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Strategic Storage Growth REIT

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Disclosures & prior history4 disclosures · worst high

Material items extracted from the risk-factor, conflicts, and prior-performance sections of Strategic Storage Growth REIT's PPMs. Each is quoted verbatim with its source page — surfaced, not editorialized.

Related-party conflict disclosed — SmartStop Storage Advisors, LLC — simultaneous roles as Advisor, Original Limited Partner, and Special Limited Partner

High

SmartStop Storage Advisors, LLC (controlled by CEO H. Michael Schwartz) holds three distinct and conflicting roles in the Partnership: (1) it is the Advisor responsible for day-to-day management of the General Partner and Partnership, (2) it is the Original Limited Partner holding Class P Units, and (3) it is the Special Limited Partner holding the subordinated promote interest entitling it to 15% of profits above the 6% hurdle. This creates a direct conflict of interest as the entity managing the fund also receives the promote and holds LP interests.

“ORIGINAL LIMITED PARTNER: SMARSTOP STORAGE ADVISORS, LLC By: /s/ H. Michael Schwartz H. Michael Schwartz, Chief Executive Officer SPECIAL LIMITED PARTNER: SMARTSTOP STORAGE ADVISORS, LLC By: /s/ H. Michael Schwartz H. Michael Schwartz, Chief Executive Officer”
PPM p.5097% confidence

Related-party conflict disclosed — Affiliate employment and transactions — General Partner may engage affiliates without arms-length constraint

Medium

The Agreement expressly permits affiliates of the General Partner to be employed or retained by the Partnership and to deal with the Partnership as buyer, lessor, lessee, manager, broker, agent, or lender, receiving compensation that the General Partner (itself an affiliate) determines is fair and reasonable, with no independent third-party review required.

“Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable.”
PPM p.3393% confidence

Related-party conflict disclosed — General Partner conflict resolution standard favors stockholders over Limited Partners

Medium

The Agreement expressly provides that in any conflict between the General Partner's stockholders and the Limited Partners, if the conflict cannot be resolved in a manner not adverse to either party, the General Partner shall resolve the conflict in favor of its stockholders. This contractually subordinates LP interests to GP stockholder interests.

“for so long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders.”
PPM p.3295% confidence

Related-party conflict disclosed — SmartStop OP, L.P. and SmartStop Storage Advisors, LLC — transfer restriction on $202,000 of Partnership Units

Low

SmartStop Storage Advisors, LLC and SmartStop OP, L.P. (both affiliates) are prohibited from exchanging or transferring $202,000 of Partnership Units so long as the Advisor continues acting as Advisor, creating an ongoing financial tie between the Advisor and the Partnership.

“Notwithstanding anything else in this Agreement to the contrary, SmartStop Storage Advisors, LLC and SmartStop OP, L.P. are prohibited from exchanging or otherwise transferring $202,000 of the Partnership Units purchased by them, so long as the Advisor continues acting as the Advisor pursuant to the Advisory Agreement.”
PPM p.4195% confidence

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