improvement costs.

Stanger employed the income approach in its appraisal, using a direct capitalization analysis with a weighted average capitalization rate of 4.57 percent across a range of 4.25 percent to 4.75 percent. A 25 basis point decrease in the overall capitalization rate would push values up to approximately $712.4 million, while a 25 basis point increase would bring them down to roughly $636.5 million.

Debt and Balance Sheet

Stanger estimated the fair value of the company’s consolidated outstanding debt at approximately $293.4 million as of the valuation date, applying a weighted-average discount rate of about 6.20 percent. Estimated current market interest rates ranged from 5.05 percent to 8.42 percent, and a 25 basis point shift in those rates would result in an approximate $2.0 million change in the fair value of mortgage debt.

The company’s balance sheet reflected total assets of approximately $757.1 million against total liabilities of roughly $308.9 million. Preferred stock totaled $175.0 million, including $150.0 million in Series B Convertible Preferred Stock held under a purchase agreement with Extra Space Storage LP and $25.0 million in newly issued Series D Preferred Units. The Series B Convertible Preferred Stock carries a conversion price of $11.00 per share but was treated as being redeemed at its liquidation amount since conversion would have been anti-dilutive.

Share Classes and Growth

The NAV calculation was based on approximately 27.3 million shares of common equity and equivalent interests outstanding, spread across six share classes. Class P shares represented the largest portion at roughly 11.9 million shares with an allocated NAV of about $119.4 million. Class Y shares saw notable growth, rising from approximately 1.4 million shares to about 5.4 million, with allocated NAV jumping from roughly $14.4 million to approximately $54.2 million. Class Z shares also expanded significantly, increasing from about 121,000 to roughly 574,000 shares.

The valuation also accounted for an incentive distribution of approximately $3.4 million owed to the company’s advisor and affiliates, calculated as 15 percent of the amount by which net asset value plus distributions paid exceeds a return of stockholder capital plus a 6 percent cumulative, non-compounded annual return.

Canadian Joint Ventures

The company’s unconsolidated joint ventures, held with SmartCentres Real Estate Investment Trust, consist of self-storage properties and development-stage assets located in Canada. These investments were valued at approximately $57.7 million, up from roughly $49.5 million at the previous valuation, with values converted at applicable Canadian dollar exchange rates.

Oversight and Limitations

The Nominating and Corporate Governance Committee, composed entirely of independent directors, oversaw the valuation process, reviewing the methodology for consistency with real estate industry standards and assessing the reasonableness of all assumptions. The valuation was conducted in accordance with the Institute for Portfolio Alternatives Practice Guideline 2013-01 for publicly registered non-listed REITs.

The board cautioned that the estimated per share NAV does not represent GAAP fair value, liquidation value, or the price at which shares would trade on a national exchange. Different parties using different assumptions could arrive at materially different valuations. The estimate also does not reflect a portfolio premium or discount, nor does it account for estimated disposition costs for properties not held for sale. The company indicated it plans to publish updated share valuations on an annual basis.