SmartStop Self Storage Recommends Shareholders Reject Tender Offer

The board of SmartStop Self Storage REIT Inc., a self-managed non-traded real estate investment trust, made a filing with the Securities and Exchange Commission announcing an unsolicited tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund.

The board recommended stockholders reject and ignore the offer.

Comrit is offering to purchase up to 299,700 shares of Class A common stock at a price of $10.01 per share. On Dec. 16, 2022, the board approved an estimated net asset value per share of $15.21, caluculated as of Sept. 30, 2022.

Shares of SmartStop Self Storage REIT most recently traded on LODAS Markets, previously known as Realto, for $10.60.

SmartStop is a self-managed REIT with an owned or managed portfolio managing 192 operating properties in 22 states and Canada, comprising approximately 135,000 units and 15.2 million rentable square feet.

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