Strategic Storage Trust IV Updates Distribution Policy
September 29, 2020 | Luke Schmidt | Blue Vault
The board of directors of Strategic Storage Trust IV, Inc. (“SSTIV”) announced on September 28 a change to the Company’s distribution authorization policy. Beginning in the fourth quarter and continuing for the foreseeable future, the Company will authorize its distributions on a quarterly basis. SSTIV previously authorized its distributions on a monthly basis, but this announcement reverts the distribution authorization policy to its pre-COVID-19 status. On March 30, 2020, SSTIV changed its distribution authorization from quarterly to monthly in order to give it maximum flexibility to monitor and evaluate the potential financial impact of COVID-19.
On September 25, 2020, the board of directors authorized a daily distribution rate of approximately $0.00427 per day per share on the outstanding shares of common stock payable to Class A, Class T, and Class W stockholders commencing on October 1, 2020 and ending on December 31, 2020.
In connection with this distribution, for the stockholders of Class T shares, the daily distribution will equal approximately $0.00361 per day after the stockholder servicing fee is paid. For stockholders of Class W shares, the daily distribution will equal approximately $0.00396 per day after the dealer manager servicing fee is paid.
These distribution rates represent no change compared to previously authorized and paid distributions. Each distribution payable during any given month will be paid the following month.
As of June 30, 2020, SSTIV reported total assets of $323.8 million with real estate assets of $305.9 million. Its investment portfolio consisted of twenty-four properties and four joint ventures. The Company has raised gross capital of approximately $247.2 in its public offering, including $27.5 million in 2020. The Company’s quarterly distribution rates were 6.28% for Class A shares, 5.48% for Class T shares, and 6.40% for Class W shares.
Sources: SEC, Blue Vault
