Strategic Student & Senior Housing Trust, Inc suspends distributions and redemption program due to COVID-19 pandemic
Sonn Law Group is representing investors who have suffered losses investing in Strategic Student & Senior Housing Trust, Inc. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Strategic Student & Senior Housing Trust, Inc. (“SSSHT”) is a public, non-traded REIT focused on student and senior housing. According to its website, SSSHT intends to “take advantage” of the growing demand for student and senior housing.
SSSHT advertises that they can provide “stability, diversification, income, and potential growth over the long-term.” The REIT raised approximately $93 million from its private offering ending in March 2018. As of March 16, 2020, the company had raised $17 million through its primary public offering.
As of March 30, 2020, SSSHT announced to its investors that distributions would be suspended, and that it could be years until their properties stabilize. SSSHT reportedly does not anticipate their current portfolio generating enough cash flow to pay stockholder distributions in the near future. Additionally, SSSHT has suspended its primary public offering and share redemption program, citing the COVID-19 pandemic and its impact on the economy.
“There is no way to predict the extent to which COVID-19 will impact our overall financial results,” the company said in a letter to shareholders. “In light of such, we believe it is prudent to retain cash and preserve financial flexibility.”
In January 2018, shares of SSSHT sold for $9.25/share. The value in September 2020 was $6.08/share.
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If you suffered losses investing in Strategic Student & Senior Housing Trust, Sonn Law Group may be able to help. Please call us now at 866-827-3202 or complete our contact form.