SmartStop Self Storage REIT announced the suspension of the firm’s share redemption program, according to an 8-K filed with the SEC on Aug. 28.
In order to maintain operating flexibility, continue to invest in future business initiatives and prepare for strategic alternatives, on Aug. 26 the board of directors of SmartStop Self Storage REIT approved the suspension of its share redemption program, effective as of Sept. 27, except with respect to redemption requests made in connection with the death or disability of a stockholder, including redemption due to confinement to a long-term care facility, as outlined in SmartStop Self Storage REIT’s share redemption program.
Since the effective date of the suspension of the program is prior to the SmartStop Self Storage REIT’s next redemption date, all pending redemption requests that were not made in connection with the death or disability of a stockholder will not be redeemed, nor will any such additional requests received hereafter be redeemed, until further notice. The share redemption program shall remain suspended as discussed above until such time, if any, as the SmartStop Self Storage REIT board of directors may approve the resumption of the program.
