SCHEDULE 13D/A: H. Michael Schwartz Reduces Stake in SmartStop Self Storage REIT Below 5%

H. Michael Schwartz, CEO of SmartStop Self Storage REIT, Inc., has reported a reduction in his beneficial ownership of the company's common stock to 4.8%, falling below the 5% threshold.

Summary

• H. Michael Schwartz, the Reporting Person, ceased to be the beneficial owner of more than five percent of SmartStop Self Storage REIT, Inc.'s common stock on April 3, 2025.
• As of April 7, 2025, Mr. Schwartz beneficially owns an aggregate of 2,832,480.19 shares of common stock, representing approximately 4.8% of the Issuer's outstanding common stock.
• His beneficial ownership includes 18,000 shares of unclassified common stock, 150,121.12 shares of Class A Common Stock, 96,572.37 OP Units, 2,397,695.44 Class A-1 Units, and 170,091.26 vested LTIP Units.
• The calculation of his percentage ownership is based on approximately 55,102,117 shares of common stock outstanding and 3,386,086 limited partnership units of the Operating Partnership as of April 7, 2025.
• The reported beneficial ownership does not include 114,764.71 unvested time-based LTIP Units or 141,535.51 unvested performance-based LTIP Units, as they do not vest within 60 days of April 7, 2025.
• Mr. Schwartz holds sole voting and dispositive power over 2,615,044.67 securities, primarily through SmartStop OP Holdings, LLC (SOH).
• He holds shared voting and dispositive power over 217,435.52 securities, including shares held indirectly by Churchill TRI LLC and various family trusts.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reduction in beneficial ownership by a key insider (CEO) below a significant threshold, which can be interpreted as a less favorable signal to the market.

Negatives

• A key insider, H. Michael Schwartz, the CEO, has reduced his beneficial ownership stake in SmartStop Self Storage REIT, Inc. to below the 5% threshold, which could be interpreted negatively by investors.

Risks

• The reduction in beneficial ownership by a key insider like the CEO could signal a lack of confidence or a shift in personal investment strategy, potentially impacting investor sentiment.

Future Outlook

NA

Industry Context

This filing is a standard regulatory disclosure regarding a change in beneficial ownership by a key executive. It does not provide broader industry context or trends for the self-storage REIT sector.

Stakeholder Impact

• Shareholders may view the reduction in the CEO's beneficial ownership as a negative signal, potentially influencing their perception of the company's future prospects or management's long-term commitment.

Key Dates

Keywords

SmartStop Self Storage REIT, H. Michael Schwartz, Schedule 13D, beneficial ownership, common stock, REIT, self storage, insider ownership, equity stake