Strategic Storage Trust IV Inc. exceeded $50 million in aggregate subscriptions as of Feb. 5.
Correspondingly, the self-storage real estate investment trust may now accept subscriptions from investors living in the commonwealth of Pennsylvania.
The company aims to qualify as a REIT for federal income tax purposes for the taxable year ended Dec. 31, 2017, and is offering up to $1.0 billion in shares of its common stock in its primary offering.
Strategic Storage will offer up to $450 million worth of both its class A and class T shares, priced respectively at $25.00 per share and $24.21 apiece. In addition, the company is offering a maximum of $100 million worth of class W shares for $22.75 per share.
The REIT is also offering up to $95 million in shares under its distribution reinvestment plan, priced at $23.75 per share for class A shares, $23.00 apiece for class T shares and $22.75 per share for class W shares.
The company plans to mainly invest in a portfolio of self-storage properties consisting of income-producing and growth properties in the U.S. and Canada.
