Strategic Storage Trust IV Suspends Primary Offering, Cites COVID-Related Uncertainty
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 suspended the primary portion of its public offering, effective as of April 30, 2020.
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 suspended the primary portion of its public offering, effective as of April 30, 2020.
“Based upon various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty, and the approval by our board of directors of the termination of the dealer manager agreement, our board of directors approved the suspension of the primary portion of our offering,” the company said in a filing with the Securities and Exchange Commission.
In connection with the suspension, the company will accept subscription agreements only if they are received by its transfer agent, Strategic Transfer Agent Services LLC, on or before the close of business on April 30, 2020.
For non-custodial account subscriptions received by April 30, 2020, the accounts must be fully funded and in good order no later than the close of business on May 7, 2020. For custodial account subscriptions received by April 30, 2020, accounts must be fully funded and in good order no later than the close of business on May 30, 2020.
In connection with the suspension, the company will accept subscription agreements only if they are received by its transfer agent, Strategic Transfer Agent Services LLC, on or before the close of business on April 30, 2020.
For non-custodial account subscriptions received by April 30, 2020, the accounts must be fully funded and in good order no later than the close of business on May 7, 2020. For custodial account subscriptions received by April 30, 2020, accounts must be fully funded and in good order no later than the close of business on May 30, 2020.
Strategic Storage Trust IV owns 22 properties comprising approximately 16,000 self-storage units, as well as four 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.
For more Strategic Storage Trust IV news, please visit their directory page here.
