# EDGAR Filing Document

**Accession Number:** 0001852575
**File Stem:** 0001193125-25-277759
**Filing Date:** 2025-11
**Character Count:** 344562
**Document Hash:** 0fd28e71768e1fb2d93b34ecbfffff62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277759.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277759

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Strategic Storage Trust VI, Inc.
- **CENTRAL INDEX KEY:** 0001852575
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 853494431
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56545
- **FILM NUMBER:** 251473497

**BUSINESS ADDRESS:**
- **STREET 1:** 10 TERRACE ROAD
- **CITY:** LADERA RANCH
- **STATE:** CA
- **ZIP:** 92694
- **BUSINESS PHONE:** 9495424516

**MAIL ADDRESS:**
- **STREET 1:** 10 TERRACE ROAD
- **CITY:** LADERA RANCH
- **STATE:** CA
- **ZIP:** 92694

?xml version='1.0' encoding='ASCII'? 10-Q

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM** 10-Q

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

**For the quarterly period ended** **September 30,** 2025

☐ **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:** 000-56545

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Strategic Storage Trust VI, Inc.

**(Exact name of Registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| Maryland | 85-3494431 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(IRS Employer**<br>**Identification No.)** |

---

10 Terrace Road**,** 

Ladera Ranch**,** California 92694

**(Address of principal executive offices)** 

**(**877**)** 327-3485

**(Registrant's telephone number, including area code)** 

**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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 | &nbsp;&nbsp;&nbsp;&nbsp;☐ | Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☐ |
| Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☒ | 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 November 6, 2025, there were 11,411,897 outstanding shares of Class P common stock, 3,239,408 outstanding shares of Class A common stock, 5,426,242 outstanding shares of Class T common stock, 716,327 outstanding shares of Class W common stock, 5,432,443 outstanding shares of Class Y common stock, and 574,881 outstanding shares of Class Z common stock of the registrant.

------

**FORM 10-Q** 

**STRATEGIC STORAGE TRUST VI, INC.** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**Page<br>No.** |
|  | [<u>Cautionary Note Regarding Forward-Looking Statements</u>](#cautionary_note_regarding_forwardlooking) | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>PART I. FINANCIAL INFORMATION</u>**](#part_i_financial_information) | &nbsp;&nbsp;&nbsp;&nbsp;[**<u>PART I. FINANCIAL INFORMATION</u>**](#part_i_financial_information) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Consolidated Financial Statements</u>](#item_1_consolidated_financial_statements) <u>(unaudited)</u> | &nbsp;&nbsp;4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024</u>](#consolidated_balance_sheet) | &nbsp;&nbsp;5 |
|  | [<u>Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_operations) | &nbsp;&nbsp;6 |
|  | [<u>Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_comprehensive) | &nbsp;&nbsp;7 |
|  | [<u>Consolidated Statements of Equity and Temporary Equity for the Three Months Ended March 31, 2024, June 30, 2024 and September 30, 2024 (unaudited)</u>](#py_equity) | &nbsp;&nbsp;8 |
|  | [<u>Consolidated Statements of Equity and Temporary Equity for the Three Months Ended March 31, 2025, June 30, 2025 and September 30, 2025 (unaudited)</u>](#cy_equity) | &nbsp;&nbsp;11 |
|  | [<u>Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited)</u>](#consolidated_cf) | &nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | &nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | &nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>PART II. OTHER INFORMATION</u>**](#part_ii_or_information) | &nbsp;&nbsp;&nbsp;&nbsp;[**<u>PART II. OTHER INFORMATION</u>**](#part_ii_or_information) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | &nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#item_5_or_information) | &nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | &nbsp;&nbsp;71 |

---

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

Certain statements contained in this Form 10-Q of Strategic Storage Trust VI, 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 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.

Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to: (i) statements about our plans, strategies, initiatives, and prospects; and (ii) statements about our future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have limited prior operating history and financing sources, and the prior performance of real estate investment programs sponsored by our Sponsor and its affiliates may not be an indication of our future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have incurred a net loss to date, have an accumulated deficit and our operations may not be profitable in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is currently no public trading market for our shares and there may never be one; therefore, it will be difficult for stockholders to sell their shares. Our charter does not require us to pursue a liquidity transaction at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stockholders may be unable to sell their shares because their ability to have their shares redeemed pursuant to our share redemption program is subject to significant restrictions and limitations and if stockholders are able to sell their shares under the program, they may not be able to recover the amount of their investment in our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The actual value of shares that we redeem under our share redemption program may be substantially less than what we pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Until we generate operating cash flows sufficient to pay distributions, we may pay distributions from financing activities, which may include borrowings in anticipation of future cash flows or the net proceeds of our Public Offering (which may constitute a return of capital); in such event, we will have fewer funds available for the acquisition of properties, and our stockholders' overall return may be reduced. Therefore, it is likely that some or all of the distributions that we make will represent a return of capital, at least in the first few years of operation. 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, and it is likely that we will use offering proceeds to fund a majority of our initial distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be unable to pay or maintain cash distributions or increase distributions over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may suffer from delays in locating suitable investments, which could adversely affect our ability to make distributions and the value of an investment in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to operate profitably will depend upon the ability of our Advisor to efficiently manage our day-to-day operations and the ability of our Property Manager and affiliates of our Advisor to effectively manage our properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Advisor, Property Manager, and their officers and certain of our key personnel will face competing demands relating to their time, and this may cause our operating results to suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Advisor will face conflicts of interest relating to the purchase of properties, including conflicts with SmartStop Self Storage REIT, Inc. and Strategic Storage Growth Trust III, Inc., and such conflicts may not be resolved in our favor, which could adversely affect our investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Advisor and its affiliates will face conflicts of interest relating to the incentive fee structure under our operating partnership agreement, which could result in actions that are not necessarily in the long-term best interests of our stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SmartStop Storage Advisors, LLC ("SSA") may receive economic benefits from its status as a special limited partner without bearing any of the investment risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our board of directors may change any of our investment objectives without the consent of our stockholders, including our focus on income-producing and growth self storage properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Payment of fees to our Advisor and its affiliates will reduce cash available for investment and distribution. There are a number of such fees that may have to be paid and certain fees may be added or the amounts increased without stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The growth portion of our property acquisition strategy involves a higher risk of loss than more conservative investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Because we are focused on the self storage industry, our rental revenues will be significantly influenced by demand for self storage space generally, and a decrease in such demand would likely have a greater adverse effect on our rental revenues than if we owned a more diversified real estate portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will be subject to risks associated with joint venture partners in joint venture arrangements that otherwise may not be present in other real estate investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are subject to additional risks as a result of any joint venture interest or properties we acquire in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in the Canadian Dollar / USD exchange rate could have a material adverse effect on our operating results and the value of the investment of our stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have broad authority to incur debt, and high debt levels could hinder our ability to make distributions and could decrease the value of an investment in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have incurred, and intend to continue to incur, indebtedness secured by our properties, which may result in foreclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failure to qualify as a REIT would adversely affect our operations and our ability to make distributions as we will incur additional tax liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have issued Series B Convertible Preferred Stock that rank senior to all common stock and grant the holder superior rights compared to common stockholders, which may have the effect of diluting our stockholders' interests in us and discouraging a takeover or other similar transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have issued Series D Preferred Units that rank senior to all common units and grant the holder superior rights compared to common unitholders, which may have the effect of diluting our unitholders' interests in us and discouraging a takeover or other similar transaction.

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 U.S. Securities and Exchange Commission (the "SEC") and are not intended to be a guarantee of our performance in future periods. 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.

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 SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024 and in our Registration Statement on Form S-11 (SEC Registration No. 333-256598), as amended, each as filed with the SEC, as supplemented by the risk factors included in Part II, Item 1A of this Form 10-Q.

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**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 loss, equity and temporary 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 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 included in our Annual Report on Form 10-K for the year ended December 31, 2024. Our results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results expected for the full year.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025 (Unaudited)** | **December 31,<br>2024** |
| **ASSETS** |  |  |
| Real estate facilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $111577582 | $109097324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings | 382391168 | 375539122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site improvements | 13931226 | 13655534 |
|  | 507899976 | 498291980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (37579759) | (27645170) |
|  | 470320217 | 470646810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in process | 18050287 | 9144864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate facilities, net | 488370504 | 479791674 |
| Cash and cash equivalents | 9428681 | 10827415 |
| Restricted cash | 1226619 | 6738149 |
| Investments in unconsolidated real estate ventures (Note 4) | 22545202 | 18207135 |
| Other assets, net | 8625084 | 13564907 |
| **Total assets** | $**530196090** | $**529129280** |
| **LIABILITIES, TEMPORARY EQUITY AND EQUITY** |  |  |
| Debt, net | $289851363 | $274056356 |
| Accounts payable and accrued liabilities | 10245291 | 13433815 |
| Distributions payable | 4547144 | 4409505 |
| Due to affiliates | 1878518 | 13877191 |
| **Total liabilities** | **306522316** | **305776867** |
| Commitments and contingencies (Note 10) |  |  |
| Redeemable common stock | 11575414 | 10279772 |
| Series B Convertible Preferred Stock, net $0.001 par value; 150,000 shares authorized; 150,000 issued <br> and outstanding at September 30, 2025 and December 31, 2024, with aggregate liquidation<br> preferences of $153,156,986 and $153,148,361 at September 30, 2025 and December 31, 2024, <br> respectively | 148599723 | 148599723 |
| Series D Preferred units in our Operating Partnership, net $0.001 par value; 1,400,000 units <br> authorized; 1,000,000 and none units issued and outstanding at September 30, 2025 and <br> December 31, 2024, with aggregate liquidation preferences of $25,087,500 and $0 at<br> September 30, 2025 and December 31, 2024, respectively | 24726843 |  |
| Series E Redeemable 8% Preferred Stock, $0.001 par value; 10,000,000 shares authorized; none <br> issued and outstanding at September 30, 2025 and December 31, 2024, respectively |  |  |
| Equity: |  |  |
| Strategic Storage Trust VI, Inc.: |  |  |
| Preferred Stock, $0.001 par value; 200,000,000 shares authorized; none issued and <br> outstanding at September 30, 2025 and December 31, 2024 |  |  |
| Class P Common stock, $0.001 par value; 30,000,000 shares authorized; 11,394,363 and 11,280,098<br> shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 11394 | 11280 |
| Class A Common stock, $0.001 par value; 230,000,000 shares authorized; 3,250,889 and 3,383,583<br> shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 3251 | 3384 |
| Class T Common stock, $0.001 par value; 100,000,000 shares authorized; 5,416,466 and 5,373,889<br> shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 5416 | 5374 |
| Class W Common stock, $0.001 par value; 70,000,000 shares authorized; 714,501 and<br> 704,761 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 715 | 705 |
| Class Y Common stock, $0.001 par value; 200,000,000 shares authorized; 5,419,065 and 4,049,909<br> shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 5419 | 4050 |
| Class Z Common stock, $0.001 par value; 70,000,000 shares authorized; 573,972 and 346,393<br> shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 574 | 346 |
| Additional paid-in capital | 222141939 | 207773199 |
| Distributions | (43576893) | (32142866) |
| Accumulated deficit | (139015855) | (111392263) |
| Accumulated other comprehensive loss | (5450572) | (4432786) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Strategic Storage Trust VI, Inc. equity | 34125388 | 59830423 |
| Noncontrolling interests in our Operating Partnership | (430159) | 225081 |
| Noncontrolling Series C Subordinated Units in our Operating Partnership | 5076565 | 4417414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncontrolling interest | 4646406 | 4642495 |
| **Total equity** | **38771794** | **64472918** |
| **Total liabilities, temporary equity and equity** | $**530196090** | $**529129280** |

---

**See notes to consolidated financial statements.**

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Self storage rental revenue | $7870022 | $7236715 | $22786515 | $20761136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary operating revenue | 47797 | 47287 | 151302 | 136165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 7917819 | 7284002 | 22937817 | 20897301 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses | 2821004 | 2762121 | 8591535 | 8456260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses – affiliates | 1332529 | 1303465 | 3904248 | 3871108 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1450036 | 1470060 | 4831973 | 4617858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 3236492 | 3196083 | 9634973 | 9543705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization expense |  | 654050 |  | 2532196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expense – affiliates | 76580 | 130311 | 289112 | 444364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property acquisition expenses | 5956 | 67441 | 63034 | 171283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 8922597 | 9583531 | 27314875 | 29636774 |
| **Operating loss** | (1004778) | (2299529) | (4377058) | (8739473) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (4281079) | (4458658) | (12564571) | (13701532) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense – debt issuance costs | (190331) | (272173) | (859246) | (826098) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative fair value adjustment | - | (1849878) | (531449) | (86205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 28770 | 85233 | 97953 | 430381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated real estate ventures | (604294) |  | (1211896) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency adjustment | (2206593) | 818394 | 902170 | (2539244) |
| **Net loss** | (8258305) | (7976611) | (18544097) | (25462171) |
| **Less: Distributions to preferred stockholders** | (3156987) | (3148361) | (9368014) | (9399516) |
| **Less: Distributions to preferred unitholders in our Operating Partnership** | (87500) |  | (87500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to the noncontrolling interests in our Operating Partnership** | 166105 | 181273 | 379236 | 609423 |
| **Net loss attributable to Strategic Storage Trust VI, Inc. common stockholders** | $(11336687) | $(10943699) | $(27620375) | $(34252264) |
| Net loss per Class P share—basic and diluted | $(0.42) | $(0.46) | $(1.05) | $(1.52) |
| Net loss per Class A share—basic and diluted | $(0.42) | $(0.46) | $(1.05) | $(1.52) |
| Net loss per Class T share—basic and diluted | $(0.42) | $(0.46) | $(1.05) | $(1.52) |
| Net loss per Class W share—basic and diluted | $(0.42) | $(0.46) | $(1.05) | $(1.52) |
| Net loss per Class Y share—basic and diluted | $(0.42) | $(0.46) | $(1.05) | $(1.52) |
| Net loss per Class Z share—basic and diluted | $(0.42) | $(0.46) | $(1.05) | $(1.52) |
| Weighted average Class P shares outstanding—basic and diluted | 11398457 | 11208277 | 11389603 | 11170643 |
| Weighted average Class A shares outstanding—basic and diluted | 3308799 | 3372159 | 3369323 | 3364818 |
| Weighted average Class T shares outstanding—basic and diluted | 5411801 | 5343460 | 5401444 | 5323178 |
| Weighted average Class W shares outstanding—basic and diluted | 713750 | 700079 | 711238 | 695342 |
| Weighted average Class Y shares outstanding—basic and diluted | 5400038 | 2770034 | 4963565 | 1867148 |
| Weighted average Class Z shares outstanding—basic and diluted | 572648 | 171225 | 474119 | 142804 |

---

**See notes to consolidated financial statements.**

------

**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net loss** | $(8258305) | $(7976611) | $(18544097) | $(25462171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (890623) | 691127 | 1585179 | (1533186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency hedge contract | 2437 | (321975) | (1187637) | (310063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate hedge contract | (28082) | (1668164) | (1436344) | (1138704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | (916268) | (1299012) | (1038802) | (2981953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive loss** | (9174573) | (9275623) | (19582899) | (28444124) |
| **Comprehensive loss attributable to noncontrolling<br> interests:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss attributable to the noncontrolling<br> interests in our Operating Partnership | 184486 | 211132 | 400251 | 681382 |
| Comprehensive loss attributable to Strategic Storage Trust<br> VI, Inc. stockholders | $(8990087) | $(9064491) | $(19182648) | $(27762742) |

---

**See notes to consolidated financial statements.**

------

**Strategic Storage Trust VI, Inc. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |  | **Noncontrolling Interest** | **Noncontrolling Interest** |  |  |  |
|  | **Class P** | **Class P** | **Class A** | **Class A** | **Class T** | **Class T** | **Class W** | **Class W** | **Class Y** | **Class Y** | **Class Z** | **Class Z** |  |  |  |  |  | **in our Operating Partnership** | **in our Operating Partnership** |  |  |  |
|  | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Additional<br>Paid-in<br>Capital** | **Distributions** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Strategic<br>Storage<br>Trust VI, Inc.<br>Equity** | **Noncontrolling <br>Interests** | **Series C Subordinated Units** | **Total<br>Equity** | **Redeemable<br>Common<br>Stock** | **Preferred<br>Stock** |
| **Balance as of December 31, 2023** | 11100444 | $11100 | 3339780 | $3340 | 5289743 | $5290 | 687653 | $688 | 382656 | $383 | 36559 | $37 | $174586716 | $(18590483) | $(64094793) | $449185 | $92371463 | $1514388 | $3197083 | $97082934 | $6727982 | $148599723 |
| Gross proceeds from issuance of common stock |  |  |  |  |  |  |  |  | 1054322 | 1054 | 83978 | 84 | 10585055 |  |  |  | 10586193 |  |  | 10586193 |  |  |
| Offering costs |  |  |  |  |  |  |  |  |  |  |  |  | (1258498) |  |  |  | (1258498) |  |  | (1258498) |  |  |
| Changes to redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1303340) |  |  |  | (1303340) |  |  | (1303340) | 1303340 |  |
| Redemption of common stock | (5494) | (5) |  |  | (8217) | (8) |  |  |  |  |  |  |  |  |  |  | (13) |  |  | (13) | (784542) |  |
| Distributions ($0.16 per share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3161870) |  |  | (3161870) |  |  | (3161870) |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (84790) |  | (84790) |  |  |
| Distributions to preferred shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3166042) |
| Issuance of shares for distribution reinvestment plan (DRP) | 74503 | 74 | 22403 | 22 | 33026 | 33 | 4978 | 5 | 4810 | 5 | 412 |  | 1303201 |  |  |  | 1303340 |  |  | 1303340 |  |  |
| Stock based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 8070 |  |  |  | 8070 |  |  | 8070 |  |  |
| Issuance of Series C Subordinated Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 359926 | 359926 |  |  |
| Net loss attributable to Strategic Storage Trust VI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11923621) |  | (11923621) |  |  | (11923621) |  | 3166042 |
| Net loss attributable to the noncontrolling interests in our Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (225373) |  | (225373) |  |  |
| Interest rate hedge contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 758374 | 758374 | 18968 |  | 777342 |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1511559) | (1511559) | (39323) |  | (1550882) |  |  |
| Foreign currency hedge contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20652) | (20652) | (518) |  | (21170) |  |  |
| **Balance as of March 31, 2024** | **11169453** | **$11169** | **3362183** | **$3362** | **5314552** | **$5315** | **692631** | **$693** | **1441788** | **$1442** | **120949** | **$121** | **$183921204** | **$(21752353)** | **$(76018414)** | **$(324652)** | **$85847887** | **$1183352** | **$3557009** | **$90588248** | **$7246780** | **$148599723** |

---

**See notes to consolidated financial statements.**

------

**Strategic Storage Trust VI, Inc. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY (CONTINUED)**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |  | **Noncontrolling Interest** | **Noncontrolling Interest** |  |  |  |
|  | **Class P** | **Class P** | **Class A** | **Class A** | **Class T** | **Class T** | **Class W** | **Class W** | **Class Y** | **Class Y** | **Class Z** | **Class Z** |  |  |  |  |  | **in our Operating Partnership** | **in our Operating Partnership** |  |  |  |
|  | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Additional<br>Paid-in<br>Capital** | **Distributions** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Strategic<br>Storage<br>Trust VI, Inc.<br>Equity** | **Noncontrolling <br>Interests** | **Series C Subordinated Units** | **Total<br>Equity** | **Redeemable<br>Common<br>Stock** | **Preferred<br>Stock** |
| **Balance as of March 31, 2024** | 11169453 | $11169 | 3362183 | $3362 | 5314552 | $5315 | 692631 | $693 | 1441788 | $1442 | 120949 | $121 | $183921204 | $(21752353) | $(76018414) | $(324652) | $85847887 | $1183352 | $3557009 | $90588248 | $7246780 | $148599723 |
| Gross proceeds from issuance of common stock |  |  |  |  |  |  |  |  | 856277 | 856 | 35806 | 36 | 8295486 |  |  |  | 8296378 |  |  | 8296378 |  |  |
| Offering costs |  |  |  |  |  |  |  |  |  |  |  |  | (984775) |  |  |  | (984775) |  |  | (984775) |  |  |
| Changes to redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1410065) |  |  |  | (1410065) |  |  | (1410065) | 1410065 |  |
| Redemption of common stock | (69075) | (69) | (7252) | (7) | (14702) | (15) |  |  |  |  |  |  |  |  |  |  | (91) |  |  | (91) | (390986) |  |
| Distributions ($0.15 per share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3303089) |  |  | (3303089) |  |  | (3303089) |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (84791) |  | (84791) |  |  |
| Distributions to preferred shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3085113) |
| Issuance of shares for distribution reinvestment plan (DRP) | 76121 | 76 | 22911 | 23 | 33433 | 33 | 5082 | 5 | 13237 | 13 | 835 | 1 | 1409914 |  |  |  | 1410065 |  |  | 1410065 |  |  |
| Issuance of restricted stock |  |  | 5000 | 5 |  |  |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 5 |  |  |
| Stock based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 8070 |  |  |  | 8070 |  |  | 8070 |  |  |
| Distribution of common stock |  |  | 346 |  |  |  |  |  |  |  |  |  | 3219 |  | (3219) |  |  |  |  |  |  |  |
| Issuance of Series C Subordinated Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 277316 | 277316 |  |  |
| Net loss attributable to Strategic Storage Trust VI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11384943) |  | (11384943) |  |  | (11384943) |  | 3085113 |
| Net loss attributable to the noncontrolling interests in our Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (202777) |  | (202777) |  |  |
| Interest rate hedge contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (242024) | (242024) | (5857) |  | (247881) |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (634019) | (634019) | (15588) |  | (649607) |  |  |
| Foreign currency hedge contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9039 | 9039 | 218 |  | 9257 |  |  |
| **Balance as of June 30, 2024** | **11176499** | **$11176** | **3383188** | **$3383** | **5333283** | **$5333** | **697713** | **$698** | **2311302** | **$2311** | **157590** | **$158** | **$191243053** | **$(25055442)** | **$(87406576)** | **$(1191656)** | **$77612438** | **$874557** | **$3834325** | **$82321320** | **$8265859** | **$148599723** |

---

**See notes to consolidated financial statements.**

------

**Strategic Storage Trust VI, Inc. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY (CONTINUED)**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |  | **Noncontrolling Interest** | **Noncontrolling Interest** |  |  |  |
|  | **Class P** | **Class P** | **Class A** | **Class A** | **Class T** | **Class T** | **Class W** | **Class W** | **Class Y** | **Class Y** | **Class Z** | **Class Z** |  |  |  |  |  | **in our Operating Partnership** | **in our Operating Partnership** |  |  |  |
|  | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Additional<br>Paid-in<br>Capital** | **Distributions** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Strategic<br>Storage<br>Trust VI, Inc.<br>Equity** | **Noncontrolling <br>Interests** | **Series C Subordinated Units** | **Total<br>Equity** | **Redeemable<br>Common<br>Stock** | **Preferred<br>Stock** |
| **Balance as of June 30, 2024** | 11176499 | $11176 | 3383188 | $3383 | 5333283 | $5333 | 697713 | $698 | 2311302 | $2311 | 157590 | $158 | $191243053 | $(25055442) | $(87406576) | $(1191656) | $77612438 | $874557 | $3834325 | $82321320 | $8265859 | $148599723 |
| Gross proceeds from issuance of common stock |  |  |  |  |  |  |  |  | 837836 | 838 | 86933 | 86 | 8934132 |  |  |  | 8935056 |  |  | 8935056 |  |  |
| Offering costs |  |  |  |  |  |  |  |  |  |  |  |  | (969920) |  |  |  | (969920) |  |  | (969920) |  |  |
| Changes to redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1480597) |  |  |  | (1480597) |  |  | (1480597) | 1480597 |  |
| Redemption of common stock | (5128) | (5) | (32258) | (32) | (7477) | (7) |  |  |  |  |  |  |  |  |  |  | (44) |  |  | (44) | (514258) |  |
| Distributions ($0.16 per share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3476601) |  |  | (3476601) |  |  | (3476601) |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (85722) |  | (85722) |  |  |
| Distributions to preferred shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3148361) |
| Issuance of shares for distribution reinvestment plan (DRP) | 72785 | 73 | 22084 | 22 | 31208 | 31 | 4861 | 5 | 19820 | 20 | 891 | 1 | 1480445 |  |  |  | 1480597 |  |  | 1480597 |  |  |
| Stock based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 10977 |  |  |  | 10977 |  |  | 10977 |  |  |
| Issuance of Series C Subordinated Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 291697 | 291697 |  |  |
| Net loss attributable to Strategic Storage Trust VI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10943699) |  | (10943699) |  |  | (10943699) |  | 3148361 |
| Net loss attributable to the noncontrolling interests in our Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (181273) |  | (181273) |  |  |
| Interest rate hedge contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1630605) | (1630605) | (37559) |  | (1668164) |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 675551 | 675551 | 15576 |  | 691127 |  |  |
| Foreign currency hedge contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (314099) | (314099) | (7876) |  | (321975) |  |  |
| **Balance as of September 30, 2024** | **11244156** | **$11244** | **3373014** | **$3373** | **5357014** | **$5357** | **702574** | **$703** | **3168958** | **$3169** | **245414** | **$245** | **$199218090** | **$(28532043)** | **$(98350275)** | **$(2460809)** | **$69899054** | **$577703** | **$4126022** | **$74602779** | **$9232198** | **$148599723** |

---

**See notes to consolidated financial statements.**

------

**Strategic Storage Trust VI, Inc. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY (CONTINUED)**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |  | **Noncontrolling Interest** | **Noncontrolling Interest** |  |  |  |
|  | **Class P** | **Class P** | **Class A** | **Class A** | **Class T** | **Class T** | **Class W** | **Class W** | **Class Y** | **Class Y** | **Class Z** | **Class Z** |  |  |  |  |  | **in our Operating Partnership** | **in our Operating Partnership** |  |  |  |
|  | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Additional<br>Paid-in<br>Capital** | **Distributions** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Strategic<br>Storage<br>Trust VI, Inc.<br>Equity** | **Noncontrolling <br>Interests** | **Series C Subordinated Units** | **Total<br>Equity** | **Redeemable<br>Common<br>Stock** | **Preferred<br>Stock** |
| **Balance as of December 31, 2024** | 11280098 | $11280 | 3383583 | $3384 | 5373889 | $5374 | 704761 | $705 | 4049909 | $4050 | 346393 | $346 | $207773199 | $(32142866) | $(111392263) | $(4432786) | $59830423 | $225081 | $4417414 | $64472918 | $10279772 | $148599723 |
| Gross proceeds from issuance of common stock | 64865 | 65 |  |  |  |  |  |  | 627757 | 628 | 41250 | 41 | 7244336 |  |  |  | 7245070 |  |  | 7245070 |  |  |
| Offering costs |  |  |  |  |  |  |  |  |  |  |  |  | (867972) |  |  |  | (867972) |  |  | (867972) |  |  |
| Changes to redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1600498) |  |  |  | (1600498) |  |  | (1600498) | 1600498 |  |
| Redemption of common stock | (34616) | (35) | (7883) | (8) | (5355) | (5) |  |  |  |  |  |  |  |  |  |  | (48) |  |  | (48) | (174331) |  |
| Distributions ($0.15 per share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3686874) |  |  | (3686874) |  |  | (3686874) |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (84008) |  | (84008) |  |  |
| Distributions to preferred shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3088356) |
| Issuance of shares for distribution reinvestment plan (DRP) | 70472 | 71 | 21553 | 21 | 29791 | 29 | 4969 | 5 | 31952 | 32 | 1315 | 2 | 1600338 |  |  |  | 1600498 |  |  | 1600498 |  |  |
| Stock based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 10977 |  |  |  | 10977 |  |  | 10977 |  |  |
| Issuance of Series C Subordinated Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 294276 | 294276 |  |  |
| Net loss attributable to Strategic Storage Trust VI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10176307) |  | (10176307) |  |  | (10176307) |  | 3088356 |
| Net loss attributable to the noncontrolling interests in our Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (152735) |  | (152735) |  |  |
| Interest rate hedge contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1215280) | (1215280) | (30513) |  | (1245793) |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62709 | 62709 | 1240 |  | 63949 |  |  |
| Foreign currency hedge contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (151458) | (151458) | (3798) |  | (155256) |  |  |
| **Balance as of March 31, 2025** | **11380819** | **$11381** | **3397253** | **$3397** | **5398325** | **$5398** | **709730** | **$710** | **4709618** | **$4710** | **388958** | **$389** | **$214160380** | **$(35829740)** | **$(121568570)** | **$(5736815)** | **$51051240** | **$(44733)** | **$4711690** | **$55718197** | **$11705939** | **$148599723** |

---

**See notes to consolidated financial statements.**

------

**Strategic Storage Trust VI, Inc. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY (CONTINUED)**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |  | **Noncontrolling Interest** | **Noncontrolling Interest** |  |  |  |
|  | **Class P** | **Class P** | **Class A** | **Class A** | **Class T** | **Class T** | **Class W** | **Class W** | **Class Y** | **Class Y** | **Class Z** | **Class Z** |  |  |  |  |  | **in our Operating Partnership** | **in our Operating Partnership** |  |  |  |
|  | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Additional<br>Paid-in<br>Capital** | **Distributions** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Strategic<br>Storage<br>Trust VI, Inc.<br>Equity** | **Noncontrolling <br>Interests** | **Series C Subordinated Units** | **Total<br>Equity** | **Redeemable<br>Common<br>Stock** | **Preferred<br>Stock** |
| **Balance as of March 31, 2025** | 11380819 | $11381 | 3397253 | $3397 | 5398325 | $5398 | 709730 | $710 | 4709618 | $4710 | 388958 | $389 | $214160380 | $(35829740) | $(121568570) | $(5736815) | $51051240 | $(44733) | $4711690 | $55718197 | $11705939 | $148599723 |
| Gross proceeds from issuance of common stock |  |  |  |  |  |  |  |  | 611712 | 612 | 180800 | 181 | 7924329 |  |  |  | 7925122 |  |  | 7925122 |  |  |
| Offering costs |  |  |  |  |  |  |  |  |  |  |  |  | (1008722) |  |  |  | (1008722) |  |  | (1008722) |  |  |
| Adjustment to offering costs (See note 2) |  |  |  |  |  |  |  |  |  |  |  |  | 949281 |  |  |  | 949281 |  |  | 949281 |  |  |
| Changes to redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1670966) |  |  |  | (1670966) |  |  | (1670966) | 1670966 |  |
| Redemption of common stock | (12636) | (13) |  |  | (12321) | (12) |  |  |  |  |  |  |  |  |  |  | (25) |  |  | (25) | (3164029) |  |
| Distributions ($0.15 per share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3828579) |  |  | (3828579) |  |  | (3828579) |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (85022) |  | (85022) |  |  |
| Distributions to preferred shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3122671) |
| Issuance of shares for distribution reinvestment plan (DRP) | 71183 | 71 | 22266 | 23 | 29938 | 30 | 5131 | 5 | 37142 | 36 | 1436 | 1 | 1670800 |  |  |  | 1670966 |  |  | 1670966 |  |  |
| Issuance of restricted stock |  |  | 5000 | 5 |  |  |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 5 |  |  |
| Stock based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 10977 |  |  |  | 10977 |  |  | 10977 |  |  |
| Distribution of common stock |  |  | 346 |  |  |  |  |  |  |  |  |  | 3219 |  | (3219) |  |  |  |  |  |  |  |
| Issuance of Series C Subordinated Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 278726 | 278726 |  |  |
| Net loss attributable to Strategic Storage Trust VI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6107379) |  | (6107379) |  |  | (6107379) |  | 3122671 |
| Net loss attributable to the noncontrolling interests in our Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (60396) |  | (60396) |  |  |
| Interest rate hedge contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (163668) | (163668) | 1199 |  | (162469) |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2362372 | 2362372 | 49480 |  | 2411852 |  |  |
| Foreign currency hedge contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1014574) | (1014574) | (20244) |  | (1034818) |  |  |
| **Balance as of June 30, 2025** | **11439366** | **$11439** | **3424865** | **$3425** | **5415942** | **$5416** | **714861** | **$715** | **5358472** | **$5358** | **571194** | **$571** | **$222039298** | **$(39658319)** | **$(127679168)** | **$(4552685)** | **$50176050** | **$(159716)** | **$4990416** | **$55006750** | **$10212876** | **$148599723** |

---

**See notes to consolidated financial statements.**

------

**Strategic Storage Trust VI, Inc. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY (CONTINUED)**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |  | **Noncontrolling Interest** | **Noncontrolling Interest** |  |  |  |  |
|  | **Class P** | **Class P** | **Class A** | **Class A** | **Class T** | **Class T** | **Class W** | **Class W** | **Class Y** | **Class Y** | **Class Z** | **Class Z** |  |  |  |  |  | **in our Operating Partnership** | **in our Operating Partnership** |  |  |  |  |
|  | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Number<br>of<br>Shares** | **Common<br>Stock<br>Par <br>Value** | **Additional<br>Paid-in<br>Capital** | **Distributions** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Strategic<br>Storage<br>Trust VI, Inc.<br>Equity** | **Noncontrolling <br>Interests** | **Series C Subordinated Units** | **Total<br>Equity** | **Redeemable<br>Common<br>Stock** | **Preferred<br>Stock** | **Series D Preferred Units in our Operating Partnership** |
| **Balance as of June 30, 2025** | 11439366 | $11439 | 3424865 | $3425 | 5415942 | $5416 | 714861 | $715 | 5358472 | $5358 | 571194 | $571 | $222039298 | $(39658319) | $(127679168) | $(4552685) | $50176050 | $(159716) | $4990416 | $55006750 | $10212876 | $148599723 | $— |
| Gross proceeds from issuance of common stock |  |  |  |  |  |  |  |  | 19700 | 20 |  |  | 196980 |  |  |  | 197000 |  |  | 197000 |  |  |  |
| Offering costs |  |  |  |  |  |  |  |  |  |  |  |  | (105040) |  |  |  | (105040) |  |  | (105040) |  |  |  |
| Changes to redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1713090) |  |  |  | (1713090) |  |  | (1713090) | 1713090 |  |  |
| Redemption of common stock | (115699) | (116) | (195648) | (196) | (29308) | (29) | (5797) | (6) |  |  |  |  |  |  |  |  | (347) |  |  | (347) | (350552) |  |  |
| Distributions ($0.16 per share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3918574) |  |  | (3918574) |  |  | (3918574) |  |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (85957) |  | (85957) |  |  |  |
| Distributions to preferred shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3156987) |  |
| Distributions to Series D preferred unitholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (87500) |
| Issuance of shares for distribution reinvestment plan (DRP) | 70696 | 71 | 21672 | 22 | 29832 | 29 | 5437 | 6 | 40893 | 41 | 2778 | 3 | 1712918 |  |  |  | 1713090 |  |  | 1713090 |  |  |  |
| Stock based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 10873 |  |  |  | 10873 |  |  | 10873 |  |  |  |
| Issuance of Series C Subordinated Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 86149 | 86149 |  |  |  |
| Issuance of Series D Preferred Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25000000 |
| Series D Preferred equity issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (273157) |
| Net loss attributable to Strategic Storage Trust VI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11336687) |  | (11336687) |  |  | (11336687) |  | 3156987 | 87500 |
| Net loss attributable to the noncontrolling interests in our Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (166105) |  | (166105) |  |  |  |
| Interest rate hedge contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27513) | (27513) | (569) |  | (28082) |  |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (872762) | (872762) | (17861) |  | (890623) |  |  |  |
| Foreign currency hedge contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2388 | 2388 | 49 |  | 2437 |  |  |  |
| **Balance as of September 30, 2025** | **11394363** | **$11394** | **3250889** | **$3251** | **5416466** | **$5416** | **714501** | **$715** | **5419065** | **$5419** | **573972** | **$574** | **$222141939** | **$(43576893)** | **$(139015855)** | **$(5450572)** | **$34125388** | **$(430159)** | **$5076565** | **$38771794** | **$11575414** | **$148599723** | **$24726843** |

---

**See notes to consolidated financial statements.**

------

**STrategic Storage Trust VI, Inc. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(18544097) | $(25462171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 9634973 | 12075901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 735055 | 826098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation expense related to issuance of restricted stock | 32827 | 27117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated joint venture | 1211896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized derivative gain | 297119 | 232784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative fair value adjustment | 410657 | 1944534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency adjustment | (902170) | 2539244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 150833 | 466893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of interest rate derivative |  | (2913815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of interest rate derivative | (2030731) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 1045796 | (299387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (12083162) | 10648005 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | (20041004) | 85203 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to real estate facilities | (10299092) | (8494925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund of deposits on acquisitions of real estate facilities |  | 485232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in company owned life insurance | (905318) | (890957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated real estate ventures | (4925607) | (16672863) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital on investments in unconsolidated real estate ventures |  | 16099042 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (16130017) | (9474471) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of secured debt | 177719672 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of secured debt | (164753059) | (4764241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Scheduled principal payments of secured debt | (1105853) | (2842092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (1825431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross proceeds from issuance of common stock | 15367192 | 27817484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | (2075386) | (2699312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Series D preferred units | 25000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D Preferred unit issuance costs | (273157) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Series C units | 659151 | 928939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of common stock | (3900935) | (1297314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to common stockholders | (6407906) | (5642968) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to noncontrolling interest in our Operating Partnership | (255843) | (256313) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to preferred stockholders | (9359388) | (9382405) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 28789057 | 9861778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange rate changes on cash and restricted cash | 471700 | (442012) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash, cash equivalents and restricted cash** | (6910264) | 30498 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, cash equivalents and restricted cash, beginning of period** | 17565564 | 25708071 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, cash equivalents and restricted cash, end of period** | $10655300 | $25738569 |
| **Supplemental disclosures and non-cash transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest, net of amounts capitalized | $14160979 | $13492349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs included in accounts payable and accrued liabilities | $(1042933) | $513881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contract in other assets | $1252175 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts in accounts payable and accrued liabilities | $443890 | $1365131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency hedge contract in other assets | $1187637 | $310063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | $1585179 | $1533186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits applied to investments in unconsolidated real estate ventures | $— | $330840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs in due to affiliates | $— | $80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares pursuant to distribution reinvestment plan | $4984554 | $4194003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | $4547144 | $4323389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate and construction in process in accounts payable and accrued liabilities | $348366 | $1266042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate facilities in due to affiliates | $— | $104166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of common stock in accounts payable and accrued liabilities | $231066 | $511652 |

---

**See notes to consolidated financial statements.**

------

**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

**Note 1. Organization** 

Strategic Storage Trust VI, Inc., a Maryland corporation (the "Company"), was formed on October 14, 2020 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities and commenced formal operations on March 10, 2021. Our year-end is December 31. As used herein, "we," "us," "our" and "Company" refer to Strategic Storage Trust VI, Inc. and each of our subsidiaries.

SmartStop REIT Advisors, LLC is our sponsor (our "Sponsor"). Our Sponsor is an indirect subsidiary of SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA). Our Sponsor is a company focused on providing self storage advisory, asset management, and property management services. Our Sponsor owns 100% of the economic interests (and 100% of the voting membership interests) of Strategic Storage Advisor VI, LLC (our "Advisor") and owns 100% of Strategic Storage Property Management VI, LLC (our "Property Manager").

We have no employees. Our Advisor, a Delaware limited liability company, was formed on October 7, 2020. Our Advisor is responsible for managing our affairs on a day-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of an advisory agreement we entered into with our Advisor on February 26, 2021 (our "Private Offering Advisory Agreement"), which was amended and restated on March 17, 2022 (our "Advisory Agreement"). A majority of our officers are also officers of our Advisor, Sponsor and SmartStop.

On January 15, 2021, our Advisor purchased approximately 110 shares of our common stock for $1,000 and became our initial stockholder. Our Articles of Incorporation authorized 30,000 shares of common stock with a par value of $0.001 per share. Our Articles of Amendment and Restatement (our "Charter") authorized 700,000,000 shares of common stock with a par value of $0.001 per share and 200,000,000 shares of preferred stock with a par value of $0.001 per share. On February 26, 2021, pursuant to a confidential private placement memorandum (the "private placement memorandum"), we commenced a private offering of up to $200,000,000 in shares of our common stock and $20,000,000 in shares of common stock pursuant to our distribution reinvestment plan (the "Private Offering"). On March 10, 2021, we commenced formal operations. On March 17, 2022, we terminated the primary portion of our Private Offering. In connection with the primary portion of the Private Offering, we sold approximately 10.6 million shares of Class P common stock (discussed below) for gross offering proceeds of approximately $100.7 million.

In connection with the Public Offering, defined below, we authorized 30,000,000 shares of common stock designated as Class P shares, 300,000,000 shares of common stock designated as Class A shares, 300,000,000 shares of common stock designated as Class T shares, and 70,000,000 shares of common stock designated as Class W shares. Any common stock sold in the Private Offering were redesignated as Class P common stock. On May 28, 2021, we filed a Registration Statement on Form S-11 (the "Registration Statement"), which was subsequently amended, with the Securities and Exchange Commission ("SEC") to register a maximum of $1,000,000,000 in shares of Class A, Class T, and Class W common stock for sale to the public (the "Primary Offering") and $95,000,000 in shares of Class A, Class T, and Class W common stock for sale pursuant to our distribution reinvestment plan. On March 17, 2022, the SEC declared our Registration Statement effective.

On October 4, 2023, we filed a Post-Effective Amendment to our Registration Statement to register two new classes of common stock (Class Y shares and Class Z shares) with the SEC. On November 1, 2023, the Post-Effective Amendment to our Registration Statement became effective with the SEC. Also, on November 1, 2023, we filed articles supplementary to our Charter which reclassified 200,000,000 Class T shares as Class Y shares and 70,000,000 Class A shares as Class Z shares. Effective November 1, 2023, we began offering Class Y shares and Class Z shares in our Primary Offering for $9.30 per share and Class A shares, Class T shares, Class W shares, Class Y shares and Class Z shares pursuant to our distribution reinvestment plan for $9.30 per share (collectively, the "Public Offering").

On May 20, 2025, our board of directors approved the termination of the Primary Offering, effective as of May 30, 2025. We sold approximately 2.9 million Class A shares for gross offering proceeds of approximately $30.3 million, approximately 4.8 million Class T shares for gross offering proceeds of approximately $48.1 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $6.3 million, approximately 5.2 million Class Y shares for gross offering proceeds of approximately $50.6 million, and approximately 0.6 million Class Z shares for gross offering proceeds of approximately $5.5 million in the Primary Offering. Our dealer manager was Pacific Oak Capital Markets, LLC,

------

**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

a Delaware limited liability company, for our Public Offering (our "Former Dealer Manager"). On June 18, 2025, in connection with the termination of the Primary Offering, the Dealer Manager Agreement was terminated.

We continue to offer Class P, Class A, Class T, Class W, Class Y, and Class Z shares pursuant to our distribution reinvestment plan. On July 18, 2025, we filed a Registration Statement on Form S-3, which registered up to an additional $75 million in shares under our distribution reinvestment plan for all share classes (our "DRP Offering"). The DRP Offering may be terminated at any time upon 10 days' prior written notice to stockholders.

As of September 30, 2025, we have issued approximately 1.1 million Class P shares, approximately 0.2 million Class A shares, approximately 0.3 million Class T shares, approximately 51,000 Class W shares, approximately 0.2 million Class Y shares, and approximately 9,000 Class Z shares for gross proceeds of approximately $18.0 million through our distribution reinvestment plan.

Pursuant to a Sponsor Funding Agreement (as defined in Note 2 - Summary of Significant Accounting Policies), our Sponsor agreed to fund the payment of (i) the upfront 3% sales commission for the sale of Class Y shares, (ii) the upfront 3% dealer manager fee for the Class Y shares, and (iii) the estimated 1% organization and offering expenses for the sale of Class Y shares and Class Z shares in our Public Offering. In November 2023, our Sponsor agreed to reimburse the Company in cash to cover the dilution from the one-time stock dividend described below. In consideration for our Sponsor providing the funding for the front-end sales load and the cash to cover the dilution from the stock dividend, Strategic Storage Operating Partnership VI, L.P., a Delaware limited partnership (our "Operating Partnership"), was obligated to issue Series C Subordinated Convertible Units ("Series C Units") to our Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $9.30 per share and currently at $10.00 per share) for the Class Y shares and Class Z shares sold in the Public Offering. The Series C Units shall initially have no distribution, voting or other rights to participate in our Operating Partnership unless and until such Series C Units are converted into Class A Units of our Operating Partnership. The Series C Units shall automatically convert into Class A Units on a one-to-one basis upon our disclosure of an estimated net asset value per share equal to at least $10.00 per share for each of the Class A, Class P, Class T, Class W, Class Y, and Class Z shares calculated net of the value of Series C Units to be converted. Such conversion is limited such that the dilution caused by the conversion may not reduce the diluted estimated net asset value below $10.00 per share. No Series C Units were converted to Class A Units as a result of the Estimated Per Share NAV (as defined below) being declared. In connection with the termination of our Primary Offering, the Sponsor Funding Agreement was terminated effective as of May 30, 2025, though our Sponsor or its affiliates are still obligated to provide the funding amounts set forth in the Sponsor Funding Agreement and entitled to receive Series C Units until the final payment of such funding amounts, and the final issuance of the Series C Units for such funding amounts, as contemplated by the terms of the Sponsor Funding Agreement. As of September 30, 2025, we had received funding from our Sponsor of approximately $10.2 million for the payment of sales commissions and dealer manager fees for the sale of Class Y shares, and organization and offering expenses for the sale of Class Y and Z shares pursuant to the Sponsor Funding Agreement.

On November 1, 2023, the Company's board of directors declared to holders of record of Class A shares, Class T shares and Class W shares, respectively, as of November 15, 2023 (a) a one-time stock dividend of 0.11075 Class A shares per Class A share outstanding, (b) a one-time stock dividend of 0.07526 Class T shares per Class T share outstanding, and (c) a one-time stock dividend of 0.01075 Class W shares per Class W share outstanding. These stock dividends were issued to provide such stockholders who purchased Class A shares, Class T shares, or Class W shares in the Public Offering the same number of shares of the applicable class as they would have received if they purchased their shares at a price of $9.30 per share, the offering price of Class Y shares and Class Z shares in the Public Offering.

On August 7, 2024, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an estimated value per share ("Estimated Per Share NAV") of $10.00 for our Class A shares, Class P shares, 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.

We have invested the net proceeds from our Private Offering and Public Offering primarily in self storage facilities consisting of both income-producing and growth properties located in the United States and Canada. As of September 30, 2025, we owned 24 operating self storage properties located in seven states (Arizona, Delaware, Florida, Nevada, Oregon,

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

Pennsylvania and Washington) and three Canadian provinces (Alberta, British Columbia and Ontario) and two development properties in Florida and Ontario. For more information, see Note 3 - Real Estate Facilities.

As of September 30, 2025, we owned 50% of the equity interests in five unconsolidated real estate ventures in two Canadian provinces (Ontario and Quebec), with subsidiaries of SmartCentres Real Estate Investment Trust ("SmartCentres") owning the other 50% of such entities. Our unconsolidated real estate ventures consist of four operating self storage properties in the lease-up phase and one parcel of land that is being developed into a self storage facility. For more information, see Note 4 - Investment in Unconsolidated Real Estate Ventures.

Our Operating Partnership was formed on October 15, 2020. On January 15, 2021, SmartStop Storage Advisors, LLC ("SSA"), an affiliate of our Advisor, purchased a limited partnership interest in our Operating Partnership for $1,000 and we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. On February 26, 2021, in connection with entering into the Private Offering Advisory Agreement, SSA made an additional $1,000 investment in our Operating Partnership in exchange for additional limited partnership interests and a special limited partnership interest.

On March 10, 2021, SmartStop OP, L.P. ("SmartStop OP"), an affiliate of our Sponsor and the operating partnership of SmartStop, contributed $5.0 million to our Operating Partnership, in exchange for 549,451 units of limited partnership interest in our Operating Partnership (the "OP Investment"). The OP Investment was made net of sales commissions and dealer manager fees, but without giving effect to the early investor discounts available to purchasers of shares in the Private Offering. At the effective time of the OP Investment, SmartStop OP was admitted as a limited partner to our Operating Partnership. As of September 30, 2025, we owned approximately 98% of the common units of limited partnership interest of our Operating Partnership. The remaining approximately 2% of the common units are owned by SmartStop OP.

On May 1, 2023 (the "Commitment Date"), we entered into a preferred stock purchase agreement (the "Series B 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 $150 million in preferred shares (the aggregate shares to be purchased, the "Preferred Shares") of our new Series B Convertible Preferred Stock (the "Series B Convertible Preferred Stock"). The closing (the "Initial Closing") in the amount of $150 million occurred on the Commitment Date and we incurred approximately $1.4 million in issuance costs related to the Series B Convertible Preferred Stock. See Note 7 - Preferred Equity.

On September 4, 2025, we, our Operating Partnership, and an affiliate of our Sponsor (the "Preferred Investor") entered into a Series D Cumulative Redeemable Preferred Unit Purchase Agreement (the "Preferred Unit Purchase Agreement") pursuant to which our Operating Partnership issued and sold to the Preferred Investor. In September 2025, the Preferred Investor purchased 1.0 million Series D Cumulative Redeemable Preferred Units of Limited Partnership Interest (the "Series D Preferred Units") at a liquidation preference of $25.00 per unit (the "Liquidation Amount") in consideration for the Preferred Investor making a capital contribution to our Operating Partnership in an amount of $25 million (the "Series D Preferred Investment"). See Note 7 – Preferred Equity.

On September 30, 2025, we commenced the Series E Preferred Offering of up to $75.0 million (expandable up to $100.0 million in the sole discretion of our board) in shares of our Series E Preferred Stock, $0.001 par value per share, at an offering price of $10.00 per share, pursuant to the Confidential Private Placement Memorandum dated September 30, 2025 (the "Memorandum"). The Series E Preferred Offering will terminate on September 30, 2026, unless extended by our board, in its sole discretion. In connection with the Series E Preferred Offering, we entered into Amendment No. 6 to the Second Amended and Restated Limited Partnership Agreement of our Operating Partnership to create Series E Preferred Units having economic terms and designations, powers, preferences, rights and restrictions that are substantially similar to the Series E Preferred Stock. See Note 7 – Preferred Equity.

Our Operating Partnership will own, directly or indirectly through one or more special purpose entities, all of the self storage properties that we acquire. We will conduct certain activities through our taxable REIT subsidiary, Strategic Storage TRS VI, Inc., a Delaware corporation (the "TRS") which was formed on October 16, 2020 and is a wholly owned subsidiary of our Operating Partnership.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

Our Property Manager, a Delaware limited liability company, was formed on October 7, 2020 to manage our properties. Our Property Manager will derive substantially all of its income from the property management services it performs for us. Our Property Manager may enter into sub-property management agreements with third party management companies and pay part of its management fee to such sub-property manager. See Note 9 – Related Party Transactions – Property Management Agreement.

On September 30, 2025, in connection with the commencement of the Series E Preferred Offering, we entered into a managing dealer agreement (the "Managing Dealer Agreement") with Orchard Securities, LLC, a Utah limited liability company ("Orchard"), pursuant to which Orchard has agreed to act as our managing dealer in connection with the Series E Preferred Offering. Pursuant to the Managing Dealer Agreement, Orchard will receive sales commissions up to 6.0% of the gross offering proceeds from the Series E Preferred Offering and managing dealer fees up to 3.50% of the gross offering proceeds from the Series E Preferred Offering, all or a portion of which sales commissions and managing dealer fees may be re-allowed to soliciting dealers. Our Sponsor will also pay Orchard 0.15% of the aggregate amount sold in the Series E Preferred Offering per annum not to exceed an aggregate amount of $550,000; provided, however, if we enter into an extraordinary transaction (as defined in the Memorandum) or list our common stock on a national exchange and Orchard has not received $550,000, then such amount will equal $550,000 regardless of the amount sold in the Series E Preferred Offering. The Managing Dealer Agreement will terminate upon the termination of the Series E Preferred Offering, unless terminated earlier by either party upon 30 days' written notice to the other party.

As we accepted subscriptions for shares of our common and preferred 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 offerings. 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 the limited partnership agreement of our Operating Partnership, in connection with the Public Offering, the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, as further amended (the "Operating Partnership Agreement"). SSA and SmartStop OP are prohibited from exchanging or otherwise transferring units representing $202,000 of the limited partnership units acquired in their initial investments in our Operating Partnership so long as our Advisor is acting as our Advisor pursuant to our Advisory Agreement.

**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. Please see consolidation considerations section below.

***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

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

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 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.

As of September 30, 2025, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres, which are accounted for under the equity method of accounting. Please see Note 4 - Investments in Unconsolidated Real Estate Ventures. Other than the entities noted above, we do not currently have any material relationships with unconsolidated entities or financial partnerships.

***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. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments.

***Noncontrolling Interest in Consolidated Entities*** 

We account for the noncontrolling interest in our Operating Partnership 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 partner, our Operating Partnership, including its wholly-owned subsidiary, was consolidated with the Company, and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interest shall be attributed its share of income and losses, even if that attribution results in a deficit noncontrolling interest 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 evaluation of potential impairment of long-lived assets, 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. In an effort to mitigate this risk, we only invest in or through major financial institutions.

***Restricted Cash***

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

***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.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

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. There were no property acquisitions during the nine months ended September 30, 2025 and 2024, and no intangible assets were recorded. 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 facilities are allocated to the individual facilities based upon an income approach or a discounted 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 nine months ended September 30, 2025 and 2024 there were no property acquisitions.

During the three months ended September 30, 2025 and 2024, we expensed approximately $0.1 million and $0.2 million, respectively, of acquisition-related transaction costs that did not meet our capitalization policy. During the nine months ended September 30, 2025 and 2024, we expensed approximately $0.4 million and $0.6 million, respectively, of acquisition-related transaction costs that did not meet our capitalization policy.

***Evaluation of Possible Impairment of Long-Lived Assets***

Management monitors events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets, including those held through joint ventures, 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 long-lived 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 long-lived assets to the fair value and recognize an impairment loss. For the nine months ended September 30, 2025 and 2024, no impairment losses were recognized.

***Advertising Costs***

Advertising costs are included in property operating expenses and general and administrative expenses, depending on the nature of the expense, in the accompanying consolidated statements of operations. These costs are expensed in the period in which the cost is incurred. The Company incurred advertising costs of approximately $0.7 million and $2.3 million for the three and nine months ended September 30, 2025 respectively, and approximately $0.6 million and $1.8 million for the three and nine months ended September 30, 2024 respectively.

***Revenue Recognition*** 

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 will be 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 will be included in accounts payable and accrued liabilities in our consolidated balance sheet and contractually due but unpaid rent will be included in other assets. Additionally, we earn ancillary revenue by selling 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.

***Sponsor Funding Agreement***

On November 1, 2023, the Company entered into a sponsor funding agreement (the "Sponsor Funding Agreement") by and among the Company, our Operating Partnership and our Sponsor pursuant to which the Sponsor agreed to fund the payment of (i) the upfront 3% sales commission for the sale of Class Y shares, (ii) the upfront 3% dealer manager fee for the Class Y shares, and (iii) the estimated 1% organization and offering expenses for the sale of Class Y shares and Class Z shares in our Public Offering. In addition, the Sponsor reimbursed the Company in cash to cover the dilution from the one-time stock dividend described below. In connection with the termination of our Primary Offering, the Sponsor Funding Agreement was terminated effective as of May 30, 2025, though our Sponsor or its affiliates are still obligated to provide the funding amounts set forth in the Sponsor Funding Agreement and entitled to receive Series C Units until the final payment of

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

such funding amounts, and the final issuance of the Series C Units for such funding amounts, as contemplated by the terms of the Sponsor Funding Agreement.

In consideration for the Sponsor providing the funding for the front-end sales load described above and the cash to cover the dilution from the stock dividend, the Operating Partnership was obligated to issue a number of Series C Units to the Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $9.30 per share and currently at $10.00 per share) for the Class Y shares and Class Z shares sold in the Public Offering. Pursuant to the Sponsor Funding Agreement, the Sponsor reimbursed the Company monthly within 30 days after the end of each calendar month for the applicable front-end sales load it agreed to fund, and the Operating Partnership issued the Series C Units on a monthly basis, effective as of the respective funding date. The Series C Units convert into Class A Units of our Operating Partnership if the estimated net asset value equal to at least $10.00 per share. Such conversion is limited such that the dilution caused by the conversion may not reduce the diluted estimated net asset value below $10.00 per share. On August 7, 2024, we declared an Estimated Per Share NAV of $10.00 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.

The amount by which the funding received exceeds the fair value of the Series C Units is accounted for as a consideration received from a vendor and is therefore recorded as a reduction to the price of the services provided. Each payment is initially included in the Accounts payable and accrued liabilities in the accompanying consolidated balance sheets and subsequently recorded as a reduction of Property operating expenses - affiliates ratably over the remaining estimated life of our management contracts with SmartStop. Below is a summary of the portion of sponsor funding received which exceeds the fair value of the Series C Units issued:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | $3777104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consideration received | 484810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of Property operating expense - affiliates | (767011) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at September 30, 2025** | $**3494903** |

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***Allowance for Doubtful Accounts***

Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records a general reserve estimate based upon a review of the current status of tenant accounts receivable. It is reasonably possible that management's estimate of the allowance will change in the future. As of September 30, 2025 and December 31, 2024, approximately $40,000 and $55,000, respectively, were recorded to allowance for doubtful accounts, and are included within other assets in the accompanying consolidated balance sheets.

***Real Estate Facilities***

Real estate facilities are recorded based on relative fair value as of the date of acquisition. 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:

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| | |
|:---|:---|
| **Description** | **Standard Depreciable<br>Life** |
| Land | Not Depreciated |
| Buildings | 35 years |
| Site Improvements | 7-10 years |

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

***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.

***Foreign Currency Translation*** 

For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates as of the reporting date. Revenues and expenses are translated at the average rate 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 operations are recorded at rates of exchange in effect at the date of the translation. Changes in investments not classified as long term are recorded in foreign currency adjustment in the accompanying Statements of Operations.

***Intangible Assets*** 

We have allocated a portion of our real estate purchase price to in-place leases. We amortize in-place leases on a straight-line basis over 18 months, the estimated average rental period for the leases. As of September 30, 2025, the gross amounts allocated to in-place lease intangibles were approximately $9.7 million and accumulated amortization of in-place lease intangibles totaled approximately $9.7 million. As of December 31, 2024, the gross amounts allocated to in-place lease intangibles were approximately $9.5 million and accumulated amortization of in-place lease intangibles totaled approximately $9.5 million.

***Debt Issuance Costs*** 

The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the consolidated balance sheets as a reduction of the related debt. Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of September 30, 2025 and December 31, 2024, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $0.6 million and $1.1 million, respectively. For the three and nine months ended September 30, 2025 we expensed approximately $0.2 million and $0.9 million, respectively and we expensed approximately $0.3 million and $0.8 million, respectively, for the three and nine months ended September 30, 2024, in debt issuance cost.

***Organizational and Offering Costs*** 

Our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor funded, and was not reimbursed for, 1.0% of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses, which we recognized as a capital contribution from our Advisor. Our Advisor must reimburse us within 60 days after the end of the month in which the initial public offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees) in excess of 15% of the gross offering proceeds from the Primary Offering. If at any point in time we determine that the total organization and offering costs are expected to exceed 15% of the gross proceeds anticipated to be received from the Primary Offering, we will recognize such excess as a capital contribution from our Advisor. As of September 30, 2025, organization and offering costs from the Primary Offering were less than 15% of gross proceeds from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense.

In connection with our Private Offering, our Former Dealer Manager received a sales commission of up to 6.0% of gross proceeds from sales in the Private Offering and a dealer manager fee equal to up to 3.0% of gross proceeds from sales in the Private Offering under the terms of the Private Offering Dealer Manager Agreement.

In connection with our Primary Offering, our Former Dealer Manager received a sales commission of up to 6.0% of gross proceeds from sales of Class A shares and up to 3.0% of gross proceeds from the sales of Class T shares and Class Y shares in the Primary Offering and a dealer manager fee up to 3.0% of gross proceeds from sales of Class A shares, Class T shares and Class Y shares in the Primary Offering under the terms of the Dealer Manager Agreement. Our Former Dealer Manager did not receive an upfront sales commission or dealer manager fee from the sales of Class W shares or Class Z shares in the Primary Offering; however, we and/or our Sponsor paid to our Former Dealer Manager dealer manager support in the amount of 1.5% of the gross offering proceeds of the Class W shares and Class Z shares sold in the Primary Offering

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

for payment of wholesaler commissions and other wholesaler expenses associated with the sales of the Class W shares and Class Z shares. In addition, our Former Dealer Manager received 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 and Class Y shares sold in the Primary Offering. Our Former Dealer Manager also received an ongoing dealer manager servicing fee that was payable monthly and accrued daily in an amount equal to 1/365th of 0.5% of the purchase price per share of the Class W shares and Class Z shares sold in the Primary Offering. Pursuant to the Dealer Manager Agreement, we were to cease paying the stockholder servicing fee with respect to the Class T shares and Class Y shares sold in the Primary Offering at the earlier of (i) the date we listed our shares on a national securities exchange, merged or consolidated with or into another entity, or sold or disposed of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equaled 10% of the gross proceeds from the sale of Class A shares, Class T shares, Class Y shares, Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation was to be made by us with the assistance of our Former Dealer Manager commencing after the termination of our Primary Offering; (iii) with respect to a particular Class T share and Class Y share, the third anniversary of the issuance of such share; and (iv) the date that such Class T share or Class Y share is redeemed or is no longer outstanding. Additionally, we were to cease paying the dealer manager servicing fee with respect to the Class W share and Class Z share sold in the Primary Offering at the earlier of (i) the date we listed our shares on a national securities exchange, merged or consolidated with or into another entity, or sold or disposed of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equaled 10% of the gross proceeds from the sale of Class A shares, Class T shares, Class Y shares, Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan),which calculation was to be made by us with the assistance of our Former Dealer Manager commencing after the termination of our Primary Offering; (iii) the end of the month in which the aggregate underwriting compensation paid in our Primary Offering with respect to Class W shares and Class Z shares, comprised of the dealer manager servicing fees and dealer manager support, equaled 9.0% of the gross proceeds from the sale of Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation was to be made by us with the assistance of our Former Dealer Manager commencing after the termination of our Primary Offering, and (iv) the date that such Class W share or Class Z share is redeemed or is no longer outstanding. However, in June 2025, our Former Dealer Manager ceased operations; accordingly, we ceased paying the dealer manager servicing fees previously due to our Former Dealer Manager and during the quarter ended June 30, 2025, we reduced the dealer manager servicing fee payable included in Accounts Payable and Accrued Liabilities and the related offering cost included in Additional Paid In Capital totaling approximately $950,000.

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. Our Former Dealer Manager also received reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Public Offering, could not exceed 3% of gross offering proceeds from sales in the Public Offering. We historically recorded a liability within Accounts Payable and Accrued Liabilities for the future estimated stockholder and dealer manager servicing fees and a reduction to additional paid-in capital at the time of sale of the Class T, Class Y, Class W and Class Z shares as an offering cost. Following the cessation of paying dealer manager servicing fees, as described above, we will no longer record such fees as a liability within Accounts Payable and Accrued Liabilities.

Our Advisor may fund organization and offering costs on our behalf in connection with the Series E Preferred Offering. We are required to reimburse our Advisor for such organization and offering costs, which we estimate to be 1.0% of the gross offering proceeds from the sale of Series E Preferred Stock.

***Redeemable Common Stock*** 

We adopted a share redemption program that will enable stockholders to sell their shares to us in limited circumstances.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

We record amounts that are redeemable under the share redemption program 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 share redemption program will be limited to the number of shares we could 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 but that are contingent on an event that is likely to occur (e.g., the passage of time) 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 our 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. For the nine months ended September 30, 2025, we received redemption requests totaling approximately $3.7 million, approximately $3.5 million was fulfilled during the nine months ended September 30, 2025 and the remaining approximately $0.2 million was included in accounts payable and accrued liabilities as of September 30, 2025 and fulfilled in October 2025. For the nine months ended September 30, 2024, we received redemption requests totaling approximately $1.7 million, approximately $1.2 million was fulfilled during the nine months ended September 30, 2024 and the remaining approximately $0.5 million was included in accounts payable and accrued liabilities as of September 30, 2024 and fulfilled in October 2024.

In order to maintain operating flexibility, on August 6, 2025, our board of directors approved the suspension of our share redemption program effective as of September 6, 2025, except with respect to redemption requests made in connection with the death, commitment to a long-term care facility, qualifying disability or bankruptcy of a stockholder. The share redemption program shall remain suspended as discussed above until such time, if any, as our board of directors may approve the resumption of the share redemption program.

***Series B Preferred Equity*** 

We classify our Series B Convertible Preferred Stock on our consolidated balance sheets using the guidance in ASC 480-10-S99. The Series B Convertible Preferred Stock can be redeemed at our option on or after the third anniversary of its issuance. Additionally, the holder can elect to redeem if any of the following events outside our control occur: (i) change of control; (ii) a breach of protective provisions; (iii) upon the occurrence of monetary and other material defaults under secured property debt; and (iv) if we do not maintain our REIT status. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series B Convertible Preferred Stock as temporary equity.

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

***Series D Preferred Equity in our Operating Partnership***

We classified our Series D Preferred Units on our consolidated balance sheets using the guidance in ASC 480-10-S99. The Series D Preferred Units are redeemable by our Operating Partnership, in whole or in part, at the option of our Operating Partnership on or after the second anniversary of its issuance. Additionally, the holder can elect to redeem if any of the following events outside our control occur: (i) change of control; (ii) a breach of protective provisions; (iii) upon the occurrence of monetary and other material defaults under secured property debt; and (iv) if we do not maintain our REIT status. As the units are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series D Preferred Units as temporary equity.

***Fair Value Measurements*** 

The accounting standard for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and provides for expanded disclosure about fair value measurements. 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 will use when measuring fair value:

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

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 acquisition. The fair value of these assets and liabilities were determined as of the acquisition date 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. 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 or assumed at the consolidation of the Operating Partnership were derived using Level 3 inputs.

The Series C Units (categorized within Level 3 of the fair value hierarchy) issued in connection with the Sponsor Funding Agreement are measured at fair value when issued. The fair value of these units were determined using a valuation model which considered the following key assumptions: our projected distribution rate, implied share price volatility, risk free interest rate, estimated net asset value and the estimated effective life of the Series C Units.

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 September 30, 2025, we had no fixed rate notes payable outstanding at December 31, 2024. The estimated fair value of financial instruments is subjective in nature and are dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable 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. These assumptions are considered level 2 inputs within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of September 30, 2025 and December 31, 2024, we believe the fair value of our variable rate debt are reasonably estimated at their notional amounts as there have been minimal changes to the fixed spread portion of interest rates for similar loans observed in the market, and as the variable portion of our interest rates fluctuate with the associated market indices.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair<br>Value** | **Carrying<br>Value** | **Fair<br>Value** | **Carrying<br>Value** |
| Fixed Rate Secured Debt | $128600000 | $127739500 | $- | $- |

---

During the nine months ended September 30, 2025 and 2024, we held interest rate cash flow hedges and foreign currency net investment hedges to hedge our interest rate and foreign currency exposure (See Notes 5 – Debt and 6 – Derivative Instruments). The valuation of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. 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 as applicable. The fair value of the interest rate swaps and cap

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

agreements 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 primarily 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 hedges were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our hedges utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, through September 30, 2025, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our hedge positions and determined that the credit valuation adjustment was not significant to the overall valuation of our hedge. As a result, we determined that our hedge valuation in its entirety was classified in Level 2 of the fair value hierarchy.

The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **Description** | **Quoted Prices in Active<br>Markets for Identical Assets<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant Unobservable<br>Inputs<br>(Level 3)** |
| Other assets - interest rate hedges | $— | $790260 | $— |
| Accounts payable and accrued liabilities - interest rate hedges | $— | $686333 | $— |
| Other assets - foreign currency hedge | $— | $635367 | $— |

---

***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 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 Derivative fair value adjustment, within our consolidated statements of operations. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated.

Interest rate derivatives not designated as hedges for GAAP 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 derivative fair value adjustment, net of cash settlements, within our consolidated statements of operations.

***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, 2021. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

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 necessarily equal net income as calculated in accordance with GAAP). 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 and local taxes on our income and property, and federal income and excise taxes on our undistributed income.

We filed an election to treat our TRS as a taxable REIT subsidiary. In general, the TRS performs additional services for our customers and generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Additionally, we own and operate a number of self storage properties located throughout Canada, the income of which is generally subject to income taxes under the laws of Canada. Deferred income taxes represent the tax effect of future differences between the book and tax bases of assets and liabilities.

As of both September 30, 2025, and December 31, 2024, the Company had no recorded income tax expense/(benefit). The Company recorded a full valuation allowance against its deferred tax assets of approximately $9.0 million and $6.7 million as of September 30, 2025 and December 31, 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| **Deferred tax asset:** |  |  |
| Canadian real estate and non-capital losses | $12249482 | $9533254 |
| Total deferred tax asset | 12249482 | 9533254 |
| **Deferred tax liabilities:** |  |  |
| Canadian real estate | (3238652) | (2822096) |
| Total deferred tax liabilities | (3238652) | (2822096) |
| **Valuation allowance** | (9010830) | (6711158) |
| **Net deferred tax liabilities** | $— | $— |

---

Uncertain tax positions may arise where tax laws may allow for alternative interpretations or where the timing of recognition of income is subject to judgment. Under ASC Topic 740, tax positions are evaluated for recognition using a more–likely–than–not threshold, and those tax positions requiring recognition are measured at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of September 30, 2025 and December 31, 2024, the Company had no uncertain tax positions. As of September 30, 2025 and December 31, 2024, 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. The tax years 2021 through 2024 remain open to examination by the major taxing jurisdictions to which we are subject.

***Recent Tax Legislation*** 

Effective July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. Certain provisions of OBBBA modified U.S. tax law and impact us and our shareholders. Among other changes, this legislation (i) permanently extended the 20% deduction for "qualified REIT dividends" for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) permanently reinstated 100% bonus depreciation for certain property acquired after January 19, 2025, (iii) increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries from 20% to 25% for taxable

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

years beginning after December 31, 2025, and (iv) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of "adjusted taxable income" for taxable years beginning after December 31, 2024. We are currently evaluating the provisions of OBBBA, but do not expect it to have a material impact on our Consolidated Financial Statements.

***Concentration*** 

No single self storage customer represents a significant concentration of our revenues. For the nine months ended September 30, 2025, approximately 49%, 15%, and 12% of our rental income was concentrated in the Greater Toronto Area of Canada, Arizona and Florida, 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 one reportable segment: self storage operations. Please see Note 8 - Segment Disclosures.

***Per Share Data***

Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net 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 awards and Series B Convertible Preferred Stock) utilizing the treasury stock or if-converted method, as applicable. The dilutive effect of unvested restricted stock and Series B Convertible Preferred Stock was not included in the dilutive weighted average shares as such shares were antidilutive.

The following table presents the unconverted Series B Convertible Preferred Stock 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 treasury stock or if-converted method, as applicable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Equivalent Shares<br>(if converted)** | **Equivalent Shares<br>(if converted)** | **Equivalent Shares<br>(if converted)** | **Equivalent Shares<br>(if converted)** |
| Series B Convertible Preferred Stock |  | 13,636,364 |  | 13,636,364 |
| Unvested restricted stock awards |  | 11,875 |  | 8,020 |
|  |  | 13,648,239 |  | 13,644,384 |

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***Recently Issued Accounting Guidance***

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses (Topic 220)." The guidance in ASU 2024-03 was issued to provide investors with more disaggregated information about an entity's expenses. In January 2025, the FASB issued ASU 2025-01 for the sole purpose of clarifying the effective date of ASU 2024-03. The amendment becomes effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. We are currently evaluating the impact upon adoption of the new standard on our consolidated financial statements and related disclosures.

**Note 3. Real Estate Facilities**

The following summarizes the activity in real estate facilities during the nine months ended September 30, 2025:

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

---

| | |
|:---|:---|
| **Real estate facilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | **498291980** |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvements and additions | 404232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange rate changes | 9203764 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at September 30, 2025** | $**507899976** |
| **Accumulated depreciation** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | **(27645170)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | (9606816) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange rate changes | (327773) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at September 30, 2025** | $**(37579759)** |

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There were no acquisitions during the nine months ended September 30, 2025 and 2024.

**Note 4. Investments in Unconsolidated Real Estate Ventures**

We have entered into various agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire tracts of land, develop and operate self storage facilities. Our unconsolidated real estate ventures consist of four operating self storage properties in the lease-up phase and one parcel of land that is being developed into a self storage facility.

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 September 30, 2025 and 2024, we recorded net aggregate loss of approximately $0.6 million and none, respectively, from our equity in loss related to our unconsolidated real estate venture. For the nine months ended September 30, 2025 and 2024, we recorded net aggregate loss of approximately $1.2 million and none, respectively, from our equity in loss related to our unconsolidated real estate venture.

The Company's investments in unconsolidated real estate ventures are summarized as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Carrying Value of<br>Investment** | **Carrying Value of<br>Investment** |
|  | **Location** | **Date Real Estate<br>Venture Acquired<br>Land** | **Date Real Estate Venture<br>Became Operational** | **Equity<br>Ownership %** | **September 30,<br>2025** | **December 31,<br>2024** |
| Toronto <sup>(1)</sup> | Toronto, Ontario | April 2021 | June 2025 | 50% | $4372525 | $3708283 |
| Toronto II <sup>(1)</sup> | Toronto, Ontario | December 2021 | April 2025 | 50% | 5362742 | 5413629 |
| Dorval <sup>(1)</sup> | Dorval, Quebec | February 2023 | June 2025 | 50% | 3315394 | 2569669 |
| Hamilton <sup>(1)</sup> | Hamilton, Ontario | November 2023 | October 2024 | 50% | 2259029 | 2459972 |
| Montreal | Montreal, Quebec | January 2024 | Under development | 50% | 7235512 | 4055582 |
|  |  |  |  |  | $**22545202** | $**18207135** |

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<sup>(1)</sup> As of September 30, 2025, these four JV Properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below).

***SmartCentres Financing***

On August 30, 2024, we and SmartCentres, through the Toronto, Toronto II, Dorval and Hamilton joint venture partnerships (the "JV Properties"), entered into a master mortgage commitment agreement (the "MMCA") with SmartCentres Storage Finance LP (the "SmartCentres Lender") (collectively, the "SmartCentres Financing"). The SmartCentres Lender is an affiliate of SmartCentres. The initial maximum amount available under the loan is CAD $95.5 million and contains an accordion feature such that borrowings may be increased to CAD $120.0 million, subject to certain conditions set forth in the MMCA. The proceeds of the SmartCentres Financing will be used to finance the development and construction of self storage facilities on the JV Properties. On September 3, 2024, the JV Properties drew approximately CAD $46.3 million on the SmartCentres Financing and distributed approximately CAD $21.8 million to each partner. As of September 30, 2025, approximately CAD $86.4 million was outstanding on the SmartCentres Financing.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

The SmartCentres Financing is secured by first mortgages on each of the JV Properties. Interest on the SmartCentres Financing is a variable annual rate equal to the aggregate of: (i) the Adjusted Daily Compounded Canadian Overnight Repo Rate Average ("CORRA"), plus: (ii) an adjusted Daily Compounded CORRA adjustment of approximately 0.30%, plus (iii) a margin based on the External Credit Rating, plus (iv) a margin under the Senior Credit Facility, each as defined and described further in the MMCA. As of September 30, 2025, the total interest rate was approximately 5.74%.

The SmartCentres Financing matures on May 11, 2026, and may be extended annually as set forth in the MMCA. 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), the SmartCentres Financing provides for the commencement of quarterly payments of interest. The borrowings advanced pursuant to the SmartCentres Financing may be prepaid without penalty, subject to certain conditions set forth in the MMCA.

The SmartCentres Financing contains 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. We serve as a full recourse guarantor with respect to 50% of the SmartCentres Financing.

**Note 5. Debt**

The Company's secured debt is summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Debt** | **September 30,<br>2025** | **December 31,<br>2024** | **Interest<br>Rate** | **Maturity<br>Date** |
| Huntington Credit Facility<sup>(1)</sup> | $87076757 | $107574000 | 6.74% | 11/30/2027 |
| National Bank of Canada - Burlington Loan<sup>(2)</sup> |  | 10445935 | N/A | N/A |
| National Bank of Canada - Cambridge Loan<sup>(3)</sup> |  | 9663950 | N/A | N/A |
| National Bank of Canada - North York Loan<sup>(4)</sup> |  | 16754775 | N/A | N/A |
| Bank of Montreal Loan <sup>(5)</sup> |  | 15044513 | N/A | N/A |
| First National Loan<sup>(6)</sup> |  | 6125639 | N/A | N/A |
| National Bank of Canada - Ontario Loan<sup>(7)</sup> |  | 86428202 | N/A | N/A |
| National Bank of Canada - Four Property Loan<sup>(8)</sup> | 45482178 |  | 5.11% | 1/8/2028 |
| Skymar - Vancouver | 13000000 |  | 7.55% | 4/1/2030 |
| Meridian Loan<sup>(9)</sup> | 6676324 |  | 6.20% | 3/5/2028 |
| QuadReal - Seven Property Loan<sup>(10)</sup> | 105619500 |  | 5.59% | 4/1/2030 |
| Skymar - Bradenton | 9120000 |  | 7.50% | 4/1/2030 |
| SmartStop Bridge Loan | 25000000 | 23000000 | 8.24% | 12/31/2025 |
| Debt issuance costs, net | (2123396) | (980658) |  |  |
| **Total Debt** | $**289851363** | $**274056356** |  |  |

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<sup>(1)</sup> As of September 30, 2025, this variable rate loan encumbers 11 properties (Phoenix I, Las Vegas, Phoenix II, Surprise, Apopka, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into an interest rate swap agreement that fixes SOFR at 2.89% until the maturity of the loan.

<sup>(2)</sup> On January 8, 2025, the National Bank of Canada - Burlington Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.

<sup>(3)</sup> On January 8, 2025, the National Bank of Canada - Cambridge Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.

<sup>(4)</sup> On January 8, 2025, the National Bank of Canada - North York Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.

<sup>(5)</sup> On March 7, 2025, the Bank of Montreal Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.

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<sup>(6)</sup> On January 8, 2025, the First National Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.

<sup>(7)</sup> On March 7, 2025, the National Bank of Canada - Ontario Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.

<sup>(8)</sup> This variable rate loan encumbers four properties (Burlington, Cambridge, North York and Edmonton) and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2025. We entered into an interest rate swap agreement that fixes CORRA at 5.58% until the maturity of the loan.

<sup>(9)</sup> This variable rate loan encumbers our Etobicoke, ONT development property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2025.

<sup>(10)</sup> This fixed rate loan encumbers seven properties (Mississauga, Mississauga II, Burlington II, Hamilton, Vancouver, Woodbridge and Toronto) and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2025.

The weighted average interest rate on our consolidated debt, excluding the impact of our interest rate hedging activities, as of September 30, 2025 was approximately 6.25%.

***Huntington Credit Facility***

On November 30, 2021, we, through three special purpose entities (collectively, the "Initial Borrower") wholly owned by our operating partnership, entered into a credit agreement (the "Credit Agreement") with Huntington National Bank ("Huntington"), as administrative agent and sole lead arranger.

Under the terms of the Credit Agreement, the Initial Borrower had an initial maximum borrowing capacity of $50 million (the "Huntington Credit Facility"). However, certain financial requirements with respect to both the Initial Borrower and the "Pool" of "Mortgaged Properties" (as each term is defined in the Credit Agreement) must be satisfied prior to making any drawdowns on the Huntington Credit Facility in accordance with the Credit Agreement. At close, we borrowed approximately $22.4 million on the Huntington Credit Facility, secured by a first mortgage deed of trust on the Surprise, Phoenix and Phoenix II Properties. In conjunction with the initial draw on the Huntington Credit Facility, a prior loan with Huntington was repaid and terminated in accordance with the related loan agreement without any fees or penalties. On December 30, 2021, in conjunction with the acquisitions of the Bradenton Property and Apopka Property, we borrowed an additional approximately $14.7 million pursuant to the Huntington Credit Facility and the Bradenton and Apopka Properties were added as security. On April 26, 2022, the Vancouver Property was added as security to the Huntington Credit Facility and we borrowed approximately $12.9 million.

On May 17, 2022, we entered into an amendment and joinder to amend the Huntington Credit Facility (the "Second Amendment"). Under the terms of the Second Amendment, we increased our borrowing capacity by $50 million for a total borrowing capacity of $100 million. In conjunction with the increase of the maximum borrowing capacity we drew approximately $14.5 million on the Huntington Credit Facility to acquire the Chandler Property and the property was added as security. On May 26, 2022, we borrowed approximately $30.6 million on the Huntington Credit Facility, secured by a first mortgage deed of trust on the Levittown, Newark and Portland Properties. In conjunction with the May 26, 2022 draw on the Huntington Credit Facility, a bridge loan with Huntington was repaid and terminated in accordance with the related loan agreement without any fees or penalties.

On April 13, 2023, we entered into an amendment and joinder to the Huntington Credit Facility to: (i) increase the borrowing capacity up to approximately $107.6 million; (ii) extend the maturity date by one-year until November 30, 2025; (iii) add two additional special purpose entities as borrowers under the Huntington Credit Facility (the "Additional Borrowers"); and (iv) modify certain other covenants. In connection with such amendment and joinder, we, through the Additional Borrowers, added the St. Johns and Oxford properties owned by the Additional Borrowers to the Huntington Credit Facility and drew approximately $12.5 million.

On April 13, 2023, in conjunction with the amendment to the Huntington Credit Facility, we entered into two interest rate swap agreements with a notional amount of $38.0 million and $22.0 million, respectively, whereby Secured Overnight Financing Rate ("SOFR") was fixed at 4.01% through the maturity of the Huntington Credit Facility. On April 13, 2023, we

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entered into an interest rate cap agreement with a notional amount of $47.6 million, whereby SOFR was capped at 2.6% through the maturity of the Huntington Credit Facility. On September 28, 2023, we terminated the interest rate cap agreement entered on April 13, 2023 and entered into a new interest rate cap agreement with a notional amount of $47.6 million, whereby SOFR is capped at 1.1% through the maturity of the Huntington Credit Facility. On March 28, 2024, we terminated the SOFR Huntington Credit Facility swap entered on April 13, 2023 and entered into two new interest rate swap agreements with the same notional amount of $38.0 million and $22.0 million, respectively, whereby SOFR is swapped at 2.92% through the maturity of the Huntington Credit Facility. On September 25, 2024, we terminated the SOFR Huntington Credit Facility swaps entered on March 28, 2024 and entered into two new interest rate swap agreements with the same notional amounts of $38.0 million and $22.0 million, respectively, whereby SOFR is swapped at 0.50% through the maturity of the Huntington Credit Facility.

On November 15, 2024, we amended the Huntington Credit Facility to: (i) extend the maturity date by two-years until November 30, 2027, (ii) add one additional special purpose entity as a borrower under the loan (the "Further Additional Borrower"), and (iii) modify certain other covenants (the "Huntington Amendment"). In connection with the Huntington Amendment: (i) we increased our recourse guaranty in favor of Huntington under the Huntington Credit Facility from 25% to 50% and (ii) the property owned by the Further Additional Borrower was added as security to the Huntington Credit Facility. On November 15, 2024, in conjunction with the Huntington Amendment, we terminated certain interest rate swap agreements and an interest rate cap agreement previously entered into in connection with the Huntington Credit Facility and entered into a new interest rate swap agreement with a notional amount of approximately $107.6 million, whereby the SOFR is swapped at 2.89% through November 30, 2027, which fixes the all-in interest rate under the Huntington Credit Facility at 5.50%.

On March 4, 2025, in connection with entering into the Skymar — Vancouver Loan, we paid down the Huntington Credit Facility by approximately $13.0 million and released the Vancouver, WA property in accordance with the release provisions of the loan agreement.

On March 18, 2025, in connection with entering into the Skymar — Bradenton Loan, we paid down the Huntington Credit Facility by approximately $9.1 million and released the Bradenton property in accordance with the release provisions of the loan agreement.

The Huntington Credit Facility is a term loan that has a maturity date of November 30, 2027. Payments due under the Huntington Credit Facility are interest-only during the initial term of the loan. In connection with the release of the Vancouver, WA and Bradenton properties, we amended the SOFR interest rate swap agreement entered on November 15, 2024 to change the notional amount to approximately $87.1 million.

The amounts outstanding under the Huntington Credit Facility bear interest at a variable rate equal to the one month Term SOFR plus 2.61%, adjusted monthly, with a floor of 3.25%. As of September 30, 2025, the interest rate excluding the impact of our interest rate hedging activities on the Huntington Credit Facility was 6.74%. The loan may be prepaid in whole or in part, without penalty or premium, at any time, subject to certain conditions as set forth in the Credit Agreement.

The Credit Agreement contains certain customary representations and warranties, affirmative, negative and financial covenants, borrowing conditions, and events of default. We serve as a limited recourse guarantor with respect to the Huntington Credit Facility. In particular, the financial covenants include a minimum debt service coverage ratio and minimum net worth and liquid assets requirements applicable to us and our Operating Partnership as guarantors. As of September 30, 2025, we were in compliance with all such covenants.

***Skymar - Las Vegas Loan*** 

On July 8, 2021, we, through a wholly-owned special purposes entity, entered into a $4.8 million financing with Skymar Capital Corporation ("Skymar") as lender pursuant to a mortgage loan (the "Skymar - Las Vegas Loan"). The Skymar - Las Vegas Loan was secured by a first mortgage deed of trust on the Las Vegas property. The loan had a maturity date of August 1, 2024. Monthly payments due under the loan agreement (the "Skymar - Las Vegas Loan Agreement") were interest-only for the first two years, with principal and interest payments thereafter.

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The amount outstanding under the Skymar - Las Vegas Loan bore interest at an annual fixed rate equal to 4.125%. The loan may be prepaid in whole, but not in part, at any time, subject to certain conditions as set forth in the Skymar - Las Vegas Loan Agreement. The loan documents contain: 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, we served as a non-recourse guarantor with respect to the Skymar - Las Vegas Loan.

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

***SmartStop Bridge Loan***

On June 15, 2023, in connection with the acquisition of the Ontario Portfolio, we, through a wholly-owned subsidiary of our Operating Partnership (the "Bridge Loan Borrower"), entered into a bridge loan agreement (the "SmartStop Bridge Loan Agreement") with SmartStop OP for $15.0 million (the "SmartStop Bridge Loan"). The SmartStop Bridge Loan required a commitment fee equal to 1.0% of the amount drawn at closing. The obligations of the Bridge Loan Borrower under the SmartStop Bridge Loan Agreement are unsecured. The proceeds of the SmartStop Bridge Loan were used to partially fund the acquisition of the Ontario Portfolio.

Pursuant to the SmartStop Bridge Loan Agreement, the amounts outstanding under the SmartStop Bridge Loan bear a floating rate equal to SOFR plus 3.00%. On December 8, 2023, we exercised the option to extend the maturity date for an additional year, through December 31, 2024. On January 1, 2024, the interest rate increased to SOFR plus 4.00%.

On June 28, 2024, we amended the SmartStop Bridge Loan (the "SmartStop Bridge Loan Amendment") to (i) increase the maximum borrowing capacity of the loan from $15.0 million to $25.0 million; and (ii) extend the maturity date by one-year until December 31, 2025. On July 29, 2024, we drew $8.0 million pursuant to the SmartStop Bridge Loan. On July 29, 2025, we drew $2.0 million pursuant to the SmartStop Bridge Loan. As of September 30, 2025, we had no available capacity on the SmartStop Bridge Loan.

As of September 30, 2025, the interest rate on the SmartStop Bridge Loan was 8.24%. Payments under the SmartStop Bridge Loan are interest-only and payable monthly. The SmartStop Bridge Loan may be prepaid either in whole or in part, at any time, without penalty or premium.

The SmartStop Bridge Loan contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions, and events of default. As of September 30, 2025, we were in compliance with all such covenants.

***National Bank of Canada - Burlington Loan*** 

On September 20, 2022, in connection with the acquisition of the property in Burlington, Ontario (the "Burlington Property"), we, through a special purpose entity formed to acquire and hold the Burlington Property, entered into a term loan with National Bank of Canada (the "National Bank of Canada - Burlington Loan") for CAD $16.5 million, which was secured by a deed of trust on the Burlington Property. Under the terms of the loan agreement (the "National Bank of Canada Burlington Loan Agreement") the interest rate was equal to the one month Canadian Dollar Offered Rate ("CDOR"), plus 2.25%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $16.5 million, whereby the CDOR was fixed at 4.02% through the maturity of the loan. The National Bank of Canada - Burlington Loan had a maturity date of September 20, 2025, and monthly payments were principal and interest, calculated using 25 year amortization. In addition, we served as a full recourse guarantor with respect to the National Bank of Canada - Burlington Loan.

On May 22, 2024, we amended the National Bank of Canada - Burlington Loan to reflect a transition from CDOR to CORRA. On June 27, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - Burlington Loan were subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.25%.

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On January 8, 2025, in connection with entering into the National Bank of Canada — Four Property Loan, the National Bank of Canada — Burlington Loan was repaid in full and terminated without fees or penalties. On January 8, 2025, we settled the CORRA interest rate swap agreement.

***National Bank of Canada - Cambridge Loan*** 

On December 20, 2022, in connection with the acquisition of the property in Cambridge, Ontario (the "Cambridge Property"), we, through a special purpose entity formed to acquire and hold the Cambridge Property, entered into a term loan with National Bank of Canada (the "National Bank of Canada - Cambridge Loan") for CAD $15.5 million, which was secured by a deed of trust on the Cambridge Property. Under the terms of the loan agreement (the "National Bank of Canada Cambridge Loan Agreement") the interest rate was equal to the one month CDOR, plus 2.25%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $15.5 million, whereby the CDOR was fixed at 3.83% through the maturity of the loan. The National Bank of Canada - Cambridge Loan had a maturity date of December 20, 2025, and monthly payments were interest-only for the first four quarters, payable monthly and payments of principal and interest, calculated using 25 year amortization, were due monthly after. In addition, we served as a full recourse guarantor with respect to the National Bank of Canada - Cambridge Loan.

On May 22, 2024, we amended the National Bank of Canada - Cambridge Loan to reflect a transition from CDOR to CORRA. On May 31, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - Cambridge Loan were subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.25%.

On January 8, 2025, in connection with entering into the National Bank of Canada — Four Property Loan, the National Bank of Canada — Cambridge Loan was repaid in full and terminated without fees or penalties. On January 8, 2025, we settled the CORRA interest rate swap agreement.

***National Bank of Canada – North York Loan*** 

On January 31, 2023, in connection with the acquisition of the property in North York, Ontario (the "North York Property"), we, through a special purpose entity formed to acquire and hold the North York Property, entered into a term loan with National Bank of Canada (the "National Bank of Canada - North York Loan") for CAD $25.0 million, which was secured by a deed of trust on the North York Property. Under the terms of the loan agreement (the "National Bank of Canada North York Loan Agreement") the interest rate was equal to the one month CDOR, plus 2.40%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $25.0 million, whereby the CDOR was fixed at 3.79% through the maturity of the loan. The National Bank of Canada - North York Loan also had a maturity date of January 31, 2025. The National Bank of Canada - North York Loan was interest-only for the first year, payable monthly, and payments of principal and interest, calculated using a 25 year amortization, were due monthly after. In addition, we served as a full recourse guarantor with respect to the National Bank of Canada - North York Loan.

On May 22, 2024, we amended the National Bank of Canada - North York Loan to reflect a transition from CDOR to CORRA. On June 3, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - North York Loan were subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.40%.

On January 8, 2025, in connection with entering into the National Bank of Canada — Four Property Loan, the National Bank of Canada — North York Loan was repaid in full and terminated without fees or penalties. On January 8, 2025, we settled the CORRA interest rate swap agreement.

***Bank of Montreal Loan***

On May 4, 2023, in connection with the acquisition of the Vancouver, BC Property, we, through a special purpose entity formed to acquire and hold the Vancouver, BC Property, entered into a term loan with Bank of Montreal (the "Bank of Montreal Loan") for approximately CAD $21.6 million, which was secured by a deed of trust on the Vancouver, BC Property. Under the terms of the loan agreement (the "Bank of Montreal Loan Agreement") the interest rate was equal to the one-month CDOR, plus 2.50%. In addition, we entered into an interest rate swap agreement with a notional amount of

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approximately CAD $21.6 million, whereby the CDOR was fixed at 4.47% through the maturity of the loan. The Bank of Montreal Loan also had an initial term of two years, maturing on May 4, 2025 with a one year extension option. The Bank of Montreal Loan was interest-only over the initial term of the loan.

On May 24, 2024, we amended the Bank of Montreal Loan to reflect a transition from CDOR to CORRA. On July 4, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the Bank of Montreal Loan were subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.50%.

On March 7, 2025, in connection with entering into the QualReal — Seven Property Loan, the Bank of Montreal Loan was repaid in full and terminated without fees or penalties. On March 10, 2025, we settled the CORRA interest rate swap agreement.

***First National Loan***

On May 19, 2023, we, through a wholly-owned subsidiary of our Operating Partnership, entered into a term loan with First National Financial LP (the "First National Loan") for approximately CAD $8.8 million. The First National Loan was secured by a deed of trust on the Edmonton Property.

Pursuant to the terms of the loan agreement for the First National Loan (the "First National Loan Agreement"), the amounts outstanding under the First National Loan bore a floating rate equal to the Royal Bank of Canada Prime Rate, plus 1.90%. The First National Loan had an initial term of two years maturing on June 1, 2025. Payments under the First National Loan were interest-only and payable monthly.

The loan may be prepaid in whole, but not in part, at any time, subject to certain conditions as set forth in the First National Loan Agreement. Pursuant to the terms of the limited recourse guaranty, we served as a full recourse guarantor with respect to the First National Loan.

On January 8, 2025, in connection with entering into the National Bank of Canada — Four Property Loan, the First National Loan was repaid in full and terminated without fees or penalties.

***National Bank of Canada – Ontario Loan*** 

On June 15, 2023, in connection with the acquisition of the Ontario Portfolio (the "Ontario Portfolio"), we, through certain wholly-owned subsidiaries of our Operating Partnership, entered into a CAD $127.2 million financing with National Bank of Canada (the "National Bank of Canada - Ontario Loan"). The National Bank of Canada - Ontario Loan was secured by first mortgage of each of the six properties that comprise the Ontario Portfolio. The proceeds of the National Bank of Canada - Ontario Loan were used to partially fund the acquisition of the Ontario Portfolio.

Pursuant to the loan agreement (the "National Bank of Canada Ontario Loan Agreement") the interest rate was equal to the one month CDOR, plus 2.60%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $127.2 million, whereby the CDOR was fixed at 4.73% through the maturity of the loan. The National Bank of Canada - Ontario Loan also had a maturity date of June 15, 2025. The National Bank of Canada - Ontario Loan was interest-only for the first year, payable monthly, and payments of principal and interest, calculated using a 25 year amortization, are due monthly after. In addition, we served as a full recourse guarantor with respect to the National Bank of Canada - Ontario Loan.

On May 31, 2024, we amended the National Bank of Canada - Ontario Loan to reflect a transition from CDOR to CORRA. On June 28, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - Ontario Loan were subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.60%.

On March 7, 2025, in connection with entering into the QuadReal — Seven Property Loan, the National Bank of Canada — Ontario Loan was repaid in full and terminated without fees or penalties. On March 7, 2025, we settled the CORRA interest rate swap agreement.

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***National Bank of Canada — Four Property Loan***

On January 8, 2025, we, thorough certain wholly-owned subsidiaries of our operating partnership, entered into a CAD $64.0 million financing with National Bank of Canada (the "National Bank of Canada — Four Property Loan"). The National Bank of Canada — Four Property Loan is secured by first mortgages on each of our three properties in the Greater Toronto Area of Ontario, Canada and our property in Edmonton, Alberta, Canada. The proceeds of the National Bank of Canada — Four Property Loan were primarily used to repay the National Bank of Canada - Burlington Loan, National Bank of Canada - Cambridge Loan, First National Loan and National Bank of Canada – North York Loan.

Pursuant to the loan agreement for the National Bank of Canada — Four Property Loan (the "Four Property Loan Agreement"), amounts outstanding under the National Bank of Canada — Four Property Loan bear an interest rate equal to CORRA, plus a CORRA adjustment of approximately 0.30%, plus 2.25%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $64.0 million, whereby CORRA is fixed at approximately 3.03% that fixes the all in interest rate at 5.58% through the maturity of the National Bank of Canada — Four Property Loan. As of September 30, 2025, the interest rate excluding the impact of our interest rate hedging activities on the National Bank of Canada — Four Property Loan was 5.11%. The National Bank of Canada — Four Property Loan has an initial term of three years, maturing on January 8, 2028. Payments under the National Bank of Canada — Four Property Loan consist of both principal and interest, calculated using a 25-year amortization, and are payable monthly.

The Four Property Loan Agreement contains a modified debt service coverage ratio and customary affirmative, negative, and financial covenants, an interest reserve requirement, agreements, representations, warranties and borrowing conditions, and events of default, all as set forth in the Four Property Loan Agreement. We serve as a full recourse guarantor with respect to the National Bank of Canada — Four Property Loan. As of September 30, 2025, we were in compliance with all such covenants.

***Skymar — Vancouver Loan***

On March 4, 2025, we, through an indirect, wholly-owned special purpose entity, entered into a $13.0 million financing with Skymar Capital Corporation ("Skymar") as lender pursuant to a mortgage loan (the "Skymar - Vancouver Loan"). The Skymar - Vancouver Loan is secured by a first mortgage deed of trust on our property in Vancouver, Washington. The proceeds of the Skymar — Vancouver Loan were primarily used to paydown and remove the property from the Huntington Credit Facility in accordance with the Huntington Credit Agreement.

Pursuant to the loan agreement for the Skymar - Vancouver Loan (the "Skymar Vancouver Loan Agreement"), amount outstanding under the Skymar - Vancouver Loan bears interest at an annual fixed rate equal to 7.55%. The Skymar — Vancouver Loan has a maturity date of April 1, 2030. Payments under the Skymar — Vancouver Loan are payable monthly and are interest-only until April 1, 2027 and are principal and interest thereafter. The Skymar — Vancouver Loan may be prepaid in whole, but not in part, at any time, subject to certain conditions as set forth in the Skymar Vancouver Loan Agreement. The loan documents contain 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, we serve as a non-recourse guarantor with respect to the Skymar - Vancouver Loan. As of September 30, 2025, we were in compliance with all such covenants.

***Meridian Financing***

On March 6, 2025, we, through an indirect, wholly-owned special purpose entity, entered into a credit agreement with Meridian Credit Union Limited (the "Meridian Credit Agreement") with a maximum borrowing capacity of approximately CAD $16.0 million (the "Meridian Loan"). At close, we borrowed approximately CAD $2.1 million. The Meridian Loan is secured by a first mortgage on our development property in Etobicoke, Ontario Canada (the "Etobicoke Property"). The proceeds of the Meridian Loan will be used to fund development of a self storage facility on the Etobicoke Property. As of September 30, 2025, we had approximately CAD $9.3 million outstanding and approximately CAD $6.7 million of available capacity.

Pursuant to the Meridian Credit Agreement, amounts outstanding under the Meridian Loan bear interest at an annual rate equal to the Canada Prime Rate plus 1.50%, subject to a minimum all-in floor rate of 6.70% per annum. The Meridian Loan has an initial term of three years, maturing on March 5, 2028, with two six-month extension options. Payments under

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the Meridian Loan are interest-only and are capitalized to the outstanding principal balance until the maximum borrowing capacity has been reached.

On August 19, 2025, we modified the Meridian Credit Agreement and reduced the minimum all-in floor rate to 5.20% per annum. As of September 30, 2025, the interest rate on the Meridian Loan was 6.20%.

The Meridian Credit Agreement contains customary affirmative, negative, and financial covenants, agreements, representations, warranties and borrowing conditions, and events of default. We serve as a full recourse guarantor with respect to the Meridian Loan. As of September 30, 2025, we were in compliance with all such covenants.

***QuadReal — Seven Property Loan***

On March 7, 2025, we, through certain indirect, wholly-owned subsidiaries of our operating partnership, entered into a CAD $164.5 million financing with QuadReal Finance, LP ("QuadReal") and certain affiliates of QuadReal (the "QuadReal — Seven Property Loan"), whereby QuadReal acts as the servicer and certain affiliates of QuadReal serve as the lenders.

The QuadReal — Seven Property Loan is secured by a first mortgage on six of our properties in the Greater Toronto Area of Ontario, Canada and one property in Vancouver, British Columbia, Canada. The aggregate amount of the QuadReal - Seven Property Loan is separated out by advances, whereby we may draw up to CAD $147.0 million as an initial advance (the "Initial Advance") and may later draw up to an additional CAD $17.5 million (the "Earnout Advance") upon the achievement of certain financial metrics as set forth in the commitment letter and charge setting forth the terms of the QuadReal - Seven Property Loan (collectively, the "QuadReal - Seven Property Loan Agreement"). Upon the closing of the QuadReal - Seven Property Loan, we drew approximately CAD $147.0 million as the Initial Advance. The proceeds of the QuadReal — Seven Property Loan were primarily used to repay the Bank of Montreal Loan and National Bank of Canada – Ontario Loan.

The interest rate on the Initial Advance bears interest at an annual fixed rate equal to 5.59%, and the interest rate on the Earnout Advance is equal to the one-month Adjusted Term CORRA, plus a CORRA adjustment of 2.5% at the time of the Earnout Advance. The QuadReal — Seven Property Loan has an initial term of five years, maturing on April 1, 2030. Payments under the QuadReal — Seven Property Loan are interest only during the term of the QuadReal - Seven Property Loan, payable monthly, with the full amount of the outstanding balance of the QuadReal - Seven Property Loan due on the maturity date.

The QuadReal - Seven Property Loan Agreement also contains customary affirmative, negative, and financial covenants, agreements, representations, warranties and borrowing conditions, and events of default, all as set forth in the QuadReal - Seven Property Loan Agreement. We serve as a non-recourse guarantor with respect to the QuadReal — Seven Property Loan. In addition, we provided the lenders with a debt service guarantee. However, the debt service guarantee may be terminated early based on achieving two consecutive fiscal quarters at a specific debt service ratio of not less than 1.1 to 1.0, as described in the QuadReal — Seven Property Loan Agreement. As of September 30, 2025, we were in compliance with all such covenants.

***Skymar — Bradenton Loan***

On March 18, 2025, we, through an indirect, wholly-owned special purpose entity, entered into an approximately $9.1 million financing with Skymar as lender pursuant to a mortgage loan (the "Skymar - Bradenton Loan"). The Skymar - Bradenton Loan is secured by a first mortgage deed of trust on our property in Bradenton, Florida. The proceeds of the Skymar — Bradenton Loan were primarily used to paydown and remove the property from the Huntington Credit Facility in accordance with the Huntington Credit Agreement.

Pursuant to the loan agreement for the Skymar Bradenton Loan (the "Skymar Bradenton Loan Agreement"), amounts outstanding under the Skymar - Bradenton Loan bear interest at an annual fixed rate equal to 7.50%. The Skymar - Bradenton Loan has a maturity date of April 1, 2030. Payments under the Skymar - Bradenton Loan are payable monthly and are interest-only until April 1, 2027 and are principal and interest thereafter. The Skymar - Bradenton Loan may be prepaid in whole, but not in part, at any time, subject to certain conditions as set forth in the Skymar - Bradenton Loan Agreement. The loan documents contain agreements; representations; warranties and borrowing conditions; reserve requirements and events

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty, we serve as a non-recourse guarantor with respect to the Skymar - Bradenton Loan. As of September 30, 2025, we were in compliance with all such covenants.

The following table presents the future principal payment requirements on our outstanding secured debt as of September 30, 2025:

---

| | |
|:---|:---|
| 2025 | $25347320 |
| 2026 | 2589818 |
| 2027 | 86412161 |
| 2028 | 50370292 |
| 2029 | 326349 |
| 2030 | 126928819 |
| Total payments | 291974759 |
| Debt issuance costs, net | (2123396) |
| **Total** | $**289851363** |

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**Note 6. 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. In addition, we classify cash flows from qualifying cash flow hedging relationships in the same category as the cash flows from the hedged items in our consolidated statements of cash flows. We do not use interest rate derivatives for trading or speculative purposes.

Interest rate derivatives not designated as hedges for GAAP 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 derivative fair value adjustment within our consolidated statements of operations.

***Foreign Currency Hedge***

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 have used foreign currency options as part of our exchange rate risk management strategy. 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 for GAAP purposes, 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 change in the value of the designated portion of our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive loss in the related period.

The change in the value of the portion of our settled and unsettled foreign currency hedge that is not designated for hedge accounting for GAAP is recorded in Foreign currency adjustment within our consolidated statements of operations and represented a loss of approximately $2.6 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

The following table summarizes the terms of our derivative financial instruments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional <br>Amount** | **Strike** | **Effective <br>Date** | **Maturity<br>Date** |
| **Interest Rate Derivatives:** |  |  |  |  |
| CORRA Swap - Four Property Loan <sup>(1)</sup> | $63301569 | 3.03% | January 9, 2025 | January 10, 2028 |
| SOFR Swap - Huntington Credit Facility<sup>(2)</sup> | $87076757 | 2.89% | March 4, 2025 | November 30, 2027 |
| **Foreign Currency Hedge:** |  |  |  |  |
| CAD Put <sup>(3)</sup> | $200000000 | 1.4005 | December 20, 2024 | December 19, 2025 |

---

<sup>(1)</sup> Notional amounts is denominated in CAD and have been designated as a cash flow hedge.

<sup>(2)</sup> Notional amounts is denominated in USD and have been designated as a cash flow hedge.

<sup>(3)</sup> Notional amount is denominated in CAD and was partially designated for hedge accounting.

The following table summarizes the terms of our derivative financial instruments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional <br>Amount** | **Strike** | **Effective <br>Date** | **Maturity<br>Date** |
| **Interest Rate Derivatives:** |  |  |  |  |
| CORRA Swap - Burlington Loan <sup>(1)</sup> | $15015000 | 4.02% | September 27, 2022 | September 20, 2025<sup>(5)</sup> |
| CORRA Swap - Cambridge Loan <sup>(1)</sup> | $13891404 | 3.53% | April 30, 2024 | December 22, 2025<sup>(5)</sup> |
| CORRA Swap - North York Loan <sup>(1)</sup> | $24083333 | 3.79% | January 31, 2023 | February 2, 2026<sup>(5)</sup> |
| SOFR Swap - Huntington Credit Facility<sup>(2)</sup> | $107574000 | 2.89% | November 15, 2024 | November 30, 2027 |
| CDOR Swap - Bank of Montreal Loan <sup>(1)</sup> | $21625000 | 4.47% | May 4, 2023 | May 4, 2026<sup>(5)</sup> |
| CORRA Swap - Ontario Loan <sup>(3)</sup> | $124232000 | 4.73% | June 15, 2023 | June 15, 2026<sup>(5)</sup> |
| **Foreign Currency Hedge:** |  |  |  |  |
| CAD Put <sup>(4)</sup> | $200000000 | 1.4005 | December 20, 2024 | December 19, 2025 |

---

<sup>(1)</sup> Notional amounts are denominated in CAD and have been designated as a cash flow hedge.

<sup>(2)</sup> Notional amount is denominated in USD and approximately $87.1 million was designated as a cash flow hedge.

<sup>(3)</sup> Notional amount is denominated in CAD and we have elected not to apply hedge accounting.

<sup>(4)</sup> Notional amount is denominated in CAD and was partially designated for hedge accounting.

<sup>(5)</sup> These interest rate derivatives were terminated during the first quarter of 2025.

The following table presents a gross presentation of the fair value of our derivatives financial instruments as well as their classification on our consolidated balance sheets as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Asset/Liability Derivatives<br>Fair Value** | **Asset/Liability Derivatives<br>Fair Value** |
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| **Interest Rate Hedges:** |  |  |
| Other assets | $790260 | $3219413 |
| Accounts payable and accrued liabilities | $686333 | $2448275 |
| **Foreign Currency Hedges:** |  |  |
| Other assets | $635367 | $4409134 |

---

The following table presents the effects of our derivative financial instruments on our consolidated statements of operations for the periods presented:

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gain (loss) recognized in OCI for <br>the three months ended September 30,** | **Gain (loss) recognized in OCI for <br>the three months ended September 30,** | **Location of <br>amounts reclassified from <br>OCI into income** | **Gain (loss) reclassified from OCI for the three months ended September 30,** | **Gain (loss) reclassified from OCI for the three months ended September 30,** | **Location of Gain or (Loss) Recognized in Income on Derivative** | **Amount of Gain or (Loss) Recognized in Income on Derivative** | **Amount of Gain or (Loss) Recognized in Income on Derivative** |
| **Type** | **2025** | **2024** |  | **2025** | **2024** |  | **2025** | **2024** |
| Interest Rate Swaps | $28180 | $(1263331) | Interest Expense | $6202 | $316876 | Interest Expense | $— | $— |
| Interest Rate Caps |  |  | Interest Expense | 50060 | 87957 | Interest Expense |  |  |
| Foreign Currency Put | 2437 | (321975) | N/A |  |  | N/A |  |  |
|  | $**30617** | $**(1585306)** |  | $**56262** | $**404833** |  | $**—** | $**—** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gain (loss) recognized in OCI for <br>the nine months ended September 30,** | **Gain (loss) recognized in OCI for <br>the nine months ended September 30,** | **Location of <br>amounts reclassified from <br>OCI into income** | **Gain (loss) reclassified from OCI for the nine months ended September 30,** | **Gain (loss) reclassified from OCI for the nine months ended September 30,** | **Location of Gain or (Loss) Recognized in Income on Derivative** | **Amount of Gain or (Loss) Recognized in Income on Derivative** | **Amount of Gain or (Loss) Recognized in Income on Derivative** |
| **Type** | **2025** | **2024** |  | **2025** | **2024** |  | **2025** | **2024** |
| Interest Rate Swaps | $(1440787) | $211651 | Interest Expense | $10426 | $1085868 | Interest Expense | $(300174) | $2530 |
| Interest Rate Caps |  |  | Interest Expense | 174500 | 261957 | Interest Expense | 110805 |  |
| Foreign Currency Put | (1187637) | (310063) | N/A |  |  | N/A |  |  |
|  | $**(2628424)** | $**(98412)** |  | $**184926** | $**1347825** |  | $**(189369)** | $**2530** |

---

Based upon the forward rates in effect as of September 30, 2025, we estimate that approximately $0.7 million related to our qualifying cash flow hedges will be reclassified to reduce interest expense during the next 12 months.

**Note 7. Preferred Equity**

***Issuance of Series B Preferred Stock of Our Company*** 

On May 1, 2023, we issued $150 million in Preferred Shares of our Series B Convertible Preferred Stock pursuant to the "Series B Purchase Agreement") with Extra Space Storage LP (the "Investor"), a subsidiary of Extra Space Storage Inc. (NYSE: EXR). We paid the Investor an investment fee equal to 0.50% of the aggregate Purchase Price (as defined below) at the closing.

The Series B Purchase Agreement provides that the purchase price for the Preferred Shares shall be equal to $1,000 per share (the "Purchase Price"). The terms of the Series B Convertible Preferred Stock, including the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption, are set forth in the articles supplementary for the Series B Convertible Preferred Stock (the "Series B Articles Supplementary"), which are described in more detail below.

In connection with the issuance of the Series B Convertible Preferred Stock, and in certain other limited circumstances, we permitted the Investor, or any entity that beneficially owns or constructively owns shares of our stock as a result of the Investor's ownership of Series B Convertible Preferred Stock, to beneficially own and constructively own the Series B

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

Convertible Preferred Stock issued to the Investor pursuant to the Series B Purchase Agreement and any Class A Common Stock issued upon conversion of the Series B Convertible Preferred Stock.

We primarily used the net proceeds from the issuance of the Preferred Shares to repay the SmartStop Delayed Draw Mezzanine Loan, to redeem the Series A Preferred Units of our Operating Partnership, and to finance the acquisitions of the Vancouver Property and Ontario Portfolio.

*Articles Supplementary*

On May 1, 2023, in connection with the issuance of the Series B Convertible Preferred Stock, we filed the Series B Articles Supplementary with the State Department of Assessments and Taxation of Maryland, to classify and designate 150,000 authorized but unissued shares of preferred stock as the "Series B Convertible Preferred Stock." The Series B Articles Supplementary sets forth the key terms of the Series B Convertible Preferred Stock which are summarized below.

As set forth in the Series B Articles Supplementary, the Series B Convertible Preferred Stock ranks senior to all other classes of our capital stock, including the Class A common stock ("Class A Common Stock"), Class P common stock, Class T common stock, Class W common stock, Class Y common stock and Class Z common stock (collectively, the "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. Dividends payable on each share of Series B Convertible Preferred Stock will initially be equal to a rate of 8.35% per annum. If the Series B Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary of the issuance of the Preferred Shares pursuant to the Series B Purchase Agreement, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 11.0% per annum until the tenth anniversary of the issuance of the Preferred Shares pursuant to the Series B Purchase Agreement, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series B Convertible Preferred Stock is redeemed or repurchased in full.

Upon any voluntary or involuntary liquidation, dissolution or winding up, the holders of Series B Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) the aggregate Purchase Price of all outstanding Preferred Shares (the "Series B Preferred Stock Liquidation Amount"), plus an amount equal to any accrued and unpaid dividends and other distributions (whether or not accumulated or authorized and declared) to the date of payment and (ii) the amount that that would have been payable had the Preferred Shares been converted into Common Stock pursuant to the terms of the Series B Articles Supplementary immediately prior to such liquidation.

Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series B Convertible Preferred Stock for cash at any time following the third anniversary of the issuance of the Preferred Shares pursuant to the Series B Purchase Agreement. The amount of such redemption will be equal to the aggregate Purchase Price of all outstanding Preferred Shares, plus applicable redemption premium as set forth in the Series B Articles Supplementary (together, the "Redemption Price") and an amount equal to any accrued and unpaid dividends and distributions on the Series B Convertible Preferred Stock (whether or not accumulated or authorized and declared) up to the redemption date. Upon the listing of Common Stock on a national securities exchange (the "Listing"), we have the right to redeem any or all outstanding Series B Convertible Preferred Stock at an amount equal to the greater of (i) the amount that the holders of such Preferred Shares would have received had such Preferred Shares been converted into Common Stock pursuant to the terms of the Series B Articles Supplementary immediately prior to the initial Listing, and then all of such Preferred Shares had been sold in the initial Listing, up to the Conversion Value Limitation (as described herein), or (ii) the Redemption Price, in each case, plus an amount equal to any accrued and unpaid dividends and distributions on the Series B Convertible Preferred Stock (whether or not accumulated or authorized and declared) up to the date of initial Listing. The Conversion Value Limitation is an amount per share determined using an as-converted value limitation equal to a premium of $40 million if any or all 150,000 shares of Series B Convertible Preferred Stock are issued and outstanding. Upon a change of control event, we have the right to redeem any or all outstanding Series B Convertible Preferred Stock at an amount equal to the greater of (i) the amount that the holders of such Preferred Shares would have received had the Preferred Shares been converted into Common Stock pursuant to the terms of the Series B Articles Supplementary immediately prior to such change of control, up to the Conversion Value Limitation or (ii) the Redemption Price, in each case, plus an amount equal to any accrued and unpaid dividends and distributions up to the redemption date. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series B Convertible Preferred Stock have the right to require us to repurchase the Series B Convertible Preferred Stock at an amount equal to the Redemption Price plus an amount equal to any accrued and unpaid dividends and distributions on the Series B Convertible Preferred Stock (whether or not accumulated or authorized and declared) up to the redemption date.

At any time after the earlier to occur of (i) the third anniversary of the issuance of the Preferred Shares is issued pursuant to the Series B Purchase Agreement or (ii) 180 days after an initial Listing, the holders of Series B Convertible Preferred Stock have the right to convert any or all of the Series B Convertible Preferred Stock held by such holders into

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

Class A Common Stock at a rate per share equal to the quotient obtained by dividing the Series B Convertible Preferred Stock Liquidation Amount, plus an amount equal to any accrued and unpaid dividends or other distributions (whether or not accumulated or authorized and declared), by the conversion price. The conversion price is initially $11.00, and may be adjusted in connection with stock splits, stock dividends and other similar transactions. In no event will the value of the Class A Common Stock issued by us upon conversion of the Series B Convertible Preferred Stock into Class A Common Stock exceed the Conversion Value Limitation.

The holders of Series B 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 B Convertible Preferred Stock has not been paid for at least four quarterly dividend periods (whether or not consecutive), the holders of Series B Convertible Preferred Stock have the right to vote together with the holders of Common Stock as a single class on any matter submitted to a vote of our stockholders. The number of votes applicable to a share of Series B Convertible Preferred Stock will be equal to the number of shares of Class A Common Stock into which a share of Series B Convertible Preferred Stock could have been converted 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 B 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 Chief Executive Officer as of the date of the Purchase Agreement, or any entities in which such person has a controlling interest (excluding certain self-storage real estate programs sponsored by our sponsor or us), (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related, (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 the our revenues for our last fiscal year and (v) permitting any individual other than H. Michael Schwartz to (A) serve as our Chairman or any similar role or (B) otherwise perform any of the duties typically performed by Mr. Schwartz in his capacity as Chairman as of the date of the Series B Purchase Agreement.

*Investor's Right Agreement*

On May 1, 2023, concurrent with our entry into the Series B Preferred Stock Purchase Agreement, we and the Investor entered into an investors' rights agreement (the "Investors' Rights Agreement"). Pursuant to the Investors' Rights Agreement, the Investor has the right to request us to register for resale under the Securities Act of 1933, as amended, shares of the Class A Common Stock issued to the Investor upon conversion of the Preferred Shares acquired pursuant to the Series B Preferred Stock Purchase Agreement, subject to certain limitations. After the first anniversary of the issuance of the Preferred Shares, the Investor may request up to four demand registrations for an amount of shares equal to at least $15 million each. The Company is required to use our reasonable best efforts to (i) file a registration statement on Form S-3 within 30 days of such request (or a registration statement on Form S-11 or such other appropriate form within 60 days of such request) and (ii) cause such registration statement to become effective as promptly as practicable thereafter. The Investors' Rights Agreement also grants the Investor certain "piggyback" registration rights.

***Amendment to our Operating Partnership Agreement*** 

On May 1, 2023, concurrent with our entry into the Series B Purchase Agreement, we and the Operating Partnership entered into Amendment No. 2 to the Operating Partnership Agreement, to create Series B Convertible Preferred Units having economic terms and designations, powers, preferences, rights and restrictions that are substantially similar to the Series B Preferred Stock and are summarized below:

<u>Distribution Rate</u>: Outstanding Series B Convertible Preferred Units will receive current distributions at a rate of 8.35% per annum on the liquidation amount of such Series B Convertible Preferred Units, payable monthly and calculated on an actual/360 basis. If any Series B Convertible Preferred Units have not been redeemed on or prior to the fifth anniversary of the issuance of such Series B Convertible Preferred Units, the distribution rate will increase an additional 0.75% per annum each year thereafter to a maximum of 11.0% per annum until the tenth anniversary of the issuance of such Series B Convertible Preferred Units, at which time the distribution rate shall increase 0.75% per annum each year thereafter until the Series B Convertible Preferred Units are redeemed or repurchased in full.

<u>Liquidation Rights</u>: Upon any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership, the holders of Series B Convertible Preferred Units will be entitled to receive a payment equal to the greater of (i) the liquidation amount of such Series B Convertible Preferred Units, plus an amount equal to any accrued and unpaid distributions (whether or not accumulated or authorized and declared) to the date of payment and (ii) the amount that that would have been payable had such Series B Convertible Preferred Units been converted into common units of our Operating Partnership immediately prior to such liquidation.

<u>Redemptions; Repurchases</u>: In connection with any redemption of shares of Series B Convertible Preferred Stock, our Operating Partnership shall redeem, on the date of such redemption, an equal number Series B Convertible Preferred Units in

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

exchange for an amount of cash equal to the amount of cash, if any, paid to redeem the shares of Series B Convertible Preferred Stock.

<u>Conversion Rights</u>: In the event that any share of Series B Convertible Preferred Stock is converted into shares of any class of our common stock, our Operating Partnership shall convert, on the date of such conversion, an equal number of Series B Convertible Preferred Units into common units of our Operating Partnership at the same conversion rate at which such shares of Series B Convertible Preferred Stock are convertible into such class of common stock.

As of September 30, 2025, there were 150,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $153.2 million, which consists of $150 million from the initial closing and approximately $3.2 million of accumulated and unpaid distributions.

***Issuance of Series D Cumulative Redeemable Preferred Partnership Units*** 

On September 4, 2025, the Preferred Investor, an affiliate of SmartStop, agreed to purchase up to 1,400,000 Series D Preferred Units in consideration for up to $35 million at a price of $25 per unit pursuant to the Preferred Unit Purchase Agreement. As of September 30, 2025, our Operating Partnership has issued 1.0 million Series D Preferred Units to the Preferred Investor in exchange for $25.0 million pursuant to the Preferred Unit Purchase Agreement. In connection with the Series D Preferred Units, we paid the Preferred Investor an investment fee equal to $250,000.

The terms of the Series D Preferred Units include certain rights, preferences, powers, privileges and restrictions, qualifications and limitations as are set forth in Amendment No. 5 to the Second Amended and Restated Limited Partnership Agreement of our Operating Partnership ("Amendment No. 5 to the LPA"), including the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rank: (a) senior to all common units, and to all equity securities issued by our Operating Partnership the terms of which provide that such equity securities shall rank junior to such Series D Preferred Units; (b) on a parity with all equity securities issued by our Operating Partnership other than those referred to in clauses (a) and (c); and (c) junior to all equity securities issued by our Operating Partnership the terms of which provide that such equity securities shall rank senior to the Series D Preferred Units, including the Series B Convertible Preferred Units. The term "equity securities" shall not include convertible debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Distribution Rate: Series D Preferred Units receive current distributions at a rate of 6.0% per annum on the liquidation amount until the second anniversary of the date of issuance, 7.0% per annum commencing thereafter until the third anniversary of the date of issuance, 8.0% per annum commencing thereafter until the fourth anniversary of the date of issuance, and 9.0% per annum thereafter, payable monthly and calculated on an actual/360 basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Liquidation Rights: Upon any voluntary or involuntary liquidation, dissolution or winding up of our Operating Partnership, the holders of Series D Preferred Units are entitled to receive a payment equal to $25.00 (the "Liquidation Amount"), plus an amount equal to any accrued and unpaid distributions (whether or not accumulated or authorized and declared) to the date of payment, subject to appropriate adjustment as set forth in Amendment No. 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption Rights: Our Operating Partnership has the right to redeem the Series D Preferred Units in whole or in part at any time or from time to time following the second anniversary of the initial issuance of the Series D Preferred Units at a redemption price equal to the Liquidation Amount, plus an amount equal to accrued but unpaid cash distributions thereon to the date of redemption. In addition, following an Optional Repurchase Event (as defined in Amendment No. 5 to the LPA) and for a period of 90 days thereafter, holders of Series D Preferred Units may request a repurchase of Series D Preferred Units at a repurchase price equal to the Liquidation Amount, plus an amount equal to accrued but unpaid cash distributions thereon, to the date of repurchase.

As of September 30, 2025, there were 1.0 million Series D Preferred Units outstanding with an aggregate liquidation preference of approximately $25.1 million, which consists of $25 million from the initial closing and approximately $0.1 million of accumulated and unpaid distributions.

***Series E Preferred Offering***

On September 30, 2025, we commenced the Series E Preferred Offering of up to $75.0 million (expandable up to $100.0 million in the sole discretion of our board) in shares of our Series E Preferred Stock, $0.001 par value per share, at an offering price of $10.00 per share, pursuant to the Confidential Private Placement Memorandum dated September 30, 2025 (the "Memorandum"). The Series E Preferred Offering will terminate on September 30, 2026, unless extended by our board,

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

in its sole discretion. In connection with the Series E Preferred Offering, we entered into Amendment No. 6 to the Operating Partnership Agreement to create Series E Preferred Units having economic terms and designations, powers, preferences, rights and restrictions that are substantially similar to the Series E Preferred Stock.

The terms of the Series E Preferred Stock are set forth in the articles supplementary for the Series E Preferred Stock (the "Series E Articles Supplementary") and are described in more detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rank: (a) senior to all classes of the Company's common stock; (b) on parity with all other preferred equity securities issued by us from time to time, the terms of which provide that such securities rank on parity with the Series E Preferred Stock; and (c) junior to the preferred equity securities issued by us from time to time, the terms of which expressly provide that it will rank senior to the Series E Preferred Stock (the "Senior Stock"), including the Series B Convertible Preferred Stock, and subject to payment of or provision for our corporate debts and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dividends: Dividends payable on each share of Series E Preferred Stock will initially be equal to a rate of 8.0% per annum. Dividends payable on the Series E Preferred Stock will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends, and (iii) such dividends are authorized by our board or declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Liquidation: Upon any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of Series E Preferred Stock then outstanding will be entitled to be paid out of our assets legally available for distribution to its stockholders, after payment or provision for our corporate debts, liquidating distributions to the holders of all of our Senior Stock and other liabilities, a liquidation preference equal to $10.00 per share, subject to appropriate adjustment as set forth in the Series E Articles Supplementary (the "Liquidation Preference"), plus an amount equal to accrued but unpaid cash dividends thereon, if any, to but not including the date of payment, pari passu with the holders of shares of any other class or series of our capital stock ranking on parity with the Series E Preferred Stock as to the Liquidation Preference and/or accrued but unpaid dividends they are entitled to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Optional Redemption by Holder: Following the first anniversary of the original issue date of the shares of Series E Preferred Stock to be redeemed, holders will have the right to require us to redeem shares of Series E Preferred Stock at a redemption price equal to the Liquidation Preference less a redemption fee, plus an amount equal to any accrued but unpaid cash dividends thereon. The amount of the redemption fee will depend on how long the holder has held the shares to be redeemed and range from 10.0% to 0.0% of the Liquidation Preference. Aggregate optional redemptions by holders of the Series E Preferred Stock will be subject to a redemption limit such that no more than 5% of the weighted average number of outstanding Series E Preferred Stock during the prior calendar year will be redeemed per fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will redeem shares of Series E Preferred Stock held by a natural person upon his or her death or qualifying disability, including shares held through a revocable grantor trust, or an individual retirement account or other retirement or profit-sharing plan, upon notice from (i) in the case of the death of a holder, the holder's estate, the recipient of such shares through bequest or inheritance, or, with respect to shares held through a revocable grantor trust, the trustee of such trust, or (ii) in the case of the disability of a holder, the holder or the holder's legal representative. Such notice must be received within one year after the death or qualifying disability of the holder, but no sooner than the day following the first anniversary of the original issue date of the Series E Preferred Stock to be redeemed. If the holder is not a natural person, such as a trust (other than a revocable grantor trust) or other legal entity, the right of redemption upon the death or qualifying disability of a beneficiary of such trust or the holder of an ownership interest in such other entity will be subject to the approval of the board of directors, in its sole discretion. We will redeem such shares at a redemption price equal to 100% of the Liquidation Preference, in each case, plus an amount equal to any accrued but unpaid cash dividends thereon. Our ability to redeem shares of Series E Preferred Stock in cash may be limited to the extent that it does not have sufficient funds available to fund such cash redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Optional Redemption by the Company: Upon the earlier of (i) our common stock being listed or admitted to trading on the New York Stock Exchange or another national securities exchange or automated quotation system, or (ii) the third anniversary of the commencement date of the Series E Preferred Offering, we will have the right to redeem all or some portion of the outstanding shares of Series E Preferred Stock at a redemption price equal to

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

100% of the Liquidation Preference, plus an amount equal to any accrued but unpaid cash dividends thereon. Additionally, upon the occurrence of a change of control, we will have the right to redeem all or some portion of the outstanding shares of Series E Preferred Stock, on a date that we specify prior to the closing of such change of control, in cash at a redemption price equal to 100% of the Liquidation Preference, plus an amount equal to any accrued but unpaid cash dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Voting Rights: The holders of Series E Preferred Stock are not entitled to vote on any matter submitted to a vote of our stockholders.

As of September 30, 2025, there were no Series E Preferred Stock outstanding.

**Note 8. Segment Disclosures**

Our business is composed of one reportable segment: self storage operations. Within our self storage operations segment, as of September 30, 2025 and December 31, 2024, approximately $289.4 million and $278.2 million, respectively, of our assets relate to our operations in Canada. For the three and nine months ended September 30, 2025, approximately $4.4 million and $12.7 million, respectively, of our revenues in the self storage segment related to our operations in Canada.

For the three and nine months ended September 30, 2024 approximately $4.0 million and approximately $11.4 million, respectively, of our revenues in the self storage segment related to our operations in Canada.

The Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM and other management regularly evaluate performance based upon consolidated net income (loss). Our CODM uses consolidated net income (loss) when making decisions about allocating capital and personnel. On a quarterly basis, our CODM considers budget-to-actual and period-to-period variances when evaluating company and segment performance in addition to other interim reviews. The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.

The following tables summarize information for the reportable segments for the three and nine months ended September 30, 2025 and 2024:

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Self storage rental revenue | $7870022 | $7236715 | $22786515 | $20761136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary operating revenue | 47797 | 47287 | 151302 | 136165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 7917819 | 7284002 | 22937817 | 20897301 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property taxes | 693881 | 898865 | 2587739 | 2730686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll | 645428 | 589379 | 1817542 | 1772766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising | 239134 | 251199 | 730002 | 791608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs & maintenance | 320702 | 240064 | 876678 | 724682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 339190 | 237779 | 943109 | 799082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property insurance | 144293 | 157949 | 423501 | 463042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative and professional | 438376 | 386886 | 1212964 | 1174394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total property operating expenses** | 2821004 | 2762121 | 8591535 | 8456260 |
| **Other operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses – affiliates | 1332529 | 1303465 | 3904248 | 3871108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1450036 | 1470060 | 4831973 | 4617858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 3236492 | 3196083 | 9634973 | 9543705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization expense |  | 654050 |  | 2532196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition expenses | 82536 | 197752 | 352146 | 615647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other operating expenses** | 6101593 | 6821410 | 18723340 | 21180514 |
| **Operating loss:** | (1004778) | (2299529) | (4377058) | (8739473) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (4281079) | (4458658) | (12564571) | (13701532) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense – debt issuance costs | (190331) | (272173) | (859246) | (826098) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative fair value adjustment |  | (1849878) | (531449) | (86205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 28770 | 85233 | 97953 | 430381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated joint venture | (604294) |  | (1211896) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency adjustment | (2206593) | 818394 | 902170 | (2539244) |
| **Net loss** | $**(8258305)** | $**(7976611)** | $**(18544097)** | $**(25462171)** |

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**Note 9. Related Party Transactions** 

***Fees to Affiliates*** 

Our Private Offering Advisory Agreement and our Private Offering Dealer Manager Agreement entitled our Advisor and our Former Dealer Manager to specified fees upon the provision of certain services with regard to the Private Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organization and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us.

In addition, our Advisory Agreement with our Advisor entitles our Advisor and our Dealer Manager Agreement with our Former Dealer Manager entitled our Former Dealer Manager to specified fees upon the provision of certain services with regard to the Public Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organization and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us.

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

***Organization and Offering Costs*** 

Organization and offering costs of the Private Offering paid by our Advisor on our behalf will be reimbursed to our Advisor. In addition, organization and offering costs of the Public Offering have been paid and will continue to be paid by our Advisor on our behalf and will be reimbursed to our Advisor; provided, however, that our Advisor funded, and was not reimbursed for, 1.0% of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses. Organization and offering costs consist of all expenses (other than sales commissions, the dealer manager fee, stockholder servicing fees and dealer manager servicing fees) to be paid by us in connection with the Private Offering and Public Offering, including our legal, accounting, printing, mailing and filing fees, charges of our escrow holder and other accountable organization and offering expenses, including, but not limited to, (i) amounts to reimburse our Advisor for all marketing related costs and expenses such as salaries and direct expenses of employees of our Advisor and its affiliates in connection with registering and marketing our shares; (ii) technology costs associated with the Private Offering and Public Offering; (iii) our costs of conducting our training and education meetings; (iv) our costs of attending retail seminars conducted by participating broker-dealers; and (v) payment or reimbursement of bona fide due diligence expenses. Our Advisor will be required to reimburse us within 60 days after the end of the month which the Public Offering terminates to the extent we paid or reimbursed organization and offering costs (including sales commissions, dealer manager fees, stockholder servicing fees, and dealer manager servicing fees) in excess of 15% of the gross offering proceeds from the Primary Offering. As of September 30, 2025, organization and offering costs from the Primary Offering were less than 15% of gross proceeds from the Primary Offering.

Organization and offering costs of the Series E Preferred Offering, which we estimate to be 1.0% of the gross offering proceeds from the sale of Series E Preferred Stock.

***Advisory Agreements*** 

We do not have any employees. Our Advisor is primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Advisor receives various fees and expenses under the terms of our Advisory Agreement. As discussed above, we will be required under our Advisory Agreement to reimburse our Advisor for organization and offering costs; provided, however, our Advisor funded, and was not reimbursed for, 1% of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses. As noted above, the Advisory Agreement also requires our Advisor to reimburse us to the extent that offering expenses, including sales commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees, are in excess of 15% of gross proceeds from the Primary Offering.

Our Advisor receives acquisition fees equal to 1.0% of the contract purchase price of each property we acquire plus reimbursement of any acquisition expenses our Advisor incurs. Our Advisor also receives a monthly asset management fee equal to 0.0625%, which is one-twelfth of 0.75%, of our aggregate asset value, as defined. Under our Advisory Agreement, our Advisor will receive a disposition fee equal to the lesser of 1% of the contract sales price of each property sold or 50% of the competitive commission rate.

SSA may also be entitled to various subordinated distributions under our Operating Partnership agreement if we (1) list our shares of common stock on a national exchange, (2) terminate or do not renew the Advisory Agreement, (3) liquidate our portfolio, or (4) effect a merger or other corporate reorganization.

Our Advisory Agreement provides for reimbursement of our Advisor's direct and indirect costs of providing administrative and management services to us. Beginning four fiscal quarters after commencement of the Public Offering, pursuant to our Advisory Agreement, our Advisor is required to pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceed the greater of 2% of our average invested assets or 25% of our net income, as defined, unless a majority of our independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. For any fiscal quarter for which total operating expenses for the 12 months then ended exceed the limitation, we will disclose this fact in our next quarterly report or within 60 days of the end of that quarter and send a written disclosure of this fact to our stockholders. In each case the disclosure will include an explanation of the factors that the independent directors considered in arriving at the conclusion that the excess expenses were justified. As of September 30, 2025, our aggregate annual operating expenses, as defined, did not exceed the threshold described above.

***The Sponsor Funding Agreement***

Beginning November 1, 2023, our Sponsor agreed to fund the payment of (i) the upfront 3% sales commission for the sale of Class Y shares, (ii) the upfront 3% dealer manager fee for the Class Y shares, and (iii) the estimated 1% organization and offering expenses for the sale of Class Y shares and Class Z shares in our Public Offering. In the event total organization

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

and offering expenses actually incurred exceed the estimated 1% organization and offering expenses for the sale of Class Y shares and Class Z shares, we will pay the difference between the total organization and offering expenses actually incurred and the estimated 1% organization and offering expenses funded by our Sponsor. In addition, our Sponsor has reimbursed us in cash to cover the dilution from the one-time stock dividends described above in Note 1 - Organization. In connection with the termination of our Primary Offering, the Sponsor Funding Agreement was terminated effective as of May 30, 2025, though our Sponsor or its affiliates are still obligated to provide the funding amounts set forth in the Sponsor Funding Agreement and entitled to receive Series C Units until the final payment of such funding amounts, and the final issuance of the Series C Units for such funding amounts, as contemplated by the terms of the Sponsor Funding Agreement.

In consideration for our Sponsor providing the funding for the front-end sales load and the cash to cover the dilution from the stock dividends described above and in Note 1 - Organization, our Operating Partnership was obligated to issue a number of Series C Units of limited partnership interest in our Operating Partnership to our Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $9.30 per share and currently $10.00 per share) for the Class Y and Class Z shares sold in our Public Offering. Pursuant to the sponsor funding agreement by and among us, our Operating Partnership, and our Sponsor, our Sponsor reimbursed us monthly for the applicable front end sales load it agreed to fund, and our Operating Partnership issued the Series C Units on a monthly basis, upon such reimbursement. In connection with the foregoing, we and our Operating Partnership entered into Amendment No. 3 to the Operating Partnership Agreement ("Amendment No. 3") to establish Series C Subordinated Convertible Units of limited partnership interest in our Operating Partnership. Amendment No. 3 sets forth the key terms of the Series C Units, which are summarized below.

No Distribution Rights, Liquidation Rights, or Profits Allocation: The Series C Subordinated Convertible Units are not entitled to cash distributions, distributions upon liquidation, or the allocation of any profit or loss of our Operating Partnership unless and until the Series C Subordinated Convertible Units are converted into Class A Units of the Operating Partnership.

No Voting Rights: The Series C Units shall have no voting or consent rights. Notwithstanding the foregoing, the approval of the holders of Series C Units shall be required for any amendment to the rights and obligations of the Series C Subordinated Convertible Units.

Conversion Into Class A Units: The Series C Units shall automatically convert into Class A Units on a one-to-one basis upon our disclosure of an estimated net asset value per share equal to at least $10.00 per share (the "Initial NAV Hurdle") for each of the Class A, Class T, Class W, Class P, Class Y, and Class Z shares calculated net of the value of Series C Units to be converted for those Series C Units issued at or below the Initial NAV Hurdle; provided, the Initial NAV Hurdle shall be increased to the new NAV (the "New NAV Hurdle") for those Series C Units, if any, issued at an offering price in excess of $10.00 per share in the event that the NAV and resulting offering price are increased in the future as a result of calculating and reporting the NAV. For the avoidance of doubt, some or all of the Series C Units issued pursuant to the Initial NAV Hurdle may convert at the time of disclosing that the Initial NAV Hurdle has been met. In the event of an extraordinary transaction (such as a merger, tender offer, or sale of all or substantially all of our assets) prior to such conversion, the Series C Units shall automatically convert into Class A Units on a one-to-one basis immediately prior to the closing of the extraordinary transaction if the transaction amount exceeds the Initial NAV Hurdle for each of the Class A, Class T, Class W, Class P, Class Y, and Class Z shares for those Series C Units issued at or below the Initial NAV Hurdle calculated net of the value of the Series C Units to be converted; provided, the transaction amount exceeds the New NAV Hurdle for each of the Class A, Class T, Class W, Class P, Class Y, and Class Z shares for those Series C Units issued at an offering price in excess of $10.00 per share in the event that the NAV and resulting offering price is increased in the future as a result of calculating and reporting the NAV. We have agreed to conduct a NAV in accordance with the requirements set forth in FINRA 15-02 (i.e., the first NAV must be conducted within 150 days following the second anniversary of commencement of our Public Offering and annually thereafter) and the Investment Program Association Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs issued in April 2013. On August 7, 2024, we declared an Estimated Per Share NAV of $10.00 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.

Special Allocation: Notwithstanding the allocation provisions of the Operating Partnership Agreement, liquidating gain first shall be allocated to our Sponsor with respect to its converted Series C Units to the extent attributable to the appreciation in the value of our Operating Partnership's assets after the first date of issuance of the Series C Units. As a result of the special allocation, the Section 704(b) capital account attributable to the converted Series C Units shall be equal to the Section 704(b) capital account for each Class A Unit issued and outstanding as of the date of the conversion on a pro rata basis.

Rights upon Liquidation: Notwithstanding the provisions of the Operating Partnership Agreement governing distributions upon liquidation, if, after the conversion of any Series C Units into a Class A Unit, the liquidating gain from a

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

sale, exchange, merger, liquidation or other transaction is insufficient to cause the holder of the converted Series C Units to receive an amount of cash or property (at minimum) equal to the liquidation right for the holders of Class A Units on a unit by unit basis, each such unit holder shall nevertheless receive an amount equal to the liquidation right for the holders of Class A Units on a unit by unit basis, for each converted Series C Unit (the "Series C Unit Liquidation Preference"). Upon the actual liquidation of our Operating Partnership, the cash payment of the Series C Unit Liquidation Preference shall be treated as (1) a liquidation distribution from our Operating Partnership to the extent of the section 704(b) capital account attributable to the converted Series C Units and (2) a guaranteed payment for U.S. federal income tax purposes for the excess of the Series C Unit Liquidation Preference in cash over the section 704(b) capital account balance of the holder of the Series C Unit for each such converted Series C Unit. For avoidance of doubt, the Series C Units are subject to all of the terms and conditions set forth in Amendment No. 3 prior to conversion and are not entitled to any liquidation right until conversion.

Transfer Rights: The Series C Units may be transferred to any affiliate without our consent.

***Property Management Agreement*** 

Each of our self storage properties is managed by our Property Manager under separate property management agreements. Under each agreement, our Property Manager receives a fee for its services in managing our properties, generally equal to the greater of $3,000 or 6% of the gross revenues from the properties plus reimbursement of the Property Manager's costs of managing the properties. In addition, our Property Manager or an affiliate has the exclusive right to offer tenant insurance plans, tenant protection plans or similar programs (collectively "Tenant Programs") to customers at our properties and is entitled to substantially all of the benefits of such Tenant Programs. The property management agreements have a three-year term and automatically renew for successive three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days' prior written notice. With respect to each new property we acquire for which we enter into a property management agreement with our Property Manager we also pay our Property Manager a one-time start-up fee in the amount of $3,750.

All of our properties are operated under the "SmartStop® Self Storage" brand. An affiliate of our Sponsor owns the rights to the "SmartStop® Self Storage" brand.

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, 2024 and the nine months ended September 30, 2025, as well as any related amounts payable as of December 31, 2024 and September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Incurred** | **Paid** | **Payable** | **Incurred** | **Paid** | **Payable** |
| *Expensed* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses<br> (including organizational costs) | $12220370 | $7066191 | $9299781 | $6133903 | $14276849 | $1156835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees | 4253616 | 2458196 | 2448348 | 3275745 | 5349103 | 374990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fees | 1688524 | 798536 | 1150689 | 1395514 | 2249364 | 296839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expenses <sup>(1)</sup> | 589216 | 146146 | 978373 | 289112 | 1217631 | 49854 |
| *Capitalized* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related <sup>(2)</sup> | 113259 | 452694 |  |  |  |  |
| Total | $18864985 | $10921763 | $13877191 | $11094274 | $23092947 | $1878518 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company.

***Tenant Programs***

We may offer Tenant Programs to customers at our properties pursuant to which our Property Manager or an affiliate is entitled to substantially all of the net revenue attributable to the sale of Tenant Programs at our properties.

In order to protect the interest of the Property Manager in receiving these revenues in light of the fact that we control the properties and, hence, the ability of the Property Manager to receive such revenues, we and an affiliate of our Property

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

Manager agreed to transfer our respective rights in such revenue to a joint venture entity owned 0.1% by our TRS subsidiary and 99.9% by our Property Manager's affiliate (the "PM Affiliate"). Under the terms of the operating agreement of the joint venture entity, dated March 8, 2021 (the "JV Agreement"), our TRS receives 0.1% of the net revenues generated from such Tenant Programs and the PM Affiliate receives the other 99.9% of such net revenues. The JV Agreement further provides, among other things, that if a member or its affiliate terminates all or substantially all of the property management agreements or defaults in its material obligations under the JV Agreement or undergoes a change of control, as defined, (the "Triggering Member"), the other member generally shall have the right (but not the obligation) to either (i) sell all of its interest in the joint venture to the Triggering Member at fair market value (as agreed upon or as determined under an appraisal process) or (ii) purchase all of the Triggering Member's interest in the joint venture at 95% of fair market value. For the nine months ended September 30, 2025 and 2024, an affiliate of our Property Manager received net revenue from this joint venture of approximately $1.0 million and $0.9 million, respectively.

***Storage Auction Program*** 

Our Sponsor owns a minority interest in a company that owns 50% of an online auction company (the "Auction Company") that serves as a web portal for self storage companies to post their auctions for the contents of abandoned storage units online instead of using live auctions conducted at the self storage facilities. The Auction Company receives a service fee for such services. During the nine months ended September 30, 2025 and 2024, we paid approximately $6,000 and $7,000 in fees to the Auction Company related to our properties, respectively. Our properties will receive the proceeds from such online auctions.

**Note 10. Commitments and Contingencies** 

***Distribution Reinvestment Plan*** 

We adopted a distribution reinvestment plan that will allow our stockholders to have distributions otherwise distributable to them invested in additional shares of our common stock at a price equal to the then-current offering price for each class of share.

On October 2, 2023, the Company's board of directors approved the Second Amended and Restated Distribution Reinvestment Plan (the "Second Amended and Restated DRP") of the Company to include, as eligible participants, stockholders holding Class Y shares and stockholders holding Class Z shares. The Second Amended and Restated DRP replaced the prior distribution reinvestment plan. The distribution reinvestment plan was also amended and restated to state that the purchase price for shares pursuant to the Second Amended and Restated DRP shall be $9.30 per share for all classes of shares. In conjunction with the board of directors' declaration of a new estimated value per share of our common stock on August 7, 2024, any shares sold pursuant to our distribution reinvestment plan will be sold at our new estimated value per share of $10.00 per Class A shares, Class P shares, Class T shares, Class W shares, Class Y shares and Class Z shares under our distribution reinvestment plan. The Second Amended and Restated DRP became effective on November 11, 2023. No sales commission or dealer manager fee will be paid on shares sold through the distribution reinvestment plan. We may amend or terminate the distribution reinvestment plan for any reason at any time upon 10 days' prior written notice to stockholders.

As of September 30, 2025, we have sold approximately 1.1 million Class P shares, approximately 0.2 million Class A shares, approximately 0.3 million Class T shares, approximately 51,000 Class W shares, approximately 0.2 million Class Y shares and approximately 9,000 Class Z shares for gross proceeds of approximately $18.0 million pursuant to the distribution reinvestment plan.

***Share Redemption Program*** 

We adopted a share redemption program for stockholders purchasing Class P shares in the Private Offering and a separate share redemption program for stockholders purchasing Class A shares, Class T shares, Class W shares, Class Y shares and Class Z shares in the Public Offering, each of which enables stockholders to sell their shares to us in limited circumstances. As long as our common stock is not listed on a national securities exchange or over-the-counter market, our stockholders who have held their stock for at least one year may be able to have all or any portion of their shares of stock redeemed by us. We may redeem the shares of stock presented for redemption for cash to the extent that we have sufficient funds available to fund such redemption.

On October 2, 2023, the Company's board of directors approved an amendment to the Company's share redemption program. Pursuant to the share redemption program, as amended, for Class A shares, Class T shares, Class W shares, Class Y

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

shares, and Class Z shares, the redemption price per share will be equal to 93% of the most recently published estimated net asset value of the applicable share class. On August 7, 2024, our board of directors approved an estimated net asset value per share of $10.00.

The redemption price per for Class P shares purchased in the Private Offering will depend on the length of time such stockholders have held such shares as follows (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after one year from the purchase date — 90.0% of the Redemption Amount (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after two years from the purchase date — 92.5% of the Redemption Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after three years from the purchase date — 95.0% of the Redemption Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after four years from the purchase date — 100% of the Redemption Amount.

At any time we are engaged in an offering of Class P shares, the Redemption Amount for Class P shares purchased under the share redemption program will always be equal to or lower than the applicable per share offering price for such Class P shares. As long as we are engaged in an offering of Class P shares, the Redemption Amount shall be the lesser of the amount such stockholders paid for their Shares or the price per share in the offering. If we are no longer engaged in an offering of Class P shares, the per Share Redemption Amount will be determined by our board of directors.

Our board of directors may amend, suspend or terminate the share redemption program 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.

There are several limitations on our ability to redeem shares under the share redemption program, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless the shares are being redeemed in connection with a stockholder's death, "qualifying disability" (as defined under the share redemption program) or bankruptcy, we may not redeem shares until the stockholder has held his or her shares for one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

In order to maintain operating flexibility, on August 6, 2025, our board of directors approved the suspension of our share redemption program effective as of September 6, 2025, except with respect to redemption requests made in connection with the death, commitment to a long-term care facility, qualifying disability or bankruptcy of a stockholder. The share redemption program shall remain suspended as discussed above until such time, if any, as our board of directors may approve the resumption of the share redemption program.

For the nine months ended September 30, 2025 we received redemption requests totaling approximately $3.7 million. Approximately $3.5 million was fulfilled during the nine months ended September 30, 2025 and the remaining $0.2 million was included in accounts payable and accrued liabilities as of September 30, 2025 and fulfilled in October 2025. For the nine months ended September 30, 2024 we received redemption requests totaling approximately $1.7 million. Approximately $1.2 million was fulfilled during the nine months ended September 30, 2024 and the remaining approximately $0.5 million was included in accounts payable and accrued liabilities as of September 30, 2024 and fulfilled in October 2024.

***Operating Partnership Redemption Rights*** 

The limited partners of our Operating Partnership 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

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**STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025**

**(Unaudited)**

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. SSA and SmartStop OP are prohibited from exchanging or otherwise transferring units representing $202,000 of the initial investments in our Operating Partnership so long as our Advisor is acting as our Advisor pursuant to our Advisory Agreement.

***Other Contingencies*** 

From time to time, we are party to legal proceedings that arise in the ordinary course of our business. We are not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

**Note 11. Declaration of Distributions** 

***Cash Distribution Declaration***

On September 26, 2025, our board of directors declared a daily distribution rate of approximately $0.001698 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2025 and ending December 31, 2025. In connection with this distribution, stockholders who hold Class T and Class Y shares, will be paid an amount equal to approximately $0.001698 per day less the stockholder servicing fee payable per share per day and stockholders who hold Class W and Class Z shares, will be paid an amount equal to approximately $0.001698 per day per share less the dealer manager servicing fee payable per share per day. Such distributions payable to each stockholder of record during a month will be paid the following month.

**Note 12. Potential Acquisitions** 

***Potential Acquisition of Scarborough Property*** 

On July 15, 2021, an affiliate of our Sponsor assigned its interest in a purchase and sale agreement (the "Scarborough Purchase Agreement") with an unaffiliated third party for the acquisition of a parcel of land to be developed into a self storage facility located in Scarborough, in the city of Toronto, Ontario (the "Scarborough Property") to a wholly-owned subsidiary of our Operating Partnership. The purchase price of the Scarborough Property is approximately CAD $3.0 million. Construction is expected to commence following the closing of the acquisition. We expect to fund the acquisition of the Scarborough Property with potential future debt financing. If we fail to complete the acquisition, we may forfeit CAD $450,000 in earnest money deposits.

**Note 13. Subsequent Events** 

***Issuance of Preferred Units of Our Operating Partnership***

On October 28, 2025, our Operating Partnership issued 120,000 Series D Preferred Units to the Preferred Investor in exchange for $3.0 million pursuant to the Preferred Unit Purchase Agreement.

***Offering Status***

As of November 6, 2025, in connection with our offerings we have issued approximately 11.7 million Class P shares for gross offering proceeds of approximately $111.3 million, approximately 3.2 million Class A shares for gross offering proceeds of approximately $32.6 million, approximately 5.2 million Class T shares for gross offering proceeds of approximately $51.4 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $6.8 million, approximately 5.4 million Class Y shares for gross offering proceeds of approximately $52.4 million and approximately 0.6 million Class Z shares for gross offering proceeds of approximately $5.6 million.

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

The following discussion and analysis 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, 2024. See also "Cautionary Note Regarding Forward Looking Statements" preceding Part I.

**Overview**

Strategic Storage Trust VI, Inc., a Maryland corporation (the "Company"), was formed on October 14, 2020 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities and commenced formal operations on March 10, 2021. We made an election to be treated as a REIT under the Internal Revenue Code for federal income tax purposes beginning with our taxable year ended December 31, 2021.

On February 26, 2021, pursuant to a confidential private placement memorandum, we commenced a private offering (the "Private Offering") of up to $200,000,000 in shares of our common stock and $20,000,000 shares of common stock pursuant to our distribution reinvestment plan. Please see Note 1 of the Notes to the Consolidated Financial Statements contained elsewhere in this report for additional information. The primary portion of the Private Offering was terminated on March 17, 2022. We received approximately $100.7 million in offering proceeds from the sale of our common stock pursuant to the Private Offering. Through our distribution reinvestment plan, we have issued approximately 1.1 million Class P shares for gross proceeds of approximately $10.4 million.

In connection with the Public Offering, defined below, we filed articles of amendment to our Charter (the "Articles of Amendment") and articles supplementary to our Charter (the "Articles Supplementary"). Following the filing of the Articles of Amendment and the Articles Supplementary, we authorized 30,000,000 shares of common stock designated as Class P shares, 300,000,000 shares of common stock designated as Class A shares, 300,000,000 shares of common stock designated as Class T shares, and 70,000,000 shares of common stock designated as Class W shares. Any common stock sold in the Private Offering were redesignated as Class P common stock upon the filing of the Articles of Amendment. On May 28, 2021, we filed a Registration Statement on Form S-11 (the "Registration Statement"), which was subsequently amended, with the U.S. Securities and Exchange Commission ("SEC") to register a maximum of $1,000,000,000 in shares of Class A, Class T, and Class W common stock for sale to the public (the "Primary Offering") and $95,000,000 in shares of Class A, Class T, and Class W common stock for sale pursuant to our distribution reinvestment plan. On March 17, 2022, the SEC declared our registration statement effective. On October 4, 2023, we filed a Post-Effective Amendment to our Registration Statement to register two new classes of common stock (Class Y shares and Class Z shares) with the SEC. On November 1, 2023, the Post-Effective Amendment to our Registration Statement became effective with the SEC. Also, on November 1, 2023, we filed articles supplementary to our Charter which reclassified 200,000,000 Class T shares as Class Y shares and 70,000,000 Class A shares as Class Z shares. Effective November 1, 2023, we began offering Class Y shares and Class Z shares in our Primary Offering for $9.30 per share and Class A shares, Class P shares, Class T shares, Class W shares, Class Y shares and Class Z shares pursuant to our distribution reinvestment plan for $9.30 per share (collectively, the "Public Offering"), and ceased offering Class A shares, Class T shares or Class W shares in our Primary Offering.

On May 20, 2025, our board of directors approved the termination of the Primary Offering, effective as of May 30, 2025, based upon various factors, including the costs of maintaining a public registration of our common stock, the robust size of our portfolio of properties, and our shift in focus to continued portfolio stabilization and performance. The termination of the Primary Offering occurred on May 30, 2025. We sold approximately 2.9 million Class A shares for gross offering proceeds of approximately $30.3 million, approximately 4.8 million Class T shares for gross offering proceeds of approximately $48.1 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $6.3 million, approximately 5.2 million Class Y shares for gross offering proceeds of approximately $50.4 million, and approximately 0.6 million Class Z shares for gross offering proceeds of approximately $5.5 million in the Primary Offering.

We continue to offer Class P, Class A, Class T, Class W, Class Y, and Class Z shares pursuant to our distribution reinvestment plan. We also continue to offer Class P shares pursuant to our distribution reinvestment plan in our Private Offering. On July 18, 2025, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $75.0 million in shares under our distribution reinvestment plan for all share classes (our "DRP Offering"). The DRP Offering may be terminated at any time upon 10 days' prior written notice to stockholders.

As of September 30, 2025, we have issued approximately 1.1 million Class P shares, approximately 0.2 million Class A shares, approximately 0.3 million Class T shares, approximately 51,000 Class W shares, approximately 0.2 million Class Y shares, and approximately 9,000 Class Z shares for gross proceeds of approximately $18.0 million through our distribution reinvestment plan.

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We have invested the net proceeds from our Private Offering and Public Offering primarily in self storage facilities consisting of both income-producing and growth properties located in the United States and Canada. As of September 30, 2025, we owned 24 operating self storage properties located in seven states (Arizona, Delaware, Florida, Nevada, Oregon, Pennsylvania and Washington) and three Canadian provinces (Alberta, British Columbia and Ontario), and two development properties in Florida and Ontario. As of September 30, 2025, we also own 50% of the equity interests in five unconsolidated real estate ventures located in two Canadian provinces (Ontario and Quebec), with subsidiaries of SmartCentres owning the other 50% of such entities. Our unconsolidated real estate ventures consist of four operating self storage properties in the lease-up phase and one parcel of land that is being developed into a self storage facility.

As of September 30, 2025, our operating self storage portfolio was comprised as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State** | **No. of<br>Properties** | **Units**<sup>(1)</sup> | **Sq. Ft.<br>(net)**<sup>(2)</sup> | **% of Total<br>Rentable<br>Sq. Ft.** | **Physical<br>Occupancy%**<sup>(3)</sup> | **Rental<br>Income%**<sup>(4)</sup> |
| Alberta | 1 | 495 | 48800 | 2% | 89% | 3% |
| Arizona | 4 | 2850 | 378720 | 17% | 94% | 15% |
| British Columbia | 1 | 925 | 59180 | 3% | 87% | 4% |
| Delaware | 1 | 820 | 80545 | 4% | 83% | 3% |
| Florida | 4 | 2585 | 334615 | 16% | 90% | 12% |
| Nevada | 1 | 335 | 51900 | 2% | 90% | 3% |
| Ontario | 9 | 8785 | 959735 | 44% | 87% | 49% |
| Oregon | 1 | 520 | 55830 | 3% | 94% | 3% |
| Pennsylvania | 1 | 810 | 78040 | 4% | 93% | 4% |
| Washington | 1 | 1095 | 99745 | 5% | 92% | 4% |
|  | 24 | 19220 | 2147110 | 100% | 89% | 100% |

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<sup>(1)</sup> Includes all rentable units, consisting of storage units and parking units (approximately 850 units).

<sup>(2)</sup> Includes all rentable square feet consisting of storage units and parking units (approximately 199,780 square feet).

<sup>(3)</sup> Represents the occupied square feet of all facilities we owned in a state divided by total rentable square feet of all the facilities we owned in such state as of September 30, 2025.

<sup>(4)</sup> Represents rental income for all facilities we own in a state divided by our total rental income for the month ended September 30, 2025.

**Development properties** 

*Bradenton Land*

On February 16, 2023, we, through an indirect, wholly-owned subsidiary of our Operating Partnership, acquired a parcel of land adjacent to our property in Bradenton, Florida (the "Bradenton Land") from an unaffiliated third party. The purchase price for the Bradenton Land was approximately $1.4 million, plus closing costs and an acquisition fee to our advisor. We are in the process of expanding our current self storage property on the Bradenton Land. As of September 30, 2025, estimated development cost to complete the expansion are approximately $3.2 million, which we expect to fund with a combination of net proceeds from our Series E Preferred Offering and/or potential future debt financing.

*Etobicoke Land*

On March 27, 2023, we, through an indirect, wholly-owned subsidiary of our Operating Partnership, acquired a parcel of land to be developed into a self storage facility located in Etobicoke, in the city of Toronto, Ontario (the "Etobicoke Land") from an unaffiliated third party. The purchase price for the Etobicoke Land was approximately CAD $2.2 million, plus closing costs and an acquisition fee to our advisor. As of September 30, 2025, our cost to complete development is approximately CAD $6.1 million, which we expect to fund with the Meridian financing, as described below.

On March 6, 2025, we through wholly-owned subsidiary of our Operating Partnership, entered into a credit agreement with Meridian Credit Union Limited ("Meridian") with a maximum borrowing capacity of CAD $16.0 million. As of September 30, 2025, we had drawn approximately CAD $9.3 million and have CAD $6.7 million available. Please see Note 5 - Debt of the Notes to the Consolidated Financial Statements for additional information.

**Investments in Unconsolidated Real Estate Ventures** 

We have entered into joint venture agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire tracts of land, develop and operate self storage facilities. We account for these investments using the equity method of

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accounting and they will be 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 of each of the unconsolidated investments.

The following table summarizes our 50% ownership interests in unconsolidated real estate ventures as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Location** | **Date Real Estate<br>Venture Acquired<br>Land** | **Real Estate<br>Venture <br>Status** | **Completion Date or estimated completion** | **Units** | **Net Rentable Sq. Ft.** |
| Toronto <sup>(1)</sup> | Toronto, Ontario | April 2021 | Operational | June 2025 | 1420 | 101855 |
| Toronto II <sup>(1)</sup> | Toronto, Ontario | December 2021 | Operational | April 2025 | 1580 | 114535 |
| Dorval <sup>(1)</sup> | Dorval, Quebec | February 2023 | Operational | June 2025 | 1290 | 112280 |
| Hamilton <sup>(1)</sup> | Hamilton, Ontario | November 2023 | Operational | October 2024 | 950 | 97095 |
| Montreal <sup>(2)</sup> | Montreal, Quebec | January 2024 | Under Development | First half of 2026 | 1450 | 124000 |
|  |  |  |  |  | 6690 | 549765 |

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<sup>(1)</sup> As of September 30, 2025, these four JV Properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below).

<sup>(2)</sup> Approximate units and net rentable square feet at completion.

As of September 30, 2025, our 50% share of development costs are currently expected to be approximately CAD $0.3 million for the Toronto Property, approximately CAD $0.2 million for the Toronto II Property, approximately CAD $0.2 million for the Dorval Property and approximately CAD $9.9 million for the Montreal Property. Development costs for Toronto, Toronto II and Dorval properties are expected to be funded with the SmartCentres Financing. The development costs for the Montreal Property are expected to be funded with a combination of net proceeds from our Series E Preferred Offering and/or potential future debt financing.

**Critical Accounting Policies and Estimates** 

We have established accounting policies which conform to generally accepted accounting principles ("GAAP") in the U.S. 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 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 and estimates include the following: real estate purchase price allocations; the evaluation of whether any of our long-lived assets have been impaired; 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 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 Acquisition Valuation*** 

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.

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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.

***Impairment of Long-Lived Assets*** 

The majority of our assets, other than cash and cash equivalents, consist of long-lived real estate assets, including those held through joint ventures, as well as intangible assets related to our acquisitions. We evaluate such assets for impairment based on events and changes in circumstances that may arise in the future and that may impact the carrying amounts of our long-lived assets, including those held through joint ventures. 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 long-lived asset and recognize an impairment loss. Our evaluation of the impairment of long-lived 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 recognized, if any, may vary based on the estimates and assumptions we use.

***Estimated Useful Lives of Long-Lived 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 financial statements or materially different amounts being reported in the financial statements, as such determinations, and the corresponding amount of depreciation expense, may vary dramatically based on the estimates and assumptions we use.

***Consolidation Considerations*** 

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 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, 2021. 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 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.

**Industry Outlook, Market and Economic Conditions**

Our rental revenue and operating results depend significantly on the demand for self storage space. Demand for self storage tends to be needs-based, with numerous factors that lead customers to renting and maintaining storage units. These demand drivers function in a multitude of economic environments, both cyclically and counter-cyclically.

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More recently, the broader economy has been experiencing elevated levels of inflation, higher interest rates (including higher mortgage rates), tightening monetary and fiscal policies and a slowdown in home sales and population mobility. These dynamics, paired with difficult comparables from 2022, resulted in a reduction in pricing power for self storage operators, leading to a deceleration in revenue growth in 2023 and once again in 2024. As of December 31, 2024, the U.S. listed self storage REITs averaged ending same-store occupancy of approximately 89.5%. Without a near term change in monetary policy and subsequent reduction in mortgage rates, we expect self storage demand to remain reduced relative to more recent COVID-19 era demand and more comparable to historical averages. Additionally, the broader interest rate and inflationary environment has moderated since 2024. These factors could lead to increasing levels of population mobility, specifically amongst single family home buyers and sellers, which could increase demand for self storage. Based on these dynamics, we believe that disciplined self storage operators will generate revenue growth in the near term and will continue to drive revenue through various economic cycles.

From a supply perspective, the top 50 MSA's in the United States saw a historically elevated amount of new self storage supply come online from 2018 to 2023, both on an absolute and relative basis. This new supply outpaced population growth in the same markets by nearly five times during that period. We believe the broader shift of people working from home related to the COVID-19 pandemic, elevated migration patterns and strength in the housing market helped drive revenue growth in self storage demand and absorb this supply. These demand drivers produced a 36-month period in which self storage industry fundamentals were very strong relative to historical operating levels, including all-time high occupancy and revenue growth. However, as COVID-related demand waned in 2023, many of the tenants that rented due to the COVID-19 pandemic vacated. We expect the new supply delivered in the recent past to continue to be absorbed and we expect only moderate growth in new supply through 2026.

We believe that overhead costs and maintenance capital expenditures are considerably lower in the self storage industry as compared to other real estate sectors, and as a result of strong operating leverage, self storage companies are able to achieve comparatively higher operating and cash flow margins. Although property taxes were moderated through assessment challenges over the past two years, we expect elevated property tax increases in our sector in the coming years. Other property operating expenses have experienced elevated pressures as well in the past few years, namely property insurance and payroll, primarily due to inflation and natural disasters.

**Results of Operations** 

***Overview***

We derive revenues principally from: (i) rents received from tenants who rent storage units under month-to-month leases at each of our self storage facilities; and (ii) 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. Additionally, our operating results depend on our tenants making their required rental payments to us.

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.

On March 10, 2021, we commenced formal operations and we acquired our first six self storage properties during 2021. As of September 30, 2025 and 2024, we owned 24 operating self storage facilities.

Our operating results for the three and nine months ended September 30, 2025 and 2024 include full period results for 24 properties. Operating results in future periods will depend on the results of operations of these properties and the real estate properties that we acquire in the future.

***Comparison of the three months ended September 30, 2025 and 2024***

*Total Revenues* 

Total revenues for the three months ended September 30, 2025 and 2024 were approximately $7.9 million and approximately $7.3 million, respectively. The increase in total revenue of approximately $0.6 million, or 9%, is attributable to an increase in non same-store revenues of approximately $0.5 million due to the lease-up of our non-stabilized properties and an increase in same-store revenues of approximately $0.1 million primarily due to increased rates. We expect total revenues to increase in the future commensurate with our future acquisition activity and lease-up of our non-stabilized properties.

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*Property Operating Expenses* 

Property operating expenses for each of the three months ended September 30, 2025 and 2024 were approximately $2.8 million. Property operating expenses include the costs to operate our facilities including payroll, utilities, insurance, real estate taxes, repairs and maintenance, advertising and administrative and professional. We expect property operating expenses to increase in the future as our operational activity increases but decrease as a percentage of total revenues as we lease-up our non-stabilized properties.

*Property Operating Expenses – Affiliates* 

Property operating expenses – affiliates for each of the three months ended September 30, 2025 and 2024 were approximately $1.3 million. Property operating expenses – affiliates includes property management fees, asset management fees and advisory contract amortization. We expect property operating expenses – affiliates to increase in the future as our operational activity increases.

*General and Administrative Expenses* 

General and administrative expenses for each of the three months ended September 30, 2025 and 2024 were approximately $1.5 million. General and administrative expenses consist primarily of legal expenses, directors' and officers' insurance, transfer agent fees, an allocation of a portion of our Advisor's payroll related costs, professional and accounting expenses and board of directors related costs. We expect general and administrative expenses to increase in the future as our operational activity increases, but decrease as a percentage of total revenue.

*Depreciation and Amortization Expenses* 

Depreciation and amortization expenses for the three months ended September 30, 2025 and 2024 were approximately $3.2 million and approximately $3.9 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense consists of the amortization of intangible assets resulting from our acquisitions. The decrease in depreciation and amortization expense of approximately $0.7 million is primarily attributable to leases in place being fully amortized at the end of 2024. We expect depreciation and amortization expense to increase in future periods commensurate with our future acquisition activity.

*Acquisition Expenses – Affiliates* 

Acquisition expenses – affiliates for each of the three months ended September 30, 2025 and 2024 were approximately $0.1 million. Acquisition expenses primarily relate to the costs associated with our potential acquisitions prior to the acquisitions becoming probable in accordance with our capitalization policy. We expect acquisition expenses- affiliates to fluctuate in the future commensurate with our acquisition activity.

*Other Property Acquisition Expenses* 

Other property acquisition expenses for the three months ended September 30, 2025 and 2024 were approximately $10,000 and $0.1 million, respectively. Acquisition expenses primarily relate to the costs associated with our potential acquisitions prior to the acquisitions becoming probable in accordance with our capitalization policy. We expect other property acquisition expenses to fluctuate in the future commensurate with our acquisition activity.

*Interest Expense*

Interest expense for the three months ended September 30, 2025 and 2024 was approximately $4.3 million and approximately $4.5 million, respectively. Interest expense includes interest expense on our debt and the impact of our interest rate derivatives designated for hedge accounting. The decrease in interest expense of approximately $0.2 million is primarily attributable to lower interest rates on new debt entered into during the fourth quarter of 2024 and first quarter of 2025. We expect interest expense to fluctuate in the future commensurate with our future debt level and interest rates.

*Interest Expense – Debt Issuance Costs* 

Interest expense – debt issuance costs for the three months ended September 30, 2025 and 2024 were approximately $0.2 million and approximately $0.3 million, respectively. Interest expense – debt issuance costs reflects the amortization of

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fees incurred in connection with obtaining financing. We expect interest expense – debt issuance costs to increase commensurate with our future financing activity.

*Derivative fair value adjustment*

Derivative fair value adjustment for the three months ended September 30, 2025 and 2024 was approximately none and $1.9 million loss, respectively. Derivative fair value adjustment consists of fair market value adjustment of our interest rate derivatives we elected not to apply hedge accounting. We expect the derivative fair value adjustment to change in the future based upon changes in interest rates and our interest rate hedging activity.

*Equity in loss of unconsolidated real estate ventures*

Losses from our equity method investments in the JV Properties for the three months ended September 30, 2025 and 2024 were approximately $0.6 million and none, respectively. Losses from our equity method investments in the JV Properties consists of our allocation of earnings and losses from our unconsolidated joint ventures. The increase in equity in loss of unconsolidated real estate ventures relates to the completion of construction and the start of property lease up of one JV Property in the fourth quarter of 2024 and three JV Properties in the second quarter of 2025. We expect Equity in loss of unconsolidated real estate ventures to decrease in the future as our operational activity increases as we lease-up our unconsolidated real estate ventures.

*Foreign currency adjustment*

Foreign currency adjustment for the three months ended September 30, 2025 and 2024 was approximately $2.2 million loss and approximately $0.8 million gain, respectively. Foreign currency adjustment consists of changes in foreign currency related to our net investments in Canadian real estate not classified as long term in accordance with GAAP. We expect foreign currency adjustment to change in the future based upon changes in exchange rates, as well as future net investments in real estate in currencies other than United States dollars.

***Comparison of the nine months ended September 30, 2025 and 2024***

*Total Revenues* 

Total revenues for the nine months ended September 30, 2025 and 2024 were approximately $22.9 million and approximately $20.9 million, respectively. The increase in total revenue of approximately $2.0 million, or 10%, is attributable to an increase in non same-store revenues of approximately $1.5 million due to the lease-up of our non-stabilized properties and an increase in same-store revenues of approximately $0.5 million primarily due to increased rates. We expect total revenues to increase in the future commensurate with our future acquisition activity and lease-up of our non-stabilized properties.

*Property Operating Expenses* 

Property operating expenses for the nine months ended September 30, 2025 and 2024 were approximately $8.6 million and approximately $8.5 million, respectively. Property operating expenses include the costs to operate our facilities including payroll, utilities, insurance, real estate taxes, repairs and maintenance, advertising and administrative and professional. We expect property operating expenses to increase in the future as our operational activity increases but decrease as a percentage of total revenues as we lease-up our non-stabilized properties.

*Property Operating Expenses – Affiliates* 

Property operating expenses – affiliates for each of the nine months ended September 30, 2025 and 2024 were approximately $3.9 million. Property operating expenses – affiliates includes property management fees, asset management fees and advisory contract amortization. We expect property operating expenses – affiliates to increase in the future as our operational activity increases.

*General and Administrative Expenses* 

General and administrative expenses for the nine months ended September 30, 2025 and 2024 were approximately $4.8 million and approximately $4.6 million, respectively. General and administrative expenses consist primarily of legal

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expenses, directors' and officers' insurance, transfer agent fees, an allocation of a portion of our Advisor's payroll related costs, professional and accounting expenses and board of directors related costs. The increase in general and administrative expenses of approximately $0.2 million is primarily attributable to an increase in costs commensurate with the increase in our operational activity. We expect general and administrative expenses to increase in the future as our operational activity increases, but decrease as a percentage of total revenue.

*Depreciation and Amortization Expenses* 

Depreciation and amortization expenses for the nine months ended September 30, 2025 and 2024 were approximately $9.6 million and approximately $12.1 million, respectively. Depreciation expense consists primarily of depreciation on the buildings and site improvements at our properties. Amortization expense consists of the amortization of intangible assets resulting from our acquisitions. The decrease in depreciation and amortization expense of approximately $2.5 million is primarily attributable to leases in place being fully amortized at the end of 2024. We expect depreciation and amortization expense to increase in future periods commensurate with our future acquisition activity.

*Acquisition Expenses – Affiliates* 

Acquisition expenses – affiliates for the nine months ended September 30, 2025 and 2024 were approximately $0.3 million and approximately $0.4 million, respectively. Acquisition expenses primarily relate to the costs associated with our potential acquisitions prior to the acquisitions becoming probable in accordance with our capitalization policy. We expect acquisition expenses- affiliates to fluctuate in the future commensurate with our acquisition activity.

*Other Property Acquisition Expenses* 

Other property acquisition expenses for the nine months ended September 30, 2025 and 2024 were approximately $0.1 million and approximately $0.2 million, respectively. Acquisition expenses primarily relate to the costs associated with our potential acquisitions prior to the acquisitions becoming probable in accordance with our capitalization policy. We expect other property acquisition expenses to fluctuate in the future commensurate with our acquisition activity.

*Interest Expense*

Interest expense for the nine months ended September 30, 2025 and 2024 was approximately $12.6 million and approximately $13.7 million, respectively. Interest expense includes interest expense on our debt and the impact of our interest rate derivatives designated for hedge accounting. The decrease in interest expense of approximately $1.1 million is primarily attributable to lower interest rates on new debt entered into during the fourth quarter of 2024 and first quarter of 2025. We expect interest expense to fluctuate in the future commensurate with our future debt level and interest rates.

*Interest Expense – Debt Issuance Costs* 

Interest expense – debt issuance costs for the nine months ended September 30, 2025 and 2024 were approximately $0.9 million and approximately $0.8 million, respectively. Interest expense – debt issuance costs reflects the amortization of fees incurred in connection with obtaining financing. We expect interest expense – debt issuance costs to increase commensurate with our future financing activity.

*Derivative fair value adjustment*

Derivative fair value adjustment for the nine months ended September 30, 2025 and 2024 was approximately $0.5 million and $0.1 million, respectively. Derivative fair value adjustment consists of fair market value adjustment of our interest rate derivatives we elected not to apply hedge accounting. We expect the derivative fair value adjustment to change in the future based upon changes in interest rates and our interest rate hedging activity.

*Equity in loss of unconsolidated real estate ventures*

Losses from our equity method investments in the JV Properties for the nine months ended September 30, 2025 and 2024 were approximately $1.2 million and none, respectively. Losses from our equity method investments in the JV Properties consists of our allocation of earnings and losses from our unconsolidated joint ventures. The increase in equity in loss of unconsolidated real estate ventures relates to the completion of construction and the start of property lease up of one JV Property in the fourth quarter of 2024 and three JV Properties in the second quarter of 2025. We expect Equity in loss of

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unconsolidated real estate ventures to decrease in the future as our operational activity increases as we lease-up our unconsolidated real estate ventures.

*Foreign currency adjustment*

Foreign currency adjustment for the nine months ended September 30, 2025 and 2024 was approximately $0.9 million gain and approximately $2.5 million loss, respectively. Foreign currency adjustment consists of changes in foreign currency related to our net investments in Canadian real estate not classified as long term in accordance with GAAP. We expect foreign currency adjustment to change in the future based upon changes in exchange rates, as well as future net investments in real estate in currencies other than United States dollars.

***Same-Store Facility Results - three months ended September 30, 2025 and 2024***

The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the three months ended September 30, 2025 and 2024. 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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Same-Store Facilities** | **Same-Store Facilities** | **Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Total** | **Total** | **Total** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenues<sup>(1)</sup> | $3588760 | $3456963 | 3.8% | $4329059 | $3827039 | N/M | $7917819 | $7284002 | 8.7% |
| Property operating expenses<sup>(2)</sup> | 1334120 | 1402905 | (4.9)% | 1966120 | 1795338 | N/M | 3300240 | 3198243 | 3.2% |
| Net operating income | $2254640 | $2054058 | 9.8% | $2362939 | $2031701 | N/M | $4617579 | $4085759 | 13.0% |
| Number of Facilities | 12 | 12 |  | 12 | 12 |  | 24 | 24 |  |
| Rentable square feet<sup>(3)</sup> | 892610 | 892610 |  | 1254500 | 1254500 |  | 2147110 | 2147110 |  |
| Average physical occupancy<sup>(4)</sup> | 91.5% | 91.6% | -0.1% | 88.0% | 81.9% | N/M | 89.5% | 86.0% | 3.5% |
| Annualized rent per occupied square foot<sup>(5)</sup> | $17.62 | $17.03 | 3.5% | N/M | N/M | N/M | $17.35 | $16.77 |  |

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N/M Not meaningful

<sup>(1)</sup> Revenue includes rental revenue, ancillary revenue, administrative and late fees.

<sup>(2)</sup> Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense and acquisition expenses, but includes property management fees.

<sup>(3)</sup> Of the total rentable square feet, parking represented approximately 199,780 square feet as of September 30, 2025 and 2024. On a same-store basis, for the same periods, parking represented approximately 43,000 square feet.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

Our increase in same-store revenue of approximately $0.1 million was primarily the result of an increase in revenue per occupied square foot of approximately 3.5% for the three months ended September 30, 2025 over the three months ended September 30, 2024 offset by a decrease average physical occupancy of approximately 0.1%.

Our same-store property operating expenses decreased by approximately $70,000 or 4.9% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Net operating income, or NOI, is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, and other non-property related income and expense. We believe that NOI is useful for investors as it provides a measure of the operating performance of our

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operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance.

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

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,<br>2025** | **September 30,<br>2024** |
| **Net Loss** | $(8258305) | $(7976611) |
| Adjusted to exclude: |  |  |
| Asset management fees<sup>(1)(2)</sup> | 853293 | 867343 |
| General and administrative | 1450036 | 1470060 |
| Depreciation | 3236492 | 3196083 |
| Intangible amortization expense |  | 654050 |
| Acquisition expenses—affiliates | 76580 | 130311 |
| Other property acquisition expenses | 5956 | 67441 |
| Interest expense | 4281079 | 4458658 |
| Interest expense—debt issuance costs | 190331 | 272173 |
| Derivative fair value adjustment |  | 1849878 |
| Other income (expense) | (28770) | (85233) |
| Equity in loss of unconsolidated joint ventures | 604294 |  |
| Foreign currency adjustment | 2206593 | (818394) |
| **Total property net operating income** | $4617579 | $4085759 |

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<sup>(1)</sup> Asset management fees are included in Property operating expenses – affiliates in the consolidated statements of operations.

<sup>(2)</sup> Includes amortization of Advisor contract of approximately $0.3 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively.

***Same-Store Facility Results - nine months ended September 30, 2025 and 2024***

The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the nine months ended September 30, 2025 and 2024. 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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Same-Store Facilities** | **Same-Store Facilities** | **Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Total** | **Total** | **Total** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenues<sup>(1)</sup> | $10599356 | $10075948 | 5.2% | $12338461 | $10821353 | N/M | $22937817 | $20897301 | 9.8% |
| Property operating expenses<sup>(2)</sup> | 4168895 | 4277287 | (2.5)% | 5818155 | 5422759 | N/M | 9987050 | 9700046 | 3.0% |
| Net operating income | $6430461 | $5798661 | 10.9% | $6520306 | $5398594 | N/M | $12950767 | $11197255 | 15.7% |
| Number of Facilities | 12 | 12 |  | 12 | 12 |  | 24 | 24 |  |
| Rentable square feet<sup>(3)</sup> | 892610 | 892610 |  | 1254500 | 1254500 |  | 2147110 | 2147110 |  |
| Average physical occupancy<sup>(4)</sup> | 91.5% | 91.6% | -0.1% | 88.0% | 81.9% | N/M | 89.5% | 86.0% | 3.5% |
| Annualized rent per occupied square foot<sup>(5)</sup> | $17.34 | $16.71 | 3.8% | N/M | N/M | N/M | $16.80 | $16.35 |  |

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N/M Not meaningful

<sup>(1)</sup> Revenue includes rental revenue, ancillary revenue, administrative and late fees.

<sup>(2)</sup> Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense and acquisition expenses, but includes property management fees.

<sup>(3)</sup> Of the total rentable square feet, parking represented approximately 199,780 square feet as of September 30, 2025 and 2024. On a same-store basis, for the same periods, parking represented approximately 43,000 square feet.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

Our increase in same-store revenue of approximately $0.5 million was primarily the result of an increase in revenue per occupied square foot of approximately 3.8% for the nine months ended September 30, 2025 over the nine months ended September 30, 2024 offset by a decrease in average physical occupancy of approximately 0.1%.

Our same-store property operating expenses decreased by approximately $100,000 or 2.5% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

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

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,<br>2025** | **September 30,<br>2024** |
| **Net Loss** | $(18544097) | $(25462171) |
| Adjusted to exclude: |  |  |
| Asset management fees<sup>(1)(2)</sup> | 2508733 | 2627322 |
| General and administrative | 4831973 | 4617858 |
| Depreciation | 9634973 | 9543705 |
| Intangible amortization expense |  | 2532196 |
| Acquisition expenses—affiliates | 289112 | 444364 |
| Other property acquisition expenses | 63034 | 171283 |
| Interest expense | 12564571 | 13701532 |
| Interest expense—debt issuance costs | 859246 | 826098 |
| Derivative fair value adjustment | 531449 | 86205 |
| Other income (expense) | (97953) | (430381) |
| Equity in loss of unconsolidated joint ventures | 1211896 |  |
| Foreign currency adjustment | (902170) | 2539244 |
| **Total property net operating income** | $12950767 | $11197255 |

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<sup>(1)</sup> Asset management fees are included in Property operating expenses – affiliates in the consolidated statements of operations.

<sup>(2)</sup> Includes amortization of Advisor contract of approximately $0.8 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively.

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**Liquidity and Capital Resources** 

***Cash Flows*** 

A comparison of cash flows for operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |  |
|  | **September 30,<br>2025** | **September 30,<br>2024** | **Change** |
| Net cash flow provided by (used in): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $(20041004) | $85203 | $(20126207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | (16130017) | (9474471) | (6655546) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | 28789057 | 9861778 | 18927279 |

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Cash flows provided by (used in) operating activities for the nine months ended September 30, 2025 and 2024 were approximately $(20.0) million and approximately $0.1 million, respectively, a change of approximately $(20.1) million. The decrease in cash provided by our operating activities is primarily the result of a decrease in amounts due to affiliates.

Cash flows used in investing activities for the nine months ended September 30, 2025 and 2024 were approximately $16.2 million and approximately $9.5 million, respectively, a change of approximately $6.7 million. The decrease in cash used in our investing activities is primarily the result of cash used for the additions to real estate facilities and investments in unconsolidated real estate ventures.

Cash flows provided by financing activities for the nine months ended September 30, 2025 and 2024 were approximately $28.8 million and approximately $9.9 million, respectively, a change of approximately $18.9 million. The increase in cash provided by our financing activities is primarily the result of a increase in net debt proceeds totaling $9.6 million and net proceeds raised from issuance of preferred units in our Operating Partnership $24.7 million, offset by a decrease in net proceeds from the issuance of common stock by $11.8 million.

***Short-Term Liquidity and Capital Resources*** 

Our liquidity needs consist primarily of our property operating expenses, general and administrative expenses, debt service payments, capital expenditures, property acquisitions, development costs for joint venture and wholly owned investments and distributions to our stockholders, preferred stockholders and limited partners in our Operating Partnership, as necessary to maintain our REIT qualification. We generally expect that we will meet our short-term liquidity requirements from the combination of cash on hand, proceeds from our issuance of equity instruments, exercising extension options, proceeds from secured and unsecured financing from banks or other lenders, impound reserve accounts for interest and net cash provided from property operations.

Volatility in the debt and equity markets and continued and/or further impact of rising interest rates, 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.

The SmartStop Bridge Loan matures in the next 12 months. We are evaluating multiple options to satisfy this loan maturity before it comes due, which include extending the maturity date of the loan, amending the loans with the current lender or refinancing with a different lender.

***Distribution Policy and Distributions*** 

*Series B Convertible Preferred Stock Dividends*

The shares of Series B 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 B Convertible Preferred Stock will initially be equal to a rate of 8.35% per annum, which accrues daily but is payable quarterly in arrears. If the Series B 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 11.0% 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 B Convertible Preferred Stock is either converted or repurchased in full.

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*Series D Preferred Units Distributions*

The shares of Series D Preferred Units rank senior to all other common 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. Distributions payable on each unit of Series D Preferred Units will initially be equal to a rate of 6.0% per annum until the second anniversary after the date of issuance, 7% per annum commencing the day following the second anniversary after the date of issuance, 8% per annum commencing the day following the third anniversary until the 4th anniversary after the date of issuance, and 9% per annum thereafter. The Series D Preferred Units accrue distributions daily but is payable monthly in arrears.

*Common Stock*

We commenced paying distributions to our stockholders in March 2021 and intend to continue to pay regular distributions to our stockholders. From the commencement of paying cash distributions in March 2021, 100% of our cash distributions have been paid from the net proceeds of our Private Offering and our Public Offering. Until we are generating operating cash flow sufficient to fund distributions to our stockholders, we may decide to make stock distributions or to make distributions using a combination of stock and cash, or to fund some or all of our distributions from the proceeds of our Private Offering, proceeds of our Public Offering or from borrowings in anticipation of future cash flow, which may reduce the amount of capital we ultimately invest in properties. Because substantially all of our operations will be 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 or make the distributions out of net proceeds from our Public Offering. Therefore, it is likely that some or all of the distributions that we make will represent a return of capital to stockholders, at least in the first few years of operation. Though we have no present intention to make in-kind distributions, we are authorized by our charter to make in-kind distributions of readily marketable securities, distributions of beneficial interests in a liquidating trust established for our dissolution and the liquidation of our assets in accordance with the terms of the charter or distributions that meet all of the following conditions: (a) our board of directors advises each stockholder of the risks associated with direct ownership of the property; (b) our board of directors offers each stockholder the election of receiving such in-kind distributions; and (c) in-kind distributions are only made to those stockholders who accept such offer.

Distributions will be paid to our stockholders as of the record date selected by our board of directors. We pay distributions monthly based on daily declaration and record dates so that investors may be entitled to distributions immediately upon purchasing our shares. 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 will be authorized at the discretion of our board of directors, which will be directed, in substantial part, by its obligation to cause us to comply with the REIT requirements of the Code. Our board of directors may increase, decrease or eliminate the distribution rate that is being paid at any time. Distributions will be made on all classes of our common stock at the same time. The per share amount of distributions on different classes of shares will likely differ because of different allocations of class-specific expenses. Specifically, distributions on Class T shares, Class W shares, Class Y shares and Class Z shares will likely be lower than distributions on Class A shares and Class P shares because Class T shares and Class Y shares are subject to ongoing stockholder servicing fees and Class W shares and Class Z shares are subject to ongoing dealer manager servicing fees. The funds we receive from operations that are available for distribution may be affected by a number of factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount of time required for us to invest the funds received in the offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operating and interest expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount of distributions or dividends received by us from our indirect real estate investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to keep our properties occupied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain or increase rental rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the performance of our lease-up, development and redevelopment properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any significant delays in construction for development or redevelopment properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•construction defects or capital improvements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•capital expenditures and reserves for such expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the issuance of additional shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financings and refinancings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dividends with respect to the outstanding shares of our Series B Convertible Preferred Stock

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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' investments in our shares. In addition, such distributions may constitute a return of investors' capital.

We have not been able to and may not be able to pay distributions from our cash flows from operations, in which case distributions may be paid in part from debt financing or from proceeds from the issuance of common stock in our offerings. 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** |  | **Nine Months Ended September 30, 2024** |  |
| Distributions paid in cash — common stockholders | $6407906 |  | $5642968 |  |
| Distributions paid in cash — preferred stockholders | 9359388 |  | 9382405 |  |
| Distributions paid in cash — Operating Partnership unitholders | 255843 |  | 256313 |  |
| Distributions reinvested | 4984554 |  | 4194003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $21007691 |  | $19475689 |  |
| Source of distributions |  |  |  |  |
| Cash flows provided by operations | $— | 0.0% | $85203 | 0.4% |
| Proceeds from offerings | 16023137 | 76.3% | 15196483 | 78.0% |
| Offering proceeds from distribution<br> reinvestment plan | 4984554 | 23.7% | 4194003 | 21.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sources | $21007691 | 100.0% | $19475689 | 100.0% |

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From our inception through September 30, 2025, we have paid cumulative distributions of approximately $71.1 million, as compared to cumulative net loss attributable to our common stockholders of approximately $139.0 million.

From our inception through September 30, 2025, cumulative net loss attributable to our common stockholders reflects non-cash depreciation and amortization of approximately $47.9 million, and acquisition related expenses of approximately $5.5 million.

For the nine months ended September 30, 2025, we paid distributions of approximately $21.0 million, as compared to a net loss attributable to our common stockholders of approximately $27.6 million. Net loss attributable to our common stockholders for the nine months ended September 30, 2025, reflects non-cash depreciation and amortization of approximately $9.6 million and acquisition related expenses of approximately $0.4 million.

For the nine months ended September 30, 2024, we paid distributions of approximately $19.5 million, as compared to a net loss attributable to our common stockholders of approximately $34.3 million. Net loss attributable to our common

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stockholders for the nine months ended September 30, 2024, reflects non-cash depreciation and amortization of approximately $12.1 million and acquisition related expenses of approximately $0.6 million.

***Indebtedness*** 

As of September 30, 2025, our total indebtedness was approximately $289.9 million which included approximately $164.2 million of variable rate debt and approximately $127.7 million of fixed rate debt, less approximately $2.0 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.

***Long-Term Liquidity and Capital Resources*** 

On a long-term basis, our principal demands for funds will be for property acquisitions, either directly or through entity interests, for the payment of operating expenses and distributions, and for the payment of principal and interest on our outstanding indebtedness.

Our material cash requirements from known contractual and other obligations primarily relate to the following, for which information on both a short-term and long-term basis is provided in the indicated notes to the consolidated financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Debt — Refer to Note 5 of the Notes to the Consolidated Financial Statements. As of September 30, 2025 excluding the impact of our interest rate hedging activities, future cash payments for interest on debt over the next 12 months is approximately $18.2 million. As of September 30, 2025 future cash payments for maturing debt over the next 12 months is approximately $27.3 million. We expect to meet these future obligations with a combination of proceeds from operations, exercising debt extension options and future debt financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commitments and contingencies — Refer to Note 10 of the Notes to the Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential acquisitions, investments in Joint Ventures — Refer to Note 3 and 4 of the Notes to the Consolidated Financial Statements.

Long-term potential future sources of capital include proceeds from secured or unsecured financings from banks or other lenders, issuance of equity instruments and undistributed funds from operations. 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.

The following table presents the future principal payments required on outstanding debt as of September 30, 2025:

---

| | |
|:---|:---|
| 2025 | $25347320 |
| 2026 | 2589818 |
| 2027 | 86412161 |
| 2028 | 50370292 |
| 2029 | 326349 |
| 2030 | 126928819 |
| Total payments | 291974759 |
| Debt issuance costs, net | (2123396) |
| **Total** | **$289851363** |

---

***Off Balance Sheet Arrangements***

We have joint ventures with SmartCentres, which are accounted for using the equity method of accounting (Refer to Note 4 of the Notes to the Consolidated Financial Statements). Other than the foregoing, we do not currently have any relationships with unconsolidated entities or financial partnerships. Such entities are often referred to as structured finance or special purpose entities, which typically are established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

------

**Subsequent Events** 

Please see Note 13 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 September 30, 2025, our total indebtedness was approximately $289.9 million, which included approximately $164.2 million in variable rate debt and approximately $127.7 million in fixed rate debt, less approximately $2.0 million in net debt issuance costs. 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, net of our interest rate derivatives, would decrease future earnings and cash flows by approximately $0.3 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.

The following table summarizes future debt maturities and average interest rates on our outstanding debt as of September 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments due during the years ended December 31,** | **Payments due during the years ended December 31,** | **Payments due during the years ended December 31,** | **Payments due during the years ended December 31,** | **Payments due during the years ended December 31,** | **Payments due during the years ended December 31,** | **Payments due during the years ended December 31,** |
|  | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **Total** |
| Variable rate debt | $25347320 | $2589818 | $86225772 | $50072349 | $— | $— | $164235259 |
| Average interest rate<sup>(1)</sup> | 6.57% | 6.02% | 6.02% | 6.02% | N/A | N/A |  |
| Fixed rate debt | $— | $— | $186389 | $297943 | $326349 | $126928819 | $127739500 |
| Average interest rate | 6.88% | 6.88% | 6.88% | 6.88% | 6.88% | 6.88% |  |

---

<sup>(1)</sup> Interest rate for fixed rate debt was calculated based upon the contractual rate and the interest rate on variable rate debt was calculated based on the rate in effect on September 30, 2025, excluding the impact of interest rate derivatives. The Huntington Credit Facility and National Bank of Canada - Four Property Loan have variable rates, however, we entered into interest rate swap agreements that fix SOFR at 2.89%, CORRA at 3.03% respectively until the maturity of the loan. Debt denominated in foreign currency has been converted based on the rate in effect as of September 30, 2025.

Currently, our only foreign exchange rate risk comes from our Canadian properties, investments in our Canadian joint ventures and the Canadian Dollar ("CAD"). We generate all of our revenues and expend essentially all of our operating expenses and third party CAD-denominated debt service cost 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 (our Principal Executive Officer) and our Chief Financial Officer (our Principal 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 our 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 September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**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 the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024.

***We have incurred a net loss to date, have an accumulated deficit and our operations may not be profitable in 2025.*** 

We incurred a net loss attributable to common stockholders of approximately $27.6 million for the nine months ended September 30, 2025. Our accumulated deficit was approximately $139.0 million as of September 30, 2025. Given that we are still early in our acquisition stage, our operations may not be profitable in 2025.

------

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

*(a) <u>Distribution Reinvestment Plan - Class P Shares</u>*

During the three months ended September 30, 2025, through our distribution reinvestment plan, we have issued approximately 70,700 Class P shares to investors who originally purchased shares in our Private Offering, for gross proceeds of approximately $0.7 million. No sales commissions or dealer manager fees are paid in connection with the sale of shares pursuant to our distribution reinvestment plan. Each of the purchasers of our shares of common stock under our Private Offering has represented that he or she is an accredited investor. Based upon these representations, we believe that the foregoing issuances of our shares of Class P common stock were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

*<u>Restricted Stock Awards</u>*

On June 25, 2025, we issued 2,500 shares of restricted stock to each of our independent board members for their

services as our directors. The issuance of these securities was effected without registration in reliance on Section

4(a)(2) of the Securities Act as a sale by the Company not involving a public offering. No underwriters were involved

with the issuance of such securities.

(b)On March 17, 2022, our Public Offering (SEC File No. 333-256598) of up to $1.0 billion in shares of our common stock in our Primary Offering was declared effective by the SEC, consisting of five classes of shares: Class A shares for $10.33 per share (up to $450 million in shares), Class T shares for $10.00 per share (up to $450 million in shares), Class W shares for $9.40 per share (up to $100 million in shares), Class Y shares for $9.30 per share (up to $800 in shares), and Class Z shares for $9.30 per share (up to $200 million in shares) and up to $95 million in shares pursuant to our distribution reinvestment plan at $9.30 per share for Class A, Class T, Class W, Class Y and Class Z shares. On May 20, 2025, our board of directors approved the termination of the Primary Offering, which termination was effective as of May 30, 2025. As of September 30, 2025, we had sold approximately 2.9 million Class A shares for gross offering proceeds of approximately $30.3 million, approximately 4.8 million Class T shares for gross offering proceeds of approximately $48.1 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $6.3 million, approximately 5.2 million Class Y shares for gross offering proceeds of approximately $50.4 million and approximately 0.6 million Class Z shares for gross offering proceeds of approximately $5.5 million pursuant to our Primary Offering. Through our distribution reinvestment plan, we have issued approximately 0.2 million Class A shares, approximately 0.3 million Class T shares, approximately 51,000 Class W shares, approximately 0.2 million Class Y shares and approximately 9,000 Class Z shares for gross proceeds of approximately $7.6 million. We have incurred approximately $11.5 million in sales commissions and dealer manager fees (of which approximately $5.9 million was re-allowed to a third party broker-dealer) in connection with the Primary Offering, and approximately $5.4 million in organization and offering costs.

(c)Our share redemption program for our common stockholders enables our common stockholders to have their shares redeemed by us, subject to the significant conditions and limitations described in our Registration Statement on Form S-11 (SEC Registration No. 333-256598). During the three months ended September 30, 2025, we redeemed shares as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<br>For the Month Ended** | **Total Number of<br>Shares Redeemed** | **Average Price<br>Paid per Share** | **Total Number of<br>Shares Redeemed as<br>Part of Publicly<br>Announced Plans or<br>Programs** | **Maximum Number<br>of Shares (or Units)<br>That May Yet to be<br>Purchased Under the<br>Plans or Programs** |
| July 31, 2025 | 346452 | $9.31 |  | 734309 |
| August 31, 2025 |  |  |  | 734309 |
| September 30, 2025 |  |  |  | 734309 |

---

<sup>(1)</sup> A description of the maximum number of shares that may be purchased under our share redemption program is included in Note 10 - Commitments and Contingencies, of the Notes to the Consolidated Financial Statements contained in this report.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES** 

None.

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**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.

------

**EXHIBIT INDEX** 

The following exhibits are included in this report on Form 10-Q for the period ended September 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K).

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | &nbsp;&nbsp;&nbsp;**<u>Description</u>** |
| 3.1 | [<u>First Articles of Amendment and Restatement of Strategic Storage Trust VI, Inc., incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-11, filed on May 28, 2021, Commission File No. 333-256598</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312521176844/d151226dex31.htm) |
| 3.2 | [<u>Amended and Restated Bylaws of Strategic Storage Trust VI, Inc., incorporated by reference to Exhibit 3.2 to Pre-Effective Amendment No. 6 to the Company's Registration Statement on Form S-11, filed on March 15, 2022, Commission File No. 333-256598</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312522076117/d151226dex32.htm) |
| 3.3 | [<u>Articles of Amendment of Strategic Storage Trust VI, Inc., incorporated by reference to Exhibit 3.3 to Pre-Effective Amendment No. 6 to the Company's Registration Statement on Form S-11, filed on March 15, 2022, Commission File No. 333-256598</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312522076117/d151226dex33.htm) |
| 3.4 | [<u>Articles Supplementary of Strategic Storage Trust VI, Inc., incorporated by reference to Exhibit 3.4 to Pre-Effective Amendment No. 6 to the Company's Registration Statement on Form S-11, filed on March 15, 2022, Commission File No. 333-256598</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312522076117/d151226dex34.htm) |
| 3.5 | [<u>Second Articles of Amendment of Strategic Storage Trust VI, Inc., incorporated by reference to Exhibit 3.5 to Pre-Effective Amendment No. 6 to the Company's Registration Statement on Form S-11, filed on March 15, 2022, Commission File No. 333-256598</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312522076117/d151226dex35.htm) |
| 3.6 | [<u>Articles Supplementary for Series B Convertible Preferred Stock, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on May 3, 2023, Commission File No. 000-56545</u>](https://www.sec.gov/Archives/edgar/data/1852575/000095017023017220/sstvi-ex3_1.htm) |
| 3.7 | [<u>Articles Supplementary of Strategic Storage Trust VI, Inc., incorporated by reference to Exhibit 3.1 to Post-Effective Amendment No. 4 to the Company's Registration Statement on Form S-11, filed on November 1, 2023, Commission File No. 333-256598</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312523267952/d469111dex31.htm) |
| 3.8 | [<u>Certificate of Correction to the Articles Supplementary, incorporated by reference to Exhibit 3.7 to the Company's Quarterly Report on Form 10-Q, filed on November 14, 2023, Commission File No. 000-56545</u>](https://www.sec.gov/Archives/edgar/data/1852575/000095017023063481/sstvi-ex3_7.htm) |
| 3.9 | [<u>Articles Supplementary for Series E Preferred Stock, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on October 6, 2025, Commission File No. 000-56545</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312525232017/sstvi-ex3_1.htm) |
| 4.1 | [<u>Form of Subscription Agreement and Subscription Agreement Signature Page, incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-11, filed on January 24, 2025, Commission File No. 333-284487</u>](https://www.sec.gov/Archives/edgar/data/1852575/000119312525012254/d866103ds11.htm#tx866103_143) |
| 31.1\* | [<u>Certification of Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](sstvi-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](sstvi-ex31_2.htm) |

| 101\* | The following Strategic Storage Trust VI, Inc. financial information for the three and nine months ended September 30, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Equity and Temporary 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 XBRL tags are embedded within the Inline XBRL document. |
| 104\* | The cover page from the Strategic Storage Trust VI, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, has been formatted in Inline XBRL. |

---

------

\* Filed herewith.

------

**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.

---

| | | |
|:---|:---|:---|
|  | **STRATEGIC STORAGE TRUST VI, INC.**<br>(Registrant) | **STRATEGIC STORAGE TRUST VI, INC.**<br>(Registrant) |
| Dated: November 12, 2025 | By: | /s/ Matt F. Lopez |
|  |  | Matt F. Lopez<br>*Chief Financial Officer and Treasurer*<br>(Principal Financial and Accounting Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED 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 Strategic Storage Trust VI, 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(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(s) 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ H. Michael Schwartz |
|  |  | H. Michael Schwartz |
|  |  | *Chief Executive Officer and President* |
|  |  | *(Principal Executive Officer)* |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Matt F. Lopez, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Strategic Storage Trust VI, 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(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(s) 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Matt F. Lopez |
|  |  | Matt F. Lopez |
|  |  | *Chief Financial Officer and Treasurer* |
|  |  | (Principal Financial and Accounting Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ H. Michael Schwartz |
|  |  | H. Michael Schwartz |
|  |  | *Chief Executive Officer and President* |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Matt F. Lopez |
|  |  | Matt F. Lopez |
|  |  | *Chief Financial Officer and Treasurer* |
|  |  | (Principal Financial and Accounting Officer) |

---

------