Strategic Student & Senior Housing Trust, Inc. IPO Declared Effective
May 2, 2018 | James Sprow | Blue Vault
Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, announced that its initial public offering of approximately $1.1 billion in shares of common stock was declared effective by the SEC on May 1, 2018.
The REIT is offering up to $1.0 billion in shares of common stock in its primary offering, consisting of three classes of shares: The share classes are designed for and available for different categories of investors. All investors can choose to purchase Class A shares or Class T shares in the offering, while Class W shares are only available to certain categories of investors, as described in the prospectus, such as investors purchasing through certain fee-based programs or registered investment advisers. The share classes have differing sales commissions; there is an ongoing stockholder servicing fee with respect to Class T shares and there is an ongoing dealer manager servicing fee with respect to Class W shares. There are discounts available for certain categories of purchasers of Class A shares.
Class A shares are priced to investors at $10.33 with a 6 percent sales commission and a 3 percent dealer manager fee.
Class T shares are priced to investors at $10.00 per share with a 3 percent sales commission, a 3 percent dealer manager fee, and 1 percent annual stockholder servicing fee.
Class W shares are priced to investors at $9.40 per share and include a 0.50 percent annual dealer manager servicing fee.
The REIT is also offering up to $95 million in shares of common stock pursuant to its distribution reinvestment plan at $9.81 per share for Class A shares, $9.50 per share for Class T shares and $9.40 per share for Class W shares. It will offer these shares until May 1, 2020, which is two years after the effective date of the offering, unless extended by the board of directors.
Strategic Student & Senior Housing Trust intends to primarily invest in a portfolio of income-producing student housing and senior housing real estate assets, and currently owns two student housing properties and three senior housing properties. On January 27, 2017, it commenced a private offering of up to $100 million in shares of common stock and 1,000,000 shares pursuant to its distribution reinvestment plan to accredited investors only pursuant to a confidential private placement memorandum. On August 4, 2017, it reached the minimum offering amount of $1.0 million in sales of shares in the private offering, at which time subscriptions held in escrow pending the satisfaction of the minimum offering amount were released. It terminated its private offering on March 15, 2018. Pursuant to the private offering, it sold approximately $91.5 million in shares.
About the Sponsor
SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. The company has approximately $1.5 billion of real estate assets under management, including 114 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 72,000 units and 8.3 million rentable square feet. SmartStop’s real estate portfolio also includes five student housing communities with approximately 2,800 beds and 1.1 million square feet of space, as well as three senior housing communities with approximately 350 beds and 250,000 rentable square feet of space.
SmartStop is the sponsor of SST IV, Strategic Storage Trust II, Inc., and Strategic Storage Growth Trust, Inc., all public non-traded REITs focusing on self storage assets. The company is also a national sponsor of Section 1031 exchange offerings using the Delaware statutory trust structure.
Learn more about SmartStop Asset Management on the Blue Vault Sponsor Focus page
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