LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Trust VI, Inc. (“SST VI”), a publicly-registered real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), announced today the acquisition of two recently-constructed self storage facilities in the Greater Philadelphia MSA. These represent the 11^th and 12^th acquisitions in SST VI. Since SST VI launched as a private REIT in the first quarter of 2021, the REIT has purchased approximately $165 million of self storage facilities and land parcels to be developed into self storage.

“We are excited to add these two newly-constructed properties to the SST VI portfolio, and simultaneously enter the Philadelphia market,” said Wayne Johnson, Chief Investment Officer of SST VI. “With our tenth acquisition in program, we believe we are amassing a very high quality portfolio that we expect will create strong value for stockholders.”

Located at 401 Bellevue Road, the newly constructed facility in Newark, DE, a suburb of Philadelphia, is a state-of-the-art facility that is well positioned to serve the areas of Wilson, Brookside, Ogletown, and The University of Delaware. Opened in August 2021, the four-story facility is comprised of approximately 80,650 square feet of rental space. The facility’s 830 units are 100% climate controlled with a blend of first-floor and elevator access units. Further, it is the only storage facility offering climate-controlled units within a 2-mile radius.

The Levittown, PA facility, which opened in October 2021, is located at 1723 Woodbourne Road in the Levittown, PA, the largest suburb of Philadelphia. The three-story facility offers approximately 78,000 square feet of rental space and 810 units, 100% of which is interior climate controlled. This location serves the areas of Fairless Hills, Langhorne, Woodbourne and Fallsington. The new SmartStop® Self Storage location has desirable amenities including a sophisticated security system, secured and alarmed doors, gated entry and interior climate-controlled units with spacious elevators for second and third level units.

About Strategic Storage Trust VI, Inc. (SST VI):

SST VI is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self storage facilities and related self storage real estate investments in the Unites States and Canada. As of April 26, 2022, SST VI has a portfolio of ten operating properties in the United States comprising approximately 6,830 units and 701,850 rentable square feet and joint venture interests in two development properties in Toronto, Ontario.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop is a self-managed REIT with a fully integrated operations team of approximately 420 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of April 26, 2022, SmartStop has an owned and managed portfolio of 167 properties in 22 states and Ontario, Canada, and comprising approximately 113,800 units and 12.9 million rentable square feet. SmartStop and its affiliates own or manage 19 operating self storage properties in the Greater Toronto Area, which total approximately 16,200 units and 1.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

949-429-3331

IR@smartstop.com

CONDITIONAL COMMITMENT FROM THE DOE’S LOAN PROGRAMS OFFICE IS THE LATEST MILESTONE IN THE DEVELOPMENT OF THE WORLD’S LARGEST GREEN HYDROGEN HUB, WHICH HAS ALSO SECURED ALL OTHER MAJOR CONTRACTS.

SALT LAKE CITY, Utah–(BUSINESS WIRE)–#ChangeInPower–The U.S. Department of Energy’s (DOE) Loan Programs Office announced today that it has issued a conditional commitment to Advanced Clean Energy Storage I, LLC, and Mitsubishi Power Americas, Inc. and Magnum Development, LLC, and Haddington Ventures, LLC, for up to $504.4MM in debt financing for the Advanced Clean Energy Storage Project, expected to be the world’s largest industrial green hydrogen production and storage facility (the “Project”). This conditional funding commitment signifies the latest development milestone for the Project.

The industry-leading Advanced Clean Energy Storage hydrogen hub, located in Delta, Utah, was announced in May 2019, and within three years is in the final stages of debt and equity closing. Currently, the hub has secured all major contracts including offtake; engineer, procure and construct (EPC) contractors; major equipment suppliers, and Operations and Maintenance (O&M) providers. Haddington Ventures, the financial advisor for the hub and equity sponsor of Magnum Development, is securing $650MM through its Equity Syndication Program. These critical financial investments will ensure the future growth and scalability of the hub.

“We are unbelievably excited to reach this important milestone, not just for our hub, but for the hydrogen industry as a whole,” said Michael Ducker, Senior Vice President of Hydrogen Infrastructure for Mitsubishi Power Americas and President of Advanced Clean Energy Storage I. “Equally rewarding is having spent the past year partnering and working with such a forward-thinking and incredibly talented team from the Intermountain Power Agency to trail blaze this market leading facility. We are honored to be sharing this industry moment with them along with all of our world-class partners joining this effort.”

The hub will initially be designed to convert renewable energy through 220 MW of electrolyzers to produce up to 100 metric tonnes per day of green hydrogen, which will then be stored in two massive salt caverns each capable of storing 150 GWh of energy. Financed with support from the DOE loan guarantee, this facility will supply hydrogen feedstock to the Intermountain Power Agency’s (IPA) IPP Renewed Project — an 840 MW hydrogen capable gas turbine combined cycle power plant — that will initially run on a blend of 30 percent green hydrogen and 70 percent natural gas by volume starting in 2025 and will increase to 100 percent by 2045.

“The IPP Renewed Project is committed to helping the region meet its carbon targets by utilizing green hydrogen as a tool to integrate affordably and reliably with the significant build-out of renewables. The scale, experience, and collaboration offered by the Advanced Clean Energy Storage hydrogen hub made their team the ideal partner for us to work with as we realize our vision towards 100% green hydrogen at the site,” said Greg Huynh, Operating Agent, IPA.

Multiple industry-leading entities are also involved in the hub, which broke ground this Spring, including:

• Black & Veatch, an industry leader in engineering, procurement, and construction which will provide EPC services for the energy conversion facility and will draw on its extensive experience building complex energy infrastructure projects to construct the hydrogen production facilities.
• Mitsubishi Power, an industry leader in technology offerings, will provide the hydrogen equipment integration including the 220 MW of electrolyzers, gas separators, rectifiers, medium voltage transformers, and distributed control system.
• NAES Corporation, one of the energy industry’s largest independent providers of operations, maintenance, and repair services, will initially provide the O&M services for the plant and will oversee the current projected team of 20 plant-related personnel.
• Utah School and Institutional Trust Lands Administration, a subdivision of the State of Utah, leases the site and utilizes revenue generated from the hydrogen hub to benefit Utah schools.
• WSP, a global leader in engineering that develops creative, comprehensive and sustainable solutions to help communities thrive, will provide EPC Management services for the development of two large salt cavern storage facilities. WSP has been developing underground storage facilities since the 80s and has developed over 200 salt caverns for top tier midstream companies.

“The Advanced Clean Energy Storage Project is well on its way to achieving its goal in the creation of a world-class green hydrogen hub,” said Craig Broussard, CEO of the joint venture. “Through our network of partners, we have the potential to provide low-cost green hydrogen to verticals in addition to power, including refineries, heavy industrials, and the transportation sector.”

While this conditional commitment demonstrates the Department’s intent to finance the project, several steps remain, and certain conditions must be satisfied before DOE issues a loan guarantee.

The hub is actively seeking partners to bring green jobs and green hydrogen to support rural Utah and greater decarbonization across industries. For more information, visit www.aces-delta.com.

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

About Magnum Development

Magnum Development, LLC is developing the only known “Gulf Coast” style domal-quality salt formation in the western United States. Magnum was founded in 2008 to create an energy hub centered around a large, little known salt body near Delta, Utah. Site viability and profitability has been proven with one business, Magnum NGLs, LLC, which was successfully developed, brought to commercialization, and sold in 2015. In March 2018, Magnum Development entered into a joint venture with Sawtooth by contributing its refined products business for an 8% ownership interest in the Sawtooth JV. A second JV was formed with Mitsubishi Power Systems in 2019 to add the storage and conversion of fossil free energy to the energy hub’s portfolio of products. As the Delta, Utah energy hub grows, Magnum will pursue additional strategic partners to broaden the strengths and products of the enterprise.

About Haddington Ventures

Founded in 1998, Haddington Ventures, LLC oversees a growing portfolio of successful conventional and renewable energy businesses that are bringing innovative new infrastructure to the U.S. energy sector. Haddington Ventures, through its private equity funds, generally makes control-oriented investments in portfolio companies acquiring or developing energy infrastructure underwritten by long term contracts. Haddington Ventures is led by a team of senior energy professionals who have invested more than $1.5 billion in companies focused on energy infrastructure across multiple private equity funds and co-investment partnerships.

About ACES Delta

ACES Delta is a joint venture between Mitsubishi Power Americas and Magnum Development. ACES Delta is developing the world’s largest renewable energy hub to produce, store, and deliver green hydrogen to the Western United States. Located in Delta, Utah, the Advanced Clean Energy Storage hub will serve as the country’s largest hydrogen gas and storage hub, initially providing over 300GWh of clean energy annually to the region. For more information, visit www.aces-delta.com.

Contacts

Communications Contacts
Mitsubishi Power Americas

Christa Reichhardt

+1 407-484-5599

Christa.Reichhardt@amermhi.com

Magnum Development

Michelle Judd

+1 801-748-5561

mjudd@magnumdev.com

Haddington Ventures

Sam Pyne

+1 713-532-7992

spyne@hvllc.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”) announced today changes to its senior leadership and Board of Trustees (the “Board”). Effective May 1, 2022, Mike McGahan will step down from his current role as CEO and become Executive Chairman of the Board. At the same time, Brad Cutsey will succeed Mike to become President & CEO of InterRent REIT and will join the REIT’s Board and the current Chairman of the Board, Paul Amirault, will become the Lead Trustee.

Mike McGahan has been CEO of InterRent since 2009 and has successfully led the company through an initial period of portfolio rationalization, followed by tremendous growth in the REIT’s core regions, including its recent entry into the Greater Vancouver Area in early 2021. Throughout his tenure, Mike has embodied the entrepreneurial spirit that makes InterRent such a special place, ensuring that its unique culture remained intact as the company has grown and continues to mature. Under his leadership, the company has flourished to nearly 500 Team members and now provides homes to more than 13,000 households across Canada. In his role as Executive Chairman, Mike will provide ongoing guidance to the REIT over the next several years and will continue to be intimately involved with the strategic planning and capital allocation decisions of the REIT, while taking a step back from the operational side of the business.

Brad Cutsey has spent seven years honing his skillset with the REIT after being both an Equities Analyst and Investment Banker with prominent financial institutions. During his time with InterRent, Brad has explored all facets of the business and has spent a significant amount of time immersed in the operations of the REIT. Brad is uniquely positioned to hit the ground running and drive continued success across the company’s strategic priorities. Brad will work closely with Mike on strategic and growth initiatives and will focus on further enhancing InterRent’s operational platform and will continue to develop and nurture the exceptional Team that serves as its backbone. Brad’s positive attitude and boundless energy are contagious and matched only by his unwavering integrity and competitive spirit, a combination that will propel the REIT and its talented Team forward under his leadership.

Paul Amirault has been an independent Trustee since 2010 and in addition to serving as the current Chairman of the Board is a member of the Audit Committee and Nominations and Governance Committee. Paul brings extensive knowledge of capital markets and corporate governance to the role of independent Lead Trustee and will act as the effective leader of the Board in circumstances where it is inappropriate for the Executive Chairman of the Board to carry out the role due to an actual or perceived conflict of interest.

“I feel very fortunate to have been able to lead such a great Team for the last 12 years and I will continue to stay connected to my InterRent family and to be a significant REIT unitholder. I believe that Brad has the vision, tools, and a very deep bench of talent to deliver outsized returns and we are extremely lucky to have this talented individual lead the REIT into its next growth phase. On a personal note, I am looking forward to spending time with my sons and daughter in our private family real estate business, as well as on the development side with a very dynamic partner and exceptional Team” commented Mike McGahan, CEO.

“We always talk about our culture being our competitive advantage, and Mike has been the heart and soul of InterRent for more than a decade. I’ve had the pleasure to work alongside a wonderful leader and friend, and I could not be happier to see Mike make this decision to spend more time with his family after such an illustrious run with InterRent. Like Mike, I am passionate about the REIT’s role in supporting our communities and I will continue to be a strong advocate for the need to increase the supply of housing in Canada. We are clear in our strategic aspirations, and I am confident in our dedicated and talented Team to execute as we move forward together,” said Brad Cutsey, President.

“In his 12 years of serving InterRent, Mike has displayed his passion for providing homes for Canadians and building stronger communities. In his tenure as CEO, we have all come to appreciate Mike’s relentless work ethic and commitment to create a high-performing Team that feels like a family, and I personally look forward to working together with Mike in his new role as Executive Chairman. Since joining InterRent seven years ago, Brad has played an instrumental role in building the company to what it is today and has created strong personal relationships with the REIT’s many stakeholders. Under his leadership, we look forward to a vibrant future for our organization and for the thousands of families who call an InterRent community home,” commented Chairman of the Board of Trustees Paul Amirault. “Please join me in thanking Mike for his contributions to the REIT to date and in congratulating Brad on his new appointment.”

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions.

InterRent’s primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

For further information:
Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

sandy.rose@interrentreit.com
www.interrentreit.com