Self Storage Group Announces Net Asset Value as of December 31, 2013
NEW YORK, NY -- (Marketwired) -- 01/15/14 -- Self Storage Group, Inc. (OTCQB: SELF) announced today that its unaudited net asset value per share ("NAV") as of December 31, 2013 was $4.56. As announced previously, the Company will seek to publish its NAV as of the end of each calendar quarter, as authorized by the Company's Board of Directors. The change in NAV calculation reflects the Company's focus on owning, operating, managing, acquiring, developing, and redeveloping professionally managed self storage properties and seeking to qualify as a real estate investment trust for federal tax purposes.
As of December 31, 2013, the Company owned, through its wholly owned subsidiaries, seven self storage facilities located in New York, Pennsylvania, Illinois, Indiana, and South Carolina, comprising more than 75% of its net assets.
About Self Storage Group, Inc.
The Company is a non-diversified closed end investment management company whose common stock is traded over the counter under the ticker symbol "SELF." The primary investment objective of the Company is to provide a high level of income, with capital appreciation as a secondary objective.
On February 29, 2012, shareholders approved a proposal to change the Company's business from an investment management company to an operating company that owns, operates, manages, acquires, develops and redevelops professionally managed self storage properties (the "Business Proposal"). Until the Business Proposal is fully implemented, the Company's Board of Directors has the power to change or modify the Business Proposal if it concludes that doing so would be in the best interests of the Company and its stockholders. Subject to the discretion of the Board of Directors, the Company intends to apply to the Securities and Exchange Commission to deregister as an investment company.
The Company's management and affiliated persons of management may from time to time own, buy or sell common stock of the Company. More information about the Company may be obtained at www.selfstoragegroupinc.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
Safe Harbor Note
This release contains certain "forward looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. The forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances. Additional information concerning such risks and uncertainties are contained in the Company's filings with the Securities and Exchange Commission.
Contact: Thomas O'Malley Chief Financial Officer Email Contact 1-212-785-0900, ext. 267
Source: Self Storage Group, Inc.
Released January 15, 2014