The board of SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust formerly known as Strategic Storage Trust II, has suspended the company’s share redemption program, effective September 27, 2019.
The company said the decision was made “in order to maintain operating flexibility, continue to invest in future business initiatives, and prepare for strategic alternatives.”
The SRP suspension excludes redemption requests made in connection with the death or disability of a stockholder, including redemption due to confinement to a long-term care facility.
Since the effective date of the suspension of the SRP is before the REIT’s next redemption date, all pending redemption requests that were not made in connection with the death or disability of a stockholder will not be redeemed, nor will any requests received hereafter be redeemed, until further notice.
The company said the program will remain suspended until it’s reinstated by the board.
SmartStop Self Storage REIT Inc, which was previously engaged in an offering focused on acquiring self-storage assets, closed its primary offering to new investors in January 2017. As of July 5, 2019, it had raised approximately $608 million in investor equity. The company is now the ninth largest fully integrated, self-administered and self-managed self-storage company, owning 113 self-storage properties in 17 states and Ontario, Canada.