Self-storage has historically offered a lower risk profile compared to other property sectors and offers resilience through economic cycles. Management estimates that within both Canada and the United States, 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, increase market share, and create pricing advantages, leading to the efficient operation of traditionally sub-optimal facility size. The team uses a data-driven approach to target acquisitions where they can drive value for customers and investors.
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 spanning 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 200 locations. The synergies created by this model deliver true, long-term performance benefits. MMSP continues to see opportunities for expansion due to a mix of favorable market conditions, including the demographic shift toward an aging population, a dwindling square footage of new office and housing construction, and a low supply of self-storage per capita compared to consumer demand.
Management
Management
since inception (Class F)
* Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023
Fund Returns
C$140,000
C$130,000
C$120,000
C$110,000
C$100,000
2020
2021
2022
2023
CALENDAR RETURNS
Class F
2020*
6.22%
2021
13.21%
2022
12.86%
2023
12.03%
Annualized Returns
Class F
1 Year
12.03%
2 Year
12.44%
3 year
12.70%
Since Inception
11.45%
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023. *Denotes partial period
Fund Returns
C$140,000
C$130,000
C$120,000
C$110,000
C$100,000
2020
2021
2022
2023
CALENDAR RETURNS
Class F
2020*
6.22%
2021
13.21%
2022
12.86%
2023
12.03%
Annualized Returns
Class F
1 Year
12.03%
2 Year
12.44%
3 year
12.70%
Since Inception
11.45%
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023. *Denotes partial period
Fund Returns
C$140,000
C$130,000
C$120,000
C$110,000
C$100,000
2020
2021
2022
2023
CALENDAR RETURNS
Class F
2020*
6.22%
2021
13.21%
2022
12.86%
2023
12.03%
ANNUALIZED RETURNS
Class F
1 Year
12.03%
2 Year
12.44%
3 year
12.70%
Since Inception
11.45%
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023. *Denotes partial period
Key Facts
- PRODUCT TYPE
- Mutual Fund Trust
- Target total return (10 Year)
- 12% - 15% per annum (net of fees)
- Registered Eligible
- Yes
- DRIP
- 2% Discount to nav
- Target Distributions
- $0.70 Per Unit Per Annum (Class F)
- Purchases
- Monthly - Last Business Day of Each Month
- Redemptions
- Monthly - Last Business Day of Each Month
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023.
Case Study
- 77 Ave SE
- Calgary, AB
AT ACQUISITION
Opportunity
- Sites: 15
- Size: 398,998 sq. ft.
The Calgary 77 Ave SE location was Mini Mall’s first acquisition in February 2020. The property is in the highly-trafficked Foothills Industrial area and is comprised of a mix of 444 drive-up and interior storage units totalling 46,296 rentable square feet. Originally built in 1981, this asset was one of the first self-storage properties in Western Canada and, in the decades since, has established a strong and stable tenancy demand. Over the years, the site was maintained as a solid ‘C’ class asset but could benefit from technological offerings and security upgrades.
TODAY
What We Did
- Capital Invested: $114,000 USD
Mini Mall made immediate, robust security improvements consistent with our standard operational playbook. This included improvements to perimeter fencing, installation of Rhombus security camera systems, and gating upgrades to automate site access. Additional investments were made towards branding and property signage, including the standardization of building and unit numbers to promote a seamless rental experience for customers. Mini Mall also bolstered the sustainability of the property while mitigating utility costs through the installation of a rooftop solar panel system. These capital expenditures have promoted operational growth and repositioned the site as a Class ‘B’ asset.
- Market
- Calgary, AB
- ACQUISITION CAP RATE
- 6.2%
- TOTAL SF
- 46,296
- PURCHASE PRICE
- $4,800,000 CAD
- TOTAL CAPEX SPEND
- $1,336,778 CAD
- Implied cap rate
- 13%
- OPERATING YEAR 1
- 2023
- Total Growth
- NOI
- $335,345 CAD
- $621,923 CAD
- 85.5%
- REVENUE
- $469,253 CAD
- $844,106 CAD
- 79.9%
- REVENUE / SF
- $0.84 CAD / SF
- $1.52 CAD / SF
- 81.0%
- Revenue / SF
- Revenue
- NOI
- Operating year 1
- $335,345 CAD
- $469,253 CAD
- $0.84 CAD / SF
- Revenue / SF
- Revenue
- 2023
- NOI
- $621,923 CAD
- $844,106 CAD
- $1.52 CAD / SF
- Revenue / SF
- Revenue
- NOI
- Total Growth
- 85.5%
- 79.9%
- 81.0%
Key Acquisitions
Interactive Map
Hover over numbers to view
key acquisitions.