false000158538900015853892025-02-052025-02-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2025

SmartStop Self Storage REIT, Inc.

(Exact name of registrant as specified in its charter)

 

 

Maryland

(State or other jurisdiction of incorporation)

000-55617

(Commission File Number)

46-1722812

(IRS Employer Identification No.)

10 Terrace Road, Ladera Ranch, California 92694

(Address of principal executive offices, including zip code)

(877) 327-3485

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

None

 

None

 

None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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.

 

 

SMARTSTOP SELF STORAGE REIT, Inc.

Date: February 5, 2025

By:

/s/ James R. Barry

James R. Barry

Chief Financial Officer and Treasurer

 

 

 

v3.25.0.1
Document and Entity Information
Feb. 05, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 05, 2025
Entity Registrant Name SmartStop Self Storage REIT, Inc.
Entity Central Index Key 0001585389
Entity Emerging Growth Company false
Securities Act File Number 000-55617
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 46-1722812
Entity Address, Address Line One 10 Terrace Road
Entity Address, City or Town Ladera Ranch
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92694
City Area Code 877
Local Phone Number 327-3485
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Smartstop Self Storage R... (PK) (USOTC:STSFF)
Historical Stock Chart
From Mar 2025 to Apr 2025 Click Here for more Smartstop Self Storage R... (PK) Charts.
Smartstop Self Storage R... (PK) (USOTC:STSFF)
Historical Stock Chart
From Apr 2024 to Apr 2025 Click Here for more Smartstop Self Storage R... (PK) Charts.