SmartStop Self Storage Recommends Shareholders Reject Unsolicited Tender Offer

The board of SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, sent a letter to its stockholders unanimously recommending they reject a planned unsolicited tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund.

Comrit is offering to purchase up to 467,289 shares of Class A common stock of the company at a price of $10.70 per share. The offer is a 30% discount to SmartStop’s estimated value per share of $15.21.

As admitted by Comrit, SmartStop reports the company is making the offer “with the intention of making a profit.”

Comrit has previously made seven tender offers for the company’s shares including an offer in the third quarter of 2022 at $12.03 per share.

Shares of SmartStop most recently traded on LODAS Markets, previously known as Realto, for $12.30 each in February 2023.

SmartStop is a self-managed REIT with an owned or managed portfolio of 153 properties in 19 states and Ontario, Canada, comprising approximately 103,000 units and 11.8 million rentable square feet, as of Dec. 31, 2022.

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