SmartStop (SMA) counsel sells stock, retains equity incentive units
Rhea-AI Filing Summary
SmartStop Self Storage REIT, Inc. (SMA) reported that its General Counsel and Secretary, Nicholas Look, sold 1,025 shares of Common Stock on August 14, 2026 at $34.36 per share in an open-market or private transaction, leaving him with 588 directly held common shares. He also continues to hold various equity-linked interests, including Long-Term Incentive Plan Units and Class A-1 Units of the operating partnership that are each ultimately tied on a one-for-one basis to SmartStop common stock or its cash value, subject to vesting and performance conditions.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,025 shares
Net Sell
5 txns
Insider
Look Nicholas
Role
General Counsel and Secretary
Sold
1,025 shs ($35K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 1,025 | $34.36 | $35K |
| holding | Long-Term Incentive Plan Units F1, F2 | -- | -- | -- |
| holding | Long-Term Incentive Plan Units F1, F3 | -- | -- | -- |
| holding | Long-Term Incentive Plan Units F1, F4 | -- | -- | -- |
| holding | Class A-1 Units F5, F6 | -- | -- | -- |
Holdings After Transaction:
Common Stock — 588 shares (Direct);
Long-Term Incentive Plan Units — 61,053.64 shares (Direct);
Class A-1 Units — 12,376.5 shares (Direct)
Footnotes (6)
- F1. Represents long-term incentive plan units ("LTIP Units") of SmartStop OP, L.P., the Issuer's operating partnership (the "Operating Partnership"). Vested LTIP Units are convertible into common units of the Operating Partnership ("Common Units"). Common Units are redeemable by the holder for, at the election of the Issuer, shares of the Issuer's Common Stock on a one-for-one basis or the cash value of such shares.
- F2. Represents 15,826.99 LTIP Units previously reported as being owned by the Reporting Person, which LTIP Units vest ratably over four years commencing on December 31 of the year of grant, subject to the Reporting Person's continued employment or service through each vesting date.
- F3. Represents 15,907.65 LTIP Units previously reported as being owned by the Reporting Person, which number is equal to 200% of the target number of LTIP Units to be issued upon vesting. The actual number of LTIP Units to be issued upon vesting can range from 0% to 100% of the number of LTIP Units reported, based on achievement of specified performance measures.
- F4. Represents 29,319 LTIP Units previously reported as being owned by the Reporting Person, which LTIP Units vest ratably over four years commencing on the first anniversary of the issuance thereof, subject to the Reporting Person's continued employment or service through each vesting date.
- F5. Represents Class A-1 limited partnership units ("Class A-1 Units"). Class A-1 Units are redeemable by the holder for, at the election of the Issuer, shares of Common Stock of the Issuer on a one-for-one basis or the cash value of such shares.
- F6. Represents 12,376.50 Class A-1 Units previously reported as being owned by the Reporting Person.
Key Figures
Common shares sold: 1,025 shares
Sale price per share: $34.36
Common shares held after transaction: 588 shares
+4 more
7 metrics
Common shares sold
1,025 shares
Sale of SmartStop common stock on August 14, 2026
Sale price per share
$34.36
Price for the 1,025 SMA common shares sold
Common shares held after transaction
588 shares
Directly held SMA common stock following the sale
LTIP Units underlying shares block 1
15,826.99 shares
Long-Term Incentive Plan Units convertible into Operating Partnership Common Units
LTIP Units underlying shares block 2
15,907.65 shares
Performance-based LTIP Units at 200% of target before actual vesting determination
LTIP Units underlying shares block 3
29,319.00 shares
LTIP Units vesting ratably over four years after issuance
Class A-1 Units and underlying shares
12,376.50 units / 12,376.50 shares
Class A-1 Units redeemable one-for-one into SMA common stock or cash value
Key Terms
Long-Term Incentive Plan Units, LTIP Units, Common Units, Class A-1 Units, +1 more
5 terms
Long-Term Incentive Plan Units financial
"Represents long-term incentive plan units ("LTIP Units") of SmartStop OP, L.P."
LTIP Units financial
"Represents 29,319 LTIP Units previously reported as being owned"
LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.
Common Units financial
"Vested LTIP Units are convertible into common units of the Operating Partnership"
Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.
Class A-1 Units financial
"Represents Class A-1 limited partnership units ("Class A-1 Units")."
Operating Partnership financial
"SmartStop OP, L.P., the Issuer's operating partnership (the "Operating Partnership")."
An operating partnership is a separate legal entity set up to own and run a company’s core assets and day-to-day businesses, while investors hold interests indirectly through the parent company. Think of it like a dedicated garage that actually stores and services the cars while the owner keeps the dealership; it matters to investors because it affects how income, taxes, liability and voting rights are allocated and therefore can influence distributions and risk.
FAQ
What insider transaction did SMA report for Nicholas Look on August 14, 2026?
SmartStop Self Storage REIT (SMA) reported that Nicholas Look sold 1,025 shares of Common Stock on August 14, 2026 at $34.36 per share, characterized as a sale in an open-market or private transaction, leaving him with 588 directly held shares afterward.
What Long-Term Incentive Plan Units linked to SMA stock does Nicholas Look hold?
Nicholas Look holds several Long-Term Incentive Plan Units tied to SMA common stock, including positions with underlying shares of 15,826.99, 15,907.65, and 29,319.00. These LTIP Units have a $0.00 exercise price and are subject to vesting and, for some, performance conditions.
What are SMA Class A-1 Units reported for Nicholas Look in this Form 4?
He holds 12,376.50 Class A-1 Units in the operating partnership. According to the disclosure, each Class A-1 Unit is redeemable, at the issuer’s election, for either one SMA common share or the cash value of such a share, providing an additional equity-linked interest.
Were Nicholas Look’s SMA transactions under a Rule 10b5-1 trading plan?
The filing indicates the Rule 10b5-1 checkbox is not affirmed (set to false), and there is no footnote stating the sale was made pursuant to a Rule 10b5-1 trading plan, so the transaction is not identified as pre-arranged under such a plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
