The board of SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust formerly known as Strategic Storage Trust II Inc., has changed the company’s distribution authorization from monthly to quarterly for the fourth quarter of 2020 and the foreseeable future.
On September 25, 2020, the board authorized a daily distribution rate of approximately $0.00164 per day per share ($0.5986 per share annualized) on the outstanding shares of common stock paid to Class A and Class T stockholders of record at the close of business on each day of the period beginning on October 1, 2020 and ending December 31, 2020.
In connection with this distribution, for the stockholders of Class T shares, after the stockholder servicing fee is paid, approximately $0.0014 per day ($0.511 annualized) will be paid per Class T share.
In August, SmartStop Self Storage REIT partially reinstated its share redemption program after it was fully suspended in April, citing the need to preserve cash in light of pandemic-related uncertainty.
SmartStop launched its initial public offering in January 2014 and raised $566 million in investor equity prior to closing in January 2017. The REIT has $1.6 billion of real estate assets under management, including an owned and managed portfolio of 144 properties in 19 states and Toronto.