Strategic Student & Senior Housing Trust Sells Assets
Ticker: STSR · Form: 8-K · Filed: Aug 2, 2024 · CIK: 1698538
Sentiment: neutral
Topics: disposition, assets, real estate
TL;DR
SSSHT just sold off some assets, details TBD.
AI Summary
On July 31, 2024, Strategic Student & Senior Housing Trust, Inc. completed the disposition of certain assets. The filing does not specify the buyer or the financial terms of the disposition.
Why It Matters
This asset disposition could signal a shift in the company's portfolio strategy or a move to unlock shareholder value.
Risk Assessment
Risk Level: low — The filing reports a routine asset disposition without immediate financial implications disclosed.
Key Players & Entities
- Strategic Student & Senior Housing Trust, Inc. (company) — Registrant
- July 31, 2024 (date) — Date of asset disposition
FAQ
What specific assets were disposed of by Strategic Student & Senior Housing Trust, Inc.?
The filing does not specify the exact assets that were disposed of.
Who was the buyer in this asset disposition?
The filing does not disclose the identity of the buyer.
What was the financial value of the assets disposed of?
The filing does not provide the dollar amount or financial terms of the disposition.
When did the disposition of assets officially take place?
The disposition of assets was completed on July 31, 2024.
Is this disposition part of a larger strategic shift for the company?
The filing does not provide information on whether this disposition is part of a larger strategic shift.
Filing Stats: 731 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-08-02 15:05:23
Key Financial Figures
- $72.25 million — price for the Fayetteville Property was $72.25 million in cash, less closing costs. The mortga
- $34.5 million — Fayetteville Property of approximately $34.5 million was repaid in full at closing. The net
- $25.4 m — he KeyBank Bridge Loan of approximately $25.4 million, and the remainder of the net pro
- $57 m — quarter of 2017 for a purchase price of $57 million, excluding acquisition costs. I
Filing Documents
- sssht-20240731.htm (8-K) — 41KB
- sssht-ex99_1.htm (EX-99.1) — 655KB
- 0000950170-24-089857.txt ( ) — 831KB
- sssht-20240731.xsd (EX-101.SCH) — 25KB
- sssht-20240731_htm.xml (XML) — 4KB
01. Completion of Acquisition or Disposition of Asset
Item 2.01. Completion of Acquisition or Disposition of Asset. On July 31, 2024, a subsidiary of Strategic Student & Senior Housing Trust, Inc. (the "Registrant") sold the Registrant's sole remaining student housing property located in Fayetteville, Arkansas (the "Fayetteville Property") to YOUnion at Fayetteville SPE, LLC (the "Buyer"). Buyer is a subsidiary of a joint venture (the "Joint Venture") between an affiliate of Virtus Real Estate, LLC ("Virtus") and an affiliate of our sponsor, Strategic Asset Management I, LLC ("SAM"). The Virtus affiliate owns 95% and the SAM affiliate owns 5% of the Joint Venture. In addition, a SAM affiliate serves as the property manager of the Fayetteville Property on behalf of the Joint Venture. The sale price for the Fayetteville Property was $72.25 million in cash, less closing costs. The mortgage loan encumbering the Fayetteville Property of approximately $34.5 million was repaid in full at closing. The net proceeds from the sale of the Fayetteville Property will be primarily used to repay the total outstanding balance on the KeyBank Bridge Loan of approximately $25.4 million, and the remainder of the net proceeds will be used for other corporate purposes, including but not limited to payment of a disposition fee and reimbursement of fees and expenses owed to the advisor of the Registrant, a subsidiary of SAM, and distributions to stockholders. The Fayetteville Property was purchased by the Registrant in the second quarter of 2017 for a purchase price of $57 million, excluding acquisition costs.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (b) Pro forma Financial Information. The unaudited pro forma consolidated balance sheet of the Registrant, as of March 31, 2024, and the unaudited pro forma consolidated statements of operations for the three months ended March 31, 2024 and 2023, and for the years ended December 31, 2023, 2022, and 2021, are filed as Exhibit 99.1 to the Current Report on Form 8-K and are incorporated herein by reference. (d) Exhibits. 99.1 Unaudited pro forma consolidated balance sheet as of March 31, 2024, and the unaudited pro forma consolidated statements of operations for the three months ended March 31, 2024 and 2023, and for the years ended December 31, 2023, 2022, and 2021. 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 STUDENT & SENIOR HOUSING Trust, Inc. Date: August 2, 2024 By: /s/ Matt F. Lopez Matt F. Lopez Chief Financial Officer, Treasurer, and Secretary (Principal Financial and Accounting Officer)