Investor Update – September 2025
Dear Investors,
On behalf of the Trusts, we would like to thank you for your continued support, patience, and
commitment to the long-term success of your investment.
Portfolio Update
We are pleased to share that all eight of our facilities are now fully operational. Several recently
completed projects remain in the ramp-up phase, but all are performing in line with expectations.
At this stage, only our Kamloops and Pender self-storage facilities are considered “mature,” ie
80%+ occupancy with the others moving steadily toward that milestone.
Because most (6 of the businesses) of the portfolio are still new and in the ramp-up stage, our
construction financing remains on floating interest rate terms. As you know, lenders typically only
provide fixed-term financing once assets have reached maturity.
Interest Rate Environment
Between spring 2022 and 2023, the Bank of Canada raised its policy rate from 0.25% to over 5.0%,
which pushed our commercial borrowing costs from approximately 3.25% to over 8%. This
significantly increased the amounts of cash used for debt servicing and when combined with the
increased cost to build due to the COVID driven construction cost inflation, we have experienced
pressure on free cash flow and as a result, the delay in commencement of investor distributions.
Encouragingly, the interest rate environment is now improving a little bit. Since the peak, the Bank
of Canada has reduced its policy rate several times, bringing it down to 2.75%. While lenders have
been slower to adjust term rates, we anticipate refinancing opportunities at or around 4%-4.5% will
become available late this year or next year.
To continue reading the remainder of the Sept. 2025 update, click here 2025 Sept_Storage_Update.
Sincerely,
Hugh Cartwright
Trustee of the Trust, Chairman and Director of the Administrator
NationWide Self Storage
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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.