SmartStop Self Storage REIT (SMA) Registration Filing summary

Company overview and business model

• Premier owner and operator of self storage facilities in the U.S. and Canada, with 202 operating stores as of September 30, 2024.

• Internally managed REIT with a technology-enabled, data-driven, and scalable platform focused on high-growth MSAs and CMAs.

• Diversified portfolio with 167 wholly-owned and joint venture properties, and 35 managed properties, totaling 16.1 million net rentable square feet.

• Unique exposure to the Canadian market, especially the Greater Toronto Area, with 33 operating properties and a joint venture with SmartCentres.

• Multi-pronged growth strategy: organic growth via revenue management and expense efficiencies, and external growth via acquisitions, development, and managed REITs.

Financial performance and metrics

• For the nine months ended September 30, 2024: total revenues $176.4M, net loss attributable to common stockholders $(14.7)M.

• For the year ended December 31, 2023: total revenues $233.0M, net loss attributable to common stockholders $(2.7)M.

• Same-store portfolio averaged 8.3% NOI growth over the three years ended September 30, 2024.

• Adjusted EBITDA for the nine months ended September 30, 2024 was $103.7M; FFO, as adjusted, was $35.2M.

• As of September 30, 2024: total assets $1.94B, net debt $1.18B, cash and equivalents $45M.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to redeem all Series A Preferred Stock, pay down existing debt, fund property acquisitions, and for general corporate purposes.

• Focus on maintaining a low leverage profile and ample liquidity to support growth.