SmartStop Self Storage REIT Suspends Distribution Reinvestment Plan and Share Redemptions
The board of SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, approved the suspension of the company's distribution reinvestment plan and share redemption program.
The board of SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, approved the suspension of the company’s distribution reinvestment plan and share redemption program. The company said that suspensions were “in connection with its process for reviewing alternatives in order to provide liquidity to its stockholders.”
Distributions for the month of March will be paid in cash on April 15, 2022, and redemption requests made for the first quarter of 2022 will not be honored.
Share redemptions had been partially suspended previously, except for those sought in connection with a stockholder’s death, qualifying disability, confinement to a long-term care facility, or other exigent circumstances.
In late February, SmartStop Self Storage REIT and Strategic Storage Growth Trust II Inc., an affiliated private REIT, announced plans to merge in a $280 million all-stock transaction.
As of February 8, 2022, SmartStop owned and managed a portfolio of 163 properties in 19 states and Ontario, Canada totaling 12.6 million rentable square feet.
