Attached files
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EX-10.1 - EX-10.1 - Strategic Storage Trust IV, Inc. | ck0001680232-ex101_6.htm |
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): March 2, 2018
Strategic Storage Trust IV, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 333-212639
Maryland |
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81-2847976 |
(State or other jurisdiction of incorporation) |
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(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)
None
(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))
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 1.01.Entry into a Material Definitive Agreement.
On March 2, 2018, a subsidiary of Strategic Storage Trust IV, Inc. (the “Registrant”) entered into a purchase and sale agreement with two unaffiliated third parties (the “Purchase Agreement”) for the acquisition of three self storage facilities located in the cities of Bacliff and Pasadena, Texas (the “Properties”). The information in this Item 1.01 description is qualified in its entirety by the full Purchase Agreement which is attached as Exhibit 10.1 hereto.
The purchase price for the Properties is approximately $22.2 million, plus closing and acquisition costs. The Registrant expects the acquisition of the Properties to close in the 2nd quarter of 2018 and expects to fund the acquisition with a combination of net proceeds from the Registrant’s initial public offering and/or potential future debt financing. A summary of the Properties is as follows:
Property |
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Address |
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Approx. Sq. Ft. (net) |
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Rental Units |
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RV Spaces |
Property One |
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2919 Highway 146, Bacliff, Texas |
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61,200 |
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471 |
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50 |
Property Two |
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10800 Red Bluff Road, Pasadena, Texas |
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104,100 |
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518 |
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3 |
Property Three |
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1503 E. Sam Houston Pkwy. S., Pasadena, Texas |
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36,500 |
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407 |
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— |
TOTAL |
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|
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201,800 |
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1,396 |
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53 |
Pursuant to the Purchase Agreement, the Registrant will be obligated to purchase the Properties only after satisfactory completion of agreed upon closing conditions. The Registrant will decide whether to acquire the Properties generally based upon:
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• |
the ability of the Registrant to raise sufficient net proceeds from its offering and/or obtain debt financing; |
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• |
satisfactory completion of due diligence on the Properties and the sellers of the Properties; |
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• |
approval by the board of directors of the Registrant to purchase the Properties; |
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• |
satisfaction of the conditions to the acquisition in accordance with the Purchase Agreement; and |
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• |
no material adverse changes relating to the Properties, the sellers of the Properties or certain economic conditions. |
There can be no assurance that the Registrant will complete the acquisition of the Properties. In some circumstances, if the Registrant fails to complete the acquisition, it may forfeit up to approximately $500,000 in earnest money on the Properties.
Other properties may be identified in the future that the Registrant may acquire prior to or instead of the Properties. Due to the considerable conditions to the consummation of the acquisition of the Properties, the Registrant cannot make any assurances that the closing of the Properties is probable.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
10.1 Purchase Agreement
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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STRATEGIC STORAGE TRUST IV, Inc. |
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Date: March 8, 2018 |
By: |
/s/ Matt F. Lopez |
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Matt F. Lopez |
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Chief Financial Officer and Treasurer |