SmartStop Self Storage REIT (SMA) Registration Filing summary

Company overview and business model

• Premier owner/operator of self storage facilities in the US and Canada, with 208 stores and 16.7 million net rentable sq. ft. as of Dec 31, 2024.

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

• Only US-listed self storage REIT with an owned portfolio and operating platform in Canada, especially the GTA.

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

• Managed REIT platform generates fees and provides an acquisition pipeline; joint ventures in Canada expand development opportunities.

Financial performance and metrics

• Total revenues for 2024: $237.0M; net loss attributable to common stockholders: $(18.4)M; FFO, as adjusted: $39.6M.

• Same-store NOI growth averaged 6.0% over the three years ended Dec 31, 2024; 2024 same-store revenue growth was 0.4%.

• Gross margin for same-store portfolio: 68.9% in Q4 2024; non-stabilized portfolio: 51.0%.

• As of Dec 31, 2024: $1.8B in real estate facilities (net), $1.3B in debt, $325.7M in equity.

• Cash flow from operations in 2024: $64.0M; net cash used in investing: $(180.9)M; net cash from financing: $94.8M.

Use of proceeds and capital allocation

• Estimated net proceeds of $798M ($918M if overallotment exercised).

• Proceeds to redeem all Series A Preferred Stock (~$204M), pay down $594M in debt, fund acquisitions, and for general corporate purposes.

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