Subsequent Events	6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events SmartStop Bridge Loan On July 29, 2024, we drew $8.0 million pursuant to the SmartStop Bridge Loan. Skymar Loan On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. Determination of Estimated Per Share Net Asset Value On August 7, 2024, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an Estimated Per Share NAV of $10.00 for our Class A shares, Class P, Class T shares, Class W shares, Class Y shares, and Class Z 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 an adjusted fully diluted basis, calculated as of March 31, 2024. No Series C Units were converted to Class A Units as a result of this Estimated Per Share NAV being declared. Update to Primary Offering and Distribution Reinvestment Plan Offering Prices As a result of the Estimated Per Share NAV, the board of directors has approved a new offering price of $10.00 per share for Class Y shares and Class Z shares sold in the Primary Offering. Pursuant to the Second Amended and Restated DRP, the board of directors may set or change the offering price for shares issued under the distribution reinvestment plan in its discretion in connection with the Estimated Per Share NAV or otherwise. As a result of the Estimated Per Share NAV, the board of directors has approved a new offering price of $10.00 per share for Class A shares, Class P shares, Class T shares, Class W shares, Class Y shares and Class Z shares issued under the distribution reinvestment plan, effective for distribution payments being paid in August 2024. Update to Redemption Price Under Share Redemption Program Pursuant to the share redemption program, the redemption price per share will depend on the class of shares purchased and whether such shares were purchased in our Private Offering or in our Public Offering, among other factors. For Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z shares, our share redemption program states that, following the determination of our first net asset value per share, the redemption price per share will be equal to 93% of the most recently published estimated net asset value of the applicable share class. In connection with the determination of the Estimated Per Share NAV described above, the redemption price under the share redemption program is equal to 93% of the Estimated Per Share NAV of $10.00 for Class A shares, Class T shares, Class W shares and Class Z shares, effective beginning with redemption requests submitted during the third quarter of 2024, which will be redeemed at the end of October 2024. For the Class P shares, the redemption price per share will continue to depend on the length of time such shares have been held, as described further in our prospectus. New Westminster Property As previously disclosed, on August 3, 2022, one of our subsidiaries entered into a contribution agreement with a subsidiary of SmartCentres, to acquire a tract of land owned by SmartCentres and located in New Westminster, British Columbia (the “New Westminster Land”). On August 6, 2024, the contribution agreement was terminated in accordance with its terms and we expect our earnest money deposit of CAD $660,000 to be refunded in full. Offering Status As of August 8, 2024, in connection with our offerings we have issued approximately 11.2 million Class P shares for gross offering proceeds of approximately $106.8 million, approximately 3.3 million Class A shares for gross offering proceeds of approximately $34.1 million, approximately 5.3 million Class T shares for gross offering proceeds of approximately $53.0 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $6.6 million, approximately 2.7 million Class Y shares for gross offering proceeds of approximately $25.4 million and approximately 0.2 million Class Z shares for gross offering proceeds of approximately $1.7 million.

Subsequent Events

6 Months Ended

Jun. 30, 2024

Note 12. Subsequent Events

SmartStop Bridge Loan

On July 29, 2024, we drew $8.0 million pursuant to the SmartStop Bridge Loan.

Skymar Loan

On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties.

Determination of Estimated Per Share Net Asset Value

On August 7, 2024, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an Estimated Per Share NAV of $10.00 for our Class A shares, Class P, Class T shares, Class W shares, Class Y shares, and Class Z 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 an adjusted fully diluted basis, calculated as of March 31, 2024. No Series C Units were converted to Class A Units as a result of this Estimated Per Share NAV being declared.

Update to Primary Offering and Distribution Reinvestment Plan Offering Prices

As a result of the Estimated Per Share NAV, the board of directors has approved a new offering price of $10.00 per share for Class Y shares and Class Z shares sold in the Primary Offering.

Pursuant to the Second Amended and Restated DRP, the board of directors may set or change the offering price for shares issued under the distribution reinvestment plan in its discretion in connection with the Estimated Per Share NAV or otherwise. As a result of the Estimated Per Share NAV, the board of directors has approved a new offering price of $10.00 per share for Class A shares, Class P shares, Class T shares, Class W shares, Class Y shares and Class Z shares issued under the distribution reinvestment plan, effective for distribution payments being paid in August 2024.

Update to Redemption Price Under Share Redemption Program

Pursuant to the share redemption program, the redemption price per share will depend on the class of shares purchased and whether such shares were purchased in our Private Offering or in our Public Offering, among other factors. For Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z shares, our share redemption program states that, following the determination of our first net asset value per share, the redemption price per share will be equal to 93% of the most recently published estimated net asset value of the applicable share class. In connection with the determination of the Estimated Per Share NAV described above, the redemption price under the share redemption program is equal to 93% of the Estimated Per Share NAV of $10.00 for Class A shares, Class T shares, Class W shares and Class Z shares, effective beginning with redemption requests submitted during the third quarter of 2024, which will be redeemed at the end of October 2024. For the Class P shares, the redemption price per share will continue to depend on the length of time such shares have been held, as described further in our prospectus.

New Westminster Property

As previously disclosed, on August 3, 2022, one of our subsidiaries entered into a contribution agreement with a subsidiary of SmartCentres, to acquire a tract of land owned by SmartCentres and located in New Westminster, British Columbia (the “New Westminster Land”).

On August 6, 2024, the contribution agreement was terminated in accordance with its terms and we expect our earnest money deposit of CAD $660,000 to be refunded in full.

Offering Status

As of August 8, 2024, in connection with our offerings we have issued approximately 11.2 million Class P shares for gross offering proceeds of approximately $106.8 million, approximately 3.3 million Class A shares for gross offering proceeds of approximately $34.1 million, approximately 5.3 million Class T shares for gross offering proceeds of approximately $53.0 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $6.6 million, approximately 2.7 million Class Y shares for gross offering proceeds of approximately $25.4 million and approximately 0.2 million Class Z shares for gross offering proceeds of approximately $1.7 million.