# EDGAR Filing Document

**Accession Number:** 0001585389
**File Stem:** 0000950170-23-005962
**Filing Date:** 2023-3
**Character Count:** 49888
**Document Hash:** 99ad219376cb5d1f41537a85b2c58bb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-005962.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0000950170-23-005962

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SmartStop Self Storage REIT, Inc.
- **CENTRAL INDEX KEY:** 0001585389
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 461722812
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55617
- **FILM NUMBER:** 23702994

**BUSINESS ADDRESS:**
- **STREET 1:** 10 TERRACE ROAD
- **CITY:** LADERA RANCH
- **STATE:** CA
- **ZIP:** 92694
- **BUSINESS PHONE:** 949 429 6600

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategic Storage Trust II, Inc.
- **DATE OF NAME CHANGE:** 20130828

?xml version="1.0" encoding="ASCII"? 8-K

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form** 8-K

**Current Report** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** March 3, 2023

SmartStop Self Storage REIT, Inc.

(Exact name of registrant as specified in its charter)

Maryland(State or other jurisdiction of incorporation) 000-55617(Commission File Number) 46-1722812(IRS Employer Identification No.)

10 Terrace Road**,** Ladera Ranch**,** California 92694

(Address of principal executive offices, including zip code)

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

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| **None** | **None** | **None** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 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. ☐

------

**Item 7.01. Regulation FD Disclosure.**

On March 3, 2023, SmartStop Self Storage REIT, Inc. (the "Company") issued a press release discussing the Company's financial results for the quarter and year ended December 31, 2022. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the information in this Item 7.01 disclosure, including Exhibit 99.1 and information set forth therein, is deemed to have been furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| (d) Exhibits. | (d) Exhibits. |
| 99.1 | [<u>SmartStop Self Storage REIT, Inc. Press Release, dated March 3, 2023</u>](ck0001585389-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**Signature(s)**

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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **SMARTSTOP SELF STORAGE REIT, Inc.**  |
| Date: March 3, 2023 | By:  | /s/ James R. Barry |
|  |  | James R. Barry |
|  |  | Chief Financial Officer and Treasurer |

---

------

## Ex-99

**Exhibit 99.1**

![img141272986_0.jpg](img141272986_0.jpg)

**March 3, 2023** 

**<u>SmartStop Self Storage REIT, Inc. Reports Fourth Quarter 2022 Results</u>** 

**LADERA RANCH, CA** – March 3, 2023 – SmartStop Self Storage REIT, Inc. ("SmartStop"), a self-managed and fully-integrated self storage company, announced its overall results for the three and twelve months ended December 31, 2022.

"The fourth quarter capped off another exceptional year for SmartStop," said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. "Coming off of a record year of growth in 2021, which saw the highest level of same-store NOI growth in our Company's history, we posted 16.5% same-store NOI growth in 2022. Likewise, our Managed REIT Platform continues to provide us with attractive returns, as assets under management for our two Managed REITs increased by approximately $287 million over the course of 2022 and fees increased by approximately 379%. These results and the value creation demonstrated in our updated NAV substantiate the investments we've made in our platform, technology and people. We are grateful for the remarkable team that's worked tirelessly to build SmartStop to the company it is today."

**<u>Three Months Ended December 31, 2022 Financial Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loss attributable to common stockholders was approximately $1.3 million. This represents an improvement of approximately $8.1 million when compared to the same period in 2021. Net loss per Class A and Class T shares (diluted) was $0.01, an improvement of $0.10 when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total self storage-related revenues were approximately $53.4 million, an increase of approximately $9.1 million when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FFO, as adjusted (attributable to common stockholders and Operating Partnership ("OP") unit holders), was approximately $15.8 million, an increase of approximately $0.9 million when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FFO, as adjusted per share and OP unit outstanding – diluted was $0.14, a decrease of $0.02 when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-store revenues, expenses and net operating income ("NOI") increased by 8.2%, 7.9% and 8.4%, respectively, compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-store average physical occupancy decreased by 2.1% to 93.3% compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-store annualized rent per occupied square foot was approximately $19.64, an increase of approximately $1.98 when compared to the same period in 2021.

**<u>Twelve Months Ended December 31, 2022 Financial Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income attributable to common stockholders was approximately $6.3 million. This represents an improvement of approximately $35.7 million when compared to the same period in 2021. Net income per Class A and Class T shares (diluted) was $0.07, an improvement of $0.44, when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total self storage-related revenues were approximately $200.2 million, an increase of approximately $42.0 million when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $66.3 million, an increase of approximately $22.6 million when compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FFO, as adjusted per share and OP unit outstanding – diluted was $0.64, an increase of $0.15 when compared to the same period in 2021.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-store revenues, expenses and NOI increased by 12.9%, 4.9% and 16.5%, respectively, compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-store average physical occupancy decreased by 0.5% to 94.6% compared to the same period in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-store annualized rent per occupied square foot was approximately $18.79, which represented an increase of approximately $2.33 when compared to the same period in 2021.

**<u>External Growth</u>**

During the quarter, the Company completed the development of a facility located in the town of Aurora in the Greater Toronto Area of Ontario. Subsequent to quarter end, the Company completed the development of a facility located in Brampton, Ontario, Canada.

**<u>Managed REIT Platform Update</u>**

SmartStop serves as the sponsor of Strategic Storage Growth Trust III, Inc. ("SSGT III") and Strategic Storage Trust VI, Inc. ("SST VI" and together with SSGT III, the "Managed REITs"). SmartStop receives advisory fees and property management fees from the Managed REITs, which had a combined portfolio of 18 operating properties and approximately 13,700 units and 1.7 million rentable square feet at quarter end. During the quarter, assets under management for the Managed REITs increased by $67.9 million to approximately $378.9 million. Subsequent to year end, the combined portfolio owned by the Managed REITs increased by two properties.

Additionally, SmartStop periodically makes debt investments in the Managed REITs in the form of mezzanine loans and preferred limited partnership interests in the operating partnerships of the respective Managed REITs. As of December 31, 2022, there was $35.0 million outstanding on a mezzanine loan from SmartStop to the operating partnership of SST VI, and $17.5 million outstanding on a mezzanine loan from SmartStop to the operating partnership of SSGT III. Subsequent to December 31, 2022, on January 30, 2023, SST VI borrowed an additional $15.0 million on the SST VI Mezzanine Loan. Additionally, on January 30, 2023, SmartStop invested $15.0 million in preferred limited partnership interests in SST VI OP. On January 26, 2023, SSGT III fully repaid the $17.5 million outstanding principal on the SSGT III Mezzanine Loan, plus accrued interest.

**<u>Declared Distributions</u>** 

On December 20, 2022, SmartStop's board of directors declared a distribution rate for the month of January 2023 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on SmartStop's books at the close of business on each day of the period commencing on January 1, 2023 and ending January 31, 2023. On January 25, 2023, SmartStop's board of directors declared a distribution rate for the month of February 2023 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on February 1, 2023 and ending February 28, 2023. On February 24, 2023, our board of directors declared a distribution rate for the month of March 2023 of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on March 1, 2023 and ending March 31, 2023. Such distributions payable to each stockholder of record during a month will be paid the following month.

**<u>Contact:</u>** 

**David Corak**

VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

www.investors.smartstopselfstorage.com

ir@smartstop.com

------

**SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| **ASSETS** |  |  |
| Real estate facilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $420522591 | $397508081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings | 1377311421 | 1117204944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site improvements | 89371633 | 78910603 |
|  | 1887205645 | 1593623628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (202682688) | (155926875) |
|  | 1684522957 | 1437696753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in process | 4490926 | 1799004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate facilities, net | 1689013883 | 1439495757 |
| Cash and cash equivalents | 39486588 | 37254226 |
| Restricted cash | 6551803 | 7432135 |
| Investments in unconsolidated real estate ventures | 28522082 | 18943284 |
| Investments in and advances to Managed REITs | 62371167 | 12404380 |
| Other assets, net | 34131543 | 15423508 |
| Intangible assets, net of accumulated amortization | 15553303 | 14337820 |
| Trademarks, net of accumulated amortization | 15911765 | 16052941 |
| Goodwill | 53643331 | 53643331 |
| Debt issuance costs, net of accumulated amortization | 2031922 | 3305394 |
| **Total assets** | $**1947217387** | $**1618292776** |
| **LIABILITIES, TEMPORARY EQUITY, AND EQUITY** |  |  |
| Debt, net | $1068371956 | $873866855 |
| Accounts payable and accrued liabilities | 28151741 | 22693941 |
| Due to affiliates | 409730 | 584291 |
| Distributions payable | 9324453 | 8360420 |
| Contingent earnout |  | 30000000 |
| Deferred tax liabilities | 6205620 | 7719098 |
| **Total liabilities** | **1112463500** | **943224605** |
| Commitments and contingencies |  |  |
| Redeemable common stock | 76578073 | 71334675 |
| Preferred stock, $0.001 par value; 200,000,000 shares authorized: |  |  |
| Series A Convertible Preferred Stock, $0.001 par value; 200,000 shares<br> authorized; 200,000 and 200,000 shares issued and outstanding at<br> December 31, 2022 and December 31, 2021, respectively, with aggregate<br> liquidation preferences of $203,150,685 and $203,150,685 at<br> December 31, 2022 and December 31, 2021, respectively | 196356107 | 196356107 |
| Equity: |  |  |
| SmartStop Self Storage REIT, Inc.: |  |  |
| Class A common stock, $0.001 par value; 350,000,000 shares<br>&nbsp;&nbsp;&nbsp;&nbsp;authorized; 88,853,454 and 77,057,743 shares issued and<br>&nbsp;&nbsp;&nbsp;&nbsp;outstanding at December 31, 2022 and December 31, 2021, respectively | 88853 | 77058 |
| Class T common stock, $0.001 par value; 350,000,000 shares<br>&nbsp;&nbsp;&nbsp;&nbsp;authorized; 8,085,550 and 8,056,198 shares issued and<br>&nbsp;&nbsp;&nbsp;&nbsp;outstanding at December 31, 2022 and December 31, 2021, respectively | 8085 | 8056 |
| Additional paid-in capital | 894283954 | 724739872 |
| Distributions | (266151517) | (210964464) |
| Accumulated deficit | (164524595) | (170846475) |
| Accumulated other comprehensive income (loss) | 3654682 | (279975) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SmartStop Self Storage REIT, Inc. equity | 467359462 | 342734072 |
| Noncontrolling interests in our Operating Partnership | 94405766 | 64632417 |
| Other noncontrolling interests | 54479 | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncontrolling interests | 94460245 | 64643317 |
| **Total equity** | **561819707** | **407377389** |
| **Total liabilities, temporary equity and equity** | $**1947217387** | $**1618292776** |

---

------

**SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31,**<br>**(Unaudited)** | **Three Months Ended**<br>**December 31,**<br>**(Unaudited)** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Self storage rental revenue | $51198370 | $42306574 | $191749578 | $150610337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary operating revenue | 2162953 | 1960715 | 8445803 | 7552597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Managed REIT Platform revenue | 1941762 | 1713910 | 7819216 | 6322970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursable costs from Managed REITs | 1114011 | 1028454 | 4628497 | 4278667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 56417096 | 47009653 | 212643094 | 168764571 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses | 15710535 | 12711216 | 58437110 | 48127657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Managed REIT Platform expenses | 752580 | 227430 | 2485290 | 1451166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursable costs from Managed REITs | 1114011 | 1028454 | 4628497 | 4278667 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 7139430 | 6467944 | 28253905 | 23265196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 13262671 | 10911341 | 49417679 | 40946406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization expense | 1978063 | 3798241 | 15200854 | 12422205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expenses | 107325 | 386755 | 888009 | 934838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout adjustment |  | 9400000 | 1514447 | 12619744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of equity interest and preexisting<br>&nbsp;&nbsp;&nbsp;&nbsp; relationships upon acquisition of control |  |  | 2049682 | 8389573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 40064615 | 44931381 | 162875473 | 152435452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on equity interests upon acquisition |  |  | 16101237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  |  | 178631 |
| **Income (loss) from operations** | 16352481 | 2078272 | 65868858 | 16507750 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (13330885) | (8062969) | (41511911) | (33383604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on extinguishment of debt |  |  | (2393475) | (2444788) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (1033792) | (754946) | (848805) | (2055351) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | 152543 | (270013) | 554785 | 1811275 |
| **Net income (loss)** | 2140347 | (7009656) | 21669452 | (19564718) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (income) loss attributable to**<br>&nbsp;&nbsp;&nbsp;&nbsp;**noncontrolling interests** | (319562) | 759715 | (2847572) | 2663123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less: Distributions to preferred stockholders** | (3150685) | (3150685) | (12500000) | (12500000) |
| **Net income (loss) attributable to SmartStop Self**<br>**&nbsp;&nbsp;&nbsp;&nbsp; Storage REIT, Inc. common stockholders** | $(1329900) | $(9400626) | $6321880 | $(29401595) |
| Net income (loss) per Class A & Class T share – basic | $(0.01) | $(0.11) | $0.07 | $(0.37) |
| Net income (loss) per Class A & Class T share – diluted | $(0.01) | $(0.11) | $0.07 | $(0.37) |
| Weighted average Class A shares outstanding – basic | 88701852 | 76707037 | 83857222 | 71454798 |
| Weighted average Class A shares outstanding – diluted | 88701852 | 76707037 | 83974488 | 71454798 |
| Weighted average Class T shares outstanding – basic | 8085550 | 8040965 | 8081950 | 7983576 |
| Weighted average Class T shares outstanding – diluted | 8085550 | 8040965 | 8081950 | 7983576 |

---

------

**SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE –** 

**COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31,**<br>**(Unaudited)** | **Three Months Ended**<br>**December 31,**<br>**(Unaudited)** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net income (loss) (attributable to<br>&nbsp;&nbsp;&nbsp;&nbsp;common stockholders) | $(1329900) | $(9400626) | $6321880 | $(29401595) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of real estate | 12979960 | 10703195 | 48400073 | 40158233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of real estate related intangible assets | 1905164 | 3557310 | 14628068 | 11030316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate<br>&nbsp;&nbsp;&nbsp;&nbsp; and intangible assets from unconsolidated<br>&nbsp;&nbsp;&nbsp;&nbsp; entities | 465430 | 267602 | 1535416 | 754831 |
| Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation |  |  |  | (169533) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  |  | (178631) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on equity interests upon acquisition (1) |  |  | (16101237) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for noncontrolling interests<br>&nbsp;&nbsp;&nbsp;&nbsp;in our Operating Partnership (2) | (1765123) | (1565512) | (5279214) | (5727520) |
| **FFO** (attributable to common stockholders) | 12255531 | 3561969 | 49504986 | 16466101 |
| Other Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization expense - contracts (3) | 72899 | 240931 | 572786 | 1391889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expenses (4) | 107325 | 386755 | 888009 | 934838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expenses and foreign currency<br>&nbsp;&nbsp;&nbsp;&nbsp;(gains) losses, net from unconsolidated entities | 26504 | 75222 | 149094 | 210377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty loss due to hurricane (5) | 311326 |  | 661326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout adjustment (6) |  | 9400000 | 1514447 | 12619744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of equity interest and preexisting<br>&nbsp;&nbsp;&nbsp;&nbsp; relationships upon acquisition of control |  |  | 2049682 | 8389573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of fair market value of secured debt | 3230 | (18598) | (35738) | (110942) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on extinguishment of debt (7) |  |  | 2393475 | 2444788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and interest rate derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;(gains) losses, net (8) | 806835 | 255970 | 75030 | 366849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering related expenses (9) | 319942 |  | 1802945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment of deferred tax liabilities (3) | (157981) | 194819 | (1073317) | (2025869) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for noncontrolling interests<br>&nbsp;&nbsp;&nbsp;&nbsp;in our Operating Partnership (2) | (171341) | (1134148) | (1017068) | (2720691) |
| **FFO, as adjusted** (attributable to common stockholders) | $**13574270** | $**12962920** | $**57485657** | $**37966657** |

---

<sup>(1)</sup> This gain relates to recording the fair value of our preexisting equity interests in SSGT II as a result of our acquisition of control in the SSGT II Merger.

<sup>(2)</sup> This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests.

<sup>(3)</sup> These items represent the amortization, accretion, or adjustment of intangible assets or deferred tax liabilities.

<sup>(4)</sup> This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy.

<sup>(5)</sup> Such casualty losses relate to Hurricane Ian, which occurred in September 2022.

------

<sup>(6)</sup> The contingent earnout adjustment represents the adjustment to the fair value during the period of the Class A-2 Units issued in connection with the self administration transaction.

<sup>(7)</sup> The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred.

<sup>(8)</sup> This represents the mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term.

<sup>(9)</sup> Such costs relate to our filing of an S-11 registration statement and our pursuit of a potential offering of our common stock. As this item is non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.

------

**SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES**

**NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED ATTRIBUTABLE TO SHARES AND OP UNITS OUTSTANDING – DILUTED**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31,**<br>**(Unaudited)** | **Three Months Ended**<br>**December 31,**<br>**(Unaudited)** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| FFO (attributable to common stockholders<br>&nbsp;&nbsp;&nbsp;&nbsp; and OP unit holders) Calculation: |  |  |  |  |
| FFO (attributable to common stockholders) | $12255531 | $3561969 | $49504986 | $16466101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to the<br>&nbsp;&nbsp;&nbsp;&nbsp;noncontrolling interests | 246111 | (759715) | 2536297 | (2663123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for noncontrolling interests (1) | 1765123 | 1565512 | 5279214 | 5727520 |
| **FFO** (attributable to common stockholders and<br>&nbsp;&nbsp;&nbsp;&nbsp;OP unit holders) | $14266765 | $4367766 | $57320497 | $19530498 |
| FFO, as adjusted (attributable to common<br>&nbsp;&nbsp;&nbsp;&nbsp;stockholders and OP unit holders) Calculation: |  |  |  |  |
| FFO, as adjusted (attributable to common<br>&nbsp;&nbsp;&nbsp;&nbsp; stockholders) | $13574270 | $12962920 | $57485657 | $37966657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling<br>&nbsp;&nbsp;&nbsp;&nbsp; interests in our OP | 246111 | (759715) | 2536297 | (2663123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for noncontrolling interests | 1936464 | 2699660 | 6296282 | 8448211 |
| **FFO, as adjusted** (attributable to common<br>&nbsp;&nbsp;&nbsp;&nbsp; stockholders and OP unit holders) | $15756845 | $14902865 | $66318236 | $43751745 |
| Weighted average Class A & T shares<br>&nbsp;&nbsp;&nbsp;&nbsp; outstanding – basic | 96787402 | 84748002 | 91939172 | 79438374 |
| Weighted average OP units outstanding | 12597034 | 10271642 | 11667696 | 10097549 |
| Weighted average other dilutive securities | 567910 | 489477 | 510121 | 284820 |
| Weighted average shares & OP units<br>&nbsp;&nbsp;&nbsp;&nbsp; outstanding – diluted(2) | 109952346 | 95509121 | 104116989 | 89820743 |
| FFO, as adjusted per share & OP unit<br>&nbsp;&nbsp;&nbsp;&nbsp; outstanding – diluted | $0.14 | $0.16 | $0.64 | $0.49 |

---

<sup>(1)</sup> This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests.

<sup>(2)</sup> Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect on FFO and FFO, as adjusted of both unvested restricted stock and long term incentive plan units (both time-based units and performance based-units), and is calculated using the two-class, treasury stock or if-converted method, as applicable. The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive to FFO and FFO, as adjusted. This excludes Class A-2 OP Units for the period prior to their conversion into Class A-1 OP Units, which was contingent on growth in assets under management or other contingent events.

------

**SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES**

**COMPUTATION OF SAME-STORE OPERATING RESULTS**

(Unaudited)

**Same-Store Facility Results - Three Months Ended December 31, 2022 and 2021** 

The following table sets forth operating data for SmartStop's same-store facilities (those properties included in the consolidated results of operations since January 1, 2021, excluding three lease-up properties SmartStop owned as of January 1, 2021) for the three months ended December 31, 2022 and 2021. SmartStop considers the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Same-Store Facilities** | **Same-Store Facilities** | **Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Total** | **Total** | **Total** |
|  | **2022** | **2021** | **%**<br>**Change** | **2022** | **2021** | **%**<br>**Change** | **2022** | **2021** | **%**<br>**Change** |
| Revenue (1) | $35767259 | $33042552 | 8.2% | $15671783 | $9497072 | N/M | $51439042 | $42539624 | 20.9% |
| Property<br>&nbsp;&nbsp;&nbsp;&nbsp;operating<br>&nbsp;&nbsp;&nbsp;&nbsp;expenses (2) | 10383874 | 9625845 | 7.9% | 5326661 | 3085371 | N/M | 15710535 | 12711216 | 23.6% |
| Net operating<br>&nbsp;&nbsp;&nbsp;&nbsp;income | $25383385 | $23416707 | 8.4% | $10345122 | $6411701 | N/M | $35728507 | $29828408 | 19.8% |
| Number of<br>&nbsp;&nbsp;&nbsp;&nbsp;facilities | 109 | 109 |  | 44 | 29 |  | 153 | 138 |  |
| Rentable<br>&nbsp;&nbsp;&nbsp;&nbsp;square feet (3) | 8036285 | 8034200 |  | 3758445 | 2546600 |  | 11794730 | 10580800 |  |
| Average<br>&nbsp;&nbsp;&nbsp;&nbsp;physical<br>&nbsp;&nbsp;&nbsp;&nbsp;occupancy (4) | 93.3% | 95.4% | -2.1% | N/M | N/M |  | 92.7% | 94.0% |  |
| Annualized<br>&nbsp;&nbsp;&nbsp;&nbsp;rent per<br>&nbsp;&nbsp;&nbsp;&nbsp;occupied<br>&nbsp;&nbsp;&nbsp;&nbsp;square foot (5) | $19.64 | $17.66 | 11.2% | N/M | N/M |  | $19.45 | $17.70 |  |

---

N/M Not meaningful

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

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

<sup>(3)</sup> Of the total rentable square feet, parking represented approximately 1,016,000 square feet and 937,000 square feet as of December 31, 2022 and 2021, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 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. SmartStop has excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.

SmartStop's same-store revenue increased by approximately $2.7 million, or approximately 8.2%, for the three months ended December 31, 2022 compared to the three months ended December 31, 2021 due to higher annualized rent per occupied square foot, partially offset by an approximately 2% decrease in average occupancy.

------

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended**<br>**December 31,** | **For the Three Months Ended**<br>**December 31,** |
|  | **2022** | **2021** |
| **Net income (loss)** | $2140347 | $(7009656) |
| Adjusted to exclude: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant Protection Program revenue (1) | (1922281) | (1727665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Managed REIT Platform revenue | (1941762) | (1713910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Managed REIT Platform expenses | 752580 | 227430 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 7139430 | 6467944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 13262671 | 10911341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization expense | 1978063 | 3798241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expenses | 107325 | 386755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout adjustment |  | 9400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13330885 | 8062969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (152543) | 270013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1033792 | 754946 |
| **Total net operating income** | $35728507 | $29828408 |

---

<sup>(1)</sup> Approximately $1.3 million and $1.3 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended December 31, 2022 and 2021, respectively, with the remaining approximately $0.6 million and $0.4 million earned at non same-store facilities during the three months ended December 31, 2022 and 2021, respectively.

------

**Same-Store Facility Results - Years Ended December 31, 2022 and 2021** 

The following table sets forth operating data for SmartStop's same-store facilities (those properties included in the consolidated results of operations since January 1, 2021, excluding three lease-up properties SmartStop owned as of January 1, 2021) for the years ended December 31, 2022 and 2021. SmartStop considers the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Same-Store Facilities** | **Same-Store Facilities** | **Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Non Same-Store Facilities** | **Total** | **Total** | **Total** |
|  | **2022** | **2021** | **%<br>Change** | **2022** | **2021 (6)** | **%<br>Change** | **2022** | **2021** | **%<br>Change** |
| Revenue (1) | $139627497 | $123648929 | 12.9% | $53111936 | $27993360 | N/M | $192739433 | $151642289 | 27.1% |
| Property<br> operating<br> expenses (2) | $40085421 | 38195089 | 4.9% | $18351689 | 9932568 | N/M | 58437110 | 48127657 | 21.4% |
| Net operating<br> income | $99542076 | $85453840 | 16.5% | $34760247 | $18060792 | N/M | $134302323 | $103514632 | 29.7% |
| Number of<br> facilities | 109 | 109 |  | 44 | 30 |  | 153 | 139 |  |
| Rentable<br> square feet (3) | 8036285 | 8034200 |  | 3758445 | 2630800 |  | 11794730 | 10665000 |  |
| Average<br> physical<br> occupancy (4) | 94.6% | 95.1% | -0.5% | N/M | N/M |  | 94.0% | 94.3% |  |
| Annualized <br> rent per <br> occupied<br> square foot (5) | $18.79 | $16.46 | 14.2% | N/M | N/M |  | $18.58 | $16.30 |  |

---

N/M Not meaningful

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

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

<sup>(3)</sup> Of the total rentable square feet, parking represented approximately 1,016,000 square feet and 937,000 square feet as of December 31, 2022 and 2021, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 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. SmartStop has excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.

<sup>(6)</sup> Included in the non same-store data is a self storage facility consisting of approximately 84,000 square feet owned by SST VI OP, which was consolidated for approximately three months in 2021.

SmartStop's same-store revenue increased by approximately $16.0 million for the year ended December 31, 2022 compared to the year ended December 31, 2021 due to higher annualized rent per occupied square foot.

------

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

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
| **Net income (loss)** | $21669452 | $(19564718) |
| Adjusted to exclude: |  |  |
| &nbsp;&nbsp;&nbsp;Tenant Protection Program revenue (1) | (7455948) | (6520645) |
| &nbsp;&nbsp;&nbsp;Managed REIT Platform revenue | (7819216) | (6322970) |
| &nbsp;&nbsp;&nbsp;Managed REIT Platform expenses | 2485290 | 1451166 |
| &nbsp;&nbsp;&nbsp;General and administrative | 28253905 | 23265196 |
| &nbsp;&nbsp;&nbsp;Depreciation | 49417679 | 40946406 |
| &nbsp;&nbsp;&nbsp;Intangible amortization expense | 15200854 | 12422205 |
| &nbsp;&nbsp;&nbsp;Acquisition expenses | 888009 | 934838 |
| &nbsp;&nbsp;&nbsp;Contingent earnout adjustment | 1514447 | 12619744 |
| &nbsp;&nbsp;&nbsp;Write-off of equity interest and preexisting<br>&nbsp;&nbsp;&nbsp;&nbsp; relationships upon acquisition<br>&nbsp;&nbsp;&nbsp;&nbsp; of control | 2049682 | 8389573 |
| &nbsp;&nbsp;&nbsp;Gain on equity interest upon consolidation | (16101237) |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  | (178631) |
| &nbsp;&nbsp;&nbsp;Interest expense | 41511911 | 33383604 |
| &nbsp;&nbsp;&nbsp;Net loss on extinguishment of debt | 2393475 | 2444788 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (554785) | (1811275) |
| &nbsp;&nbsp;&nbsp;Other | 848805 | 2055351 |
| **Total net operating income** | $134302323 | $103514632 |

---

<sup>(1)</sup> Approximately $5.4 million and $5.3 million of Tenant Protection Program revenue was earned at same store facilities during the years ended December 31, 2022 and 2021, respectively, with the remaining approximately $2.1 million and $1.2 million earned at non same-store facilities during the years ended December 31, 2022 and 2021, respectively.

------

**ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted**

**<u>Net Operating Income ("NOI")</u>** 

NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties, excluding tenant protection plan revenue, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop's 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.

**<u>Funds from Operations ("FFO") and FFO, as Adjusted</u>**

Funds from Operations

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

FFO, as Adjusted

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

In determining FFO, as adjusted, SmartStop makes further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, gains or losses from extinguishment of debt, adjustments of deferred tax liabilities, realized and unrealized gains/losses on foreign exchange transactions, and gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, which SmartStop believes are not indicative of their overall long-term operating performance. SmartStop excludes these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in their decision-making process and excluding these items provides investors a view of their continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. SmartStop uses FFO, as adjusted, as one measure of their operating performance when they formulate corporate goals and evaluate the effectiveness of their strategies.

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

Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments that SmartStop uses to calculate FFO or FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may

------

decide to standardize the allowable adjustments across the publicly registered, non-traded REIT industry and SmartStop would have to adjust its calculation and characterization of FFO or FFO, as adjusted.

This press release, our Form 10-K for the year ended December 31, 2022, a financial supplement, and additional information about SmartStop are available on our website, investors.smartstopselfstorage.com.

**About SmartStop Self Storage REIT, Inc. ("SmartStop"):** 

SmartStop is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of March 3rd, 2023, SmartStop has an owned or managed portfolio of 182 properties in 22 states and Canada, comprising approximately 125,800 units and 14.5 million rentable square feet. SmartStop and its affiliates own or manage 25 operating self storage properties in Canada, which total approximately 21,450 units and 2.2 million rentable square feet. Additional information regarding SmartStop is available at investors.smartstopselfstorage.com.

**Forward-Looking Statements**

Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including, without limitation, the following: (i) risks related to disruption of management's attention from SmartStop's ongoing business operations due to recent mergers, or other business matters; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) failure to realize the expected benefits and synergies of recent mergers in the expected timeframes or at all; (iv) costs or difficulties related to the integration of acquired self storage facilities and operations, including facilities acquired through recent mergers; (v) changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, including the outbreak of novel coronavirus (COVID-19), military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; or (vii) difficulties in SmartStop's ability to attract and retain qualified personnel and management.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop's views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop's views as of any date subsequent to the date hereof.

Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop's filings with the SEC, including SmartStop's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.

------