Annual Report 2023: Mini Mall Storage Properties Trust - Avenue Living Asset Management Skip to content

Mini Mall Storage
Properties Trust

Mini Mall Storage Properties Trust (MMSP) targets legacy-run assets and implements institutional-quality operational strategies and technologies to improve profitability. With a geographic focus that spans across North America’s secondary and tertiary markets, MMSP employs a hub-and-spoke operating model that allows the business to efficiently and effectively manage over 170 locations. MMSP continues to see opportunity for expansion due to a mix of favourable market conditions including the demographic shift toward an aging population, a dwindling square footage of new office and housing construction, and low supply of self-storage per capita compared to consumer demand.

$ 0 B+
Assets Under
Management
Facilities
0
FACILITIES
0 M
SQUARE FEET Under
Management
0 %
Annualized return
since inception (Class F)

Investment Strategy

Self-storage has historically offered a lower risk profile compared to other equity sectors and offers resilience through economic cycles. Within the United States and Canada, approximately 80% of the self-storage market remains fragmented, offering substantial opportunity for MMSP to continue its consolidation strategy across North America. While demand for self-storage assets in primary markets remains highly competitive among big players, MMSP’s purchase of sites in secondary and tertiary geographical clusters has allowed the business to optimize spend within the localized area, own market share, and create pricing advantages, leading to the efficient operation of traditionally sub-optimal facility size.

Fund Returns

C$140,000

C$130,000

C$120,000

C$110,000

C$100,000

2020

2021

2022

2023

Annualized Returns

1 Year

12.06%

3 year

12.73%

Inception

11.57%

Note: Fund returns are based on Class F Trust Units.  Figures presented as at November 30, 2023

$1.4 Billion+

ASSETS UNDER MANAGEMENT

8 Million+

Square Feet

210+

SELF-STORAGE FACILITIES

Fund Returns

C$140,000

C$130,000

C$120,000

C$110,000

C$100,000

2020

2021

2022

2023

Annualized Returns

Class F

1 Year

12.06%

3 year

12.73%

Inception

11.57%

Note: Fund returns are based on Class F Trust Units.  Figures presented as at November 30, 2023

$1.4 Billion+

ASSETS UNDER MANAGEMENT

8 Million+

Square Feet

210+

SELF-STORAGE FACILITIES

Fund Returns

C$140,000

C$130,000

C$120,000

C$110,000

C$100,000

2020

2021

2022

2023

Annualized Returns

1 Year

12.06%

3 year

12.73%

Inception

11.57%

Note: Fund returns are based on Class F Trust Units.  Figures presented as at November 30, 2023

Key Facts

Case Study

Pre-capex

Opportunity

The Hot Springs market offered an opportunity for MMSP to enter the southeast region of the USA. The initial acquisition of 2 portfolios in December 2021 and January 2022 allowed MMSP to immediately scale in the market and reach a critical mass required to employ MMSP’s hub-and-spoke operational efficiencies. The magnitude of the acquisition offered significant enough market share to control the in-market rate going forward. Analysis of market demographics of the Hot Springs Metropolitan Area confirmed strong in-migration patterns — including remote workers and seasonal residents, strong employment opportunities, and a low cost of living. This, combined with median household income metrics and a high percentage of renters in the market, contributes to strong self-storage demand drivers.

POST-capex

What We Did

Security and efficiency were top priorities to bring the newly acquired Hot Springs portfolio up to the MMSP standard. MMSP has installed Open Tech Alliance (OTA) at all 15 sites. OTA is a platform that automates site access control systems, collections, online auctions, and technology management. Rhombus is an enterprise security system that allows our team to manage all our sites from a unified cloud-based platform. Both OTA and Rhombus are cloud-native applications that enable efficient management of our facilities, enabling the hub and spoke model of manned and unmanned facilities. We are able to control both systems from any device to generate faster responses to site events when necessary and increase metrics and reporting as well. Rhombus significantly reduces the time investment required for investigations (up to 90% less time spent) into security breaches and is far more cost-effective to manage. With an additional $50K USD enhancement investment underway, all MMSP’s Hot Springs locations are set to be outfitted with Rhombus by the end of Q1 2023.

Key Acquisitions

Interactive Map

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key acquisitions

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