10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-55617

SmartStop Self Storage REIT, Inc.

(Exact name of Registrant as specified in its charter)

Maryland	46-1722812
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

10 Terrace Road

Ladera Ranch, California 92694

(Address of principal executive offices)

(877) 327-3485

(Registrant’s telephone number)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 10, 2022, there were 88,857,061 outstanding shares of Class A common stock and 8,085,550 outstanding shares of Class T common stock of the registrant.

FORM 10-Q

SMARTSTOP SELF STORAGE REIT, INC.

TABLE OF CONTENTS

		Page No.
	Cautionary Note Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
Item 1.	Consolidated Financial Statements:	4
	Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021	5
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)	6
	Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)	7
	Consolidated Statements of Equity for the Three Months Ended March 31, 2021 and June 30, 2021 (unaudited)	8
	Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and June 30, 2022 (unaudited) Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)	12
	Notes to Consolidated Financial Statements (unaudited)	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	80
Item 4.	Controls and Procedures	81
PART II.	OTHER INFORMATION	82
Item 1.	Legal Proceedings	82
Item 1A.	Risk Factors	82
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	83
Item 3.	Defaults Upon Senior Securities	83
Item 4.	Mine Safety Disclosures	83
Item 5.	Other Information	83
Item 6.	Exhibits	83

2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Form 10-Q of SmartStop Self Storage REIT, Inc., other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission. We cannot guarantee the accuracy of any such forward-looking statements contained in this Form 10-Q, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Any such forward-looking statements are subject to risks, uncertainties, and other factors and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive, and market conditions, including without limitation changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, including the outbreak of COVID-19, military actions, and terrorist attacks. The occurrence or severity of any such event or circumstance is difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to realize the plans, strategies and prospects contemplated by such forward-looking statements, including our ability to generate positive cash flow from operations and provide distributions to stockholders, and our ability to find suitable investment properties, may be significantly hindered.

For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the documents we file from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission, as supplemented by the risk factors included in Part II, Item 1A of this Form 10-Q.

3

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The information furnished in the accompanying unaudited consolidated balance sheets and related consolidated statements of operations, comprehensive income (loss), equity and cash flows reflects all adjustments (consisting of normal and recurring adjustments) that are, in management’s opinion, necessary for a fair and consistent presentation of the aforementioned consolidated financial statements.

The accompanying consolidated financial statements should be read in conjunction with the notes to our consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report on Form 10-Q. The accompanying consolidated financial statements should also be read in conjunction with our consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2021. Our results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results expected for the full year.

4

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	June 30, 2022 (Unaudited)			December 31, 2021
ASSETS
Real estate facilities:
Land	$	422,592,268		$	397,508,081
Buildings		1,379,838,788			1,117,204,944
Site improvements		88,382,218			78,910,603
		1,890,813,274			1,593,623,628
Accumulated depreciation		(178,029,203	)		(155,926,875	)
		1,712,784,071			1,437,696,753
Construction in process		4,210,552			1,799,004
Real estate facilities, net		1,716,994,623			1,439,495,757
Cash and cash equivalents		45,894,264			37,254,226
Restricted cash		7,444,707			7,432,135
Investments in unconsolidated real estate ventures (Note 4)		28,868,557			18,943,284
Investments in and advances to Managed REITs		11,271,875			12,404,380
Other assets, net		20,944,488			15,423,508
Intangible assets, net of accumulated amortization		22,373,984			14,337,820
Trademarks, net of accumulated amortization		15,982,353			16,052,941
Goodwill		53,643,331			53,643,331
Debt issuance costs, net of accumulated amortization		2,871,677			3,305,394
Total assets	$	1,926,289,859		$	1,618,292,776
LIABILITIES AND EQUITY
Debt, net	$	1,022,748,112		$	873,866,855
Accounts payable and accrued liabilities		21,977,212			22,693,941
Due to affiliates		410,334			584,291
Distributions payable		8,940,680			8,360,420
Contingent earnout		15,800,000			30,000,000
Deferred tax liabilities		6,809,790			7,719,098
Total liabilities		1,076,686,128			943,224,605
Commitments and contingencies (Note 11)
Redeemable common stock		76,578,073			71,334,675
Preferred stock, $0.001 par value; 200,000,000 shares authorized:
Series A Convertible Preferred Stock, $0.001 par value; 200,000 shares    authorized; 200,000 and 200,000 shares issued and outstanding at June 30,    2022 and December 31, 2021, respectively, with aggregate liquidation    preferences of $203,116,438 and $203,150,685 at June 30, 2022 and    December 31, 2021, respectively		196,356,107			196,356,107
Equity:
SmartStop Self Storage REIT, Inc. equity:
Class A common stock, $0.001 par value; 350,000,000 shares     authorized; 88,857,061 and 77,057,743 shares issued and     outstanding at June 30, 2022 and December 31, 2021, respectively		88,857			77,058
Class T common stock, $0.001 par value; 350,000,000 shares     authorized; 8,085,550 and 8,056,198 shares issued and     outstanding at June 30, 2022 and December 31, 2021, respectively		8,085			8,056
Additional paid-in capital		893,713,908			724,739,872
Distributions		(236,750,901	)		(210,964,464	)
Accumulated deficit		(161,924,488	)		(170,846,475	)
Accumulated other comprehensive income (loss)		1,261,504			(279,975	)
Total SmartStop Self Storage REIT, Inc. equity		496,396,965			342,734,072
Noncontrolling interests in our Operating Partnership		80,248,548			64,632,417
Other noncontrolling interests		24,038			10,900
Total noncontrolling interests		80,272,586			64,643,317
Total equity		576,669,551			407,377,389
Total liabilities and equity	$	1,926,289,859		$	1,618,292,776

See notes to consolidated financial statements.

5

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Revenues:
Self storage rental revenue	$	46,471,360		$	38,104,699		$	89,528,232		$	67,608,141
Ancillary operating revenue		2,098,835			2,027,041			4,073,155			3,584,471
Managed REIT Platform revenue		2,013,134			1,058,291			3,822,230			3,346,031
Reimbursable costs from Managed REITs		1,204,919			1,061,619			2,348,492			2,277,662
Total revenues		51,788,248			42,251,650			99,772,109			76,816,305
Operating expenses:
Property operating expenses		13,637,231			12,479,969			26,742,556			22,823,250
Managed REIT Platform expenses		617,846			316,142			1,007,111			636,032
Reimbursable costs from Managed REITs		1,204,919			1,061,619			2,348,492			2,277,662
General and administrative		7,946,583			6,811,313			13,784,230			11,564,302
Depreciation		11,826,106			10,742,801			22,934,092			19,286,728
Intangible amortization expense		4,471,973			3,653,681			8,372,857			4,913,228
Acquisition expenses		285,097			30,448			702,871			336,098
Contingent earnout adjustment		800,000			400,000			1,313,821			2,519,744
Write-off of equity interest and preexisting       relationships upon acquisition of control		2,049,682			—			2,049,682			8,389,573
Total operating expenses		42,839,437			35,495,973			79,255,712			72,746,617
Gain on equity interests upon acquisition		16,101,237			—			16,101,237			—
Gain on sale of real estate		—			178,631			—			178,631
Income from operations		25,050,048			6,934,308			36,617,634			4,248,319
Other income (expense):
Interest expense		(8,852,586	)		(8,416,349	)		(16,428,370	)		(17,032,420	)
Net loss on extinguishment of debt		(2,393,475	)		—			(2,393,475	)		(2,444,788	)
Other, net		209,135			171,203			(513,208	)		1,614,585
Net income (loss)		14,013,122			(1,310,838	)		17,282,581			(13,614,304	)
Net (income) loss attributable to    noncontrolling interests		(1,758,141	)		546,092			(2,161,963	)		2,023,086
Less: Distributions to preferred stockholders		(3,116,439	)		(3,116,438	)		(6,198,631	)		(6,198,630	)
Net income (loss) attributable to     SmartStop Self Storage REIT, Inc.       common stockholders	$	9,138,542		$	(3,881,184	)	$	8,921,987		$	(17,789,848	)
Net income (loss) per Class A & Class T share –    basic	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)
Net income (loss) per Class A & Class T share –    diluted	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)
Weighted average Class A shares outstanding –    basic		80,896,716			75,994,754			78,932,668			66,252,067
Weighted average Class A shares outstanding –    diluted		81,422,623			75,994,754			79,411,284			66,252,067
Weighted average Class T shares outstanding –    basic		8,085,550			7,960,999			8,078,290			7,944,502
Weighted average Class T shares outstanding –    diluted		8,085,550			7,960,999			8,078,290			7,944,502

See notes to consolidated financial statements.

6

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net income (loss)	$	14,013,122		$	(1,310,838	)	$	17,282,581		$	(13,614,304	)
Other comprehensive income (loss):
Foreign currency translation adjustment		(1,792,539	)		806,767			(854,577	)		1,394,496
Foreign currency hedge contract gains (losses)		1,512,677			(600,643	)		678,241			(1,403,712	)
Interest rate swap and cap contract gains		1,405,816			978,069			1,912,331			2,219,503
Other comprehensive income		1,125,954			1,184,193			1,735,995			2,210,287
Comprehensive income (loss)		15,139,076			(126,645	)		19,018,576			(11,404,017	)
Comprehensive (income) loss attributable to      noncontrolling interests:
Comprehensive (income) loss attributable to       noncontrolling interests		(1,886,846	)		417,634			(2,356,479	)		1,765,021
Comprehensive income (loss) attributable to      SmartStop Self Storage REIT, Inc.      stockholders	$	13,252,230		$	290,989		$	16,662,097		$	(9,638,996	)

See notes to consolidated financial statements.

7

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	Common Stock
	Class A						Class T
	Number of Shares			Common Stock Par Value			Number of Shares			Common Stock Par Value			Additional Paid-in Capital			Distributions			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total SmartStop Self Storage REIT, Inc. Equity			Noncontrolling Interests			Total Equity			Preferred Stock		Redeemable Common Stock
Balance as of December 31, 2020		52,660,402		$	52,661			7,903,911		$	7,904		$	492,408,006		$	(163,953,169	)	$	(141,444,880	)	$	(3,834,228	)	$	183,236,294		$	60,003,911		$	243,240,205		$	196,356,107	$	57,335,575
Gross proceeds from issuance of      operating partnership units in      SST VI OP		—			—			—			—			—			—			—			—			—			50,000			50,000			—		—
Issuance of common stock      in connection with the SST IV      Merger		23,137,540			23,138			—			—			231,389,332			—			—			—			231,412,470			—			231,412,470			—		—
Offering costs		—			—			—			—			(150,000	)		—			—			—			(150,000	)		—			(150,000	)		—		—
Issuance of Class A-1 Units in our      Operating Partnership in      connection with the contingent      earnout related to the Self      Administration Transaction		—			—			—			—			—			—			—			—			—			11,219,744			11,219,744			—		—
Acquisition of noncontrolling      interest related to the Tenant      Programs joint ventures		—			—			—			—			—			—			—			—			—			(10,900	)		(10,900	)		—		—
Changes to redeemable common      stock		—			—			—			—			(3,737,890	)		—			—			—			(3,737,890	)		—			(3,737,890	)		—		3,737,890
Redemptions of common stock		(66,238	)		(66	)		(4,110	)		(4	)		—			—			—			—			(70	)		—			(70	)		—		(684,947	)
Issuance of restricted stock		54,192			54			—			—			—			—			—			—			54			—			54			—		—
Distributions		—			—			—			—			—			(9,375,185	)		—			—			(9,375,185	)		—			(9,375,185	)		—		—
Distributions to noncontrolling      interests		—			—			—			—			—			—			—			—			—			(1,393,957	)		(1,393,957	)		—		—
Issuance of shares for distribution      reinvestment plan		310,860			311			48,553			49			3,737,530			—			—			—			3,737,890			—			3,737,890			—		—
Equity based compensation      expense		—			—			—			—			244,187			—			—			—			244,187			246,843			491,030			—		—
Net loss attributable to SmartStop      Self Storage REIT, Inc. common      stockholders		—			—			—			—			—			—			(13,908,664	)		—			(13,908,664	)		—			(13,908,664	)		—		—
Net loss attributable to      noncontrolling interests		—			—			—			—			—			—			—			—			—			(1,476,994	)		(1,476,994	)		—		—
Foreign currency translation      adjustment		—			—			—			—			—			—			—			513,632			513,632			74,097			587,729			—		—
Foreign currency forward contract      loss		—			—			—			—			—			—			—			(701,823	)		(701,823	)		(101,246	)		(803,069	)		—		—
Interest rate swap and cap contract      gain		—			—			—			—			—			—			—			1,084,678			1,084,678			156,756			1,241,434			—		—
Balance as of March 31, 2021		76,096,756		$	76,098			7,948,354		$	7,949		$	723,891,165		$	(173,328,354	)	$	(155,353,544	)	$	(2,937,741	)	$	392,355,573		$	68,768,254		$	461,123,827		$	196,356,107	$	60,388,518

See notes to consolidated financial statements.

8

	Common Stock
	Class A						Class T
	Number of Shares			Common Stock Par Value			Number of Shares			Common Stock Par Value			Additional Paid-in Capital			Distributions			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total SmartStop Self Storage REIT, Inc. Equity			Noncontrolling Interests			Total Equity			Preferred Stock		Redeemable Common Stock
Balance as of March 31, 2021		76,096,756		$	76,098			7,948,354		$	7,949		$	723,891,165		$	(173,328,354	)	$	(155,353,544	)	$	(2,937,741	)	$	392,355,573		$	68,768,254		$	461,123,827		$	196,356,107	$	60,388,518
Gross proceeds from issuance of      operating partnership units in      SST VI OP		—			—			—			—			—			—			—			—			—			4,711,315			4,711,315			—		—
Offering costs of SST VI OP		—			—			—			—			—			—			—			—			—			(1,239,194	)		(1,239,194	)		—		—
Deconsolidation of SST VI OP		—			—			—			—			—			—			—			—			—			(3,170,238	)		(3,170,238	)		—		—
Offering costs		—			—			—			—			(11,478	)		—			—			—			(11,478	)		—			(11,478	)		—		—
Changes to redeemable common      stock		—			—			—			—			(5,111,955	)		—			—			—			(5,111,955	)		—			(5,111,955	)		—		5,111,955
Redemptions of common stock		(47,973	)		(48	)		(19,070	)		(19	)		—			—			—			—			(67	)		—			(67	)		—		(1,472,369	)
Issuance of restricted stock		24,000			24			—			—			—			—			—			—			24			—			24			—		—
Distributions		—			—			—			—			—			(12,471,352	)		—			—			(12,471,352	)		—			(12,471,352	)		—		—
Distributions to noncontrolling      interests		—			—			—			—			—			—			—			—			—			(1,586,551	)		(1,586,551	)		—		—
Issuance of shares for distribution      reinvestment plan		443,498			443			49,667			49			5,111,463			—			—			—			5,111,955			—			5,111,955			—		—
Equity based compensation      expense		—			—			—			—			413,776			—			—			—			413,776			385,923			799,699			—		—
Net loss attributable to SmartStop      Self Storage REIT, Inc. common      stockholders		—			—			—			—			—			—			(3,881,184	)		—			(3,881,184	)		—			(3,881,184	)		—		—
Net loss attributable to the      noncontrolling interests in      our Operating Partnership		—			—			—			—			—			—			—			—			—			(546,092	)		(546,092	)		—		—
Foreign currency translation      adjustment		—			—			—			—			—			—			—			719,064			719,064			87,703			806,767			—		—
Foreign currency forward contract      loss		—			—			—			—			—			—			—			(535,452	)		(535,452	)		(65,191	)		(600,643	)		—		—
Interest rate swap and cap      contract gain		—			—			—			—			—			—			—			872,123			872,123			105,946			978,069			—		—
Balance as of June 30, 2021		76,516,281		$	76,517			7,978,951		$	7,979		$	724,292,971		$	(185,799,706	)	$	(159,234,728	)	$	(1,882,006	)	$	377,461,027		$	67,451,875		$	444,912,902		$	196,356,107	$	64,028,104

See notes to consolidated financial statements.

9

	Common Stock
	Class A						Class T
	Number of Shares			Common Stock Par Value			Number of Shares			Common Stock Par Value			Additional Paid-in Capital			Distributions			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total SmartStop Self Storage REIT, Inc. Equity			Noncontrolling Interests			Total Equity			Preferred Stock		Redeemable Common Stock
Balance as of December 31, 2021		77,057,743		$	77,058			8,056,198		$	8,056		$	724,739,872		$	(210,964,464	)	$	(170,846,475	)	$	(279,975	)	$	342,734,072		$	64,643,317		$	407,377,389		$	196,356,107	$	71,334,675
Offering costs		—			—			—			—			(53,949	)		—			—			—			(53,949	)		—			(53,949	)		—		—
Tax withholding (net settlement)     related to vesting of restricted     stock		(8,098	)		(8	)		—			—			(74,487	)		—			—			—			(74,495	)		—			(74,495	)		—		—
Issuance of Class A-1 Units in our     Operating Partnership in     connection with the contingent     earnout related to the Self     Administration Transaction		—			—			—			—			—			—			—			—			—			15,513,821			15,513,821			—		—
Issuance of noncontrolling interest      in SST VI Advisor		—			—			—			—			—			—			—			—			—			1,000			1,000			—		—
Changes to redeemable common    stock		—			—			—			—			(5,243,398	)		—			—			—			(5,243,398	)		—			(5,243,398	)		—		5,243,398
Redemptions of common stock		(106,502	)		(107	)		(4,696	)		(5	)		—			—			—			—			(112	)		—			(112	)		—		—
Issuance of restricted stock		45,170			45			—			—			—			—			—			—			45			—			45			—		—
Distributions		-			—			—			—			—			(12,427,305	)		—			—			(12,427,305	)		—			(12,427,305	)		—		—
Distributions to noncontrolling    interests		—			—			—			—			—			—			—			—			—			(1,679,314	)		(1,679,314	)		—		—
Issuance of shares for     distribution reinvestment     plan		313,658			314			34,048			34			5,243,050			—			—			—			5,243,398			—			5,243,398			—		—
Equity based compensation     expense		—			—			—			—			403,252			—			—			—			403,252			768,685			1,171,937			—		—
Net loss attributable to     SmartStop Self Storage     REIT, Inc. common     stockholders		—			—			—			—			—			—			(216,555	)		—			(216,555	)		—			(216,555	)		—		—
Net income attributable to     noncontrolling interests		—			—			—			—			—			—			—			—			—			403,822			403,822			—		—
Foreign currency translation    adjustment		—			—			—			—			—			—			—			836,775			836,775			101,187			937,962			—		—
Foreign currency hedge     contract loss		—			—			—			—			—			—			—			(744,417	)		(744,417	)		(90,019	)		(834,436	)		—		—
Interest rate hedge      contract gain		—			—			—			—			—			—			—			451,872			451,872			54,643			506,515			—		—
Balance as of March 31, 2022		77,301,971		$	77,302			8,085,550		$	8,085		$	725,014,340		$	(223,391,769	)	$	(171,063,030	)	$	264,255		$	330,909,183		$	79,717,142		$	410,626,325		$	196,356,107	$	76,578,073

See notes to consolidated financial statements.

10

	Common Stock
	Class A						Class T
	Number of Shares			Common Stock Par Value			Number of Shares		Common Stock Par Value		Additional Paid-in Capital			Distributions			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total SmartStop Self Storage REIT, Inc. Equity			Noncontrolling Interests			Total Equity			Preferred Stock		Redeemable Common Stock
Balance as of March 31, 2022		77,301,971		$	77,302			8,085,550	$	8,085	$	725,014,340		$	(223,391,769	)	$	(171,063,030	)	$	264,255		$	330,909,183		$	79,717,142		$	410,626,325		$	196,356,107	$	76,578,073
Offering costs		—			—			—		—		(391,200	)		—			—			—			(391,200	)		—			(391,200	)		—		—
Issuance of common stock in      connection with the      SSGT II Merger		11,542,062			11,542			—		—		168,778,332			—			—			—			168,789,874			—			168,789,874			—		—
Issuance of OP Units in      connection with      SSGT II Merger		—			—			—		—		—			—			—			—			—			1,703			1,703			—		—
Tax withholding (net      settlement) related to      vesting of restricted stock		(812	)		(1	)		—		—		(11,865	)		—			—			—			(11,866	)		—			(11,866	)		—		—
Changes to redeemable      common stock		—			—			—		—		—			—			—			—			—			—			—			—		—
Issuance of restricted stock		13,840			14			—		—		—			—			—			—			14			—			14			—		—
Distributions		—			—			—		—		—			(13,359,132	)		—			—			(13,359,132	)		—			(13,359,132	)		—		—
Distributions to noncontrolling     interests		—			—			—		—		—			—			—			—			—			(1,954,121	)		(1,954,121	)		—		—
Equity based compensation      expense		—			—			—		—		324,301			—			—			—			324,301			621,016			945,317			—		—
Net income attributable to      SmartStop Self Storage      REIT, Inc. common      stockholders		—			—			—		—		—			—			9,138,542			—			9,138,542			—			9,138,542			—		—
Net income attributable to      noncontrolling interests		—			—			—		—		—			—			—			—			—			1,758,141			1,758,141			—		—
Foreign currency translation     adjustment		—			—			—		—		—			—			—			(1,587,642	)		(1,587,642	)		(204,897	)		(1,792,539	)		—		—
Foreign currency hedge     contract gain		—			—			—		—		—			—			—			1,339,769			1,339,769			172,908			1,512,677			—		—
Interest rate hedge     contract gain		—			—			—		—		—			—			—			1,245,122			1,245,122			160,694			1,405,816			—		—
Balance as of June 30, 2022		88,857,061		$	88,857			8,085,550	$	8,085	$	893,713,908		$	(236,750,901	)	$	(161,924,488	)	$	1,261,504		$	496,396,965		$	80,272,586		$	576,669,551		$	196,356,107	$	76,578,073

See notes to consolidated financial statements.

11

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
	2022			2021
Cash flows from operating activities:
Net income (loss)	$	17,282,581		$	(13,614,304	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		31,306,949			24,199,956
Change in deferred tax liability		(799,123	)		(1,929,746	)
Accretion of fair market value adjustment of secured debt		(42,198	)		(63,116	)
Amortization of debt issuance costs		1,245,315			1,169,370
Equity based compensation expense		2,117,254			1,290,729
Contingent earnout adjustment		1,313,821			2,519,744
Equity in loss of unconsolidated joint ventures		761,088			259,178
Unrealized foreign currency and derivative gain		(203,493	)		(449,224	)
Net loss on extinguishment of debt		2,393,475			2,444,788
Gain on equity interests upon acquisition		(16,101,237	)		—
Write-off of equity interest and preexisting relationships upon acquisition of control		2,049,682			8,389,573
Gain on deconsolidation of SST VI OP		—			(169,533	)
Gain on sale of real estate		—			(178,631	)
Increase (decrease) in cash from changes in assets and liabilities, net of acquisitions:
Other assets, net		(68,719	)		276,750
Accounts payable and accrued liabilities		(681,457	)		(1,051,220	)
Managed REITs receivables		704,573			(719,423	)
Due to affiliates		(17,747	)		(745,074	)
Net cash provided by operating activities		41,260,764			21,629,817
Cash flows from investing activities:
SSGT II Merger, net of cash acquired		(65,540,723	)		—
SST IV Merger, net of cash acquired		—			(46,486,510	)
Purchase of real estate		(72,512,886	)		(47,073,530	)
Additions to real estate		(4,324,446	)		(3,640,867	)
Investments in unconsolidated real estate entities, net		(3,396,337	)		(6,719,086	)
Deconsolidation of SST VI OP		—			(3,011,368	)
Purchase of other investments		—			(1,967,476	)
Deposits on acquisition of real estate		(455,000	)		—
Net proceeds from the sale of real estate		228,146			256,237
Settlement of foreign currency hedges		—			(3,190,899	)
Redemption of preferred equity investment in SSGT II		—			13,500,000
Net cash used in investing activities		(146,001,246	)		(98,333,499	)
Cash flows from financing activities:
Gross proceeds from issuance of non-revolver debt		150,000,000			271,675,995
Repayment of non-revolver debt		(86,237,235	)		(422,190,754	)
Scheduled principal payments on non-revolver debt		(1,242,449	)		(375,803	)
Proceeds from issuance of revolver debt		238,000,000			205,505,250
Repayment of revolver debt		(150,000,000	)		—
Debt issuance costs		(2,067,282	)		(5,362,534	)
Debt defeasance costs		(2,570,604	)		(525,332	)
Offering costs		(601,346	)		(480,911	)
Redemption of common stock		(1,763,301	)		(1,417,739	)
Gross proceeds from issuance of equity in SST VI OP		—			4,015,815
Offering costs related to issuance of equity in SST VI OP		—			(373,067	)
Gross proceeds from issuance of equity in other non controlling interests		1,000			—
Distributions paid to preferred stockholders		(6,232,877	)		(6,010,812	)
Distributions paid to common stockholders		(20,200,992	)		(11,798,066	)
Distributions paid to noncontrolling interest in our OP		(3,360,975	)		(2,927,564	)
Net cash provided by financing activities		113,723,939			29,734,478
Impact of foreign exchange rate changes on cash and restricted cash		(330,847	)		168,741
Change in cash, cash equivalents, and restricted cash		8,652,610			(46,800,463	)
Cash, cash equivalents, and restricted cash beginning of period		44,686,361			80,657,676
Cash, cash equivalents, and restricted cash end of period	$	53,338,971		$	33,857,213

12

Supplemental disclosures and non-cash transactions:
Cash paid for interest	$	14,313,423	$	15,691,164
Supplemental disclosure of noncash activities:
Issuance of shares pursuant to distribution reinvestment plan	$	5,243,398	$	8,849,845
Distributions payable	$	8,940,680	$	8,088,854
Conversion of A-2 Units into A-1 Units	$	15,513,821	$	11,219,744
Deposits applied to the purchase of real estate	$	190,000	$	156,940
Additions to real estate and construction in process included in    accounts payable	$	—	$	272,688
Debt assumed in Mergers	$	—	$	81,165,978
Issuance of common stock and OP Units in connection with the mergers	$	168,791,577	$	231,412,470
Redemption of common stock included in accounts payable and    accrued liabilities	$	—	$	1,472,369

See notes to consolidated financial statements.

13

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Note 1. Organization

SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and, where appropriate, our subsidiaries.

We acquire, own and operate self storage facilities—including facilities owned by us as well as those owned by the entities sponsored by us. As of June 30, 2022, we owned 153 self storage facilities located in 19 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas, Virginia, Washington, and Wisconsin) and the Greater Toronto Area of Ontario, Canada.

As discussed herein, we, through our subsidiaries, currently serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), and Strategic Storage Growth Trust III, Inc., a private company that intends to elect to qualify as a REIT (“SSGT III” and together with SST VI , the "Managed REITs"). We also served as the sponsor of Strategic Storage Trust IV, Inc., a public non-traded REIT (“SST IV”) through March 17, 2021, and Strategic Storage Growth Trust II, Inc., a private REIT (“SSGT II”) through June 1, 2022. Prior to March 17, 2021 and June 1, 2022, SST IV and SSGT II respectively, were also referred to as “Managed REITs.” We operate the properties owned by the Managed REITs, consisting of, as of June 30, 2022, 11 operating properties and approximately 7,600 units and 0.9 million rentable square feet. Through our Managed REIT Platform (as defined below), we originate, structure, and manage additional self storage investment products.

The square footage, unit count, and occupancy percentage data and related disclosures included in these notes to the consolidated financial statements are outside the scope of our independent registered accounting firm’s review.

Completed Transactions

SSGT II Merger

On June 1, 2022, we closed on our merger with SSGT II (the "SSGT II Merger").

As a result of the SSGT II Merger, we acquired all of the real estate owned by SSGT II, which as of the SSGT II Merger date consisted of (i) 10 wholly-owned self storage facilities located in seven states comprising approximately 7,740 self storage units and approximately 853,900 net rentable square feet, and (ii) SSGT II’s 50% equity interest in three unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada. The unconsolidated real estate ventures consist of one operating self storage property and two parcels of land being developed into self storage facilities, with subsidiaries of SmartCentres Real Estate Investment Trust, an unaffiliated third party ("SmartCentres") owning the other 50% of such entities. Additionally, we obtained SSGT II's rights to acquire (a) one parcel of land being developed into a self storage facility in an unconsolidated joint venture with SmartCentres, and (b) a self storage property located in Southern California.

As a result of the SSGT II Merger, approximately 11.5 million shares of SmartStop Class A common stock ("Class A Shares") were issued in exchange for approximately 12.7 million shares of SSGT II common stock.

See Note 3 – Real Estate Facilities, for additional information related to the SSGT II Merger.

SST IV Merger

On March 17, 2021, we closed on our merger with SST IV (the “SST IV Merger”). As a result, we acquired all of the real estate owned by SST IV, consisting of (i) 24 self storage facilities located in nine states comprising approximately 18,000 self storage units and approximately 2.0 million net rentable square feet, and (ii) SST IV’s 50% equity interest in six unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada (collectively the “SST IV JV Properties”). The SST IV JV Properties consisted of three operating self storage properties and three parcels of land in various stages of development into self storage facilities as of the merger date, jointly owned with subsidiaries of SmartCentres.

14

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

As a result of the SST IV Merger, approximately 23.1 million Class A Shares were issued in exchange for approximately 10.6 million shares of SST IV common stock.

2032 Private Placement Notes

On April 19, 2022, we as guarantor, and SmartStop OP, L.P. (our "Operating Partnership") as issuer, entered into a note purchase agreement (the "Note Purchase Agreement"), pursuant to which we issued $150 million of 4.53% Senior Notes due April 19, 2032 (the "2032 Private Placement Notes"). The proceeds were used primarily to pay off existing debt and to pay off certain existing indebtedness of SSGT II in connection with the SSGT II Merger. See Note 5 – Debt, for additional information.

Credit Facility

On March 17, 2021, we, through our Operating Partnership, entered into a credit facility with KeyBank, National Association as administrative agent, with an initial aggregate commitment of $500 million (the “Credit Facility”), which consisted of a $250 million revolving credit facility and a $250 million term loan. We used the initial draw proceeds of approximately $451 million primarily to pay off certain existing indebtedness as well as indebtedness of SST IV in connection with the SST IV Merger.

On October 7, 2021, we amended the Credit Facility to increase the commitments on the revolving credit facility by $200 million, to $450 million. As a result of this amendment, the aggregate commitment under the Credit Facility is now $700 million.

On April 19, 2022, we amended the Credit Facility to allow for the issuance of the 2032 Private Placement Notes, make conforming changes between the Note Purchase agreement and the Credit Facility, and to transition from London Interbank Offer Rate ("LIBOR") to secured overnight financing rate ("SOFR") for floating rate borrowings.

See Note 5 – Debt, for additional information.

Equity

We commenced our initial public offering in January 2014, in which we offered a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $95.0 million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”). At the termination of our offering in January 2017, we had sold approximately 48 million Class A Shares and approximately 7 million Class T Shares for approximately $493 million and $73 million respectively.

In November 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of June 30, 2022, we had sold approximately 7.2 million Class A Shares and approximately 1.0 million Class T Shares for approximately $77.8 million and $11.1 million, respectively, in our DRP Offering.

On October 19, 2021, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated net asset value per share of our common stock of $15.08 for our Class A Shares and Class T Shares based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on a fully diluted basis, calculated as of June 30, 2021.

As a result of the calculation of our estimated value per share, beginning in October 2021, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated net asset value per share of $15.08 for both Class A Shares and Class T Shares.

On March 7, 2022, the board of directors approved the suspension of the Company's distribution reinvestment plan and share redemption program. See Note 11 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements contained in this report for additional information.

15

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Prior to the termination of our Primary Offering, Select Capital Corporation, a California corporation (our “Former Dealer Manager”), was responsible for marketing our shares offered pursuant to our Primary Offering. SAM indirectly owns a 15% non-voting equity interest in our Former Dealer Manager. Now that our Primary Offering has terminated, our Former Dealer Manager no longer provides such services for us. However, through March 31, 2022, we paid our Former Dealer Manager an ongoing stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering. See Note 9 – Related Party Transactions – Former Dealer Manager Agreement.

Other Corporate History

Our Operating Partnership was formed on January 9, 2013. During 2013, Strategic Storage Advisor II, LLC, our former external advisor (“Former External Advisor”) purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest.

As we accepted subscriptions for shares of our common stock, we transferred all of the net Offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions made to holders of common stock. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in our Operating Partnership’s limited partnership agreement.

Our Operating Partnership owns, directly or indirectly through one or more subsidiaries, all of the self storage properties that we own. As of June 30, 2022, we owned approximately 89.4% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 10.6% of the common units are owned by current and former members of our executive management team or indirectly by Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor (“SAM”), its affiliates, and affiliates of our Former Dealer Manager. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. We conduct certain activities through SmartStop TRS, Inc. (“SmartStop TRS”), or other taxable REIT subsidiaries (collectively with SmartStop TRS, our "TRS Entities") which are directly or indirectly wholly-owned subsidiaries of our Operating Partnership.

Recent Economic Conditions

Our rental revenue and operating results depend significantly on the demand for self storage space. Since the beginning of the COVID-19 pandemic in late March 2020, our operations were affected by COVID-19 in various ways, including but not limited to, national and local jurisdictions issuing orders causing temporary restrictions on our business in certain markets, temporary shutdowns of certain of our facilities, customer behavior and their comfort levels visiting our facilities, as well as the broader economic impacts of COVID-19. Future governmental orders, broad economic weakness, inflationary pressures, geopolitical events, or other economic events could adversely impact our business, financial condition, liquidity and results of operations. However, the extent and duration to which our operations may be impacted is highly uncertain and cannot be predicted.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.

Principles of Consolidation

16

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

Strategic Storage Operating Partnership VI, L.P. (“SST VI OP”), the operating partnership of SST VI, and its wholly-owned subsidiaries, were consolidated by us until May 1, 2021. From March 10, 2021 (the date of our initial investment in SST VI OP) until May 1, 2021, the portion not wholly-owned by us was presented as noncontrolling interests, and all intercompany accounts and transactions were eliminated in consolidation during that period.

Consolidation Considerations

Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest.

Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as we are currently the primary beneficiary. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly-owned subsidiaries.

From March 10, 2021 until May 1, 2021, we were deemed to be the primary beneficiary of SST VI OP, and their operations were therefore consolidated by us. Subsequent to May 1, 2021, we are no longer the primary beneficiary, and their operations are no longer consolidated by us.

On March 1, 2022, Pacific Oak Holding Group, LLC, the parent company of Pacific Oak Capital Markets, LLC, the dealer manager for the public offering of SST VI, became a 10% non-voting member of Strategic Storage Advisor VI, LLC, our advisor to SST VI (the "SST VI Advisor"). We continue to be the primary beneficiary of SST VI Advisor, and their operations therefore continue to be consolidated by us.

As of June 30, 2022 and December 31, 2021, we were not a party to any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres, which are all accounted for under the equity method of accounting (see Note 4 – Investments in Unconsolidated Real Estate Ventures for additional information), and our Tenant Protection Programs joint ventures with SST VI, SSGT III, SSGT II (through June 1, 2022) which are consolidated.

Equity Investments

Under the equity method, our investments are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments.

Investments in and Advances to Managed REITs

As of June 30, 2022 and December 31, 2021, we owned equity and debt investments with a carrying value of approximately $10.6 million and $11.0 million, respectively, in the Managed REITs; such amounts are included in Investments in and advances to Managed REITs within our consolidated balance sheets. We account for the equity investments using the equity method of accounting as we have the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through our advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the respective Managed REIT’s earnings and reduced by distributions. We

17

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

record the interest on the debt investments on the accrual basis and such income is included in other in our consolidated statements of operations.

Also included in Investments in and advances to Managed REITs as of June 30, 2022 and December 31, 2021 are receivables from the Managed REITs of approximately $0.7 million and $1.4 million, respectively. For additional discussion, see Note 9 – Related Party Transactions.

Noncontrolling Interest in Consolidated Entities

We account for the noncontrolling interests in our Operating Partnership and the noncontrolling interests in SST VI Advisor and our Tenant Protection Programs joint ventures with SST VI, SSGT III, and SSGT II (prior to the SSGT II Merger on June 1, 2022) in accordance with the related accounting guidance.

Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as noncontrolling interests in the accompanying consolidated balance sheets. We also consolidate our interests in SST VI Advisor as well as the SST VI, SSGT III, and SSGT II (prior to the SSGT II Merger on June 1, 2022) Tenant Protection Programs and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interests balance.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the ongoing fair value determination of contingent liabilities, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles.

Cash and Cash Equivalents

We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.

We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions.

Restricted Cash

Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements.

Real Estate Purchase Price Allocation and Treatment of Acquisition Costs

We account for asset acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values as of the date of acquisition. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. We engage third-party valuation specialists to assist in the determination of significant estimates and market-based assumptions used in the valuation models.

The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $10.5 million and $21.0 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended

18

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

June 30, 2022 and 2021, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent.

Allocation of purchase price to acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available.

Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the six months ended June 30, 2022 and 2021, our property acquisitions, including the SST IV Merger and the SSGT II Merger, did not meet the definition of a business because substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisitions did not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, once an acquisition is deemed probable, acquisition related transaction costs are capitalized rather than expensed.

During the three months ended June 30, 2022 and 2021, we expensed approximately $285,000 and $30,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.

During the six months ended June 30, 2022 and 2021, we expensed approximately $0.7 million and $0.3 million respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.

Purchase Price Allocation for the Acquisition of a Business

Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our consolidated financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized.

Evaluation of Possible Impairment of Real Property Assets

Management monitors events and changes in circumstances that could indicate that the carrying amounts of our real property assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the real property assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property assets to the fair value and recognize an impairment loss. For the three and six months ended June 30, 2022 and 2021, no real property asset impairment losses were recognized.

Goodwill Valuation

We initially recorded goodwill as a result of the Self Administration Transaction (as defined in Note 9 – Related Party Transactions), which occurred in 2019. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. As of each year end, we perform an impairment test for goodwill, and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. For the three and six months ended June 30, 2022 and 2021, no goodwill impairment losses were recognized.

Trademarks

In connection with the Self Administration Transaction, we recorded the fair value associated with the two primary trademarks acquired therein. Prior thereto we had no amounts recorded related to trademarks.

19

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name.

As of June 30, 2022 and December 31, 2021, $15.7 million was recorded related to the SmartStop® Self Storage trademark, which is an indefinite lived trademark. As of June 30, 2022 and December 31, 2021, approximately $0.3 million and $0.4 million, respectively, was recorded to the “Strategic Storage®” trademark, which is a definite lived trademark. The total estimated future amortization expense of the “Strategic Storage®” trademark asset for the years ending December 31, 2022, 2023, 2024, and thereafter is approximately $70,000, $140,000, $70,000 and none thereafter, respectively.

We qualitatively evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future. For the three and six months ended June 30, 2022 and 2021, no trademark impairment losses were recognized.

Revenue Recognition

Self Storage Operations

Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets, and contractually due but unpaid rent is included in other assets.

Additionally, we earn ancillary revenue at our self storage facilities in connection with our Tenant Protection Programs and to a lesser extent, through the sale of various moving and packing supplies such as locks and boxes. We recognize such revenue in the Ancillary operating revenue line within our consolidated statements of operations as the services are performed and as the goods are delivered.

Managed REIT Platform

We earn property management and asset management fee revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations.

The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. The Managed REITs’ property management agreements also provide reimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties.

Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Additionally, we earn revenue in connection with our Tenant Protection Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations as the services are performed or delivered. See Note 9 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform.

Allowance for Doubtful Accounts

Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records this general allowance estimate based upon a review of the current status of accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. As of June 30, 2022 and December 31, 2021, approximately $0.5 million and $0.5 million were recorded to allowance for doubtful accounts, respectively.

Advertising Costs

Advertising costs are expensed in the period in which the cost is incurred and are included in property operating expenses and general and administrative lines within our consolidated statements of operations, depending on the nature of the expense. The Company incurred advertising costs of approximately $1.1 million and $1.0 million for the three months ended June 30, 2022 and 2021, respectively, within property operating expenses, and approximately $0.3 million and $0.3 million for the three months ended June 30, 2022, and 2021, respectively, within general and administrative. The Company incurred advertising costs of approximately $2.1 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, within property operating expenses, and approximately $0.4 million and $0.4 million for the six months ended June 30, 2022, and 2021, respectively, within general and administrative.

Real Estate Facilities

We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use.

Depreciation of Real Property Assets

Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives.

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	30-40 years
Site Improvements	7-10 years

Depreciation of Personal Property Assets

Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives, generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets.

Intangible Assets

We have allocated a portion of our real estate purchase price to in-place lease intangibles. We amortize in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of June 30, 2022 the gross amount allocated to

21

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

in-place lease intangibles was approximately $68.3 million and accumulated amortization of in-place lease intangibles totaled approximately $54.0 million. As of December 31, 2021, the gross amounts allocated to in-place lease intangibles were approximately $68.6 million and accumulated amortization of in-place lease intangibles totaled approximately $56.8 million.

The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2022, 2023, 2024, 2025, 2026 and thereafter is approximately $6.7 million, $6.4 million, $0.1 million, $0.1 million, $0.1 million, and $0.8 million, respectively.

In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the tenant protection programs (“Tenant Protection Programs”) joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships.

As of June 30, 2022, the gross amount of the intangible assets related to management contracts and one purchase and sale contract, which is not amortized, for a self storage property was approximately $8.3 million and accumulated amortization of those intangibles totaled approximately $0.2 million. As of December 31, 2021, the gross amount of the intangible assets related to management contracts was approximately $6.8 million and accumulated amortization of those intangibles totaled approximately $4.3 million. In connection with the SSGT II Merger, we wrote-off the carrying value of the intangible assets related to the SSGT II property management and advisory agreements. See Note 9 – Related Party Transactions for additional information.

The total estimated future amortization expense for such intangible assets for the years ending December 31, 2022, 2023, 2024, and thereafter is approximately $27,000, $55,000, $54,000, and none thereafter, respectively.

We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future.

Debt Issuance Costs

The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt; amounts incurred related to obtaining revolving debt are included in the debt issuance costs line on our consolidated balance sheet (see Note 5 - Debt). Debt issuance costs are amortized using the effective interest method.

As of June 30, 2022 the gross amount of debt issuance costs related to our revolving credit facility totaled approximately $4.4 million and accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.6 million. As of December 31, 2021, the gross amount of debt issuance costs related to our revolving credit facility totaled approximately $4.1 million, and accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $0.8 million.

As of June 30, 2022, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $7.0 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $2.0 million. As of December 31, 2021, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $5.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $1.9 million.

22

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Organizational and Offering Costs

Through March 31, 2022, we paid our Former Dealer Manager an ongoing stockholder servicing fee that was payable monthly and accrued daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. In accordance with the selling agreements we entered into with respect to the sale of Class T Shares, we ceased paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated (March 31, 2022). Our Former Dealer Manager entered into participating dealer agreements with certain other broker dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Former Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Former Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Former Dealer Manager, payment of attendance fees required for employees of our Former Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. We recorded a liability within due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost.

Foreign Currency Translation

For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in investments not classified as long term are recorded in other income (expense) and represented a loss of approximately $4.4 million and $0.4 million for the three months ended June 30, 2022 and 2021, respectively, and represented a loss of approximately $2.4 million and $0.3 million for the six months ended June 30, 2022 and 2021, respectively.

Redeemable Common Stock

We adopted a share redemption program (“SRP”) that enables stockholders to sell their shares to us in limited circumstances.

We record amounts that are redeemable under the SRP as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our SRP is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets.

In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. When we determine we have a mandatory obligation to repurchase shares under the SRP, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values.

On August 26, 2019, our board of directors approved a partial suspension of our SRP, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances. In order to preserve cash in light of the uncertainty relating to COVID-19 and its potential impact on our overall financial results, on March 30, 2020, our board of directors approved the complete suspension of our SRP, effective on April 29, 2020. Due to the complete suspension, we were unable to honor redemption requests made during the quarter ended March 31, 2020 or the quarter ended June 30, 2020.

On August 20, 2020, our board of directors determined that it would be in our best interests to partially reinstate the SRP, effective as of September 23, 2020.

23

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

On March 7, 2022, our board of directors approved the complete suspension of the Company's SRP. See Note 11 – Commitments and Contingencies for additional information.

For the year ended December 31, 2021, we received redemption requests totaling approximately $5.6 million (approximately 0.4 million shares), approximately $3.9 million of which were fulfilled during the year ended December 31, 2021, with the remaining approximately $1.7 million included in accounts payable and accrued liabilities as of December 31, 2021 and fulfilled in January 2022.

For the six months ended June 30, 2022, we received redemption requests totaling approximately $2.1 million (approximately 0.1 million shares). Due to the complete suspension of our SRP we were unable to honor redemption requests made during the quarter ended March 31, 2022 or the quarter ended June 30, 2022.

Accounting for Equity Awards

We issue equity based awards generally in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”), both of which may be issued subject to either time based vesting criteria or performance based vesting criteria restrictions. For time based awards granted which contain a graded vesting schedule, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For performance based awards, compensation cost is recognized over the requisite service period if and when we determine the performance condition is probable of being achieved. We record the cost of such equity based awards based on the grant date fair value, and have elected to record forfeitures as they occur.

Employee Benefit Plan

The Company terminated its relationship with a professional employer organization and began maintaining its own retirement savings plan in May of 2021 under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 100% of their annual salary, subject to a statutory prescribed annual limit.

For the three months ended June 30, 2022 and 2021, and for the six months ended June 30, 2022 and 2021, the Company made matching contributions to such plan of approximately $0.1 million and $0.1 million, $0.2 million, and $0.1 million, respectively, based on a company match of 100% on the first 4% of an employee’s compensation.

Fair Value Measurements

Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value:

•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access;

•Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and

•Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity.

24

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety.

The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets.

Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions along with the assets and liabilities described in Note 3 – Real Estate Facilities. The fair values of these assets and liabilities were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. Additionally, certain such assets and liabilities are required to be fair valued periodically or valued pursuant to ongoing fair value requirements and impairment analyses and have been valued subsequently utilizing the same techniques noted above. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates were derived using Level 3 inputs.

The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value.

The table below summarizes our fixed rate notes payable at June 30, 2022 and December 31, 2021. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange.

	June 30, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Fixed Rate Secured Debt	$	429,550,000	$	443,935,718	$	353,600,000	$	340,967,113

During the six months ended June 30, 2022 and 2021, we held interest rate swaps, interest rate caps, and net investment hedges to hedge our interest rate and foreign currency exposure (See Notes 5 – Debt and 7 – Derivative Instruments). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analyses reflect the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception.

To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

25

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, through June 30, 2022, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

Derivative Instruments and Hedging Activities

We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting.

For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated.

Income Taxes

We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not equal net income as calculated in accordance with GAAP). For income tax purposes, distributions to common stockholders are characterized as ordinary dividends, capital gain dividends, or as nontaxable distributions. To the extent that we make a distribution in excess of our current or accumulated earnings and profits, the distribution will be a non-taxable return of capital, reducing the tax basis in each U.S. stockholder’s shares, and the amount of each distribution in excess of a U.S. stockholder’s tax basis in its shares will be taxable as gain realized from the sale of its shares. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes.

Even if we continue to qualify for taxation as a REIT, we may be subject to certain state, local, and foreign taxes on our income and property, and federal income and excise taxes on our undistributed income.

We filed an election to treat SmartStop TRS as a taxable REIT subsidiary effective January 1, 2014. We have other TRS Entities for which we have made similar elections. In general, our TRS Entities perform additional services for our customers and provide the advisory and property management services to the Managed REITs and otherwise generally engages in any real estate or non-real estate related business. The TRS Entities are subject to corporate federal and state income tax.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. As of June 30, 2022, the net deferred tax liability of approximately $6.8 million was comprised of a deferred tax liability of approximately $40,000 related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $6.7 million recorded at certain of our Canadian entities’

26

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

properties. The $6.7 million net deferred tax liability is comprised of a gross deferred tax liability of approximately $10.7 million, net of a gross deferred tax asset of approximately $3.9 million.

As of December 31, 2021, the net deferred tax liability of approximately $7.7 million was comprised of a deferred tax liability of approximately $0.6 million related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $7.1 million recorded at certain of our Canadian entities’ properties. The $7.1 million net deferred tax liability related to our Canadian entities' properties is comprised of a gross deferred tax liability of approximately $10.2 million, net of a gross deferred tax asset of approximately $3.1 million.

The income tax impact for the three months ended June 30, 2022 and 2021 includes a deferred tax benefit of approximately $1.0 million and $0.1 million, respectively, and a current tax expense of approximately $0.1 million and $0.1 million, respectively.

The income tax impact for the six months ended June 30, 2022 and 2021 includes a deferred tax benefit of approximately $0.8 million and $2.0 million, respectively, and a current tax expense of approximately $0.2 million and $0.1 million, respectively.

At June 30, 2022 and December 31, 2021, there were unrecognized tax benefits of approximately $4.5 million and $3.7 million, respectively. These unrecognized tax benefits represent the tax benefit from the carry forward of non-capital losses at certain of our Canadian properties for Canadian income tax purposes which we have recorded a full valuation allowance against.

As of June 30, 2022 and December 31, 2021, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable are classified within accounts payable and accrued liabilities in the consolidated balance sheets. As of June 30, 2022, the tax years 2017-2020 remain open to examination by the major taxing jurisdictions to which we are subject.

Concentration

No single self storage customer represents a significant concentration of our revenues. For the month of June 2022, approximately 22.3%, 20.4%, and 10.5% of our rental income was concentrated in Florida, California, and the Greater Toronto Area of Canada, respectively. For the month of June 2021, approximately 21.3%, 20.9%, and 12.2% of our rental income was concentrated in California, Florida, and the Greater Toronto Area of Canada, respectively. Our properties within the aforementioned geographic areas are dispersed therein, operating in multiple different regions and sub-markets.

Segment Reporting

Our business is composed of two reportable segments: (i) self storage operations and (ii) the Managed REIT Platform business. Please see Note 8 – Segment Disclosures for additional detail.

Convertible Preferred Stock

We classify our Series A Convertible Preferred Stock (as defined in Note 6 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480‑10‑S99. Our Series A Convertible Preferred Stock can be redeemed by us on or after the fifth anniversary of its issuance, or if certain events occur, such as the listing of our common stock on a national securities exchange, a change in control, or if a redemption would be required to maintain our REIT status. Additionally, if we do not maintain our REIT status the holder can require redemption. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series A Convertible Preferred Stock as temporary equity.

We have analyzed whether the conversion features in our Series A Convertible Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary.

Per Share Data

Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Diluted earnings per share is computed by including the dilutive effect of the conversion of all potential common stock equivalents (which includes unvested restricted stock, Class A and Class A-1 OP Units, and LTIP Units) and accordingly, adjusting net income to add back any changes in earnings that reduce earnings per common share in the period associated with the convertible security.

The computation of earnings per common share is as follows for the periods presented:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Net income (loss)	$	14,013,122		$	(1,310,838	)	$	17,282,581		$	(13,614,304	)
Net (income) loss attributable to noncontrolling            interests		(1,758,141	)		546,092			(2,161,963	)		2,023,086
Net income (loss) attributable to SmartStop     Self Storage REIT, Inc.		12,254,981			(764,746	)		15,120,618			(11,591,218	)
Less: Distributions to preferred stockholders		(3,116,439	)		(3,116,438	)		(6,198,631	)		(6,198,630	)
Less: Distributions to participating securities		(69,907	)		(61,359	)		(141,275	)		(122,043	)
Net income (loss) attributable to common        stockholders - basic:		9,068,635			(3,942,543	)		8,780,712			(17,911,891	)
Net income (loss) attributable to common        stockholders - diluted:	$	9,068,635		$	(3,942,543	)	$	8,780,712		$	(17,911,891	)
Weighted average common shares        outstanding:
Average number of common shares           outstanding- basic		88,982,266			83,955,753			87,010,958			74,196,569
Unvested LTIP Units		379,744			-			342,460			-
Unvested Restricted Stock Awards		146,163			-			136,156			-
Average number of common shares           outstanding - diluted		89,508,173			83,955,753			87,489,574			74,196,569
Earnings per common share:
Basic	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)
Diluted	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)

The following table presents the weighted average Series A Convertible Preferred Stock, Class A and Class A-1 OP Units, unvested LTIP Units, and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the two-class, treasury stock or if-converted method, as applicable:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
	Equivalent Shares (if converted)		Equivalent Shares (if converted)		Equivalent Shares (if converted)		Equivalent Shares (if converted)
Series A Convertible Preferred Stock		18,761,726		18,761,726		18,761,726		18,761,726
Class A and Class A-1 OP Units		11,496,892		10,270,455		10,959,537		9,762,238
Unvested LTIP Units		-		122,452		-		92,150
Unvested restricted stock awards		-		116,827		-		108,396
		30,258,618		29,271,460		29,721,263		28,724,510

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Recently Adopted Accounting Guidance

In August 2020, the FASB issued ASU 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)." The new guidance simplifies the accounting for convertible instruments and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity. Additionally, this standard amends the related earnings per share guidance. The guidance in ASU 2020-06 became effective for fiscal years beginning after December 15, 2021. Our adoption of this standard did not have a material impact on the consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)." ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We elected to apply expedients related to contract modifications, changes in critical terms, and our assessments of effectiveness for designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients on such qualifying changes maintains the consistency of our presentation of debt and derivative contracts.

Note 3. Real Estate Facilities

The following summarizes the activity in real estate facilities during the six months ended June 30, 2022:

Real estate facilities
Balance at December 31, 2021	$	1,593,623,628
Facilities acquired through merger with SSGT II		228,359,718
Other facility acquisitions		69,981,850
Impact of foreign exchange rate changes		(3,110,708	)
Improvements and additions		1,958,786
Balance at June 30, 2022	$	1,890,813,274
Accumulated depreciation
Balance at December 31, 2021	$	(155,926,875	)
Depreciation expense		(22,481,157	)
Impact of foreign exchange rate changes		378,829
Balance at June 30, 2022	$	(178,029,203	)

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

SSGT II Merger

On June 1, 2022, (the "SSGT II Merger Date"), each share of SSGT II’s common stock, $0.001 par value per share (“SSGT II Common Stock”), issued and outstanding immediately prior to the effective time of the Merger (other than shares owned by us, any subsidiary of ours, or any subsidiary of SSGT II) was automatically converted into the right to receive 0.9118 shares of our Class A Shares, subject to the treatment of fractional shares in accordance with the SSGT II merger agreement (the “SSGT II Merger Consideration”).

As a result of the SSGT II Merger, we acquired all of the real estate owned by SSGT II, which as of the SSGT II Merger date consisted of (i) 10 wholly-owned self storage facilities located in seven states comprising approximately 7,740 self storage units and approximately 853,900 net rentable square feet, and (ii) SSGT II’s 50% equity interest in three unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada. The unconsolidated real estate ventures consist of one operating self storage property and two parcels of land being developed into self storage facilities, with subsidiaries of SmartCentres owning the other 50% of such entities. Additionally, we obtained SSGT II's rights to acquire (a) one parcel of land being developed into a self storage facility in an unconsolidated joint venture with SmartCentres, and (b) a self storage property located in Southern California.

The following table reconciles the total consideration transferred in the SSGT II Merger:

Fair value of consideration:
Common stock issued	$	168,791,577
Cash(1)		76,300,006
Preexisting investments in and advances to SSGT II(2)		16,066,930
Total consideration	$	261,158,513

(1) The approximately $76.3 million in cash was primarily used to pay off approximately $75.1 million of SSGT II's debt that we did not assume in the SSGT II Merger, as well as approximately $1.2 million in transaction costs.

(2) Upon our acquisition of SSGT II, we recorded a gain of approximately $16.1 million to record the then fair market value of our special limited partnership interest in SSGT II operating partnership.

We issued approximately 11.5 million Class A Shares to the former SSGT II stockholders in connection with the SSGT II Merger, which represents approximately 12% of the total common stock issued and outstanding as of June 30, 2022. The estimated fair value of our common stock issued was determined by third party valuation specialists primarily based on an income approach to value our properties as well as our Managed REIT Platform, adjusted for market related adjustments and illiquidity discounts, less the estimated fair value of our debt and other liabilities.

These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2 – Summary of Significant Accounting Policies. The key assumptions used in estimating the fair value of our common stock included a marketability discount of 6%, projected annual net operating income, land sales comparisons, growth rates, discount rates, and capitalization rates.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT II

Merger:

Assets Acquired:
Land	$	21,111,616
Buildings		201,026,974
Site improvements		6,221,128
Construction in process		252,925
Intangible assets (1)		15,688,002
Investments in real estate joint ventures		7,394,539
Cash and cash equivalents, and restricted cash		10,759,283
Other assets		847,359
Total assets acquired	$	263,301,826
Liabilities assumed:
Total liabilities assumed (2)	$	2,143,313
Total net assets acquired	$	261,158,513

(1) Approximately $8.0 million of the intangible assets acquired relates to the value of a purchase and sale agreement for the acquisition of a property in San Gabriel, CA that we assumed in the SSGT II Merger. The remainder of the intangible asset relates to value ascribed to the in-place leases on the properties acquired.

(2) Liabilities assumed represents accounts payable and other liabilities.

SST IV Merger

On November 10, 2020, we, SST IV Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of ours (“SST IV Merger Sub”), and SST IV entered into an agreement and plan of merger (the “SST IV Merger Agreement”). Pursuant to the terms and conditions set forth in the SST IV Merger Agreement, on March 17, 2021 (the “SST IV Merger Date”), we acquired SST IV by way of a merger of SST IV with and into SST IV Merger Sub, with SST IV Merger Sub being the surviving entity.

On the SST IV Merger Date, each share of SST IV common stock outstanding immediately prior to the SST IV Merger Date (other than shares owned by SST IV and its subsidiaries or us and our subsidiaries) was automatically converted into the right to receive 2.1875 Class A Shares (the “SST IV Merger Consideration”). Immediately prior to the SST IV Merger, all shares of SST IV common stock that were subject to vesting and other restrictions also became fully vested and converted into the right to receive the SST IV Merger Consideration.

As a result of the SST IV Merger, we acquired all of the real estate owned by SST IV, consisting of 24 wholly-owned self storage facilities located across nine states and six self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada. As of the SST IV Merger Date, the real estate joint ventures consisted of three operating properties and three properties in various stages of development.

The following table reconciles the total consideration transferred in the SST IV Merger:

Fair value of consideration:
Common stock issued	$	231,412,470
Cash(1)		54,250,000
Other		365,703
Total consideration	$	286,028,173

(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

We issued approximately 23.1 million Class A Shares to the former SST IV stockholders in connection with the SST IV Merger. The estimated fair value of our common stock issued was determined by third party valuation specialists primarily based on an income approach to value the properties as well as our Managed REIT Platform, adjusted for market related adjustments and illiquidity discounts, less the estimated fair value of our debt and other liabilities.

These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2 – Summary of Significant Accounting Policies. The key assumptions used in estimating the fair value of our common stock included a marketability discount of 6%, projected annual net operating income, land sales comparisons, growth rates, discount rates, and capitalization rates.

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SST IV

Merger:

Assets Acquired:
Land	$	54,385,560
Buildings		257,618,228
Site improvements		12,340,848
Construction in process		1,467,090
Intangible assets		20,052,449
Investments in real estate joint ventures		17,495,254
Cash and cash equivalents, and restricted cash		7,763,490
Other assets		4,145,394
Total assets acquired	$	375,268,313
Liabilities assumed:
Debt(1)	$	81,165,978
Accounts payable and other liabilities		8,074,162
Total liabilities assumed	$	89,240,140
Total net assets acquired	$	286,028,173

(1)Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 5 – Debt, for additional information.

Self Storage Facility Acquisitions

On February 8, 2022, we purchased a self storage facility located in Algonquin, Illinois (the "Algonquin Property"). The purchase price for the Algonquin Property was approximately $19.0 million, plus closing costs. Upon acquisition, the property was approximately 72.4% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

On May 10, 2022, we purchased a self storage facility located in the city of Sacramento, California (the “Sacramento II Property”). The purchase price for the Sacramento II Property was approximately $25.4 million, plus closing costs. Upon acquisition, the property was approximately 90.3% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

On May 17, 2022, we purchased a self storage facility located in the city of St. Johns, Florida (the “St. Johns Property”). The purchase price for the St. Johns Property was approximately $16.3 million, plus closing costs. Upon acquisition, the property was approximately 94.6% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

On June 28, 2022, we purchased a self storage facility located in the city of Aurora, Colorado (the “Aurora Property”). The purchase price for the Aurora Property was approximately $12.0 million, plus closing costs. Upon acquisition, the property was approximately 82.2% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

The following table summarizes the purchase price allocation for the real estate related assets acquired during the six months ended June 30, 2022:

Acquisition	Acquisition Date	Real Estate Assets		Intangibles			Total(1)		2022 Revenue(2)		2022 Net Operating Income(2)(3)
Algonquin, IL	2/8/2022	$	18,156,701	$	849,414		$	19,006,115	$	516,959	$	303,046
Sacramento II, CA	5/10/2022	$	24,625,559	$	754,564		$	25,380,123	$	207,535	$	117,222
St Johns, FL	5/17/2022	$	15,531,636	$	773,279		$	16,304,915	$	128,416	$	90,565
SSGT II (4)	6/1/2022	$	228,359,718	$	7,732,962	(5)	$	236,092,680	$	1,190,997	$	829,283
Aurora III, CO	6/28/2022	$	11,667,954	$	343,779		$	12,011,733	$	3,940	$	14

(1)The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.

(2)The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their respective acquisition dates.

(3)Net operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.

(4)This acquisition consisted of ten properties, three in Florida, one in Wisconsin, two in Washington, one in Texas, one in California, one in Arizona, and one in Nevada. Other assets and liabilities were also acquired in this acquisition, which are not described immediately above, refer to the disclosure within this footnote to the financial statements above for additional information.

(5)This represents the value of the in place lease intangible assets acquired in the SSGT II Merger, and excludes the approximately $8.0 million of value assigned to a purchase and sale agreement contract intangible asset acquired in the SSGT II Merger related to a property in San Gabriel, California.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Potential Acquisitions

Through the SSGT II Merger we acquired the rights to a purchase and sale agreement with an unaffiliated third party for a self storage facility under development located in the city of San Gabriel, California (the “San Gabriel Property”). The purchase price for the San Gabriel Property is approximately $15.4 million, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire the San Gabriel Property, in addition to the incurred acquisition costs and contract intangible, we may also forfeit earnest money as a result.

On July 14, 2022, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of an existing operating self storage facility located in the city of Oxford, Florida (the “Oxford Property”). The purchase price for the Oxford Property is $10.9 million, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire the Oxford Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result.

On August 5, 2022, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of an existing operating self storage facility located in the city of Burlington, Ontario (the “Burlington III Property”). The purchase price for the Burlington III Property is $35.5 million CAD, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire the Burlington III Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result.

We may assign the above purchase and sale agreements in part or in full to one of our Managed REITs.

Note 4. Investments in Unconsolidated Real Estate Ventures

As a result of the SST IV Merger, we acquired six self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada, five of which were operating properties and one of which was under development as of June 30, 2022. As a result of the SSGT II Merger, we acquired three self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada, one of which were an operating property and two of which were under development as of June 30, 2022. These joint venture agreements are with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities.

We account for these investments using the equity method of accounting and they are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings (loss) will generally be recognized based on our ownership interest in the earnings (loss) of each of the unconsolidated investments. For the three months ended June 30, 2022 and 2021 respectively, we recorded net aggregate earnings (loss) of approximately $(0.2) million and $(0.2) million respectively, from our equity in earnings related to our unconsolidated real estate ventures in Canada. For the six months ended June 30, 2022 and 2021 respectively, we recorded net aggregate earnings (loss) of approximately $(0.4) million and $(0.2) million respectively, from our equity in earnings related to our unconsolidated real estate ventures in Canada.

On May 25, 2022, we, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, purchased a single tenant industrial building located in the city of Burnaby, British Columbia (the “Regent Property”), that we intend to develop into a self storage facility in the future. The purchase price for the Regent Property was approximately $7.0 million CAD, plus closing costs. See Note 13 – Subsequent Events, for additional information.

The following table summarizes our 50% ownership interests in investments in unconsolidated real estate ventures in Canada (the "JV Properties"):

34

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

JV Property	Date Real Estate Venture Became Operational	Carrying Value of Investment as of June 30, 2022		Carrying Value of Investment as of December 31, 2021
Dupont (1)	October 2019	$	4,582,357	$	-
East York (2)	June 2020		6,344,943		6,393,576
Brampton (2)	November 2020		2,283,770		2,354,346
Vaughan (2)	January 2021		2,796,457		2,871,265
Oshawa (2)	August 2021		1,633,652		1,801,413
Scarborough (2)	November 2021		2,557,402		2,862,677
Aurora (1)	Under Development		1,847,880		-
Markham (1)	Under Development		1,025,413		-
Kingspoint (2)	Under Development		3,015,293		2,660,007
Regent (3)	Under Development		2,781,390		-
		$	28,868,557	$	18,943,284

(1)These joint venture properties were acquired through the SSGT II Merger.

(2)These joint venture properties were acquired through the SST IV Merger.

(3)This property is currently leased as a single tenant industrial lease. The joint venture plans to develop this property into a self storage facility in the future.

Financing Agreement

We, through our acquisition of the Oshawa, East York, Brampton, Vaughan, and Scarborough joint venture partnerships, also became party to a master mortgage commitment agreement (the “MMCA I”) with SmartCentres Storage Finance LP (the “SmartCentres Lender”) (collectively, the “SmartCentres Loan I”). The SmartCentres Lender is an affiliate of SmartCentres.

On August 18, 2021, the Kingspoint property was added to the MMCA, increasing the available capacity. The SmartCentres Loan I includes an accordion feature such that borrowings pursuant thereto may be increased up to approximately CAD $120 million subject to certain conditions set forth in the MMCA.

On June 1, 2022, in connection with the SSGT II Merger, we assumed another loan with the SmartCentres Lender. SSGT II had previously entered into an arrangement on April 30, 2021, which was subsequently modified on October 22, 2021 (the "MMCA II"), with the SmartCentres Lender in the amount of up to approximately $34.3 million CAD (the “SmartCentres Loan II”) (collectively with SmartCentres Loan I, the "SmartCentres Financings"). The borrowers under the SmartCentres Loan II are the joint venture entities in which we (SSGT II prior to June 1, 2022), and SmartCentres each hold a 50% limited partnership interest with respect to the Dupont and Aurora joint venture properties. In connection with the SmartCentres Loan II assumption, we became a recourse guarantor for 50% of the SmartCentres Loan.

As of June 30, 2022 and December 31, 2021, approximately CAD $101.1 million and CAD $67.2 million, respectively, was outstanding on the SmartCentres Financings. The proceeds of the SmartCentres Financings will generally be used to finance the acquisition, development, and construction of the JV Properties.

The SmartCentres Financings are secured by first mortgages on each of the JV Properties, excluding the Regent Property. Interest on the SmartCentres Financings is a variable annual rate equal to the aggregate of: (i) the BA Equivalent Rate, plus: (ii) a margin based on the External Credit Rating, plus (iii) a margin under the Senior Credit Facility, each as defined and described further in the MMCA I and MMCA II. As of June 30, 2022, the total interest rate was approximately 4.20%.

The SmartCentres Financings, as amended, have a maturity date of May 11, 2024, and each contain two one year extension options. Monthly interest payments are initially capitalized on the outstanding principal balance. Upon a JV Property generating sufficient Net Cash Flow (as defined in the MMCA I and MMCA II), the SmartCentres Financings provide for the commencement of quarterly payments of interest. As of June 30, 2022, Dupont, East York, Brampton, and Vaughan were generating sufficient net cash flow and therefore were required to and were making such interest payments.

35

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The borrowings advanced pursuant to the SmartCentres Financings may be prepaid without penalty, subject to certain conditions set forth in the MMCA I and MMCA II.

The SmartCentres Financings contain customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions (including a loan to value ratio of no greater than 70% with respect to each JV Property) and events of default, all as set forth in the MMCA I and MMCA II. We serve as a full recourse guarantor with respect to 50% of the SmartCentres Financings.

Note 5. Debt

The Company’s debt is summarized as follows:

Loan	June 30, 2022			December 31, 2021			Interest Rate			Maturity Date
KeyBank CMBS Loan(1)	$	93,625,175		$	94,459,583			3.89	%	8/1/2026
KeyBank Florida CMBS Loan(2)		51,940,086			52,000,000			4.65	%	5/1/2027
Midland North Carolina CMBS Loan(3)		-			45,758,741
CMBS Loan(4)		104,000,000			104,000,000			5.00	%	2/1/2029
SST IV CMBS Loan(6)		40,500,000			40,500,000			3.56	%	2/1/2030
SST IV TCF Loan(6)(7)		-			40,782,500
Credit Facility Term Loan - USD (6)		250,000,000			250,000,000			3.10	%	3/17/2026
Credit Facility Revolver - USD (6)		321,201,288			233,201,288			3.15	%	3/17/2024
2032 Private Placement Notes (6)		150,000,000			-			4.53	%	4/19/2032
Oakville III BMO Loan (5)(6)		12,603,501			12,795,250			4.48	%	5/16/2024
Ladera Office Loan		3,970,061			4,014,185			4.29	%	11/1/2026
Premium (discount) on secured debt, net		(99,605	)		234,604
Debt issuance costs, net		(4,992,394	)		(3,879,296	)
Total debt	$	1,022,748,112		$	873,866,855

(1)This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(2)This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(3)This fixed rate loan encumbered 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly. This loan was fully defeased on May 19, 2022 for approximately $47.9 million, inclusive of loan defeasance costs. In connection with this loan defeasance, we recorded a net loss on extinguishment of debt of approximately $2.4 million.

(4)This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

36

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

(5)The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.

(6)For additional information regarding this loan, see below.

(7)This loan was fully paid off on April 28, 2022 in the amount of $40.9 million. There were no prepayment penalties for this pay off.

The weighted average interest rate on our consolidated debt as of June 30, 2022 was approximately 3.7%. We are subject to certain restrictive covenants relating to the outstanding debt, and as of June 30, 2022, we were in compliance with all such covenants.

2032 Private Placement Notes

On April 19, 2022, we as guarantor, and our Operating Partnership as issuer, entered into a Note Purchase Agreement which provides for the private placement of $150 million of 4.53% Senior Notes due April 19, 2032. The sale and purchase of the 2032 Private Placement Notes occurred in two closings, with the first of such closings having occurred on April 19, 2022 with $75 million aggregate principal amount of the 2032 Private Placement Notes having been issued on such date (the “First Closing”) and the second of such closings having occurred on May 25, 2022 with $75 million aggregate principal amount of the 2032 Private Placement Notes having been issued on such date (the “Second Closing”).

Interest on the Notes is subject to a potential prospective 75 basis points increase, if, as of March 31, 2023, the ratio of total indebtedness to EBITDA (as defined in the Note Purchase Agreement) (the “Total Leverage Ratio”) of the Company and its subsidiaries, on a consolidated basis, is greater than 7.00 to 1.00 (a “Total Leverage Ratio Event”). If a Total Leverage Ratio Event shall have occurred as of such date, the interest accruing on the 2032 Private Placement Notes would be 5.28% until such time as the Total Leverage Ratio is less than or equal to 7.00 to 1.00 for two consecutive fiscal quarters. Interest on each series of the 2032 Private Placement Notes will be payable semiannually on the nineteenth day of April and October in each year, beginning on October 19, 2022, until maturity.

We are permitted to prepay at any time all, or from time to time any part of, the Notes, in amounts not less than 5% of the 2032 Private Placement Notes then outstanding at (i) 100% of the principal amount so prepaid and (ii) the Make-Whole Amount (as defined in the Note Purchase Agreement). The “Make-Whole Amount” is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the 2032 Private Placement Notes being prepaid over the amount of such 2032 Private Placement Notes. In addition, in connection with a Change of Control (as defined in the Note Purchase Agreement), the Operating Partnership is required to offer to prepay the 2032 Private Placement Notes at 100% of the principal amount plus accrued and unpaid interest thereon, but without the Make Whole Amount or any other prepayment premium or penalty of any kind. The Company must also maintain a debt rating of the 2032 Private Placement Notes by an Acceptable Rating Agency (as defined in the Note Purchase Agreement).

The Note Purchase Agreement contains certain customary representations and warranties, affirmative, negative and financial covenants, and events of default that are substantially similar to our existing Credit Facility. The 2032 Private Placement Notes have been issued on a pari passu basis with the Credit Facility, and as such, the Company and certain of its subsidiaries (the "Subsidiary Guarantors") fully and unconditionally guarantee the Operating Partnership's obligations under the 2032 Private Placement Notes. The 2032 Private Placement Notes are initially secured by a pledge of equity interests in the Subsidiary Guarantors on similar terms as the Credit Facility.

The proceeds from the 2032 Private Placement Notes were used primarily to pay off existing debt and to pay off certain existing indebtedness of SSGT II in connection with the SSGT II merger.

Credit Facility

On March 17, 2021, we, through our Operating Partnership (the “Borrower”), entered into a credit facility with KeyBank, National Association, as administrative agent, KeyBanc Capital Markets, LLC, Wells Fargo Securities, Citibank, N.A., and BMO Capital Markets, as joint book runners and joint lead arrangers, and certain other lenders party thereto (the “Credit Facility”).

The initial aggregate amount of the Credit Facility was $500 million, which consisted of a $250 million revolving credit facility (the “Credit Facility Revolver”) and a $250 million term loan (the “Credit Facility Term Loan”). The Borrower had the right to increase the amount available under the Credit Facility by an additional $350 million (the “Accordion Feature”), for an aggregate amount of $850 million, subject to certain conditions. The Credit Facility also includes sublimits

37

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

of (a) up to $25 million for letters of credit and (b) up to $25 million for swingline loans; each of these sublimits are part of, and not in addition to, the amounts available under the Credit Facility Revolver. Borrowings under the Credit Facility may be in either U.S. dollars (each, a “US Borrowing”) or Canadian dollars (each, a “CAD Borrowing”).

The maturity date of the Credit Facility Revolver is March 17, 2024, subject to a one-year extension option. The maturity date of the Credit Facility Term Loan is March 17, 2026, which cannot be extended. The Credit Facility may be prepaid or terminated at any time without penalty; provided, however, that the lenders shall be indemnified for certain breakage costs.

On October 7, 2021, the Borrower and lenders who were party to the Credit Facility amended the Credit Facility to increase the commitment on the Credit Facility Revolver by $200 million for a total commitment of $450 million. In connection with the increased commitments, additional lenders were added to the Credit Facility. The commitments on the Credit Facility Term Loan remain unchanged. As a result of this amendment, the aggregate commitment on the Credit Facility is now $700 million. In addition, the Accordion Feature was also amended such that Borrower has the right to increase the aggregate amount of the Credit Facility by an additional $350 million, for an aggregate amount of up to $1.05 billion, subject to certain conditions.

On April 19, 2022, we amended the Credit Facility (the “Credit Facility Amendment”). The primary purpose of the Credit Facility Amendment was to: (i) allow for the issuance of the 2032 Private Placement Notes, (ii) make conforming changes between the Note Purchase Agreement and the Credit Facility, and (iii) modify the Credit Facility to reflect a transition from LIBOR to SOFR for floating rate borrowings. As of June 30, 2022, advances under the Credit Facility Term Loan bear interest at 160 basis points over 30-day SOFR or 30-day Canadian dollar offered rate ("CDOR"), while advances under the Credit Facility Revolver bear interest at 165 basis points over 30-day SOFR or 30-day CDOR. The Credit Facility is also subject to an annual unused fee based upon the average amount of the unused portion of the Credit Facility Revolver, which varies from 15 bps to 25 bps, depending on the size of the unused amount, as well as whether a Security Interest Termination Event (defined below) has occurred.

The Credit Facility is fully recourse, jointly and severally, to us, our Operating Partnership, and certain of our subsidiaries (the “Subsidiary Guarantors”). In connection with this, we, our Operating Partnership, and our Subsidiary Guarantors executed guarantees in favor of the lenders. The Credit Facility is also cross-defaulted to (i) any recourse debt of ours, our Operating Partnership, or the Subsidiary Guarantors and (ii) any non-recourse debt of ours, our Operating Partnership, or the Subsidiary Guarantors of at least $75 million.

The Credit Facility is initially secured by a pledge of equity interests in the Subsidiary Guarantors. However, upon the achievement of certain security interest termination conditions, the pledges shall be released and the Credit Facility shall become unsecured.

The Credit Facility contains certain customary representations and warranties, affirmative, negative and financial covenants, borrowing conditions, and events of default. In particular, the financial covenants imposed include: a maximum leverage ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, certain limits on both secured debt and secured recourse debt, certain payout ratios of dividends paid to core funds from operations, limits on unhedged variable rate debt, and minimum liquidity. If an event of default occurs and continues, the Borrower is subject to certain actions by the administrative agent, including, without limitation, the acceleration of repayment of all amounts outstanding under the Credit Facility.

As of June 30, 2022, the borrowing base was expanded to include the two properties acquired in May 2022, the 10 wholly-owned operating properties acquired in the SSGT II Merger, the 11 properties previously encumbered by the Midland North Carolina CMBS Loan, and the five properties previously encumbered by the TIV TCF Loan.

As of June 30, 2022, the Borrower had borrowed approximately $321.2 million of the $450 million current capacity of the Credit Facility Revolver and all $250 million of the $250 million current capacity of the Credit Facility Term Loan.

38

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

SST IV CMBS Loan

On March 17, 2021, in connection with the SST IV Merger, we assumed a $40.5 million CMBS financing with KeyBank as the initial lender pursuant to a mortgage loan (the “SST IV CMBS Loan”). The SST IV CMBS Loan is secured by a first mortgage or deed of trust on each of seven properties owned by us (Jensen Beach, Texas City, Riverside, Las Vegas IV, Puyallup, Las Vegas V, and Plant City). The separate assets of these encumbered properties are not available to pay our other debt. The loan has a maturity date of February 1, 2030. Monthly payments due under the loan agreement (the “SST IV CMBS Loan Agreement”) are interest only, with the full principal amount becoming due and payable on the maturity date.

The amounts outstanding under the SST IV CMBS Loan bear interest at an annual fixed rate equal to 3.56%. Commencing two years after securitization, the SST IV CMBS Loan may be defeased in whole, but not in part, subject to certain conditions as set forth in the SST IV CMBS Loan Agreement.

The loan documents for the SST IV CMBS Loan contain: customary affirmative and negative covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty in favor of KeyBank, we serve as a non-recourse guarantor with respect to the SST IV CMBS Loan.

SST IV TCF Loan

On March 17, 2021, in connection with the SST IV Merger, we assumed a term loan with TCF National Bank, a national banking association (“TCF”), as lead arranger and administrative agent for up to $40.8 million (the “SST IV TCF Loan”). The SST IV TCF Loan was secured by a first mortgage on each of the Ocoee Property, the Ardrey Kell Property, the Surprise Property, the Escondido Property, and the Punta Gorda Property (the “SST IV TCF Properties”).

On April 28, 2022, we paid in full the entire outstanding principal balance on the SST IV TCF Loan.

Oakville III BMO Loan

On April 15, 2021, we purchased the Oakville III Property. We partially financed the Oakville III property acquisition with a loan from Bank of Montreal (the “Oakville III BMO Loan”), which is secured by a first lien on the Oakville III property. The loan is denominated in Canadian dollars and the proceeds from the loan were approximately CAD $16.3 million. We provided a full recourse guaranty on the loan, which will remain in effect until the property achieves 75% physical occupancy, at which point such guaranty will be reduced to 50% of the loan balance. The interest only loan is prepayable at any time without penalty, and bears interest at a rate of 2.25% + CDOR. The Oakville III BMO Loan contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions.

The following table presents the future principal payment requirements on outstanding debt as of June 30, 2022:

2022	$	1,270,186
2023		2,639,402
2024		336,539,683
2025		2,869,187
2026		341,916,098
2027 and thereafter		342,605,555
Total payments		1,027,840,111
Discount on secured debt		(99,605	)
Debt issuance costs, net		(4,992,394	)
Total	$	1,022,748,112

39

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Note 6. Preferred Equity

Series A Convertible Preferred Stock

On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in preferred shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date, and the second and final closing in the amount of $50 million occurred on October 26, 2020. We incurred approximately $3.6 million in issuance costs related to the Series A Convertible Preferred Stock, which were recorded as a reduction to Series A Convertible Preferred stock on our consolidated balance sheets.

The shares of Series A Convertible Preferred Stock rank senior to all other shares of our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is redeemed or repurchased in full. The dividends are payable in arrears for the prior calendar quarter on or before the 15th day of March, June, September and December of each year.

Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation.

Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount.

At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions.

The holders of Series A Convertible Preferred Stock are not entitled to vote on any matter submitted to a vote of our stockholders, except that in the event that the dividend for the Series A Convertible Preferred Stock has not been paid for at least four quarters (whether or not consecutive), the holders of Series A Convertible Preferred Stock have the right to vote together with our stockholders on any matter submitted to a vote of our stockholders, upon which the holders of the Series A

40

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Convertible Preferred Stock and holders of common stock shall vote together as a single class. The number of votes applicable to a share of Series A Convertible Preferred Stock will be equal to the number of shares of common stock a share of Series A Convertible Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote. This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year.

In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares.

As of June 30, 2022, there were 200,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $203.1 million, which consists of $150 million from the Initial Closing, $50 million from a closing on October 26, 2020 and approximately $3.1 million of accumulated and unpaid distributions. As of December 31, 2021, there were 200,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $203.2 million, which consists of $150 million from the Initial Closing, $50 million from a closing on October 26, 2020 and approximately $3.2 million of accumulated and unpaid distributions.

Note 7. Derivative Instruments

Interest Rate Derivatives

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and caps as part of our interest rate risk management strategy. The effective portion of the change in the fair value of the derivative that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (loss) (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt.

We do not use interest rate derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but we have elected not to apply hedge accounting. Changes in the fair value of interest rate derivatives not designated in hedging relationships are recorded in other income (expense) within our consolidated statements of operations.

41

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Foreign Currency Hedges

Our objectives in using foreign currency derivatives are to add stability to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar and to manage our exposure to exchange rate movements. To accomplish this objective, we use foreign currency forwards and foreign currency options as part of our exchange rate risk management strategy. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. A foreign currency option contract is a commitment by the seller of the option to deliver, solely at the option of the buyer, a certain amount of currency at a certain price on a specific date. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in accumulated other comprehensive income. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated.

The following table summarizes the terms of our derivative financial instruments as of June 30, 2022:

	Notional Amount			Strike	Effective Date	Maturity Date
Interest Rate Derivative:
SOFR Cap	$	125,000,000		1.75%	June 1, 2022	June 30, 2023
SOFR Cap		125,000,000		2.00%	June 1, 2022	June 28, 2024
Foreign Currency Forward:
Denominated in CAD	$	125,925,000	(1)	1.2593	April 12, 2021	April 12, 2023
Denominated in CAD		126,165,000	(1)	1.2617	April 12, 2022	October 12, 2022

(1)Notional amounts shown are denominated in CAD.

On February 10, 2021, we rolled a previously existing CAD $95 million currency forward into a two month CAD $95 million foreign currency forward, with a settlement date of April 12, 2021. On April 12, 2021, we settled this foreign currency forward, paying a net settlement of approximately $4.5 million, and simultaneously entered into a new approximately CAD $125.9 million currency forward with a settlement date of April 12, 2023. On May 6, 2021, we entered into a second currency forward, for approximately CAD $122 million, with a settlement date of April 12, 2022. On April 12, 2022, we settled this foreign currency forward, receiving a net settlement of approximately $3.2 million, and simultaneously entered into a new CAD $126.2 million currency forward with a settlement date of October 12, 2022.

A portion of our gain (loss) from our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive income (loss), the other portion, a gain of approximately $4.1 million and $1.1 million related to the portion that is not designated for hedge accounting, was recorded in other income (expense) within our consolidated statements of operations for the three months ended June 30, 2022 and 2021, respectively, and a gain of approximately $2.3 million and $0.7 million was recorded for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the terms of our derivative financial instruments as of December 31, 2021:

	Notional Amount			Strike	Effective Date	Maturity Date
Interest Rate Swap:
LIBOR Swap	$	235,000,000		1.79%	June 15, 2019	February 15, 2022
Foreign Currency Forward:
Denominated in CAD	$	125,925,000	(1)	1.2593	April 12, 2021	April 12, 2023
Denominated in CAD		122,020,000	(1)	1.2202	May 6, 2021	April 12, 2022

(1)Notional amount shown is denominated in CAD.

42

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of June 30, 2022 and December 31, 2021:

	Asset/Liability Derivatives
	Fair Value
Balance Sheet Location	June 30, 2022		December 31, 2021
Interest Rate Derivatives
Accounts payable and accrued liabilities	$	—	$	490,341
Other assets		4,402,339		—
Foreign Currency Hedges
Other assets	$	4,031,357	$	4,261,100

Note 8. Segment Disclosures

We operate in two reportable business segments: (i) self storage operations and (ii) our Managed REIT Platform business.

Management evaluates performance based upon property net operating income (“NOI”). For our self storage operations, NOI is defined as leasing and related revenues, less property level operating expenses. NOI for the Company’s Managed REIT Platform business represents Managed REIT Platform revenues less Managed REIT Platform expenses.

43

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The following tables summarize information for the reportable segments for the periods presented:

	Three Months Ended June 30, 2022
				Managed REIT		Corporate
	Self Storage			Platform		and Other			Total
Revenues:
Self storage rental revenue	$	46,471,360		$	—	$	—		$	46,471,360
Ancillary operating revenue		2,098,835			—		—			2,098,835
Managed REIT Platform revenue		—			2,013,134		—			2,013,134
Reimbursable costs from Managed REITs		—			1,204,919		—			1,204,919
Total revenues		48,570,195			3,218,053		—			51,788,248
Operating expenses:
Property operating expenses		13,637,231			—		—			13,637,231
Managed REIT Platform expense		—			617,846		—			617,846
Reimbursable costs from Managed REITs		—			1,204,919		—			1,204,919
General and administrative		—			—		7,946,583			7,946,583
Depreciation		11,654,085			—		172,021			11,826,106
Intangible amortization expense		4,312,249			159,724		—			4,471,973
Acquisition expenses		285,097			—		—			285,097
Contingent earnout expense		—			800,000		—			800,000
Write-off of equity interest and preexisting       relationships upon acquisition of control		—			2,049,682		—			2,049,682
Total operating expenses		29,888,662			4,832,171		8,118,604			42,839,437
Gain on equity interests upon acquisition		—			16,101,237		—			16,101,237
Income (loss) from operations		18,681,533			14,487,119		(8,118,604	)		25,050,048
Other income (expense):
Interest expense		(8,809,456	)		—		(43,130	)		(8,852,586	)
Net loss on extinguishment of debt		(2,393,475	)		—		—			(2,393,475	)
Other, net		(10,179	)		469,767		(250,453	)		209,135
Net income (loss)	$	7,468,423		$	14,956,886	$	(8,412,187	)	$	14,013,122
	Six Months Ended June 30, 2022
				Managed REIT		Corporate
	Self Storage			Platform		and Other			Total
Revenues:
Self storage rental revenue	$	89,528,232		$	—	$	—		$	89,528,232
Ancillary operating revenue		4,073,155			—		—			4,073,155
Managed REIT Platform revenue		—			3,822,230		—			3,822,230
Reimbursable costs from Managed REITs		—			2,348,492		—			2,348,492
Total revenues		93,601,387			6,170,722		—			99,772,109
Operating expenses:
Property operating expenses		26,742,556			—		—			26,742,556
Managed REIT Platform expense		—			1,007,111		—			1,007,111
Reimbursable costs from Managed REITs		—			2,348,492		—			2,348,492
General and administrative		—			—		13,784,230			13,784,230
Depreciation		22,533,041			—		401,051			22,934,092
Intangible amortization expense		7,998,012			374,845		—			8,372,857
Acquisition expenses		702,871			—		—			702,871
Contingent earnout expense		—			1,313,821		—			1,313,821
Write-off of equity interest and preexisting       relationships upon acquisition of control		—			2,049,682		—			2,049,682
Total operating expenses		57,976,480			7,093,951		14,185,281			79,255,712
Gain on equity interests upon acquisition		—			16,101,237		—			16,101,237
Income (loss) from operations		35,624,907			15,178,008		(14,185,281	)		36,617,634
Other income (expense):
Interest expense		(16,342,343	)		—		(86,027	)		(16,428,370	)
Net loss on extinguishment of debt		(2,393,475	)		—		—			(2,393,475	)
Other, net		(188,456	)		429,210		(753,962	)		(513,208	)
Net income (loss)	$	16,700,633		$	15,607,218	$	(15,025,270	)	$	17,282,581

44

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

	Three Months Ended June 30, 2021
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	38,104,699		$	—		$	—		$	38,104,699
Ancillary operating revenue		2,027,041			—			—			2,027,041
Managed REIT Platform revenue		—			1,058,291			—			1,058,291
Reimbursable costs from Managed REITs		—			1,061,619			—			1,061,619
Total revenues		40,131,740			2,119,910			—			42,251,650
Operating expenses:
Property operating expenses		12,479,969			—			—			12,479,969
Managed REIT Platform expense		—			316,142			—			316,142
Reimbursable costs from Managed REITs		—			1,061,619			—			1,061,619
General and administrative		—			—			6,811,313			6,811,313
Depreciation		10,595,818			—			146,983			10,742,801
Intangible amortization expense		3,485,180			168,501			—			3,653,681
Acquisition expenses		30,448			—			—			30,448
Contingent earnout adjustment		—			400,000			—			400,000
Total operating expenses		26,591,415			1,946,262			6,958,296			35,495,973
Gain on sale of real estate		178,631			—			—			178,631
Income (loss) from operations		13,718,956			173,648			(6,958,296	)		6,934,308
Other income (expense):
Interest expense		(8,386,784	)		—			(29,565	)		(8,416,349	)
Other, net		643,547			(99,763	)		(372,581	)		171,203
Net income (loss)	$	5,975,719		$	73,885		$	(7,360,442	)	$	(1,310,838	)
	Six Months Ended June 30, 2021
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	67,608,141		$	—		$	—		$	67,608,141
Ancillary operating revenue		3,584,471			—			—			3,584,471
Managed REIT Platform revenue		—			3,346,031			—			3,346,031
Reimbursable costs from Managed REITs		—			2,277,662			—			2,277,662
Total revenues		71,192,612			5,623,693			—			76,816,305
Operating expenses:
Property operating expenses		22,823,250			—			—			22,823,250
Managed REIT Platform expense		—			636,032			—			636,032
Reimbursable costs from Managed REITs		—			2,277,662			—			2,277,662
General and administrative		—			—			11,564,302			11,564,302
Depreciation		19,045,555			—			241,173			19,286,728
Intangible amortization expense		4,055,365			857,863			—			4,913,228
Acquisition expenses		336,098			—			—			336,098
Contingent earnout adjustment		—			2,519,744			—			2,519,744
Write-off of equity interest and preexisting    relationships in SST IV upon acquisition    of control		—			8,389,573			—			8,389,573
Total operating expenses		46,260,268			14,680,874			11,805,475			72,746,617
Gain on sale of real estate		178,631			—			—			178,631
Income (loss) from operations		25,110,975			(9,057,181	)		(11,805,475	)		4,248,319
Other income (expense):
Interest expense		(16,959,040	)		—			(73,380	)		(17,032,420	)
Net loss on extinguishment of debt		(2,444,788	)		—			—			(2,444,788	)
Other, net		425,549			1,773,103			(584,067	)		1,614,585
Net income (loss)	$	6,132,696		$	(7,284,078	)	$	(12,462,922	)	$	(13,614,304	)

The following table summarizes our total assets by segment:

Segments	June 30, 2022		December 31, 2021
Self Storage(1)	$	1,834,353,830	$	1,546,835,094
Managed REIT Platform(2)		16,782,395		21,707,326
Corporate and Other		75,153,634		49,750,356
Total assets(3)	$	1,926,289,859	$	1,618,292,776

45

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

(1)Included in the assets of the Self Storage segment as of June 30, 2022 and December 31, 2021 was approximately $52.2 million and $49.8 million of goodwill, respectively. Additionally, as of June 30, 2022 and December 31, 2021, there were no accumulated impairment charges to goodwill within the Self Storage segment.

(2)Included in the assets of the Managed REIT Platform segment as of June 30, 2022 and December 31, 2021 is approximately $1.4 million and $3.9 million of goodwill, respectively. Such goodwill is net of accumulated impairment charges in the Managed REIT Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the quarter ended March 31, 2020.

(3)Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets made during the year and quarter ended December 31, 2021 and June 30, 2022, respectively, were associated with our self storage platform.

Note 9. Related Party Transactions

On June 28, 2019, we, our Operating Partnership and SmartStop TRS entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements with our then-sponsor, SAM, and SmartStop OP Holdings, LLC (“SS OP Holdings”), a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM, along with certain other assets of SAM (collectively, the "Self Administration Transaction"). In relation to the Self Administration Transaction, SS OP Holdings received 3,283,302 Class A-2 limited partnership units of the Operating Partnership, See Note 11 – Commitment and Contingencies – Contingent Earnount for additional information.

As a result of the Self Administration Transaction, SAM is no longer our sponsor, and we became self-managed and succeeded to the advisory, asset management and property management businesses and certain joint ventures previously in place for us, SST IV (until the SST IV Merger Date), and SSGT II (until the SSGT II Merger Date), and we acquired the internal capability to originate, structure and manage additional future self storage investment products which would be sponsored by SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. The Former Dealer Manager Agreement and the transfer agent agreement described below were not impacted by the Self Administration Transaction.

Our Chief Executive Officer, who is also the Chairman of our board of directors, holds ownership interests in and is an officer of SAM, our Former Dealer Manager, and other affiliated entities. Previously, certain of our executive officers and another member of our board held ownership interests in and/or were officers of SAM, our Former Dealer Manager, and other affiliated entities. Accordingly, any agreements or transactions we have entered into with such entities may present a conflict of interest. However, none of SAM and its affiliates or our directors or executive officers receive any compensation, fees or reimbursements from our Managed REITs, other than with respect to fees and reimbursements in accordance with the Administrative Services Agreement and the transfer agent agreement, or as otherwise described in this section.

Former Dealer Manager Agreement

In connection with our Primary Offering, our Former Dealer Manager received a sales commission of up to 7.0% of gross proceeds from sales of Class A Shares and up to 2.0% of gross proceeds from the sales of Class T Shares in the Primary Offering and a dealer manager fee of up to 3.0% of gross proceeds from sales of both Class A Shares and Class T Shares in the Primary Offering under the terms of the Former Dealer Manager Agreement. In addition, our Former Dealer Manager received an ongoing stockholder servicing fee as discussed in Note 2 – Summary of Significant Accounting Policies – Organization and Offering Costs.

Affiliated Former Dealer Manager

SAM indirectly owns a 15% non-voting equity interest in our Former Dealer Manager. Affiliates of our Former Dealer Manager own limited partnership interests in our Operating Partnership.

46

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Transfer Agent Agreement

SAM owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (“Transfer Agent”), which is a registered transfer agent with the SEC. Pursuant to our transfer agent agreement, our Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: providing customer service to our stockholders, processing the distributions and any servicing fees with respect to our shares and issuing regular reports to our stockholder. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We believe that our Transfer Agent, through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with transfer agent and registrar services. Our Transfer Agent also conducts transfer agent and registrar services for our Managed REITs and other affiliates.

Fees paid to our Transfer Agent include a fixed quarterly fee, one-time account setup fees, monthly open account fees and fees for investor inquiries. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it.

The initial term of the transfer agent agreement was three years, which term is automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2021 and the six months ended June 30, 2022, as well as any related amounts payable as of December 31, 2021 and June 30, 2022:

	Year Ended December 31, 2021						Six Months Ended June 30, 2022
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	967,341	$	916,349	$	86,992	$	596,802	$	614,439	$	69,355
Additional paid-in capital
Transfer Agent fees		150,000		150,000		—		100,000		100,000		—
Stockholder servicing fee(1)		161,545		636,654		156,320		53,660		209,980		—
Stockholder servicing fee -           SST IV(2)		1,155,887		814,908		340,979		—		—		340,979
Total	$	2,434,773	$	2,517,911	$	584,291	$	750,462	$	924,419	$	410,334

(1)We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. The amount incurred during the year ended December 31, 2021 and the six months ended June 30, 2022 represent adjustments to the estimated stockholder servicing fee recorded at the time of the sale of the Class T Shares, based on the cessation date of such stockholder servicing fee of March 31, 2022.

(2)Represents the stockholder servicing fee liability assumed in the SST IV Merger.

Acquisition of Self Storage Platform from SAM and Other Transactions

As a result of the Self Administration Transaction, we acquired the self storage sponsorship platform of SAM. Accordingly, the advisor and property manager entities of SST IV and SSGT II became our indirect subsidiaries, and we became entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory and property management agreements as described below. In addition, we also own the advisor and property manager entities of

47

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

SST VI and SSGT III and are entitled to receive various fees and expense reimbursements under the terms of the SST VI and SSGT III advisory and property management agreements as described below.

Advisory Agreement Fees

Our indirect subsidiaries, Strategic Storage Advisor IV, LLC, the advisor to SST IV (the “SST IV Advisor”), SS Growth Advisor II, LLC, the advisor to SSGT II (the “SSGT II Advisor”), the SST VI Advisor, and the SSGT III Advisor are or were entitled to receive various fees and expense reimbursements under the terms of the SST IV, SSGT II, SST VI, and SSGT III advisory agreements.

SST IV Advisory Agreement

The SST IV Advisor provided acquisition and advisory services to SST IV pursuant to an advisory agreement (the “SST IV Advisory Agreement”) with SST IV up until the SST IV Merger on March 17, 2021.

Effective April 30, 2020, SST IV suspended its offering due to various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty and the termination of its dealer manager agreement. SST IV’s public offering terminated on September 11, 2020.

The SST IV Advisor received a monthly asset management fee equal to 0.0833%, which is one-twelfth of 1%, of SST IV’s aggregate asset value, as defined. The SST IV Advisor was potentially also entitled to various subordinated distributions under SST IV’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights if SST IV (1) listed its shares of common stock on a national exchange, (2) terminated the SST IV Advisory Agreement, (3) liquidated its portfolio, or (4) entered into an Extraordinary Transaction, as defined in the SST IV operating partnership agreement.

Effective March 17, 2021, in connection with the SST IV Merger, the SST IV Advisory Agreement was terminated and none of the aforementioned subordinated distributions or fees were paid. As a result of us acquiring SST IV and terminating such contracts, we recorded a write-off of approximately $5.3 million related to the carrying value of the SST IV Advisory Agreement contract. Similarly, we recorded a write-off of approximately $1.2 million related to our special limited partnership interest, which per the terms of the SST IV Merger Agreement, terminated without consideration.

As a result of the Self Administration Transaction, we recorded a deferred tax liability, which was the result of the difference between the GAAP carrying value of the SST IV Advisory Agreement and its carrying value for tax purposes. As we reduced the GAAP carrying value of such intangible asset, as noted above, we adjusted the corresponding value of our related deferred tax liability by approximately $1.3 million during the three months ended March 31, 2021, and recorded such adjustment as other income within the other line-item in our consolidated statements of operations.

SSGT II Advisory Agreement

The SSGT II Advisor provided acquisition and advisory services to SSGT II pursuant to an advisory agreement (the “SSGT II Advisory Agreement”) with SSGT II up until the SSGT II Merger on June 1, 2022.

Effective as of April 30, 2020, SSGT II suspended its offering due to various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty and the termination of its dealer manager agreement.

The SSGT II Advisor received a monthly asset management fee equal to 0.1042%, which is one-twelfth of 1.25%, of SSGT II’s aggregate asset value, as defined. The SSGT II Advisor was potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights.

Effective June 1, 2022, in connection with the SSGT II Merger, the SSGT II Advisory Agreement was terminated and pursuant to the SSGT II operating partnership agreement, a subordinated distribution of approximately $16.1 million was otherwise due. As a result, we recorded a gain of approximately $16.1 million related to our special limited partnership interest and recorded this within gain on preexisting equity interests upon acquisition of control in our consolidated statement of operations. As a result of our acquisition of SSGT II and terminating the SSGT II Advisory Agreement, we recorded a write-off of approximately $1.4 million related to the carrying value of the SSGT II Advisory Agreement contract.

48

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

As a result of the Self Administration Transaction, we recorded a deferred tax liability, which was the result of the difference between the GAAP carrying value of the SSGT II Advisory Agreement and its carrying value for tax purposes. As we reduced the GAAP carrying value of such intangible asset, as noted above, we adjusted the corresponding value of our related deferred tax liability by approximately $0.3 million on June 1, 2022, and recorded such adjustment as other income within the other line-item in our consolidated statements of operations.

SST VI Advisory Agreement

The SST VI Advisor provides acquisition and advisory services to SST VI pursuant to an advisory agreement (the “SST VI Advisory Agreement”). In connection with the SST VI private placement offering, SST VI was required to reimburse the SST VI Advisor for organization and offering costs from the SST VI private offering pursuant to the SST VI Advisory Agreement.

Pursuant to the SST VI Advisory Agreement, the SST VI Advisor will receive acquisition fees equal to 1.00% of the contract purchase price of each property SST VI acquires plus reimbursement of any acquisition expenses that SST VI Advisor incurs. The SST VI Advisor also receives a monthly asset management fee equal to 0.0625%, which is one-twelfth of 0.75%, of SST VI’s aggregate asset value, as defined.

The SST VI Advisor may also be potentially entitled to a subordinated distribution under SST VI’s operating partnership agreement if SST VI (1) lists its shares of common stock on a national exchange, (2) terminates the SST VI Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SST VI operating partnership agreement.

The SST VI Advisory Agreement provides for reimbursement of the SST VI Advisor’s direct and indirect costs of providing administrative and management services to SST VI. Beginning four fiscal quarters after commencement of SST VI's public offering, which was declared effective March 17, 2022, the SST VI Advisor will be required to pay or reimburse SST VI the amount by which SST VI’s aggregate annual operating expenses, as defined, exceed the greater of 2% of SST VI’s average invested assets or 25% of SST VI’s net income, as defined, unless a majority of SST VI’s independent directors determine that such excess expenses were justified based on unusual and non-recurring factors.

On March 1, 2022, Pacific Oak Holding Group, LLC, became a 10% non-voting member of the SST VI Advisor. Pacific Oak Capital Markets, LLC (a subsidiary of Pacific Oak Holding Group, LLC) is SST VI's dealer manager, and as such, is responsible for the marketing of SST VI shares being offered pursuant to SST VI's private offering, and subsequent to March 17, 2022, SST VI's public offering.

Additionally, in connection with the commencement of SST VI's public offering, the SST VI Advisor agreed that it will fund on behalf of SST VI, an amount equal to 1% of the gross offering proceeds from the sale of Class W shares sold in their initial public offering, which amount shall be used by SST VI towards the payment of its offering expenses. Through June 30, 2022, the SST VI Advisor had incurred such reimbursable costs in the amount of approximately $8,000.

SSGT III Advisory Agreement

The SSGT III Advisor provides acquisition and advisory services to SSGT III pursuant to an advisory agreement (the “SSGT III Advisory Agreement”). In connection with the SSGT III private placement offering, SSGT III is required to reimburse the SSGT III Advisor for organization and offering costs from the SSGT III private offering pursuant to the SSGT III Advisory Agreement.

Pursuant to the SSGT III Advisory Agreement, the SSGT III Advisor will receive acquisition fees equal to 1.00% of the contract purchase price of each property SSGT III acquires plus reimbursement of acquisition expenses that SSGT III Advisor incurs, provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives the Acquisition Fee. The SSGT III Advisor also receives a monthly asset management fee equal to 0.0625%, which is one-twelfth of 0.75%, of SSGT III’s aggregate asset value, as defined.

The SSGT III Advisor may also be potentially entitled to various subordinated distributions under SSGT III’s operating partnership agreement if SSGT III (1) lists its shares of common stock on a national exchange, (2) terminates the SSGT III Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SSGT III operating partnership agreement.

49

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The SSGT III Advisory Agreement provides for reimbursement of the SSGT III Advisor’s direct and indirect costs of providing administrative and management services to SSGT III.

Managed REIT Property Management Agreements

Our indirect subsidiaries, Strategic Storage Property Management IV, LLC, SS Growth Property Management II, LLC, Strategic Storage Property Management VI, LLC, and SS Growth Property Management III, LLC, (collectively the “Managed REITs Property Managers”), are entitled to receive fees for their services in managing the properties owned by the Managed REITs pursuant to property management agreements entered into between the owner of the property and the applicable Managed REIT’s Property Manager.

The Managed REITs’ Property Managers will receive a property management fee equal to 6% of the gross revenues from the properties, generally subject to a monthly minimum of $3,000 per property, plus reimbursement of the costs of managing the properties, and a one-time fee of $3,750 for each property acquired that would be managed by the Managed REITs’ Property Managers. Reimbursable costs and expenses include wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. Pursuant to the property management agreements, we through our Operating Partnership employ the on-site staff for the Managed REITs’ properties.

The SST IV, SST VI, and SSGT III property managers are or were entitled to a construction management fee equal to 5% of the cost of a related construction or capital improvement work project in excess of $10,000.

Effective March 17, 2021, in connection with the SST IV Merger, the SST IV property management contracts were terminated. As a result of us acquiring SST IV and terminating such contracts, we recorded a write-off of approximately $1.9 million related to the carrying value of the SST IV property management contracts.

Effective June 1, 2022, in connection with the SSGT II Merger, the SSGT II property management contracts were terminated. As a result of us acquiring SSGT II and terminating such contracts, we recorded a write-off of approximately $0.6 million related to the carrying value of the SSGT II property management contracts.

In connection with the Self Administration Transaction, we previously recorded a deferred tax liability, which was the result of the difference between the GAAP carrying value of the SST IV and SSGT II property management contracts and their carrying values for tax purposes. As we reduced the GAAP carrying value of such intangible assets, we adjusted the value of our deferred tax liability on a pro-rata basis, reducing the deferred tax liability by approximately $0.5 million during the three months ended March 31, 2021 related to the SST IV Merger and $0.2 million during the three months ended June 30, 2022 related to the SSGT II Merger, and recorded such adjustments as other income within the other line-item in our consolidated statement of operations.

50

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Summary of Fees and Revenue Related to the Managed REITs

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended June 30, 2022 and 2021:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Managed REIT Platform Revenues	2022		2021		2022		2021
Asset Management:
SST IV(1)	$	—	$	—	$	—	$	716,278
SSGT II(3)		326,870		457,859		798,395		921,121
SST VI		319,208		28,045		474,540		28,045
		646,078		485,904		1,272,935		1,665,444
Property Management:
SST IV(1)		—		—		—		369,979
SSGT II(3)		177,648		156,328		407,706		296,562
SST VI		123,658		16,393		202,707		16,393
		301,306		172,721		610,413		682,934
Tenant Protection Program:
SST IV(1)		—		—		—		285,959
SSGT II(3)		76,011		144,169		250,156		266,211
SST VI		96,309		30,380		145,753		32,237
		172,320		174,549		395,909		584,407
Acquisition Fees:
SST VI		661,525		76,903		1,061,525		76,903
		661,525		76,903		1,061,525		76,903
Other Managed REIT revenue(2)		231,905		148,214		481,448		336,343
Total Managed REIT Platform Revenue	$	2,013,134	$	1,058,291	$	3,822,230	$	3,346,031

(1)On March 17, 2021, we acquired SST IV and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SST IV is now included in ancillary operating revenue in our consolidated statements of operations.

(2)Such revenue primarily includes construction management fees, development fees, and other miscellaneous revenues.

(3)On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

Reimbursable costs from Managed REITs includes reimbursement of SST IV (until the SST IV Merger Date), SSGT II (until the SSGT II merger date), SST VI and SSGT III's Advisors’ direct and indirect costs of providing administrative and management services to the Managed REITs. Additionally, reimbursable costs includes reimbursement pursuant to the property management agreements for reimbursement of the costs of managing the Managed REITs’ properties, including wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties.

As of June 30, 2022 and December 31, 2021 we had receivables due from the Managed REITs totaling approximately $0.7 million and $1.4 million, respectively. Such amounts are included in investments in and advances to the Managed REITs line-item in our consolidated balance sheets. Such amounts included unpaid amounts relative to the above table, in addition to other direct routine expenditures of the Managed REITs that we directly funded.

Investment in SST VI OP

On March 10, 2021, SmartStop OP made an investment of $5.0 million in SST VI OP, in exchange for common units of limited partnership interest in SST VI OP.

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

On March 11, 2021, SST VI OP, through a wholly-owned subsidiary, used these funds, in part, to acquire its first self storage facility in Phoenix, Arizona for approximately $16 million. In connection with SST VI OP’s acquisition of the Phoenix property, we provided a $3.5 million mezzanine loan to a wholly-owned subsidiary of SST VI OP with an initial interest rate of 8.5% and term of six months; as well as a 180 day extension option which was exercised and increased the interest rate to 9.25% for the remainder of the term.

On April 16, 2021, in connection with SST VI OP’s investment in a real estate joint venture property located in North York, Ontario Canada, we provided a $2.1 million term loan with similar terms as the mezzanine loan discussed above.

On November 12, 2021, SST VI OP repaid the outstanding balance on the $3.5 million mezzanine loan and the $2.1 million term loan along with all accrued interest. The loans were terminated in accordance with the mezzanine loan agreement and the term loan agreement without fees or penalties.

On December 30, 2021, in connection with SST VI's acquisition of two self storage facilities, SmartStop OP entered into a mezzanine loan agreement with SST VI OP for up to $45 million (the “SST VI Mezzanine Loan”). The SST VI Mezzanine Loan required a commitment fee equal to 1.0% of the amount drawn at closing of the SST VI Mezzanine Loan. The SST VI Mezzanine Loan is secured by a pledge of the equity interest in the indirect, wholly-owned subsidiaries of SST VI that collectively currently own three self storage facilities. SST VI OP also serves as a non-recourse guarantor.

The interest rate on the SST VI Mezzanine Loan is a variable rate equal to LIBOR plus 3%. Payments on the SST VI Mezzanine Loan are interest only until December 30, 2022, which is the initial maturity date of the SST VI Mezzanine Loan. SST VI OP may, in certain circumstances, extend the ultimate maturity date of the SST VI Mezzanine Loan through December 30, 2023 upon written notice to us, in which event the interest rate of the SST VI Mezzanine Loan will increase to LIBOR plus 4% per annum. The SST VI Mezzanine Loan may be prepaid in whole or in part at any time without fees or penalty and, in certain circumstances, equity interests securing the SST VI Mezzanine Loan may be released from the pledge of collateral. As of June 30, 2022, and December 31, 2021, SST VI OP had borrowed $6.8 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $38.2 million. On July 8, 2022, SST VI borrowed an additional $7.2 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $31.0 million as of such date pursuant to the SST VI Mezzanine Loan.

Additionally, one of our subsidiaries already had a special limited partnership interest, whereby we would receive a subordinated distribution upon certain returns on equity being met.

For the three and six months ended June 30, 2022, we recorded a loss related to our equity interest in SST VI OP of approximately $168,000 and $307,000, respectively, and received distributions in the amount of approximately $70,000 and $140,000, respectively. The loss related to our equity interest in SST VI OP is recorded within the Other line item in our consolidated statements of operations, and the distributions received directly reduce our equity interest in SST VI OP.

As discussed in Note 2 – Summary of Significant Accounting Policies, due to our equity interest in SST VI OP, we consolidated this investment from March 10, 2021 (the date of our initial investment in SST VI OP) until May 1, 2021.

Administrative Services Agreement

On June 28, 2019, we along with our Operating Partnership, SmartStop TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), which, as amended, requires that the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. SAM and the Company Parties will reimburse one another based on the actual costs of providing their respective services. Additionally, SAM will pay the Company Parties an allocation of rent and overhead for the portion it occupies in the Ladera Office. Such agreement has a term of three years and is subject to certain adjustments as defined in the agreement.

For the three and six months ended June 30, 2022, we incurred reimbursements payable to SAM under the Administrative Services Agreement of approximately $80,000 and approximately $125,000, respectively, which were recorded in the Managed REIT Platform expenses line item in our consolidated statement of operations. For the three and six months ended June 30, 2021, we incurred reimbursements payable to SAM under the Administrative Services Agreement of

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SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

approximately $2,000 and approximately $19,000, respectively, which were recorded in the Managed REIT Platform expenses line item in our consolidated statement of operations.

We recorded reimbursements from SAM of approximately $135,000 and $320,000 during the three and six months ended June 30, 2022, respectively, related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM, which were included in Managed REIT Platform revenue in our consolidated statements of operations. We recorded reimbursements from SAM of approximately $135,000 and $265,000 during the three and six months ended June 30, 2021, respectively, related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM, which were included in Managed REIT Platform revenue in our consolidated statements of operations.

As of June 30, 2022 and December 31, 2021, a receivable of none and approximately $60,000 was due from SAM related to the Administrative Services Agreement, respectively.

Note 10. Equity Based Compensation

Prior to June 15, 2022, we issued equity based compensation pursuant to the Company’s Employee and Director Long-Term Incentive Plan (the “Prior Plan”). On June 15, 2022, our stockholders approved the 2022 Long-Term Incentive Plan (the “Plan”) and we no longer issue equity under the Prior Plan. Pursuant to the Plan, we are able to issue various forms of equity based compensation. Through June 30, 2022, we have generally issued equity based awards in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”).

Through March 2020, we had only issued restricted stock, which shares are subject to a time based vesting period. In April 2020, the Compensation Committee of the board of directors approved awards for our executive officers, which include (1) performance based awards, and (2) time based awards. For both such type of awards, the recipient can choose either LTIP Units or restricted stock consisting of shares of our common stock. Effective June 2022, the recipient of time based awards issued to members of the board of directors were also allowed to choose either LTIP Units or restricted stock shares of our common stock.

The fair value of the restricted stock and the LTIP Units are determined based on an estimated value per share, adjusted for an illiquidity discount due to the illiquid nature of the underlying equity. The fair value of the LTIP Units are further adjusted by applying an additional discount as the LTIP Units are not initially economically equivalent to our restricted stock. For the performance based awards, a fair value was determined for each performance ranking scenario, with stock compensation expense recorded using the fair value of the scenario determined to be probable of achievement.

Time Based Awards

We have granted various time based awards, which generally vest ratably over either one, three, or four years commencing in the year of grant, subject to the recipient’s continued employment or service through the applicable vesting date. All grants of time based restricted stock have limitations on transferability during the vesting period, and the grantee does not have the ability to vote any unvested shares. Transferability during the vesting period depends upon when the grant was made, as follows (i) with respect to grants of time based restricted stock made prior to April 2020, the restriction on transfers applies to the entirety of the grant, regardless of vesting, and (ii) with respect to grants of time based restricted stock made in or subsequent to April 2020, the restriction on transfer applies only to the unvested portion of the restricted stock.

With respect to grants of time based LTIP Units made to our executive officers in 2020, 2021, and 2022, distributions began to accrue effective January 1 of each respective year, and are payable as distributions are paid on our Class A Shares without regard to whether the underlying awards have vested. With respect to time based restricted stock issued to our board of directors in or after June 2022, distributions accrue as of the effective date of each grant and are payable as distributions are paid on our Class A Shares without regard to whether the underlying awards have vested. With respect to all other time based restricted stock, distributions accrue on non-vested shares granted and are paid when the underlying restricted shares vest.

Holders of time based LTIP Units receive allocations of profits and losses with respect to the LTIP Units as of the effective date, distributions from the effective date in an amount equivalent to the distributions declared and paid on our Class A Shares, and the same voting rights as holders of common units, voting as a class with each LTIP Unit holder having one vote per LTIP Unit held. Prior to vesting, time based LTIP Units generally may not be transferred, other than by laws of descent and distribution.

53

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The following table summarizes the activity related to our time based awards:

	Restricted Stock					LTIP Units
Time Based Award Grants	Shares			Weighted-Average Grant-Date Fair Value		Units			Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020		249,271		$	9.58		160,891		$	9.09
Granted		78,192			9.85		222,581			9.30
Vested		(105,328	)		9.64		(109,276	)		9.20
Forfeited		(2,189	)		9.78		—			—
Unvested at December 31, 2021		219,946			9.64		274,196			9.22
Granted		60,032			14.33		181,664			13.23
Vested		(128,765	)		9.64		(26,815	)		9.09
Forfeited		(3,572	)		11.04		—			—
Unvested at June 30, 2022		147,641		$	11.51		429,045		$	10.92

Performance Based Awards

With respect to performance based awards, the number of shares of restricted stock granted as of the grant date equaled 100% of the targeted award, whereas the number of LTIP Units granted as of the grant date equaled 200% of the targeted award. The targeted award for each executive was determined and approved by the Compensation Committee of our Board of Directors. The actual number of shares of restricted stock or LTIP Units, as applicable, to be issued upon vesting may range from 0% to 200% of the targeted award, such determination being based upon the results of the performance measure. Performance based awards vest based upon our performance as ranked amongst a peer group of self storage related companies. This comparison will be conducted using a performance measure of average annual same-store revenue growth, analyzed over a three-year period. Earned awards for the 2020, 2021 and 2022 grants will vest, as applicable, no later than March 31, 2023, 2024, and 2025, respectively.

Recipients of performance based restricted stock accrue distributions during the performance period, and such distributions will only be payable on the date that any such shares of restricted stock vest, based upon the performance level attained. Recipients of performance based LTIP Units are issued LTIP Units at 200% of the targeted award and are entitled to receive distributions and allocations of profits and losses with respect to the performance based LTIP Units as of the effective date of each award in an amount equal to 10% of the distributions and allocations available to such LTIP Units, until the Distribution Participation Date (as defined in the Operating Partnership Agreement). The remaining 90% of distributions will accrue and will be payable on the Distribution Participation Date based upon the performance level attained and number of performance based LTIP Units that vest. Following the Distribution Participation Date, recipients will be entitled to receive the full amount of distributions and allocations of profits and losses with respect to the vested performance-based LTIP Units, such amount being equivalent to distributions declared and paid on our Class A Shares.

The following table summarizes our activity related to our performance based awards:

	Restricted Stock				LTIP Units
Performance Based Award Grants	Shares		Weighted-Average Grant-Date Fair Value		Units			Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020		5,752	$	9.78		130,638		$	9.09
Granted		—		—		148,387			9.30
Vested		—		—		—			—
Forfeited		—		—		(11,918	)		9.09
Unvested at December 31, 2021		5,752		9.78		267,107			9.21
Granted		—		—		113,429			13.18
Vested		—		—		—			—
Forfeited		—		—		—			—
Unvested at June 30, 2022		5,752	$	9.78		380,536		$	10.39

54

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Holders of performance based restricted stock do not have any rights as a stockholder with respect to the unvested portion of such restricted stock awards. Prior to vesting, shares of performance based restricted stock generally may not be transferred, other than by laws of descent and distribution.

Holders of performance based LTIP Units have the same voting rights as holders of common units, voting as a class with each LTIP Unit holder having one vote per LTIP Unit held. Prior to vesting, performance based LTIP Units generally may not be transferred, other than by laws of descent and distribution.

LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. The profits interests’ characteristics of the LTIP Units mean that initially they will not be treated as economically equivalent in value to a common unit and the issuance of LTIP Units will not be a taxable event to the Operating Partnership or the recipient. If and when certain events occur pursuant to applicable tax regulations and in accordance with the Operating Partnership Agreement, LTIP Units may become economically equivalent to common units of limited partnership interest of our Operating Partnership on a one-for-one basis.

As of June 30, 2022, 9,977,214 shares of stock were available for issuance under the Plan.

We recorded approximately $0.9 million and $2.0 million of equity based compensation expense in general and administrative expense during the three and six months ended June 30, 2022, respectively, compared to approximately $0.8 million and $1.2 million during the three and six months ended June 30, 2021. We recorded approximately $35,000 and $70,000 of equity based compensation expense in property operating expenses, within our consolidated statements of operations for the three and six months ended June 30, 2022, respectively, compared to approximately $25,000 and $50,000 during the three and six months ended June 30, 2021. As of June 30, 2022, there was approximately $6.7 million of total unrecognized compensation expense related to non-vested equity awards, with such cost expected to be recognized over a weighted-average period of approximately 2.4 years. As of December 31, 2021, there was approximately $4.5 million of total unrecognized compensation expense related to non-vested equity awards, with such cost expected to be recognized over a weighted-average period of approximately 2.1 years.

In February 2022, the compensation committee of our board of directors approved the 2022 executive compensation terms for our executives, which included (1) performance-based equity grants in the form of either, at the election of the executive, restricted stock awards or LTIP Units, and (2) time-based equity grants in the form of either, at the election of the executive, restricted stock awards or LTIP Units.

In February 2022, an aggregate of 113,429 performance-based LTIP Units and approximately 170,144 time-based LTIP Units were issued to our executive officers. The performance-based LTIP Units vest after the three year performance period, based upon the performance level attained. The time-based LTIP Units vest ratably over four years, with the first tranche vesting on December 31, 2022, subject to the recipient’s continued employment through the applicable vesting date.

Note 11. Commitments and Contingencies

Contingent Earnout

On June 28, 2019, in relation to the Self Administration Transaction, 3,283,302 Class A-2 limited partnership units of the Operating Partnership ("Class A-2 Units"), were issued to SS OP Holdings as consideration. Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below. The Class A-2 Units are not entitled to cash distributions or the allocation of any profits or losses in the Operating Partnership until the Class A-2 Unit into Class A-1 Units.

The conversion features of the Class A-2 Units are as follows: (A) the first time the aggregate incremental assets under management, as amended (“AUM”) (as defined in the Operating Partnership Agreement) of the Operating Partnership equals or exceeds $300,000,000, one-third of the Class A-2 Units will automatically convert into Class A-1 Units, (B) the first time the incremental AUM of the Operating Partnership equals or exceeds $500,000,000, an additional one-third of the Class A-2 Units will automatically convert into Class A-1 Units, and (C) the first time the incremental AUM equals or exceeds $700,000,000, the remaining one-third of the Class A-2 Units will automatically convert into Class A-1 Units (each an “Earnout Achievement Date”). On each Earnout Achievement Date, the Class A-2 Units will automatically convert into Class A-1 Units based on an earnout exchange ratio, which is equal to $10.66 divided by the then current value of our Class A-1 Units, as provided in the Operating Partnership Agreement.

55

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

The Class A-2 Units conversion rights will expire seven years following the closing date of the Self Administration Transaction. Notwithstanding the foregoing, the earnout consideration will be earned and automatically convert in the event of an “Earnout Acceleration Event” (as defined in the Operating Partnership Agreement), which includes each of the following: certain change of control events (as described in the Operating Partnership Agreement), or H. Michael Schwartz being removed either as a member of our board of directors or as one of our executive officers for any reason other than for cause.

On March 24, 2021, we, as the general partner of our Operating Partnership, entered into Amendment No. 3 (the “Amendment”) to the Operating Partnership Agreement, to make certain revisions to Exhibit D (Description of Class A-2 Units) to the Operating Partnership Agreement.

The Amendment (i) revised the definition of “AUM” in connection with the earnout of the Class A-2 Units so that it (A) includes assets acquired by us and our affiliates and (B) includes 100% of any joint venture assets, rather than a pro rata percentage, and (ii) clarifies that the Class A-2 Units may be transferred after the two-year holding period.

On March 24, 2021, 1,094,434 Class A-2 Units held by SS OP Holdings, were converted into 1,121,795 Class A-1 Units pursuant to the achievement of the first tier of earnout consideration. The fair value of the contingent earnout liability was reduced as the Class A-2 Units were converted into Class A-1 Units in our Operating Partnership and the fair value of such units was reclassified to the noncontrolling interest in our Operating Partnership line in the equity section of our consolidated balance sheet.

On October 19, 2021, the Nominating and Corporate Governance Committee of our board of directors and our board of
directors approved resolutions providing that the denominator in the calculation of the earnout exchange ratio will be $10.66
(the value of the Class A common stock at the time of the Self Administration Transaction, pursuant to which the earnout was established) for the subsequent 12 months, until October 19, 2022. Thereafter the denominator in the calculation of the earnout exchange ratio will be as provided in the Operating Partnership Agreement.

On March 29, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the second tier of earnout consideration. The fair value of the contingent earnout liability was reduced as the Class A-2 Units were converted into Class A-1 Units in our Operating Partnership and the fair value of such units was reclassified to the noncontrolling interest in our Operating Partnership line in the equity section of our consolidated balance sheet.

As of June 30, 2022, pursuant to the revised definition of “AUM” as described above, we had added incremental assets under management of approximately $669.2 million, and the estimated fair value of the contingent earnout liability was approximately $15.8 million.

On August 9, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the third and final tier of earnout consideration.

Distribution Reinvestment Plan

We have adopted an amended and restated distribution reinvestment plan (our "DRP") that allows both our Class A and Class T stockholders to have distributions otherwise distributable to them invested in additional shares of our Class A and Class T Shares, respectively. The purchase price per share pursuant to our DRP is equivalent to the estimated value per share approved by our board of directors and in effect on the date of purchase of shares under the plan. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on October 19, 2021, beginning in October 2021, shares sold pursuant to our distribution reinvestment plan were and will continue to be sold at our new estimated value per share of $15.08 per Class A Share and Class T Share.

As described below, on March 7, 2022, our board of directors approved the suspension of our DRP, effective on April
15, 2022.

Share Redemption Program

As described in Note 2 – Redeemable Common Stock, we have an SRP, which is fully suspended. Pursuant to the SRP, we may redeem the shares of stock presented for redemption for cash to the extent that such requests comply with the below terms of our SRP and we have sufficient funds available to fund such redemption.

56

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Our board of directors may amend, suspend or terminate the SRP with 30 days’ notice to our stockholders. We may provide this notice by including such information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders.

On August 20, 2020, our board of directors determined that it would be in the best interests of the Company to amend the terms of the SRP to revise the redemption price per share for all redemptions under the SRP to be equal to the most recently published estimated net asset value per share of the applicable share class (the “SRP Amendment”). Prior to the SRP Amendment, the redemption amount was the lesser of the amount the stockholders paid for their shares or the price per share in the current offering. On October 19, 2021, we declared a new estimated net asset value per share and the redemption price under our SRP immediately changed to $15.08 (our current estimated net asset value per share).

There are several limitations in addition to those noted above on our ability to redeem shares under the SRP including, but not limited to:

•During any calendar year, we will not redeem in excess of 5% of the weighted-average number of shares outstanding during the prior calendar year.

•The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan, less any prior redemptions.

•We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency.

For the year ended December 31, 2021, we received redemption requests totaling approximately $5.6 million (approximately 0.4 million shares), approximately $3.9 million of which were fulfilled during the year ended December 31, 2021, with the remaining approximately $1.7 million included in accounts payable and accrued liabilities as of December 31, 2021 and fulfilled in January 2022.

As described below, on March 7, 2022, our board of directors approved the complete suspension of our SRP, effective immediately.

Suspension of DRP and SRP

In connection with a review of liquidity alternatives by our Board, on March 7, 2022, the Board approved the full suspension of our DRP and SRP. Under our DRP, the Board may amend, modify, suspend or terminate our plan for any reason upon 10 days’ written notice to the participants.

Consistent with the terms of our DRP, distributions declared by the Board for the month of February 2022, which were paid on or about March 15, 2022, were not affected by this suspension. However, beginning with the distributions declared by the Board for the month of March 2022, which were paid in April 2022, and continuing until such time as the Board may approve the resumption of the DRP, if ever, all distributions declared by the Board will be paid to our stockholders in cash.

Prior to the suspension of our share redemption program, consistent with its terms, all redemption requests received, and not withdrawn, on or prior to the last day of the applicable quarter were processed on the last business day of the month following the end of the quarter in which the redemption requests were received. Accordingly, redemption requests received during the fourth quarter of 2021 were processed on January 31, 2022, and redemption requests received during the first quarter of 2022 ordinarily would have needed to be received on or prior to March 31, 2022 and would have been processed on April 30, 2022. However, the effective date of the aforementioned suspension of our share redemption program occurred prior to March 31, 2022. Accordingly, any redemption requests received during the first six months of 2022, or any future quarter, will not be processed until such time as the Board may approve the resumption of our share redemption program, if ever.

57

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

Operating Partnership Redemption Rights

Generally, the limited partners of our Operating Partnership, excluding any limited partners with respect to their Class A-2 Units, have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year.

Additionally, the Class A-1 Units issued in connection with the Self Administration Transaction are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership.

Other Contingencies

We have a severance plan which covers certain officers; this plan provides for severance payments upon certain events, including after a change of control.

Additionally, as of June 30, 2022 and December 31, 2021, pursuant to the SST VI Mezzanine Loan, we were potentially required to fund an additional $38.2 million, in debt to SST VI at their option.

See Note 9 – Related Party Transactions for more information about our obligations under these agreements.

From time to time, we are party to legal, regulatory and other proceedings that arise in the ordinary course of our business. In accordance with applicable accounting guidance, management accrues an estimated liability when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. We are not aware of any such proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition.

Note 12. Declaration of Distributions

On June 23, 2022, our board of directors declared a distribution rate for the month of July 2022 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on July 1, 2022 and ending July 31, 2022. Such distributions payable to each stockholder of record during a month will be paid the following month.

On July 21, 2022, our board of directors declared a distribution rate for the month of August 2022 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on August 1, 2022 and ending August 31, 2022. Such distributions payable to each stockholder of record during a month will be paid the following month.

Note 13. Subsequent Events

On August 9, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the third and final tier of earnout consideration.

On July 8, 2022, SST VI borrowed $7.2 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $31 million as of such date pursuant to the SST VI Mezzanine Loan.

58

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

On August 9, 2022, in connection with SSGT III's acquisition of two self storage facilities, SmartStop OP, L.P. entered into a mezzanine loan agreement with SSGT III Mezz, LLC for up to $50.0 million (the "SSGT III Mezzanine Loan Facility"), of which $42.0 million was funded as an initial draw at the time of closing. The SSGT III Mezzanine Loan Facility requires a commitment fee equal to 1.0% of the amount drawn at each closing of the SSGT III Mezzanine Loan Facility. The SSGT III Mezzanine Loan Facility is secured by a pledge of the equity interest in the indirect, wholly-owned subsidiaries of SSGT III that collectively currently own two self storage facilities in Florida. SS Growth Operating Partnership III, L.P. also serves as a non-recourse guarantor.

The interest rate on the SSGT III Mezzanine Loan Facility is a variable rate equal to SOFR plus 3.5%. Payments on the SSGT III Mezzanine Loan Facility are interest only until August 9, 2023, which is the initial maturity date of the SSGT III Mezzanine Loan Facility. SSGT III may, in certain circumstances, extend the ultimate maturity date of the SSGT III Mezzanine Loan Facility through August 9, 2023 upon written notice to us, in which event the interest rate of the SSGT III Mezzanine Loan Facility will increase to SOFR plus 4.5% per annum. The SSGT III Mezzanine Loan Facility may be prepaid in whole or in part at any time without fees or penalty and, in certain circumstances, equity interests securing the SSGT III Mezzanine Loan Facility may be released from the pledge of collateral. As of August 9, 2022, SSGT III OP had borrowed $42.0 million pursuant to the SSGT III Mezzanine Loan Facility and we were potentially required to fund an additional $8.0 million.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and notes thereto contained elsewhere in this report. The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should also be read in conjunction with our consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2021. See also “Cautionary Note Regarding Forward-Looking Statements” preceding Part I.

Overview

We are a self-managed and fully-integrated self storage real estate investment trust (“REIT”). Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries.

We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and the Greater Toronto Area in Canada. According to the Inside Self Storage Top-Operators List for 2021, we are the 11th largest owner and operator of self storage properties in the United States based on number of properties, units, and rentable square footage. As of June 30, 2022, our wholly-owned portfolio consisted of 153 self storage properties diversified across 19 states and the Greater Toronto Area of Ontario, Canada comprising approximately 103,000 units and 11.8 million net rentable square feet. Additionally, we had a 50% equity interest in ten unconsolidated real estate ventures located in the Greater Toronto Area, which consisted of six operating self storage properties, three parcels of land currently under development into self storage facilities, and one single tenant industrial building, which we plan to convert into a self storage property over the long term. Further, through our Managed REIT Platform, we serve as the sponsor of two Managed REITs: Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), and Strategic Storage Growth Trust III, Inc., a private company that intends to elect to qualify as a REIT (“SSGT III”), both of which pay us fees to manage these programs and operate their 11 operating self storage properties (as of June 30, 2022).

Our primary business model is focused on owning and operating high quality self storage properties in high growth markets in the United States and Canada. Our business model is designed to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow in order to maximize long-term stockholder value at acceptable levels of risk. We execute our organic growth strategy by pursuing revenue-optimizing and expense-minimizing opportunities in the operations of our existing portfolio. We execute our external growth strategy by developing, redeveloping, acquiring and managing self storage facilities in the United States and Canada, and we look to acquire properties that are physically stabilized, recently developed, in various stages of lease up or at certificate of occupancy. We seek to acquire undermanaged facilities that are not operated by institutional operators, where we can implement our proprietary management and technology to maximize net operating income.

As discussed herein, we, through our subsidiaries, currently serve as the sponsor of SST VI and SSGT III. We also served as the sponsor of Strategic Storage Trust IV, Inc., a public non-traded REIT (“SST IV”) through March 17, 2021, and Strategic Storage Growth Trust II, Inc., a private REIT (“SSGT II”) through June 1, 2022. Prior to March 17, 2021 and June 1, 2022, SST IV and SSGT II, respectively, were also referred as “Managed REITs.” We operate the properties owned by the Managed REITs, consisting of, as of June 30, 2022, 11 operating properties and approximately 7,600 units and 0.9 million rentable square feet. In addition, we have the internal capability to originate, structure and manage additional self storage investment programs (the “Managed REIT Platform”) which would be sponsored by SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. We generate asset management fees, property management fees, acquisition fees, and other fees and also receive substantially all of the tenant protection program revenue earned by our Managed REITs. For the property management and advisory services that we provide, we are reimbursed for certain expenses that otherwise helps to offset our net operating expense burden.

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As of June 30, 2022, our wholly-owned self storage portfolio was comprised as follows:

State	No. of Properties		Units(1)		Sq. Ft. (net)(2)		% of Total Rentable Sq. Ft.			Physical Occupancy %(3)			Rental Income %(4)
Alabama		1		1,090		163,300		1.4	%		95.9	%		0.8	%
Arizona		4		3,130		329,100		2.8	%		95.0	%		2.7	%
California		29		19,195		2,030,300		17.1	%		94.5	%		20.4	%
Colorado		8		4,550		493,085		4.2	%		93.5	%		3.2	%
Florida		26		19,870		2,363,100		20.1	%		94.7	%		22.3	%
Illinois		6		3,785		429,500		3.6	%		95.0	%		2.9	%
Indiana		2		1,030		112,700		1.0	%		96.3	%		0.6	%
Massachusetts		1		840		93,200		0.8	%		98.3	%		1.8	%
Maryland		2		1,610		169,500		1.4	%		94.9	%		1.5	%
Michigan		4		2,220		266,100		2.3	%		95.9	%		1.8	%
New Jersey		2		2,350		205,100		1.7	%		93.2	%		1.9	%
Nevada		9		7,160		865,000		7.3	%		95.2	%		7.1	%
North Carolina		19		9,190		1,192,400		10.1	%		95.1	%		8.1	%
Ohio		5		2,310		279,700		2.4	%		93.9	%		1.5	%
South Carolina		3		1,940		246,000		2.1	%		95.6	%		1.6	%
Texas		12		6,960		919,300		7.8	%		95.8	%		6.7	%
Virginia		1		830		71,100		0.6	%		97.9	%		0.9	%
Washington		5		3,427		390,545		3.3	%		89.7	%		3.2	%
Wisconsin		1		780		83,400		0.7	%		93.9	%		0.5	%
Ontario, Canada		13		10,610		1,092,300		9.3	%		95.5	%		10.5	%
Total		153		102,877		11,794,730		100	%		94.8	%		100	%

(1)Includes all rentable units, consisting of storage units and parking (approximately 3,400 units).

(2)Includes all rentable square feet, consisting of storage units and parking (approximately 1,016,000 square feet).

(3)Represents the occupied square feet of all facilities in a state or province divided by total rentable square feet of all the facilities in such state or area as of June 30, 2022).

(4)Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the month ended June 30, 2022.

Additionally, we own our office located at 10 Terrace Rd, Ladera Ranch, California (the “Ladera Office”) which houses our corporate headquarters.

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Critical Accounting Policies

We have established accounting policies which conform to generally accepted accounting principles (“GAAP”). Preparing financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. Following is a discussion of the estimates and assumptions used in setting accounting policies that we consider critical in the presentation of our consolidated financial statements. Many estimates and assumptions involved in the application of GAAP may have a material impact on our financial condition or operating performance, or on the comparability of such information to amounts reported for other periods, because of the subjectivity and judgment required to account for highly uncertain items or the susceptibility of such items to change. These estimates and assumptions affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the dates of the financial statements and our reported amounts of revenue and expenses during the period covered by this report. If management’s judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied or different amounts of assets, liabilities, revenues and expenses would have been recorded, thus resulting in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements. Additionally, other companies may use different estimates and assumptions that may impact the comparability of our financial condition and results of operations to those companies.

We believe that our critical accounting policies include the following: real estate purchase price allocations; the evaluation of whether any of our long-lived assets have been impaired; the valuation of goodwill and related impairment considerations, the valuation of our trademarks and related impairment considerations, the valuation of our contingent consideration liability, the determination of the useful lives of our long-lived assets; and the evaluation of the consolidation of our interests in joint ventures. The following discussion of these policies supplements, but does not supplant the description of our significant accounting policies, as contained in Note 2 – Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements contained in this report, and is intended to present our analysis of the uncertainties involved in arriving upon and applying each policy.

Real Estate Purchase Price Allocation

We account for asset acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date.

The value of the tangible assets, consisting of land and buildings is determined as if vacant. Because we believe that substantially all of the leases in place at properties we will acquire will be at market rates, as the majority of the leases are month-to-month contracts, we do not expect to allocate any portion of the purchase prices to above or below market leases. We also consider whether in-place, market leases represent an intangible asset. Acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available.

Our allocations of purchase prices are based on certain significant estimates and assumptions, variations in such estimates and assumptions could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements.

Real Property Assets Valuation

We evaluate our real property assets for impairment based on events and changes in circumstances that may arise in the future and that may impact the carrying amounts of such assets. When indicators of potential impairment are present, we will assess the recoverability of the particular asset by determining whether the carrying value of the asset will be recovered, through an evaluation of the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. This evaluation is based on a number of estimates and assumptions. Based on this evaluation, if the expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property asset and recognize an impairment loss. Our evaluation of the impairment of real property assets could result in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements, as the amount of impairment loss, if any, recognized may vary based on the estimates and assumptions we use.

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Intangible Assets Valuation

In connection with the acquisition of the self storage advisory, asset management and property management businesses and certain joint venture interests of Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor (“SAM”), along with certain other assets of SAM (collectively, the “Self Administration Transaction”), we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to our tenant insurance, tenant protection plans or similar programs (the “Tenant Protection Programs”). For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. We evaluate these intangible assets for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In such an event, an impairment charge is recognized and the intangible asset is marked down to its fair value.

Goodwill Valuation

Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. If circumstances indicate the carrying amount may not be fully recoverable, we perform a quantitative impairment test of goodwill to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized.

Trademarks Valuation

Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the brand name.

We qualitatively evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future.

Contingent Earnout Valuation

In connection with the Self Administration Transaction, we issued the Class A-2 Units, as a form of contingent consideration, which is required to be revalued at each reporting period, based on the discounted probability weighted forecast of achieving the requisite AUM thresholds or the occurrence of an Earnout Acceleration Event (both as defined in Note 11 – Commitments and Contingencies, of the Notes to the Consolidated Financial Statements contained in this report).

Estimated Useful Lives of Real Property Assets

We assess the useful lives of the assets underlying our properties based upon a subjective determination of the period of future benefit for each asset. We record depreciation expense with respect to these assets based upon the estimated useful lives we determine. Our determinations of the useful lives of the assets could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements, as such determinations, and the corresponding amount of depreciation expense, may vary dramatically based on the estimates and assumptions we use.

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Consolidation Considerations

Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest.

We evaluate the consolidation of our investments in joint ventures in accordance with relevant accounting guidance. This evaluation requires us to determine whether we have a controlling interest in a joint venture through a means other than voting rights, and, if so, such joint venture may be required to be consolidated in our financial statements. Our evaluation of our joint ventures under such accounting guidance could result in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements, as the joint venture entities included in our consolidated financial statements may vary based on the estimates and assumptions we use.

REIT Qualification

We made an election under Section 856(c) of the Internal Revenue Code of 1986 (the Code) to be taxed as a REIT under the Code, commencing with the taxable year ended December 31, 2014. By qualifying as a REIT for federal income tax purposes, we generally will not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year in which our qualification is denied. Such an event could materially and adversely affect our net income and could have a material adverse impact on our financial condition and results of operations. However, we believe that we are organized and operate in a manner that will enable us to continue to qualify for treatment as a REIT for federal income tax purposes, and we intend to continue to operate as to remain qualified as a REIT for federal income tax purposes.

Current Market and Economic Conditions

Our rental revenue and operating results depend significantly on the demand for self storage space. Since the beginning of the COVID-19 pandemic in late March 2020, the challenges associated with the COVID-19 pandemic were partially offset by other trends that helped maintain the demand for self storage. The broader shift of people working from home, elevated migration patterns and strength in the housing market helped drive continued growth in self storage demand through the first half of 2022. As rental activity, occupancy levels, and rental rates increased during the second half of 2020 and through 2022, our financial performance has continued to be strong. However, same-store growth and overall results are expected to normalize over the coming quarters as the comparable periods change.

Recently, the broader economy began experiencing increased levels of inflation, higher interest rates, tightening monetary and fiscal policies and a slowdown in home price appreciation. This could result in less discretionary spending, weakening consumer balance sheets and reduced demand for self storage. However, demand for self storage sector is dynamic with drivers that function in a multitude of economic environments, both cyclically and counter-cyclically. Demand for self storage tends to be needs-based, with numerous factors that lead customers to renting and maintaining storage units.

In addition to the sector’s numerous historical demand drivers, one significant demand driver that increased substantially during the COVID-19 pandemic is the work-from-home, or hybrid work environment. We believe the need for work space in residences will continue to be a driver of storage demand in 2022 and going forward, which could partially offset a potential reduction in population mobility caused by a softening housing market.

Recently, the Federal Reserve has increased its targeted range for the federal funds rate, leading to increased interest rates. We currently have fixed interest rates for certain of our loans, either directly or indirectly through our use of interest rate hedges. The rise in overall interest rates has caused an increase in our variable rate borrowing costs and our overall cost of capital, resulting in an increase in net interest expense. Capitalization rates on acquisitions have not increased at the same magnitude as interest rates. This may limit our ability to acquire self storage properties in an as accretive manner going forward.

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Results of Operations

Overview

We derive revenues principally from: (i) rents received from our self storage tenant leases; (ii) fees generated from our Managed REITs; (iii) our Tenant Protection Programs; and (iv) sales of packing and storage-related supplies at our storage facilities. Therefore, our operating results depend significantly on our ability to retain our existing tenants and lease our available self storage units to new tenants, while maintaining and, where possible, increasing the prices for our self storage units.

Competition in the market areas in which we operate is significant and affects the occupancy levels, rental rates, rental revenues and operating expenses of our facilities. Development of any new self storage facilities would intensify competition of self storage operators in markets in which we operate.

As of June 30, 2022 and 2021, we wholly-owned 153 and 138 operating self storage facilities, respectively. Our operating results for the three months ended June 30, 2022 include full quarter results for 140 self storage facilities and partial quarter results for 13 operating self storage facilities acquired during the quarter ended June 30, 2022. Our operating results for the three months ended June 30, 2021 include full quarter results for 136 self storage facilities and partial quarter results for two operating self storage facilities acquired during the quarter ended June 30, 2021. Operating results in future periods will depend on the results of operations of these properties and of the real estate properties that we acquire in the future.

Our operating results for the six months ended June 30, 2022 include a full six months of results for 139 self storage facilities and partial period results for 14 operating self storage facilities acquired during the six months ended June 30, 2022. Our operating results for the six months ended June 30, 2021 include a full six months of results for 112 self storage facilities and partial period results for 26 operating self storage facilities acquired during the six months ended June 30, 2021. Operating results in future periods will depend on the results of operations of these properties and of the real estate properties that we acquire in the future.

As discussed below, the results of operations presented herein cover a period of time prior to the SST IV Merger and SSGT II Merger. Our 2021 and 2022 operating results have been and will continue to be significantly impacted by these mergers as a result of acquiring 34 operating self storage facilities and 50% equity interests in nine unconsolidated real estate ventures, as well as the elimination of management fees that we previously earned from SST IV and SSGT II. Over time we expect the SSGT II Merger and SST IV Merger to be accretive to FFO, as adjusted as the former SST IV and SSGT II properties eventually reach higher levels of either physical or economic occupancy or both.

SST IV Merger

On March 17, 2021, we acquired 24 operating self storage facilities and six real estate joint ventures by way of merger with SST IV. The 24 SST IV operating properties had a weighted average physical occupancy of 93.0% and 92.6% as of June 30, 2022, and 2021, respectively.

SSGT II Merger

On June 1, 2022, we acquired 10 operating self storage facilities and three real estate joint ventures by way of merger with SSGT II. The 10 SSGT II operating properties had a weighted average physical occupancy of 92.1% and 93.1% as of June 30, 2022, and 2021, respectively.

Comparison of the Three Months Ended June 30, 2022 and 2021

Total Self Storage Revenues

Total self storage related revenues for the three months ended June 30, 2022 and 2021 were approximately $48.6 million and $40.1 million, respectively. The increase in total self storage revenues of approximately $8.4 million, or approximately 21%, is primarily attributable to an increase in same-store revenues of approximately $4.3 million, an increase in revenue at the 24 operating self storage facilities acquired in connection with the SST IV Merger (approximately $1.3 million), and the 10 operating self storage facilities acquired on June 1, 2022 in connection with the SSGT II Merger (approximately $1.2 million).

We expect self storage revenues to increase in future periods as our lease-up properties continue to increase occupancy and rates, and to otherwise fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect to see

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increases in self storage revenues from our future acquisitions and the inclusion of the properties we acquired in the SSGT II Merger for a full period.

Managed REIT Platform Revenue

Managed REIT Platform revenue for the three months ended June 30, 2022 and 2021 was approximately $2.0 million and $1.1 million, respectively. The increase in Managed REIT Platform revenue of approximately $0.9 million is primarily attributable to acquisition fee revenue growth of $0.6 million from our Managed REITs. We expect Managed REIT Platform Revenue to decline in the short term as a result of the SSGT II Merger as we will no longer receive fees from SSGT II for providing property management and advisory services. We further expect Managed REIT Platform Revenue to fluctuate commensurate with our Managed REITs' increase in operations as we receive revenue for providing such services.

Reimbursable Costs from Managed REITs

Reimbursable costs from Managed REITs for the three months ended June 30, 2022 and 2021 were approximately $1.2 million and $1.1 million, respectively. Such revenues consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by our Managed REITs, pursuant to our related contracts with the Managed REITs. We expect Reimbursable Costs from Managed REITs to decline in future periods as a result of the SSGT II Merger as we will no longer receive reimbursement for providing such services. We further expect reimbursable costs from Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.

Property Operating Expenses

Property operating expenses for the three months ended June 30, 2022 and 2021 were approximately $13.6 million (or 28.1% of self storage revenue) and $12.5 million (or 31.1% of self storage revenue), respectively. Property operating expenses include the costs to operate our facilities including payroll expense, utilities, insurance, real estate taxes, and marketing. The increase in property operating expenses of approximately $1.2 million is largely attributable to the 10 operating self storage facilities acquired in connection with the SSGT II Merger (approximately $0.4 million), as well other property acquisitions during the period and increases in payroll and repairs and maintenance expense. We expect property operating expenses to decrease as a percentage of revenue as revenues increase.

Managed REIT Platform Expenses

Managed REIT Platform expenses for the three months ended June 30, 2022 and 2021 were approximately $0.6 million and $0.3 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed REIT Platform and the Administrative Services Agreement (as discussed in Note 9 – Related Party Transactions, of the notes to consolidated financial statements contained in this report). We expect Managed REIT Platform expenses to fluctuate in future periods commensurate with the level of services provided to the Managed REITs.

Reimbursable Costs from Managed REITs

Reimbursable costs from Managed REITs for the three months ended June 30, 2022 and 2021 were approximately $1.2 million and $1.1 million, respectively. Such expenses consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by our Managed REITs, pursuant to our related contracts with the Managed REITs. We expect reimbursable costs from Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services, and decline in the short term due to the SSGT II Merger.

General and Administrative Expenses

General and administrative expenses for the three months ended June 30, 2022 and 2021 were approximately $7.9 million and $6.8 million, respectively. Such expenses consist primarily of compensation-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. Additionally, during the current quarter we recorded expenses of approximately $1.4 million related to our filing of an S-11 registration statement and related costs in pursuit of the potential offering of our common stock. The increase is primarily attributable to expenses recorded related to a potential offering, increased board of directors related costs, transfer agent costs

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and compensation-related expenses. We expect general and administrative expenses to decrease as a percentage of total revenues over time.

Depreciation and Amortization Expenses

Depreciation and amortization expenses for the three months ended June 30, 2022 and 2021 were approximately $16.3 million and $14.4 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense consists of the amortization of our in place lease intangible assets resulting from our self storage acquisitions and amortization of certain intangible assets acquired in the Self Administration Transaction. The increase in depreciation and amortization expense is primarily attributable to additional depreciation and amortization on the properties and intangible assets acquired in the SSGT II Merger.

Acquisition Expenses

Acquisition expenses for the three months ended June 30, 2022 and 2021 were approximately $0.3 million and $30,000, respectively. These acquisition expenses were incurred prior to acquisitions becoming probable in accordance with our capitalization policy.

Contingent Earnout Adjustment

The contingent earnout adjustments for the three months ended June 30, 2022 and 2021 reflects increases in the contingent earnout liability of approximately $0.8 million and $0.4 million, respectively. The contingent earnout adjustment reflects the change in the liability based on an updated valuation and changes in the discounted probability weighted forecast of our projected assets under management (as defined in the Operating Partnership Agreement, as amended).

Write-off of Equity Interest and Preexisting Relationships Upon Acquisition of Control

Write-off of equity interest and preexisting relationships upon acquisition of control for the three months ended June 30, 2022 and 2021 was approximately $2.0 million and none, respectively. Such expense represents the Company’s write-off of the intangible assets related to the SSGT II advisory agreement and property management contracts due to the termination of such contracts as a result of the SSGT II Merger.

Gain on Sale of Real Estate

Gain on sale of real estate for the three months ended June 30, 2022 and 2021 was none and approximately $0.2 million, respectively. The gain in 2021 was related to a sale of a parcel of excess land attached to the self storage facility we own in McKinney, Texas. The sale of this parcel did not affect the operations of our McKinney, Texas property.

Gain On Equity Interests Upon Acquisition

Gain on equity interests upon acquisition for the three months ended June 30, 2022 and 2021 was approximately $16.1 million and none, respectively. The gain was related to recording the fair value of our preexisting special limited partnership interest in SSGT II in connection with the SSGT II Merger.

Interest Expense

Interest expense for the three months ended June 30, 2022 and 2021 was approximately $8.9 million and $8.4 million, respectively. Interest expense includes interest expense, accretion of fair market value of debt, amortization of debt issuance costs, and amortization of interest rate caps. The increase of approximately $0.4 million is primarily attributable to an increase in the average outstanding principal balance, primarily as a result of the SSGT II Merger as well as three other self storage acquisitions that were funded by draws on the Credit Facility Revolver during the quarter. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and interest rates.

Net Loss on Extinguishment of Debt

Net loss on extinguishment of debt for the three months ended June 30, 2022 and 2021 were approximately $2.4 million and none, respectively. The increase in net loss on debt extinguishment is primarily attributable to debt defeasance costs for the Midland North Carolina CMBS Loan which was defeased on May 19, 2022, as well as the write-off of related unamortized debt issuance costs.

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Other

Other for the three months ended June 30, 2022 and 2021 was approximately $0.2 million of income and $0.2 million of income, respectively. Other consists primarily of state and federal tax expense, adjustments to deferred tax liabilities, foreign currency fluctuations, changes in value related to our foreign currency and interest rate hedges not designated for hedge accounting, and equity in earnings attributable to our unconsolidated joint ventures. The change of approximately $40,000 is comprised of additional deferred tax liability adjustments of approximately $1.0 million primarily attributable to the write-off of the asset management and property management intangible assets related to the SSGT II Merger and deferred tax liability adjustments at our Canadian properties, offset by foreign currency related adjustments.

Same-Store Facility Results - Three Months Ended June 30, 2022 and 2021

The following table sets forth operating data for our same-store facilities (those properties included in the consolidated results of operations since January 1, 2021, excluding three lease-up properties we owned as of January 1, 2021) for the three months ended June 30, 2022 and 2021. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.

	Same-Store Facilities									Non Same-Store Facilities							Total
	2022			2021			% Change			2022			2021(6)			% Change	2022			2021			% Change
Revenue (1)	$	34,694,481		$	30,396,194			14.1	%	$	12,039,007		$	8,022,875		N/M	$	46,733,488		$	38,419,069			21.6	%
Property   operating   expenses (2)		9,543,263			9,488,105			0.6	%		4,093,968			2,991,864		N/M		13,637,231			12,479,969			9.3	%
Net operating    income	$	25,151,218		$	20,908,089			20.3	%	$	7,945,039		$	5,031,011		N/M	$	33,096,257		$	25,939,100			27.6	%
Number of    facilities		109			109						44			30				153			139
Rentable   square   feet (3)		8,036,285			8,034,200						3,758,445			2,543,800				11,794,730			10,578,000
Average   physical   occupancy (4)		95.5	%		95.8	%					92.5	%		88.9	%			94.5	%		94.6	%
Annualized   rent per   occupied   square   foot (5)	$	18.47		$	16.02					N/M			N/M				$	18.09		$	15.76

N/M Not meaningful

(1)Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue.

(2)Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses.

(3)Of the total rentable square feet, parking represented approximately 1,016,000 square feet and 937,000 square feet as of June 30, 2022 and 2021, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 square feet.

(4)Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period.

(5)Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.

(6)Included in the non same-store data is a self storage facility consisting of approximately 84,000 square feet owned by SST VI OP, which was consolidated by us from March 10, 2021 until May 1, 2021.

Our same-store revenue increased by approximately $4.3 million, or approximately 14.1%, for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 due to higher annualized rent per occupied square foot, partially offset by a slight decrease in average occupancy.

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The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods indicated:

	For the Three Months Ended June 30,
	2022			2021
Net income (loss)	$	14,013,122		$	(1,310,838	)
Adjusted to exclude:
Tenant Protection Program revenue(1)		(1,836,707	)		(1,712,671	)
Managed REIT Platform revenue		(2,013,134	)		(1,058,291	)
Managed REIT Platform expenses		617,846			316,142
General and administrative		7,946,583			6,811,313
Depreciation		11,826,106			10,742,801
Intangible amortization expense		4,471,973			3,653,681
Acquisition expenses		285,097			30,448
Contingent earnout adjustment		800,000			400,000
Write-off of equity interest and    preexisting relationships upon    acquisition of control		2,049,682			—
Gain on equity interests upon acquisition		(16,101,237	)		—
Gain on sale of real estate		—			(178,631	)
Interest expense		8,852,586			8,416,349
Net loss on extinguishment of debt		2,393,475			—
Other, net		(209,135	)		(171,203	)
Total net operating income	$	33,096,257		$	25,939,100

(1) Approximately $1.4 million of Tenant Protection Program revenue was earned at same-store facilities during three months ended June 30, 2022, with the remaining approximately $0.5 million earned at non same-store facilities.

Comparison of the Six Months Ended June 30, 2022 and 2021

Total Self Storage Revenues

Total self storage related revenues for the six months ended June 30, 2022 and 2021 were approximately $93.6 million and $71.2 million, respectively. The increase in total self storage revenues of approximately $22.4 million, or approximately 31%, is largely attributable to an increase in same-store revenues of approximately $9.5 million, as well as the 10 and 24 operating self storage facilities acquired in connection with the SSGT II Merger and SST IV Merger, respectively, representing increased revenues over the prior periods of approximately $1.1 million and $8.7 million, respectively.

We expect self storage revenues to increase in future periods as our lease-up properties continue to increase occupancy and rates, and to otherwise fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect to see increases in self storage revenues from our future acquisitions and from the inclusion of the properties we acquired in the SSGT II Merger for a full period.

Managed REIT Platform Revenue

Managed REIT Platform revenue for the six months ended June 30, 2022 and 2021 was approximately $3.8 million and $3.3 million, respectively. The increase in Managed REIT Platform revenue of approximately $0.5 million is primarily attributable to acquisition fee revenue growth of $1.0 million from our Managed REITs. We expect Managed REIT Platform Revenue to decline in the short term as a result of the SSGT II Merger as we will no longer receive fees from SSGT II for providing property management and advisory services. We further expect Managed REIT Platform Revenue to fluctuate commensurate with our Managed REITs' increase in operations.

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Reimbursable Costs from Managed REITs

Reimbursable costs from Managed REITs for the six months ended June 30, 2022 and 2021 were approximately $2.3 million and $2.3 million, respectively. Such revenues consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by our Managed REITs, pursuant to our related contracts with the Managed REITs. We expect Reimbursable Costs from Managed REITs to decline in future periods as a result of the SSGT II Merger as we will no longer receive reimbursement for providing such services. We further expect reimbursable costs from Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services.

Property Operating Expenses

Property operating expenses for the six months ended June 30, 2022 and 2021 were approximately $26.7 million (or 28.6% of self storage revenue) and $22.8 million (or 32.1% of self storage revenue), respectively. Property operating expenses include the costs to operate our facilities including payroll expense, utilities, insurance, real estate taxes, and marketing. The increase in property operating expenses of approximately $3.9 million is largely attributable to the 24 and 10 operating self storage facilities acquired in connection with the SST IV Merger and the SSGT II Merger, respectively. We expect property operating expenses to decrease as a percentage of revenue as revenues increase.

Managed REIT Platform Expenses

Managed REIT Platform expenses for the six months ended June 30, 2022 and 2021 were approximately $1.0 million and $0.6 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed REIT Platform and the Administrative Services Agreement (as discussed in Note 9 – Related Party Transactions, of the notes to consolidated financial statements contained in this report). We expect Managed REIT Platform expenses to fluctuate in future periods commensurate with the level of services provided to the Managed REITs.

Reimbursable Costs from Managed REITs

Reimbursable costs from Managed REITs for the six months ended June 30, 2022 and 2021 were approximately $2.3 million and $2.3 million, respectively. Such expenses consist of costs incurred by us as we provide property management and advisory services to the Managed REITs, which are reimbursed by our Managed REITs, pursuant to our related contracts with the Managed REITs. We expect reimbursable costs from Managed REITs to fluctuate commensurate with our Managed REITs' increase in operations as we receive reimbursement for providing such services, and decline in the short term due to the SSGT II Merger.

General and Administrative Expenses

General and administrative expenses for the six months ended June 30, 2022 and 2021 were approximately $13.8 million and $11.6 million, respectively. Such expenses consist primarily of compensation-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. Additionally, during the six months ended June 30, 2022, we recorded expenses of approximately $1.4 million related to our filing of an S-11 registration statement and related costs in pursuit of the potential offering of our common stock. The increase is primarily attributable to expenses recorded related to a potential offering, increased board of directors related costs, transfer agent costs and compensation-related expenses. We expect general and administrative expenses to decrease as a percentage of total revenues over time.

Depreciation and Amortization Expenses

Depreciation and amortization expenses for the six months ended June 30, 2022 and 2021 were approximately $31.3 million and $24.2 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense consists of the amortization of our in place lease intangible assets resulting from our self storage acquisitions and amortization of certain intangible assets acquired in the Self Administration Transaction. The increase in depreciation and amortization expense is primarily attributable to additional depreciation and amortization on the properties and intangible assets acquired in the SST IV Merger and the SSGT II Merger.

Acquisition Expenses

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Acquisition expenses for the six months ended June 30, 2022 and 2021 were approximately $0.7 million and $0.3 million, respectively. These acquisition expenses were incurred prior to acquisitions becoming probable in accordance with our capitalization policy.

Contingent Earnout Adjustment

The contingent earnout adjustment for the six months ended June 30, 2022 and 2021 reflects increases in the contingent earnout liability of approximately $1.3 million and $2.5 million, respectively. The contingent earnout adjustment reflects the change in the liability based on an updated valuation and changes in the discounted probability weighted forecast of our projected assets under management (as defined in the Operating Partnership Agreement, as amended).

Write-off of equity interest and preexisting relationships upon acquisition of control

Write-off of equity interest and preexisting relationships upon acquisition of control for the six months ended June 30, 2022 and 2021 was approximately $2.0 and $8.4 million, respectively. Such expenses in 2022 represents the write-off of the intangible assets related to the SSGT II advisory agreement and property management contracts due to the termination of such contracts with the SSGT II Merger. Such expenses in 2021 primarily represents the write-off of the intangible assets related to the SST IV advisory agreement and property management contracts due to the termination of such contracts with the SST IV Merger, and to a lesser extent, the write-off of the SST IV special limited partnership interest we held in SST IV, which per the terms of the SST IV Merger, terminated without consideration.

Gain on Sale of Real Estate

Gain on sale of real estate for the six months ended June 30, 2022 and 2021 was none and approximately $0.2 million, respectively. The gain in 2021 was related to a sale of a parcel of excess land attached to the self storage facility we own in McKinney, Texas. The sale of this parcel did not affect the operations of our McKinney, Texas property.

Gain On Equity Interests Upon Acquisition

Gain on equity interests upon acquisition for the six months ended June 30, 2022 and 2021 was approximately $16.1 million and none, respectively. The gain was related to recording the fair value of our preexisting special limited partnership interest in SSGT II in connection with the SSGT II Merger.

Interest Expense

Interest expense for the six months ended June 30, 2022 and 2021 was approximately $16.4 million and $17.0 million, respectively. Interest expense includes interest expense, accretion of fair market value of debt, and amortization of debt issuance costs and amortization of interest rate caps. The decrease of approximately $0.6 million is primarily attributable to lower rates on a year over year basis for the first three months of 2022 due in part to the expiration of our $235 million LIBOR swap, partially offset by higher interest rates and an increase in the average outstanding principal balance during the six months ended June 30, 2022. The increase in the average outstanding principal balance was primarily the result of the SSGT II Merger, and four other acquisitions in 2022. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and interest rates.

Net Loss on Extinguishment of Debt

Net loss on extinguishment of debt for the six months ended June 30, 2022 and 2021 were approximately $2.4 million and $2.4 million, respectively. The net loss on debt extinguishment for the six months ended June 30, 2022 is attributable to the write-off of unamortized debt issuance costs and debt defeasance costs for the Midland North Carolina CMBS Loan which was defeased on May 19, 2022. The net loss on debt extinguishment for the six months ended June 30, 2021 is attributable to the write-off of unamortized debt issuance costs on loans that were paid off in connection with the Credit Facility that was obtained in conjunction with the SST IV Merger.

Other

Other income (expense) for the six months ended June 30, 2022 and 2021 were approximately ($0.5) million of expense, and $1.6 million of income, respectively. Other consists primarily of state and federal tax expense, adjustments to

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deferred tax liabilities, foreign currency fluctuations, changes in value related to our foreign currency and interest rate hedges not designated for hedge accounting, and equity in earnings attributable to our unconsolidated joint ventures. The change of approximately $2.1 million is primarily the result of a reduction in the deferred tax liabilities as a result of the write-off the asset management and property management intangible assets of approximately $0.5 million and $1.9 million during the six months ended June 30, 2022 and 2021, related to the SSGT II Merger and the SST IV Merger, respectively.

Same-Store Facility Results - Six Months Ended June 30, 2022 and 2021

The following table sets forth operating data for our same-store facilities (those properties included in the consolidated results of operations since January 1, 2021, excluding three lease-up properties we owned as of January 1, 2021) for the six months ended June 30, 2022 and 2021. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.

	Same-Store Facilities									Non Same-Store Facilities							Total
	2022			2021			% Change			2022			2021(6)			% Change	2022			2021			% Change
Revenue (1)	$	68,018,946		$	58,552,193			16.2	%	$	21,991,236		$	9,590,980		N/M	$	90,010,182		$	68,143,173			32.1	%
Property operating    expenses (2)		19,310,992			18,906,251			2.1	%		7,431,564			3,916,999		N/M		26,742,556			22,823,250			17.2	%
Net operating    income	$	48,707,954		$	39,645,942			22.9	%	$	14,559,672		$	5,673,981		N/M	$	63,267,626		$	45,319,923			39.6	%
Number of    facilities		109			109						44			30				153			139
Rentable square    feet (3)		8,036,285			8,034,200						3,758,445			2,543,800				11,794,730			10,578,000
Average physical    occupancy (4)		95.3	%		94.5	%					92.2	%		90.1	%			94.3	%		93.5	%
Annualized rent    per occupied    square foot (5)	$	18.12		$	15.65					N/M			N/M				$	17.78		$	15.46

N/M Not meaningful

(1)Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue.

(2)Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses.

(3)Of the total rentable square feet, parking represented approximately 1,016,000 square feet and 937,000 square feet as of June 30, 2022 and 2021, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 square feet.

(4)Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period.

(5)Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.

(6)Included in the non same-store data is a self storage facility consisting of approximately 84,000 square feet owned by SST VI OP, which was consolidated by us from March 10, 2021 until May 1, 2021.

Our same-store revenue increased by approximately $9.5 million, or approximately 16.2%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021 primarily due to higher annualized rent per occupied square foot.

The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods indicated:

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	For the Six Months Ended June 30,
	2022			2021
Net income (loss)	$	17,282,581		$	(13,614,304	)
Adjusted to exclude:
Tenant Protection Program revenue(1)		(3,591,205	)		(3,049,439	)
Managed REIT Platform revenue		(3,822,230	)		(3,346,031	)
Managed REIT Platform expenses		1,007,111			636,032
General and administrative		13,784,230			11,564,302
Depreciation		22,934,092			19,286,728
Intangible amortization expense		8,372,857			4,913,228
Acquisition expenses		702,871			336,098
Contingent earnout adjustment		1,313,821			2,519,744
Write-off of equity interest and    preexisting relationships upon    acquisition of control		2,049,682			8,389,573
Gain on sale of real estate		—			(178,631	)
Interest expense		16,428,370			17,032,420
Net loss on extinguishment of debt		2,393,475			2,444,788
Gain on equity interests upon acquisition		(16,101,237	)		—
Other, net		513,208			(1,614,585	)
Total net operating income	$	63,267,626		$	45,319,923

(1) Approximately $2.7 million of Tenant Protection Program revenue was earned at same-store facilities during six months ended June 30, 2022, with the remaining approximately $0.9 million earned at non same-store facilities.

Non-GAAP Financial Measures

Funds from Operations

Funds from operations ("FFO"), is a non-GAAP financial metric promulgated by the National Association of Real Estate Investment Trusts (NAREIT) that we believe is an appropriate supplemental measure to reflect our operating performance. We define FFO consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Our FFO calculation complies with NAREIT’s policy described above.

FFO, as Adjusted

We use FFO, as adjusted, as an additional non-GAAP financial measure to evaluate our operating performance. FFO, as adjusted, provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. In addition, FFO, as adjusted, is a measure used among our peer group, which includes publicly traded REITs. Further, we believe FFO, as adjusted, is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies.

In determining FFO, as adjusted, we make further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, gains or losses from extinguishment of debt, adjustments of deferred tax liabilities, realized and unrealized gains/losses on foreign exchange transactions, and gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, which we believe are not indicative of our overall long-term operating performance. We exclude these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not

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of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use FFO, as adjusted, as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies.

Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs. However, not all REITs calculate FFO and FFO, as adjusted, the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance.

The following is a reconciliation of net loss, which is the most directly comparable GAAP financial measure, to FFO and FFO, as adjusted (attributable to common stockholders), for each of the periods presented below:

	Three Months Ended June 30, 2022			Three Months Ended June 30, 2021			Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Net income (loss)      (attributable to common stockholders)	$	9,138,542		$	(3,881,184	)	$	8,921,987		$	(17,789,848	)
Add:
Depreciation of real estate		11,619,040			10,521,283			22,481,157			18,898,768
Amortization of real estate related intangible assets		4,286,753			3,441,144			7,946,836			4,003,229
Depreciation and amortization of real estate and       intangible assets from unconsolidated entities		358,716			213,959			658,729			230,996
Deduct:
Gain on deconsolidation		—			(169,533	)		—			(169,533	)
Gain on sale of real estate		—			(178,631	)		—			(178,631	)
Gain on equity interests upon acquisition (7)		(16,101,237	)		—			(16,101,237	)		—
Adjustment for noncontrolling interests (6)		58,107			(1,500,869	)		(1,540,958	)		(2,616,924	)
FFO (attributable to common stockholders)		9,359,921			8,446,169			22,366,514			2,378,057
Other Adjustments:
Intangible amortization expense - contracts (1)		185,220			212,537			426,021			909,999
Acquisition expenses (2)		285,097			30,448			702,871			336,098
Acquisition expenses and foreign currency       (gains) losses, net from unconsolidated       entities		31,460			107,388			51,956			107,388
Contingent earnout adjustment (3)		800,000			400,000			1,313,821			2,519,744
Write-off of equity interest and preexisting       relationships upon acquisition of control		2,049,682			—			2,049,682			8,389,573
Accretion of fair market value of secured debt		(7,556	)		(31,250	)		(42,198	)		(63,116	)
Net loss on extinguishment of debt (4)		2,393,475			—			2,393,475			2,444,788
Foreign currency and interest rate derivative       losses, net (5)		251,804			(643,547	)		76,272			(425,549	)
Adjustment of deferred tax liabilities (1)		(1,040,711	)		(56,880	)		(799,123	)		(1,929,746	)
Offering related expenses (8)		1,387,760			—			1,387,760			—
Adjustment for noncontrolling interests (6)		(744,709	)		(1,784	)		(876,681	)		(1,435,079	)
FFO, as adjusted (attributable to common       stockholders)	$	14,951,443		$	8,463,081		$	29,050,370		$	13,232,157

The following is a reconciliation of FFO and FFO, as adjusted (attributable to common stockholders), to FFO and FFO, as adjusted (attributable to common stockholders and OP Unit holders), for each of the periods presented below:

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	Three Months Ended June 30, 2022			Three Months Ended June 30, 2021			Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
FFO (attributable to common stockholders and     OP unit holders) Calculation:
FFO (attributable to common stockholders)	$	9,359,921		$	8,446,169		$	22,366,514	$	2,378,057
Net income (loss) attributable to the noncontrolling        interests		1,758,141			(546,092	)		2,161,963		(2,023,086	)
Adjustment for noncontrolling interests(6)		(58,107	)		1,500,869			1,540,958		2,616,924
FFO (attributable to common stockholders and     OP unit holders)	$	11,059,955		$	9,400,946		$	26,069,435	$	2,971,895
FFO, as adjusted (attributable to common     stockholders and OP unit holders) Calculation:
FFO, as adjusted (attributable to common stockholders)	$	14,951,443		$	8,463,081		$	29,050,370	$	13,232,157
Net income (loss) attributable to the noncontrolling        interests		1,758,141			(546,092	)		2,161,963		(2,023,086	)
Adjustment for noncontrolling interests(6)		686,602			1,502,653			2,417,639		4,052,003
FFO, adjusted (attributable to common     stockholders and OP unit holders)	$	17,396,186		$	9,419,642		$	33,629,972	$	15,261,074

(1) These items represent the amortization, accretion, or adjustment of intangible assets or deferred tax liabilities.

(2) This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy.

(3) The contingent earnout adjustment represents the adjustment to the fair value during the period of the Class A-2 Units issued in connection with the self administration transaction.

(4) The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred.

(5) This represents the mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term.

(6) This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our non-controlling interests.

(7) This gain relates to the mark up in fair value of our preexisting equity interests in SSGT II as a result of our acquisition of control in the SSGT II Merger.

(8) Such costs relate to our filing of an S-11 registration statement and our pursuit of a potential offering of our common stock. As this item is non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.

Cash Flows

A comparison of cash flows for operating, investing and financing activities for the six months ended June 30, 2022 and 2021 is as follows:

	Six Months Ended
	June 30, 2022			June 30, 2021			Change
Net cash flow provided by (used in):
Operating activities	$	41,260,764		$	21,629,817		$	19,630,947
Investing activities		(146,001,246	)		(98,333,499	)		(47,667,747	)
Financing activities		113,723,939			29,734,478			83,989,461

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Cash flows provided by operating activities for the six months ended June 30, 2022 and 2021 were approximately $41.3 million and $21.6 million, respectively, an increase of approximately $19.6 million. The increase in cash provided by our operating activities is primarily the result of an increase in net income when excluding the impact of non-cash items included in the determination of net income, which resulted in an increase in cash provided by operating activities of approximately $17.5 million, as well as an improvement of approximately $2.2 million resulting from changes in working capital accounts.

Cash flows used in investing activities for the six months ended June 30, 2022 and 2021 were approximately $146.0 million and $98.3 million, respectively, an increase in the use of cash of approximately $47.7 million. The increase in cash used in investing activities primarily relates to funding the SSGT II Merger and four other property acquisitions, collectively representing cash outflows of approximately $138.0 million during the six months ended June 30, 2022, compared to approximately $93.6 million of cash outflows during the six months ended June 30, 2022 used to complete the SST IV Merger and one other property acquisition.

Cash flows provided by financing activities for the six months ended June 30, 2022 and 2021 were approximately $113.7 million and $29.7 million, respectively, a change of approximately $84.0 million. The change in financing activities is primarily attributable to the net proceeds from the issuance of debt of approximately $150.5 million during the six months ended June 30, 2022 compared to the approximately $54.6 million net proceeds from the issuance of debt during the six months ended June 30, 2021.

Liquidity and Capital Resources

Short-Term Liquidity and Capital Resources

We generally expect that we will meet our short-term liquidity requirements from the combination of existing cash balances and net cash provided from property operations and the Managed REIT Platform and further supported by our Credit Facility. Alternatively, we may issue additional secured or unsecured financing from banks or other lenders, or we may enter into various other forms of financing.

Volatility in the debt and equity markets and continued and/or further impact of COVID-19, inflation and other economic events will depend on future developments, which are highly uncertain. While we do not expect such events to have a material impact upon our liquidity in the short-term, continued uncertainty or deterioration in the debt and equity markets over an extended period of time could potentially impact our liquidity over the long-term.

Distribution Policy and Distributions

Preferred Stock Dividends

The shares of Series A Convertible Preferred Stock rank senior to all other shares of our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum, which accrues daily but is payable quarterly in arrears. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is either converted or repurchased in full.

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Common Stock Distributions

On June 23, 2022, our board of directors declared a distribution rate for the month of July 2022 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on July 1, 2022 and ending July 31, 2022. Such distributions payable to each stockholder of record during a month will be paid the following month.

On July 21, 2022, our board of directors declared a distribution rate for the month of August 2022 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on August 1, 2022 and ending August 31, 2022. Such distributions payable to each stockholder of record during a month will be paid the following month.

Background and History of Common Stock Distributions

Since substantially all of our operations are performed indirectly through our Operating Partnership, our ability to pay distributions depends in large part on our Operating Partnership’s ability to pay distributions to its partners, including to us. In the event we do not have enough cash from operations to fund cash distributions, we may borrow, issue additional securities or sell assets in order to fund the distributions. The terms of the Series A Convertible Preferred Stock place certain restrictions on our ability to pay distributions to our common stockholders. In general, we are prohibited from paying distributions to our common stockholders other than regular cash dividends on a basis consistent with past practice and dividends payable in shares of common stock in connection with an initial listing of such shares. Accordingly, we are presently only permitted to pay cash distributions, which may be reinvested in stock pursuant to our DRP, unless otherwise approved by the holder of the Series A Convertible Preferred Stock. Absent the foregoing restrictions, our charter allows our board of directors to authorize payments to stockholders in cash or other assets of the Company or in stock, including in stock of one class payable to holders of stock of another class.

We may not be able to pay distributions from our cash flows from operations, in which case distributions may be paid in part from debt or other financing sources.

Distributions are paid to our common stockholders based on the record date selected by our board of directors. Such distributions are based on daily declaration and record dates. We expect to continue to regularly pay distributions unless our results of operations, our general financial condition, general economic conditions, or other factors inhibit us from doing so. Distributions are authorized at the discretion of our board of directors, which are directed, in substantial part, by its obligation to cause us to comply with the REIT requirements of the Code. Absent the restrictions noted above, our board of directors may increase, decrease or eliminate the distribution rate that is being paid on our common stock at any time. Distributions are made on all classes of our common stock at the same time. The funds that are available for distribution may be affected by a number of factors, including the following:

•our operating and interest expenses;

•our ability to keep our properties occupied;

•our ability to maintain or increase rental rates;

•construction defects or capital improvements;

•capital expenditures and reserves for such expenditures;

•the issuance of additional shares;

•financings and refinancings; and

•dividends with respect to the outstanding shares of our Series A Convertible Preferred Stock.

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The following shows our distributions paid and the sources of such distributions for the respective periods presented:

	Six Months Ended June 30, 2022				Six Months Ended June 30, 2021
Distributions paid in cash — common stockholders	$	20,200,992			$	11,798,066
Distributions paid in cash — Operating Partnership     unitholders		3,360,975				2,927,564
Distributions paid in cash — preferred stockholders		6,232,877				6,010,812
Distributions reinvested		5,243,398				8,849,845
Total distributions	$	35,038,242			$	29,586,287
Source of distributions
Cash flows provided by operations	$	35,038,242	100	%	$	21,629,817	73	%
Cash on hand		—	0	%		—	0	%
Offering proceeds from distribution reinvestment plan		—	0	%		7,956,470	27	%
Total sources	$	35,038,242	100	%	$	29,586,287	100	%

From our inception through June 30, 2022, we paid cumulative distributions of approximately $282 million, of which approximately $232 million were paid to common stockholders, as compared to cumulative FFO of approximately $41.4 million.

For the six months ended June 30, 2022, we paid distributions of approximately $20.2 million, of which approximately $20.2 million were paid to common stockholders, as compared to FFO (attributable to common stockholders) of approximately $22.4 million, which reflects debt defeasance costs of approximately $2.4 million and acquisition related expenses of approximately $0.7 million.

For the six months ended June 30, 2021, we paid distributions of approximately $29.6 million, of which approximately $11.8 million were paid to common stockholders, as compared to FFO (attributable to common stockholders) of approximately $2.4 million, which reflects a write-off of equity interest and preexisting relationships of approximately $8.4 million and acquisition related expenses of approximately $0.3 million.

The payment of distributions from sources other than FFO may reduce the amount of proceeds available for investment and operations or cause us to incur additional interest expense as a result of borrowed funds.

We must distribute to our stockholders at least 90% of our taxable income each year in order to meet the requirements for being treated as a REIT under the Code. Our directors may authorize distributions in excess of this percentage as they deem appropriate. Because we may receive income from interest or rents at various times during our fiscal year, distributions may not reflect our income earned in that particular distribution period, but may be made in anticipation of cash flow that we expect to receive during a later period and may be made in advance of actual receipt of funds in an attempt to make distributions relatively uniform. To allow for such differences in timing between the receipt of income and the payment of expenses, and the effect of required debt payments, among other things, we could be required to borrow funds from third parties on a short-term basis, issue new securities, or sell assets to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We are not prohibited from undertaking such activities by our charter, bylaws or investment policies, and we may use an unlimited amount from any source to pay our distributions. These methods of obtaining funding could affect future distributions by increasing operating costs and decreasing available cash, which could reduce the value of our stockholders’ investment in our shares. In addition, such distributions may constitute a return of investors’ capital.

We may not be able to pay distributions from our cash flows from operations, in which case distributions may be paid in part from available funds or from debt financing and pursuant to our distribution reinvestment plan. The payment of distributions from sources other than cash flows from operations may reduce the amount of proceeds available for investment and operations or cause us to incur additional interest expense as a result of borrowed funds.

Over the long-term, we expect that a greater percentage of our distributions will be paid from cash flows from operations. However, our operating performance cannot be accurately predicted and may deteriorate in the future due to numerous factors, including our ability to raise and invest capital at favorable yields, the financial performance of our investments in the current real estate and financial environment and the types and mix of investments in our portfolio. As a result, future distributions declared and paid may exceed cash flow from operations.

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Indebtedness

As of June 30, 2022, our net debt was approximately $1.0 billion, which included approximately $444 million in fixed rate debt and approximately $584 million in variable rate debt, less $0.1 million in debt discount and approximately $5.0 million in net debt issuance costs. See Note 5 – Debt, of the Notes to the Consolidated Financial Statements contained in this report for more information about our indebtedness.

Additionally, we are party to a master mortgage commitment agreement (the "SmartCentres Financing") with SmartCentres Storage Finance LP (the "SmartCentres Lender"). The SmartCentres Lender is an affiliate of SmartCentres Real Estate Investment Trust, an unaffiliated third party ("SmartCentres"), that owns the other 50% of our unconsolidated real estate joint ventures located in the Greater Toronto Area of Canada. As of June 30, 2022, approximately $101.1 million Canadian Dollars ("CAD") was outstanding on the SmartCentres Financing. The proceeds of the SmartCentres Financing have been and will be used to finance the development and construction of the SmartCentres joint venture properties. See Note 4 – Investments in Unconsolidated Real Estate Ventures, of the Notes to the Consolidated Financial Statements contained in this report for additional information regarding the SmartCentres Financing.

Long-Term Liquidity and Capital Resources

On a long-term basis, our principal demands for funds will be for potential property acquisitions, either directly or through entity interests, for the payment of operating expenses and distributions, to fund the growth of our Managed REITs through investment in loans, and/or advances, and for the payment of principal and interest on our outstanding indebtedness.

Long-term potential future sources of capital include proceeds from secured or unsecured financings from banks or other lenders, issuance of equity instruments, undistributed funds from operations, and additional public or private offerings. To the extent we are not able to secure requisite financing in the form of a credit facility or other debt, we will be dependent upon proceeds from the issuance of equity securities and cash flows from operating activities in order to meet our long-term liquidity requirements and to fund our distributions.

Our material cash requirements from contractual and other obligations primarily relate to our debt obligations. The expected timing of those outstanding principal payments are shown in the table below. The information in this section should be read in conjunction with Note 5 – Debt, and Note 11 – Commitments and Contingencies, of the Notes to the Consolidated Financial Statements contained within this report.

	Principal payments due during the years ending December 31:
2022	$	1,270,186
2023		2,639,402
2024		336,539,683
2025		2,869,187
2026		341,916,098
2027 and thereafter		342,605,555
Total payments	$	1,027,840,111

Additionally, as of June 30, 2022, pursuant to the SST VI Mezzanine Loan, we were potentially required to fund an additional $38.2 million in debt to SST VI at their option. On July 8, 2022, SST VI borrowed $7.2 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $31.0 million as of such date pursuant to the SST VI Mezzanine Loan.

On August 9, 2022 we entered into a mezzanine loan for up to approximately $50.0 million with SSGT III and initially funded $42.0 million. Pursuant to such loan, after this initial funding, we are potentially still required to fund an additional $8.0 million.

During the quarter ended June 30, 2022, SmartStop committed to contribute $5.0 million to SSGT III's operating partnership in exchange for common units in SSGT III's operating partnership at such time as SSGT III has raised $10 million in its private placement offering.

See Note 9 – Related Party Transactions and Note 13 – Subsequent Events, of the Notes to the Consolidated Financial Statements for more information about our obligations under these agreements.

For cash requirements related to potential acquisitions currently under contract, please see Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements.

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Subsequent Events

Please see Note 13 – Subsequent Events of the Notes to the Consolidated Financial Statements contained in this report.

Seasonality

We believe that we will experience minor seasonal fluctuations in the occupancy levels of our facilities, which we believe will be slightly higher over the summer months due to increased moving activity.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. In pursuing our business plan, we expect that the primary market risk to which we will be exposed is interest rate risk and to a lesser extent, foreign currency risk. We may be exposed to the effects of interest rate changes primarily as a result of borrowings used to maintain liquidity and fund acquisition, expansion, and financing of our real estate investment portfolio and operations. Our interest rate risk management objectives will be to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve our objectives, we may borrow at fixed rates or variable rates. We may also enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. We will not enter into derivative or interest rate transactions for speculative purposes.

As of June 30, 2022, our net debt was approximately $1.0 billion, which included approximately $444 million in fixed rate debt and approximately $584 million in variable rate debt, less $0.1 million in debt discount and approximately $5.0 million in net debt issuance costs. As of December 31, 2021, our net debt was approximately $873.9 million, which included approximately $340.7 million in fixed rate debt, $536.8 million in variable rate debt and approximately $0.2 million in net debt premium less approximately $3.9 million in net debt issuance costs. Our debt instruments were entered into for other than trading purposes.

Changes in interest rates have different impacts on the fixed and variable debt. A change in interest rates on fixed rate debt impacts its fair value but has no impact on interest incurred or cash flows. A change in interest rates on variable debt could impact the interest incurred and cash flows and its fair value. If the underlying rate of the related index on our variable rate debt were to increase by 100 basis points, the increase in interest would decrease future earnings and cash flows by approximately $4.3 million annually.

Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure.

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The following table summarizes annual debt maturities and average interest rates on our outstanding debt as of June 30, 2022:

	Year Ending December 31,
	2022			2023			2024			2025			2026			Thereafter			Total
Fixed rate debt	$	1,270,186		$	2,639,402		$	2,734,895		$	2,869,187		$	91,916,098		$	342,605,555		$	444,035,323
Average interest      rate(1)		4.43	%		4.43	%		4.43	%		4.43	%		4.49	%		4.51	%
Variable rate debt	$	—		$	—		$	333,804,788		$	—		$	250,000,000		$	—		$	583,804,788
Average interest      rate(1)		3.16	%		3.16	%		3.13	%		3.10	%		3.10	%	N/A

(1) Interest expense for fixed rate debt was calculated based upon the contractual rate and the interest expense on variable rate debt was calculated based on the rate in effect on June 30, 2022, excluding the impact of interest rate derivatives. Debt denominated in foreign currency has been converted based on the rate in effect as of June 30, 2022.

Currently, our only foreign exchange rate risk comes from our Canadian properties and the Canadian Dollar (“CAD”). Our existing foreign currency hedges mitigate most of our foreign currency exposure of our net CAD denominated investments; however, we generate all of our revenues and expend essentially all of our operating expenses and third party debt service costs related to our Canadian Properties in CAD. As a result of fluctuations in currency exchange, our cash flows and results of operations could be affected.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this report, management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported as and when required. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file and submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

The following should be read in conjunction with the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021. With the exception of the risk factors set forth below, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021.

We have incurred and intend to continue to incur, mortgage indebtedness and other borrowings, which may increase our business risks.

We have placed, and intend to continue to place, permanent financing on our properties and we may obtain additional credit facilities or other similar financing arrangements in order to acquire additional properties. We are a party to various debt arrangements, including our Credit Facility with KeyBank, National Association of up to $700 million, consisting of a term loan of up to $250 million and a revolver of up to $450 million. As of December 31, 2021, approximately $233 million was borrowed of the $450 million current capacity revolver and all $250 million was borrowed of the $250 million current capacity of the term loan. The Credit Facility may be increased by an additional $350 million, for an aggregate amount of up to $1.05 billion, subject to certain conditions. We are also party to a note purchase agreement, whereby we issued to the purchasers named therein an aggregate of $150 million of secured notes payable. The notes are subject to a series of financial and other covenants substantially similar to the Credit Facility.

The notes are pari passu with the Credit Facility and share in the existing pool of collateral. Both the notes and Credit Facility are currently secured by a pledge of equity interests, but can become unsecured at our election and upon the achievement of certain security interest termination conditions. We may also decide to later further leverage our properties. We may incur mortgage debt and pledge all or some of our real properties as security for that debt to obtain funds to acquire real properties. If we default on our secured indebtedness, the lender may foreclose and we could lose our entire investment in the properties securing such loan, which could adversely affect distributions to our stockholders. To the extent lenders require us to cross-collateralize our properties, or our loan agreements contain cross-default provisions, a default under a single loan agreement could subject multiple properties to foreclosure.

In addition, we may borrow if we need funds to pay a desired distribution rate to our stockholders. We may also borrow if we deem it necessary or advisable to assure that we maintain our qualification as a REIT for federal income tax purposes. If there is a shortfall between the cash flow from our properties and the cash flow needed to service mortgage debt, then the amount available for distribution to our stockholders may be reduced.

If we or the other parties to our loans or secured notes payable, as applicable, breach covenants thereunder, such loan or loans or secured notes payable could be deemed in default, which could accelerate our repayment date and materially adversely affect the value of our stockholders’ investment in us.

Certain of our loans are secured by first mortgages on some of our properties, and other loans and our secured notes payable are secured by pledges of equity interests in the entities that own certain of our properties. Such loans and our secured notes payable also impose a number of financial or other covenant requirements on us. If we, or the other parties to these loans or notes, should breach certain of those financial or other covenant requirements, or otherwise default on such loans or notes, then the respective lenders or noteholders, as the case may be, could accelerate our repayment dates. If we do not have sufficient cash to repay the applicable loan or note at that time, such lenders or noteholder could foreclose on the property securing the applicable loan or note or take control of the pledged collateral, as the case may be. Such foreclosure could result in a material loss for us and would adversely affect the value of our stockholders’ investment in us. In addition, certain of our loans are cross-collateralized and cross-defaulted with each other such that a default under one loan would cause a default under the other loans.

We are in the process of migrating to a new property management platform, and if this new platform proves ineffective or we experience difficulties with the migration, we may experience disruptions to our business that may adversely affect our results from operations.

We are in the process of migrating to a new property management platform, which has been recently developed and does not have a proven operating history. As we migrate to the new platform and implement it at our self storage facilities,

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we may experience disruptions to our operations associated with the new platform. Such disruptions could include software defects or errors, system failures, technical or integration issues with specific features of the platform, technical or integration issues with other third party technologies currently used in our business, or human error associated with the implementation of the platform, any of which could adversely affect our operations or financial reporting. Additionally, we could experience disruptions associated with capacity constraints as the new platform is initially implemented across our business. In the event such disruptions persist, or our property managers are unable to adequately respond to such disruptions, the ability of our property managers to perform their duties could suffer, which may have an adverse effect on our results from operations.

Our future results may suffer as a result of the effect of recent affiliated mergers, acquisitions and other strategic transactions.

We consummated the SSGT Merger in January 2019, the SST IV Merger in March 2021 and the SSGT II Merger in June 2022. We will likely continue to expand our operations through additional mergers, acquisitions and other strategic transactions, including such transactions with affiliated real estate programs or Managed REITs, some of which may involve complex challenges. Our future success will depend, in part, upon the merger consideration negotiated by our special committees appointed by our board of directors in connection with these affiliated mergers, our ability to manage our expansion opportunities, integrate new operations into our existing business in an efficient and timely manner, successfully monitoring our operations, costs and service quality, and maintaining other necessary internal controls. There can be no assurance that our expansion or acquisition opportunities will be successful, or that we will realize our expected operating efficiencies, cost savings, revenue enhancements, synergies, or other benefits. Moreover, we assumed the liabilities of SSGT, SST IV and SSGT II in connection with the respective mergers. These liabilities could have a material adverse effect on our business to the extent we have not identified such liabilities or have underestimated the amount of such liabilities.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a)None.

(b)Not applicable.

(c)Our share redemption program enabled our stockholders to have their shares redeemed by us, subject to the significant conditions and limitations described in our publicly filed documents. During the three months ended June 30, 2022, we redeemed shares as follows:

For the Month Ended	Total Number of Shares Redeemed		Average Price Paid per Share		Total Number of Shares Redeemed as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs
April 30, 2022		—	$	—		—		3,971,919	(1)
May 31, 2022		—	$	—		—		3,971,919	(1)
June 30, 2022		—	$	—		—		3,971,919	(1)

(1)A description of the maximum number of shares that may be purchased under our share redemption program is included in Note 11 – Commitments and Contingencies, of the Notes to the Consolidated Financial Statements contained in this report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The exhibits required to be filed with this report are set forth on the Exhibit Index hereto and incorporated by reference herein.

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EXHIBIT INDEX

The following exhibits are included in this report on Form 10-Q for the period ended June 30, 2022 (and are numbered in accordance with Item 601 of Regulation S-K).

Exhibit No.	Description
2.1	Agreement and Plan of Merger, dated as of February 24, 2022, by and among SmartStop Self Storage REIT, Inc., Strategic Storage Growth Trust II, Inc., and SSGT II Merger Sub, LLC, incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed on February 24, 2022, Commission File No. 000-55617
3.1	Second Articles of Amendment and Restatement of SmartStop Self Storage REIT, Inc., incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on September 19, 2019, Commission File No. 000-55617
3.2	Articles Supplementary for Series A Convertible Preferred Stock of SmartStop Self Storage REIT, Inc., incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on October 30, 2019, Commission File No. 000-55617
3.3	Articles of Amendment to the Second Articles of Amendment and Restatement of SmartStop Self Storage REIT, Inc., incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on June 23, 2021, Commission File No. 000-55617
3.4	Amended and Restated Bylaws of SmartStop Self Storage REIT, Inc., incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on September 19, 2019, Commission File No. 000-55617
10.1	Note Purchase Agreement, dated April 19, 2022, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on April 20, 2022, Commission File No. 000-55617
10.2	Form of Note, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed on April 20, 2022, Commission File No. 000-55617
10.3	Credit Facility Agreement, as amended on April 19, 2022, incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, filed on April 20, 2022, Commission File No. 000-55617
10.4	SmartStop Self Storage REIT, Inc. 2022 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on June 15, 2022, Commission File No. 000-55617
31.1*	Certification of Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Principal Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002
101*	The following SmartStop Self Storage REIT, Inc. financial information for the three and six months ended June 30, 2022 formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss) (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104*	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 has been formatted in Inline XBRL.

* Filed herewith.

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Certain instruments defining rights of holders of long-term debt of the company and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Upon request, the company agrees to furnish to the SEC copies of such instruments.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SMARTSTOP SELF STORAGE REIT, INC. (Registrant)
Dated: August 11, 2022	By:	/s/ James R. Barry
		James R. Barry
		Chief Financial Officer and Treasurer (Principal Financial Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, H. Michael Schwartz, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SmartStop Self Storage REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 11, 2022	By:	/s/ H. Michael Schwartz
		H. Michael Schwartz
		Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, James R. Barry, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SmartStop Self Storage REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 11, 2022	By:	/s/ James R. Barry
		James R. Barry
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of SmartStop Self Storage REIT, Inc. (the “Company”), in connection with the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022 (the “Report”) hereby certifies, to his knowledge, that:

(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 11, 2022	By:	/s/ H. Michael Schwartz
		H. Michael Schwartz
		Chief Executive Officer
		(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of SmartStop Self Storage REIT, Inc. (the “Company”), in connection with the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022 (the “Report”) hereby certifies, to his knowledge, that:

(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 11, 2022	By:	/s/ James R. Barry
		James R. Barry
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 10, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	SmartStop Self Storage REIT, Inc.
Entity Central Index Key	0001585389
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55617
Entity Tax Identification Number	46-1722812
Entity Address, Address Line One	10 Terrace Road
Entity Address, City or Town	Ladera Ranch
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92694
City Area Code	877
Local Phone Number	327-3485
Entity Interactive Data Current	Yes
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		88,857,061
Class T Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,085,550

XML

Consolidated Balance Sheets - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Real estate facilities:
Land		$ 422,592,268	$ 397,508,081
Buildings		1,379,838,788	1,117,204,944
Site improvements		88,382,218	78,910,603
Real estate investment property, gross		1,890,813,274	1,593,623,628
Accumulated depreciation		(178,029,203)	(155,926,875)
Real estate investment property		1,712,784,071	1,437,696,753
Construction in process		4,210,552	1,799,004
Real estate facilities, net		1,716,994,623	1,439,495,757
Cash and cash equivalents		45,894,264	37,254,226
Restricted cash		7,444,707	7,432,135
Investments in unconsolidated real estate ventures (Note 4)		28,868,557	18,943,284
Investments in and advances to Managed REITs		11,271,875	12,404,380
Other assets, net		20,944,488	15,423,508
Intangible assets, net of accumulated amortization		22,373,984	14,337,820
Trademarks, net of accumulated amortization		15,982,353	16,052,941
Goodwill		53,643,331	53,643,331
Debt issuance costs, net of accumulated amortization		2,871,677	3,305,394
Total assets	[1]	1,926,289,859	1,618,292,776
LIABILITIES AND EQUITY
Debt, net		1,022,748,112	873,866,855
Accounts payable and accrued liabilities		21,977,212	22,693,941
Due to affiliates		410,334	584,291
Distributions payable		8,940,680	8,360,420
Contingent earnout		15,800,000	30,000,000
Deferred tax liabilities		6,809,790	7,719,098
Total liabilities		1,076,686,128	943,224,605
Commitments and contingencies (Note 12)
Equity:
Additional paid-in capital		893,713,908	724,739,872
Distributions		(236,750,901)	(210,964,464)
Accumulated deficit		(161,924,488)	(170,846,475)
Accumulated other comprehensive income (loss)		1,261,504	(279,975)
Total SmartStop Self Storage REIT, Inc. equity		496,396,965	342,734,072
Noncontrolling interests in our Operating Partnership		80,248,548	64,632,417
Other noncontrolling interests		24,038	10,900
Total noncontrolling interests		80,272,586	64,643,317
Total equity		576,669,551	407,377,389
Total liabilities and equity		1,926,289,859	1,618,292,776
Class A Common stock
Equity:
Common stock, value		88,857	77,058
Class T Common stock
Equity:
Common stock, value		8,085	8,056
Series A Convertible Preferred Stock
LIABILITIES AND EQUITY
Redeemable common stock		196,356,107	196,356,107
Redeemable Common Stock
LIABILITIES AND EQUITY
Redeemable common stock		$ 76,578,073	$ 71,334,675

[1] Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets made during the year and quarter ended December 31, 2021 and June 30, 2022, respectively, were associated with our self storage platform.

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Preferred Stock
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	200,000,000	200,000,000
Series A Convertible Preferred Stock
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	200,000	200,000
Preferred Stock, shares issued	200,000	200,000
Preferred Stock, shares outstanding	200,000	200,000
Preferred Stock, liquidation preference, value	$ 203,116,438	$ 203,150,685
Class A Common stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	350,000,000	350,000,000
Common Stock, shares issued	88,857,061	77,057,743
Common Stock, shares outstanding	88,857,061	77,057,743
Class T Common stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	350,000,000	350,000,000
Common Stock, shares issued	8,085,550	8,056,198
Common Stock, shares outstanding	8,085,550	8,056,198

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 51,788,248	$ 42,251,650	$ 99,772,109	$ 76,816,305
Operating expenses:
General and administrative	7,946,583	6,811,313	13,784,230	11,564,302
Depreciation	11,826,106	10,742,801	22,934,092	19,286,728
Intangible amortization expense	4,471,973	3,653,681	8,372,857	4,913,228
Acquisition expenses	285,097	30,448	702,871	336,098
Contingent earnout adjustment	800,000	400,000	1,313,821	2,519,744
Write-off of equity interest and preexisting relationships upon acquisition of control	2,049,682	0	2,049,682	8,389,573
Total operating expenses	42,839,437	35,495,973	79,255,712	72,746,617
Gain on equity interests upon acquisition	16,101,237	0	16,101,237	0
Gain on sale of real estate	0	178,631	0	178,631
Income from operations	25,050,048	6,934,308	36,617,634	4,248,319
Other income (expense):
Interest expense	(8,852,586)	(8,416,349)	(16,428,370)	(17,032,420)
Net loss on extinguishment of debt	(2,393,475)	0	(2,393,475)	(2,444,788)
Other, net	209,135	171,203	(513,208)	1,614,585
Net income (loss)	14,013,122	(1,310,838)	17,282,581	(13,614,304)
Net income (loss) attributable to noncontrolling interests	(1,758,141)	546,092	(2,161,963)	2,023,086
Less: Distributions to preferred stockholders	(3,116,439)	(3,116,438)	(6,198,631)	(6,198,630)
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders	$ 9,138,542	$ (3,881,184)	$ 8,921,987	$ (17,789,848)
Average number of common shares outstanding- basic	88,982,266	83,955,753	87,010,958	74,196,569
Weighted average Class A & class T shares outstanding - diluted	89,508,173	83,955,753	87,489,574	74,196,569
Self Storage Rental Revenue
Revenues:
Total revenues	$ 46,471,360	$ 38,104,699	$ 89,528,232	$ 67,608,141
Ancillary Operating Revenue
Revenues:
Total revenues	2,098,835	2,027,041	4,073,155	3,584,471
Managed REIT Platform Revenue
Revenues:
Total revenues	2,013,134	1,058,291	3,822,230	3,346,031
Reimbursable Costs from Managed REITs
Revenues:
Total revenues	1,204,919	1,061,619	2,348,492	2,277,662
Operating expenses:
Operating expenses	1,204,919	1,061,619	2,348,492	2,277,662
Property Operating Expenses
Operating expenses:
Operating expenses	13,637,231	12,479,969	26,742,556	22,823,250
Managed REIT Platform Expenses
Operating expenses:
Operating expenses	$ 617,846	$ 316,142	$ 1,007,111	$ 636,032
Class A and T Common stock
Other income (expense):
Net income (loss) per Class A & Class T share - basic & diluted	$ 0.10	$ (0.05)	$ 0.10	$ (0.24)
Class A Common stock
Other income (expense):
Average number of common shares outstanding- basic	80,896,716	75,994,754	78,932,668	66,252,067
Weighted average Class A & class T shares outstanding - diluted	81,422,623	75,994,754	79,411,284	66,252,067
Class T Common stock
Other income (expense):
Average number of common shares outstanding- basic	8,085,550	7,960,999	8,078,290	7,944,502
Weighted average Class A & class T shares outstanding - diluted	8,085,550	7,960,999	8,078,290	7,944,502

XML

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 14,013,122	$ (1,310,838)	$ 17,282,581	$ (13,614,304)
Other comprehensive income (loss):
Foreign currency translation adjustment	(1,792,539)	806,767	(854,577)	1,394,496
Foreign currency hedge contract gains (losses)	1,512,677	(600,643)	678,241	(1,403,712)
Interest rate swap and cap contract gains	1,405,816	978,069	1,912,331	2,219,503
Other comprehensive income	1,125,954	1,184,193	1,735,995	2,210,287
Comprehensive income (loss)	15,139,076	(126,645)	19,018,576	(11,404,017)
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests	(1,886,846)	417,634	(2,356,479)	1,765,021
Comprehensive income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders	$ 13,252,230	$ 290,989	$ 16,662,097	$ (9,638,996)

XML

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	SST VI OP	Redeemable Common Stock	Common Stock Class A Common stock	Common Stock Class T Common stock	Common Stock Redeemable Common Stock	Additional Paid-in Capital	Distributions	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total SmartStop Self Storage REIT, Inc. Equity	Noncontrolling Interests	Noncontrolling Interests SST VI OP	Preferred Stock
Beginning Balance at Dec. 31, 2020	$ 243,240,205			$ 52,661	$ 7,904	$ 57,335,575	$ 492,408,006	$ (163,953,169)	$ (141,444,880)	$ (3,834,228)	$ 183,236,294	$ 60,003,911		$ 196,356,107
Beginning Balance (in shares) at Dec. 31, 2020				52,660,402	7,903,911
Gross proceeds from issuance of operating partnership units in SST VI OP		$ 50,000											$ 50,000
Issuance of common stock in connection with SST IV Merger	231,412,470			$ 23,138			231,389,332				231,412,470
Issuance of common stock in connection with SST Merger				23,137,540
Offering costs	(150,000)						(150,000)				(150,000)
Issuance of Class A-1 Units in our Operating Partnership in connection with the contingent earnout related to the Self Administration Transaction	11,219,744											11,219,744
Acquisition of noncontrolling interest related to the Tenant Programs joint ventures	(10,900)											(10,900)
Changes to redeemable common stock	(3,737,890)		$ 3,737,890				(3,737,890)				(3,737,890)
Redemptions of common stock	(70)		(684,947)	$ (66)	$ (4)						(70)
Redemptions of common stock (in shares)				(66,238)	(4,110)
Issuance of restricted stock	54			$ 54							54
Issuance of restricted stock (in shares)				54,192
Distributions	(9,375,185)							(9,375,185)			(9,375,185)
Distributions to noncontrolling interests	(1,393,957)											(1,393,957)
Issuance of shares for distribution reinvestment plan	3,737,890			$ 311	$ 49		3,737,530				3,737,890
Issuance of shares for distribution reinvestment plan (in shares)				310,860	48,553
Equity based compensation expense	491,030						244,187				244,187	246,843
Net income (loss) attributable to common stockholders - basic:	(13,908,664)								(13,908,664)		(13,908,664)
Net income (loss) attributable to noncontrolling interests	(1,476,994)											(1,476,994)
Foreign currency translation adjustment	587,729									513,632	513,632	74,097
Foreign currency forward contract gains (loss)	(803,069)									(701,823)	(701,823)	(101,246)
Interest rate swap and cap contract gains	1,241,434									1,084,678	1,084,678	156,756
Ending Balance at Mar. 31, 2021	461,123,827			$ 76,098	$ 7,949	60,388,518	723,891,165	(173,328,354)	(155,353,544)	(2,937,741)	392,355,573	68,768,254		196,356,107
Ending Balance (in shares) at Mar. 31, 2021				76,096,756	7,948,354
Beginning Balance at Dec. 31, 2020	243,240,205			$ 52,661	$ 7,904	57,335,575	492,408,006	(163,953,169)	(141,444,880)	(3,834,228)	183,236,294	60,003,911		196,356,107
Beginning Balance (in shares) at Dec. 31, 2020				52,660,402	7,903,911
Net income (loss) attributable to common stockholders - basic:	(17,789,848)
Net income (loss) attributable to noncontrolling interests	(2,023,086)
Foreign currency hedge contract loss	(1,403,712)
Interest rate swap and cap contract gains	2,219,503
Ending Balance at Jun. 30, 2021	444,912,902			$ 76,517	$ 7,979	64,028,104	724,292,971	(185,799,706)	(159,234,728)	(1,882,006)	377,461,027	67,451,875		196,356,107
Ending Balance (in shares) at Jun. 30, 2021				76,516,281	7,978,951
Beginning Balance at Dec. 31, 2020	243,240,205			$ 52,661	$ 7,904	57,335,575	492,408,006	(163,953,169)	(141,444,880)	(3,834,228)	183,236,294	60,003,911		196,356,107
Beginning Balance (in shares) at Dec. 31, 2020				52,660,402	7,903,911
Ending Balance at Dec. 31, 2021	407,377,389			$ 77,058	$ 8,056	71,334,675	724,739,872	(210,964,464)	(170,846,475)	(279,975)	342,734,072	64,643,317		196,356,107
Ending Balance (in shares) at Dec. 31, 2021				77,057,743	8,056,198
Beginning Balance at Mar. 31, 2021	461,123,827			$ 76,098	$ 7,949	60,388,518	723,891,165	(173,328,354)	(155,353,544)	(2,937,741)	392,355,573	68,768,254		196,356,107
Beginning Balance (in shares) at Mar. 31, 2021				76,096,756	7,948,354
Gross proceeds from issuance of operating partnership units in SST VI OP	4,711,315											4,711,315
Deconsolidation of SST VI OP	(3,170,238)											3,170,238
Offering costs	(11,478)	$ (1,239,194)					(11,478)				(11,478)		$ 1,239,194
Changes to redeemable common stock	(5,111,955)		5,111,955				(5,111,955)				(5,111,955)
Redemptions of common stock	(67)		(1,472,369)	$ (48)	$ (19)						(67)
Redemptions of common stock (in shares)				(47,973)	(19,070)
Issuance of restricted stock	24			$ 24							24	0
Issuance of restricted stock (in shares)				24,000
Distributions	(12,471,352)							(12,471,352)			(12,471,352)
Distributions to noncontrolling interests	(1,586,551)											(1,586,551)
Issuance of shares for distribution reinvestment plan	5,111,955			$ 443	$ 49		5,111,463				5,111,955
Issuance of shares for distribution reinvestment plan (in shares)				443,498	49,667
Equity based compensation expense	799,699						413,776				413,776	385,923
Net income (loss) attributable to common stockholders - basic:	(3,881,184)								(3,881,184)		(3,881,184)
Net income (loss) attributable to noncontrolling interests	(546,092)											(546,092)
Foreign currency translation adjustment	806,767									719,064	719,064	87,703
Foreign currency forward contract gains (loss)	(600,643)									(535,452)	(535,452)	(65,191)
Foreign currency hedge contract loss	(600,643)
Interest rate swap and cap contract gains	978,069									872,123	872,123	105,946
Ending Balance at Jun. 30, 2021	444,912,902			$ 76,517	$ 7,979	64,028,104	724,292,971	(185,799,706)	(159,234,728)	(1,882,006)	377,461,027	67,451,875		196,356,107
Ending Balance (in shares) at Jun. 30, 2021				76,516,281	7,978,951
Beginning Balance at Dec. 31, 2021	407,377,389			$ 77,058	$ 8,056	71,334,675	724,739,872	(210,964,464)	(170,846,475)	(279,975)	342,734,072	64,643,317		196,356,107
Beginning Balance (in shares) at Dec. 31, 2021				77,057,743	8,056,198
Offering costs	(53,949)						(53,949)				(53,949)
Tax withholding (net settlement) related to vesting of restricted stock	74,495			$ (8)			74,487				74,495
Tax withholding (net settlement) related to vesting of restricted stock, (in Shares)				(8,098)
Issuance of Class A-1 Units in our Operating Partnership in connection with the contingent earnout related to the Self Administration Transaction	15,513,821											15,513,821
Issuance of noncontrolling interest in SST VI Advisor	1,000											1,000
Changes to redeemable common stock	(5,243,398)		$ 5,243,398				(5,243,398)				(5,243,398)
Redemptions of common stock	(112)			$ (107)	$ (5)						(112)
Redemptions of common stock (in shares)				(106,502)	(4,696)
Issuance of restricted stock	45			$ 45							45
Issuance of restricted stock (in shares)				45,170
Distributions	(12,427,305)							(12,427,305)			(12,427,305)
Distributions to noncontrolling interests	(1,679,314)											(1,679,314)
Issuance of shares for distribution reinvestment plan	5,243,398			$ 314	$ 34		5,243,050				5,243,398
Issuance of shares for distribution reinvestment plan (in shares)				313,658	34,048
Equity based compensation expense	1,171,937						403,252				403,252	768,685
Net income (loss) attributable to common stockholders - basic:	(216,555)								(216,555)		(216,555)
Net income (loss) attributable to noncontrolling interests	403,822											403,822
Foreign currency translation adjustment	937,962									836,775	836,775	101,187
Foreign currency hedge contract loss	(834,436)									(744,417)	(744,417)	(90,019)
Interest rate swap and cap contract gains	506,515									451,872	451,872	54,643
Ending Balance at Mar. 31, 2022	410,626,325			$ 77,302	$ 8,085	76,578,073	725,014,340	(223,391,769)	(171,063,030)	264,255	330,909,183	79,717,142		196,356,107
Ending Balance (in shares) at Mar. 31, 2022				77,301,971	8,085,550
Beginning Balance at Dec. 31, 2021	407,377,389			$ 77,058	$ 8,056	71,334,675	724,739,872	(210,964,464)	(170,846,475)	(279,975)	342,734,072	64,643,317		196,356,107
Beginning Balance (in shares) at Dec. 31, 2021				77,057,743	8,056,198
Net income (loss) attributable to common stockholders - basic:	8,921,987
Net income (loss) attributable to noncontrolling interests	2,161,963
Foreign currency hedge contract loss	678,241
Interest rate swap and cap contract gains	1,912,331
Ending Balance at Jun. 30, 2022	576,669,551			$ 88,857	$ 8,085	76,578,073	893,713,908	(236,750,901)	(161,924,488)	1,261,504	496,396,965	80,272,586		196,356,107
Ending Balance (in shares) at Jun. 30, 2022				88,857,061	8,085,550
Beginning Balance at Mar. 31, 2022	410,626,325			$ 77,302	$ 8,085	76,578,073	725,014,340	(223,391,769)	(171,063,030)	264,255	330,909,183	79,717,142		196,356,107
Beginning Balance (in shares) at Mar. 31, 2022				77,301,971	8,085,550
Issuance of common stock in connection with SST IV Merger	168,789,874			$ 11,542			168,778,332				168,789,874
Issuance of common stock in connection with SST Merger				11,542,062
Issuance of OP Units in connection with SSGT II Merger	1,703											1,703
Offering costs	(391,200)						(391,200)				(391,200)
Tax withholding (net settlement) related to vesting of restricted stock	11,866			$ (1)			11,865				11,866
Tax withholding (net settlement) related to vesting of restricted stock, (in Shares)				(812)
Issuance of restricted stock	14			$ 14							14
Issuance of restricted stock (in shares)				13,840
Distributions	(13,359,132)							(13,359,132)			(13,359,132)
Distributions to noncontrolling interests	(1,954,121)											(1,954,121)
Equity based compensation expense	945,317						324,301				324,301	621,016
Net income (loss) attributable to common stockholders - basic:	9,138,542								9,138,542		9,138,542
Net income (loss) attributable to noncontrolling interests	1,758,141											1,758,141
Foreign currency translation adjustment	(1,792,539)									(1,587,642)	(1,587,642)	(204,897)
Foreign currency hedge contract loss	1,512,677									1,339,769	1,339,769	172,908
Interest rate swap and cap contract gains	1,405,816									1,245,122	1,245,122	160,694
Ending Balance at Jun. 30, 2022	$ 576,669,551			$ 88,857	$ 8,085	$ 76,578,073	$ 893,713,908	$ (236,750,901)	$ (161,924,488)	$ 1,261,504	$ 496,396,965	$ 80,272,586		$ 196,356,107
Ending Balance (in shares) at Jun. 30, 2022				88,857,061	8,085,550

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 17,282,581	$ (13,614,304)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,306,949	24,199,956
Change in deferred tax liability	(799,123)	(1,929,746)
Accretion of fair market value adjustment of secured debt	(42,198)	(63,116)
Amortization of debt issuance costs	1,245,315	1,169,370
Equity based compensation expense	2,117,254	1,290,729
Contingent earnout adjustment	1,313,821	2,519,744
Equity in loss of unconsolidated joint ventures	761,088	259,178
Unrealized foreign currency and derivative gain	(203,493)	(449,224)
Net loss on extinguishment of debt	2,393,475	2,444,788
Gain on equity interests upon acquisition	(16,101,237)	0
Write-off of equity interest and preexisting relationships upon acquisition of control	2,049,682	8,389,573
Gain on deconsolidation of SST VI OP	0	(169,533)
Gain on sale of real estate	0	(178,631)
Increase (decrease) in cash from changes in assets and liabilities, net of acquisitions:
Other assets, net	(68,719)	276,750
Accounts payable and accrued liabilities	(681,457)	(1,051,220)
Managed REITs receivables	704,573	(719,423)
Due to affiliates	(17,747)	(745,074)
Net cash provided by operating activities	41,260,764	21,629,817
Cash flows from investing activities:
Purchase of real estate	(72,512,886)	(47,073,530)
Additions to real estate	(4,324,446)	(3,640,867)
Investments in unconsolidated real estate entities, net	(3,396,337)	(6,719,086)
Deconsolidation of SST VI OP	0	3,011,368
Purchase of other investments	0	(1,967,476)
Deposits on acquisition of real estate	(455,000)	0
Net proceeds from the sale of real estate	228,146	256,237
Settlement of foreign currency hedges	0	(3,190,899)
Redemption of preferred equity investment in SSGT II	0	13,500,000
Net cash used in investing activities	(146,001,246)	(98,333,499)
Cash flows from financing activities:
Gross proceeds from issuance of non-revolver debt	150,000,000	271,675,995
Repayment of non-revolver debt	(86,237,235)	(422,190,754)
Scheduled principal payments on non-revolver debt	(1,242,449)	(375,803)
Proceeds from issuance of revolver debt	238,000,000	205,505,250
Repayment of revolver debt	(150,000,000)	0
Debt issuance costs	(2,067,282)	(5,362,534)
Debt defeasance costs	(2,570,604)	(525,332)
Offering costs	(601,346)	(480,911)
Redemption of common stock	(1,763,301)	(1,417,739)
Gross proceeds from issuance of equity in SST VI OP		4,015,815
Offering costs related to issuance of equity in SST VI OP	0	(373,067)
Gross proceeds from issuance of equity in other non controlling interests		4,015,815
Gross proceeds from issuance of equity in other non controlling interests	1,000
Distributions paid to preferred stockholders	(6,232,877)	(6,010,812)
Distributions paid to common stockholders	(20,200,992)	(11,798,066)
Distributions paid to noncontrolling interest in our OP	(3,360,975)	(2,927,564)
Net cash provided by financing activities	113,723,939	29,734,478
Impact of foreign exchange rate changes on cash and restricted cash	(330,847)	168,741
Change in cash, cash equivalents, and restricted cash	8,652,610	(46,800,463)
Cash, cash equivalents, and restricted cash beginning of period	44,686,361	80,657,676
Cash, cash equivalents, and restricted cash end of period	53,338,971	33,857,213
Supplemental disclosures and non-cash transactions:
Cash paid for interest	14,313,423	15,691,164
Supplemental disclosure of noncash activities:
Issuance of shares pursuant to distribution reinvestment plan	8,940,680	8,088,854
Distributions payable	15,513,821	11,219,744
Conversion of A-2 Units into A-1 Units	190,000	156,940
Deposits applied to the purchase of real estate	0	272,688
Additions to real estate and construction in process included in accounts payable	0	81,165,978
Issuance of common stock and OP Units in connection with the mergers	168,791,577	231,412,470
Redemption of common stock included in accounts payable and accrued liabilities	0	1,472,369
SSGT II Merger
Cash flows from investing activities:
Mergers, net of cash acquired	(65,540,723)	0
SST IV Merger
Cash flows from investing activities:
Mergers, net of cash acquired	$ 0	$ (46,486,510)

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Organization

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Organization

Note 1. Organization

SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and, where appropriate, our subsidiaries.

We acquire, own and operate self storage facilities—including facilities owned by us as well as those owned by the entities sponsored by us. As of June 30, 2022, we owned 153 self storage facilities located in 19 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas, Virginia, Washington, and Wisconsin) and the Greater Toronto Area of Ontario, Canada.

As discussed herein, we, through our subsidiaries, currently serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), and Strategic Storage Growth Trust III, Inc., a private company that intends to elect to qualify as a REIT (“SSGT III” and together with SST VI , the "Managed REITs"). We also served as the sponsor of Strategic Storage Trust IV, Inc., a public non-traded REIT (“SST IV”) through March 17, 2021, and Strategic Storage Growth Trust II, Inc., a private REIT (“SSGT II”) through June 1, 2022. Prior to March 17, 2021 and June 1, 2022, SST IV and SSGT II respectively, were also referred to as “Managed REITs.” We operate the properties owned by the Managed REITs, consisting of, as of June 30, 2022, 11 operating properties and approximately 7,600 units and 0.9 million rentable square feet. Through our Managed REIT Platform (as defined below), we originate, structure, and manage additional self storage investment products.

The square footage, unit count, and occupancy percentage data and related disclosures included in these notes to the consolidated financial statements are outside the scope of our independent registered accounting firm’s review.

Completed Transactions

SSGT II Merger

On June 1, 2022, we closed on our merger with SSGT II (the "SSGT II Merger").

As a result of the SSGT II Merger, we acquired all of the real estate owned by SSGT II, which as of the SSGT II Merger date consisted of (i) 10 wholly-owned self storage facilities located in seven states comprising approximately 7,740 self storage units and approximately 853,900 net rentable square feet, and (ii) SSGT II’s 50% equity interest in three unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada. The unconsolidated real estate ventures consist of one operating self storage property and two parcels of land being developed into self storage facilities, with subsidiaries of SmartCentres Real Estate Investment Trust, an unaffiliated third party ("SmartCentres") owning the other 50% of such entities. Additionally, we obtained SSGT II's rights to acquire (a) one parcel of land being developed into a self storage facility in an unconsolidated joint venture with SmartCentres, and (b) a self storage property located in Southern California.

As a result of the SSGT II Merger, approximately 11.5 million shares of SmartStop Class A common stock ("Class A Shares") were issued in exchange for approximately 12.7 million shares of SSGT II common stock.

See Note 3 – Real Estate Facilities, for additional information related to the SSGT II Merger.

SST IV Merger

On March 17, 2021, we closed on our merger with SST IV (the “SST IV Merger”). As a result, we acquired all of the real estate owned by SST IV, consisting of (i) 24 self storage facilities located in nine states comprising approximately 18,000 self storage units and approximately 2.0 million net rentable square feet, and (ii) SST IV’s 50% equity interest in six unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada (collectively the “SST IV JV Properties”). The SST IV JV Properties consisted of three operating self storage properties and three parcels of land in various stages of development into self storage facilities as of the merger date, jointly owned with subsidiaries of SmartCentres.

As a result of the SST IV Merger, approximately 23.1 million Class A Shares were issued in exchange for approximately 10.6 million shares of SST IV common stock.

2032 Private Placement Notes

On April 19, 2022, we as guarantor, and SmartStop OP, L.P. (our "Operating Partnership") as issuer, entered into a note purchase agreement (the "Note Purchase Agreement"), pursuant to which we issued $150 million of 4.53% Senior Notes due April 19, 2032 (the "2032 Private Placement Notes"). The proceeds were used primarily to pay off existing debt and to pay off certain existing indebtedness of SSGT II in connection with the SSGT II Merger. See Note 5 – Debt, for additional information.

Credit Facility

On March 17, 2021, we, through our Operating Partnership, entered into a credit facility with KeyBank, National Association as administrative agent, with an initial aggregate commitment of $500 million (the “Credit Facility”), which consisted of a $250 million revolving credit facility and a $250 million term loan. We used the initial draw proceeds of approximately $451 million primarily to pay off certain existing indebtedness as well as indebtedness of SST IV in connection with the SST IV Merger.

On October 7, 2021, we amended the Credit Facility to increase the commitments on the revolving credit facility by $200 million, to $450 million. As a result of this amendment, the aggregate commitment under the Credit Facility is now $700 million.

On April 19, 2022, we amended the Credit Facility to allow for the issuance of the 2032 Private Placement Notes, make conforming changes between the Note Purchase agreement and the Credit Facility, and to transition from London Interbank Offer Rate ("LIBOR") to secured overnight financing rate ("SOFR") for floating rate borrowings.

See Note 5 – Debt, for additional information.

Equity

We commenced our initial public offering in January 2014, in which we offered a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $95.0 million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”). At the termination of our offering in January 2017, we had sold approximately 48 million Class A Shares and approximately 7 million Class T Shares for approximately $493 million and $73 million respectively.

In November 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of June 30, 2022, we had sold approximately 7.2 million Class A Shares and approximately 1.0 million Class T Shares for approximately $77.8 million and $11.1 million, respectively, in our DRP Offering.

On October 19, 2021, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated net asset value per share of our common stock of $15.08 for our Class A Shares and Class T Shares based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on a fully diluted basis, calculated as of June 30, 2021.

As a result of the calculation of our estimated value per share, beginning in October 2021, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated net asset value per share of $15.08 for both Class A Shares and Class T Shares.

On March 7, 2022, the board of directors approved the suspension of the Company's distribution reinvestment plan and share redemption program. See Note 11 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements contained in this report for additional information.

Prior to the termination of our Primary Offering, Select Capital Corporation, a California corporation (our “Former Dealer Manager”), was responsible for marketing our shares offered pursuant to our Primary Offering. SAM indirectly owns a 15% non-voting equity interest in our Former Dealer Manager. Now that our Primary Offering has terminated, our Former Dealer Manager no longer provides such services for us. However, through March 31, 2022, we paid our Former Dealer Manager an ongoing stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering. See Note 9 – Related Party Transactions – Former Dealer Manager Agreement.

Other Corporate History

Our Operating Partnership was formed on January 9, 2013. During 2013, Strategic Storage Advisor II, LLC, our former external advisor (“Former External Advisor”) purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest.

As we accepted subscriptions for shares of our common stock, we transferred all of the net Offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions made to holders of common stock. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in our Operating Partnership’s limited partnership agreement.

Our Operating Partnership owns, directly or indirectly through one or more subsidiaries, all of the self storage properties that we own. As of June 30, 2022, we owned approximately 89.4% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 10.6% of the common units are owned by current and former members of our executive management team or indirectly by Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor (“SAM”), its affiliates, and affiliates of our Former Dealer Manager. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. We conduct certain activities through SmartStop TRS, Inc. (“SmartStop TRS”), or other taxable REIT subsidiaries (collectively with SmartStop TRS, our "TRS Entities") which are directly or indirectly wholly-owned subsidiaries of our Operating Partnership.

Recent Economic Conditions

Our rental revenue and operating results depend significantly on the demand for self storage space. Since the beginning of the COVID-19 pandemic in late March 2020, our operations were affected by COVID-19 in various ways, including but not limited to, national and local jurisdictions issuing orders causing temporary restrictions on our business in certain markets, temporary shutdowns of certain of our facilities, customer behavior and their comfort levels visiting our facilities, as well as the broader economic impacts of COVID-19. Future governmental orders, broad economic weakness, inflationary pressures, geopolitical events, or other economic events could adversely impact our business, financial condition, liquidity and results of operations. However, the extent and duration to which our operations may be impacted is highly uncertain and cannot be predicted.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.

Principles of Consolidation

Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

Strategic Storage Operating Partnership VI, L.P. (“SST VI OP”), the operating partnership of SST VI, and its wholly-owned subsidiaries, were consolidated by us until May 1, 2021. From March 10, 2021 (the date of our initial investment in SST VI OP) until May 1, 2021, the portion not wholly-owned by us was presented as noncontrolling interests, and all intercompany accounts and transactions were eliminated in consolidation during that period.

Consolidation Considerations

Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest.

Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as we are currently the primary beneficiary. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly-owned subsidiaries.

From March 10, 2021 until May 1, 2021, we were deemed to be the primary beneficiary of SST VI OP, and their operations were therefore consolidated by us. Subsequent to May 1, 2021, we are no longer the primary beneficiary, and their operations are no longer consolidated by us.

On March 1, 2022, Pacific Oak Holding Group, LLC, the parent company of Pacific Oak Capital Markets, LLC, the dealer manager for the public offering of SST VI, became a 10% non-voting member of Strategic Storage Advisor VI, LLC, our advisor to SST VI (the "SST VI Advisor"). We continue to be the primary beneficiary of SST VI Advisor, and their operations therefore continue to be consolidated by us.

As of June 30, 2022 and December 31, 2021, we were not a party to any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres, which are all accounted for under the equity method of accounting (see Note 4 – Investments in Unconsolidated Real Estate Ventures for additional information), and our Tenant Protection Programs joint ventures with SST VI, SSGT III, SSGT II (through June 1, 2022) which are consolidated.

Equity Investments

Under the equity method, our investments are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments.

Investments in and Advances to Managed REITs

As of June 30, 2022 and December 31, 2021, we owned equity and debt investments with a carrying value of approximately $10.6 million and $11.0 million, respectively, in the Managed REITs; such amounts are included in Investments in and advances to Managed REITs within our consolidated balance sheets. We account for the equity investments using the equity method of accounting as we have the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through our advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the respective Managed REIT’s earnings and reduced by distributions. We

record the interest on the debt investments on the accrual basis and such income is included in other in our consolidated statements of operations.

Also included in Investments in and advances to Managed REITs as of June 30, 2022 and December 31, 2021 are receivables from the Managed REITs of approximately $0.7 million and $1.4 million, respectively. For additional discussion, see Note 9 – Related Party Transactions.

Noncontrolling Interest in Consolidated Entities

We account for the noncontrolling interests in our Operating Partnership and the noncontrolling interests in SST VI Advisor and our Tenant Protection Programs joint ventures with SST VI, SSGT III, and SSGT II (prior to the SSGT II Merger on June 1, 2022) in accordance with the related accounting guidance.

Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as noncontrolling interests in the accompanying consolidated balance sheets. We also consolidate our interests in SST VI Advisor as well as the SST VI, SSGT III, and SSGT II (prior to the SSGT II Merger on June 1, 2022) Tenant Protection Programs and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interests balance.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the ongoing fair value determination of contingent liabilities, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles.

Cash and Cash Equivalents

We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.

We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions.

Restricted Cash

Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements.

Real Estate Purchase Price Allocation and Treatment of Acquisition Costs

We account for asset acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values as of the date of acquisition. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. We engage third-party valuation specialists to assist in the determination of significant estimates and market-based assumptions used in the valuation models.

The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $10.5 million and $21.0 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended

June 30, 2022 and 2021, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent.

Allocation of purchase price to acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available.

Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the six months ended June 30, 2022 and 2021, our property acquisitions, including the SST IV Merger and the SSGT II Merger, did not meet the definition of a business because substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisitions did not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, once an acquisition is deemed probable, acquisition related transaction costs are capitalized rather than expensed.

During the three months ended June 30, 2022 and 2021, we expensed approximately $285,000 and $30,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.

During the six months ended June 30, 2022 and 2021, we expensed approximately $0.7 million and $0.3 million respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.

Purchase Price Allocation for the Acquisition of a Business

Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our consolidated financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized.

Evaluation of Possible Impairment of Real Property Assets

Management monitors events and changes in circumstances that could indicate that the carrying amounts of our real property assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the real property assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property assets to the fair value and recognize an impairment loss. For the three and six months ended June 30, 2022 and 2021, no real property asset impairment losses were recognized.

Goodwill Valuation

We initially recorded goodwill as a result of the Self Administration Transaction (as defined in Note 9 – Related Party Transactions), which occurred in 2019. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. As of each year end, we perform an impairment test for goodwill, and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. For the three and six months ended June 30, 2022 and 2021, no goodwill impairment losses were recognized.

Trademarks

In connection with the Self Administration Transaction, we recorded the fair value associated with the two primary trademarks acquired therein. Prior thereto we had no amounts recorded related to trademarks.

Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name.

As of June 30, 2022 and December 31, 2021, $15.7 million was recorded related to the SmartStop® Self Storage trademark, which is an indefinite lived trademark. As of June 30, 2022 and December 31, 2021, approximately $0.3 million and $0.4 million, respectively, was recorded to the “Strategic Storage®” trademark, which is a definite lived trademark. The total estimated future amortization expense of the “Strategic Storage®” trademark asset for the years ending December 31, 2022, 2023, 2024, and thereafter is approximately $70,000, $140,000, $70,000 and none thereafter, respectively.

We qualitatively evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future. For the three and six months ended June 30, 2022 and 2021, no trademark impairment losses were recognized.

Revenue Recognition

Self Storage Operations

Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets, and contractually due but unpaid rent is included in other assets.

Additionally, we earn ancillary revenue at our self storage facilities in connection with our Tenant Protection Programs and to a lesser extent, through the sale of various moving and packing supplies such as locks and boxes. We recognize such revenue in the Ancillary operating revenue line within our consolidated statements of operations as the services are performed and as the goods are delivered.

Managed REIT Platform

We earn property management and asset management fee revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations.

The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. The Managed REITs’ property management agreements also provide reimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties.

Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations.

Additionally, we earn revenue in connection with our Tenant Protection Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations as the services are performed or delivered. See Note 9 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform.

Allowance for Doubtful Accounts

Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records this general allowance estimate based upon a review of the current status of accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. As of June 30, 2022 and December 31, 2021, approximately $0.5 million and $0.5 million were recorded to allowance for doubtful accounts, respectively.

Advertising Costs

Advertising costs are expensed in the period in which the cost is incurred and are included in property operating expenses and general and administrative lines within our consolidated statements of operations, depending on the nature of the expense. The Company incurred advertising costs of approximately $1.1 million and $1.0 million for the three months ended June 30, 2022 and 2021, respectively, within property operating expenses, and approximately $0.3 million and $0.3 million for the three months ended June 30, 2022, and 2021, respectively, within general and administrative. The Company incurred advertising costs of approximately $2.1 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, within property operating expenses, and approximately $0.4 million and $0.4 million for the six months ended June 30, 2022, and 2021, respectively, within general and administrative.

Real Estate Facilities

We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use.

Depreciation of Real Property Assets

Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives.

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	30-40 years
Site Improvements	7-10 years

Depreciation of Personal Property Assets

Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives, generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets.

Intangible Assets

We have allocated a portion of our real estate purchase price to in-place lease intangibles. We amortize in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of June 30, 2022 the gross amount allocated to

in-place lease intangibles was approximately $68.3 million and accumulated amortization of in-place lease intangibles totaled approximately $54.0 million. As of December 31, 2021, the gross amounts allocated to in-place lease intangibles were approximately $68.6 million and accumulated amortization of in-place lease intangibles totaled approximately $56.8 million.

The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2022, 2023, 2024, 2025, 2026 and thereafter is approximately $6.7 million, $6.4 million, $0.1 million, $0.1 million, $0.1 million, and $0.8 million, respectively.

In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the tenant protection programs (“Tenant Protection Programs”) joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships.

As of June 30, 2022, the gross amount of the intangible assets related to management contracts and one purchase and sale contract, which is not amortized, for a self storage property was approximately $8.3 million and accumulated amortization of those intangibles totaled approximately $0.2 million. As of December 31, 2021, the gross amount of the intangible assets related to management contracts was approximately $6.8 million and accumulated amortization of those intangibles totaled approximately $4.3 million. In connection with the SSGT II Merger, we wrote-off the carrying value of the intangible assets related to the SSGT II property management and advisory agreements. See Note 9 – Related Party Transactions for additional information.

The total estimated future amortization expense for such intangible assets for the years ending December 31, 2022, 2023, 2024, and thereafter is approximately $27,000, $55,000, $54,000, and none thereafter, respectively.

We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future.

Debt Issuance Costs

The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt; amounts incurred related to obtaining revolving debt are included in the debt issuance costs line on our consolidated balance sheet (see Note 5 - Debt). Debt issuance costs are amortized using the effective interest method.

As of June 30, 2022 the gross amount of debt issuance costs related to our revolving credit facility totaled approximately $4.4 million and accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.6 million. As of December 31, 2021, the gross amount of debt issuance costs related to our revolving credit facility totaled approximately $4.1 million, and accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $0.8 million.

As of June 30, 2022, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $7.0 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $2.0 million. As of December 31, 2021, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $5.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $1.9 million.

Organizational and Offering Costs

Through March 31, 2022, we paid our Former Dealer Manager an ongoing stockholder servicing fee that was payable monthly and accrued daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. In accordance with the selling agreements we entered into with respect to the sale of Class T Shares, we ceased paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated (March 31, 2022). Our Former Dealer Manager entered into participating dealer agreements with certain other broker dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Former Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Former Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Former Dealer Manager, payment of attendance fees required for employees of our Former Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. We recorded a liability within due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost.

Foreign Currency Translation

For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in investments not classified as long term are recorded in other income (expense) and represented a loss of approximately $4.4 million and $0.4 million for the three months ended June 30, 2022 and 2021, respectively, and represented a loss of approximately $2.4 million and $0.3 million for the six months ended June 30, 2022 and 2021, respectively.

Redeemable Common Stock

We adopted a share redemption program (“SRP”) that enables stockholders to sell their shares to us in limited circumstances.

We record amounts that are redeemable under the SRP as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our SRP is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets.

In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. When we determine we have a mandatory obligation to repurchase shares under the SRP, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values.

On August 26, 2019, our board of directors approved a partial suspension of our SRP, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances. In order to preserve cash in light of the uncertainty relating to COVID-19 and its potential impact on our overall financial results, on March 30, 2020, our board of directors approved the complete suspension of our SRP, effective on April 29, 2020. Due to the complete suspension, we were unable to honor redemption requests made during the quarter ended March 31, 2020 or the quarter ended June 30, 2020.

On August 20, 2020, our board of directors determined that it would be in our best interests to partially reinstate the SRP, effective as of September 23, 2020.

On March 7, 2022, our board of directors approved the complete suspension of the Company's SRP. See Note 11 – Commitments and Contingencies for additional information.

For the year ended December 31, 2021, we received redemption requests totaling approximately $5.6 million (approximately 0.4 million shares), approximately $3.9 million of which were fulfilled during the year ended December 31, 2021, with the remaining approximately $1.7 million included in accounts payable and accrued liabilities as of December 31, 2021 and fulfilled in January 2022.

For the six months ended June 30, 2022, we received redemption requests totaling approximately $2.1 million (approximately 0.1 million shares). Due to the complete suspension of our SRP we were unable to honor redemption requests made during the quarter ended March 31, 2022 or the quarter ended June 30, 2022.

Accounting for Equity Awards

We issue equity based awards generally in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”), both of which may be issued subject to either time based vesting criteria or performance based vesting criteria restrictions. For time based awards granted which contain a graded vesting schedule, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For performance based awards, compensation cost is recognized over the requisite service period if and when we determine the performance condition is probable of being achieved. We record the cost of such equity based awards based on the grant date fair value, and have elected to record forfeitures as they occur.

Employee Benefit Plan

The Company terminated its relationship with a professional employer organization and began maintaining its own retirement savings plan in May of 2021 under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 100% of their annual salary, subject to a statutory prescribed annual limit.

For the three months ended June 30, 2022 and 2021, and for the six months ended June 30, 2022 and 2021, the Company made matching contributions to such plan of approximately $0.1 million and $0.1 million, $0.2 million, and $0.1 million, respectively, based on a company match of 100% on the first 4% of an employee’s compensation.

Fair Value Measurements

Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value:

•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access;

•Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and

•Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety.

The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets.

Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions along with the assets and liabilities described in Note 3 – Real Estate Facilities. The fair values of these assets and liabilities were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. Additionally, certain such assets and liabilities are required to be fair valued periodically or valued pursuant to ongoing fair value requirements and impairment analyses and have been valued subsequently utilizing the same techniques noted above. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates were derived using Level 3 inputs.

The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value.

The table below summarizes our fixed rate notes payable at June 30, 2022 and December 31, 2021. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange.

	June 30, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Fixed Rate Secured Debt	$	429,550,000	$	443,935,718	$	353,600,000	$	340,967,113

During the six months ended June 30, 2022 and 2021, we held interest rate swaps, interest rate caps, and net investment hedges to hedge our interest rate and foreign currency exposure (See Notes 5 – Debt and 7 – Derivative Instruments). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analyses reflect the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception.

To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, through June 30, 2022, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

Derivative Instruments and Hedging Activities

We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting.

For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated.

Income Taxes

We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not equal net income as calculated in accordance with GAAP). For income tax purposes, distributions to common stockholders are characterized as ordinary dividends, capital gain dividends, or as nontaxable distributions. To the extent that we make a distribution in excess of our current or accumulated earnings and profits, the distribution will be a non-taxable return of capital, reducing the tax basis in each U.S. stockholder’s shares, and the amount of each distribution in excess of a U.S. stockholder’s tax basis in its shares will be taxable as gain realized from the sale of its shares. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes.

Even if we continue to qualify for taxation as a REIT, we may be subject to certain state, local, and foreign taxes on our income and property, and federal income and excise taxes on our undistributed income.

We filed an election to treat SmartStop TRS as a taxable REIT subsidiary effective January 1, 2014. We have other TRS Entities for which we have made similar elections. In general, our TRS Entities perform additional services for our customers and provide the advisory and property management services to the Managed REITs and otherwise generally engages in any real estate or non-real estate related business. The TRS Entities are subject to corporate federal and state income tax.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. As of June 30, 2022, the net deferred tax liability of approximately $6.8 million was comprised of a deferred tax liability of approximately $40,000 related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $6.7 million recorded at certain of our Canadian entities’

properties. The $6.7 million net deferred tax liability is comprised of a gross deferred tax liability of approximately $10.7 million, net of a gross deferred tax asset of approximately $3.9 million.

As of December 31, 2021, the net deferred tax liability of approximately $7.7 million was comprised of a deferred tax liability of approximately $0.6 million related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $7.1 million recorded at certain of our Canadian entities’ properties. The $7.1 million net deferred tax liability related to our Canadian entities' properties is comprised of a gross deferred tax liability of approximately $10.2 million, net of a gross deferred tax asset of approximately $3.1 million.

The income tax impact for the three months ended June 30, 2022 and 2021 includes a deferred tax benefit of approximately $1.0 million and $0.1 million, respectively, and a current tax expense of approximately $0.1 million and $0.1 million, respectively.

The income tax impact for the six months ended June 30, 2022 and 2021 includes a deferred tax benefit of approximately $0.8 million and $2.0 million, respectively, and a current tax expense of approximately $0.2 million and $0.1 million, respectively.

At June 30, 2022 and December 31, 2021, there were unrecognized tax benefits of approximately $4.5 million and $3.7 million, respectively. These unrecognized tax benefits represent the tax benefit from the carry forward of non-capital losses at certain of our Canadian properties for Canadian income tax purposes which we have recorded a full valuation allowance against.

As of June 30, 2022 and December 31, 2021, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable are classified within accounts payable and accrued liabilities in the consolidated balance sheets. As of June 30, 2022, the tax years 2017-2020 remain open to examination by the major taxing jurisdictions to which we are subject.

Concentration

No single self storage customer represents a significant concentration of our revenues. For the month of June 2022, approximately 22.3%, 20.4%, and 10.5% of our rental income was concentrated in Florida, California, and the Greater Toronto Area of Canada, respectively. For the month of June 2021, approximately 21.3%, 20.9%, and 12.2% of our rental income was concentrated in California, Florida, and the Greater Toronto Area of Canada, respectively. Our properties within the aforementioned geographic areas are dispersed therein, operating in multiple different regions and sub-markets.

Segment Reporting

Our business is composed of two reportable segments: (i) self storage operations and (ii) the Managed REIT Platform business. Please see Note 8 – Segment Disclosures for additional detail.

Convertible Preferred Stock

We classify our Series A Convertible Preferred Stock (as defined in Note 6 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480‑10‑S99. Our Series A Convertible Preferred Stock can be redeemed by us on or after the fifth anniversary of its issuance, or if certain events occur, such as the listing of our common stock on a national securities exchange, a change in control, or if a redemption would be required to maintain our REIT status. Additionally, if we do not maintain our REIT status the holder can require redemption. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series A Convertible Preferred Stock as temporary equity.

We have analyzed whether the conversion features in our Series A Convertible Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary.

Per Share Data

Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock.

Diluted earnings per share is computed by including the dilutive effect of the conversion of all potential common stock equivalents (which includes unvested restricted stock, Class A and Class A-1 OP Units, and LTIP Units) and accordingly, adjusting net income to add back any changes in earnings that reduce earnings per common share in the period associated with the convertible security.

The computation of earnings per common share is as follows for the periods presented:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Net income (loss)	$	14,013,122		$	(1,310,838	)	$	17,282,581		$	(13,614,304	)
Net (income) loss attributable to noncontrolling            interests		(1,758,141	)		546,092			(2,161,963	)		2,023,086
Net income (loss) attributable to SmartStop     Self Storage REIT, Inc.		12,254,981			(764,746	)		15,120,618			(11,591,218	)
Less: Distributions to preferred stockholders		(3,116,439	)		(3,116,438	)		(6,198,631	)		(6,198,630	)
Less: Distributions to participating securities		(69,907	)		(61,359	)		(141,275	)		(122,043	)
Net income (loss) attributable to common        stockholders - basic:		9,068,635			(3,942,543	)		8,780,712			(17,911,891	)
Net income (loss) attributable to common        stockholders - diluted:	$	9,068,635		$	(3,942,543	)	$	8,780,712		$	(17,911,891	)
Weighted average common shares        outstanding:
Average number of common shares           outstanding- basic		88,982,266			83,955,753			87,010,958			74,196,569
Unvested LTIP Units		379,744			-			342,460			-
Unvested Restricted Stock Awards		146,163			-			136,156			-
Average number of common shares           outstanding - diluted		89,508,173			83,955,753			87,489,574			74,196,569
Earnings per common share:
Basic	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)
Diluted	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)

The following table presents the weighted average Series A Convertible Preferred Stock, Class A and Class A-1 OP Units, unvested LTIP Units, and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the two-class, treasury stock or if-converted method, as applicable:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
	Equivalent Shares (if converted)		Equivalent Shares (if converted)		Equivalent Shares (if converted)		Equivalent Shares (if converted)
Series A Convertible Preferred Stock		18,761,726		18,761,726		18,761,726		18,761,726
Class A and Class A-1 OP Units		11,496,892		10,270,455		10,959,537		9,762,238
Unvested LTIP Units		-		122,452		-		92,150
Unvested restricted stock awards		-		116,827		-		108,396
		30,258,618		29,271,460		29,721,263		28,724,510

Recently Adopted Accounting Guidance

In August 2020, the FASB issued ASU 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)." The new guidance simplifies the accounting for convertible instruments and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity. Additionally, this standard amends the related earnings per share guidance. The guidance in ASU 2020-06 became effective for fiscal years beginning after December 15, 2021. Our adoption of this standard did not have a material impact on the consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)." ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We elected to apply expedients related to contract modifications, changes in critical terms, and our assessments of effectiveness for designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients on such qualifying changes maintains the consistency of our presentation of debt and derivative contracts.

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Real Estate Facilities

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Real Estate Facilities

Note 3. Real Estate Facilities

The following summarizes the activity in real estate facilities during the six months ended June 30, 2022:

Real estate facilities
Balance at December 31, 2021	$	1,593,623,628
Facilities acquired through merger with SSGT II		228,359,718
Other facility acquisitions		69,981,850
Impact of foreign exchange rate changes		(3,110,708	)
Improvements and additions		1,958,786
Balance at June 30, 2022	$	1,890,813,274
Accumulated depreciation
Balance at December 31, 2021	$	(155,926,875	)
Depreciation expense		(22,481,157	)
Impact of foreign exchange rate changes		378,829
Balance at June 30, 2022	$	(178,029,203	)

SSGT II Merger

On June 1, 2022, (the "SSGT II Merger Date"), each share of SSGT II’s common stock, $0.001 par value per share (“SSGT II Common Stock”), issued and outstanding immediately prior to the effective time of the Merger (other than shares owned by us, any subsidiary of ours, or any subsidiary of SSGT II) was automatically converted into the right to receive 0.9118 shares of our Class A Shares, subject to the treatment of fractional shares in accordance with the SSGT II merger agreement (the “SSGT II Merger Consideration”).

As a result of the SSGT II Merger, we acquired all of the real estate owned by SSGT II, which as of the SSGT II Merger date consisted of (i) 10 wholly-owned self storage facilities located in seven states comprising approximately 7,740 self storage units and approximately 853,900 net rentable square feet, and (ii) SSGT II’s 50% equity interest in three unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada. The unconsolidated real estate ventures consist of one operating self storage property and two parcels of land being developed into self storage facilities, with subsidiaries of SmartCentres owning the other 50% of such entities. Additionally, we obtained SSGT II's rights to acquire (a) one parcel of land being developed into a self storage facility in an unconsolidated joint venture with SmartCentres, and (b) a self storage property located in Southern California.

The following table reconciles the total consideration transferred in the SSGT II Merger:

Fair value of consideration:
Common stock issued	$	168,791,577
Cash(1)		76,300,006
Preexisting investments in and advances to SSGT II(2)		16,066,930
Total consideration	$	261,158,513

(1) The approximately $76.3 million in cash was primarily used to pay off approximately $75.1 million of SSGT II's debt that we did not assume in the SSGT II Merger, as well as approximately $1.2 million in transaction costs.

(2) Upon our acquisition of SSGT II, we recorded a gain of approximately $16.1 million to record the then fair market value of our special limited partnership interest in SSGT II operating partnership.

We issued approximately 11.5 million Class A Shares to the former SSGT II stockholders in connection with the SSGT II Merger, which represents approximately 12% of the total common stock issued and outstanding as of June 30, 2022. The estimated fair value of our common stock issued was determined by third party valuation specialists primarily based on an income approach to value our properties as well as our Managed REIT Platform, adjusted for market related adjustments and illiquidity discounts, less the estimated fair value of our debt and other liabilities.

These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2 – Summary of Significant Accounting Policies. The key assumptions used in estimating the fair value of our common stock included a marketability discount of 6%, projected annual net operating income, land sales comparisons, growth rates, discount rates, and capitalization rates.

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT II

Merger:

Assets Acquired:
Land	$	21,111,616
Buildings		201,026,974
Site improvements		6,221,128
Construction in process		252,925
Intangible assets (1)		15,688,002
Investments in real estate joint ventures		7,394,539
Cash and cash equivalents, and restricted cash		10,759,283
Other assets		847,359
Total assets acquired	$	263,301,826
Liabilities assumed:
Total liabilities assumed (2)	$	2,143,313
Total net assets acquired	$	261,158,513

(1) Approximately $8.0 million of the intangible assets acquired relates to the value of a purchase and sale agreement for the acquisition of a property in San Gabriel, CA that we assumed in the SSGT II Merger. The remainder of the intangible asset relates to value ascribed to the in-place leases on the properties acquired.

(2) Liabilities assumed represents accounts payable and other liabilities.

SST IV Merger

On November 10, 2020, we, SST IV Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of ours (“SST IV Merger Sub”), and SST IV entered into an agreement and plan of merger (the “SST IV Merger Agreement”). Pursuant to the terms and conditions set forth in the SST IV Merger Agreement, on March 17, 2021 (the “SST IV Merger Date”), we acquired SST IV by way of a merger of SST IV with and into SST IV Merger Sub, with SST IV Merger Sub being the surviving entity.

On the SST IV Merger Date, each share of SST IV common stock outstanding immediately prior to the SST IV Merger Date (other than shares owned by SST IV and its subsidiaries or us and our subsidiaries) was automatically converted into the right to receive 2.1875 Class A Shares (the “SST IV Merger Consideration”). Immediately prior to the SST IV Merger, all shares of SST IV common stock that were subject to vesting and other restrictions also became fully vested and converted into the right to receive the SST IV Merger Consideration.

As a result of the SST IV Merger, we acquired all of the real estate owned by SST IV, consisting of 24 wholly-owned self storage facilities located across nine states and six self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada. As of the SST IV Merger Date, the real estate joint ventures consisted of three operating properties and three properties in various stages of development.

The following table reconciles the total consideration transferred in the SST IV Merger:

Fair value of consideration:
Common stock issued	$	231,412,470
Cash(1)		54,250,000
Other		365,703
Total consideration	$	286,028,173

(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.

We issued approximately 23.1 million Class A Shares to the former SST IV stockholders in connection with the SST IV Merger. The estimated fair value of our common stock issued was determined by third party valuation specialists primarily based on an income approach to value the properties as well as our Managed REIT Platform, adjusted for market related adjustments and illiquidity discounts, less the estimated fair value of our debt and other liabilities.

These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2 – Summary of Significant Accounting Policies. The key assumptions used in estimating the fair value of our common stock included a marketability discount of 6%, projected annual net operating income, land sales comparisons, growth rates, discount rates, and capitalization rates.

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SST IV

Merger:

Assets Acquired:
Land	$	54,385,560
Buildings		257,618,228
Site improvements		12,340,848
Construction in process		1,467,090
Intangible assets		20,052,449
Investments in real estate joint ventures		17,495,254
Cash and cash equivalents, and restricted cash		7,763,490
Other assets		4,145,394
Total assets acquired	$	375,268,313
Liabilities assumed:
Debt(1)	$	81,165,978
Accounts payable and other liabilities		8,074,162
Total liabilities assumed	$	89,240,140
Total net assets acquired	$	286,028,173

(1)Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 5 – Debt, for additional information.

Self Storage Facility Acquisitions

On February 8, 2022, we purchased a self storage facility located in Algonquin, Illinois (the "Algonquin Property"). The purchase price for the Algonquin Property was approximately $19.0 million, plus closing costs. Upon acquisition, the property was approximately 72.4% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

On May 10, 2022, we purchased a self storage facility located in the city of Sacramento, California (the “Sacramento II Property”). The purchase price for the Sacramento II Property was approximately $25.4 million, plus closing costs. Upon acquisition, the property was approximately 90.3% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

On May 17, 2022, we purchased a self storage facility located in the city of St. Johns, Florida (the “St. Johns Property”). The purchase price for the St. Johns Property was approximately $16.3 million, plus closing costs. Upon acquisition, the property was approximately 94.6% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

On June 28, 2022, we purchased a self storage facility located in the city of Aurora, Colorado (the “Aurora Property”). The purchase price for the Aurora Property was approximately $12.0 million, plus closing costs. Upon acquisition, the property was approximately 82.2% occupied. The acquisition was funded with proceeds from the KeyBank Credit Facility Revolver.

The following table summarizes the purchase price allocation for the real estate related assets acquired during the six months ended June 30, 2022:

Acquisition	Acquisition Date	Real Estate Assets		Intangibles			Total(1)		2022 Revenue(2)		2022 Net Operating Income(2)(3)
Algonquin, IL	2/8/2022	$	18,156,701	$	849,414		$	19,006,115	$	516,959	$	303,046
Sacramento II, CA	5/10/2022	$	24,625,559	$	754,564		$	25,380,123	$	207,535	$	117,222
St Johns, FL	5/17/2022	$	15,531,636	$	773,279		$	16,304,915	$	128,416	$	90,565
SSGT II (4)	6/1/2022	$	228,359,718	$	7,732,962	(5)	$	236,092,680	$	1,190,997	$	829,283
Aurora III, CO	6/28/2022	$	11,667,954	$	343,779		$	12,011,733	$	3,940	$	14

(1)The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.

(2)The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their respective acquisition dates.

(3)Net operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.

(4)This acquisition consisted of ten properties, three in Florida, one in Wisconsin, two in Washington, one in Texas, one in California, one in Arizona, and one in Nevada. Other assets and liabilities were also acquired in this acquisition, which are not described immediately above, refer to the disclosure within this footnote to the financial statements above for additional information.

(5)This represents the value of the in place lease intangible assets acquired in the SSGT II Merger, and excludes the approximately $8.0 million of value assigned to a purchase and sale agreement contract intangible asset acquired in the SSGT II Merger related to a property in San Gabriel, California.

Potential Acquisitions

Through the SSGT II Merger we acquired the rights to a purchase and sale agreement with an unaffiliated third party for a self storage facility under development located in the city of San Gabriel, California (the “San Gabriel Property”). The purchase price for the San Gabriel Property is approximately $15.4 million, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire the San Gabriel Property, in addition to the incurred acquisition costs and contract intangible, we may also forfeit earnest money as a result.

On July 14, 2022, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of an existing operating self storage facility located in the city of Oxford, Florida (the “Oxford Property”). The purchase price for the Oxford Property is $10.9 million, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire the Oxford Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result.

On August 5, 2022, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of an existing operating self storage facility located in the city of Burlington, Ontario (the “Burlington III Property”). The purchase price for the Burlington III Property is $35.5 million CAD, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire the Burlington III Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result.

We may assign the above purchase and sale agreements in part or in full to one of our Managed REITs.

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Investments in Unconsolidated Real Estate Ventures

6 Months Ended

Jun. 30, 2022

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate Ventures

Note 4. Investments in Unconsolidated Real Estate Ventures

As a result of the SST IV Merger, we acquired six self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada, five of which were operating properties and one of which was under development as of June 30, 2022. As a result of the SSGT II Merger, we acquired three self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada, one of which were an operating property and two of which were under development as of June 30, 2022. These joint venture agreements are with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities.

We account for these investments using the equity method of accounting and they are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings (loss) will generally be recognized based on our ownership interest in the earnings (loss) of each of the unconsolidated investments. For the three months ended June 30, 2022 and 2021 respectively, we recorded net aggregate earnings (loss) of approximately $(0.2) million and $(0.2) million respectively, from our equity in earnings related to our unconsolidated real estate ventures in Canada. For the six months ended June 30, 2022 and 2021 respectively, we recorded net aggregate earnings (loss) of approximately $(0.4) million and $(0.2) million respectively, from our equity in earnings related to our unconsolidated real estate ventures in Canada.

On May 25, 2022, we, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, purchased a single tenant industrial building located in the city of Burnaby, British Columbia (the “Regent Property”), that we intend to develop into a self storage facility in the future. The purchase price for the Regent Property was approximately $7.0 million CAD, plus closing costs. See Note 13 – Subsequent Events, for additional information.

The following table summarizes our 50% ownership interests in investments in unconsolidated real estate ventures in Canada (the "JV Properties"):

JV Property	Date Real Estate Venture Became Operational	Carrying Value of Investment as of June 30, 2022		Carrying Value of Investment as of December 31, 2021
Dupont (1)	October 2019	$	4,582,357	$	-
East York (2)	June 2020		6,344,943		6,393,576
Brampton (2)	November 2020		2,283,770		2,354,346
Vaughan (2)	January 2021		2,796,457		2,871,265
Oshawa (2)	August 2021		1,633,652		1,801,413
Scarborough (2)	November 2021		2,557,402		2,862,677
Aurora (1)	Under Development		1,847,880		-
Markham (1)	Under Development		1,025,413		-
Kingspoint (2)	Under Development		3,015,293		2,660,007
Regent (3)	Under Development		2,781,390		-
		$	28,868,557	$	18,943,284

(1)These joint venture properties were acquired through the SSGT II Merger.

(2)These joint venture properties were acquired through the SST IV Merger.

(3)This property is currently leased as a single tenant industrial lease. The joint venture plans to develop this property into a self storage facility in the future.

Financing Agreement

We, through our acquisition of the Oshawa, East York, Brampton, Vaughan, and Scarborough joint venture partnerships, also became party to a master mortgage commitment agreement (the “MMCA I”) with SmartCentres Storage Finance LP (the “SmartCentres Lender”) (collectively, the “SmartCentres Loan I”). The SmartCentres Lender is an affiliate of SmartCentres.

On August 18, 2021, the Kingspoint property was added to the MMCA, increasing the available capacity. The SmartCentres Loan I includes an accordion feature such that borrowings pursuant thereto may be increased up to approximately CAD $120 million subject to certain conditions set forth in the MMCA.

On June 1, 2022, in connection with the SSGT II Merger, we assumed another loan with the SmartCentres Lender. SSGT II had previously entered into an arrangement on April 30, 2021, which was subsequently modified on October 22, 2021 (the "MMCA II"), with the SmartCentres Lender in the amount of up to approximately $34.3 million CAD (the “SmartCentres Loan II”) (collectively with SmartCentres Loan I, the "SmartCentres Financings"). The borrowers under the SmartCentres Loan II are the joint venture entities in which we (SSGT II prior to June 1, 2022), and SmartCentres each hold a 50% limited partnership interest with respect to the Dupont and Aurora joint venture properties. In connection with the SmartCentres Loan II assumption, we became a recourse guarantor for 50% of the SmartCentres Loan.

As of June 30, 2022 and December 31, 2021, approximately CAD $101.1 million and CAD $67.2 million, respectively, was outstanding on the SmartCentres Financings. The proceeds of the SmartCentres Financings will generally be used to finance the acquisition, development, and construction of the JV Properties.

The SmartCentres Financings are secured by first mortgages on each of the JV Properties, excluding the Regent Property. Interest on the SmartCentres Financings is a variable annual rate equal to the aggregate of: (i) the BA Equivalent Rate, plus: (ii) a margin based on the External Credit Rating, plus (iii) a margin under the Senior Credit Facility, each as defined and described further in the MMCA I and MMCA II. As of June 30, 2022, the total interest rate was approximately 4.20%.

The SmartCentres Financings, as amended, have a maturity date of May 11, 2024, and each contain two one year extension options. Monthly interest payments are initially capitalized on the outstanding principal balance. Upon a JV Property generating sufficient Net Cash Flow (as defined in the MMCA I and MMCA II), the SmartCentres Financings provide for the commencement of quarterly payments of interest. As of June 30, 2022, Dupont, East York, Brampton, and Vaughan were generating sufficient net cash flow and therefore were required to and were making such interest payments.

The borrowings advanced pursuant to the SmartCentres Financings may be prepaid without penalty, subject to certain conditions set forth in the MMCA I and MMCA II.

The SmartCentres Financings contain customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions (including a loan to value ratio of no greater than 70% with respect to each JV Property) and events of default, all as set forth in the MMCA I and MMCA II. We serve as a full recourse guarantor with respect to 50% of the SmartCentres Financings.

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Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 5. Debt

The Company’s debt is summarized as follows:

Loan	June 30, 2022			December 31, 2021			Interest Rate			Maturity Date
KeyBank CMBS Loan(1)	$	93,625,175		$	94,459,583			3.89	%	8/1/2026
KeyBank Florida CMBS Loan(2)		51,940,086			52,000,000			4.65	%	5/1/2027
Midland North Carolina CMBS Loan(3)		-			45,758,741
CMBS Loan(4)		104,000,000			104,000,000			5.00	%	2/1/2029
SST IV CMBS Loan(6)		40,500,000			40,500,000			3.56	%	2/1/2030
SST IV TCF Loan(6)(7)		-			40,782,500
Credit Facility Term Loan - USD (6)		250,000,000			250,000,000			3.10	%	3/17/2026
Credit Facility Revolver - USD (6)		321,201,288			233,201,288			3.15	%	3/17/2024
2032 Private Placement Notes (6)		150,000,000			-			4.53	%	4/19/2032
Oakville III BMO Loan (5)(6)		12,603,501			12,795,250			4.48	%	5/16/2024
Ladera Office Loan		3,970,061			4,014,185			4.29	%	11/1/2026
Premium (discount) on secured debt, net		(99,605	)		234,604
Debt issuance costs, net		(4,992,394	)		(3,879,296	)
Total debt	$	1,022,748,112		$	873,866,855

(1)This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(2)This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(3)This fixed rate loan encumbered 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly. This loan was fully defeased on May 19, 2022 for approximately $47.9 million, inclusive of loan defeasance costs. In connection with this loan defeasance, we recorded a net loss on extinguishment of debt of approximately $2.4 million.

(4)This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

(5)The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.

(6)For additional information regarding this loan, see below.

(7)This loan was fully paid off on April 28, 2022 in the amount of $40.9 million. There were no prepayment penalties for this pay off.

The weighted average interest rate on our consolidated debt as of June 30, 2022 was approximately 3.7%. We are subject to certain restrictive covenants relating to the outstanding debt, and as of June 30, 2022, we were in compliance with all such covenants.

2032 Private Placement Notes

On April 19, 2022, we as guarantor, and our Operating Partnership as issuer, entered into a Note Purchase Agreement which provides for the private placement of $150 million of 4.53% Senior Notes due April 19, 2032. The sale and purchase of the 2032 Private Placement Notes occurred in two closings, with the first of such closings having occurred on April 19, 2022 with $75 million aggregate principal amount of the 2032 Private Placement Notes having been issued on such date (the “First Closing”) and the second of such closings having occurred on May 25, 2022 with $75 million aggregate principal amount of the 2032 Private Placement Notes having been issued on such date (the “Second Closing”).

Interest on the Notes is subject to a potential prospective 75 basis points increase, if, as of March 31, 2023, the ratio of total indebtedness to EBITDA (as defined in the Note Purchase Agreement) (the “Total Leverage Ratio”) of the Company and its subsidiaries, on a consolidated basis, is greater than 7.00 to 1.00 (a “Total Leverage Ratio Event”). If a Total Leverage Ratio Event shall have occurred as of such date, the interest accruing on the 2032 Private Placement Notes would be 5.28% until such time as the Total Leverage Ratio is less than or equal to 7.00 to 1.00 for two consecutive fiscal quarters. Interest on each series of the 2032 Private Placement Notes will be payable semiannually on the nineteenth day of April and October in each year, beginning on October 19, 2022, until maturity.

We are permitted to prepay at any time all, or from time to time any part of, the Notes, in amounts not less than 5% of the 2032 Private Placement Notes then outstanding at (i) 100% of the principal amount so prepaid and (ii) the Make-Whole Amount (as defined in the Note Purchase Agreement). The “Make-Whole Amount” is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the 2032 Private Placement Notes being prepaid over the amount of such 2032 Private Placement Notes. In addition, in connection with a Change of Control (as defined in the Note Purchase Agreement), the Operating Partnership is required to offer to prepay the 2032 Private Placement Notes at 100% of the principal amount plus accrued and unpaid interest thereon, but without the Make Whole Amount or any other prepayment premium or penalty of any kind. The Company must also maintain a debt rating of the 2032 Private Placement Notes by an Acceptable Rating Agency (as defined in the Note Purchase Agreement).

The Note Purchase Agreement contains certain customary representations and warranties, affirmative, negative and financial covenants, and events of default that are substantially similar to our existing Credit Facility. The 2032 Private Placement Notes have been issued on a pari passu basis with the Credit Facility, and as such, the Company and certain of its subsidiaries (the "Subsidiary Guarantors") fully and unconditionally guarantee the Operating Partnership's obligations under the 2032 Private Placement Notes. The 2032 Private Placement Notes are initially secured by a pledge of equity interests in the Subsidiary Guarantors on similar terms as the Credit Facility.

The proceeds from the 2032 Private Placement Notes were used primarily to pay off existing debt and to pay off certain existing indebtedness of SSGT II in connection with the SSGT II merger.

Credit Facility

On March 17, 2021, we, through our Operating Partnership (the “Borrower”), entered into a credit facility with KeyBank, National Association, as administrative agent, KeyBanc Capital Markets, LLC, Wells Fargo Securities, Citibank, N.A., and BMO Capital Markets, as joint book runners and joint lead arrangers, and certain other lenders party thereto (the “Credit Facility”).

The initial aggregate amount of the Credit Facility was $500 million, which consisted of a $250 million revolving credit facility (the “Credit Facility Revolver”) and a $250 million term loan (the “Credit Facility Term Loan”). The Borrower had the right to increase the amount available under the Credit Facility by an additional $350 million (the “Accordion Feature”), for an aggregate amount of $850 million, subject to certain conditions. The Credit Facility also includes sublimits

of (a) up to $25 million for letters of credit and (b) up to $25 million for swingline loans; each of these sublimits are part of, and not in addition to, the amounts available under the Credit Facility Revolver. Borrowings under the Credit Facility may be in either U.S. dollars (each, a “US Borrowing”) or Canadian dollars (each, a “CAD Borrowing”).

The maturity date of the Credit Facility Revolver is March 17, 2024, subject to a one-year extension option. The maturity date of the Credit Facility Term Loan is March 17, 2026, which cannot be extended. The Credit Facility may be prepaid or terminated at any time without penalty; provided, however, that the lenders shall be indemnified for certain breakage costs.

On October 7, 2021, the Borrower and lenders who were party to the Credit Facility amended the Credit Facility to increase the commitment on the Credit Facility Revolver by $200 million for a total commitment of $450 million. In connection with the increased commitments, additional lenders were added to the Credit Facility. The commitments on the Credit Facility Term Loan remain unchanged. As a result of this amendment, the aggregate commitment on the Credit Facility is now $700 million. In addition, the Accordion Feature was also amended such that Borrower has the right to increase the aggregate amount of the Credit Facility by an additional $350 million, for an aggregate amount of up to $1.05 billion, subject to certain conditions.

On April 19, 2022, we amended the Credit Facility (the “Credit Facility Amendment”). The primary purpose of the Credit Facility Amendment was to: (i) allow for the issuance of the 2032 Private Placement Notes, (ii) make conforming changes between the Note Purchase Agreement and the Credit Facility, and (iii) modify the Credit Facility to reflect a transition from LIBOR to SOFR for floating rate borrowings. As of June 30, 2022, advances under the Credit Facility Term Loan bear interest at 160 basis points over 30-day SOFR or 30-day Canadian dollar offered rate ("CDOR"), while advances under the Credit Facility Revolver bear interest at 165 basis points over 30-day SOFR or 30-day CDOR. The Credit Facility is also subject to an annual unused fee based upon the average amount of the unused portion of the Credit Facility Revolver, which varies from 15 bps to 25 bps, depending on the size of the unused amount, as well as whether a Security Interest Termination Event (defined below) has occurred.

The Credit Facility is fully recourse, jointly and severally, to us, our Operating Partnership, and certain of our subsidiaries (the “Subsidiary Guarantors”). In connection with this, we, our Operating Partnership, and our Subsidiary Guarantors executed guarantees in favor of the lenders. The Credit Facility is also cross-defaulted to (i) any recourse debt of ours, our Operating Partnership, or the Subsidiary Guarantors and (ii) any non-recourse debt of ours, our Operating Partnership, or the Subsidiary Guarantors of at least $75 million.

The Credit Facility is initially secured by a pledge of equity interests in the Subsidiary Guarantors. However, upon the achievement of certain security interest termination conditions, the pledges shall be released and the Credit Facility shall become unsecured.

The Credit Facility contains certain customary representations and warranties, affirmative, negative and financial covenants, borrowing conditions, and events of default. In particular, the financial covenants imposed include: a maximum leverage ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, certain limits on both secured debt and secured recourse debt, certain payout ratios of dividends paid to core funds from operations, limits on unhedged variable rate debt, and minimum liquidity. If an event of default occurs and continues, the Borrower is subject to certain actions by the administrative agent, including, without limitation, the acceleration of repayment of all amounts outstanding under the Credit Facility.

As of June 30, 2022, the borrowing base was expanded to include the two properties acquired in May 2022, the 10 wholly-owned operating properties acquired in the SSGT II Merger, the 11 properties previously encumbered by the Midland North Carolina CMBS Loan, and the five properties previously encumbered by the TIV TCF Loan.

As of June 30, 2022, the Borrower had borrowed approximately $321.2 million of the $450 million current capacity of the Credit Facility Revolver and all $250 million of the $250 million current capacity of the Credit Facility Term Loan.

SST IV CMBS Loan

On March 17, 2021, in connection with the SST IV Merger, we assumed a $40.5 million CMBS financing with KeyBank as the initial lender pursuant to a mortgage loan (the “SST IV CMBS Loan”). The SST IV CMBS Loan is secured by a first mortgage or deed of trust on each of seven properties owned by us (Jensen Beach, Texas City, Riverside, Las Vegas IV, Puyallup, Las Vegas V, and Plant City). The separate assets of these encumbered properties are not available to pay our other debt. The loan has a maturity date of February 1, 2030. Monthly payments due under the loan agreement (the “SST IV CMBS Loan Agreement”) are interest only, with the full principal amount becoming due and payable on the maturity date.

The amounts outstanding under the SST IV CMBS Loan bear interest at an annual fixed rate equal to 3.56%. Commencing two years after securitization, the SST IV CMBS Loan may be defeased in whole, but not in part, subject to certain conditions as set forth in the SST IV CMBS Loan Agreement.

The loan documents for the SST IV CMBS Loan contain: customary affirmative and negative covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty in favor of KeyBank, we serve as a non-recourse guarantor with respect to the SST IV CMBS Loan.

SST IV TCF Loan

On March 17, 2021, in connection with the SST IV Merger, we assumed a term loan with TCF National Bank, a national banking association (“TCF”), as lead arranger and administrative agent for up to $40.8 million (the “SST IV TCF Loan”). The SST IV TCF Loan was secured by a first mortgage on each of the Ocoee Property, the Ardrey Kell Property, the Surprise Property, the Escondido Property, and the Punta Gorda Property (the “SST IV TCF Properties”).

On April 28, 2022, we paid in full the entire outstanding principal balance on the SST IV TCF Loan.

Oakville III BMO Loan

On April 15, 2021, we purchased the Oakville III Property. We partially financed the Oakville III property acquisition with a loan from Bank of Montreal (the “Oakville III BMO Loan”), which is secured by a first lien on the Oakville III property. The loan is denominated in Canadian dollars and the proceeds from the loan were approximately CAD $16.3 million. We provided a full recourse guaranty on the loan, which will remain in effect until the property achieves 75% physical occupancy, at which point such guaranty will be reduced to 50% of the loan balance. The interest only loan is prepayable at any time without penalty, and bears interest at a rate of 2.25% + CDOR. The Oakville III BMO Loan contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions.

The following table presents the future principal payment requirements on outstanding debt as of June 30, 2022:

2022	$	1,270,186
2023		2,639,402
2024		336,539,683
2025		2,869,187
2026		341,916,098
2027 and thereafter		342,605,555
Total payments		1,027,840,111
Discount on secured debt		(99,605	)
Debt issuance costs, net		(4,992,394	)
Total	$	1,022,748,112

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Preferred Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Preferred Equity

Note 6. Preferred Equity

Series A Convertible Preferred Stock

On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in preferred shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date, and the second and final closing in the amount of $50 million occurred on October 26, 2020. We incurred approximately $3.6 million in issuance costs related to the Series A Convertible Preferred Stock, which were recorded as a reduction to Series A Convertible Preferred stock on our consolidated balance sheets.

The shares of Series A Convertible Preferred Stock rank senior to all other shares of our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is redeemed or repurchased in full. The dividends are payable in arrears for the prior calendar quarter on or before the 15th day of March, June, September and December of each year.

Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation.

Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount.

At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions.

The holders of Series A Convertible Preferred Stock are not entitled to vote on any matter submitted to a vote of our stockholders, except that in the event that the dividend for the Series A Convertible Preferred Stock has not been paid for at least four quarters (whether or not consecutive), the holders of Series A Convertible Preferred Stock have the right to vote together with our stockholders on any matter submitted to a vote of our stockholders, upon which the holders of the Series A

Convertible Preferred Stock and holders of common stock shall vote together as a single class. The number of votes applicable to a share of Series A Convertible Preferred Stock will be equal to the number of shares of common stock a share of Series A Convertible Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote. This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year.

In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares.

As of June 30, 2022, there were 200,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $203.1 million, which consists of $150 million from the Initial Closing, $50 million from a closing on October 26, 2020 and approximately $3.1 million of accumulated and unpaid distributions. As of December 31, 2021, there were 200,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $203.2 million, which consists of $150 million from the Initial Closing, $50 million from a closing on October 26, 2020 and approximately $3.2 million of accumulated and unpaid distributions.

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Derivative Instruments

6 Months Ended

Jun. 30, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 7. Derivative Instruments

Interest Rate Derivatives

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and caps as part of our interest rate risk management strategy. The effective portion of the change in the fair value of the derivative that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (loss) (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt.

We do not use interest rate derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but we have elected not to apply hedge accounting. Changes in the fair value of interest rate derivatives not designated in hedging relationships are recorded in other income (expense) within our consolidated statements of operations.

Foreign Currency Hedges

Our objectives in using foreign currency derivatives are to add stability to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar and to manage our exposure to exchange rate movements. To accomplish this objective, we use foreign currency forwards and foreign currency options as part of our exchange rate risk management strategy. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. A foreign currency option contract is a commitment by the seller of the option to deliver, solely at the option of the buyer, a certain amount of currency at a certain price on a specific date. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in accumulated other comprehensive income. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated.

The following table summarizes the terms of our derivative financial instruments as of June 30, 2022:

	Notional Amount			Strike	Effective Date	Maturity Date
Interest Rate Derivative:
SOFR Cap	$	125,000,000		1.75%	June 1, 2022	June 30, 2023
SOFR Cap		125,000,000		2.00%	June 1, 2022	June 28, 2024
Foreign Currency Forward:
Denominated in CAD	$	125,925,000	(1)	1.2593	April 12, 2021	April 12, 2023
Denominated in CAD		126,165,000	(1)	1.2617	April 12, 2022	October 12, 2022

(1)Notional amounts shown are denominated in CAD.

On February 10, 2021, we rolled a previously existing CAD $95 million currency forward into a two month CAD $95 million foreign currency forward, with a settlement date of April 12, 2021. On April 12, 2021, we settled this foreign currency forward, paying a net settlement of approximately $4.5 million, and simultaneously entered into a new approximately CAD $125.9 million currency forward with a settlement date of April 12, 2023. On May 6, 2021, we entered into a second currency forward, for approximately CAD $122 million, with a settlement date of April 12, 2022. On April 12, 2022, we settled this foreign currency forward, receiving a net settlement of approximately $3.2 million, and simultaneously entered into a new CAD $126.2 million currency forward with a settlement date of October 12, 2022.

A portion of our gain (loss) from our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive income (loss), the other portion, a gain of approximately $4.1 million and $1.1 million related to the portion that is not designated for hedge accounting, was recorded in other income (expense) within our consolidated statements of operations for the three months ended June 30, 2022 and 2021, respectively, and a gain of approximately $2.3 million and $0.7 million was recorded for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the terms of our derivative financial instruments as of December 31, 2021:

	Notional Amount			Strike	Effective Date	Maturity Date
Interest Rate Swap:
LIBOR Swap	$	235,000,000		1.79%	June 15, 2019	February 15, 2022
Foreign Currency Forward:
Denominated in CAD	$	125,925,000	(1)	1.2593	April 12, 2021	April 12, 2023
Denominated in CAD		122,020,000	(1)	1.2202	May 6, 2021	April 12, 2022

(1)Notional amount shown is denominated in CAD.

The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of June 30, 2022 and December 31, 2021:

	Asset/Liability Derivatives
	Fair Value
Balance Sheet Location	June 30, 2022		December 31, 2021
Interest Rate Derivatives
Accounts payable and accrued liabilities	$	—	$	490,341
Other assets		4,402,339		—
Foreign Currency Hedges
Other assets	$	4,031,357	$	4,261,100

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Segment Disclosures

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Disclosures

Note 8. Segment Disclosures

We operate in two reportable business segments: (i) self storage operations and (ii) our Managed REIT Platform business.

Management evaluates performance based upon property net operating income (“NOI”). For our self storage operations, NOI is defined as leasing and related revenues, less property level operating expenses. NOI for the Company’s Managed REIT Platform business represents Managed REIT Platform revenues less Managed REIT Platform expenses.

The following tables summarize information for the reportable segments for the periods presented:

	Three Months Ended June 30, 2022
				Managed REIT		Corporate
	Self Storage			Platform		and Other			Total
Revenues:
Self storage rental revenue	$	46,471,360		$	—	$	—		$	46,471,360
Ancillary operating revenue		2,098,835			—		—			2,098,835
Managed REIT Platform revenue		—			2,013,134		—			2,013,134
Reimbursable costs from Managed REITs		—			1,204,919		—			1,204,919
Total revenues		48,570,195			3,218,053		—			51,788,248
Operating expenses:
Property operating expenses		13,637,231			—		—			13,637,231
Managed REIT Platform expense		—			617,846		—			617,846
Reimbursable costs from Managed REITs		—			1,204,919		—			1,204,919
General and administrative		—			—		7,946,583			7,946,583
Depreciation		11,654,085			—		172,021			11,826,106
Intangible amortization expense		4,312,249			159,724		—			4,471,973
Acquisition expenses		285,097			—		—			285,097
Contingent earnout expense		—			800,000		—			800,000
Write-off of equity interest and preexisting       relationships upon acquisition of control		—			2,049,682		—			2,049,682
Total operating expenses		29,888,662			4,832,171		8,118,604			42,839,437
Gain on equity interests upon acquisition		—			16,101,237		—			16,101,237
Income (loss) from operations		18,681,533			14,487,119		(8,118,604	)		25,050,048
Other income (expense):
Interest expense		(8,809,456	)		—		(43,130	)		(8,852,586	)
Net loss on extinguishment of debt		(2,393,475	)		—		—			(2,393,475	)
Other, net		(10,179	)		469,767		(250,453	)		209,135
Net income (loss)	$	7,468,423		$	14,956,886	$	(8,412,187	)	$	14,013,122
	Six Months Ended June 30, 2022
				Managed REIT		Corporate
	Self Storage			Platform		and Other			Total
Revenues:
Self storage rental revenue	$	89,528,232		$	—	$	—		$	89,528,232
Ancillary operating revenue		4,073,155			—		—			4,073,155
Managed REIT Platform revenue		—			3,822,230		—			3,822,230
Reimbursable costs from Managed REITs		—			2,348,492		—			2,348,492
Total revenues		93,601,387			6,170,722		—			99,772,109
Operating expenses:
Property operating expenses		26,742,556			—		—			26,742,556
Managed REIT Platform expense		—			1,007,111		—			1,007,111
Reimbursable costs from Managed REITs		—			2,348,492		—			2,348,492
General and administrative		—			—		13,784,230			13,784,230
Depreciation		22,533,041			—		401,051			22,934,092
Intangible amortization expense		7,998,012			374,845		—			8,372,857
Acquisition expenses		702,871			—		—			702,871
Contingent earnout expense		—			1,313,821		—			1,313,821
Write-off of equity interest and preexisting       relationships upon acquisition of control		—			2,049,682		—			2,049,682
Total operating expenses		57,976,480			7,093,951		14,185,281			79,255,712
Gain on equity interests upon acquisition		—			16,101,237		—			16,101,237
Income (loss) from operations		35,624,907			15,178,008		(14,185,281	)		36,617,634
Other income (expense):
Interest expense		(16,342,343	)		—		(86,027	)		(16,428,370	)
Net loss on extinguishment of debt		(2,393,475	)		—		—			(2,393,475	)
Other, net		(188,456	)		429,210		(753,962	)		(513,208	)
Net income (loss)	$	16,700,633		$	15,607,218	$	(15,025,270	)	$	17,282,581

	Three Months Ended June 30, 2021
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	38,104,699		$	—		$	—		$	38,104,699
Ancillary operating revenue		2,027,041			—			—			2,027,041
Managed REIT Platform revenue		—			1,058,291			—			1,058,291
Reimbursable costs from Managed REITs		—			1,061,619			—			1,061,619
Total revenues		40,131,740			2,119,910			—			42,251,650
Operating expenses:
Property operating expenses		12,479,969			—			—			12,479,969
Managed REIT Platform expense		—			316,142			—			316,142
Reimbursable costs from Managed REITs		—			1,061,619			—			1,061,619
General and administrative		—			—			6,811,313			6,811,313
Depreciation		10,595,818			—			146,983			10,742,801
Intangible amortization expense		3,485,180			168,501			—			3,653,681
Acquisition expenses		30,448			—			—			30,448
Contingent earnout adjustment		—			400,000			—			400,000
Total operating expenses		26,591,415			1,946,262			6,958,296			35,495,973
Gain on sale of real estate		178,631			—			—			178,631
Income (loss) from operations		13,718,956			173,648			(6,958,296	)		6,934,308
Other income (expense):
Interest expense		(8,386,784	)		—			(29,565	)		(8,416,349	)
Other, net		643,547			(99,763	)		(372,581	)		171,203
Net income (loss)	$	5,975,719		$	73,885		$	(7,360,442	)	$	(1,310,838	)
	Six Months Ended June 30, 2021
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	67,608,141		$	—		$	—		$	67,608,141
Ancillary operating revenue		3,584,471			—			—			3,584,471
Managed REIT Platform revenue		—			3,346,031			—			3,346,031
Reimbursable costs from Managed REITs		—			2,277,662			—			2,277,662
Total revenues		71,192,612			5,623,693			—			76,816,305
Operating expenses:
Property operating expenses		22,823,250			—			—			22,823,250
Managed REIT Platform expense		—			636,032			—			636,032
Reimbursable costs from Managed REITs		—			2,277,662			—			2,277,662
General and administrative		—			—			11,564,302			11,564,302
Depreciation		19,045,555			—			241,173			19,286,728
Intangible amortization expense		4,055,365			857,863			—			4,913,228
Acquisition expenses		336,098			—			—			336,098
Contingent earnout adjustment		—			2,519,744			—			2,519,744
Write-off of equity interest and preexisting    relationships in SST IV upon acquisition    of control		—			8,389,573			—			8,389,573
Total operating expenses		46,260,268			14,680,874			11,805,475			72,746,617
Gain on sale of real estate		178,631			—			—			178,631
Income (loss) from operations		25,110,975			(9,057,181	)		(11,805,475	)		4,248,319
Other income (expense):
Interest expense		(16,959,040	)		—			(73,380	)		(17,032,420	)
Net loss on extinguishment of debt		(2,444,788	)		—			—			(2,444,788	)
Other, net		425,549			1,773,103			(584,067	)		1,614,585
Net income (loss)	$	6,132,696		$	(7,284,078	)	$	(12,462,922	)	$	(13,614,304	)

The following table summarizes our total assets by segment:

Segments	June 30, 2022		December 31, 2021
Self Storage(1)	$	1,834,353,830	$	1,546,835,094
Managed REIT Platform(2)		16,782,395		21,707,326
Corporate and Other		75,153,634		49,750,356
Total assets(3)	$	1,926,289,859	$	1,618,292,776

(1)Included in the assets of the Self Storage segment as of June 30, 2022 and December 31, 2021 was approximately $52.2 million and $49.8 million of goodwill, respectively. Additionally, as of June 30, 2022 and December 31, 2021, there were no accumulated impairment charges to goodwill within the Self Storage segment.

(2)Included in the assets of the Managed REIT Platform segment as of June 30, 2022 and December 31, 2021 is approximately $1.4 million and $3.9 million of goodwill, respectively. Such goodwill is net of accumulated impairment charges in the Managed REIT Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the quarter ended March 31, 2020.

(3)Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets made during the year and quarter ended December 31, 2021 and June 30, 2022, respectively, were associated with our self storage platform.

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Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 9. Related Party Transactions

On June 28, 2019, we, our Operating Partnership and SmartStop TRS entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements with our then-sponsor, SAM, and SmartStop OP Holdings, LLC (“SS OP Holdings”), a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM, along with certain other assets of SAM (collectively, the "Self Administration Transaction"). In relation to the Self Administration Transaction, SS OP Holdings received 3,283,302 Class A-2 limited partnership units of the Operating Partnership, See Note 11 – Commitment and Contingencies – Contingent Earnount for additional information.

As a result of the Self Administration Transaction, SAM is no longer our sponsor, and we became self-managed and succeeded to the advisory, asset management and property management businesses and certain joint ventures previously in place for us, SST IV (until the SST IV Merger Date), and SSGT II (until the SSGT II Merger Date), and we acquired the internal capability to originate, structure and manage additional future self storage investment products which would be sponsored by SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. The Former Dealer Manager Agreement and the transfer agent agreement described below were not impacted by the Self Administration Transaction.

Our Chief Executive Officer, who is also the Chairman of our board of directors, holds ownership interests in and is an officer of SAM, our Former Dealer Manager, and other affiliated entities. Previously, certain of our executive officers and another member of our board held ownership interests in and/or were officers of SAM, our Former Dealer Manager, and other affiliated entities. Accordingly, any agreements or transactions we have entered into with such entities may present a conflict of interest. However, none of SAM and its affiliates or our directors or executive officers receive any compensation, fees or reimbursements from our Managed REITs, other than with respect to fees and reimbursements in accordance with the Administrative Services Agreement and the transfer agent agreement, or as otherwise described in this section.

Former Dealer Manager Agreement

In connection with our Primary Offering, our Former Dealer Manager received a sales commission of up to 7.0% of gross proceeds from sales of Class A Shares and up to 2.0% of gross proceeds from the sales of Class T Shares in the Primary Offering and a dealer manager fee of up to 3.0% of gross proceeds from sales of both Class A Shares and Class T Shares in the Primary Offering under the terms of the Former Dealer Manager Agreement. In addition, our Former Dealer Manager received an ongoing stockholder servicing fee as discussed in Note 2 – Summary of Significant Accounting Policies – Organization and Offering Costs.

Affiliated Former Dealer Manager

SAM indirectly owns a 15% non-voting equity interest in our Former Dealer Manager. Affiliates of our Former Dealer Manager own limited partnership interests in our Operating Partnership.

Transfer Agent Agreement

SAM owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (“Transfer Agent”), which is a registered transfer agent with the SEC. Pursuant to our transfer agent agreement, our Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: providing customer service to our stockholders, processing the distributions and any servicing fees with respect to our shares and issuing regular reports to our stockholder. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We believe that our Transfer Agent, through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with transfer agent and registrar services. Our Transfer Agent also conducts transfer agent and registrar services for our Managed REITs and other affiliates.

Fees paid to our Transfer Agent include a fixed quarterly fee, one-time account setup fees, monthly open account fees and fees for investor inquiries. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it.

The initial term of the transfer agent agreement was three years, which term is automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2021 and the six months ended June 30, 2022, as well as any related amounts payable as of December 31, 2021 and June 30, 2022:

	Year Ended December 31, 2021						Six Months Ended June 30, 2022
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	967,341	$	916,349	$	86,992	$	596,802	$	614,439	$	69,355
Additional paid-in capital
Transfer Agent fees		150,000		150,000		—		100,000		100,000		—
Stockholder servicing fee(1)		161,545		636,654		156,320		53,660		209,980		—
Stockholder servicing fee -           SST IV(2)		1,155,887		814,908		340,979		—		—		340,979
Total	$	2,434,773	$	2,517,911	$	584,291	$	750,462	$	924,419	$	410,334

(1)We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. The amount incurred during the year ended December 31, 2021 and the six months ended June 30, 2022 represent adjustments to the estimated stockholder servicing fee recorded at the time of the sale of the Class T Shares, based on the cessation date of such stockholder servicing fee of March 31, 2022.

(2)Represents the stockholder servicing fee liability assumed in the SST IV Merger.

Acquisition of Self Storage Platform from SAM and Other Transactions

As a result of the Self Administration Transaction, we acquired the self storage sponsorship platform of SAM. Accordingly, the advisor and property manager entities of SST IV and SSGT II became our indirect subsidiaries, and we became entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory and property management agreements as described below. In addition, we also own the advisor and property manager entities of

SST VI and SSGT III and are entitled to receive various fees and expense reimbursements under the terms of the SST VI and SSGT III advisory and property management agreements as described below.

Advisory Agreement Fees

Our indirect subsidiaries, Strategic Storage Advisor IV, LLC, the advisor to SST IV (the “SST IV Advisor”), SS Growth Advisor II, LLC, the advisor to SSGT II (the “SSGT II Advisor”), the SST VI Advisor, and the SSGT III Advisor are or were entitled to receive various fees and expense reimbursements under the terms of the SST IV, SSGT II, SST VI, and SSGT III advisory agreements.

SST IV Advisory Agreement

The SST IV Advisor provided acquisition and advisory services to SST IV pursuant to an advisory agreement (the “SST IV Advisory Agreement”) with SST IV up until the SST IV Merger on March 17, 2021.

Effective April 30, 2020, SST IV suspended its offering due to various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty and the termination of its dealer manager agreement. SST IV’s public offering terminated on September 11, 2020.

The SST IV Advisor received a monthly asset management fee equal to 0.0833%, which is one-twelfth of 1%, of SST IV’s aggregate asset value, as defined. The SST IV Advisor was potentially also entitled to various subordinated distributions under SST IV’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights if SST IV (1) listed its shares of common stock on a national exchange, (2) terminated the SST IV Advisory Agreement, (3) liquidated its portfolio, or (4) entered into an Extraordinary Transaction, as defined in the SST IV operating partnership agreement.

Effective March 17, 2021, in connection with the SST IV Merger, the SST IV Advisory Agreement was terminated and none of the aforementioned subordinated distributions or fees were paid. As a result of us acquiring SST IV and terminating such contracts, we recorded a write-off of approximately $5.3 million related to the carrying value of the SST IV Advisory Agreement contract. Similarly, we recorded a write-off of approximately $1.2 million related to our special limited partnership interest, which per the terms of the SST IV Merger Agreement, terminated without consideration.

As a result of the Self Administration Transaction, we recorded a deferred tax liability, which was the result of the difference between the GAAP carrying value of the SST IV Advisory Agreement and its carrying value for tax purposes. As we reduced the GAAP carrying value of such intangible asset, as noted above, we adjusted the corresponding value of our related deferred tax liability by approximately $1.3 million during the three months ended March 31, 2021, and recorded such adjustment as other income within the other line-item in our consolidated statements of operations.

SSGT II Advisory Agreement

The SSGT II Advisor provided acquisition and advisory services to SSGT II pursuant to an advisory agreement (the “SSGT II Advisory Agreement”) with SSGT II up until the SSGT II Merger on June 1, 2022.

Effective as of April 30, 2020, SSGT II suspended its offering due to various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty and the termination of its dealer manager agreement.

The SSGT II Advisor received a monthly asset management fee equal to 0.1042%, which is one-twelfth of 1.25%, of SSGT II’s aggregate asset value, as defined. The SSGT II Advisor was potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights.

Effective June 1, 2022, in connection with the SSGT II Merger, the SSGT II Advisory Agreement was terminated and pursuant to the SSGT II operating partnership agreement, a subordinated distribution of approximately $16.1 million was otherwise due. As a result, we recorded a gain of approximately $16.1 million related to our special limited partnership interest and recorded this within gain on preexisting equity interests upon acquisition of control in our consolidated statement of operations. As a result of our acquisition of SSGT II and terminating the SSGT II Advisory Agreement, we recorded a write-off of approximately $1.4 million related to the carrying value of the SSGT II Advisory Agreement contract.

As a result of the Self Administration Transaction, we recorded a deferred tax liability, which was the result of the difference between the GAAP carrying value of the SSGT II Advisory Agreement and its carrying value for tax purposes. As we reduced the GAAP carrying value of such intangible asset, as noted above, we adjusted the corresponding value of our related deferred tax liability by approximately $0.3 million on June 1, 2022, and recorded such adjustment as other income within the other line-item in our consolidated statements of operations.

SST VI Advisory Agreement

The SST VI Advisor provides acquisition and advisory services to SST VI pursuant to an advisory agreement (the “SST VI Advisory Agreement”). In connection with the SST VI private placement offering, SST VI was required to reimburse the SST VI Advisor for organization and offering costs from the SST VI private offering pursuant to the SST VI Advisory Agreement.

Pursuant to the SST VI Advisory Agreement, the SST VI Advisor will receive acquisition fees equal to 1.00% of the contract purchase price of each property SST VI acquires plus reimbursement of any acquisition expenses that SST VI Advisor incurs. The SST VI Advisor also receives a monthly asset management fee equal to 0.0625%, which is one-twelfth of 0.75%, of SST VI’s aggregate asset value, as defined.

The SST VI Advisor may also be potentially entitled to a subordinated distribution under SST VI’s operating partnership agreement if SST VI (1) lists its shares of common stock on a national exchange, (2) terminates the SST VI Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SST VI operating partnership agreement.

The SST VI Advisory Agreement provides for reimbursement of the SST VI Advisor’s direct and indirect costs of providing administrative and management services to SST VI. Beginning four fiscal quarters after commencement of SST VI's public offering, which was declared effective March 17, 2022, the SST VI Advisor will be required to pay or reimburse SST VI the amount by which SST VI’s aggregate annual operating expenses, as defined, exceed the greater of 2% of SST VI’s average invested assets or 25% of SST VI’s net income, as defined, unless a majority of SST VI’s independent directors determine that such excess expenses were justified based on unusual and non-recurring factors.

On March 1, 2022, Pacific Oak Holding Group, LLC, became a 10% non-voting member of the SST VI Advisor. Pacific Oak Capital Markets, LLC (a subsidiary of Pacific Oak Holding Group, LLC) is SST VI's dealer manager, and as such, is responsible for the marketing of SST VI shares being offered pursuant to SST VI's private offering, and subsequent to March 17, 2022, SST VI's public offering.

Additionally, in connection with the commencement of SST VI's public offering, the SST VI Advisor agreed that it will fund on behalf of SST VI, an amount equal to 1% of the gross offering proceeds from the sale of Class W shares sold in their initial public offering, which amount shall be used by SST VI towards the payment of its offering expenses. Through June 30, 2022, the SST VI Advisor had incurred such reimbursable costs in the amount of approximately $8,000.

SSGT III Advisory Agreement

The SSGT III Advisor provides acquisition and advisory services to SSGT III pursuant to an advisory agreement (the “SSGT III Advisory Agreement”). In connection with the SSGT III private placement offering, SSGT III is required to reimburse the SSGT III Advisor for organization and offering costs from the SSGT III private offering pursuant to the SSGT III Advisory Agreement.

Pursuant to the SSGT III Advisory Agreement, the SSGT III Advisor will receive acquisition fees equal to 1.00% of the contract purchase price of each property SSGT III acquires plus reimbursement of acquisition expenses that SSGT III Advisor incurs, provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives the Acquisition Fee. The SSGT III Advisor also receives a monthly asset management fee equal to 0.0625%, which is one-twelfth of 0.75%, of SSGT III’s aggregate asset value, as defined.

The SSGT III Advisor may also be potentially entitled to various subordinated distributions under SSGT III’s operating partnership agreement if SSGT III (1) lists its shares of common stock on a national exchange, (2) terminates the SSGT III Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SSGT III operating partnership agreement.

The SSGT III Advisory Agreement provides for reimbursement of the SSGT III Advisor’s direct and indirect costs of providing administrative and management services to SSGT III.

Managed REIT Property Management Agreements

Our indirect subsidiaries, Strategic Storage Property Management IV, LLC, SS Growth Property Management II, LLC, Strategic Storage Property Management VI, LLC, and SS Growth Property Management III, LLC, (collectively the “Managed REITs Property Managers”), are entitled to receive fees for their services in managing the properties owned by the Managed REITs pursuant to property management agreements entered into between the owner of the property and the applicable Managed REIT’s Property Manager.

The Managed REITs’ Property Managers will receive a property management fee equal to 6% of the gross revenues from the properties, generally subject to a monthly minimum of $3,000 per property, plus reimbursement of the costs of managing the properties, and a one-time fee of $3,750 for each property acquired that would be managed by the Managed REITs’ Property Managers. Reimbursable costs and expenses include wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. Pursuant to the property management agreements, we through our Operating Partnership employ the on-site staff for the Managed REITs’ properties.

The SST IV, SST VI, and SSGT III property managers are or were entitled to a construction management fee equal to 5% of the cost of a related construction or capital improvement work project in excess of $10,000.

Effective March 17, 2021, in connection with the SST IV Merger, the SST IV property management contracts were terminated. As a result of us acquiring SST IV and terminating such contracts, we recorded a write-off of approximately $1.9 million related to the carrying value of the SST IV property management contracts.

Effective June 1, 2022, in connection with the SSGT II Merger, the SSGT II property management contracts were terminated. As a result of us acquiring SSGT II and terminating such contracts, we recorded a write-off of approximately $0.6 million related to the carrying value of the SSGT II property management contracts.

In connection with the Self Administration Transaction, we previously recorded a deferred tax liability, which was the result of the difference between the GAAP carrying value of the SST IV and SSGT II property management contracts and their carrying values for tax purposes. As we reduced the GAAP carrying value of such intangible assets, we adjusted the value of our deferred tax liability on a pro-rata basis, reducing the deferred tax liability by approximately $0.5 million during the three months ended March 31, 2021 related to the SST IV Merger and $0.2 million during the three months ended June 30, 2022 related to the SSGT II Merger, and recorded such adjustments as other income within the other line-item in our consolidated statement of operations.

Summary of Fees and Revenue Related to the Managed REITs

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended June 30, 2022 and 2021:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Managed REIT Platform Revenues	2022		2021		2022		2021
Asset Management:
SST IV(1)	$	—	$	—	$	—	$	716,278
SSGT II(3)		326,870		457,859		798,395		921,121
SST VI		319,208		28,045		474,540		28,045
		646,078		485,904		1,272,935		1,665,444
Property Management:
SST IV(1)		—		—		—		369,979
SSGT II(3)		177,648		156,328		407,706		296,562
SST VI		123,658		16,393		202,707		16,393
		301,306		172,721		610,413		682,934
Tenant Protection Program:
SST IV(1)		—		—		—		285,959
SSGT II(3)		76,011		144,169		250,156		266,211
SST VI		96,309		30,380		145,753		32,237
		172,320		174,549		395,909		584,407
Acquisition Fees:
SST VI		661,525		76,903		1,061,525		76,903
		661,525		76,903		1,061,525		76,903
Other Managed REIT revenue(2)		231,905		148,214		481,448		336,343
Total Managed REIT Platform Revenue	$	2,013,134	$	1,058,291	$	3,822,230	$	3,346,031

(1)On March 17, 2021, we acquired SST IV and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SST IV is now included in ancillary operating revenue in our consolidated statements of operations.

(2)Such revenue primarily includes construction management fees, development fees, and other miscellaneous revenues.

(3)On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

Reimbursable costs from Managed REITs includes reimbursement of SST IV (until the SST IV Merger Date), SSGT II (until the SSGT II merger date), SST VI and SSGT III's Advisors’ direct and indirect costs of providing administrative and management services to the Managed REITs. Additionally, reimbursable costs includes reimbursement pursuant to the property management agreements for reimbursement of the costs of managing the Managed REITs’ properties, including wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties.

As of June 30, 2022 and December 31, 2021 we had receivables due from the Managed REITs totaling approximately $0.7 million and $1.4 million, respectively. Such amounts are included in investments in and advances to the Managed REITs line-item in our consolidated balance sheets. Such amounts included unpaid amounts relative to the above table, in addition to other direct routine expenditures of the Managed REITs that we directly funded.

Investment in SST VI OP

On March 10, 2021, SmartStop OP made an investment of $5.0 million in SST VI OP, in exchange for common units of limited partnership interest in SST VI OP.

On March 11, 2021, SST VI OP, through a wholly-owned subsidiary, used these funds, in part, to acquire its first self storage facility in Phoenix, Arizona for approximately $16 million. In connection with SST VI OP’s acquisition of the Phoenix property, we provided a $3.5 million mezzanine loan to a wholly-owned subsidiary of SST VI OP with an initial interest rate of 8.5% and term of six months; as well as a 180 day extension option which was exercised and increased the interest rate to 9.25% for the remainder of the term.

On April 16, 2021, in connection with SST VI OP’s investment in a real estate joint venture property located in North York, Ontario Canada, we provided a $2.1 million term loan with similar terms as the mezzanine loan discussed above.

On November 12, 2021, SST VI OP repaid the outstanding balance on the $3.5 million mezzanine loan and the $2.1 million term loan along with all accrued interest. The loans were terminated in accordance with the mezzanine loan agreement and the term loan agreement without fees or penalties.

On December 30, 2021, in connection with SST VI's acquisition of two self storage facilities, SmartStop OP entered into a mezzanine loan agreement with SST VI OP for up to $45 million (the “SST VI Mezzanine Loan”). The SST VI Mezzanine Loan required a commitment fee equal to 1.0% of the amount drawn at closing of the SST VI Mezzanine Loan. The SST VI Mezzanine Loan is secured by a pledge of the equity interest in the indirect, wholly-owned subsidiaries of SST VI that collectively currently own three self storage facilities. SST VI OP also serves as a non-recourse guarantor.

The interest rate on the SST VI Mezzanine Loan is a variable rate equal to LIBOR plus 3%. Payments on the SST VI Mezzanine Loan are interest only until December 30, 2022, which is the initial maturity date of the SST VI Mezzanine Loan. SST VI OP may, in certain circumstances, extend the ultimate maturity date of the SST VI Mezzanine Loan through December 30, 2023 upon written notice to us, in which event the interest rate of the SST VI Mezzanine Loan will increase to LIBOR plus 4% per annum. The SST VI Mezzanine Loan may be prepaid in whole or in part at any time without fees or penalty and, in certain circumstances, equity interests securing the SST VI Mezzanine Loan may be released from the pledge of collateral. As of June 30, 2022, and December 31, 2021, SST VI OP had borrowed $6.8 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $38.2 million. On July 8, 2022, SST VI borrowed an additional $7.2 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $31.0 million as of such date pursuant to the SST VI Mezzanine Loan.

Additionally, one of our subsidiaries already had a special limited partnership interest, whereby we would receive a subordinated distribution upon certain returns on equity being met.

For the three and six months ended June 30, 2022, we recorded a loss related to our equity interest in SST VI OP of approximately $168,000 and $307,000, respectively, and received distributions in the amount of approximately $70,000 and $140,000, respectively. The loss related to our equity interest in SST VI OP is recorded within the Other line item in our consolidated statements of operations, and the distributions received directly reduce our equity interest in SST VI OP.

As discussed in Note 2 – Summary of Significant Accounting Policies, due to our equity interest in SST VI OP, we consolidated this investment from March 10, 2021 (the date of our initial investment in SST VI OP) until May 1, 2021.

Administrative Services Agreement

On June 28, 2019, we along with our Operating Partnership, SmartStop TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), which, as amended, requires that the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. SAM and the Company Parties will reimburse one another based on the actual costs of providing their respective services. Additionally, SAM will pay the Company Parties an allocation of rent and overhead for the portion it occupies in the Ladera Office. Such agreement has a term of three years and is subject to certain adjustments as defined in the agreement.

For the three and six months ended June 30, 2022, we incurred reimbursements payable to SAM under the Administrative Services Agreement of approximately $80,000 and approximately $125,000, respectively, which were recorded in the Managed REIT Platform expenses line item in our consolidated statement of operations. For the three and six months ended June 30, 2021, we incurred reimbursements payable to SAM under the Administrative Services Agreement of

approximately $2,000 and approximately $19,000, respectively, which were recorded in the Managed REIT Platform expenses line item in our consolidated statement of operations.

We recorded reimbursements from SAM of approximately $135,000 and $320,000 during the three and six months ended June 30, 2022, respectively, related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM, which were included in Managed REIT Platform revenue in our consolidated statements of operations. We recorded reimbursements from SAM of approximately $135,000 and $265,000 during the three and six months ended June 30, 2021, respectively, related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM, which were included in Managed REIT Platform revenue in our consolidated statements of operations.

As of June 30, 2022 and December 31, 2021, a receivable of none and approximately $60,000 was due from SAM related to the Administrative Services Agreement, respectively.

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Equity Based Compensation

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Based Compensation

Note 10. Equity Based Compensation

Prior to June 15, 2022, we issued equity based compensation pursuant to the Company’s Employee and Director Long-Term Incentive Plan (the “Prior Plan”). On June 15, 2022, our stockholders approved the 2022 Long-Term Incentive Plan (the “Plan”) and we no longer issue equity under the Prior Plan. Pursuant to the Plan, we are able to issue various forms of equity based compensation. Through June 30, 2022, we have generally issued equity based awards in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”).

Through March 2020, we had only issued restricted stock, which shares are subject to a time based vesting period. In April 2020, the Compensation Committee of the board of directors approved awards for our executive officers, which include (1) performance based awards, and (2) time based awards. For both such type of awards, the recipient can choose either LTIP Units or restricted stock consisting of shares of our common stock. Effective June 2022, the recipient of time based awards issued to members of the board of directors were also allowed to choose either LTIP Units or restricted stock shares of our common stock.

The fair value of the restricted stock and the LTIP Units are determined based on an estimated value per share, adjusted for an illiquidity discount due to the illiquid nature of the underlying equity. The fair value of the LTIP Units are further adjusted by applying an additional discount as the LTIP Units are not initially economically equivalent to our restricted stock. For the performance based awards, a fair value was determined for each performance ranking scenario, with stock compensation expense recorded using the fair value of the scenario determined to be probable of achievement.

Time Based Awards

We have granted various time based awards, which generally vest ratably over either one, three, or four years commencing in the year of grant, subject to the recipient’s continued employment or service through the applicable vesting date. All grants of time based restricted stock have limitations on transferability during the vesting period, and the grantee does not have the ability to vote any unvested shares. Transferability during the vesting period depends upon when the grant was made, as follows (i) with respect to grants of time based restricted stock made prior to April 2020, the restriction on transfers applies to the entirety of the grant, regardless of vesting, and (ii) with respect to grants of time based restricted stock made in or subsequent to April 2020, the restriction on transfer applies only to the unvested portion of the restricted stock.

With respect to grants of time based LTIP Units made to our executive officers in 2020, 2021, and 2022, distributions began to accrue effective January 1 of each respective year, and are payable as distributions are paid on our Class A Shares without regard to whether the underlying awards have vested. With respect to time based restricted stock issued to our board of directors in or after June 2022, distributions accrue as of the effective date of each grant and are payable as distributions are paid on our Class A Shares without regard to whether the underlying awards have vested. With respect to all other time based restricted stock, distributions accrue on non-vested shares granted and are paid when the underlying restricted shares vest.

Holders of time based LTIP Units receive allocations of profits and losses with respect to the LTIP Units as of the effective date, distributions from the effective date in an amount equivalent to the distributions declared and paid on our Class A Shares, and the same voting rights as holders of common units, voting as a class with each LTIP Unit holder having one vote per LTIP Unit held. Prior to vesting, time based LTIP Units generally may not be transferred, other than by laws of descent and distribution.

The following table summarizes the activity related to our time based awards:

	Restricted Stock					LTIP Units
Time Based Award Grants	Shares			Weighted-Average Grant-Date Fair Value		Units			Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020		249,271		$	9.58		160,891		$	9.09
Granted		78,192			9.85		222,581			9.30
Vested		(105,328	)		9.64		(109,276	)		9.20
Forfeited		(2,189	)		9.78		—			—
Unvested at December 31, 2021		219,946			9.64		274,196			9.22
Granted		60,032			14.33		181,664			13.23
Vested		(128,765	)		9.64		(26,815	)		9.09
Forfeited		(3,572	)		11.04		—			—
Unvested at June 30, 2022		147,641		$	11.51		429,045		$	10.92

Performance Based Awards

With respect to performance based awards, the number of shares of restricted stock granted as of the grant date equaled 100% of the targeted award, whereas the number of LTIP Units granted as of the grant date equaled 200% of the targeted award. The targeted award for each executive was determined and approved by the Compensation Committee of our Board of Directors. The actual number of shares of restricted stock or LTIP Units, as applicable, to be issued upon vesting may range from 0% to 200% of the targeted award, such determination being based upon the results of the performance measure. Performance based awards vest based upon our performance as ranked amongst a peer group of self storage related companies. This comparison will be conducted using a performance measure of average annual same-store revenue growth, analyzed over a three-year period. Earned awards for the 2020, 2021 and 2022 grants will vest, as applicable, no later than March 31, 2023, 2024, and 2025, respectively.

Recipients of performance based restricted stock accrue distributions during the performance period, and such distributions will only be payable on the date that any such shares of restricted stock vest, based upon the performance level attained. Recipients of performance based LTIP Units are issued LTIP Units at 200% of the targeted award and are entitled to receive distributions and allocations of profits and losses with respect to the performance based LTIP Units as of the effective date of each award in an amount equal to 10% of the distributions and allocations available to such LTIP Units, until the Distribution Participation Date (as defined in the Operating Partnership Agreement). The remaining 90% of distributions will accrue and will be payable on the Distribution Participation Date based upon the performance level attained and number of performance based LTIP Units that vest. Following the Distribution Participation Date, recipients will be entitled to receive the full amount of distributions and allocations of profits and losses with respect to the vested performance-based LTIP Units, such amount being equivalent to distributions declared and paid on our Class A Shares.

The following table summarizes our activity related to our performance based awards:

	Restricted Stock				LTIP Units
Performance Based Award Grants	Shares		Weighted-Average Grant-Date Fair Value		Units			Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020		5,752	$	9.78		130,638		$	9.09
Granted		—		—		148,387			9.30
Vested		—		—		—			—
Forfeited		—		—		(11,918	)		9.09
Unvested at December 31, 2021		5,752		9.78		267,107			9.21
Granted		—		—		113,429			13.18
Vested		—		—		—			—
Forfeited		—		—		—			—
Unvested at June 30, 2022		5,752	$	9.78		380,536		$	10.39

Holders of performance based restricted stock do not have any rights as a stockholder with respect to the unvested portion of such restricted stock awards. Prior to vesting, shares of performance based restricted stock generally may not be transferred, other than by laws of descent and distribution.

Holders of performance based LTIP Units have the same voting rights as holders of common units, voting as a class with each LTIP Unit holder having one vote per LTIP Unit held. Prior to vesting, performance based LTIP Units generally may not be transferred, other than by laws of descent and distribution.

LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. The profits interests’ characteristics of the LTIP Units mean that initially they will not be treated as economically equivalent in value to a common unit and the issuance of LTIP Units will not be a taxable event to the Operating Partnership or the recipient. If and when certain events occur pursuant to applicable tax regulations and in accordance with the Operating Partnership Agreement, LTIP Units may become economically equivalent to common units of limited partnership interest of our Operating Partnership on a one-for-one basis.

As of June 30, 2022, 9,977,214 shares of stock were available for issuance under the Plan.

We recorded approximately $0.9 million and $2.0 million of equity based compensation expense in general and administrative expense during the three and six months ended June 30, 2022, respectively, compared to approximately $0.8 million and $1.2 million during the three and six months ended June 30, 2021. We recorded approximately $35,000 and $70,000 of equity based compensation expense in property operating expenses, within our consolidated statements of operations for the three and six months ended June 30, 2022, respectively, compared to approximately $25,000 and $50,000 during the three and six months ended June 30, 2021. As of June 30, 2022, there was approximately $6.7 million of total unrecognized compensation expense related to non-vested equity awards, with such cost expected to be recognized over a weighted-average period of approximately 2.4 years. As of December 31, 2021, there was approximately $4.5 million of total unrecognized compensation expense related to non-vested equity awards, with such cost expected to be recognized over a weighted-average period of approximately 2.1 years.

In February 2022, the compensation committee of our board of directors approved the 2022 executive compensation terms for our executives, which included (1) performance-based equity grants in the form of either, at the election of the executive, restricted stock awards or LTIP Units, and (2) time-based equity grants in the form of either, at the election of the executive, restricted stock awards or LTIP Units.

In February 2022, an aggregate of 113,429 performance-based LTIP Units and approximately 170,144 time-based LTIP Units were issued to our executive officers. The performance-based LTIP Units vest after the three year performance period, based upon the performance level attained. The time-based LTIP Units vest ratably over four years, with the first tranche vesting on December 31, 2022, subject to the recipient’s continued employment through the applicable vesting date.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies

Contingent Earnout

On June 28, 2019, in relation to the Self Administration Transaction, 3,283,302 Class A-2 limited partnership units of the Operating Partnership ("Class A-2 Units"), were issued to SS OP Holdings as consideration. Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below. The Class A-2 Units are not entitled to cash distributions or the allocation of any profits or losses in the Operating Partnership until the Class A-2 Unit into Class A-1 Units.

The conversion features of the Class A-2 Units are as follows: (A) the first time the aggregate incremental assets under management, as amended (“AUM”) (as defined in the Operating Partnership Agreement) of the Operating Partnership equals or exceeds $300,000,000, one-third of the Class A-2 Units will automatically convert into Class A-1 Units, (B) the first time the incremental AUM of the Operating Partnership equals or exceeds $500,000,000, an additional one-third of the Class A-2 Units will automatically convert into Class A-1 Units, and (C) the first time the incremental AUM equals or exceeds $700,000,000, the remaining one-third of the Class A-2 Units will automatically convert into Class A-1 Units (each an “Earnout Achievement Date”). On each Earnout Achievement Date, the Class A-2 Units will automatically convert into Class A-1 Units based on an earnout exchange ratio, which is equal to $10.66 divided by the then current value of our Class A-1 Units, as provided in the Operating Partnership Agreement.

The Class A-2 Units conversion rights will expire seven years following the closing date of the Self Administration Transaction. Notwithstanding the foregoing, the earnout consideration will be earned and automatically convert in the event of an “Earnout Acceleration Event” (as defined in the Operating Partnership Agreement), which includes each of the following: certain change of control events (as described in the Operating Partnership Agreement), or H. Michael Schwartz being removed either as a member of our board of directors or as one of our executive officers for any reason other than for cause.

On March 24, 2021, we, as the general partner of our Operating Partnership, entered into Amendment No. 3 (the “Amendment”) to the Operating Partnership Agreement, to make certain revisions to Exhibit D (Description of Class A-2 Units) to the Operating Partnership Agreement.

The Amendment (i) revised the definition of “AUM” in connection with the earnout of the Class A-2 Units so that it (A) includes assets acquired by us and our affiliates and (B) includes 100% of any joint venture assets, rather than a pro rata percentage, and (ii) clarifies that the Class A-2 Units may be transferred after the two-year holding period.

On March 24, 2021, 1,094,434 Class A-2 Units held by SS OP Holdings, were converted into 1,121,795 Class A-1 Units pursuant to the achievement of the first tier of earnout consideration. The fair value of the contingent earnout liability was reduced as the Class A-2 Units were converted into Class A-1 Units in our Operating Partnership and the fair value of such units was reclassified to the noncontrolling interest in our Operating Partnership line in the equity section of our consolidated balance sheet.

On October 19, 2021, the Nominating and Corporate Governance Committee of our board of directors and our board of
directors approved resolutions providing that the denominator in the calculation of the earnout exchange ratio will be $10.66
(the value of the Class A common stock at the time of the Self Administration Transaction, pursuant to which the earnout was established) for the subsequent 12 months, until October 19, 2022. Thereafter the denominator in the calculation of the earnout exchange ratio will be as provided in the Operating Partnership Agreement.

On March 29, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the second tier of earnout consideration. The fair value of the contingent earnout liability was reduced as the Class A-2 Units were converted into Class A-1 Units in our Operating Partnership and the fair value of such units was reclassified to the noncontrolling interest in our Operating Partnership line in the equity section of our consolidated balance sheet.

As of June 30, 2022, pursuant to the revised definition of “AUM” as described above, we had added incremental assets under management of approximately $669.2 million, and the estimated fair value of the contingent earnout liability was approximately $15.8 million.

On August 9, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the third and final tier of earnout consideration.

Distribution Reinvestment Plan

We have adopted an amended and restated distribution reinvestment plan (our "DRP") that allows both our Class A and Class T stockholders to have distributions otherwise distributable to them invested in additional shares of our Class A and Class T Shares, respectively. The purchase price per share pursuant to our DRP is equivalent to the estimated value per share approved by our board of directors and in effect on the date of purchase of shares under the plan. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on October 19, 2021, beginning in October 2021, shares sold pursuant to our distribution reinvestment plan were and will continue to be sold at our new estimated value per share of $15.08 per Class A Share and Class T Share.

As described below, on March 7, 2022, our board of directors approved the suspension of our DRP, effective on April
15, 2022.

Share Redemption Program

As described in Note 2 – Redeemable Common Stock, we have an SRP, which is fully suspended. Pursuant to the SRP, we may redeem the shares of stock presented for redemption for cash to the extent that such requests comply with the below terms of our SRP and we have sufficient funds available to fund such redemption.

Our board of directors may amend, suspend or terminate the SRP with 30 days’ notice to our stockholders. We may provide this notice by including such information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders.

On August 20, 2020, our board of directors determined that it would be in the best interests of the Company to amend the terms of the SRP to revise the redemption price per share for all redemptions under the SRP to be equal to the most recently published estimated net asset value per share of the applicable share class (the “SRP Amendment”). Prior to the SRP Amendment, the redemption amount was the lesser of the amount the stockholders paid for their shares or the price per share in the current offering. On October 19, 2021, we declared a new estimated net asset value per share and the redemption price under our SRP immediately changed to $15.08 (our current estimated net asset value per share).

There are several limitations in addition to those noted above on our ability to redeem shares under the SRP including, but not limited to:

•During any calendar year, we will not redeem in excess of 5% of the weighted-average number of shares outstanding during the prior calendar year.

•The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan, less any prior redemptions.

•We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency.

For the year ended December 31, 2021, we received redemption requests totaling approximately $5.6 million (approximately 0.4 million shares), approximately $3.9 million of which were fulfilled during the year ended December 31, 2021, with the remaining approximately $1.7 million included in accounts payable and accrued liabilities as of December 31, 2021 and fulfilled in January 2022.

As described below, on March 7, 2022, our board of directors approved the complete suspension of our SRP, effective immediately.

Suspension of DRP and SRP

In connection with a review of liquidity alternatives by our Board, on March 7, 2022, the Board approved the full suspension of our DRP and SRP. Under our DRP, the Board may amend, modify, suspend or terminate our plan for any reason upon 10 days’ written notice to the participants.

Consistent with the terms of our DRP, distributions declared by the Board for the month of February 2022, which were paid on or about March 15, 2022, were not affected by this suspension. However, beginning with the distributions declared by the Board for the month of March 2022, which were paid in April 2022, and continuing until such time as the Board may approve the resumption of the DRP, if ever, all distributions declared by the Board will be paid to our stockholders in cash.

Prior to the suspension of our share redemption program, consistent with its terms, all redemption requests received, and not withdrawn, on or prior to the last day of the applicable quarter were processed on the last business day of the month following the end of the quarter in which the redemption requests were received. Accordingly, redemption requests received during the fourth quarter of 2021 were processed on January 31, 2022, and redemption requests received during the first quarter of 2022 ordinarily would have needed to be received on or prior to March 31, 2022 and would have been processed on April 30, 2022. However, the effective date of the aforementioned suspension of our share redemption program occurred prior to March 31, 2022. Accordingly, any redemption requests received during the first six months of 2022, or any future quarter, will not be processed until such time as the Board may approve the resumption of our share redemption program, if ever.

Operating Partnership Redemption Rights

Generally, the limited partners of our Operating Partnership, excluding any limited partners with respect to their Class A-2 Units, have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year.

Additionally, the Class A-1 Units issued in connection with the Self Administration Transaction are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership.

Other Contingencies

We have a severance plan which covers certain officers; this plan provides for severance payments upon certain events, including after a change of control.

Additionally, as of June 30, 2022 and December 31, 2021, pursuant to the SST VI Mezzanine Loan, we were potentially required to fund an additional $38.2 million, in debt to SST VI at their option.

See Note 9 – Related Party Transactions for more information about our obligations under these agreements.

From time to time, we are party to legal, regulatory and other proceedings that arise in the ordinary course of our business. In accordance with applicable accounting guidance, management accrues an estimated liability when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. We are not aware of any such proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition.

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Declaration of Distributions

6 Months Ended

Jun. 30, 2022

Dividends [Abstract]

Declaration of Distributions

Note 12. Declaration of Distributions

On June 23, 2022, our board of directors declared a distribution rate for the month of July 2022 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on July 1, 2022 and ending July 31, 2022. Such distributions payable to each stockholder of record during a month will be paid the following month.

On July 21, 2022, our board of directors declared a distribution rate for the month of August 2022 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on August 1, 2022 and ending August 31, 2022. Such distributions payable to each stockholder of record during a month will be paid the following month.

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Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 13. Subsequent Events

On August 9, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the third and final tier of earnout consideration.

On July 8, 2022, SST VI borrowed $7.2 million pursuant to the SST VI Mezzanine Loan and we were potentially required to fund an additional $31 million as of such date pursuant to the SST VI Mezzanine Loan.

On August 9, 2022, in connection with SSGT III's acquisition of two self storage facilities, SmartStop OP, L.P. entered into a mezzanine loan agreement with SSGT III Mezz, LLC for up to $50.0 million (the "SSGT III Mezzanine Loan Facility"), of which $42.0 million was funded as an initial draw at the time of closing. The SSGT III Mezzanine Loan Facility requires a commitment fee equal to 1.0% of the amount drawn at each closing of the SSGT III Mezzanine Loan Facility. The SSGT III Mezzanine Loan Facility is secured by a pledge of the equity interest in the indirect, wholly-owned subsidiaries of SSGT III that collectively currently own two self storage facilities in Florida. SS Growth Operating Partnership III, L.P. also serves as a non-recourse guarantor.

The interest rate on the SSGT III Mezzanine Loan Facility is a variable rate equal to SOFR plus 3.5%. Payments on the SSGT III Mezzanine Loan Facility are interest only until August 9, 2023, which is the initial maturity date of the SSGT III Mezzanine Loan Facility. SSGT III may, in certain circumstances, extend the ultimate maturity date of the SSGT III Mezzanine Loan Facility through August 9, 2023 upon written notice to us, in which event the interest rate of the SSGT III Mezzanine Loan Facility will increase to SOFR plus 4.5% per annum. The SSGT III Mezzanine Loan Facility may be prepaid in whole or in part at any time without fees or penalty and, in certain circumstances, equity interests securing the SSGT III Mezzanine Loan Facility may be released from the pledge of collateral. As of August 9, 2022, SSGT III OP had borrowed $42.0 million pursuant to the SSGT III Mezzanine Loan Facility and we were potentially required to fund an additional $8.0 million.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.

Principles of Consolidation

Principles of Consolidation

Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

Strategic Storage Operating Partnership VI, L.P. (“SST VI OP”), the operating partnership of SST VI, and its wholly-owned subsidiaries, were consolidated by us until May 1, 2021. From March 10, 2021 (the date of our initial investment in SST VI OP) until May 1, 2021, the portion not wholly-owned by us was presented as noncontrolling interests, and all intercompany accounts and transactions were eliminated in consolidation during that period.

Consolidation Considerations

Consolidation Considerations

Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest.

Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as we are currently the primary beneficiary. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly-owned subsidiaries.

From March 10, 2021 until May 1, 2021, we were deemed to be the primary beneficiary of SST VI OP, and their operations were therefore consolidated by us. Subsequent to May 1, 2021, we are no longer the primary beneficiary, and their operations are no longer consolidated by us.

On March 1, 2022, Pacific Oak Holding Group, LLC, the parent company of Pacific Oak Capital Markets, LLC, the dealer manager for the public offering of SST VI, became a 10% non-voting member of Strategic Storage Advisor VI, LLC, our advisor to SST VI (the "SST VI Advisor"). We continue to be the primary beneficiary of SST VI Advisor, and their operations therefore continue to be consolidated by us.

As of June 30, 2022 and December 31, 2021, we were not a party to any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres, which are all accounted for under the equity method of accounting (see Note 4 – Investments in Unconsolidated Real Estate Ventures for additional information), and our Tenant Protection Programs joint ventures with SST VI, SSGT III, SSGT II (through June 1, 2022) which are consolidated.

Equity Investments

Equity Investments

Under the equity method, our investments are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments.

Investments in and Advances to Managed REITs

Investments in and Advances to Managed REITs

As of June 30, 2022 and December 31, 2021, we owned equity and debt investments with a carrying value of approximately $10.6 million and $11.0 million, respectively, in the Managed REITs; such amounts are included in Investments in and advances to Managed REITs within our consolidated balance sheets. We account for the equity investments using the equity method of accounting as we have the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through our advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the respective Managed REIT’s earnings and reduced by distributions. We

record the interest on the debt investments on the accrual basis and such income is included in other in our consolidated statements of operations.

Also included in Investments in and advances to Managed REITs as of June 30, 2022 and December 31, 2021 are receivables from the Managed REITs of approximately $0.7 million and $1.4 million, respectively. For additional discussion, see Note 9 – Related Party Transactions.

Noncontrolling Interest in Consolidated Entities

Noncontrolling Interest in Consolidated Entities

We account for the noncontrolling interests in our Operating Partnership and the noncontrolling interests in SST VI Advisor and our Tenant Protection Programs joint ventures with SST VI, SSGT III, and SSGT II (prior to the SSGT II Merger on June 1, 2022) in accordance with the related accounting guidance.

Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as noncontrolling interests in the accompanying consolidated balance sheets. We also consolidate our interests in SST VI Advisor as well as the SST VI, SSGT III, and SSGT II (prior to the SSGT II Merger on June 1, 2022) Tenant Protection Programs and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interests balance.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the ongoing fair value determination of contingent liabilities, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles.

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.

We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions.

Restricted Cash

Restricted Cash

Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements.

Real Estate Purchase Price Allocation and Treatment of Acquisition Costs

Real Estate Purchase Price Allocation and Treatment of Acquisition Costs

We account for asset acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values as of the date of acquisition. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. We engage third-party valuation specialists to assist in the determination of significant estimates and market-based assumptions used in the valuation models.

The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $10.5 million and $21.0 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended

June 30, 2022 and 2021, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent.

Allocation of purchase price to acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available.

Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the six months ended June 30, 2022 and 2021, our property acquisitions, including the SST IV Merger and the SSGT II Merger, did not meet the definition of a business because substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisitions did not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, once an acquisition is deemed probable, acquisition related transaction costs are capitalized rather than expensed.

During the three months ended June 30, 2022 and 2021, we expensed approximately $285,000 and $30,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.

During the six months ended June 30, 2022 and 2021, we expensed approximately $0.7 million and $0.3 million respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.

Purchase Price Allocation for the Acquisition of a Business

Purchase Price Allocation for the Acquisition of a Business

Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our consolidated financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized.

Evaluation of Possible Impairment of Real Property Assets

Evaluation of Possible Impairment of Real Property Assets

Management monitors events and changes in circumstances that could indicate that the carrying amounts of our real property assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the real property assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property assets to the fair value and recognize an impairment loss. For the three and six months ended June 30, 2022 and 2021, no real property asset impairment losses were recognized.

Goodwill Valuation

Goodwill Valuation

We initially recorded goodwill as a result of the Self Administration Transaction (as defined in Note 9 – Related Party Transactions), which occurred in 2019. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. As of each year end, we perform an impairment test for goodwill, and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. For the three and six months ended June 30, 2022 and 2021, no goodwill impairment losses were recognized.

Trademarks

Trademarks

In connection with the Self Administration Transaction, we recorded the fair value associated with the two primary trademarks acquired therein. Prior thereto we had no amounts recorded related to trademarks.

Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name.

As of June 30, 2022 and December 31, 2021, $15.7 million was recorded related to the SmartStop® Self Storage trademark, which is an indefinite lived trademark. As of June 30, 2022 and December 31, 2021, approximately $0.3 million and $0.4 million, respectively, was recorded to the “Strategic Storage®” trademark, which is a definite lived trademark. The total estimated future amortization expense of the “Strategic Storage®” trademark asset for the years ending December 31, 2022, 2023, 2024, and thereafter is approximately $70,000, $140,000, $70,000 and none thereafter, respectively.

We qualitatively evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future. For the three and six months ended June 30, 2022 and 2021, no trademark impairment losses were recognized.

Revenue Recognition

Revenue Recognition

Self Storage Operations

Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets, and contractually due but unpaid rent is included in other assets.

Additionally, we earn ancillary revenue at our self storage facilities in connection with our Tenant Protection Programs and to a lesser extent, through the sale of various moving and packing supplies such as locks and boxes. We recognize such revenue in the Ancillary operating revenue line within our consolidated statements of operations as the services are performed and as the goods are delivered.

Managed REIT Platform

We earn property management and asset management fee revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations.

The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. The Managed REITs’ property management agreements also provide reimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties.

Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations.

Additionally, we earn revenue in connection with our Tenant Protection Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations as the services are performed or delivered. See Note 9 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records this general allowance estimate based upon a review of the current status of accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. As of June 30, 2022 and December 31, 2021, approximately $0.5 million and $0.5 million were recorded to allowance for doubtful accounts, respectively.

Advertising Costs

Advertising Costs

Advertising costs are expensed in the period in which the cost is incurred and are included in property operating expenses and general and administrative lines within our consolidated statements of operations, depending on the nature of the expense. The Company incurred advertising costs of approximately $1.1 million and $1.0 million for the three months ended June 30, 2022 and 2021, respectively, within property operating expenses, and approximately $0.3 million and $0.3 million for the three months ended June 30, 2022, and 2021, respectively, within general and administrative. The Company incurred advertising costs of approximately $2.1 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, within property operating expenses, and approximately $0.4 million and $0.4 million for the six months ended June 30, 2022, and 2021, respectively, within general and administrative.

Real Estate Facilities

Real Estate Facilities

We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use.

Depreciation of Real Property Assets

Depreciation of Real Property Assets

Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives.

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	30-40 years
Site Improvements	7-10 years

Depreciation of Personal Property Assets

Depreciation of Personal Property Assets

Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives, generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets.

Intangible Assets

Intangible Assets

We have allocated a portion of our real estate purchase price to in-place lease intangibles. We amortize in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of June 30, 2022 the gross amount allocated to

in-place lease intangibles was approximately $68.3 million and accumulated amortization of in-place lease intangibles totaled approximately $54.0 million. As of December 31, 2021, the gross amounts allocated to in-place lease intangibles were approximately $68.6 million and accumulated amortization of in-place lease intangibles totaled approximately $56.8 million.

The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2022, 2023, 2024, 2025, 2026 and thereafter is approximately $6.7 million, $6.4 million, $0.1 million, $0.1 million, $0.1 million, and $0.8 million, respectively.

In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the tenant protection programs (“Tenant Protection Programs”) joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships.

As of June 30, 2022, the gross amount of the intangible assets related to management contracts and one purchase and sale contract, which is not amortized, for a self storage property was approximately $8.3 million and accumulated amortization of those intangibles totaled approximately $0.2 million. As of December 31, 2021, the gross amount of the intangible assets related to management contracts was approximately $6.8 million and accumulated amortization of those intangibles totaled approximately $4.3 million. In connection with the SSGT II Merger, we wrote-off the carrying value of the intangible assets related to the SSGT II property management and advisory agreements. See Note 9 – Related Party Transactions for additional information.

The total estimated future amortization expense for such intangible assets for the years ending December 31, 2022, 2023, 2024, and thereafter is approximately $27,000, $55,000, $54,000, and none thereafter, respectively.

We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future.

Debt Issuance Costs

Debt Issuance Costs

The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt; amounts incurred related to obtaining revolving debt are included in the debt issuance costs line on our consolidated balance sheet (see Note 5 - Debt). Debt issuance costs are amortized using the effective interest method.

As of June 30, 2022 the gross amount of debt issuance costs related to our revolving credit facility totaled approximately $4.4 million and accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.6 million. As of December 31, 2021, the gross amount of debt issuance costs related to our revolving credit facility totaled approximately $4.1 million, and accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $0.8 million.

As of June 30, 2022, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $7.0 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $2.0 million. As of December 31, 2021, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $5.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $1.9 million.

Organizational and Offering Costs

Organizational and Offering Costs

Through March 31, 2022, we paid our Former Dealer Manager an ongoing stockholder servicing fee that was payable monthly and accrued daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. In accordance with the selling agreements we entered into with respect to the sale of Class T Shares, we ceased paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated (March 31, 2022). Our Former Dealer Manager entered into participating dealer agreements with certain other broker dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Former Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Former Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Former Dealer Manager, payment of attendance fees required for employees of our Former Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. We recorded a liability within due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost.

Foreign Currency Translation

Foreign Currency Translation

For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in investments not classified as long term are recorded in other income (expense) and represented a loss of approximately $4.4 million and $0.4 million for the three months ended June 30, 2022 and 2021, respectively, and represented a loss of approximately $2.4 million and $0.3 million for the six months ended June 30, 2022 and 2021, respectively.

Redeemable Common Stock

Redeemable Common Stock

We adopted a share redemption program (“SRP”) that enables stockholders to sell their shares to us in limited circumstances.

We record amounts that are redeemable under the SRP as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our SRP is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets.

In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. When we determine we have a mandatory obligation to repurchase shares under the SRP, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values.

On August 26, 2019, our board of directors approved a partial suspension of our SRP, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances. In order to preserve cash in light of the uncertainty relating to COVID-19 and its potential impact on our overall financial results, on March 30, 2020, our board of directors approved the complete suspension of our SRP, effective on April 29, 2020. Due to the complete suspension, we were unable to honor redemption requests made during the quarter ended March 31, 2020 or the quarter ended June 30, 2020.

On August 20, 2020, our board of directors determined that it would be in our best interests to partially reinstate the SRP, effective as of September 23, 2020.

On March 7, 2022, our board of directors approved the complete suspension of the Company's SRP. See Note 11 – Commitments and Contingencies for additional information.

For the year ended December 31, 2021, we received redemption requests totaling approximately $5.6 million (approximately 0.4 million shares), approximately $3.9 million of which were fulfilled during the year ended December 31, 2021, with the remaining approximately $1.7 million included in accounts payable and accrued liabilities as of December 31, 2021 and fulfilled in January 2022.

For the six months ended June 30, 2022, we received redemption requests totaling approximately $2.1 million (approximately 0.1 million shares). Due to the complete suspension of our SRP we were unable to honor redemption requests made during the quarter ended March 31, 2022 or the quarter ended June 30, 2022.

Accounting for Equity Awards

Accounting for Equity Awards

We issue equity based awards generally in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”), both of which may be issued subject to either time based vesting criteria or performance based vesting criteria restrictions. For time based awards granted which contain a graded vesting schedule, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For performance based awards, compensation cost is recognized over the requisite service period if and when we determine the performance condition is probable of being achieved. We record the cost of such equity based awards based on the grant date fair value, and have elected to record forfeitures as they occur.

Employee Benefit Plan

Employee Benefit Plan

The Company terminated its relationship with a professional employer organization and began maintaining its own retirement savings plan in May of 2021 under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 100% of their annual salary, subject to a statutory prescribed annual limit.

For the three months ended June 30, 2022 and 2021, and for the six months ended June 30, 2022 and 2021, the Company made matching contributions to such plan of approximately $0.1 million and $0.1 million, $0.2 million, and $0.1 million, respectively, based on a company match of 100% on the first 4% of an employee’s compensation.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting.

For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated.

Income Taxes

Income Taxes

We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not equal net income as calculated in accordance with GAAP). For income tax purposes, distributions to common stockholders are characterized as ordinary dividends, capital gain dividends, or as nontaxable distributions. To the extent that we make a distribution in excess of our current or accumulated earnings and profits, the distribution will be a non-taxable return of capital, reducing the tax basis in each U.S. stockholder’s shares, and the amount of each distribution in excess of a U.S. stockholder’s tax basis in its shares will be taxable as gain realized from the sale of its shares. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes.

Even if we continue to qualify for taxation as a REIT, we may be subject to certain state, local, and foreign taxes on our income and property, and federal income and excise taxes on our undistributed income.

We filed an election to treat SmartStop TRS as a taxable REIT subsidiary effective January 1, 2014. We have other TRS Entities for which we have made similar elections. In general, our TRS Entities perform additional services for our customers and provide the advisory and property management services to the Managed REITs and otherwise generally engages in any real estate or non-real estate related business. The TRS Entities are subject to corporate federal and state income tax.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. As of June 30, 2022, the net deferred tax liability of approximately $6.8 million was comprised of a deferred tax liability of approximately $40,000 related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $6.7 million recorded at certain of our Canadian entities’

properties. The $6.7 million net deferred tax liability is comprised of a gross deferred tax liability of approximately $10.7 million, net of a gross deferred tax asset of approximately $3.9 million.

As of December 31, 2021, the net deferred tax liability of approximately $7.7 million was comprised of a deferred tax liability of approximately $0.6 million related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $7.1 million recorded at certain of our Canadian entities’ properties. The $7.1 million net deferred tax liability related to our Canadian entities' properties is comprised of a gross deferred tax liability of approximately $10.2 million, net of a gross deferred tax asset of approximately $3.1 million.

The income tax impact for the three months ended June 30, 2022 and 2021 includes a deferred tax benefit of approximately $1.0 million and $0.1 million, respectively, and a current tax expense of approximately $0.1 million and $0.1 million, respectively.

The income tax impact for the six months ended June 30, 2022 and 2021 includes a deferred tax benefit of approximately $0.8 million and $2.0 million, respectively, and a current tax expense of approximately $0.2 million and $0.1 million, respectively.

At June 30, 2022 and December 31, 2021, there were unrecognized tax benefits of approximately $4.5 million and $3.7 million, respectively. These unrecognized tax benefits represent the tax benefit from the carry forward of non-capital losses at certain of our Canadian properties for Canadian income tax purposes which we have recorded a full valuation allowance against.

As of June 30, 2022 and December 31, 2021, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable are classified within accounts payable and accrued liabilities in the consolidated balance sheets. As of June 30, 2022, the tax years 2017-2020 remain open to examination by the major taxing jurisdictions to which we are subject.

Concentration

Concentration

No single self storage customer represents a significant concentration of our revenues. For the month of June 2022, approximately 22.3%, 20.4%, and 10.5% of our rental income was concentrated in Florida, California, and the Greater Toronto Area of Canada, respectively. For the month of June 2021, approximately 21.3%, 20.9%, and 12.2% of our rental income was concentrated in California, Florida, and the Greater Toronto Area of Canada, respectively. Our properties within the aforementioned geographic areas are dispersed therein, operating in multiple different regions and sub-markets.

Segment Reporting

Segment Reporting

Our business is composed of two reportable segments: (i) self storage operations and (ii) the Managed REIT Platform business. Please see Note 8 – Segment Disclosures for additional detail.

Convertible Preferred Stock

Convertible Preferred Stock

We classify our Series A Convertible Preferred Stock (as defined in Note 6 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480‑10‑S99. Our Series A Convertible Preferred Stock can be redeemed by us on or after the fifth anniversary of its issuance, or if certain events occur, such as the listing of our common stock on a national securities exchange, a change in control, or if a redemption would be required to maintain our REIT status. Additionally, if we do not maintain our REIT status the holder can require redemption. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series A Convertible Preferred Stock as temporary equity.

We have analyzed whether the conversion features in our Series A Convertible Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary.

Recently Adopted/ Issued Accounting Guidance

Recently Adopted Accounting Guidance

In August 2020, the FASB issued ASU 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)." The new guidance simplifies the accounting for convertible instruments and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity. Additionally, this standard amends the related earnings per share guidance. The guidance in ASU 2020-06 became effective for fiscal years beginning after December 15, 2021. Our adoption of this standard did not have a material impact on the consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)." ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We elected to apply expedients related to contract modifications, changes in critical terms, and our assessments of effectiveness for designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients on such qualifying changes maintains the consistency of our presentation of debt and derivative contracts.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Estimated Useful Lives used to Depreciate Real Property Assets

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	30-40 years
Site Improvements	7-10 years

Summary of Fixed Rate Notes Payable

The table below summarizes our fixed rate notes payable at June 30, 2022 and December 31, 2021. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange.

	June 30, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Fixed Rate Secured Debt	$	429,550,000	$	443,935,718	$	353,600,000	$	340,967,113

Schedule of Computation of Earnings Per Common Share

The computation of earnings per common share is as follows for the periods presented:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Net income (loss)	$	14,013,122		$	(1,310,838	)	$	17,282,581		$	(13,614,304	)
Net (income) loss attributable to noncontrolling            interests		(1,758,141	)		546,092			(2,161,963	)		2,023,086
Net income (loss) attributable to SmartStop     Self Storage REIT, Inc.		12,254,981			(764,746	)		15,120,618			(11,591,218	)
Less: Distributions to preferred stockholders		(3,116,439	)		(3,116,438	)		(6,198,631	)		(6,198,630	)
Less: Distributions to participating securities		(69,907	)		(61,359	)		(141,275	)		(122,043	)
Net income (loss) attributable to common        stockholders - basic:		9,068,635			(3,942,543	)		8,780,712			(17,911,891	)
Net income (loss) attributable to common        stockholders - diluted:	$	9,068,635		$	(3,942,543	)	$	8,780,712		$	(17,911,891	)
Weighted average common shares        outstanding:
Average number of common shares           outstanding- basic		88,982,266			83,955,753			87,010,958			74,196,569
Unvested LTIP Units		379,744			-			342,460			-
Unvested Restricted Stock Awards		146,163			-			136,156			-
Average number of common shares           outstanding - diluted		89,508,173			83,955,753			87,489,574			74,196,569
Earnings per common share:
Basic	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)
Diluted	$	0.10		$	(0.05	)	$	0.10		$	(0.24	)

Summary of Antidilutive Shares Excluded from Computation of Earnings per Share

The following table presents the weighted average Series A Convertible Preferred Stock, Class A and Class A-1 OP Units, unvested LTIP Units, and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the two-class, treasury stock or if-converted method, as applicable:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
	Equivalent Shares (if converted)		Equivalent Shares (if converted)		Equivalent Shares (if converted)		Equivalent Shares (if converted)
Series A Convertible Preferred Stock		18,761,726		18,761,726		18,761,726		18,761,726
Class A and Class A-1 OP Units		11,496,892		10,270,455		10,959,537		9,762,238
Unvested LTIP Units		-		122,452		-		92,150
Unvested restricted stock awards		-		116,827		-		108,396
		30,258,618		29,271,460		29,721,263		28,724,510

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Real Estate Facilities (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Activity in Real Estate Facilities

The following summarizes the activity in real estate facilities during the six months ended June 30, 2022:

Real estate facilities
Balance at December 31, 2021	$	1,593,623,628
Facilities acquired through merger with SSGT II		228,359,718
Other facility acquisitions		69,981,850
Impact of foreign exchange rate changes		(3,110,708	)
Improvements and additions		1,958,786
Balance at June 30, 2022	$	1,890,813,274
Accumulated depreciation
Balance at December 31, 2021	$	(155,926,875	)
Depreciation expense		(22,481,157	)
Impact of foreign exchange rate changes		378,829
Balance at June 30, 2022	$	(178,029,203	)

Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SST IV

Merger:

Assets Acquired:
Land	$	54,385,560
Buildings		257,618,228
Site improvements		12,340,848
Construction in process		1,467,090
Intangible assets		20,052,449
Investments in real estate joint ventures		17,495,254
Cash and cash equivalents, and restricted cash		7,763,490
Other assets		4,145,394
Total assets acquired	$	375,268,313
Liabilities assumed:
Debt(1)	$	81,165,978
Accounts payable and other liabilities		8,074,162
Total liabilities assumed	$	89,240,140
Total net assets acquired	$	286,028,173

(1)Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 5 – Debt, for additional information.

Summary of Purchase Price Allocation for Acquisitions

The following table summarizes the purchase price allocation for the real estate related assets acquired during the six months ended June 30, 2022:

Acquisition	Acquisition Date	Real Estate Assets		Intangibles			Total(1)		2022 Revenue(2)		2022 Net Operating Income(2)(3)
Algonquin, IL	2/8/2022	$	18,156,701	$	849,414		$	19,006,115	$	516,959	$	303,046
Sacramento II, CA	5/10/2022	$	24,625,559	$	754,564		$	25,380,123	$	207,535	$	117,222
St Johns, FL	5/17/2022	$	15,531,636	$	773,279		$	16,304,915	$	128,416	$	90,565
SSGT II (4)	6/1/2022	$	228,359,718	$	7,732,962	(5)	$	236,092,680	$	1,190,997	$	829,283
Aurora III, CO	6/28/2022	$	11,667,954	$	343,779		$	12,011,733	$	3,940	$	14

(1)The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.

(2)The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their respective acquisition dates.

(3)Net operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.

(4)This acquisition consisted of ten properties, three in Florida, one in Wisconsin, two in Washington, one in Texas, one in California, one in Arizona, and one in Nevada. Other assets and liabilities were also acquired in this acquisition, which are not described immediately above, refer to the disclosure within this footnote to the financial statements above for additional information.

(5)This represents the value of the in place lease intangible assets acquired in the SSGT II Merger, and excludes the approximately $8.0 million of value assigned to a purchase and sale agreement contract intangible asset acquired in the SSGT II Merger related to a property in San Gabriel, California.

Strategic Storage Trust IV, Inc.

Summary of Reconciles Total Consideration Transferred

The following table reconciles the total consideration transferred in the SST IV Merger:

Fair value of consideration:
Common stock issued	$	231,412,470
Cash(1)		54,250,000
Other		365,703
Total consideration	$	286,028,173

(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.

S S G T I I Merger Agreement

Summary of Reconciles Total Consideration Transferred

The following table reconciles the total consideration transferred in the SSGT II Merger:

Fair value of consideration:
Common stock issued	$	168,791,577
Cash(1)		76,300,006
Preexisting investments in and advances to SSGT II(2)		16,066,930
Total consideration	$	261,158,513

(1) The approximately $76.3 million in cash was primarily used to pay off approximately $75.1 million of SSGT II's debt that we did not assume in the SSGT II Merger, as well as approximately $1.2 million in transaction costs.

(2) Upon our acquisition of SSGT II, we recorded a gain of approximately $16.1 million to record the then fair market value of our special limited partnership interest in SSGT II operating partnership.

Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT II

Merger:

Assets Acquired:
Land	$	21,111,616
Buildings		201,026,974
Site improvements		6,221,128
Construction in process		252,925
Intangible assets (1)		15,688,002
Investments in real estate joint ventures		7,394,539
Cash and cash equivalents, and restricted cash		10,759,283
Other assets		847,359
Total assets acquired	$	263,301,826
Liabilities assumed:
Total liabilities assumed (2)	$	2,143,313
Total net assets acquired	$	261,158,513

(1) Approximately $8.0 million of the intangible assets acquired relates to the value of a purchase and sale agreement for the acquisition of a property in San Gabriel, CA that we assumed in the SSGT II Merger. The remainder of the intangible asset relates to value ascribed to the in-place leases on the properties acquired.

(2) Liabilities assumed represents accounts payable and other liabilities.

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Investments in Unconsolidated Real Estate Ventures (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments And Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Real Estate Ventures

The following table summarizes our 50% ownership interests in investments in unconsolidated real estate ventures in Canada (the "JV Properties"):

JV Property	Date Real Estate Venture Became Operational	Carrying Value of Investment as of June 30, 2022		Carrying Value of Investment as of December 31, 2021
Dupont (1)	October 2019	$	4,582,357	$	-
East York (2)	June 2020		6,344,943		6,393,576
Brampton (2)	November 2020		2,283,770		2,354,346
Vaughan (2)	January 2021		2,796,457		2,871,265
Oshawa (2)	August 2021		1,633,652		1,801,413
Scarborough (2)	November 2021		2,557,402		2,862,677
Aurora (1)	Under Development		1,847,880		-
Markham (1)	Under Development		1,025,413		-
Kingspoint (2)	Under Development		3,015,293		2,660,007
Regent (3)	Under Development		2,781,390		-
		$	28,868,557	$	18,943,284

(1)These joint venture properties were acquired through the SSGT II Merger.

(2)These joint venture properties were acquired through the SST IV Merger.

(3)This property is currently leased as a single tenant industrial lease. The joint venture plans to develop this property into a self storage facility in the future.

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Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Summarized Real Estate Secured Debt

The Company’s debt is summarized as follows:

Loan	June 30, 2022			December 31, 2021			Interest Rate			Maturity Date
KeyBank CMBS Loan(1)	$	93,625,175		$	94,459,583			3.89	%	8/1/2026
KeyBank Florida CMBS Loan(2)		51,940,086			52,000,000			4.65	%	5/1/2027
Midland North Carolina CMBS Loan(3)		-			45,758,741
CMBS Loan(4)		104,000,000			104,000,000			5.00	%	2/1/2029
SST IV CMBS Loan(6)		40,500,000			40,500,000			3.56	%	2/1/2030
SST IV TCF Loan(6)(7)		-			40,782,500
Credit Facility Term Loan - USD (6)		250,000,000			250,000,000			3.10	%	3/17/2026
Credit Facility Revolver - USD (6)		321,201,288			233,201,288			3.15	%	3/17/2024
2032 Private Placement Notes (6)		150,000,000			-			4.53	%	4/19/2032
Oakville III BMO Loan (5)(6)		12,603,501			12,795,250			4.48	%	5/16/2024
Ladera Office Loan		3,970,061			4,014,185			4.29	%	11/1/2026
Premium (discount) on secured debt, net		(99,605	)		234,604
Debt issuance costs, net		(4,992,394	)		(3,879,296	)
Total debt	$	1,022,748,112		$	873,866,855

(1)This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(2)This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(3)This fixed rate loan encumbered 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly. This loan was fully defeased on May 19, 2022 for approximately $47.9 million, inclusive of loan defeasance costs. In connection with this loan defeasance, we recorded a net loss on extinguishment of debt of approximately $2.4 million.

(4)This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

(5)The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.

(6)For additional information regarding this loan, see below.

(7)This loan was fully paid off on April 28, 2022 in the amount of $40.9 million. There were no prepayment penalties for this pay off.

Future Principal Payment Requirements on Outstanding Debt

The following table presents the future principal payment requirements on outstanding debt as of June 30, 2022:

2022	$	1,270,186
2023		2,639,402
2024		336,539,683
2025		2,869,187
2026		341,916,098
2027 and thereafter		342,605,555
Total payments		1,027,840,111
Discount on secured debt		(99,605	)
Debt issuance costs, net		(4,992,394	)
Total	$	1,022,748,112

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments

The following table summarizes the terms of our derivative financial instruments as of June 30, 2022:

	Notional Amount			Strike	Effective Date	Maturity Date
Interest Rate Derivative:
SOFR Cap	$	125,000,000		1.75%	June 1, 2022	June 30, 2023
SOFR Cap		125,000,000		2.00%	June 1, 2022	June 28, 2024
Foreign Currency Forward:
Denominated in CAD	$	125,925,000	(1)	1.2593	April 12, 2021	April 12, 2023
Denominated in CAD		126,165,000	(1)	1.2617	April 12, 2022	October 12, 2022

(1)Notional amounts shown are denominated in CAD.

The following table summarizes the terms of our derivative financial instruments as of December 31, 2021:

	Notional Amount			Strike	Effective Date	Maturity Date
Interest Rate Swap:
LIBOR Swap	$	235,000,000		1.79%	June 15, 2019	February 15, 2022
Foreign Currency Forward:
Denominated in CAD	$	125,925,000	(1)	1.2593	April 12, 2021	April 12, 2023
Denominated in CAD		122,020,000	(1)	1.2202	May 6, 2021	April 12, 2022

Notional amount shown is denominated in CAD.

Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets

The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of June 30, 2022 and December 31, 2021:

	Asset/Liability Derivatives
	Fair Value
Balance Sheet Location	June 30, 2022		December 31, 2021
Interest Rate Derivatives
Accounts payable and accrued liabilities	$	—	$	490,341
Other assets		4,402,339		—
Foreign Currency Hedges
Other assets	$	4,031,357	$	4,261,100

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Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Reportable Segments

The following tables summarize information for the reportable segments for the periods presented:

	Three Months Ended June 30, 2022
				Managed REIT		Corporate
	Self Storage			Platform		and Other			Total
Revenues:
Self storage rental revenue	$	46,471,360		$	—	$	—		$	46,471,360
Ancillary operating revenue		2,098,835			—		—			2,098,835
Managed REIT Platform revenue		—			2,013,134		—			2,013,134
Reimbursable costs from Managed REITs		—			1,204,919		—			1,204,919
Total revenues		48,570,195			3,218,053		—			51,788,248
Operating expenses:
Property operating expenses		13,637,231			—		—			13,637,231
Managed REIT Platform expense		—			617,846		—			617,846
Reimbursable costs from Managed REITs		—			1,204,919		—			1,204,919
General and administrative		—			—		7,946,583			7,946,583
Depreciation		11,654,085			—		172,021			11,826,106
Intangible amortization expense		4,312,249			159,724		—			4,471,973
Acquisition expenses		285,097			—		—			285,097
Contingent earnout expense		—			800,000		—			800,000
Write-off of equity interest and preexisting       relationships upon acquisition of control		—			2,049,682		—			2,049,682
Total operating expenses		29,888,662			4,832,171		8,118,604			42,839,437
Gain on equity interests upon acquisition		—			16,101,237		—			16,101,237
Income (loss) from operations		18,681,533			14,487,119		(8,118,604	)		25,050,048
Other income (expense):
Interest expense		(8,809,456	)		—		(43,130	)		(8,852,586	)
Net loss on extinguishment of debt		(2,393,475	)		—		—			(2,393,475	)
Other, net		(10,179	)		469,767		(250,453	)		209,135
Net income (loss)	$	7,468,423		$	14,956,886	$	(8,412,187	)	$	14,013,122
	Six Months Ended June 30, 2022
				Managed REIT		Corporate
	Self Storage			Platform		and Other			Total
Revenues:
Self storage rental revenue	$	89,528,232		$	—	$	—		$	89,528,232
Ancillary operating revenue		4,073,155			—		—			4,073,155
Managed REIT Platform revenue		—			3,822,230		—			3,822,230
Reimbursable costs from Managed REITs		—			2,348,492		—			2,348,492
Total revenues		93,601,387			6,170,722		—			99,772,109
Operating expenses:
Property operating expenses		26,742,556			—		—			26,742,556
Managed REIT Platform expense		—			1,007,111		—			1,007,111
Reimbursable costs from Managed REITs		—			2,348,492		—			2,348,492
General and administrative		—			—		13,784,230			13,784,230
Depreciation		22,533,041			—		401,051			22,934,092
Intangible amortization expense		7,998,012			374,845		—			8,372,857
Acquisition expenses		702,871			—		—			702,871
Contingent earnout expense		—			1,313,821		—			1,313,821
Write-off of equity interest and preexisting       relationships upon acquisition of control		—			2,049,682		—			2,049,682
Total operating expenses		57,976,480			7,093,951		14,185,281			79,255,712
Gain on equity interests upon acquisition		—			16,101,237		—			16,101,237
Income (loss) from operations		35,624,907			15,178,008		(14,185,281	)		36,617,634
Other income (expense):
Interest expense		(16,342,343	)		—		(86,027	)		(16,428,370	)
Net loss on extinguishment of debt		(2,393,475	)		—		—			(2,393,475	)
Other, net		(188,456	)		429,210		(753,962	)		(513,208	)
Net income (loss)	$	16,700,633		$	15,607,218	$	(15,025,270	)	$	17,282,581

	Three Months Ended June 30, 2021
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	38,104,699		$	—		$	—		$	38,104,699
Ancillary operating revenue		2,027,041			—			—			2,027,041
Managed REIT Platform revenue		—			1,058,291			—			1,058,291
Reimbursable costs from Managed REITs		—			1,061,619			—			1,061,619
Total revenues		40,131,740			2,119,910			—			42,251,650
Operating expenses:
Property operating expenses		12,479,969			—			—			12,479,969
Managed REIT Platform expense		—			316,142			—			316,142
Reimbursable costs from Managed REITs		—			1,061,619			—			1,061,619
General and administrative		—			—			6,811,313			6,811,313
Depreciation		10,595,818			—			146,983			10,742,801
Intangible amortization expense		3,485,180			168,501			—			3,653,681
Acquisition expenses		30,448			—			—			30,448
Contingent earnout adjustment		—			400,000			—			400,000
Total operating expenses		26,591,415			1,946,262			6,958,296			35,495,973
Gain on sale of real estate		178,631			—			—			178,631
Income (loss) from operations		13,718,956			173,648			(6,958,296	)		6,934,308
Other income (expense):
Interest expense		(8,386,784	)		—			(29,565	)		(8,416,349	)
Other, net		643,547			(99,763	)		(372,581	)		171,203
Net income (loss)	$	5,975,719		$	73,885		$	(7,360,442	)	$	(1,310,838	)
	Six Months Ended June 30, 2021
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	67,608,141		$	—		$	—		$	67,608,141
Ancillary operating revenue		3,584,471			—			—			3,584,471
Managed REIT Platform revenue		—			3,346,031			—			3,346,031
Reimbursable costs from Managed REITs		—			2,277,662			—			2,277,662
Total revenues		71,192,612			5,623,693			—			76,816,305
Operating expenses:
Property operating expenses		22,823,250			—			—			22,823,250
Managed REIT Platform expense		—			636,032			—			636,032
Reimbursable costs from Managed REITs		—			2,277,662			—			2,277,662
General and administrative		—			—			11,564,302			11,564,302
Depreciation		19,045,555			—			241,173			19,286,728
Intangible amortization expense		4,055,365			857,863			—			4,913,228
Acquisition expenses		336,098			—			—			336,098
Contingent earnout adjustment		—			2,519,744			—			2,519,744
Write-off of equity interest and preexisting    relationships in SST IV upon acquisition    of control		—			8,389,573			—			8,389,573
Total operating expenses		46,260,268			14,680,874			11,805,475			72,746,617
Gain on sale of real estate		178,631			—			—			178,631
Income (loss) from operations		25,110,975			(9,057,181	)		(11,805,475	)		4,248,319
Other income (expense):
Interest expense		(16,959,040	)		—			(73,380	)		(17,032,420	)
Net loss on extinguishment of debt		(2,444,788	)		—			—			(2,444,788	)
Other, net		425,549			1,773,103			(584,067	)		1,614,585
Net income (loss)	$	6,132,696		$	(7,284,078	)	$	(12,462,922	)	$	(13,614,304	)

Summary of Total Assets by Segment

The following table summarizes our total assets by segment:

Segments	June 30, 2022		December 31, 2021
Self Storage(1)	$	1,834,353,830	$	1,546,835,094
Managed REIT Platform(2)		16,782,395		21,707,326
Corporate and Other		75,153,634		49,750,356
Total assets(3)	$	1,926,289,859	$	1,618,292,776

(1)Included in the assets of the Self Storage segment as of June 30, 2022 and December 31, 2021 was approximately $52.2 million and $49.8 million of goodwill, respectively. Additionally, as of June 30, 2022 and December 31, 2021, there were no accumulated impairment charges to goodwill within the Self Storage segment.

(2)Included in the assets of the Managed REIT Platform segment as of June 30, 2022 and December 31, 2021 is approximately $1.4 million and $3.9 million of goodwill, respectively. Such goodwill is net of accumulated impairment charges in the Managed REIT Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the quarter ended March 31, 2020.

(3)Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets made during the year and quarter ended December 31, 2021 and June 30, 2022, respectively, were associated with our self storage platform.

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Summary of Related Party Costs

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2021 and the six months ended June 30, 2022, as well as any related amounts payable as of December 31, 2021 and June 30, 2022:

	Year Ended December 31, 2021						Six Months Ended June 30, 2022
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	967,341	$	916,349	$	86,992	$	596,802	$	614,439	$	69,355
Additional paid-in capital
Transfer Agent fees		150,000		150,000		—		100,000		100,000		—
Stockholder servicing fee(1)		161,545		636,654		156,320		53,660		209,980		—
Stockholder servicing fee -           SST IV(2)		1,155,887		814,908		340,979		—		—		340,979
Total	$	2,434,773	$	2,517,911	$	584,291	$	750,462	$	924,419	$	410,334

(1)We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. The amount incurred during the year ended December 31, 2021 and the six months ended June 30, 2022 represent adjustments to the estimated stockholder servicing fee recorded at the time of the sale of the Class T Shares, based on the cessation date of such stockholder servicing fee of March 31, 2022.

Represents the stockholder servicing fee liability assumed in the SST IV Merger.

Summary of Related Party Fees and Revenue Related to the Managed REITs

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended June 30, 2022 and 2021:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Managed REIT Platform Revenues	2022		2021		2022		2021
Asset Management:
SST IV(1)	$	—	$	—	$	—	$	716,278
SSGT II(3)		326,870		457,859		798,395		921,121
SST VI		319,208		28,045		474,540		28,045
		646,078		485,904		1,272,935		1,665,444
Property Management:
SST IV(1)		—		—		—		369,979
SSGT II(3)		177,648		156,328		407,706		296,562
SST VI		123,658		16,393		202,707		16,393
		301,306		172,721		610,413		682,934
Tenant Protection Program:
SST IV(1)		—		—		—		285,959
SSGT II(3)		76,011		144,169		250,156		266,211
SST VI		96,309		30,380		145,753		32,237
		172,320		174,549		395,909		584,407
Acquisition Fees:
SST VI		661,525		76,903		1,061,525		76,903
		661,525		76,903		1,061,525		76,903
Other Managed REIT revenue(2)		231,905		148,214		481,448		336,343
Total Managed REIT Platform Revenue	$	2,013,134	$	1,058,291	$	3,822,230	$	3,346,031

(1)On March 17, 2021, we acquired SST IV and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SST IV is now included in ancillary operating revenue in our consolidated statements of operations.

(2)Such revenue primarily includes construction management fees, development fees, and other miscellaneous revenues.

On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

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Equity Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Time Based Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Un-Vested Share Activity

The following table summarizes the activity related to our time based awards:

	Restricted Stock					LTIP Units
Time Based Award Grants	Shares			Weighted-Average Grant-Date Fair Value		Units			Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020		249,271		$	9.58		160,891		$	9.09
Granted		78,192			9.85		222,581			9.30
Vested		(105,328	)		9.64		(109,276	)		9.20
Forfeited		(2,189	)		9.78		—			—
Unvested at December 31, 2021		219,946			9.64		274,196			9.22
Granted		60,032			14.33		181,664			13.23
Vested		(128,765	)		9.64		(26,815	)		9.09
Forfeited		(3,572	)		11.04		—			—
Unvested at June 30, 2022		147,641		$	11.51		429,045		$	10.92

Performance Based Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Un-Vested Share Activity

The following table summarizes our activity related to our performance based awards:

	Restricted Stock				LTIP Units
Performance Based Award Grants	Shares		Weighted-Average Grant-Date Fair Value		Units			Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020		5,752	$	9.78		130,638		$	9.09
Granted		—		—		148,387			9.30
Vested		—		—		—			—
Forfeited		—		—		(11,918	)		9.09
Unvested at December 31, 2021		5,752		9.78		267,107			9.21
Granted		—		—		113,429			13.18
Vested		—		—		—			—
Forfeited		—		—		—			—
Unvested at June 30, 2022		5,752	$	9.78		380,536		$	10.39

XML

Organization - Additional Information (Detail)									1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 01, 2022 ft² RealEstateVenture State StorageFacility StorageUnit shares	Apr. 19, 2022 USD ($)	Dec. 30, 2021 StorageFacility	Oct. 19, 2021 $ / shares	Oct. 07, 2021 USD ($)	Mar. 17, 2021 USD ($) ft² StorageUnit StorageFacility RealEstateVenture shares	Jan. 31, 2014 USD ($)	Aug. 02, 2013 USD ($)	Jan. 31, 2017 USD ($) shares	Jun. 30, 2022 USD ($) ft² RealEstateVenture State shares	Mar. 31, 2021 shares	Jun. 30, 2022 USD ($) ft² StorageFacility State RealEstateVenture Property StorageUnit shares		Dec. 31, 2021 shares	Oct. 31, 2021 $ / shares	Nov. 30, 2016 shares
Organization And Nature Of Operations [Line Items]
Date of formation of company												Jan. 08, 2013
Number of self storage facilities | StorageFacility			2									153
Number of states located for self storage facilities | State										19		19
Shares issuable pursuant to distribution reinvestment plan							$ 95,000,000.0
Advisor, SS Toronto REIT Advisors, Inc., and SS Growth Advisor, LLC.
Organization And Nature Of Operations [Line Items]
Interests										89.40%		89.40%
SAM and Affiliates
Organization And Nature Of Operations [Line Items]
Percentage of limited partnership interests owned by noncontrolling owners										10.60%		10.60%
Strategic Storage Operating Partnership II, L.P.
Organization And Nature Of Operations [Line Items]
Date of formation of company												Jan. 09, 2013
Advisor purchased a limited partnership interest in Operating Partnership								$ 200,000
Initial capital contribution								$ 1,000
Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares																100,900,000
Description for termination of offering												The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders.
Primary Offering
Organization And Nature Of Operations [Line Items]
Initial public offering commenced period description												We commenced our initial public offering in January 2014
Maximum | Primary Offering
Organization And Nature Of Operations [Line Items]
Common stock, value authorize							$ 1,000,000,000.0
Key Bank [Member]
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility						$ 500,000,000
Proceeds from line of credit						451,000,000
Credit Facility Revolver
Organization And Nature Of Operations [Line Items]
Line Of Credit Facility Increase Decrease For Period Net					$ 200,000,000
Line Of Credit Facility Current Borrowing Capacity					450,000,000					$ 450,000,000		$ 450,000,000
Credit Facility Revolver | Key Bank [Member]
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility						250,000,000
Line Of Credit Facility Current Borrowing Capacity					700,000,000
Credit Facility Revolver | Key Bank [Member] | Minimum
Organization And Nature Of Operations [Line Items]
Line Of Credit Facility Increase Decrease For Period Net					200,000,000
Credit Facility Revolver | Key Bank [Member] | Maximum
Organization And Nature Of Operations [Line Items]
Line Of Credit Facility Increase Decrease For Period Net					$ 450,000,000
Credit Facility Term Loan
Organization And Nature Of Operations [Line Items]
Line Of Credit Facility Current Borrowing Capacity										$ 250,000,000		$ 250,000,000
Credit Facility Term Loan | Key Bank [Member]
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility						$ 250,000,000
2032 Private Placement Notes
Organization And Nature Of Operations [Line Items]
Debt instrument, maturity date		Apr. 19, 2032										Apr. 19, 2032	[1]
Class A Common stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares										350,000,000		350,000,000		350,000,000
Estimated value per common share | $ / shares				$ 15.08
Class A Common stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Selling price per share | $ / shares															$ 15.08
Class A Common stock | Common Stock
Organization And Nature Of Operations [Line Items]
Issuance of common stock in connection with SST Merger | shares										11,542,062	23,137,540
Class A Common stock | Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Gross proceeds from issuance of common stock												$ 77,800,000
Number of common stock issued | shares												7,200,000
Class A Common stock | Common Stock | Primary Offering
Organization And Nature Of Operations [Line Items]
Number of shares issued in offering | shares									48,000,000
Gross proceeds from issuance of common stock									$ 493,000,000
Class A Common stock | 2032 Private Placement Notes
Organization And Nature Of Operations [Line Items]
Debt issued		$ 150,000,000
Debt Instrument Fixed Rate		4.53%
Class T Common stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares										350,000,000		350,000,000		350,000,000
Class T Common stock | Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Gross proceeds from issuance of common stock												$ 11,100,000
Number of common stock issued | shares												1,000,000.0
Class T Common stock | Common Stock | Primary Offering
Organization And Nature Of Operations [Line Items]
Number of shares issued in offering | shares									7,000,000
Gross proceeds from issuance of common stock									$ 73,000,000
SST IV Merger Agreement
Organization And Nature Of Operations [Line Items]
Number of self storage facilities | StorageFacility						24
Number of self storage units | StorageUnit						18,000
Net rentable area, primarily self storage space | ft²						2,000,000.0
Percentage of voting membership interest						50.00%
SST IV Merger Agreement | SST IV Common Stock
Organization And Nature Of Operations [Line Items]
Number of shares exchanged in connection with merger | shares						10,600,000
SST IV Merger Agreement | Class A Common stock
Organization And Nature Of Operations [Line Items]
Issuance of common stock in connection with SST Merger | shares						23,100,000
SST IV Merger Agreement | Canada
Organization And Nature Of Operations [Line Items]
Number of unconsolidated real estate ventures | RealEstateVenture						6
Number of operating self storage facilities						3				5		5
Number of parcels of land in various stages of development into self storage facilities						3				1		1
S S G T I I Merger Agreement
Organization And Nature Of Operations [Line Items]
Number of self storage facilities | StorageFacility	10
Number of states located for self storage facilities | State	7
Number of self storage units | StorageUnit	7,740
Net rentable area, primarily self storage space | ft²	853,900
Percentage of voting membership interest	50.00%
Number of unconsolidated real estate ventures | RealEstateVenture	3
S S G T I I Merger Agreement | Class A Common stock
Organization And Nature Of Operations [Line Items]
Issuance of common stock in connection with SST Merger | shares	11,500,000
Number of shares exchanged in connection with merger | shares	12,700,000
S S G T I I Merger Agreement | Canada
Organization And Nature Of Operations [Line Items]
Number of self storage units | RealEstateVenture	7,740
Number of operating self storage facilities | RealEstateVenture										1		1
Number of parcels of land in various stages of development into self storage facilities | RealEstateVenture										2		2
Managed REITS
Organization And Nature Of Operations [Line Items]
Number of properties owned by Managed REITs which is operated by the company | Property												11
Number of self storage units | StorageUnit												7,600
Net rentable area, primarily self storage space | ft²										900,000		900,000
SmartStop Asset Management
Organization And Nature Of Operations [Line Items]
Percentage of non-voting equity owned												15.00%
SmartStop Asset Management | Investments in Majority-owned Subsidiaries
Organization And Nature Of Operations [Line Items]
Percentage of non-voting equity owned												15.00%

[1] For additional information regarding this loan, see below.

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Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 01, 2022	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Trademark Segment shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Mar. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Payments to acquire intangible assets				$ 10,500,000	$ 21,000,000.0
Business acquisition, transaction costs		$ 285,000	$ 30,000	700,000	300,000
Impairment losses of real property assets recognized		0		0
Trademarks acquired amount		0		0
Indefinite lived trademark		15,982,353		15,982,353		$ 16,052,941
Impairment of goodwill and intangible assets		0		0
Trademark impairment losses		0		0
Allowance for doubtful accounts		500,000		500,000		500,000
Gross amounts of lease intangibles		68,300,000		68,300,000		68,600,000
Accumulated amortization		54,000,000.0		$ 54,000,000.0		56,800,000
Maximum annual contributions per employee, percentage				100.00%
Redemptions of common stock		2,100,000		$ 2,100,000		$ 5,600,000
Redemptions of common stock (in shares) | shares				0.1		0.4
Minimum percentage of ordinary taxable income to be distributed to stockholders				90.00%
Employer matching contribution, percent				100.00%
Employer matching contribution, percent of match				4.00%
Employer matching contributions, amount		100,000	100,000	$ 200,000	100,000
Net deferred tax liability		6,800,000		6,800,000		$ 7,700,000
Deferred tax benefit		(1,000,000.0)	(100,000)	(800,000)	(2,000,000.0)
Current income tax expense		100,000	100,000	200,000	$ 100,000
Unrecognized tax benefits		4,500,000		4,500,000		3,700,000
Interest or penalties related to uncertain tax position				$ 0		0
Open tax year				2017 2018 2019 2020
Number of reportable business segments | Segment				2
Rental Income | Geographic Concentration Risk | Canada
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage1				20.40%
Rental Income | Geographic Concentration Risk | Florida
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage1				22.30%	20.90%
Rental Income | Geographic Concentration Risk | Greater Toronto Area of Canada
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage1				10.50%	12.20%
Rental Income | Geographic Concentration Risk | California
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage1					21.30%
Canadian Entities
Summary Of Significant Accounting Policies [Line Items]
Net deferred tax liability		6,700,000		$ 6,700,000		7,100,000
Gross deferred tax liability		10,700,000		10,700,000		10,200,000
Gross deferred tax asset		3,900,000		3,900,000		3,100,000
Real Estate Investment
Summary Of Significant Accounting Policies [Line Items]
Gains (losses) on exchange rate changes in equity investments recorded in other income (expense)		4,400,000	400,000	$ 2,400,000	$ 300,000
Class T Common stock
Summary Of Significant Accounting Policies [Line Items]
Monthly stockholder servicing fee accrual description				accrued daily in an amount equal to 1/365th of 1% of the purchase price per share
Redeemable Common Stock
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock						1,700,000
Redeemable Common Stock | Share Redemption Program
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock						3,900,000
Revolving Credit Facility
Summary Of Significant Accounting Policies [Line Items]
Debt issuance cost, gross		4,400,000		$ 4,400,000		4,100,000
Accumulated amortization of debt issuance costs		1,600,000		1,600,000		800,000
Non Revolving Debt
Summary Of Significant Accounting Policies [Line Items]
Debt issuance cost, gross		7,000,000.0		7,000,000.0		5,800,000
Accumulated amortization of debt issuance costs		2,000,000.0		2,000,000.0		1,900,000
Self Storage
Summary Of Significant Accounting Policies [Line Items]
Total estimated future amortization expense of intangible assets, year 2022		6,700,000		6,700,000
Total estimated future amortization expense of intangible assets, year 2023		6,400,000		6,400,000
Total estimated future amortization expense of intangible assets, year 2024		100,000		100,000
Total estimated future amortization expense of intangible assets, year 2025		100,000		100,000
Total estimated future amortization expense of intangible assets, year 2026		100,000		100,000
Total estimated future amortization expense of intangible assets, thereafter		800,000		$ 800,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life				3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life				5 years
Strategic Storage Trademark
Summary Of Significant Accounting Policies [Line Items]
Trademarks acquired amount		300,000		$ 300,000		400,000
Indefinite lived trademark		15,700,000		15,700,000		15,700,000
Total estimated future amortization expense of intangible assets, year 2022		70,000		70,000
Total estimated future amortization expense of intangible assets, year 2023		140,000		140,000
Total estimated future amortization expense of intangible assets, year 2024		70,000		70,000
Total estimated future amortization expense of intangible assets, thereafter		0		$ 0
Self Administration Transaction
Summary Of Significant Accounting Policies [Line Items]
Number of trademarks acquired | Trademark				2
Total estimated future amortization expense of intangible assets, year 2022						27,000
Total estimated future amortization expense of intangible assets, year 2023						55,000
Total estimated future amortization expense of intangible assets, year 2024						54,000
Total estimated future amortization expense of intangible assets, year 2025							$ 0
Gross amounts of lease intangibles		8,300,000		$ 8,300,000		6,800,000
Accumulated amortization		200,000		200,000		4,300,000
Deferred tax liability on intangible assets acquired		40,000		40,000		600,000
Pacific Oak Holding Group
Summary Of Significant Accounting Policies [Line Items]
Variable interest entity non-voting ownership percentage	10.00%
Operating Expense
Summary Of Significant Accounting Policies [Line Items]
Advertising costs		1,100,000	1,000,000.0	2,100,000	1,700,000
General and Administrative Expense
Summary Of Significant Accounting Policies [Line Items]
Advertising costs		300,000	$ 300,000	400,000	$ 400,000
Investments in and Advances to Managed REITs
Summary Of Significant Accounting Policies [Line Items]
Investments in Managed REITs		10,600,000		10,600,000		11,000,000.0
Investments in and Advances to Managed REITs | Managed REITs
Summary Of Significant Accounting Policies [Line Items]
Receivables due from related parties		$ 700,000		$ 700,000		$ 1,400,000

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Summary of Significant Accounting Policies - Estimated Useful Lives used to Depreciate Real Property Assets (Detail)	6 Months Ended
	Jun. 30, 2022
Land
Property Plant And Equipment [Line Items]
Standard Depreciable Life	Not Depreciated
Buildings | Minimum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	30 years
Buildings | Maximum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	40 years
Site Improvements | Minimum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	7 years
Site Improvements | Maximum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	10 years

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Summary of Significant Accounting Policies - Summary of Fixed Rate Notes Payable (Details) - Fixed Rate Secured Debt - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 429,550,000	$ 353,600,000
Carrying Value	$ 443,935,718	$ 340,967,113

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Summary of Significant Accounting Policies - Schedule of Computation of Earnings Per Common Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 14,013,122		$ (1,310,838)		$ 17,282,581	$ (13,614,304)
Net income (loss) attributable to noncontrolling interests	(1,758,141)	$ (403,822)	546,092	$ 1,476,994	(2,161,963)	2,023,086
Less: Distributions to participating securities	(69,907)		(61,359)		(141,275)	(122,043)
Net income (loss) attributable to common stockholders - basic	9,068,635		(3,942,543)		8,780,712	(17,911,891)
Income allocated to noncontrolling interest in our operating partnership	12,254,981		764,746		15,120,618	11,591,218
Distributions to preferred stockholders	3,116,439		3,116,438		6,198,631	6,198,630
Net income (loss) attributable to common stockholders - diluted:	$ 9,068,635		$ (3,942,543)		$ 8,780,712	$ (17,911,891)
Average number of common shares outstanding- basic	88,982,266		83,955,753		87,010,958	74,196,569
Average number of common shares outstanding- diluted	89,508,173		83,955,753		87,489,574	74,196,569
Earnings Per Share, Basic	$ 0.10		$ (0.05)		$ 0.10	$ (0.24)
Earnings Per Share, Diluted	$ 0.10		$ (0.05)		$ 0.10	$ (0.24)
Unvested LTIP Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Equivalent Shares, included in computation of earnings per share as effect of antidilutive	379,744				342,460
Restricted Stock Awards
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Equivalent Shares, included in computation of earnings per share as effect of antidilutive	146,163				136,156

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Summary of Significant Accounting Policies - Summary of Antidilutive Shares Excluded from Computation of Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares, excluded from computation of earnings per share as effect of antidilutive	30,258,618	29,271,460	29,721,263	28,724,510
Class A and Class A-1 OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares, excluded from computation of earnings per share as effect of antidilutive	11,496,892	10,270,455	10,959,537	9,762,238
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares, excluded from computation of earnings per share as effect of antidilutive	18,761,726	18,761,726	18,761,726	18,761,726
Unvested LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares, excluded from computation of earnings per share as effect of antidilutive	0	122,452	0	92,150
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares, excluded from computation of earnings per share as effect of antidilutive	0	116,827	0	108,396

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Schedule of Activity in Real Estate Facilities (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
Real estate facilities
Real estate facilities, beginning balance	$ 1,593,623,628
Facility acquisitions	228,359,718
Other facility acquisitions	69,981,850
Impact of foreign exchange rate changes	(3,110,708)
Improvements and additions	1,958,786
Real estate facilities, ending balance	1,890,813,274
Accumulated depreciation
Accumulated depreciation, beginning balance	(155,926,875)
Depreciation expense	(22,481,157)
Impact of foreign exchange rate changes	378,829
Accumulated depreciation, ending balance	$ (178,029,203)

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Real Estate Facilities - Additional Information (Detail) $ / shares in Units, $ in Millions													6 Months Ended
	Aug. 09, 2022 USD ($)	Jul. 14, 2022 USD ($)	Jun. 28, 2022 USD ($)	Jun. 01, 2022 USD ($) ft² RealEstateVenture StorageFacility State StorageUnit Landparcel StorageProperty $ / shares	May 25, 2022 CAD ($)	May 17, 2022 USD ($)	May 10, 2022 USD ($)	Feb. 08, 2022 USD ($)	Dec. 30, 2021 StorageFacility	Mar. 17, 2021 ft² StorageUnit StorageFacility	Mar. 11, 2021 USD ($)	Nov. 10, 2020 USD ($) RealEstateVenture	Jun. 30, 2022 USD ($) StorageFacility RealEstateVenture State $ / shares	Dec. 31, 2021 $ / shares	Mar. 10, 2021 USD ($)
Business Acquisition [Line Items]
Number of self storage facilities | StorageFacility									2				153
Number of states located for self storage facilities | State													19
SmartStop OP
Business Acquisition [Line Items]
Investment															$ 5,000,000.0
Minority and Marketability Discount
Business Acquisition [Line Items]
Alternative investment, measurement input				0.06								600
Class A Common stock
Business Acquisition [Line Items]
Common Stock Par Or Stated Value Per Share | $ / shares													$ 0.001	$ 0.001
SST IV Merger Agreement
Business Acquisition [Line Items]
Number of self storage facilities | StorageFacility										24
Number of self storage units | StorageUnit										18,000
Percentage of voting membership interest										50.00%
Net rentable area, primarily self storage space | ft²										2,000,000.0
SST IV Merger Agreement | Canada
Business Acquisition [Line Items]
Number of self storage real estate joint ventures | RealEstateVenture												6
Number of operating real estate properties										3			5
Number of development real estate properties										3			1
Strategic Storage Trust IV, Inc.
Business Acquisition [Line Items]
Consideration transferred												$ 286,028,173
Strategic Storage Trust IV, Inc. | Class A Common stock
Business Acquisition [Line Items]
Common stock issued												$ 23,100,000
Algonquin Property [Member]
Business Acquisition [Line Items]
Consideration transferred								$ 19,000,000.0
Occupancy percentage								72.40%
Sacramento Property [Member]
Business Acquisition [Line Items]
Consideration transferred							$ 25,400,000
Occupancy percentage							90.30%
Regent Property [ Member]
Business Acquisition [Line Items]
Consideration transferred					$ 7.0
St. Johns Property [Member]
Business Acquisition [Line Items]
Consideration transferred						$ 16,300,000
Occupancy percentage						94.60%
Aurora Property [Member]
Business Acquisition [Line Items]
Consideration transferred			$ 12,000,000.0
Occupancy percentage			82.20%
S S G T I I Merger Agreement
Business Acquisition [Line Items]
Conversion of right to receive shares, description				converted into the right to receive 0.9118 shares of our Class A Shares
Number of self storage facilities | StorageFacility				10
Number of states located for self storage facilities | State				7
Number of self storage units | StorageUnit				7,740
Percentage of common stock issued and outstanding													12.00%
Consideration transferred				$ 261,158,513
Common Stock Par Or Stated Value Per Share | $ / shares				$ 0.001
Percentage of voting membership interest				50.00%
Number of operating self storage property | StorageProperty				1
Number of land parcels developed into self storage facilities | Landparcel				2
Remaining percentage of membership interest				50.00%
Net rentable area, primarily self storage space | ft²				853,900
S S G T I I Merger Agreement | Canada
Business Acquisition [Line Items]
Number of self storage real estate joint ventures | RealEstateVenture				3
Number of self storage units | RealEstateVenture				7,740
Number of operating real estate properties | RealEstateVenture													1
Number of development real estate properties | RealEstateVenture													2
S S G T I I Merger Agreement | California
Business Acquisition [Line Items]
Number of land parcels developed into self storage facilities | Landparcel				1
S S G T I I Merger Agreement | Class A Common stock
Business Acquisition [Line Items]
Common stock issued													$ 11,500,000
Acquisition of Self Storage Facility
Business Acquisition [Line Items]
Net rentable area, primarily self storage space | ft²				853,900
San Gabriel Property [Member]
Business Acquisition [Line Items]
Consideration transferred													$ 15,400,000
Oxford Property [Member] | Subsequent Event
Business Acquisition [Line Items]
Consideration transferred		$ 10,900,000
Burlington III Property [Member] | Subsequent Event
Business Acquisition [Line Items]
Consideration transferred	$ 35,500,000
Self Storage Facility in Phoenix, Arizona | SST VI OP
Business Acquisition [Line Items]
Self storage facility acquired											$ 16,000,000

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Summary of Reconciles Total Consideration Transferred (Detail) - USD ($)		Jun. 01, 2022	Nov. 10, 2020
Strategic Storage Trust IV, Inc.
Fair value of consideration transferred:
Common stock issued			$ 231,412,470
Cash	[1]		54,250,000
Other			365,703
Total consideration transferred			$ 286,028,173
S S G T I I Merger Agreement
Fair value of consideration transferred:
Common stock issued		$ 168,791,577
Cash	[2]	76,300,006
Other	[3]	16,066,930
Total consideration transferred		$ 261,158,513

[1] The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.

[2] The approximately $76.3 million in cash was primarily used to pay off approximately $75.1 million of SSGT II's debt that we did not assume in the SSGT II Merger, as well as approximately $1.2 million in transaction costs.

[3] Upon our acquisition of SSGT II, we recorded a gain of approximately $16.1 million to record the then fair market value of our special limited partnership interest in SSGT II operating partnership.

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Summary of Reconciles Total Consideration Transferred (Parenthetical) (Detail) - USD ($)				3 Months Ended		6 Months Ended
		Jun. 01, 2022	Nov. 10, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Debt Instrument Carrying Amount				$ 1,027,840,111		$ 1,027,840,111
Business acquisition, transaction costs				$ 285,097	$ 30,448	$ 702,871	$ 336,098
Strategic Storage Trust IV, Inc.
Business Acquisition [Line Items]
Cash consideration	[1]		$ 54,250,000
Debt Instrument Carrying Amount			54,000,000.0
Business acquisition, transaction costs			$ 300,000
S S G T I I Merger Agreement
Business Acquisition [Line Items]
Cash consideration	[2]	$ 76,300,006
Debt Instrument Carrying Amount		75,100,000
Business acquisition, transaction costs		$ 1,200,000

[1] The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.

[2] The approximately $76.3 million in cash was primarily used to pay off approximately $75.1 million of SSGT II's debt that we did not assume in the SSGT II Merger, as well as approximately $1.2 million in transaction costs.

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Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)		Jun. 30, 2022		Nov. 10, 2020
Strategic Storage Trust IV, Inc.
Assets Acquired:
Land		$ 54,385,560
Buildings		257,618,228
Site improvements		12,340,848
Construction in process		1,467,090
Intangible assets		20,052,449
Investments in real estate joint ventures		17,495,254
Cash and cash equivalents, and restricted cash		7,763,490
Other assets		4,145,394
Total assets acquired		375,268,313
Liabilities assumed:
Debt	[1]	81,165,978
Accounts payable and other liabilities		8,074,162
Total liabilities assumed		89,240,140
Total net assets acquired		286,028,173
S S G T I I Merger Agreement
Assets Acquired:
Land				$ 21,111,616
Buildings		228,359,718	[2]	201,026,974
Site improvements				6,221,128
Construction in process				252,925
Intangible assets	[3]			15,688,002
Investments in real estate joint ventures				7,394,539
Cash and cash equivalents, and restricted cash				10,759,283
Other assets				847,359
Total assets acquired		$ 236,092,680	[2],[4]	263,301,826
Liabilities assumed:
Total liabilities assumed	[5]			2,143,313
Total net assets acquired				$ 261,158,513

[1] Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 5 – Debt, for additional information.

[2] This acquisition consisted of ten properties, three in Florida, one in Wisconsin, two in Washington, one in Texas, one in California, one in Arizona, and one in Nevada. Other assets and liabilities were also acquired in this acquisition, which are not described immediately above, refer to the disclosure within this footnote to the financial statements above for additional information.

[3] Approximately $8.0 million of the intangible assets acquired relates to the value of a purchase and sale agreement for the acquisition of a property in San Gabriel, CA that we assumed in the SSGT II Merger. The remainder of the intangible asset relates to value ascribed to the in-place leases on the properties acquired.

[4] The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.

[5] Liabilities assumed represents accounts payable and other liabilities.

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Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 01, 2022	Nov. 10, 2020
S S G T I I Merger Agreement
Business Acquisition [Line Items]
Intangible assets acquired	$ 8.0
KeyBank SST IV CMBS Loan
Business Acquisition [Line Items]
Debt		$ 40.5
Fair market value discount on debt	$ 16.1	0.1
SST IV TCF Loan
Business Acquisition [Line Items]
Debt		$ 40.8

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Summary of Purchase Price Allocation for Real Estate Related Assets Acquired (Detail) - USD ($)		6 Months Ended
		Jun. 30, 2022		Nov. 10, 2020
Algonquin, IL
Business Acquisition [Line Items]
Acquisition Date		Feb. 08, 2022
Buildings		$ 18,156,701
Intangibles		849,414
Total assets acquired	[1]	19,006,115
2022 Revenue	[2]	516,959
2022 Net Operating Income	[2]	$ 303,046
Sacramento Property [Member]
Business Acquisition [Line Items]
Acquisition Date		May 10, 2022
Buildings		$ 24,625,559
Intangibles		754,564
Total assets acquired	[1]	25,380,123
2022 Revenue	[2]	207,535
2022 Net Operating Income	[2],[3]	$ 117,222
St. Johns Property
Business Acquisition [Line Items]
Acquisition Date		May 17, 2022
Buildings		$ 15,531,636
Intangibles		773,279
Total assets acquired	[1]	16,304,915
2022 Revenue	[2]	128,416
2022 Net Operating Income	[2],[3]	$ 90,565
S S G T I I Merger Agreement
Business Acquisition [Line Items]
Acquisition Date	[4]	Jun. 01, 2022
Buildings		$ 228,359,718	[4]	$ 201,026,974
Intangibles	[4],[5]	7,732,962
Total assets acquired		236,092,680	[1],[4]	$ 263,301,826
2022 Revenue	[2],[4]	1,190,997
2022 Net Operating Income	[2],[3],[4]	$ 829,283
Aurora Property
Business Acquisition [Line Items]
Acquisition Date		Jun. 28, 2022
Buildings		$ 11,667,954
Intangibles		343,779
Total assets acquired	[1]	12,011,733
2022 Revenue	[2]	3,940
2022 Net Operating Income	[2],[3]	$ 14

[1] The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.

[2] The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their respective acquisition dates.

[3] Net operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.

[4] This acquisition consisted of ten properties, three in Florida, one in Wisconsin, two in Washington, one in Texas, one in California, one in Arizona, and one in Nevada. Other assets and liabilities were also acquired in this acquisition, which are not described immediately above, refer to the disclosure within this footnote to the financial statements above for additional information.

[5] This represents the value of the in place lease intangible assets acquired in the SSGT II Merger, and excludes the approximately $8.0 million of value assigned to a purchase and sale agreement contract intangible asset acquired in the SSGT II Merger related to a property in San Gabriel, California.

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Summary of Purchase Price Allocation for Real Estate Related Assets Acquired (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
S S G T I I Merger Agreement
Business Acquisition [Line Items]
Purchase And Sale Agreement Contract Intangible Asset Acquired	$ 8.0

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Investments in Unconsolidated Real Estate Ventures - Additional Information (Details)					3 Months Ended		6 Months Ended
	Jun. 01, 2022 USD ($) RealEstateVenture	May 25, 2022 CAD ($)	Apr. 30, 2021	Nov. 10, 2020 RealEstateVenture	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 CAD ($) RealEstateVenture	Jun. 01, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Oct. 07, 2021 USD ($)	Aug. 18, 2021 CAD ($)	Mar. 17, 2021 StorageFacility
Investments In Unconsolidated Real Estate Ventures [Line Items]
Equity in earnings (loss) of unconsolidated real estate ventures							$ (761,088)	$ (259,178)
Equity method investment, ownership percentage									50.00%
Initial maximum amount available												$ 700,000,000
Guarantee obligations recourse percentage									50.00%
SmartCentres Storage Finance LP
Investments In Unconsolidated Real Estate Ventures [Line Items]
Equity method investment, ownership percentage		50.00%
SmartCentres Storage Finance LP | Master Mortgage Commitment Agreement
Investments In Unconsolidated Real Estate Ventures [Line Items]
Outstanding amount									$ 101,100,000		$ 67,200,000
Initial maximum amount available							4.20%
Maturity date			May 11, 2024
Loan to value ratio									70.00%
Canada
Investments In Unconsolidated Real Estate Ventures [Line Items]
Equity in earnings (loss) of unconsolidated real estate ventures					$ (200,000)	$ (200,000)	$ (400,000)	$ (200,000)
Kingspoint Ontario | SmartCentres Storage Finance LP | Master Mortgage Commitment Agreement
Investments In Unconsolidated Real Estate Ventures [Line Items]
Increased amount													$ 120,000,000
SST IV Merger Agreement | Canada
Investments In Unconsolidated Real Estate Ventures [Line Items]
Number of self storage real estate joint ventures | RealEstateVenture				6
Number of operating real estate properties									5					3
Number of development real estate properties									1					3
Regent Property
Investments In Unconsolidated Real Estate Ventures [Line Items]
Purchase price		$ 7,000,000.0
Equity method investment, ownership percentage		50.00%
S S G T I I Merger Agreement
Investments In Unconsolidated Real Estate Ventures [Line Items]
Purchase price	$ 261,158,513
S S G T I I Merger Agreement | SmartCentres Storage Finance LP
Investments In Unconsolidated Real Estate Ventures [Line Items]
Initial maximum amount available										$ 34,300,000
Guarantee obligations recourse percentage										50.00%
S S G T I I Merger Agreement | Dupont and Aurora Joint Venture Properties | SmartCentres Storage Finance LP
Investments In Unconsolidated Real Estate Ventures [Line Items]
Interests										50.00%
S S G T I I Merger Agreement | Canada
Investments In Unconsolidated Real Estate Ventures [Line Items]
Number of self storage real estate joint ventures | RealEstateVenture	3
Number of operating real estate properties | RealEstateVenture									1
Number of development real estate properties | RealEstateVenture									2

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Investments in Unconsolidated Real Estate Ventures - Summary of Investments in Unconsolidated Real Estate Ventures (Details) - USD ($)		6 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Investments In Unconsolidated Real Estate Ventures [Line Items]
Carrying Value of Investment		$ 28,868,557	$ 18,943,284
Dupont, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[1]	October 2019
Carrying Value of Investment	[1]	$ 4,582,357	0
East York, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[2]	June 2020
Carrying Value of Investment	[2]	$ 6,344,943	6,393,576
Brampton, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[2]	November 2020
Carrying Value of Investment	[2]	$ 2,283,770	2,354,346
Vaughan, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[2]	January 2021
Carrying Value of Investment	[2]	$ 2,796,457	2,871,265
Oshawa, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[2]	August 2021
Carrying Value of Investment	[2]	$ 1,633,652	1,801,413
Scarborough, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[2]	November 2021
Carrying Value of Investment	[2]	$ 2,557,402	2,862,677
Aurora, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[1]	Under Development
Carrying Value of Investment	[1]	$ 1,847,880	0
Markham, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[1]	Under Development
Carrying Value of Investment	[1]	$ 1,025,413	0
Kingspoint Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[2]	Under Development
Carrying Value of Investment	[2]	$ 3,015,293	2,660,007
Regent, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Real Estate Venture Became Operational	[3]	Under Development
Carrying Value of Investment	[3]	$ 2,781,390	$ 0

[1] These joint venture properties were acquired through the SSGT II Merger.

[2] These joint venture properties were acquired through the SST IV Merger.

[3] This property is currently leased as a single tenant industrial lease. The joint venture plans to develop this property into a self storage facility in the future.

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Debt - Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)			6 Months Ended
		Apr. 19, 2022	Jun. 30, 2022		Dec. 31, 2021		Mar. 17, 2021
Debt Instrument [Line Items]
Debt Instrument Carrying Amount			$ 1,027,840,111
Premium (discount) on secured debt, net			99,605
Debt issuance costs, net			(4,992,394)
Total debt			1,022,748,112		$ 873,866,855
SST IV CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[1]		$ 40,500,000		40,500,000
Interest rate	[1]		3.56%
Senior notes maturity date	[1]		Feb. 01, 2030
SST IV TCF Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount			$ 0	[1],[2]	40,782,500	[1],[2]	$ 40,800,000
Oakville III BMO Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[1],[3]		$ 12,603,501		12,795,250
Interest rate	[1],[3]		4.48%
Senior notes maturity date	[1],[3]		May 16, 2024
Ladera Office Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount			$ 3,970,061		4,014,185
Interest rate			4.29%
Senior notes maturity date			Nov. 01, 2026
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Premium (discount) on secured debt, net			$ 99,605		234,604
Debt issuance costs, net			(4,992,394)		(3,879,296)
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[4]		$ 93,625,175		94,459,583
Debt Instrument Fixed Rate	[4]		3.89%
Senior notes maturity date	[4]		Aug. 01, 2026
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[5]		$ 51,940,086		52,000,000
Debt Instrument Fixed Rate	[5]		4.65%
Senior notes maturity date	[5]		May 01, 2027
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[6]		$ 0		45,758,741
Fixed Rate Secured Debt | CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[7]		$ 104,000,000		104,000,000
Debt Instrument Fixed Rate	[7]		5.00%
Senior notes maturity date	[7]		Feb. 01, 2029
Credit Facility Term Loan | USD
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[1]		$ 250,000,000		250,000,000
Interest rate	[1]		3.10%
Senior notes maturity date	[1]		Mar. 17, 2026
Credit Facility Revolver | USD
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[1]		$ 321,201,288		$ 233,201,288
Interest rate	[1]		3.15%
Senior notes maturity date	[1]		Mar. 17, 2024
2032 Private Placement Notes
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[1]		$ 150,000,000
Interest rate	[1]		4.53%
Senior notes maturity date		Apr. 19, 2032	Apr. 19, 2032	[1]

[1] For additional information regarding this loan, see below.

[2] This loan was fully paid off on April 28, 2022 in the amount of $40.9 million. There were no prepayment penalties for this pay off.

[3] The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.

[4] This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

[5] This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

[6] This fixed rate loan encumbered 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.

[7] This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

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Debt - Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail)			3 Months Ended		6 Months Ended
		Apr. 28, 2022 USD ($)	Jun. 30, 2022 USD ($) Property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Property	Jun. 30, 2021 USD ($)	May 19, 2022 USD ($)
Debt Instrument [Line Items]
Net loss on extinguishment of debt			$ 2,393,475	$ 0	$ 2,393,475	$ 2,444,788
Fully repayment of debt					$ 86,237,235	$ 422,190,754
SST IV TCF Loan | SST IV Merger
Debt Instrument [Line Items]
Fully repayment of debt		$ 40,900,000
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			29		29
Senior notes maturity date	[1]				Aug. 01, 2026
Debt Instrument Fixed Rate	[1]		3.89%		3.89%
Fixed Rate Secured Debt | KeyBank Property Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			5		5
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			11		11
Loan defeasance costs							$ 47,900,000
Net loss on extinguishment of debt					$ (2,400,000)
Fixed Rate Secured Debt | CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			10		10
Senior notes maturity date	[2]				Feb. 01, 2029
Debt Instrument Fixed Rate	[2]		5.00%		5.00%

[1] This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

[2] This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

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Debt - Additional Information (Detail) $ in Millions					6 Months Ended
	Apr. 19, 2022 USD ($)	Oct. 07, 2021 USD ($)	Apr. 15, 2021 CAD ($)	Mar. 17, 2021 USD ($) Property	Jun. 30, 2022 USD ($) Property		Jun. 01, 2022 USD ($)	May 25, 2022 USD ($)	Dec. 31, 2021 USD ($)	[1],[2]	Mar. 16, 2021 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate on debt					3.70%
Initial maximum amount available		$ 700,000,000
Debt Instrument Carrying Amount					$ 1,027,840,111
S S G T I I Merger Agreement
Debt Instrument [Line Items]
Number of operating properties | Property					10
Debt Instrument Carrying Amount							$ 75,100,000
Key Bank [Member]
Debt Instrument [Line Items]
Initial maximum amount available				$ 850,000,000							$ 500,000,000
Outstanding balance on credit facility				500,000,000
Additional amount available under credit facility				350,000,000
Proceeds from line of credit				451,000,000
Minimum
Debt Instrument [Line Items]
Credit facility cross default provision amount				$ 75,000,000
2032 Private Placement Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.53%
Senior notes maturity date	Apr. 19, 2032
Aggregate principal amount of notes issued	$ 75,000,000							$ 75,000,000
Interest Accruing On Notes	5.28%
Prepayment of Notes	100.00%
Debt instrument, maturity date	Apr. 19, 2032
Interest rate	4.53%
2032 Private Placement Notes | 4.53% Senior Notes[Member]
Debt Instrument [Line Items]
Debt issued	$ 150,000,000
2032 Private Placement Notes | Maximum
Debt Instrument [Line Items]
Ratio of Total Indebtedness	7.00
Leverage Ratio	7.00%
2032 Private Placement Notes | Minimum
Debt Instrument [Line Items]
Ratio of Total Indebtedness	1.00
Leverage Ratio	1.00%
Prepayment of Notes	5.00%
Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Number of operating properties | Property					11
KeyBank SST IV CMBS Loan
Debt Instrument [Line Items]
Senior notes maturity date				Feb. 01, 2030
Debt Instrument Carrying Amount				$ 40,500,000
Number of properties encumbered | Property				7
Debt instrument, maturity date				Feb. 01, 2030
Debt Instrument Fixed Rate				3.56%
SST IV TCF Loan
Debt Instrument [Line Items]
Number of operating properties | Property					5
Debt Instrument Carrying Amount				$ 40,800,000	$ 0	[1],[2]			$ 40,782,500
Credit Facility Revolver
Debt Instrument [Line Items]
Line of credit facility, initial drawn amount		450,000,000			450,000,000
Line of credit facility, increase (decrease), net		200,000,000
Amount borrowed under the credit facility					$ 321,200,000
Credit Facility Revolver | Key Bank [Member]
Debt Instrument [Line Items]
Outstanding balance on credit facility				$ 250,000,000
Maturity date				Mar. 17, 2024
Line of credit facility, term of extension options				1 year
Debt instrument, description of variable rate basis					165 basis points over 30-day SOFR or 30-day CDOR
Line of credit facility, initial drawn amount		700,000,000
Credit Facility Revolver | Maximum | Key Bank [Member]
Debt Instrument [Line Items]
Line of credit facility, annual unused fee					0.25%
Line of credit facility, increase (decrease), net		450,000,000
Credit Facility Revolver | Maximum | Key Bank [Member] | Letter of Credit
Debt Instrument [Line Items]
Credit facility sublimits				$ 25,000,000
Credit Facility Revolver | Maximum | Key Bank [Member] | Swingline Loans
Debt Instrument [Line Items]
Credit facility sublimits				25,000,000
Credit Facility Revolver | Minimum | Key Bank [Member]
Debt Instrument [Line Items]
Line of credit facility, annual unused fee					0.15%
Line of credit facility, increase (decrease), net		200,000,000
Credit Facility Term Loan
Debt Instrument [Line Items]
Line of credit facility, initial drawn amount					$ 250,000,000
Amount borrowed under the credit facility					$ 250,000,000
Credit Facility Term Loan | Key Bank [Member]
Debt Instrument [Line Items]
Outstanding balance on credit facility				$ 250,000,000
Maturity date				Mar. 17, 2026
Line of credit facility, term of extension options				0 years
Debt instrument, description of variable rate basis					160 basis points over 30-day SOFR or 30-day Canadian dollar offered rate ("CDOR")
Accordion Feature
Debt Instrument [Line Items]
Initial maximum amount available		1,050,000,000.00
Additional amount available under credit facility		$ 350,000,000
BMO Loan | Oakville III Property
Debt Instrument [Line Items]
Proceeds from line of credit			$ 16.3
Debt instrument, payment description			We provided a full recourse guaranty on the loan, which will remain in effect until the property achieves 75% physical occupancy, at which point such guaranty will be reduced to 50% of the loan balance. The interest only loan is prepayable at any time without penalty, and bears interest at a rate of 2.25% + CDOR
BMO Loan | Oakville III Property | CDOR
Debt Instrument [Line Items]
Debt instrument, interest rate			2.25%
Interest rate			2.25%

[1] For additional information regarding this loan, see below.

[2] This loan was fully paid off on April 28, 2022 in the amount of $40.9 million. There were no prepayment penalties for this pay off.

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Debt - Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Long Term Debt By Maturity [Abstract]
2022	$ 1,270,186
2023	2,639,402
2024	336,539,683
2025	2,869,187
2026	341,916,098
2027 and thereafter	342,605,555
Total payments	1,027,840,111
Discount on secured debt	(99,605)
Debt issuance costs, net	(4,992,394)
Total debt	$ 1,022,748,112	$ 873,866,855

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Preferred Equity - Additional Information (Details)		6 Months Ended
	Oct. 29, 2019 USD ($) d $ / shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
Class Of Stock [Line Items]
Issuance costs		$ 601,346	$ 480,911
Series A Convertible Preferred Stock Purchase Agreement
Class Of Stock [Line Items]
Maximum purchase commitment amount	$ 200,000,000
Initial closing amount	150,000,000	150,000,000		$ 150,000,000
Second and final closing amount	50,000,000	$ 50,000,000		$ 50,000,000
Issuance costs	$ 3,600,000
Preferred stock, dividend rate, percentage	6.25%
Preferred stock payment description		Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation.
Preferred stock redemption description		Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount.
Preferred stock redemption premium	$ 0
Preferred stock, conversion basis		At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions.
Conversion price per share | $ / shares	$ 10.66
Number of days after lifting of preferred stock to common stock | d	180
Preferred stock, voting rights condition		This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year.
Required leverage ratio of our real estate portfolio	60.00%
Required percentage of self storage related assets of merger entity	80.00%
Required ancillary business revenue to total revenue	10.00%
Preferred stock, investors rights agreement		In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares.
Preferred shares outstanding | shares		200,000		200,000
Aggregate liquidation preference		$ 203,100,000		$ 203,200,000
Amount of accumulated and unpaid distributions		$ 3,100,000		$ 3,200,000
Series A Convertible Preferred Stock Purchase Agreement | Fifth To Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock	0.75%
Series A Convertible Preferred Stock Purchase Agreement | Tenth Anniversary | Maximum
Class Of Stock [Line Items]
Preferred stock, dividend rate, percentage	9.00%
Series A Convertible Preferred Stock Purchase Agreement | After Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock	0.75%
Series A Convertible Preferred Stock Purchase Agreement | First Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	10.00%
Series A Convertible Preferred Stock Purchase Agreement | Second Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	8.00%
Series A Convertible Preferred Stock Purchase Agreement | Third Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	6.00%
Series A Convertible Preferred Stock Purchase Agreement | Fourth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	4.00%
Series A Convertible Preferred Stock Purchase Agreement | Fifth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	2.00%
Series A Convertible Preferred Stock Purchase Agreement | After Fifth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	0.00%

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Derivative Instruments - Summary of Derivative Financial Instruments (Detail) $ in Millions						6 Months Ended		12 Months Ended
		Apr. 12, 2022 CAD ($)	May 06, 2021 CAD ($)	Apr. 12, 2021 CAD ($)	Feb. 10, 2021 CAD ($)	Jun. 30, 2022 USD ($) $ / Unit		Dec. 31, 2021 USD ($) $ / Unit
Interest Rate Swap | LIBOR Swap Effective June 15, 2019
Derivative [Line Items]
Derivative, notional amount								$ 235,000,000
Interest Rate Swaps, Strike								1.79%
Interest Rate Swaps, Effective Date or Date Assumed								Jun. 15, 2019
Interest Rate Swaps, Maturity Date								Feb. 15, 2022
Interest Rate Cap | SOFR Cap June 30, 2023
Derivative [Line Items]
Derivative, notional amount						$ 125,000,000
Interest Rate Swaps, Strike						1.75%
Interest Rate Swaps, Effective Date or Date Assumed						Jun. 01, 2022
Interest Rate Swaps, Maturity Date						Jun. 30, 2023
Interest Rate Cap | SOFR Cap June 28, 2024
Derivative [Line Items]
Derivative, notional amount						$ 125,000,000
Interest Rate Swaps, Strike						2.00%
Interest Rate Swaps, Effective Date or Date Assumed						Jun. 01, 2022
Interest Rate Swaps, Maturity Date						Jun. 28, 2024
Foreign Currency Forward
Derivative [Line Items]
Derivative, notional amount					$ 95.0
Foreign Currency Forward, Notional Amount		$ 126.2	$ 122.0	$ 125.9
Foreign Currency Forward, Maturity Date		Oct. 12, 2022	Apr. 12, 2022	Apr. 12, 2023	Apr. 12, 2021
Foreign Currency Forward | Denominated in CAD
Derivative [Line Items]
Foreign Currency Forward, Notional Amount						$ 125,925,000	[1]	$ 125,925,000	[2]
Foreign Currency Forward, Strike | $ / Unit						1.2593		1.2593
Interest Rate Swaps, Effective Date or Date Assumed						Apr. 12, 2021
Foreign Currency Forward, Effective Date or Date Assumed								Apr. 12, 2021
Foreign Currency Forward, Maturity Date						Apr. 12, 2023		Apr. 12, 2023
Foreign Currency Forward | Denominated in CAD
Derivative [Line Items]
Foreign Currency Forward, Notional Amount	[1]					$ 126,165,000
Foreign Currency Forward, Strike | $ / Unit						1.2617
Foreign Currency Forward, Effective Date or Date Assumed						Apr. 12, 2022
Foreign Currency Forward, Maturity Date						Oct. 12, 2022
Foreign Currency Forward | Denominated in CAD
Derivative [Line Items]
Foreign Currency Forward, Notional Amount	[2]							$ 122,020,000
Foreign Currency Forward, Strike | $ / Unit								1.2202
Foreign Currency Forward, Effective Date or Date Assumed								May 06, 2021
Foreign Currency Forward, Maturity Date								Apr. 12, 2022

[1] Notional amounts shown are denominated in CAD.

[2] Notional amount shown is denominated in CAD

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Derivative Instruments - Additional Information (Detail) $ in Millions					3 Months Ended			6 Months Ended
	Apr. 12, 2022 USD ($)	May 06, 2021 CAD ($)	Apr. 12, 2021 USD ($)	Feb. 10, 2021 CAD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Apr. 12, 2022 CAD ($)	Apr. 12, 2021 CAD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Foreign currency forward contract gains (loss)	$ 3,200,000		$ 4,500,000			$ (600,643)	$ (803,069)
Foreign Currency Forward
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional amount				$ 95.0
Foreign Currency Forward, Notional Amount		$ 122.0								$ 126.2	$ 125.9
Foreign Currency Forward, Maturity Date	Oct. 12, 2022	Apr. 12, 2022	Apr. 12, 2023	Apr. 12, 2021
Other income (expense)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on foreign currency hedge contract, ineffective portion					$ 4,100,000	$ 1,100,000		$ 2,300,000	$ 700,000

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Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Interest Rate Swap | Other assets
Derivatives Fair Value [Line Items]
Derivative fair value, assets	$ 4,402,339	$ 0
Interest Rate Swap | Accounts payable and accrued liabilities
Derivatives Fair Value [Line Items]
Derivative fair value, liability	0	490,341
Foreign Currency Hedges | Other assets
Derivatives Fair Value [Line Items]
Derivative fair value, assets	$ 4,031,357	$ 4,261,100

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Segment Disclosures - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable business segments	2

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Segment Disclosures - Summary of Reportable Segments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 51,788,248	$ 42,251,650	$ 99,772,109	$ 76,816,305
Operating expenses:
General and administrative	7,946,583	6,811,313	13,784,230	11,564,302
Depreciation	11,826,106	10,742,801	22,934,092	19,286,728
Intangible amortization expense	4,471,973	3,653,681	8,372,857	4,913,228
Acquisition expenses	285,097	30,448	702,871	336,098
Contingent earnout adjustment	800,000	400,000	1,313,821	2,519,744
Write-off of equity interest and preexisting relationships upon acquisition of control	2,049,682			8,389,573
Total operating expenses	42,839,437	35,495,973	79,255,712	72,746,617
Gain on equity interests upon acquisition	16,101,237	178,631		178,631
Gain on sale of real estate	0	178,631	0	178,631
Income from operations	25,050,048	6,934,308	36,617,634	4,248,319
Other income (expense):
Interest expense	(8,852,586)	(8,416,349)	(16,428,370)	(17,032,420)
Interest expense – accretion of fair market value of secured debt			42,198	63,116
Net loss on extinguishment of debt	(2,393,475)	0	(2,393,475)	(2,444,788)
Other, net	209,135	171,203	(513,208)	1,614,585
Net income (loss)	14,013,122	(1,310,838)	17,282,581	(13,614,304)
Self Storage Rental Revenue
Revenues:
Total revenues	46,471,360	38,104,699	89,528,232	67,608,141
Ancillary Operating Revenue
Revenues:
Total revenues	2,098,835	2,027,041	4,073,155	3,584,471
Managed REIT Platform Revenue
Revenues:
Total revenues	2,013,134	1,058,291	3,822,230	3,346,031
Reimbursable Costs from Managed REITs
Revenues:
Total revenues	1,204,919	1,061,619	2,348,492	2,277,662
Operating expenses:
Operating expenses	1,204,919	1,061,619	2,348,492	2,277,662
Property Operating Expenses
Operating expenses:
Operating expenses	13,637,231	12,479,969	26,742,556	22,823,250
Managed REIT Platform Expenses
Operating expenses:
Operating expenses	617,846	316,142	1,007,111	636,032
Self Storage
Revenues:
Total revenues	48,570,195	40,131,740	93,601,387	71,192,612
Operating expenses:
Depreciation	11,654,085	10,595,818	22,533,041	19,045,555
Intangible amortization expense	4,312,249	3,485,180	7,998,012	4,055,365
Acquisition expenses	285,097	30,448	702,871	336,098
Total operating expenses	29,888,662	26,591,415	57,976,480	46,260,268
Gain on equity interests upon acquisition		178,631		178,631
Income from operations	18,681,533	13,718,956	35,624,907	25,110,975
Other income (expense):
Interest expense	(8,809,456)	(8,386,784)	(16,342,343)	(16,959,040)
Net loss on extinguishment of debt	(2,393,475)			(2,444,788)
Other, net	(10,179)	(643,547)	(188,456)	425,549
Net income (loss)	7,468,423	5,975,719	16,700,633	6,132,696
Self Storage | Self Storage Rental Revenue
Revenues:
Total revenues	46,471,360	38,104,699	89,528,232	67,608,141
Self Storage | Ancillary Operating Revenue
Revenues:
Total revenues	2,098,835	2,027,041	4,073,155	3,584,471
Self Storage | Property Operating Expenses
Operating expenses:
Operating expenses	13,637,231	12,479,969	26,742,556	22,823,250
Managed REIT Platform
Revenues:
Total revenues	3,218,053	2,119,910	6,170,722	5,623,693
Operating expenses:
Intangible amortization expense	159,724	168,501	374,845	857,863
Contingent earnout adjustment	800,000	400,000	1,313,821	2,519,744
Write-off of equity interest and preexisting relationships upon acquisition of control	2,049,682			8,389,573
Total operating expenses	4,832,171	1,946,262	7,093,951	14,680,874
Gain on equity interests upon acquisition	16,101,237
Income from operations	14,487,119	173,648	15,178,008	(9,057,181)
Other income (expense):
Other, net	469,767	99,763	429,210	1,773,103
Net income (loss)	14,956,886	73,885	15,607,218	(7,284,078)
Managed REIT Platform | Managed REIT Platform Revenue
Revenues:
Total revenues	2,013,134	1,058,291	3,822,230	3,346,031
Managed REIT Platform | Reimbursable Costs from Managed REITs
Revenues:
Total revenues	1,204,919	1,061,619	2,348,492	2,277,662
Operating expenses:
Operating expenses		1,061,619		2,277,662
Managed REIT Platform | Managed REIT Platform Expenses
Operating expenses:
Operating expenses	617,846	316,142	1,007,111	636,032
Corporate and Other
Operating expenses:
General and administrative	7,946,583	6,811,313	13,784,230	11,564,302
Depreciation	172,021	146,983	401,051	241,173
Total operating expenses	8,118,604	6,958,296	14,185,281	11,805,475
Income from operations	(8,118,604)	(6,958,296)	(14,185,281)	(11,805,475)
Other income (expense):
Interest expense	(43,130)	29,565	(86,027)	73,380
Other, net	(250,453)	(372,581)	(753,962)	(584,067)
Net income (loss)	$ (8,412,187)	$ (7,360,442)	$ (15,025,270)	$ (12,462,922)

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Segment Disclosures - Summary of Total Assets by Segment (Detail) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	[1]	$ 1,926,289,859	$ 1,618,292,776
Self Storage
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	[2]	1,834,353,830	1,546,835,094
Managed REIT Platform
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	[3]	16,782,395	21,707,326
Corporate and Other
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		$ 75,153,634	$ 49,750,356

[1] Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets made during the year and quarter ended December 31, 2021 and June 30, 2022, respectively, were associated with our self storage platform.

[2] Included in the assets of the Self Storage segment as of June 30, 2022 and December 31, 2021 was approximately $52.2 million and $49.8 million of goodwill, respectively. Additionally, as of June 30, 2022 and December 31, 2021, there were no accumulated impairment charges to goodwill within the Self Storage segment.

[3] Included in the assets of the Managed REIT Platform segment as of June 30, 2022 and December 31, 2021 is approximately $1.4 million and $3.9 million of goodwill, respectively. Such goodwill is net of accumulated impairment charges in the Managed REIT Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the quarter ended March 31, 2020.

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Segment Disclosures - Summary of Total Assets by Segment (Parenthetical) (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	$ 53,643,331	$ 53,643,331
Self Storage
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	52.2	49,800,000
Accumulated impairment charges to goodwill	0	0
Managed REIT Platform
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	$ 1.4	$ 3,900,000
Accumulated impairment charges to goodwill			$ 24,700,000

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Related Party Transactions - Additional Information (Detail)							3 Months Ended			6 Months Ended
	Jun. 01, 2022 USD ($) StorageFacility	Mar. 01, 2022	Dec. 30, 2021 StorageFacility	Nov. 12, 2021 USD ($)	Mar. 17, 2021 USD ($)	Jun. 28, 2019 shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) StorageFacility	Jun. 30, 2021 USD ($)	Jul. 08, 2022 USD ($)	May 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 16, 2021 USD ($)	Mar. 11, 2021 USD ($)	Dec. 30, 2020 USD ($)
Related Party Transaction [Line Items]
Maximum dealer manager commission fee percentage of proceeds from Primary Offering										3.00%
Change in deferred tax liability										$ (799,123)	$ (1,929,746)
Gain on equity interests upon acquisition							$ 16,101,237	$ 178,631			178,631
Number of self storage facilities | StorageFacility			2							153
Managed REIT Platform Expenses
Related Party Transaction [Line Items]
Reimbursements payable to SAM under the Administrative Services Agreement							80,000	2,000		$ 125,000	19,000
Managed REIT Platform Revenue
Related Party Transaction [Line Items]
Receivables due from related parties							$ 700,000			$ 700,000				$ 1,400,000
S S G T I I Merger Agreement
Related Party Transaction [Line Items]
Write-off of carrying value related to intangible asset	$ 1,400,000
Change in deferred tax liability	300,000
Gain on equity interests upon acquisition	$ 16,100,000
Subordinated distribution value													$ 16,100,000
Number of self storage facilities | StorageFacility	10
Class A Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering										7.00%
Class T Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering										2.00%
Class A-2 Units
Related Party Transaction [Line Items]
Limited Partnership Units | shares						3,283,302
Pacific Oak Holding Group
Related Party Transaction [Line Items]
Variable interest entity non-voting ownership percentage		10.00%
SST IV Advisor
Related Party Transaction [Line Items]
Monthly asset management fee										0.0833%
Monthly asset management fee one twelfth of less than one percentage of average invested assets										one-twelfth of 1%
Write-off of carrying value related to intangible asset					$ 5,300,000
write-off related to special limited partnership interest					1,200,000
SST IV Advisor | Other Income
Related Party Transaction [Line Items]
Change in deferred tax liability										$ (1,300,000)
SmartStop Asset Management
Related Party Transaction [Line Items]
Percentage of non-voting equity owned										15.00%
SmartStop Asset Management | Strategic Transfer Agent Services, LLC
Related Party Transaction [Line Items]
Percentage of membership interest										100.00%
Transfer Agent Agreement
Related Party Transaction [Line Items]
Transfer agent renewal agreement term										1 year
Transfer agent agreement termination description										The initial term of the transfer agent agreement was three years, which term is automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.
Transfer agent agreement term										3 years
SSGT II Advisor
Related Party Transaction [Line Items]
Monthly asset management fee										0.1042%
Monthly asset management fee one twelfth of less than one percentage of average invested assets										one-twelfth of 1.25%
SST VI Advisory Agreement
Related Party Transaction [Line Items]
Monthly asset management fee										0.0625%
Monthly asset management fee one twelfth of less than one percentage of average invested assets										one-twelfth of 0.75%
Rate of acquisition fees of purchase price of contract							1.00%			1.00%
Reimbursable Costs										$ 8,000
SST VI Advisory Agreement | Class W
Related Party Transaction [Line Items]
Percentage of offering cost without reimbursement										1.00%
SST VI Advisory Agreement | Pacific Oak Holding Group
Related Party Transaction [Line Items]
Variable interest entity non-voting ownership percentage		10.00%
Property Management Agreement
Related Party Transaction [Line Items]
Write-off of carrying value related to intangible asset	$ 600,000				$ 1,900,000
Percentage of fee of former external property managers										6.00%
Construction management fee										5.00%
Cost of construction or capital improvement work										$ 10,000
One time fee for former external property managers										3,750
Property Management Agreement | Minimum
Related Party Transaction [Line Items]
Our former external property management fee										3,000
Property Management Agreement | Other Income
Related Party Transaction [Line Items]
Change in deferred tax liability							$ 200,000		$ (500,000)
Administrative Services Agreement
Related Party Transaction [Line Items]
Receivables due from related parties							0			0				60,000
Administrative Services Agreement | Managed REIT Platform Expenses
Related Party Transaction [Line Items]
Administrative service fees							135,000	$ 135,000		320,000	$ 265,000
SST VI OP
Related Party Transaction [Line Items]
PaymentOfTermLoanWithAccruedInterest				$ 2,100,000
SST VI OP | Other Income
Related Party Transaction [Line Items]
Loss related to equity interest							168,000			307,000
Dividend distribution received							$ 70,000			$ 140,000
SSGT III Advisory Agreement
Related Party Transaction [Line Items]
Monthly asset management fee										0.0625%
Monthly asset management fee one twelfth of less than one percentage of average invested assets										one-twelfth of 0.75
Rate of acquisition fees of purchase price of contract							1.00%			1.00%
Mezzanine Loan | Self Storage Facility in Phoenix, Arizona
Related Party Transaction [Line Items]
Aggregate principal amount of notes issued																$ 3,500,000
Mezzanine Loan | SST VI OP
Related Party Transaction [Line Items]
Interest rate																8.50%
Outstanding balance on credit facility				$ 3,500,000
Extension Option Mezzanine Loan | SST VI OP
Related Party Transaction [Line Items]
Interest rate																9.25%
Term Loan | SST VI OP
Related Party Transaction [Line Items]
Aggregate principal amount of notes issued															$ 2,100,000
S S T V I Mezzanine Loan
Related Party Transaction [Line Items]
Additional notes payable borrowed from related party												$ 7,200,000
Commitment Fee Percentage			1.00%
Debt instrument, description of variable rate basis			LIBOR plus 3%
Line of credit facility, initial drawn amount							$ 6,800,000			$ 6,800,000				6,800,000
Additional amount available under credit facility							$ 38,200,000			$ 38,200,000		$ 31,000,000.0		$ 38,200,000
S S T V I Mezzanine Loan | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount of notes issued																	$ 45,000,000
Upon Achievement Of Certain Financial Conditions | S S T V I Mezzanine Loan
Related Party Transaction [Line Items]
Debt instrument, description of variable rate basis			LIBOR plus 4%

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Related Party Transactions - Summary of Related Party Costs (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 750,462	$ 2,434,773
Related party costs, Paid		924,419	2,517,911
Related party costs, Payable		410,334	584,291
Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable			584,291
Transfer Agent fees
Related Party Transaction [Line Items]
Related party costs, Incurred		596,802	967,341
Related party costs, Paid		614,439	916,349
Related party costs, Payable		69,355
Transfer Agent fees | Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable			86,992
Transfer Agent fees
Related Party Transaction [Line Items]
Related party costs, Incurred		100,000	150,000
Related party costs, Paid		100,000	150,000
Stockholder servicing fee
Related Party Transaction [Line Items]
Related party costs, Incurred	[1]	53,660	161,545
Related party costs, Paid	[1]	209,980	636,654
Stockholder servicing fee | Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable	[1]		156,320
Stockholder servicing fee - SST IV
Related Party Transaction [Line Items]
Related party costs, Incurred	[2]		1,155,887
Related party costs, Paid	[2]		814,908
Related party costs, Payable	[2]	$ 340,979
Stockholder servicing fee - SST IV | Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable	[2]		$ 340,979

[1] We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. The amount incurred during the year ended December 31, 2021 and the six months ended June 30, 2022 represent adjustments to the estimated stockholder servicing fee recorded at the time of the sale of the Class T Shares, based on the cessation date of such stockholder servicing fee of March 31, 2022.

[2] Represents the stockholder servicing fee liability assumed in the SST IV Merger.

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Related Party Transactions - Summary of Related Party Costs (Parenthetical) (Detail) - Class T Common stock	6 Months Ended
	Jun. 30, 2022
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual description	accrued daily in an amount equal to 1/365th of 1% of the purchase price per share
Dealer Manager
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual description	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share

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Related Party Transactions - Summary of Related Party Fees and Revenue Related to the Managed REITs (Detail) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		$ 2,013,134	$ 1,058,291	$ 3,822,230	$ 3,346,031
Asset Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		646,078	485,904	1,272,935	1,665,444
Property Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		301,306	172,721	610,413	682,934
Tenant Protection Program
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		172,320	174,549	395,909	584,407
Acquisition Fees
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		661,525	76,903	1,061,525	76,903
Strategic Storage Trust IV Advisory Agreement | Asset Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[1]				716,278
Strategic Storage Growth Trust II Advisory Agreement | Asset Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[2]	326,870	457,859	798,395	921,121
Strategic Storage Trust VI Advisory Agreement | Asset Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		319,208	28,045	474,540	28,045
Strategic Storage Trust IV Property Management Agreement | Property Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[1]				369,979
Strategic Storage Growth Trust II Property Management Agreement | Property Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[2]	177,648	156,328	407,706	296,562
Strategic Storage Trust VI Property Management Agreement | Property Management
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		123,658	16,393	202,707	16,393
Strategic Storage Trust IV Tenant Program Revenue | Tenant Protection Program
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[1]				285,959
Strategic Storage Growth Trust II Tenant Program Revenue | Tenant Protection Program
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[2]	76,011	144,169	250,156	266,211
Strategic Storage Trust VI Tenant Program Revenue | Tenant Protection Program
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		96,309	30,380	145,753	32,237
Strategic Storage Trust VI Acquisition Fees Revenue | Acquisition Fees
Related Party Transaction [Line Items]
Managed REIT Platform Revenues		661,525	76,903	1,061,525	76,903
Other Managed REIT Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	[3]	$ 231,905	$ 148,214	$ 481,448	$ 336,343

[1] On March 17, 2021, we acquired SST IV and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SST IV is now included in ancillary operating revenue in our consolidated statements of operations.

[2] On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

[3] Such revenue primarily includes construction management fees, development fees, and other miscellaneous revenues.

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Equity Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended			12 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested equity awards		$ 6,700,000			$ 6,700,000			$ 4,500,000
Unrecognized compensation expense, expected weighted average-recognition period					2 years 4 months 24 days			2 years 1 month 6 days
Property Operating Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense		35,000		$ 25,000	$ 70,000	$ 50,000
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense		$ 900,000		$ 800,000	$ 2,000,000.0	$ 1,200,000
Time Based Awards | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					3 years
Unvested Shares, Granted					60,032			78,192
Time Based Awards | LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares, Granted					181,664			222,581
Time Based Awards | LTIP Units | Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Unvested Shares, Granted	170,144
Time Based Awards | Minimum | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years		1 year
Time Based Awards | Maximum | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					4 years
Performance Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting date							Mar. 31, 2023
Awards vesting year					Mar. 31, 2025	Mar. 31, 2024
Performance Based Awards | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria					100.00%
Share based compensation arrangement by share based payment award voting rights					do not have
Performance Based Awards | LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria					200.00%
Description of distribution and allocation of profits and losses					Recipients of performance based LTIP Units are issued LTIP Units at 200% of the targeted award and are entitled to receive distributions and allocations of profits and losses with respect to the performance based LTIP Units as of the effective date of each award in an amount equal to 10% of the distributions and allocations available to such LTIP Units, until the Distribution Participation Date (as defined in the Operating Partnership Agreement). The remaining 90% of distributions will accrue and will be payable on the Distribution Participation Date based upon the performance level attained and number of performance based LTIP Units that vest.
Share based compensation arrangement by share based payment award voting rights					one vote per LTIP Unit
Unvested Shares, Granted					113,429			148,387
Performance Based Awards | LTIP Units | Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares, Granted	113,429
Performance Based Awards | Minimum | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria					0.00%
Performance Based Awards | Maximum | LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria					200.00%
Employee and Director Long-term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance		9,977,214			9,977,214

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Equity Based Compensation - Schedule of Non-vested Restricted Stock Grants (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Time Based Awards | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares, Beginning balance	219,946	249,271
Unvested Shares, Granted	60,032	78,192
Unvested Shares, Vested	(128,765)	(105,328)
Unvested Shares, Forfeited	(3,572)	(2,189)
Unvested Shares, Ending Balance	147,641	219,946
Unvested Weighted-Average Grant-Date Fair Value, Beginning balance	$ 9.64	$ 9.58
Unvested Weighted-Average Grant-Date Fair Value, Granted	14.33	9.85
Unvested Weighted-Average Grant-Date Fair Value, Vested	9.64	9.64
Unvested Weighted-Average Grant-Date Fair Value, Forfeited	11.04	9.78
Unvested Weighted-Average Grant-Date Fair Value, Ending balance	$ 11.51	$ 9.64
Unvested Shares, Vested	128,765	105,328
Time Based Awards | LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares, Beginning balance	274,196	160,891
Unvested Shares, Granted	181,664	222,581
Unvested Shares, Vested	(26,815)	(109,276)
Unvested Shares, Ending Balance	429,045	274,196
Unvested Weighted-Average Grant-Date Fair Value, Beginning balance	$ 9.22	$ 9.09
Unvested Weighted-Average Grant-Date Fair Value, Granted	13.23	9.30
Unvested Weighted-Average Grant-Date Fair Value, Vested	9.09	9.20
Unvested Weighted-Average Grant-Date Fair Value, Ending balance	$ 10.92	$ 9.22
Unvested Shares, Vested	26,815	109,276
Performance Based Awards | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares, Beginning balance	5,752	5,752
Unvested Shares, Ending Balance	5,752	5,752
Unvested Weighted-Average Grant-Date Fair Value, Beginning balance	$ 9.78	$ 9.78
Unvested Weighted-Average Grant-Date Fair Value, Ending balance	$ 9.78	$ 9.78
Performance Based Awards | LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares, Beginning balance	267,107	130,638
Unvested Shares, Granted	113,429	148,387
Unvested Shares, Forfeited		(11,918)
Unvested Shares, Ending Balance	380,536	267,107
Unvested Weighted-Average Grant-Date Fair Value, Beginning balance	$ 9.21	$ 9.09
Unvested Weighted-Average Grant-Date Fair Value, Granted	13.18	9.30
Unvested Weighted-Average Grant-Date Fair Value, Forfeited		9.09
Unvested Weighted-Average Grant-Date Fair Value, Ending balance	$ 10.39	$ 9.21

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Commitments and Contingencies - Additional Information (Detail) - USD ($)						1 Months Ended	3 Months Ended			6 Months Ended	12 Months Ended
	Aug. 09, 2022	Mar. 29, 2022	Oct. 19, 2021	Mar. 24, 2021	Jun. 28, 2019	Jan. 31, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021	Oct. 31, 2021
Commitments And Contingencies [Line Items]
Earn Out Unit Exchange Per Share										$ 10.66
Incremental Assets Under Management					$ 700,000,000					$ 669,200,000
Fair Value Of Contingent Earnout Liability										$ 15,800,000
Shares issued pursuant to distribution reinvestment plan, value							$ 5,243,398	$ 5,111,955	$ 3,737,890
Maximum weighted-average number of shares outstanding percentage										100.00%
Redemptions of common stock, value							$ 112	67	70
SST VI
Commitments And Contingencies [Line Items]
Additional Preferred Debt In Operating Partnership										$ 38,200,000
Share Redemption Program
Commitments And Contingencies [Line Items]
Amendment, suspension or termination period of share										30 days
Net asset value per share and redemption price			$ 15.08
Maximum weighted-average number of shares outstanding percentage										5.00%
Redemptions of common stock (in shares)											400,000
Redemptions of common stock, value						$ 1,700,000					$ 5,600,000
Operating Partnership Redemption Rights
Commitments And Contingencies [Line Items]
Number of shares issuable upon conversion of partnership units										1
Requisite minimum outstanding period for conversion eligibility										1 year
Class A and Class T Common Stock | Distribution Reinvestment Plan
Commitments And Contingencies [Line Items]
Estimated value per share under distribution reinvestment plan												$ 15.08
Class A Common stock
Commitments And Contingencies [Line Items]
Earn Out Unit Exchange Per Share			$ 10.66
Redeemable Common Stock
Commitments And Contingencies [Line Items]
Redemptions of common stock, value								$ 1,472,369	$ 684,947
Redeemable Common Stock | Share Redemption Program
Commitments And Contingencies [Line Items]
Redemptions of common stock, value											$ 3,900,000
Class A-1 Units
Commitments And Contingencies [Line Items]
Number of shares issuable upon conversion of partnership units	1,094,434	1,094,434		1,121,795
Class A-2 Units
Commitments And Contingencies [Line Items]
Number of shares issuable upon conversion of partnership units	1,094,434	1,094,434		1,094,434
Limited Partnership Units					3,283,302
Class A-2 Units | Maximum
Commitments And Contingencies [Line Items]
Incremental Assets Under Management					$ 500,000,000
Class A-2 Units | Minimum
Commitments And Contingencies [Line Items]
Incremental Assets Under Management					$ 300,000,000

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Declaration of Distributions - Additional Information (Detail) - $ / shares	Jul. 21, 2022	Jun. 23, 2022
Class A Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day declared	$ 0.00164	$ 0.00164
Cash distribution record date start	Aug. 01, 2022	Jul. 01, 2022
Cash distribution record date end	Aug. 31, 2022	Jul. 31, 2022
Class T Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day declared	$ 0.00164	$ 0.00164
Cash distribution record date start	Aug. 01, 2022	Jul. 01, 2022
Cash distribution record date end	Aug. 31, 2022	Jul. 31, 2022

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Subsequent Events - Additional Information (Detail) $ in Millions, $ in Millions					1 Months Ended	6 Months Ended
	Aug. 09, 2022 USD ($) StorageFacility	May 25, 2022 CAD ($)	May 10, 2022 USD ($)	Mar. 17, 2021 USD ($)	Aug. 31, 2022 shares	Jun. 30, 2022 USD ($)	Jul. 08, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 07, 2021 USD ($)	Dec. 30, 2020 USD ($)
Subsequent Event | Class A-2 Units
Subsequent Event [Line Items]
Conversion Of Stock Shares Issued1 | shares					1,094,434
Subsequent Event | Class A-1 Units
Subsequent Event [Line Items]
Conversion Of Stock Shares Issued1 | shares					1,094,434
SSGT III Mezzanine Loan
Subsequent Event [Line Items]
Senior notes maturity date						Aug. 09, 2023
SSGT III Mezzanine Loan | Subsequent Event
Subsequent Event [Line Items]
Debt issued	$ 42.0
Aggregate principal amount of notes issued	50.0
Additional borrowings	8.0
Line of credit facility, initial drawn amount	$ 42.0
Commitment fee percentage	1.00%
Increase in interest rate	4.50%
Number of self storage facilities purchased | StorageFacility	2
SSGT III Mezzanine Loan | Subsequent Event | SOFR
Subsequent Event [Line Items]
Debt instrument, variable interest rate	3.50%
S S T V I Mezzanine Loan
Subsequent Event [Line Items]
Line of credit facility, initial drawn amount						$ 6.8		$ 6.8
S S T V I Mezzanine Loan | Subsequent Event
Subsequent Event [Line Items]
Debt issued							$ 7.2
Additional borrowings							$ 31.0
Sacramento Property [Member]
Subsequent Event [Line Items]
Consideration transferred			$ 25.4
Regent Property
Subsequent Event [Line Items]
Consideration transferred		$ 7.0
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, initial drawn amount						$ 450.0			$ 450.0
Key Bank [Member]
Subsequent Event [Line Items]
Proceeds from line of credit				$ 451.0
Key Bank [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, initial drawn amount									$ 700.0
Maximum | S S T V I Mezzanine Loan
Subsequent Event [Line Items]
Debt issued										$ 45.0