SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, announced that Michael McClure will be retiring as chief executive officer, effective April 15, 2021. He is also stepping down as president of Strategic Storage Trust IV Inc., an affiliated REIT.
H. Michael Schwartz, founder and executive chairman of SmartStop Self Storage REIT, and CEO and chairman of Strategic Storage Trust IV, will assume both roles vacated by McClure.
McClure, who will remain in a consultant capacity at SmartStop for 12 months following the transition, spent 13 years with the company and its affiliates prior to his retirement.
SmartStop Self Storage REIT recently announced plans to merge with Strategic Storage Trust IV in an all-stock transaction valued at $370 million. The shareholder vote is scheduled on March 10, 2021.
SmartStop Self Storage REIT Inc., formerly known as Strategic Storage Trust II Inc., is a self-managed REIT that sponsors self-storage programs, including Strategic Storage Trust IV and other private programs. SmartStop has approximately $1.7 billion of real estate assets under management. SmartStop launched its initial public offering in January 2014 and raised $566 million in investor equity prior to closing in January 2017.
Strategic Storage Trust IV owns 24 properties comprising approximately 18,000 self-storage units, as well as one operating property and three parcels of land under development. The REIT’s offering was declared effective in March 2017 and raised approximately $236.1 million in investor equity. In late April 2020, the REIT suspended the primary portion of its public offering, citing uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact.