SmartStop Self Storage Announces $140M in Investments
The revised 2026 outlook raises adjusted FFO per share to $1.99–$2.05 and same-store NOI growth to 1.15%–2.15%.
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Rhea-AI Filing Summary
SmartStop Self Storage REIT, Inc. (SMA) announced approximately $140 million of strategic investments in Canada and the United States, including a Canadian joint venture investment of approximately CAD $74 million (USD $54 million), expected acquisitions of two U.S. properties for approximately $37 million, and a preferred or mezzanine investment partnership.
The Canadian investment is structured to provide SmartStop a 50% general partner and approximately 34% limited partner interest in 14 properties at approximately 50% physical occupancy. It is subject to Canadian Competition Act approval and customary closing conditions, with completion anticipated in Q4 2026. One $13.2 million preferred investment closed in September; five more, with $35 million to $40 million of net SmartStop investment, are expected by year-end 2026.
SmartStop raised 2026 adjusted FFO guidance by $0.01 to $1.99–$2.05 per share, and same-store revenue and NOI growth guidance to 0.75%–1.75% and 1.15%–2.15%. The transactions and related financing are expected to be modestly accretive to 2026 adjusted FFO per share and accretive by approximately $0.05 to $0.06 per share in 2027. SmartStop priced approximately 2.4 million shares on a forward basis at an average $32.01 per share for gross proceeds of up to approximately $78 million, depending on settlement dates. It targets $75 million to $125 million of noncore property sales beginning early 2027.
Filing Explained
The Canadian joint-venture stake already described as about 34% is an initial interest: SmartStop’s
8-K Event Classification
Key Figures
Key Terms
FFO, as adjusted financial
same-store net operating income financial
convertible preferred equity financial
Right of First Offer financial
forward basis financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is SMA investing in the announced transactions?
What is SMA's updated 2026 guidance?
What are the terms of SMA's Canadian joint venture investment?
How is SMA financing the investments?
When does SMA plan to begin selling noncore properties?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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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:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
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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 September 29, 2026 SmartStop Self Storage REIT, Inc. (the “Company”) issued a press release announcing the Company’s expanded North America Platform and adjusted full year 2026 guidance. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated by reference herein.
Additionally, the Company is furnishing this Current Report to attach material that may be used in presentations to investors from time to time. A copy of such material is attached as Exhibit 99.2 to this Current Report 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 Current Report, including Exhibit 99.1, Exhibit 99.2 and information set forth therein, is being furnished and shall not be deemed “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. |
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99.1 |
SmartStop Self Storage REIT, Inc. Press Release, dated September 29, 2026 |
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99.2 |
Investor Presentation Materials of SmartStop Self Storage REIT, Inc. |
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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.
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SMARTSTOP SELF STORAGE REIT, Inc. |
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Date: September 29, 2026 |
By: |
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/s/ James R. Barry |
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James R. Barry |
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Chief Financial Officer and Treasurer |
Exhibit 99.1
SmartStop Expands North American Platform Through ~$140 Million of Strategic Investments Amongst Other Initiatives, Driving Accretive Growth on a Leverage-Neutral Basis; Raises 2026 Same-Store and FFO, as Adjusted Guidance
LADERA RANCH, CALIF. -- September 29, 2026 -- SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced a series of strategic investments totaling approximately $140 million across Canada and the United States. These transactions align with four of the Deca Initiative’s growth pillars including 1) Disciplined Capital Allocation, 2) Acquisitions Joint Venture, 3) Third-Party Management further enhanced by bridge investment activity and 4) continued clustering across SmartStop's core markets. These announcements build on a strong second quarter of 2026, in which SmartStop delivered sector-leading FFO, as adjusted, per share growth of 17.6% year-over-year.
“Today’s announcement is a perfect reflection of The Deca Initiative,” said H. Michael Schwartz, Founder, Chairman, and Chief Executive Officer of SmartStop. “We are significantly expanding our footprint in Canada, adding high-quality assets on-balance sheet in core U.S. markets, and growing a new programmatic investment relationship with an exceptionally high-quality sponsor, all while funding this growth on a leverage-neutral basis. The addition of 25 Class A self-storage properties increases clustering and operating efficiencies in many of our core markets. We expect these transactions and the associated financing to be materially accretive to our 2027 FFO, as adjusted per share on an approximately leverage-neutral basis. We believe the Strategic Storage Canada portfolio will see meaningful embedded NOI upside as the properties lease up over the coming years, with an anticipated stabilized yield over 6%.”
“Scale within a market is one of the most important drivers of margin in our business,” continued Mr. Schwartz. “As we addressed in our IPO Road Show, we believe our portfolio has tremendous upside driven by scale, one of the primary drivers of entry into third-party management. Our strategic asset management program will expedite this by divesting from markets where we lack density and reinvesting in markets where we already operate at scale. In doing so, we expect to strengthen our balance sheet while improving the overall quality and efficiency of our portfolio.”
Strategic Storage Canada Joint Venture Investment
SmartStop has agreed to invest approximately CAD $74 million (approximately USD $54 million) into a Canadian joint venture fund. The investment provides SmartStop with a 50% General Partner ownership interest and an approximate 34% Limited Partner ownership interest in 14 self-storage properties in Canada, comprising approximately 961,000 net rentable square feet and 9,600 units; the portfolio is in early lease-up and is approximately 50% physically occupied. The investment is structured as approximately CAD $49 million of LP equity and CAD $25 million of convertible preferred equity bearing a 6.5% coupon, convertible to LP equity in stages over the following 24 months at the Net Asset Value established at close, to provide an LP ownership of approximately 44% at the end of year two. SmartStop also has the opportunity to make additional investments of up to CAD $228 million (approximately USD $163 million) over the next few years primarily in connection with additional self-storage properties being acquired by the fund.
In connection with the investment, SmartStop will provide property management services on properties in the fund under five-year contracts, will receive a Right of First Offer on all fund properties, and has been awarded third-party management contracts on three additional Canadian properties outside the fund, along with exclusivity on future third-party management for future development projects by the fund’s affiliates. The investment positions SmartStop as Canada's third-largest self-storage operator, with 70 operating properties, expanding SmartStop's presence in the existing markets of Vancouver, British Columbia, Calgary, Alberta, and the Greater Toronto Area, and establishing a new presence in the markets of Halifax, Nova Scotia and Quebec City, Quebec. Strategic Storage Canada also serves as a Canadian-domiciled vehicle, which can be utilized for future contributions from Canadian self-storage owners in a tax-efficient manner.
SmartStop's investment reflects its continued conviction in the Canadian self-storage market. The same-store Canadian portfolio experienced occupancy increases of approximately 75 basis points year-over-year as of August 31, 2026, outperforming trends in SmartStop's U.S. portfolio over the same period.
The investment and related transactions pertaining to this closing are subject to approval under the Canadian Competition Act and certain other closing conditions customary in transactions of this nature. SmartStop anticipates completing the transaction in the fourth quarter of 2026. National Bank of Canada served as financial advisor and McMillan LLP served as legal advisor to SmartStop in connection with the Strategic Storage Canada joint venture investment.
On-Balance Sheet U.S. Acquisitions
SmartStop expects to acquire two stabilized properties in Las Vegas, Nevada, and Asheville, North Carolina, for approximately $37 million, comprising more than 186,000 net rentable square feet and approximately 1,600 units. These properties add additional clustering within SmartStop's existing footprint in two of SmartStop's top U.S. markets, including being SmartStop’s 10th wholly owned asset in the Las Vegas MSA.
Programmatic Investment Partnership
SmartStop and its joint venture partner AXCS Capital have established a new programmatic investment relationship with a vertically integrated Class A self-storage developer. In September, the SmartStop and AXCS joint venture closed one preferred investment, reflecting a net investment of $13.2 million from SmartStop. The joint venture expects to close five additional preferred equity and/or mezzanine loan investments, reflecting a net investment from SmartStop of approximately $35 to $40 million by the end of the fourth quarter of 2026. The investments are expected to have average maturities of approximately five years with yields in the mid-teens. SmartStop is expected to receive a Right of First Offer on all six assets, in addition to entering property management agreements. The sponsor’s broader development platform, which spans nearly 50 properties and over 4.0 million net rentable square feet, provides a robust pipeline of potential future investment opportunities beyond the initial six transactions.
2
Financing Activities
To fund the investments described above while maintaining a leverage-neutral capital structure, SmartStop utilized its at-the-market equity program to price approximately 2.4 million shares sold on a forward basis at an average price of $32.01 per share for gross proceeds of up to approximately $78 million, depending on the forward settlement dates. SmartStop anticipates settling the shares forward in the fourth quarter of 2026, consistent with the timing of the above investment activity.
The Canadian portion of these investments is further supported by SmartStop's previously announced CAD $200 million Maple Bond offering, which closed on August 18, 2026. This offering carries a fixed-interest rate of 4.317% and matures in 2031.
Financial Impact
SmartStop expects the investments described herein, together with the associated equity financing, to be modestly accretive to full-year 2026 estimated FFO, as adjusted, per share, and accretive by approximately $0.05 to $0.06 to full-year 2027 estimated FFO, as adjusted, per share.
Strategic Asset Management Program
SmartStop has initiated a strategic asset management program to pursue the opportunistic disposition of select wholly owned properties located in noncore markets, initially targeting $75 million to $125 million of property sales beginning in early 2027. These noncore markets are generally markets in which SmartStop owns only a handful of properties and where management believes the Company is unlikely to achieve the scale necessary to realize meaningful operating efficiencies or clustering benefits. SmartStop intends to use net proceeds from these dispositions to recycle capital into its core markets, where greater density allows SmartStop to leverage shared on-site staffing, marketing spend, and revenue management across multiple properties.
Update to Full-Year 2026 Guidance
In tandem with today's announcement, SmartStop is raising its full-year 2026 guidance for FFO, as adjusted, per share by $0.01, primarily attributable to increased same-store guidance. SmartStop is raising its full-year 2026 same-store guidance ranges as follows: same-store revenue growth to 0.75% to 1.75% (from 0.50% to 1.50%); same-store operating expense growth to 0.00% to 1.00% (from 0.25% to 1.25%); and same-store net operating income growth to 1.15% to 2.15% (from 0.65% to 1.65%).
3
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES
OUTLOOK FOR FULL YEAR 2026
(Unaudited)
(Dollar amounts in thousands, except share and per share data)
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Assumptions |
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Notes for Updated Annual Assumptions |
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as of August 5, 2026 |
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as of September 29, 2026 |
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as of September 29, 2026 |
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Same-store growth |
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Low |
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High |
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Low |
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High |
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2026 Same-store pool: 155 Properties |
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Revenue |
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0.50% |
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1.50% |
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0.75% |
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1.75% |
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Operating expense |
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0.25% |
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1.25% |
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0.00% |
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1.00% |
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Net operating income (3) |
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0.65% |
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1.65% |
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1.15% |
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2.15% |
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Reflects an average CAD/USD exchange rate for full year 2026 of approximately 0.72x. The average CAD/USD exchange rate for the 12 months ended December 31, 2025 was approximately 0.72x. |
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Same-store growth |
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Low |
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High |
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Low |
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High |
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2026 Same-store pool: 155 Properties |
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Revenue |
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0.50% |
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1.50% |
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0.75% |
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1.75% |
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Operating expense |
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0.25% |
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1.25% |
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0.00% |
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1.00% |
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Net operating income (3) |
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0.65% |
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1.65% |
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1.15% |
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2.15% |
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Reflects an average CAD/USD exchange rate for full year 2026 of approximately 0.72x. The average CAD/USD exchange rate for the 12 months ended December 31, 2025 was approximately 0.72x. |
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FFO, as Adjusted (2) |
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Low |
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High |
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Low |
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High |
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FFO, as adjusted per share & OP unit outstanding - diluted (3) |
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$ |
1.98 |
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$ |
2.04 |
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$ |
1.99 |
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$ |
2.05 |
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Weighted average share count (Not in thousands) |
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59,400,000 |
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59,400,000 |
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59,400,000 |
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59,400,000 |
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Low |
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High |
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Low |
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High |
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Non same-store net operating income |
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$ |
19,900 |
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$ |
20,700 |
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$ |
20,000 |
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$ |
20,600 |
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Includes properties in the non same-store pool as of June 30, 2026. Excludes Tenant Protection Program net margin. |
Tenant Protection Program net margin |
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$ |
9,625 |
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$ |
9,925 |
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$ |
9,625 |
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$ |
9,925 |
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Represents Tenant Protection Program revenues less Tenant Protection Program related expense for the same-store and non same-store pools. |
Managed REIT adjusted EBITDA (4) |
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$ |
13,650 |
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$ |
14,250 |
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$ |
13,600 |
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$ |
14,100 |
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Represents Managed REIT Platform revenues less Managed REIT Platform expenses. Assumes average AUM of $1,040 million (low) to $1,090 million (high) for the year ending December 31, 2026. Excludes $0.3 million of equity based compensation expense related to IPO grants. (Not in thousands) |
Third-party management adjusted EBITDA (4) |
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$ |
1,750 |
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$ |
2,250 |
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$ |
1,850 |
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$ |
2,350 |
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Represents third-party management revenues less third-party management expenses. Excludes an estimated $0.7 million of acquisition related expenses and transactional expenses. (Not in thousands) |
General and administrative expenses |
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$ |
33,000 |
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$ |
34,000 |
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$ |
33,100 |
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$ |
34,100 |
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Excludes an estimated $4.5 million of equity based compensation expense related to IPO grants and legacy stock compensation. (Not in thousands) |
Interest expense |
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$ |
53,450 |
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$ |
54,950 |
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$ |
54,150 |
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$ |
55,650 |
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Assumes average one-month SOFR of 3.8%. |
Investment income, net |
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$ |
9,200 |
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$ |
10,000 |
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$ |
10,100 |
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$ |
10,700 |
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Assumes average one-month SOFR of 3.8%. |
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Capital Deployment |
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Low |
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High |
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Low |
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High |
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Acquisitions, loans, bridge loans & preferred investments |
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$ |
55,000 |
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$ |
75,000 |
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$ |
190,000 |
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$ |
210,000 |
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Includes wholly-owned acquisitions, the Company's investment in joint ventures, bridge loans to or investments in third parties and investments in the Managed REITs, net of any repayments of existing loans or investments. |
Solar spend |
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$ |
2,250 |
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$ |
2,750 |
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$ |
2,250 |
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$ |
2,750 |
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Development spend |
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$ |
9,000 |
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$ |
10,000 |
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$ |
9,000 |
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$ |
10,000 |
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Related to the Company's portion of properties under construction in the SmartCentres joint venture. |
Redevelopment and expansion spend |
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$ |
13,000 |
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$ |
15,000 |
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$ |
13,000 |
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$ |
15,000 |
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Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled “Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income.” A reconciliation of net income per share outlook to funds from operations, as adjusted per share outlook is provided later in this release entitled “Reconciliation of the Range of Estimated GAAP Fully Diluted Net Income Per Share and OP Unit to Estimated Fully Diluted FFO, As Adjusted Per Share and OP Unit.”
4
Reconciliation of the Range of Estimated GAAP Fully Diluted Net Income Per Share and OP Unit to Estimated Fully Diluted FFO, As Adjusted Per Share and OP Unit
The following table presents a reconciliation of the range of estimated GAAP net income (loss) per share to estimated fully diluted FFO, as adjusted per share, as provided in SmartStop’s Outlook for Full Year 2026:
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Ranges for 2026 Annual Assumptions |
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as of September 29, 2026 |
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Low |
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High |
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Net income |
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$ |
0.49 |
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$ |
0.52 |
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Depreciation & amortization of real estate and intangible assets from consolidated and unconsolidated entities |
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1.34 |
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1.36 |
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Gain on disposition of real estate |
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(0.03 |
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(0.03 |
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FFO per share & OP unit outstanding - diluted |
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$ |
1.80 |
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$ |
1.86 |
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Acquisition related expenses and foreign currency (gains) losses, net from unconsolidated entities |
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$ |
0.01 |
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$ |
0.01 |
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Amortization of debt issuance costs |
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0.05 |
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0.05 |
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IPO & legacy performance grants |
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0.08 |
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0.08 |
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Other (1) |
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0.04 |
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0.04 |
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FFO, as adjusted per share & OP unit outstanding - diluted |
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$ |
1.99 |
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$ |
2.05 |
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5
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income
The following table presents a reconciliation of the range of estimated GAAP net income (loss) to total same-store net operating income, as provided in SmartStop’s Outlook for Full Year 2026 (in thousands):
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Ranges for 2026 Annual Assumptions |
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as of September 29, 2026 |
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Low |
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High |
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Net income |
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$ |
28,920 |
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$ |
30,604 |
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Adjusted to exclude: |
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Tenant Protection Program net margin (1) |
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(9,625 |
) |
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(9,925 |
) |
Managed Platform net margin (2) |
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(14,450 |
) |
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(15,450 |
) |
General and administrative expenses |
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37,600 |
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38,600 |
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Depreciation & amortization of real estate and intangible assets from consolidated entities |
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80,150 |
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80,250 |
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Interest expense |
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54,150 |
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55,650 |
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Equity in (earnings) losses of unconsolidated joint venture properties and investments in Managed REITs |
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1,950 |
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1,550 |
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Income tax expense |
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2,055 |
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2,355 |
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Investment income, net |
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(10,100 |
) |
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(10,700 |
) |
Other, net (3) |
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(4,520 |
) |
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(4,762 |
) |
Non same-store revenue |
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(32,900 |
) |
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(33,700 |
) |
Non same-store operating expense |
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12,900 |
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13,100 |
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Total same-store net operating income |
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$ |
146,131 |
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$ |
147,573 |
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6
ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted
NOI
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, tenant protection economics, stock compensation related to SmartStop’s IPO Grant and other non-property related income and expense. 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. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating SmartStop’s operating performance.
Funds from Operations (“FFO”) and FFO, as Adjusted
FFO
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, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on certain foreign exchange and interest rate derivatives not designated for hedge accounting, provision for (recovery of) non-cash reserve adjustments, and other select non-recurring income or expense items 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 SmartStop’s 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 SmartStop’s performance.
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Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that SmartStop uses to calculate FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and SmartStop may have to adjust its calculation and characterization of FFO, as adjusted.
This press release, a financial supplement, and additional information about SmartStop are available on SmartStop’s website, investors.smartstopselfstorage.com.
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About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 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, and through its Managed Platform offers third-party management services in the U.S. and Canada. As of September 29, 2026, SmartStop has an owned or managed portfolio of approximately 475 operating properties in 36 U.S. states, the District of Columbia, and Canada, comprising more than 285,000 units and approximately 36.8 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
Forward-Looking Statements
Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected timing, benefits, and financial impact of the transactions described herein, including anticipated accretion to FFO, as adjusted, per share, expected NOI stabilization, the anticipated settlement of the forward equity sales, the strategic asset management program, and any updates to SmartStop’s 2026 guidance. Such statements are subject to known and unknown risks and uncertainties, including but not limited to SmartStop’s ability to successfully complete, fund, and integrate the transactions described herein within the time frame expected or at all; the settlement of SmartStop’s forward equity sales and the amount of proceeds received; the performance of the borrowers and underlying properties in SmartStop’s preferred and mezzanine investments; the lease-up and stabilization of the Strategic Storage Canada properties and risks associated with joint venture investments; SmartStop’s ability to complete dispositions under its strategic asset management program on favorable terms, within expected time frames or at all, and to redeploy the proceeds into core markets on accretive terms; changes in economic and market conditions, including self storage demand, occupancy, rental rates, and competition, and changes in the CAD/USD exchange rate; SmartStop’s ability to achieve the intended outcomes of The Deca Initiative; fluctuations in interest rates and capitalization rates; and other risks described in SmartStop’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. SmartStop undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
This press release includes certain non-GAAP financial measures, including FFO, as adjusted, per share, and Same-Store NOI. These measures should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, financial measures prepared in accordance with GAAP. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are available in SmartStop’s most recent quarterly financial supplement, available at investors.smartstopselfstorage.com.
Contact:
David Corak
Senior VP of Corporate Finance and Strategy
SmartStop Self Storage REIT, Inc.
IR@smartstop.com
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Investor Presentation September 2026
Disclaimer Certain of the matters discussed in this investor presentation, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. 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,” “plan,” “target,” “goal,” or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy, plans, or intentions. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. Statements in this presentation regarding The Deca Initiative, including its six pillars and any related targets, timelines, or anticipated benefits, are forward-looking statements. The Deca Initiative and any other targets, milestones, or aspirational goals referenced in this presentation are aspirational in nature, are not guarantees or promises that such goals will be met, and do not constitute projections of expected results. Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. 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: • disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar (“CAD”)/U.S. Dollar (“USD”) exchange rate; • significant transaction costs, including financing costs, and unknown liabilities; • the settlement of our forward equity sales and the amount and timing of proceeds received; • whether we will be successful in the pursuit of our business plan and investment objectives; • our ability to successfully execute, fund, and achieve the intended outcomes of The Deca Initiative and our other strategic plans and objectives, within the timeframe we expect or at all; • changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; • changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business; • difficulties in our ability to attract and retain qualified personnel and management; • the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; • our ability to identify and complete pending and future acquisitions, joint ventures, investments, dispositions, and third-party management or development relationships on favorable terms or at all, and to redeploy disposition proceeds on accretive terms; • our ability to successfully integrate businesses and opportunities that we acquire, including but not limited to, the potential failure to fully realize expected cost savings and synergies from transactions or the risk that those expected cost savings and synergies may take longer than anticipated to be realized; • the performance of the borrowers and underlying properties in our preferred equity and mezzanine investments; • the lease-up and stabilization of properties we acquire or invest in, and risks associated with joint venture investments, including reliance on our partners; • the outcome of any pending or later instituted legal or regulatory proceedings or governmental inquiries or investigations; • general competitive, economic, political and market conditions and other factors that may affect our future results; • our reliance on information technologies, including data and artificial intelligence systems, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; • fluctuations in interest rates and capitalization rates, and their effect on acquisition, development, and financing activity; and • failure to maintain our REIT status. All forward-looking statements, including without limitation, management’s examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this presentation is filed with the 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 investor presentation, 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 Securities and Exchange Commission (the “SEC”), including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2025, and our quarterly reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, copies of which may be obtained from our website at investors.smartstopselfstorage.com. We use market data throughout this presentation that has generally been obtained from publicly available information and industry publications. We have also obtained certain information, where indicated, from the 2024 Self Storage Almanac and the January 2024 Colliers Report. These sources generally state that the information they provide has been obtained from sources believed to be reliable, but the accuracy and completeness of the information are not guaranteed. The market data includes forecasts and projections that are based on industry surveys and the preparers’ experiences in the industry, and there is no assurance that any of the projections or forecasts will be achieved. We believe that the surveys and market research others have performed are reliable, but we have not independently verified this information. This presentation may contain trade names, trademarks or service marks of other companies. We do not intend the use or display of other parties’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of, these other parties. This presentation includes certain financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Such non-GAAP financial measures should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. You should be aware that our presentation of these and other non-GAAP financial measures in this presentation may not be comparable to similarly-titled measures used by other companies. Non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. We seek to compensate such limitations by providing a detailed reconciliation for the non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP in this presentation. You are encouraged to review the related GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
35.4 million Owned and Managed Square Feet(6) SmartStop: A Scalable Platform that is Positioned for Growth and Value Creation Smartstop overview Premier self storage owner and operator with a high-quality and uniquely diversified portfolio across the United States and Canada Demonstrated track record of growth, growing its total portfolio by ~227% over the last five years(1) Portfolio focused on high growth markets, with unique exposure to Canada and the GTA Technology-enabled, data driven, and scalable operating platform Multi-pronged growth strategy supported by organic and external growth drivers Third-Party Management (3PM), Managed REIT, and bridge lending platforms drive incremental revenue and future potential acquisition pipeline Martin St. (Milton, ONT) E. Algonquin Rd. (Algonquin, IL) W. Colfax Ave. (Lakewood, CO) Attractive financial and operating profile FINANCIAL OPERATING ~$3.0 billion Total Capitalization(3) ~3.7% Same-Store NOI growth(4) $169 million LQA NOI(2) 7.9% Owned Portfolio CAGR (2020-2025)(5) 92.4% 2Q 2026 Ending Same-Store Occupancy(7) 460 Owned and Managed Properties(6) $20.33 2Q 2026 Annualized Same-Store RentPOF(8) Note: As of 6/30/2026 unless otherwise noted. (1) Based on total owned and managed properties from 2020 – 2025; (2) LQA NOI based on annualized 2Q’26 NOI; NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure; (3) Total capitalization includes debt and equity market cap based on approximately 59.2 million shares and OP Units at June 30, 2026 valued at the closing stock price on June 30, 2026 of $32.50. Debt is at face value for purposes of this calculation.; (4) Based on 2Q’25 NOI of $35.8M and 2Q’26 NOI of $37.1M; (5) Measured by number of properties; Includes wholly-owned operating properties and joint venture operating properties; (6) As of 6/30/2026; (7) Represents 6/30/2026 same-store ending physical occupancy; (8) Represents same-store annualized rent per occupied square foot for the three months ended 6/30/2026.
1 2 3 4 5 SmartStop’s Key Drivers for Accelerated Growth The Deca Initiative: A Multi-Pronged Growth Strategy High quality, diversified portfolio with differentiated exposure to Canada Operational excellence and technology platform driving long-term growth Capital Light Scaling: Third-Party Management (3PM), Managed REIT Platform and Bridge Lending Conservative and Diversified Capital Structure Industrial Blvd. (Chula Vista, CA) Goulding Ave. (Aurora, ONT) U.S. 301 (Oxford, FL)
Business Update – Strong Operating Momentum Delivering Outperformance 1 Source: Company data and filings. Note: Monthly same-store in-place rates and move-in rates are not perfectly comparable to metrics disclosed in the Financial Supplement, such as RentPOF. The rates disclosed above do not consider the impact of concessions, are in local currency and include parking. 8/31/2026 displays metrics for the 2026 Same-Store Pool of 155 properties. During the second quarter of 2026, the Same-Store Pool was reduced from 157 to 155 properties to exclude two properties subject to eminent domain proceedings. Historical metrics presented here have been recast for all periods to conform to the current Same-Store Pool definition. (1) FFO, as adjusted per share and OP unit is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. (2) Same-Store NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. For the quarter ending June 30, 2026. (3) Represents same-store ending physical occupancy for 8/31/2026. Ending occupancy for the Company’s 13 property same-store portfolio in the GTA was 92.9% as of August 31, 2026, up 75 basis point year-over-year. (4) Represents same-store monthly in-place rates for 8/31/2026. (5) Represents same-store monthly web rates for 8/31/2026. (6) Represents same-store monthly move-in rates for 8/31/2026. In June 2026 acquired 3 self-storage facilities for ~$29.7M in Spartanburg, SC, from SSGT III Deployed $19.4M of preferred investments through Aug. 2026 at a 10.9% weighted-average yield with $16.3M invested in June and $3.1M in August Managed REITs ended the quarter at $1.0B AUM across 52 properties SMA agreed in July 2026 to a termination agreement in connection with the merger of SSGT III into SST VI (expected Q4 2026 close) +14% +3.7%(2) +17.6%(1) +150bps > $46 million Q2 2026 financial highlights Same-Store Ending Occupancy(3) Same-Store In-Place Rates(4) Same-Store Move-In Rates(6) Same-Store Web Rates(5) 2025 2026 2025 2026 2025 2026 2025 2026 Post Quarter-End Operational Updates - AUGUST 2026 Capital deployment and OTHER activity YOY Growth of Recurring Managed REIT Fees Same-Store NOI Growth YoY, Q2 2026 FFOa/Share Growth YoY – Sector Leading Growth of Same-Store Margins YoY Accretive Capital Deployment
Operations The Deca Initiative: Six Integrated Pillars for Future Growth (1) ~500bps NOI margin opportunity compared to large cap peers; (2) As of the quarter ended June 30, 2026; (3) Total AUM for the Managed REIT Platform consists of $570.3 million in SST VI, $445.0 million in SSGT III, and $10.1 million in SST X. 1 THE DECA
INITIATIVE 2 Technology & Artificial Intelligence 3 Clustering & Margin Expansion ~500bps same-store NOI margin upside opportunity(1) Markets with 10+ properties run ~300 bps higher margins than non-clustered markets 4 5 6 1 Third-Party Management (3PM) SmartStop AI Vision Small cap company with large cap platform 41B+ data points powering the proprietary dash™ operating platform and SmartStop Mobile App Managed REIT Platform Capital-Light Scaling ~217 properties under third-party management(2), led by the Argus (APSM) acquisition Acquisitions Joint Venture Disciplined Capital Allocation NAV Creation Engine Targeting accretive growth and value creation through on-balance sheet acquisitions, joint ventures, and bridge lending Active asset management, including recycling capital from non-core assets Capital Flexibility & Fee Income ~$1.0B in AUM(3) generating an annualized revenue run rate of ~$16M+ with embedded organic growth (1) ~500bps NOI margin opportunity compared to large cap peers; (2) As of the quarter ended June 30, 2026; (3) Total AUM for the Managed REIT Platform consists of $570.3 million in SST VI, $445.0 million in SSGT III, and $10.1 million in SST X. Acquiring Operating Assets at Scale Pursuing a 10–20% SmartStop equity co-investment alongside an institutional partner Unlocks additional transactions beyond current balance-sheet capacity
New Investments Add Scale and Leverage SMA Capabilities to Drive Significant Accretion 1 SMA expects the investments to generate FFO, as Adjusted accretion of $0.05 to $0.06 to 2027 estimated FFO, as Adjusted per share Source: SMA Management Estimates. (1) Transaction expected to close in the quarter ending December 31, 2026, subject to approval by the Canadian Competition Act and certain other closing conditions customary in transactions of this nature (2) Excludes three 3PM properties (3) One investment closed in September 2026; five additional investments are expected to close in the quarter ended December 31, 2026. The transactions described above are subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions. Strategic Storage Canada Joint Venture Investment(1) On-Balance Sheet Acquisitions: U.S. Portfolio Programmatic Investment Partnership with Institutional Sponsor 2 stabilized properties Las Vegas, NV and Asheville, NC – two of SmartStop’s top U.S. markets 186,000+ NRSF | ~1,600 units Adds scale and clustering in existing SMA markets at attractive going-in cap rates Adds high-quality self-storage assets on-balance sheet Opportunity to extract property operating efficiencies Immediate in-place cash flow with long-term NOI upside Enhances clustering Increases Las Vegas footprint from 9 to 10 properties Increases Asheville footprint from 14 to 15 properties 6 preferred or mezzanine net investments(3) Providing financing to Institutional Sponsor, a vertically integrated class-A self-storage developer Mid-teens Blended investment yield with additional economics from property management ~5-year Average investment maturity Right of first offer (“ROFO”) Generates attractive yield on deployed capital Extends property-management and tenant-insurance economics Expands SmartStop’s footprint across core owned markets, generating additional scale and clustering ~$54M ~$37m ~$48m to ~$53M 14-property Canadian portfolio + 3-property 3PM management contracts Initial 50% GP / 34% LP ownership in 14 assets ~961,000 NRSF | ~9,600 units(2) Expands SmartStop's presence in the existing Canadian markets of Vancouver, Calgary, and Toronto and establishes a new presence in Halifax and Quebec City ~50% physical occupancy Portfolio primarily in lease-up, representing significant NOI upside Strategic growth pipeline Future capital contribution opportunities, third-party management opportunities, and acquisition rights Positions SmartStop as Canada's third-largest self-storage operator, with 70 operating properties Adds recurring income and embedded growth Bolsters the launch of SmartStop 3PM in Canada
Transactions Enhance Platform Operating Metrics 1 transactions overview Source: Company filings as of 6/30/26. (1) Based on midpoint of management guidance as of 8/5/2026; see revised 2026 Outlook for Full Year 2026 (2) The transactions included in these pro forma figuresare subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions or that these pro forma numbers will be realized. Owned and managed portfolio increased by over 1.9M SF, or 5.6% Generates property management, tenant insurance and other income streams Clustering furthers SMA’s margin opportunity Prudent and diversified funding through maple bond market and ATM equity highlights access to capital Modestly accretive to 2026 estimated FFOa per share(1); accretive by approximately $0.05 to $0.06 per share to 2027 estimated FFOa per share Owned stores (wholly-owned and JV) 191 207 Managed stores 269 278 Owned and managed square feet 35.4 million 37.4 million Owned and managed units ~276,000 ~296,000 PRO FORMA(2) AS OF Q2’26 OPERATING 48 Ave. Northeast (Calgary, AB) Blvd. Charest Ouest (Québec, QC)
22 9 16 52 4 11 4 20 13 22 21 19 10 39 8 5 6 6 7 4 8 6 5 5 5 5 19 2 2 2 2 26 24 2 4 7 4 3 3 3 3 2 4 4 2 2 8 2 2 2 Wholly owned, managed, and JV operating properties (460) New properties in new SMA markets (11)(1) New properties in existing SMA markets (14)(1) Highly Synergistic Expansion Across Core SmartStop Markets 1 6/30/2026 New Investments1 Pro forma SMA SMA owned + managed Canada 53 17 70 SMA owned + managed U.S. 407 8 415 Total 460 25 485 New investments have significant overlap with SmartStop’s existing footprint – increasing clustering and operating efficiencies Source: Company filings as of 6/30/26. (1) The properties represented by these circles are subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions.
Strategic Storage Canada Joint Venture Investment – Canadian Portfolio Footprint 1 Currently owned / managed (53) New assets (17)(1) WESTERN CANADA EASTERN CANADA British Columbia Alberta 5 3 2 2 7 Calgary 2 Victoria Ontario Quebec Nova Scotia 39 2 2 Halifax Toronto British Columbia Source: Company filings as of 6/30/26. (1) The transactions described above are subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions.
Strategic Storage Canada Joint Venture Investment – Transaction Overview 1 Positions SMA as Canada’s third-largest storage operator, with 70 operating properties Expands presence across Vancouver, Calgary and Toronto CMAs Enters new markets including Halifax and Quebec City Gives SmartStop a fund vehicle domiciled in Canada, in which it can seed other Canadian third-party acquisitions Opportunity to make additional investments of up to CAD $228 million portfolio overview Strategic rationale Transaction overview Owned Fund Properties 3PM Properties (owned outside of the fund) Number of Properties 14 3 Total NRSF ~961k ~212k Total Units ~9,600 ~2,300 # of Provinces 5 2 SMA to invest CAD $74M (~$54M USD) into a Canadian joint venture fund, inclusive of a CAD $25M ($18M USD) preferred expected to be completed in 4Q26 Investment provides SMA with an initial 50% GP and 34% LP ownership interest in 14 self-storage properties in Canada Portfolio comprised of ~961,000 NRSF and ~9,600 units primarily in lease-up and currently ~50% physical occupancy, representing significant embedded NOI potential as the portfolio stabilizes Key investment terms: SMA to provide property management services to 14 assets in fund and 3 additional assets outside the fund ROFO on all fund properties Exclusivity on third-party management for future fund assets St Margarets Bay (Timberlea, NS) Rue Seigneuriale (Quebec City, QC)
Programmatic Investment Overview – Investment in Six Class A Self-Storage Assets 1 San Gabriel, CA(2) NRSF ~130K UNITS 1,470 Hawthorne, CA (2) NRSF ~90K UNITS 945 OPERATING Bethesda, MD(1) NRSF ~132K UNITS 1,560 UNDER CONSTRUCTION Annapolis, MD(2) NRSF ~70K UNITS 730 OPERATING OPERATING Cave Creek, AZ(2) NRSF ~85K UNITS 770 OPERATING Institutional Sponsor is a privately held real estate investment and development company, focused on Class A self-storage (over 4.0 million NRSF) Total initial investment Six Preferred or Mezzanine investments ~$48-53M Mid-Teens Blended in-place yield (Year-1) ~590k Total NRSF across six assets Institutional Sponsor Overview SmartStop expects to retain property management rights and a Right of First Offer (ROFO) on all six assets Institutional Sponsor's broader development platform provides a robust pipeline of potential future opportunities All six investments expected to be made through a joint venture with AXCS Transaction overview PROGRAMMATIC INVESTMENT PARTNERSHIP PROPERTIES Scottsdale, AZ(2) OPEN NRSF ~84K UNITS 825 OPERATING Source: SMA Management Estimates. (1) This investment closed in September 2026; (2) these investments are expected to close in the quarter ended December 31, 2026. The transactions described above are subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions.
SmartStop Owns a High-Quality Portfolio in Key Growth Markets 2 Top markets by nrsf(3) (OWNED) Key portfolio statistics (owned) 65%+ NRSF concentrated in top 25 MSAs⁽²⁾ TOP-MARKET EXPOSURE SUPPORTS ABOVE-AVERAGE GROWTH 15.1 million Square feet(1)(5) $20.43 RentPOF(7) 91.7% Ending Occupancy(6) 191 Owned properties(1)(5) 23 U.S. States and Provinces(8) 133,670 Units(1)(5) 2025–2030 projected | Claritas, SNL Financial 15.1 million Total NRSF (4) Note: As of 6/30/2026 unless noted otherwise. Figures reflect owned JVs at 100% of NRSF. (1) As of 6/30/2026; (2) Toronto included as a top 25 MSA. Top 25 MSA’s as defined by 2024 U.S. Census Bureau data. Metric refers to owned properties including joint venture properties; (3) MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.; (4) Other markets include: Chicago, Seattle - Tacoma, Spartanburg, Phoenix, San Francisco - Oakland, Port St. Lucie, Sacramento, Riverside - SB, Detroit, Edmonton, Myrtle Beach, Nantucket, San Diego, Charlotte, Raleigh - Cary, Mobile, Colorado Springs, Naples, Santa Rosa - Petaluma, Orlando, Calgary, Washington-Arlington, Baltimore, Punta Gorda, Dallas, Milwaukee, San Antonio, Kelowna, College Station, Charlottesville, San Jose, Jacksonville, Stockton, Charleston, Santa Maria-Santa Barbara, Trenton-Princeton, Sarasota. None of these markets represent more than 3.0% of the total portfolio by NRSF. (5) Total includes ten operating properties held in unconsolidated joint ventures in which SmartStop maintains a 50% equity interest and one operating property in Nantucket in which SmartStop maintains a 42% equity interest; (6) Represents ending occupancy as of 6/30/2026 for total wholly-owned operating stores. (7) Represents three months ended 6/30/2026 total wholly-owned operating stores RentPOF. (8) Includes 19 U.S. states, Washington D.C. British Columbia, Alberta, and Ontario. Top 10 MSA Top 10 MSA U.S. U.S. Population growth Median HH income growth
SmartStop Maintains a High-Performing Portfolio Relative to Peers High-quality portfolio with strong same-store revenue and NOI growth 2 (2.2%) (2) (2) Q2 2026 Same-Store noi growth(1) Q2 2026 Same-store revenue growth Sources: Public company filings and financial supplements for the quarter ended June 30, 2026. (1) Same-Store NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. (2) National Storage Affiliates Q2 2026 results, as reported in Public Storage Q2 2026 Financial Supplement.
Québec Ontario Toronto 2.3x 2.0x Montreal 2.5x Vancouver British Columbia 2.3x Calgary 2.8x Edmonton Alberta 2.2x Manitoba Supply Ratio Saskatchewan Toronto and Greater Canada Represent an Untapped Growth Opportunity 3 Opportunity to expand in several underpenetrated Canadian markets POPULATION GROWTH VS. SUPPLY RATIO – SELECT LARGE CITIES Supply Per Capita Ratio Supply Per Capita Ratio(3) U.S. National Avg. 6.3x Top 25 U.S. MSA Avg. 6.1x Select Canadian CMAs Avg.(2) 2.4x 2 SmartStop Self Storage REIT, Inc. Operating Properties(1) Wholly-Owned Operating Properties (19) Joint Venture Operating Properties (10) Managed Properties (24) 16 3 10 13 1 5 1 2 Above U.S. Average Below U.S. Average U.S. National Average >6x 0% Population growth: +127bps Storage supply ratio: (3.8x) Delta Toronto vs. Top 25 U.S. MSA Avg. Canadian markets maintain attractive demographics with room to meaningfully expand storage market penetration Sources: Claritas, Colliers, CoStar, Green Street, SNL Financial, Statistics Canada, and The 2024 Self-Storage Almanac. (1) As of 6/30/2026: exclusive of subsequent property additions after period end. (2) Includes Toronto, Vancouver, Montreal, and Edmonton.
Dash: SmartStop’s Proprietary Integrated Technology Platform 4 Innovative proprietary technology positioned to accelerate SmartStop’s scale and growth trajectory Cloud-based Technology Backbone of Our Platform Accelerates innovation | Facilitates delivery of strategic objectives Custom-built Collaborative development with vendor Designed for real-time data access and availability Focus on customer-centric and mobile engagement scalable Built to operate with hundreds of properties Integrates seamlessly with proprietary systems (pricing, call center) Open API architecture and enterprise-level management Enhancements and upgrades flow seamlessly to field secure Isolated server cluster built to SmartStop specifications Data is 100% SmartStop-owned and accessible Meets SOC I, Type II and SOC 2, Type II standards
Strong Track Record of Internal Growth SmartStop’s internal growth strategies have translated into successful long-term results 4 Sources: Public company filings and financial supplements. Note: peers may have different definitions of same-store metrics. (1) Represents the simple average of quarterly year-over-year same-store revenue growth for the most recent 12 quarters (the quarter ended 9/30/2023 through 6/30/2026). (2) Represents the simple average of quarterly year-over-year same-store NOI growth for the most recent 12 quarters (the quarter ended 9/30/2023 through 6/30/2026). (3) Same-Store NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. (4) Includes National Storage Affiliates Q2 2026 results, as reported in Public Storage Q2 2026 Financial Supplement. Internal Growth Strategic Highlights History of operational excellence highlighted by Same-store performance vs. peers Maximize net operating income with a balanced approach to rate and occupancy Majority of the Company’s same-store portfolio base has been owned or managed less than five years and retains additional rate upside Continued investment in technology and artificial intelligence to drive incremental NOI Asset management technology and experienced personnel drive expense savings and ultimately bottom-line growth Customer service platform drives consumer traffic and sticky customer base 2Q’26 Same-Store Revenue Growth SmartStop Peer avg. Delta 2Q’26 1.3% 0.8% +50bps 2Q’26 Same-Store NOI Growth SmartStop Peer avg. Delta 2Q’26 3.7% 0.9% +285bps (4) (3.1%) (4) 3-year Avg. YoY Same-Store Revenue Growth(1) 3-year Avg. YoY Same-Store NOI Growth(2) (3)
Investment Grade Rated Balance Sheet Positioned for Growth 5 6.3x Normalized Net Debt to Adjusted EBITDA(2) 2.9 Years Wtd. Avg. Debt Maturity BBB/Stable KBRA rating (as of 6/30/26) BBB/with Stable Trends DBRS rating (as of 6/30/26) 90.8% Fixed rate debt $3.0 Billion Total Capitalization(4) ~6.3x Normalized Net Debt to Adjusted EBITDA(2) 3.4 Years Wtd. Avg. Debt Maturity 90.8% Fixed rate debt AS OF 6/30/26 PRO FORMA Debt maturity schedule AS OF 6/30/26 (millions)(1)(3)(5) PRO FORMA Debt maturity schedule (millions)(1)(3)(5) (1) As of 6/30/2026. (2) Includes intra-quarter net interest income of $258,000 (incremental interest income from lending, less interest income from debt repaid during the quarter), Managed REIT fee income of $21,000 and NOI of $374,000 above the amount recognized during the quarter. (3) Excludes amortizing debt payments. Does not account for extension options. (4) Total capitalization includes debt and equity market cap based on approximately 59.2 million shares and OP Units at June 30, 2026 valued at the closing stock price on June 30, 2026 of $32.50. Debt is at face value for purposes of this calculation. (5) (5) Subsequent to June 30, 2026, on July 30, 2026, the Company fully repaid the KeyBank CMBS Loan with ~$86.4 million of proceeds from the Credit Facility. On August 18, 2026, the Company paid down ~$144 million on the Credit Facility with proceeds from the CAD $200 million Maple Bond Issuance with maturity date of 2/18/2031 (translated based on 0.72 CAD to USD exchange rate as of 8/18/26). Other adjustments include the assumption of a paydown on the Credit Facility of ~$77 million following the ATM equity offering, and a draw on the Credit Facility of $140 million in connection with the investments and initiatives outlined in this presentation. The transactions described above are subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions. ~$3.2 Billion Total Capitalization(4)
Capital-light Strategies Leverage SMA Platform and Drive Additional Earnings Growth 5 (1) As of August 5, 2026; (2) Not all amounts fall under the AXCS Joint Venture; (3) Third party platform portfolio data as of 6/30/2026, unadjusted for subsequent onboard and offboards following this date; New 3PM properties include six loans subject to bridge investment and three properties managed outside of the Strategic Storage Canada Joint Venture; (4) Market count includes Canadian markets; (5) As of the quarter ended June 30, 2026. The transactions described above are subject to closing conditions or other factors that make closing uncertain. Therefore, there is no guarantee that SmartStop will ultimately close on some or all of these transactions. BRIDGE LENDING CAPITAL DEPLOYMENT MANAGED REIT PLATFORM CAPITAL ACCESS Overview In March 2026, SmartStop formed a real estate credit joint venture with AXCS Capital to originate bridge debt and preferred equity investments in U.S. self-storage AXCS Capital background AXCS, a portfolio company of Conversant Capital LLC, is an institutional commercial real estate finance platform providing investment management, capital advisory, and structured finance solutions ~100 professionals across affiliated companies with vertically integrated capabilities across the capital stack Provides debt and equity placement across property types and has advised on > $100B of transactions CURRENT INVESTMENT & CURRENT YIELD(1) $22.7M 10.7% Total current SMA investment(2) Blended yield THIRD-PARTY PLATFORM (3PM) FEE-BASED SCALE Branded Traditional SmartStop-branded model leveraging full marketing and revenue management playbook, with complete access to SmartStop’s proprietary platform and services Legacy Hybrid model where partners keep their existing brand identity while operating on SmartStop’s website and platforms or integrating enhancements into current systems Private label White-labeled solution preserving the partner brand end-to-end while operating seamlessly on the SmartStop platform and maintaining marketing autonomy 3PM(3) New 3PM Properties Total Number of Properties 217 9 226 Total NRSF ~15.7 million ~ 0.8 million ~ 16.5 million Total Units 99,240 8,570 107,810 States & Provinces / Markets(4) 29 / 64 5 / 6 32 / 68 Strategic rationale Acquire growth-oriented properties that broaden the platform in an accretive structure Generate fees and expense reimbursements Create economies of scale by adding SmartStop locations PRO FORMA INVESTMENT & PRO FORMA YIELD RANGE ~$73M 13% - 15% Pro forma SMA investment Blended yield range Managed REIT Platform(5) Number of Properties 52 Total NRSF 4.6 million Total Units 43,280 AUM at quarter end $1.0 billion Differentiated Access To Capital SST VI, SSGT III, SST X and DSTs provide access to equity capital at NAV, supporting accretive deployment at a relatively low-cost basis
Revised Outlook for 2026 Ranges for 2026 Annual (As of August 5, 2026) Ranges for 2026 Annual (As of September 29, 2026) Metric Low High Low High Same-store growth (as translated in U.S. dollars) Revenue 0.50% 1.50% 0.75% 1.75% Operating expense 0.25% 1.25% 0.00% 1.00% Net operating income(1) 0.65% 1.65% 1.15% 2.15% FFO, as Adjusted(2) FFO, as adjusted per share & OP unit outstanding – diluted $1.98 $2.04 $1.99 $2.05 Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. A reconciliation of net income outlook to same-store net operating income outlook is included in the Appendix of this presentation titled “Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income.” A reconciliation of net income per share outlook to funds from operations, as adjusted per share outlook is provided in the Appendix of this presentation entitled “Reconciliation of the Range of Estimated GAAP Fully Diluted Net Income Per Share and OP Unit to Estimated Fully Diluted FFO, As Adjusted Per Share and OP Unit.” (1) Stores in Canada are operated in Canadian Dollars (CAD), and their financial results are translated to U.S. Dollars (USD) in accordance with GAAP. These stores represent 13 of the Company's 155 stores in the 2026 same-store pool. Constant currency results are calculated by translating current year results at prior year average exchange rates. The average USD/CAD exchange rate for the 12 months ending December 31, 2025 was 0.72x. (2) FFO, as adjusted estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year.
Appendix
Reconciliation: Net Income (Loss) to Net Operating Income: Trailing 6 Quarters Note: During the second quarter of 2026, we removed two properties from our same-store pool in connection with the taking of one property, and the anticipated taking of a second property, by the North Carolina Department of Transportation ("NC DOT"). To provide investors and analysts with a consistent basis for comparison and to facilitate the rebuilding of historical models on our updated same-store pool of 155 properties, we have presented six trailing quarters in this supplement rather than our customary trailing five quarters. All periods presented herein reflect the revised same-store pool. We intend to return to our standard trailing five-quarter presentation beginning with the supplement for the quarter ending September 30, 2026. 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 Net income (loss) $12,075 $10,216 $2,971 $5,548 ($4,799) ($5,456) Adjusted to exclude: Tenant protection program revenues (2,603) (2,582) (2,540) (2,494) (2,410) (2,305) Tenant protection program related expenses 248 266 251 261 110 181 IPO-related equity compensation expense — — — 1,879 1,705 — Managed Platform revenue (6,747) (6,612) (7,176) (3,841) (4,036) (4,113) Managed Platform expenses 3,711 4,338 3,285 2,074 3,250 1,234 General and administrative 9,893 9,140 8,231 10,435 11,695 7,850 Depreciation 16,505 16,575 16,484 16,274 15,374 15,094 Intangible amortization expense 3,245 3,453 3,542 2,904 1,929 1,599 Acquisition expenses 219 80 988 480 359 203 Contingent earnout adjustment 399 644 221 — — — Gain on disposition of real estate (489) (1,237) (284) — — — Interest expense 13,339 13,137 13,321 12,521 12,030 22,022 Net loss on extinguishment of debt — 262 — — 1,745 789 Equity in (earnings) losses of unconsolidated joint venture properties 154 135 (2) 47 119 242 Equity in (earnings) losses of investments in Managed REITs 444 185 (176) 248 157 215 Income tax expense (benefit) 379 331 362 615 318 606 Investment income, net (2,107) (1,970) (1,384) (1,536) (723) (725) Other, net (6,409) (6,069) 3,726 (4,667) 1,416 (454) Net operating income $42,256 $40,292 $41,820 $40,748 $38,239 $36,983 ($ in thousands)
Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 6 Quarters Note: During the second quarter of 2026, we removed two properties from our same-store pool in connection with the taking of one property, and the anticipated taking of a second property, by the North Carolina Department of Transportation ("NC DOT"). To provide investors and analysts with a consistent basis for comparison and to facilitate the rebuilding of historical models on our updated same-store pool of 155 properties, we have presented six trailing quarters in this supplement rather than our customary trailing five quarters. All periods presented herein reflect the revised same-store pool. We intend to return to our standard trailing five-quarter presentation beginning with the supplement for the quarter ending September 30, 2026. (1) Tax related expense consists primarily of adjustments to deferred tax liabilities, state, federal, and Canadian income tax. (2) This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy, as well as specific incremental acquisition-related expenses included in general and administrative in our consolidated statements of operations related to certain third party costs for completed acquisitions. (3) Such amount includes approximately $0.1m, $0.1m, $0.1m, and $0.6m of employer related payroll tax expense related to our IPO Grant for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 Net income (loss) $12,075 $10,216 $2,971 $5,548 ($4,799) ($5,456) Adjustments: Interest expense and net loss on 13,339 13,399 13,321 12,521 13,775 22,811 extinguishment of debt Tax related expense(1) 379 331 540 771 484 768 Depreciation and amortization 19,750 20,028 20,026 19,178 17,303 16,693 Adjustments to reflect EBITDA related to our 1,868 1,625 1,546 1,695 1,634 1,716 unconsolidated entities Acquisition related expenses(2) 233 176 1,470 480 359 203 Equity related compensation expense(3) 3,327 2,801 2,395 6,877 6,741 1,245 Non-cash adjustments 619 267 272 272 262 245 Contingent earnout adjustment 399 644 221 — — — Gain on disposition of real estate (489) (1,237) (284) — — — Straight line rent adjustment — — — 176 — — Foreign currency and interest rate derivative (gains) losses, net (6,705) (5,384) 5,208 (4,729) 1,986 (202) Transactional expenses 100 486 — — 1,797 625 Adjusted EBITDA $44,895 $43,352 $47,686 $42,790 $39,542 $38,648 ($ in thousands)
Reconciliation: Same-Store Net Operating Income to Total Net Operating Income N/M: Not meaningful comparison. (1) RentPOF defined as annualized rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage. Not in thousands. (2) The non same-store wholly-owned pool consisted of 25 properties owned during the quarter ended June 30, 2026. Not all these properties were owned at or during the entirety of the quarter ending June 30, 2025 . As such, the results as measured on a year-over-year basis are not directly comparable. (3) Excludes Tenant Protection Program expenses and IPO related expenses. (4) NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. (5) During the second quarter of 2026, we removed two properties from our same-store pool in connection with the taking of one property, and the anticipated taking of a second property, by the North Carolina Department of Transportation ("NC DOT"). All periods presented herein reflect the revised same-store pool. Net Rent / Occupied Sq. Ft. for the Three Months Ended June 30,(1) Ending Occupancy as of June 30, Revenue for the Three Months Ended June 30, Expenses for the Three Months Ended June 30,(3) NOI for the Three Months Ended June 30,(4) Net Rentable Sq. Ft. # of Stores Owned Operating Store Segment Units 2026 2025 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Same-Store Wholly-Owned(5) 155 12,116,650 105,285 $20.33 $19.96 92.4% 93.0% (0.6)% $55,139 $54,452 1.3% 18,013 $18,643 (3.4)% $37,126 $35,809 3.7% Non Same-Store Wholly-Owned(2) 25 1,987,850 18,315 21.10 NM 87.3% NM 8,095 4,022 NM 2,965 1,592 NM 5,130 2,430 NM Total Wholly-Owned Operating Stores 180 14,104,500 123,600 $20.43 NM 91.7% NM $63,234 $58,474 NM $20,978 $20,235 NM $42,256 $38,239 NM Total Joint Venture Operating Stores 11 973,300 10,070 $19.52 NM 85.9% NM Total All Owned Operating Stores 191 15,077,800 133,670 ($ in thousands)
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2025 and 2024 N/M Not meaningful. (1) Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Among other expenses, property operating expenses excludes Tenant Protection Program related expense and stock compensation expense related to the grant issued in connection with our Underwritten Public Offering. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss). (3) Of the total rentable square feet, parking represented approximately 1,095,000 square feet and 1,040,000 square feet as of December 31, 2025 and 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 970,000 square feet. Amount not in thousands. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation. (5) Determined by dividing the aggregate rental income, net of discounts and concessions and excluding late and administrative fees 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. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. We have excluded the rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Amount not in thousands. (6)Included in the 2025 non same-store data is a self storage facility located in Murfreesboro, Tennessee, consisting of approximately 62,100 square feet that was purchased on February 20, 2025, and sold to SST X on October 30, 2025. ($ in thousands)
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023 N/M: Not meaningful comparison. (1) Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Property operating expenses excludes Tenant Protection Program related expense. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss). (3) Of the total rentable square feet, parking represented approximately 1,017,000 square feet as of December 31, 2024 and 2023, respectively. On a same-store basis, for the same periods, parking represented approximately 954,000 square feet. Amount not in thousands. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. 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. Amount not in thousands. ($ in thousands)
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022 N/M: Not meaningful comparison. (1) Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses. (3) Of the total rentable square feet, parking represented approximately 1,017,000 square feet and 1,016,000 square feet as of December 31, 2023 and 2022, respectively. On a same-store basis, for the same periods, parking represented approximately 949,000 square feet. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. ($ in thousands)
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021 N/M: Not meaningful comparison. (1) Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses. (3) Of the total rentable square feet, parking represented approximately 1,016,000 square feet and 937,000 square feet as of December 31, 2022 and 2021, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 square feet. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. (6) Included in the non same-store data is a self storage facility consisting of approximately 84,000 square feet owned by SST VI OP, which was consolidated for approximately three months in 2021. (6) Included in the non same-store data is a self-storage facility consisting of approximately 84,000 square feet owned by SST VI OP, which was consolidated for approximately three months in 2021. ($ in thousands)
Outlook for Full Year 2026 Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. (1) Stores in Canada are operated in Canadian Dollars (CAD), and their financial results are translated to U.S. Dollars (USD) in accordance with GAAP. These stores represent 13 of the Company's 155 stores in the 2026 same-store pool. Constant currency results are calculated by translating current year results at prior year average exchange rates. The average USD/CAD exchange rate for the 12 months ending December 31, 2025 was 0.72x. (2) FFO, as adjusted estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. (3) A reconciliation of net income outlook to same-store net operating income outlook is included in the Appendix of this presentation under the heading “Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income.” The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations, as adjusted per share and OP unit outstanding outlook is included in the Appendix of this presentation under the heading “Reconciliation of the Range of Estimated GAAP Fully Diluted Net Income Per Share and OP Unit to Estimated Fully Diluted FFO, As Adjusted Per Share and OP Unit.” (4) Consistent with applicable Securities and Exchange Commission (“SEC”) rules, SmartStop does not provide a reconciliation of estimated 2026 Managed REIT Adjusted EBITDA or third-party management adjusted EBITDA to estimated GAAP net income because SmartStop is unable to reasonably predict certain items that are included in these measures.
Reconciliation of the Range of Estimated GAAP Fully Diluted Net Income Per Share and OP Unit to Estimated Fully Diluted FFO, As Adjusted Per Share and OP Unit. Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. (1) Includes the following: Intangible amortization expense – contracts, accretion of fair market value of secured debt, foreign currency, contingent earnout adjustment, interest rate derivative (gains) losses, net, net loss on extinguishment of debt, noncash adjustments and adjustment of deferred tax liabilities.
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. (1) Includes Tenant Protection Program revenue, less expenses. (2) Includes Managed Platform revenues, less expenses. (3)Includes the following: contingent earnout adjustment, net loss on extinguishment of debt, gain on disposition of real estate, state tax expenses, foreign currency fluctuations, and changes in value related to SmartStop’s foreign currency.
