# EDGAR Filing Document

**Accession Number:** 0001585389
**File Stem:** 0001193125-23-074030
**Filing Date:** 2023-3
**Character Count:** 14783
**Document Hash:** 605e7a682aea5f17e9de011662335567
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-074030.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001193125-23-074030

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230317

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SmartStop Self Storage REIT, Inc.
- **CENTRAL INDEX KEY:** 0001585389
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 461722812
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55617
- **FILM NUMBER:** 23743530

**BUSINESS ADDRESS:**
- **STREET 1:** 10 TERRACE ROAD
- **CITY:** LADERA RANCH
- **STATE:** CA
- **ZIP:** 92694
- **BUSINESS PHONE:** 949 429 6600

**MAIL ADDRESS:**
- **STREET 1:** 10 TERRACE ROAD
- **CITY:** LADERA RANCH
- **STATE:** CA
- **ZIP:** 92694

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategic Storage Trust II, Inc.
- **DATE OF NAME CHANGE:** 20130828

?xml version="1.0" encoding="utf-8" ? Form 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### Form 8-K

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#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): March 17, 2023

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## SmartStop Self Storage REIT, Inc.

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **000-55617** | **46-1722812** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **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)

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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:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading<br>Symbol(s)** | **Name of Each Exchange**<br> **on Which Registered** |

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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. ☐

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

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*Reinstatement of Distribution Reinvestment Plan; Partial Reinstatement of Share Redemption Program* 

As previously disclosed, on March 7, 2022, in connection with its process for reviewing alternatives in order to provide liquidity to its stockholders, the board of directors (the "Board") of SmartStop Self Storage REIT, Inc. (the "Company") approved the full suspension of: (i) the Company's distribution reinvestment plan ("DRP"); and (ii) the operation of the Company's share redemption program ("SRP"). Accordingly, the Company paid all subsequent distributions in cash.

On March 16, 2023, the Board determined that, while it continues to review alternatives for stockholder liquidity, it would be in the best interests of the Company to reinstate the DRP (the "DRP Reinstatement"). Accordingly, distributions for the month of March (which are paid in April) will be invested in shares of the Company's common stock for those stockholders that previously elected into the DRP in such states where the DRP is able to be offered. In this regard, the Board approved $15.21 as the per share DRP price, which is the most recently published estimated net asset value per share (the "NAV"). The Board also 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"). All other redemptions shall remain suspended at this time. In connection with the Partial SRP Reinstatement, the Company intends to honor redemption requests previously made (and not subsequently revoked) while the SRP was fully suspended so long as such requests are (i) subsequently reconfirmed by its transfer agent and (ii) meet the foregoing eligibility criteria. Under the terms of the SRP, the redemption price per share shall be the NAV.

In the future, the Company may undertake to provide additional options for liquidity to its stockholders, including through a listing of its shares on a national securities exchange. The Company may also raise additional equity through the issuance of stock. If the Company undertakes any of the foregoing activities, there can be no assurances that the share price at such time will be greater than or equal to the NAV.

*Rejection of Mini-Tender Offer* 

SmartStop Self Storage REIT, Inc. (the "Company") sent a letter to its stockholders on March 17, 2023 recommending that they reject an unsolicited mini-tender offer received from a third party. A copy of the letter is attached as Exhibit 99.1 to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| 99.1 | [Letter to Stockholders](d377267dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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#### 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.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: March 17, 2023 | By: | /s/ James R. Barry |
|  |  | James R. Barry |
|  |  | Chief Financial Officer and Treasurer |

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## Exhibit 99.1

**Exhibit 99.1**![LOGO](g377267g0318000544335.jpg)

**RECOMMENDATION TO <u>REJECT</u> AN UNSOLICITED OFFER** 

***<u>If you are considering selling your shares to Comrit Investments 1, Limited Partnership or its affiliates, please read all of the information below.</u>***

Dear Stockholder:

The Board of Directors (the "Board") of SmartStop Self Storage REIT, Inc. (the "Company") unanimously recommends that you **<u>IGNORE</u>** the materials that were sent to you by Comrit Investments 1, Limited Partnership and its affiliates ("Comrit") and **<u>REJECT</u>** its offer.

Please keep reading for important information.

We recently became aware of an **<u>unsolicited attempt</u>** by Comrit in which Comrit has proposed to acquire up to 467,289 shares of Class A common stock of the Company at a price of $10.70 per share (collectively, the "Comrit Tender Offer"). After careful evaluation, the Board **<u>unanimously recommends</u>** that you **<u>reject</u>** the Comrit Tender Offer and **<u>ignore</u>** the materials that were sent to you by Comrit.

The following are a list of important considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has published an estimated net asset value per share for its common stock (the "NAV") of  **<u>$15.21</u>** . The Comrit offering price of $10.70 per share is approximately  **<u>30% less</u>** than our current NAV. Although the NAV does not represent the price that a stockholder could obtain in the open market, this is a material
difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As admitted by Comrit, it is making the offer "for investment purposes and with the  **<u>intention of making a profit</u>**" (emphasis added). Comrit is a for-profit business, and it is attempting to capitalize on illiquidity by buying shares at what it believes is a discounted price in order to make a
profit. The Comrit Tender Offer indicates that Comrit believes that our shares will be worth more than the price Comrit is offering. Neither we nor any of our affiliates is in any way affiliated with Comrit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe the Comrit Tender Offer is an attempt to capitalize on the partial suspension of our share redemption
program (the "SRP"). Presently, our SRP is partially suspended (other than in certain cases such as death, disability, confinement to a long-term care facility or other exigent circumstances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As admitted by Comrit, it did not retain an independent person to evaluate or render any opinion with respect to
the fairness of the offering price, which is in contrast to the rigorous methods used by the Company in determining its NAV, including the engagement of an independent third-party appraisal firm. In addition, Comrit admits that it "is not
qualified to appraise real estate" and that "there cannot be any assurance that [its] estimate accurately reflects an approximate value" of the Company's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board has significant knowledge of the Company and its assets, and based upon the historical financial data
disclosed in the Company's Form 10-Q and Form 10-K filings over the past several quarters, it is the Board's belief that the Comrit Tender Offer undervalues
the per share value of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Even if a stockholder were to take advantage of the Comrit Tender Offer, the Board cannot verify that Comrit has
the funds to make a payment for any or all of the shares that may be tendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comrit has made seven prior tender offers for the Company's shares, as follows: (i) in the third
quarter of 2022 at $12.03 per share, (ii) in the first quarter of 2022 at $12.43 per share, (iii) in the fourth quarter of 2021 at $11.37 per share, (iv) in the second quarter of 2021 at $8.53 per share, (v) in the first quarter
of 2021 at $7.22 per share, (vi) in the first quarter of 2020 at $7.73 per share, and (vii) in the fourth quarter of 2019 at $7.84 per share.

SmartStop Self Storage REIT, Inc. \| 10 Terrace Road, Ladera Ranch, CA 92694 \| 866-418-5144 \| info@StrategicREIT.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Securities and Exchange Commission has cautioned investors about the  **<u>heightened risks</u>** involved
with offers such as the Comrit Tender Offer. In addition to this letter, we strongly encourage you to read the information provided by the SEC, here (*www.sec.gov/investor/pubs/minitend.htm*) and here
(*www.sec.gov/rules/interp/34-43069.htm*). The SEC makes the following admonitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the offer is for less than 5% of a company's shares, it is a "mini-tender offer" and "you
should proceed with caution." The Comrit Tender Offer is for up to approximately 0.5% of the total number of the Company's outstanding common stock as of November 9, 2022. Thus, the Comrit Tender Offer is a mini-tender offer, and you
should proceed with caution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off
guard."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "[I]nvestors typically feel pressured to tender their shares quickly without having solid information about
the offer or the people behind it. And they've been shocked to learn that they generally cannot withdraw from mini-tender offers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "[M]ini-tender offers typically do not provide the same disclosure and procedural protections that larger,
traditional tender offers provide." We believe the materials provided along with the Comrit Tender Offer fail to adequately address certain matters, such as: a complete description of the risks associated with the Comrit Tender Offer; a clear
discussion of the methodologies used by Comrit to determine its offer price or how it has valued the Company's shares; and a complete disclosure as to the financial wherewithal of Comrit.

While we do not believe the Comrit Tender Offer is in the best interest of our stockholders, it is important for you to carefully evaluate whether to tender your shares as it relates to your specific situation, particularly with respect to your investment objectives, your financial circumstances, other financial opportunities available to you, your own tax position and tax consequences, and any other factors you determine are relevant to your decision. To that end, we encourage you to consult with any financial, tax or other advisors when making your decision.

Please also carefully consider all the factors discussed in the Comrit Tender Offer materials, our letter and the advice provided by the SEC before making a decision.

We encourage you to follow the recommendation of the Board and not tender your shares in connection with the Comrit Tender Offer.

***If you do not wish to tender your shares, simply <u>IGNORE</u> the Comrit Tender Offer materials and <u>DO NOT RESPOND</u>.***

Should you have any questions or need further information about your options, the Comrit Tender Offer, or otherwise, please feel free to contact SmartStop Self Storage REIT, Inc., 10 Terrace Road, Ladera Ranch, California 92694, Attention: Investor Relations (telephone number: (866) 418-5144).

Sincerely,

![LOGO](g377267g0318000330785.jpg)

H. Michael Schwartz

Chief Executive Officer