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 208 operating stores as of December 31, 2024.

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

• Only U.S.-listed self storage REIT with an owned portfolio and operating platform in Canada, particularly the Greater Toronto Area (GTA).

• Multi-pronged growth strategy: organic growth via revenue management and expense efficiencies, and external growth through acquisitions, development, and joint ventures.

• Managed REIT platform generates fees and provides an acquisition pipeline.

Financial performance and metrics

• As of December 31, 2024: 208 stores, 16.7 million net rentable sq. ft., 148,275 units, 91.8% ending occupancy for wholly-owned stores.

• 2024 total revenues: $237.0 million; net loss attributable to common stockholders: $(18.4) million; adjusted EBITDA: $140.0 million; FFO, as adjusted: $39.6 million.

• Same-store portfolio (85% of owned sq. ft.) averaged 6.0% NOI growth over three years; 2024 same-store revenue growth: 0.4%; Q4 2024 same-store occupancy: 92.4%.

• Cash provided by operating activities in 2024: $64.0 million; net cash used in investing activities: $(180.9) million; net cash provided by financing activities: $94.8 million.

• Weighted average interest rate on consolidated debt: 5.9%; net debt as of December 31, 2024: $1.32 billion.

Use of proceeds and capital allocation

• Estimated net proceeds of $811 million (or $933 million if overallotment exercised) at $32.00/share midpoint.

• Proceeds to redeem all Series A Preferred Stock (~$204 million), pay down ~$607 million in debt, fund property acquisitions, and for general corporate purposes.

• Intends to maintain a low leverage profile and ample liquidity post-offering.