Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has provided a 60-day termination notice to its dealer manager, Select Capital Corporation.
Earlier this month, the REIT suspended its primary public offering and share redemption program, as well as distributions to shareholders, citing the coronavirus (COVID-19) pandemic and its potential financial impact on the company.
In March, the REIT extended its public offering until May 1, 2021, however, due to recent events, the board subsequently suspended the offering.
The board also suspended the share redemption program, effective May 3, 2020, and redemption requests made for the first quarter of 2020 will not be honored, nor will future requests, until further notice.
Strategic Student & Senior Housing Trust invests in Class A student housing and senior housing communities and owns two student housing properties and four senior housing properties. The REIT raised approximately $93 million from its private offering which ended in March 2018, and its public offering was declared effective in May 2018. As of March 16, 2020, the company raised $17 million in investor equity in its primary public offering.