Strategic Storage Trust VI, Inc. announced that it has entered into a Series A Cumulative Redeemable Preferred Unit Purchase Agreement with SmartStop Self Storage REIT, Inc. for the issue of 600,000 Series A Cumulative Redeemable Preferred Unit at an issue price of $25 per unit for the gross proceeds of $15,000,000 on January 30, 2023. The company has paid an investment fee equal to $150,000 to preferred investor. The Preferred Units will receive current distributions at a rate of 7.0% per annum on the Liquidation Amount until the second anniversary of the date of issuance, 8.0% per annum commencing thereafter until the third anniversary of the date of issuance, 9.0% per annum commencing thereafter until the fourth anniversary of the date of issuance, and 10% per annum thereafter, payable monthly and calculated on an actual/360 basis.

The Preferred Units may be redeemed by the Operating Partnership, in whole or in part, at the option of the Operating Partnership at any time or from time to time following the second anniversary of the initial date of issuance. The redemption price for the Preferred Units will be equal to the sum of the Liquidation Amount plus all accumulated and unpaid distributions thereon to the date of redemption. If fewer than all of the outstanding Preferred Units are to be redeemed at the option of the Operating Partnership, the Preferred Units to be redeemed will be determined pro rata or by lot or in such other manner as determined by the Company, as the general partner of the Operating Partnership.

The shares are restricted to a hold period from the date of issuance.