The board of Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has changed the company’s distribution authorization from monthly to quarterly for the fourth quarter of 2020 and the foreseeable future.
The board authorized a daily distribution rate of approximately $0.00427 per day per share ($1.55855 annualized) on the outstanding shares of common stock paid to Class A, Class T, and Class W stockholders of record at the close of business on each day of the period beginning on October 1, 2020 and ending December 31, 2020.
For Class T shareholder, after the stockholder servicing fee is paid, approximately $0.00361 per day ($1.31765 annualized) will be paid per Class T share.
For Class W shareholders, after the dealer manager servicing fee is paid, approximately $0.00396 per day ($1.4454 annualized) will be paid per Class W share.
In late April 2020, the REIT suspended the primary portion of its public offering, citing uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact.
Yesterday, The DI Wire reported that SmartStop Self Storage REIT also changed its distribution authorization frequency from a monthly to quarterly basis.
Strategic Storage Trust IV owns 24 properties comprising approximately 18,000 self-storage units, as well as one operating property and three parcels of land under development. The REIT’s offering was declared effective in March 2017 and raised approximately $243.2 million in investor equity, as of April 17, 2020.