CUSIP No. 83192D105
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6
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The Reporting Person originally acquired the securities of the Issuer for investment purposes and, over time,
has acquired additional securities of the Issuer either as a result of transactions engaged in by the Issuer (e.g. mergers) or as compensation. The Reporting Person may purchase additional securities of the Issuer or dispose of securities of
the Issuer in varying amounts and at varying times. Any transaction that the Reporting Person may pursue may be made at any time and from time to time will depend on a variety of factors, including, without limitation, then-existing restrictions
upon the Reporting Persons ability to purchase and sell securities of the Issuer, the price and availability of the Issuers securities or other financial instruments, the Reporting Persons trading and investment strategies,
subsequent developments affecting the Issuer, the Issuers business and the Issuers prospects, other investment and business opportunities available to such Reporting Person, general industry and economic conditions, the securities
markets in general, tax considerations and other factors deemed relevant by such Reporting Person. The Reporting Person also may receive, as compensation, additional securities of the Issuer.
Because the Reporting Person is the Chairman and Chief Executive Officer of the Issuer, he, of course, in those capacities, could discuss with the
Issuers management and board of directors (the Board) and have influence over certain items of business and corporate activities that could include items in subparagraphs (a) through (j) of Item 4 of Schedule 13D. In certain
cases, he could, and reserves the right to, also communicate from time to time with other securityholders of the Issuer, or other third parties, advisors, such as legal, financial, regulatory, or other advisors, to assist in the review and
evaluation of strategic alternatives regarding the Issuer that could include items in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Such discussions and actions may be exploratory in nature, and not rise to the level of a plan or
proposal as contemplated by Schedule 13D and the related regulations.
Except as described in this Schedule 13D, the Reporting Person does not have any
present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.
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Interests in Securities of the Issuer.
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(a) The Reporting Person is deemed to beneficially own an aggregate of 10,540,040.94 shares of Class A Common Stock, as follows (i) 541,854.40 shares of
Class A Common Stock; (ii) 386,173 OP Units; (iii) 25,783.83 LTIP Units; and (iv) 9,586,229.71 Class A-1 Units, which represents beneficial ownership of approximately 11.1% of the Issuers
outstanding common stock. The Reporting Persons percentage ownership is based on (i) approximately 84,709,099 shares of common stock outstanding as of September 3, 2021, and (ii) approximately 10,270,455 limited partnership units of
the Operating Partnership that are vested, outstanding, and convertible into common stock of the Company.
The above does not include (i) 58,630.40 shares
of unvested restricted stock; (ii) 226,544.97 unvested time-based LTIP Units; or (iii) 168,219.30 unvested performance-based LTIP Units, in each case which were issued to the Reporting Person under the Issuers Employee and Director Long-Term
Incentive Plan, as they do not vest within 60 days of September 3, 2021.
(b) The Reporting Person has sole power to vote and dispose of 10,455,626.71
securities, which is comprised of (i) 483,224 shares of Class A Common Stock, of which 100 shares are owned by SOH and 483,124 shares are owned by Strategic 1031, as to which the Reporting Person has voting and dispositive power; (ii) 386,173
OP Units, of which 386,100 units are owned by SS Growth Advisor and 73 units are owned by SS Toronto REIT Advisors, as to which the Reporting Person has voting and dispositive power; and (iii) 9,586,229.71
Class A-1 Units owned by SOH, as to which the Reporting Person has voting and dispositive power.