Strategic Storage Trust VI, Inc. 8-K

What Happened
Strategic Storage Trust VI (SGST) announced that its board, following the Nominating & Corporate Governance Committee’s recommendation and a third‑party appraisal by Robert A. Stanger & Co., established an Estimated Per Share Net Asset Value (NAV) of $10.00 for its Class P, A, T, W, Y and Z shares. The board’s decision (made March 20, 2026; disclosed March 23, 2026) uses a valuation date of September 30, 2025 and a fully‑diluted share count of 27,319,477 (excluding Series C Subordinated Convertible Units). The Stanger NAV Report produced a mid‑range per‑share estimate of about $9.74; the board adopted $10.00, above that mid‑range.

Key Details

• Estimated Per Share NAV: $10.00 for Class P, A, T, W, Y and Z (calculated as of Sept. 30, 2025).
• Total NAV and assets: NAV $273,194,767; total market value of real estate and JV investments $738,388,791; total assets $757,073,138.
• Appraisal and methodology: Stanger appraised 26 wholly owned properties + 5 JV properties; midpoint value for wholly owned appraised properties ≈ $672.3M (value range $636.5M–$712.4M); weighted average direct capitalization rate ~4.57%.
• Debt & other items: Stanger estimated consolidated outstanding debt fair value ≈ $293.4M (weighted discount rate ~6.20%); estimated incentive distribution to advisor ≈ $3.4M; total preferred equity $175.0M.

Why It Matters
This estimated NAV is intended to help broker‑dealers meet FINRA Rule 2231 reporting obligations for customer account statements. It is a board‑determined, non‑GAAP estimate based on independent appraisals and company data—not an audited GAAP fair value, not a trading price, and not a guarantee of resale or liquidation proceeds. Retail investors should view it as an approximate snapshot of the company’s per‑share equity value as of Sept. 30, 2025, subject to the assumptions and limitations described in the filing.