Form 4: SmartStop Self Storage REIT CEO H. Michael Schwartz Reports Changes in Beneficial Ownership
SEC Form 4 Filing
H. Michael Schwartz, CEO of SmartStop Self Storage REIT, reports changes in beneficial ownership of Class A Common Stock and related units, including the vesting of long-term incentive plan units.
Summary
- H. Michael Schwartz, CEO of SmartStop Self Storage REIT, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- The report includes transactions related to Class A Common Stock, Class A Common Units, Class A-1 Units, and Long-Term Incentive Plan Units (LTIP Units).
- On March 13, 2025, the Compensation Committee determined that a performance measure had been achieved, resulting in the vesting of 36,039.46 LTIP Units.
- The report also details the issuance of 195,392 LTIP Units vesting ratably over four years commencing on December 31, 2025, and 192,476 LTIP Units subject to performance measures and vesting no later than March 31, 2028.
- Schwartz indirectly owns shares through SmartStop OP Holdings, LLC (SOH) and the Schwartz Family Trust dated September 22, 2003.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, so the sentiment is neutral.
Positives
- The vesting of LTIP Units indicates the achievement of certain performance measures, which could be seen as a positive sign for the company's performance.
Future Outlook
The document details future vesting schedules for LTIP units, contingent on continued employment/service and the achievement of specified performance measures.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The information provides transparency to shareholders regarding the CEO's stake in the company.
- The vesting of LTIP units may incentivize the CEO to drive company performance.
Key Dates
| Date | Description |
|---|---|
| September 22, 2003 | Date of the Schwartz Family Trust |
| February 4, 2022 | Previously reported LTIP Units subject to vesting based on performance measures. |
| March 13, 2025 | Compensation Committee determined that a performance measure had been achieved, resulting in the vesting of 36,039.46 LTIP Units. |
| March 17, 2025 | Date of the Form 4 filing. |
| December 31, 2025 | Commencement date for the ratable vesting of 195,392 LTIP Units over four years. |
| March 31, 2028 | Latest possible vesting date for 192,476 LTIP Units, subject to performance measures. |
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