June 30, 2023
We are pleased to provide you with this semi-annual summary update and review of events and operational progress for NationWide I Self Storage Trust Pender, for the period ending June 30, 2023.
NationWide I Self Storage Trust Pender (“Pender” or the “Property”) is a AAA, Institutional Grade 58,500 sq. ft., highly visible four-story state-of-the-art self-storage facility. It features modern architecture and design, enterprise-level built-in security, and a keyless smart access system controlled via an app on your phone.
When it comes to storage in Vancouver, location, access and convenience are key. This Property is strategically situated a mere 5 minutes from central downtown Vancouver. Its location also provides easy access from main traffic arteries such as East Hastings Street, Clark Drive, Pender Street and the Trans-Canada Highway.
The initial development permit allowed for 560+ lockers of various sizes with the intention of installing an additional 250+ second level sky lockers later as part of phase II development.
OPERATIONAL UPDATE
Since opening in 2020, we have successfully grown occupancy revenues rapidly. Our revenue grew from $0 in January 2020 to $334,642 by the end 2020. Our 2021 revenue effectively doubled over the opening year’s result and reached $696,342. Revenues for 2022 were up an impressive 67% over 2021 to $1,163,089. We estimate 2023 revenue to be in the $1,500,000 range. Adjusted EBITDA for 2020 was (-$175,102), for 2021 EBITDA was $ $47,270 and for 2022 was $389,663.
Further evidence of business success is noted with the 200+ Google reviews with an industry leading 4.8-star rating making the Pender property an industry standout in Vancouver.
To download the complete update and review, click here.
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THE ABOVE INFORMATION IS SPECIFIC TO NATIONWIDE I SELF STORAGE TRUST AND ITS PROPERTY AT 1223 EAST PENDER ST., VANCOUVER, BC.
This information is general in nature and does not constitute an offer to sell or an advertisement, solicitation, or recommendation to buy securities. Nothing on these pages constitutes investment, legal or tax advice, nor was it prepared in consideration of the investment objectives, financial situation, particular needs of any specific recipient. There can be no assurance that investments will perform as or be of the quality anticipated. There are risks associated with any investment.