SmartStop (SMA) director sells 425 shares, retains stock and LTIP Units
Rhea-AI Filing Summary
SmartStop Self Storage REIT, Inc. director David J. Mueller reported an open-market sale of 425 shares of Common Stock at $32.44 per share on June 16, 2026, under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2025.
Following the sale, Mueller directly holds 5,490 shares of Common Stock. He also holds Long-Term Incentive Plan Units that are ultimately tied to 9,598 and 7,234.25 underlying shares of Common Stock, which vest over time based on his board service.
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Insider Trade Summary 10b5-1
Net Seller: 425 shares
Net Sell
3 txns
Insider
Mueller David J
Role
Director
Sold
425 shs ($14K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 425 | $32.44 | $14K |
| holding | Long-Term Incentive Plan Units | -- | -- | -- |
| holding | Long-Term Incentive Plan Units | -- | -- | -- |
Holdings After Transaction:
Common Stock — 5,490 shares (Direct);
Long-Term Incentive Plan Units — 16,832.25 shares (Direct)
Footnotes (4)
- F1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 15, 2025.
- F2. 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.
- F3. Represents 7,234.25 LTIP Units previously reported as being owned by the Reporting Person. The LTIP Units were issued to the Reporting Person in connection with his reelection to the board of directors and vest one year from each such reelection.
- F4. Represents 9,598 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.
Key Figures
Shares sold: 425 shares
Sale price: $32.44 per share
Common shares held after sale: 5,490 shares
+3 more
6 metrics
Shares sold
425 shares
Open-market sale on June 16, 2026
Sale price
$32.44 per share
Common Stock sale on June 16, 2026
Common shares held after sale
5,490 shares
Direct ownership following transaction
LTIP underlying shares (grant 1)
9,598 shares
LTIP Units vesting over four years
LTIP underlying shares (grant 2)
7,234.25 shares
LTIP Units from board reelection
Net share direction
-425 shares
Net-sell across reported transactions
Key Terms
Rule 10b5-1 trading plan, Long-Term Incentive Plan Units, LTIP Units, Common Units, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Long-Term Incentive Plan Units financial
"Represents long-term incentive plan units ("LTIP Units") of SmartStop OP, L.P."
LTIP Units financial
"Represents 7,234.25 LTIP Units previously reported as being owned by the Reporting Person."
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")."
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.
operating partnership financial
"LTIP Units of 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 director David J. Mueller report?
David J. Mueller reported selling 425 shares of SmartStop Self Storage REIT common stock. The shares were sold in an open-market transaction at $32.44 per share, and the activity was disclosed on a Form 4 insider trading report.
Was the SMA insider sale by David J. Mueller pre-planned under Rule 10b5-1?
Yes. The filing states the sales were made under a Rule 10b5-1 trading plan. That plan was adopted by David J. Mueller on December 15, 2025, indicating the transaction was scheduled in advance rather than being a discretionary trade.
What are Long-Term Incentive Plan Units in the SMA Form 4 filing?
The Long-Term Incentive Plan Units are LTIP Units in SmartStop OP, L.P., the operating partnership. Vested LTIP Units convert into Common Units, which can be redeemed for either SmartStop common stock on a one-for-one basis or cash equal to the stock’s value.
AI-generated analysis. How Rhea-AI works. Not financial advice.
