Strategic Storage Growth Trust Suspends DRIP and Share Repurchases During Strategic Review Process

Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, plans to suspend its distribution reinvestment plan and share redemption program as it explores liquidity options.

Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, plans to suspend its distribution reinvestment plan and share redemption program as it explores liquidity options.

Last month, the REIT’s board appointed a special committee of its independent directors to evaluate strategic alternatives available to the company and address any potential conflicts of interest, as reported by The DI Wire.

The distribution reinvestment plan suspension will be effective on August 23, 2018 and share redemption program suspension will be effective on September 12, 2018.

Distributions declared for July 2018, which will be paid on August 15, 2018, are not affected by the suspension. However, future distributions will be paid in cash until the board decides to resume the plan, if at all.

Redemption requests received during the second quarter of 2018 were processed on July 31, 2018. Any redemption requests received during the third quarter of 2018, or any future quarter, will not be processed until the board approves the resumption of the program, if ever.

Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment, and lease-up of self storage properties. The company’s portfolio currently consists of 26 operating self storage facilities and two development properties. The offering launched in January 2015 and raised more than $279 million in investor equity before closing in March 2017.

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