Strategic Storage Trust VI, Inc.

What they do

The company invests in self storage facilities in the United States and Canada and has no employees; its Advisor, Strategic Storage Advisor VI, LLC, manages its affairs day-to-day and identifies acquisitions, and its Property Manager, Strategic Storage Property Management VI, LLC, manages the properties. Both are wholly owned by sponsor SmartStop REIT Advisors, LLC, an indirect subsidiary of SmartStop Self Storage REIT, Inc. (NYSE: SMA). It elected REIT tax treatment beginning with the taxable year ended December 31, 2021. As of December 31, 2025, it owned 24 operating self storage properties in Arizona, Delaware, Florida, Nevada, Oregon, Pennsylvania, Washington, Alberta, British Columbia and Ontario.

Revenue drivers

• Self storage rental revenue — Rental income from the 24-property operating portfolio is the core revenue source; annual revenue grew from $1.3M in 2021 to $30.7M in 2025 as the portfolio was assembled.
• Same-property / stabilized portfolio performance — The company states it has shifted focus to portfolio stabilization and performance after weighing the 'robust size' of its property portfolio when terminating the Primary Offering in May 2025.
• Canadian operations — Three of the 24 properties are in Canadian provinces (Alberta, British Columbia, Ontario), adding a non-U.S. revenue component.
• Distribution reinvestment plan (DRP) — The company continues to offer Class P, A, T, W, Y and Z shares under its DRP and registered up to an additional $75.0M under the DRP Offering on July 18, 2025; as of June 30, 2026 it had issued shares for gross proceeds of approximately $23.0M through the DRP.

Recent performance

Revenue rose from $1.3M in 2021 to $8.8M in 2022, $21.2M in 2023, $28.2M in 2024 and $30.7M in 2025 as properties were added. Quarterly revenue was relatively flat over the last four reported periods: $7.9M at 2025-09-30, $7.8M at 2025-12-31, $7.8M at 2026-03-31 and $8.0M at 2026-06-30. Net losses persisted each year, narrowing to $24.0M in 2025 from $35.6M in 2024, $32.9M in 2023, $14.4M in 2022 and $3.6M in 2021. Operating cash flow was negative in every year shown, including -$19.8M in 2025 versus -$5.5M in 2024. At June 30, 2026, total assets were $513.8M, total liabilities $321.2M, shareholder equity was negative $11.1M, and cash and equivalents were $6.1M.

Strategy

The board terminated the Primary Offering effective May 30, 2025, citing the costs of maintaining a public registration, the size of the portfolio, and a shift in focus to continued portfolio stabilization and performance. The company continues to raise capital only through its distribution reinvestment plan across six share classes and filed an S-3 in July 2025 to register up to an additional $75.0M under the DRP Offering, which can be terminated on 10 days' notice. Net proceeds from the Private and Public Offerings were invested primarily in self storage facilities, including both income-producing and growth properties in the U.S. and Canada. Since the 10-K, the company has disclosed a material agreement and Regulation FD disclosures, plus a June 25, 2026 shareholder vote, but the provided excerpts do not describe their terms.

Risks

• Recurring net losses and negative operating cash flow — The company reported net losses every year from 2021 through 2025 (including -$24.0M in 2025) and negative operating cash flow in each of those years, including -$19.8M in 2025.
• Negative shareholder equity and limited liquidity — At June 30, 2026, shareholder equity was negative $11.1M against $321.2M of liabilities, with only $6.1M of cash and equivalents on hand.
• Dependence on external manager and sponsor — The company has no employees and relies on its Advisor and Property Manager, each wholly owned by its sponsor and sharing officers with SmartStop, under advisory and property management agreements.
• Limited capital-raising options after Primary Offering termination — With the Primary Offering terminated effective May 30, 2025, ongoing fundraising is limited to the distribution reinvestment plan, which the company may terminate on 10 days' prior written notice to stockholders.

Outlook

Management states the company's focus has shifted to continued portfolio stabilization and performance following termination of the Primary Offering, rather than raising capital through a primary public offering. It continues to offer all six share classes under its distribution reinvestment plan, supported by the July 18, 2025 S-3 registration of up to an additional $75.0M in DRP shares. The provided filings do not include any specific forward guidance on revenue, earnings, acquisitions or dispositions.