SmartStop Self Storage REIT, Inc 8-K, filed May 2, 2024
SmartStop Self Storage REIT, Inc. (SMA)
About this 8-K
SmartStop Self Storage REIT, Inc filed this 8-K on May 2, 2024.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Current Report
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Item 8.01. Other Events.
As previously disclosed, on March 7, 2022, the board of directors (the “Board”) of SmartStop Self Storage REIT, Inc. (the “Company”) approved the full suspension of the operation of the Company’s share redemption program (“SRP”), and, on March 16, 2023, the Board subsequently determined to partially reinstate the SRP, solely for redemptions sought in connection with a stockholder’s death, “qualifying disability” (as that term is defined in the SRP), confinement to a long-term care facility or other exigent circumstances (the “Partial SRP Reinstatement”).
On May 1, 2024, the Board adopted a limitation to the Partial SRP Reinstatement that requires any redemption request made under the Partial SRP Reinstatement in connection with a stockholder’s death be made within one year of the date of such death in order to be honored by the Company (the “Death Limitation”). Under the SRP, the Board may amend, suspend, or terminate the SRP with 30 days’ notice to the Company’s stockholders. This Current Report on Form 8-K serves as such required notice and therefore the adoption of the Death Limitation will be effective as of June 1, 2024.
The Company intends to honor any redemption request made in connection with a stockholder’s death that is submitted prior to the effective date of the adoption of the Death Limitation even if the redemption request is made after the one-year anniversary of such stockholder’s death so long as such redemption request otherwise complies with the terms of the SRP, as partially reinstated.
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SMARTSTOP SELF STORAGE REIT, Inc. |
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Date: May 2, 2024 |
By: |
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/s/ James R. Barry |
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James R. Barry |
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Chief Financial Officer and Treasurer |