SmartStop Self Storage REIT, Inc 8-K, filed Feb 5, 2025
SmartStop Self Storage REIT, Inc. (SMA)
About this 8-K
SmartStop Self Storage REIT, Inc filed this 8-K on February 5, 2025.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 8.01 Other Events.
As previously reported, on February 22, 2024, SmartStop Self Storage REIT, Inc. (the “Company”), through its operating partnership (the “Borrower”), entered into an amended and restated revolving credit facility with KeyBank, National Association, as administrative agent and collateral agent, certain others listed as joint book runners, joint lead arrangers, syndication agents and documentation agents, and certain other lenders party thereto (the “Credit Facility”). The initial aggregate amount of the Credit Facility was $650 million.
On February 3 and 4, 2025, the Borrower completed a series of transactions whereby it (i) defeased its KeyBank Florida CMBS Loan (the “Defeasance”) with an aggregate principal amount outstanding of approximately $49.9 million as of December 31, 2024, (ii) exercised its accordion rights under the Credit Facility to increase commitments by $50 million to a total of $700 million and simultaneously drew approximately $51 million, and (iii) in connection with the completion of the Defeasance, executed joinders to add the five properties previously encumbered by the KeyBank Florida CMBS Loan onto the Credit Facility.
As a result of these transactions, the KeyBank Florida CMBS Loan has been fully repaid. Additionally, the properties that were added to the borrowing base of the Credit Facility increased the Company’s overall availability under the Credit Facility, net of the transactions completed.
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: February 5, 2025 |
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/s/ James R. Barry |
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James R. Barry |
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Chief Financial Officer and Treasurer |