Strategic Storage Trust VI Files 8-K

TL;DR

SSTVI filed an 8-K on Jan 8th, looks like a big deal.

AI Summary

Strategic Storage Trust VI, Inc. filed an 8-K on January 14, 2025, reporting a material definitive agreement and a direct financial obligation. The filing date indicates events occurred on January 8, 2025. The company, incorporated in Maryland, operates as a Real Estate Investment Trust.

Why It Matters

This filing signals a significant event for Strategic Storage Trust VI, Inc., potentially involving new debt or a major contract that could impact its financial standing and operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and financial obligation, which could represent significant changes or risks for the company.

Key Numbers

• 000-56545 — SEC File Number (Identifies the company's filings with the SEC.)
• 853494431 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Strategic Storage Trust VI, Inc. (company) — Registrant
• Maryland (jurisdiction) — State of incorporation
• January 8, 2025 (date) — Date of earliest event reported
• January 14, 2025 (date) — Date of report

FAQ

Key Financial Figures

• $64.0 million — s (the "Borrowers"), entered into a CAD $64.0 million financing with National Bank of Canada
• $64.0 m — agreement with a notional amount of CAD $64.0 million, whereby the CORRA is fixed at ap

Filing Documents

• sstvi-20250108.htm (8-K) — 40KB
• sstvi-ex10_1.htm (EX-10.1) — 1152KB
• sstvi-ex99_1.htm (EX-99.1) — 12KB
• img224738110_0.jpg (GRAPHIC) — 14KB
• 0000950170-25-005233.txt ( ) — 1497KB
• sstvi-20250108.xsd (EX-101.SCH) — 26KB
• sstvi-20250108_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On January 8, 2025, Strategic Storage Trust VI, Inc. (the "Company"), through certain wholly-owned subsidiaries (the "Borrowers"), entered into a CAD $64.0 million financing with National Bank of Canada ("National Bank") pursuant to a credit agreement (the "Secured Loan"). Please see Item 2.03 below. The information set forth under Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. As described in Item 1.01, above, on January 8, 2025, the Company entered into the Secured Loan with National Bank. The Secured Loan is secured by a first mortgage on three of the Company's properties in the Greater Toronto Area of Ontario, Canada and one property in Edmonton, Alberta, Canada (the "Properties"). The proceeds of the Secured Loan were primarily used to repay in full the loans previously secured by the Properties and funding the interest reserve. Pursuant to the loan agreement for the Secured Loan (the "Loan Agreement"), the interest rate is equal to the Daily Compounded Canadian Overnight Repo Rate Average ("CORRA"), plus a CORRA adjustment of approximately 0.30%, plus 2.25%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $64.0 million, whereby the CORRA is fixed at approximately 3.03% through the maturity of the loan. The overall interest rate of the Secured Loan is approximately 5.58%. The Loan has an initial term of three years, maturing on January 8, 2028. Payments under the loan consist of both principal and interest, calculated using a 25 year amortization, payable monthly. The Loan Agreement contains a modified debt service coverage ratio and customary affirmative, negative and financial covenants, an interest reserve requirement, agreements, representations, warranties and borrowing condition

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On January 14, 2025, the Company issued a press release announcing the Secured Loan. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure. Pursuant to the rules and regulations of the Securities and Exchange Commission, the information in this Item 7.01 disclosure, including Exhibit 99.1, and information set forth therein, is deemed to have been furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits . 10.1 Credit Agreement, dated as of January 8, 2025 99.1 Press Release, dated January 14, 2025 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. STRATEGIC STORAGE TRUST VI, INC. Date: January 14, 2025 By: /s/ Matt F. Lopez Matt F. Lopez Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR