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Submitted URL: https://u21624817.ct.sendgrid.net/ls/click?upn=u001.2jUW7lVYGIIxTnL-2FgJ67W5HoVVfZnNSIms3QPNE41b0FxNK2yeyTBUbDR-2BRjN0Sv8BPODsPavk...
Effective URL: https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2024/SmartStop-Self-Storage-REIT-Inc.-Repo...
Submission: On May 14 via manual from US — Scanned from DE
Effective URL: https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2024/SmartStop-Self-Storage-REIT-Inc.-Repo...
Submission: On May 14 via manual from US — Scanned from DE
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<span id="_ctrl0_ctl61_spanNewsDetailsTitle">SmartStop Self Storage REIT, Inc. Reports First Quarter 2024 Results</span>
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<span id="_ctrl0_ctl61_spanDate" class="evergreen-news-date-text">May 14, 2024</span> <span id="_ctrl0_ctl61_spanTime" class="evergreen-news-time-text"></span>
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<div class="q4default">
<p><span class="bw-dateline-wrapper">LADERA RANCH, Calif.--(BUSINESS WIRE)-- </span> SmartStop Self Storage REIT, Inc. (“SmartStop” or “the Company”), a self-managed and fully-integrated self storage company, announced its
overall results for the three months ended March 31, 2024. </p>
<p> “On the heels of the strongest 36-month period in the history of the self storage industry and in conjunction with slowing economic growth, our sector’s occupancy, same-store NOI growth and overall results have
continued to normalize,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “However, demand for the self storage sector is dynamic with drivers that function in a multitude of economic
environments, and the self storage customer remains strong across the U.S. and Canada. Improving customer demand and moderating move out trends give us confidence as we enter our peak rental season from a position of
strength, with same-store occupancy at 92.4% at the end of March. We are confident in the ability of the SmartStop platform and team to deliver strong results for our stockholders in 2024 and beyond.” </p>
<p>
<b>
<span class="bwuline">Three Months Ended March 31, 2024 Financial Highlights:</span>
</b>
</p>
<ul class="bwlistdisc">
<li> Net loss attributable to common stockholders was approximately $4.6 million. This represents a decrease in the Company’s earnings of approximately $3.3 million when compared to the same period in 2023. Net loss per
Class A and Class T shares (basic and diluted) was $0.05, an increase in net loss per share of $0.03 as compared to the same period in 2023. </li>
<li> Total self storage-related revenues were approximately $52.7 million, a decrease of approximately $0.8 million when compared to the same period in 2023. </li>
<li> FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $11.1 million, a decrease of approximately $4.5 million when compared to the same period in
2023. </li>
<li> FFO, as adjusted per share and OP unit outstanding – diluted was $0.10, a decrease of $0.04 when compared to the same period in 2023. </li>
<li> Same-store revenues and net operating income (“NOI”) decreased by 1.7% and 4.1%, respectively, compared to the same period in 2023, while same-store expenses increased by 3.5% compared to the same period in 2023.
</li>
<li> Same-store average physical occupancy decreased by 0.4% to 92.5% compared to the same period in 2023. </li>
<li> Same-store annualized rent per occupied square foot was approximately $19.49, a decrease of approximately $0.18 when compared to the same period in 2023. </li>
</ul>
<p>
<b>
<span class="bwuline">External Growth</span>
</b>
</p>
<p> During the quarter, the Company opened an 87,700 square foot, 900 unit storage facility in the Town of Whitby in the Greater Toronto Area of Ontario. The facility was developed in partnership with SmartCentres (TSX:
SRU.UN). This is SmartStop’s 32<sup>nd </sup>owned or managed operating location in the Greater Toronto Area and 34<sup>th </sup>in Canada. </p>
<p> Subsequent to quarter end, the Company announced the acquisition of a self storage property in Colorado Springs, Colorado, its second property in the Colorado Springs market. The property comprises 480 storage units
and approximately 100 RV parking spaces, as well as additional land available for expansion. </p>
<p>
<b>
<span class="bwuline">Capital Market Activities</span>
</b>
</p>
<p> In February, the Company entered into an amended and restated multi-currency revolving credit facility (the “2024 Credit Facility”) of up to $650 million with a syndicate of banks led by KeyBank National Association,
Bank of Montreal, JPMorgan Chase Bank, N.A., M&T Bank, Truist Bank and Wells Fargo Bank, N.A. The 2024 Credit Facility replaced the Company’s Credit Facility that it entered into in March of 2021, and the Company
immediately drew down an aggregate amount of $576 million, which was used primarily to pay off the amounts outstanding under the Credit Facility. The 2024 Credit Facility has an accordion feature permitting expansion of
the 2024 Credit Facility up to a total capacity of $1.5 billion, subject to certain conditions. The 2024 Credit Facility has a three-year term with a maturity date of February 22, 2027 and a one-year extension option.
Borrowings under the 2024 Credit Facility may be in either U.S. dollars or Canadian dollars at SmartStop’s election. Initial advances under the 2024 Credit Facility bear interest at a pricing grid consistent with the
previous revolving credit facility. The 2024 Credit Facility is secured by a pledge of equity interests in certain of SmartStop’s property owning subsidiaries. SmartStop can elect to release the pledges upon the
achievement of certain financial conditions, making the 2024 Credit Facility fully unsecured and resulting in a reduction in the applicable credit spread, among other changes. </p>
<p> In March, the Company entered into a term loan (the "2027 NBC Loan") with National Bank of Canada (“NBC”) as administrative agent, and certain other lenders. The 2027 NBC Loan has aggregate borrowings of $75 million
CAD and is secured by five Canadian properties, four of which were previously included in the borrowing base of the 2024 Credit Facility. The net proceeds from the 2027 NBC Loan were used to pay down the 2024 Credit
Facility by approximately $55.1 million USD. The 2027 NBC Loan has a maturity date of March 7, 2027, and carries a floating interest rate that has been fixed using an interest rate swap to a rate of 6.42%. </p>
<p>
<b>
<span class="bwuline">Managed REIT Platform Update</span>
</b>
</p>
<p> SmartStop, through an indirect subsidiary, serves as the sponsor of Strategic Storage Growth Trust III, Inc. (“SSGT III”) and Strategic Storage Trust VI, Inc. (“SST VI” and together with SSGT III, the “Managed REITs”).
SmartStop receives asset management fees, property management fees, acquisition fees, and other fees and also receives substantially all of the tenant protection program revenue earned by the Managed REITs, which had a
combined portfolio of 31 operating properties and approximately 24,500 units and 2.7 million rentable square feet at quarter end. Assets under management for the Managed REITs was $730.2 million at quarter end. SmartStop
also manages one additional property, not owned by the Managed REITs. </p>
<p> Additionally, SmartStop has made investments in the Managed REITs in the form of mezzanine loans, notes, subordinated limited partnership interests, and preferred limited partnership interests in the operating
partnerships of the respective Managed REITs. </p>
<p>
<b>
<span class="bwuline">Declared Distributions</span>
</b>
</p>
<p> On March 28, 2024, our board of directors declared a distribution rate for the month of April 2024 of approximately $0.0492 per share on the outstanding shares of common stock payable to Class A and Class T
stockholders of record of such shares as shown on our books at the close of business on April 30, 2024. Such distributions payable to each stockholder of record will be paid the following month. </p>
<p> On April 19, 2024, our board of directors declared a distribution rate for the month of May 2024 of approximately $0.0508 per share on the outstanding shares of common stock payable to Class A and Class T stockholders
of record of such shares as shown on our books at the close of business on May 31, 2024. Such distributions payable to each stockholder of record will be paid the following month. </p>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>CONSOLIDATED BALANCE SHEETS</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth74" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="3" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="3" rowspan="1"> </td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="3" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>March 31,
<br><br>2024
<br><br>(Unaudited)</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="3" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>December 31,
<br><br>2023</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>ASSETS</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Real estate facilities: </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl4 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Land </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 429,987,849 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 430,868,563 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl4 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Buildings </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,398,893,933 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,401,981,394 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl4 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Site improvements </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 91,775,505 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 91,896,415 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,920,657,287 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,924,746,372 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl4 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Accumulated depreciation </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (268,458,218 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (255,844,284 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,652,199,069 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,668,902,088 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl4 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Construction in process </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,338,093 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 5,976,946 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl7 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Real estate facilities, net </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,660,537,162 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,674,879,034 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Cash and cash equivalents </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 39,157,898 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 45,079,371 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Restricted cash </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 6,913,534 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,347,805 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Investments in unconsolidated real estate ventures </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 36,155,596 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 35,831,600 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Investments in and advances to Managed REITs </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 36,070,661 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 34,390,866 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Deferred tax assets </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 4,539,378 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 4,449,665 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Other assets, net </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 23,656,576 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 21,701,107 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Intangible assets, net of accumulated amortization </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,108,769 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,170,100 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Trademarks, net of accumulated amortization </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 15,735,294 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 15,770,588 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Goodwill </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 53,643,331 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 53,643,331 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Debt issuance costs, net of accumulated amortization </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,878,424 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 377,258 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total assets</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>1,886,396,623</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>1,895,640,725</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>LIABILITIES, TEMPORARY EQUITY, AND EQUITY</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Debt, net </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,093,200,523 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,087,401,334 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Accounts payable and accrued liabilities </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 38,256,292 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 28,977,714 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Due to affiliates </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 415,980 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 415,980 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Distributions payable </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,881,526 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 9,155,808 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Deferred tax liabilities </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 6,106,530 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 6,193,675 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total liabilities</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>1,146,860,851</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>1,132,144,511</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Commitments and contingencies </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Redeemable common stock </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 68,311,548 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 71,277,195 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Preferred stock, $0.001 par value; 200,000,000 shares authorized: </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Series A Convertible Preferred Stock, $0.001 par value; 200,000 shares authorized; 200,000 and 200,000 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively,
with aggregate liquidation preferences of $203,107,924 and $203,150,685 at March 31, 2024 and December 31, 2023, respectively </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 196,356,107 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 196,356,107 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Equity: </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> SmartStop Self Storage REIT, Inc.: </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Class A common stock, $0.001 par value; 350,000,000 shares authorized; 88,869,543 and 88,761,135 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 88,870 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 88,762 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Class T common stock, $0.001 par value; 350,000,000 shares authorized; 8,127,815 and 8,113,827 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,128 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,114 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Additional paid-in capital </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 894,796,414 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 894,856,554 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Distributions </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (338,633,835 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (324,190,556 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Accumulated deficit </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (171,918,215 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (167,270,293 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Accumulated other comprehensive income </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 432,640 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 847,183 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Total SmartStop Self Storage REIT, Inc. equity </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 384,774,002 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 404,339,764 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Noncontrolling interests in our Operating Partnership </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 90,068,769 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 91,488,207 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Other noncontrolling interests </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 25,346 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 34,941 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Total noncontrolling interests </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 90,094,115 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 91,523,148 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total equity</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>474,868,117</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>495,862,912</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total liabilities, temporary equity and equity</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>1,886,396,623</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>1,895,640,725</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>(UNAUDITED)</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth74" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="7" rowspan="1"> </td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="7" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>Three Months Ended
<br><br>March 31,</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Revenues:</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Self storage rental revenue </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 50,469,142 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 51,276,898 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Ancillary operating revenue </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 2,192,633 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 2,190,622 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Managed REIT Platform revenue </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 2,734,207 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 2,276,535 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Reimbursable costs from Managed REITs </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,646,075 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,391,210 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl8 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total revenues</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 57,042,057 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 57,135,265 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwwidth74 bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Operating expenses:</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Property operating expenses </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 17,389,955 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 16,533,452 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Managed REIT Platform expenses </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 851,187 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 549,936 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Reimbursable costs from Managed REITs </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,646,075 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,391,210 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> General and administrative </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 7,426,164 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 6,536,626 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Depreciation </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,584,398 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,272,271 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Intangible amortization expense </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 73,065 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,919,705 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl3 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Acquisition expenses </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 70,876 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 31,190 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl8 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total operating expenses</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 41,041,720 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 40,234,390 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Income from operations</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 16,000,337 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 16,900,875 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Other income (expense):</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Equity in earnings (losses) from investments in JV Properties </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (329,092 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (405,111 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Equity in earnings (losses) from investments in Managed REITs </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (451,562 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (233,025 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Other, net </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 507,515 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 750,978 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Interest expense </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (16,553,242 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (14,703,897 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Loss on debt extinguishment </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (471,166 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Income tax expense </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (342,303 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (277,220 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Net income (loss)</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,639,513 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 2,032,600 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Net (income) loss attributable to noncontrolling interests</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 99,515 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (340,365 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwwidth74 bwpadl3" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Less: Distributions to preferred stockholders</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (3,107,924 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (3,082,192 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (4,647,922 </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,389,957 </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net loss per Class A & Class T share – basic and diluted </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (0.05 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (0.02 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Weighted average Class A shares outstanding – basic and diluted </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 88,714,643 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 88,735,173 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Weighted average Class T shares outstanding – basic and diluted </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,117,260 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 8,085,550 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE –</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="9" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth74" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="7" rowspan="1"> </td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="7" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>Three Months Ended
<br><br>March 31
<br><br>(Unaudited)</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net loss (attributable to common stockholders) </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (4,647,922 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,389,957 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Add: </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Depreciation of real estate </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,309,061 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,056,494 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Amortization of real estate related intangible assets </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,846,709 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Depreciation and amortization of real estate and intangible assets from unconsolidated entities </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 538,307 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 502,157 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Deduct: </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment for noncontrolling interests in our Operating Partnership <sup>(1)</sup>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,652,942 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,788,059 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO (attributable to common stockholders)</b>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>7,546,504</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>12,227,344</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Other Adjustments: </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Intangible amortization expense - contracts <sup>(2)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 73,065 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 72,996 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Acquisition expenses <sup>(3)</sup>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 70,876 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 31,190 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 79,166 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 52,501 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Accretion of fair market value of secured debt </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 3,230 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 3,230 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Foreign currency and interest rate derivative (gains) losses, net <sup>(4)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (111,067 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 384,747 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Offering related expenses <sup>(5)</sup>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 326,665 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment of deferred tax assets and liabilities <sup>(2)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 217,882 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 120,287 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Sponsor funding reduction <sup>(6)</sup>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 180,846 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Amortization of debt issuance costs <sup>(2)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 801,883 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 710,351 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net loss on extinguishment of debt <sup>(7)</sup>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 471,166 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl5 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment for noncontrolling interests in our Operating Partnership <sup>(1)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (252,758 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (159,592 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO, as adjusted (attributable to common stockholders) <sup>(8)</sup>
</b>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>9,407,458</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>13,443,054</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> FFO (attributable to common stockholders) </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 7,546,504 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 12,227,344 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net income (loss) attributable to the noncontrolling interests in our Operating Partnership </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (208,869 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 232,943 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment for noncontrolling interests <br><br>in our Operating Partnership<sup>(1)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,652,942 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,788,059 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO (attributable to common stockholders and OP unit holders)</b>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>8,990,577</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>14,248,346</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> FFO, as adjusted (attributable to common stockholders) </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 9,407,458 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,443,054 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net income (loss) attributable to the noncontrolling interests in our Operating Partnership </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (208,869 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 232,943 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment for noncontrolling interests in our Operating Partnership<sup>(1)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,905,700 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,947,651 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth74" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO, as adjusted (attributable to common stockholders and OP unit holders) <sup>(8)</sup>
</b>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>11,104,289</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>15,623,648</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(1)</sup> This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests in our Operating Partnership.
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(2) </sup>These items represent the amortization, accretion, or adjustment of intangible assets, debt issuance costs, or deferred tax assets and liabilities.
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(3)</sup> This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our
capitalization policy.
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(4)</sup> This represents the mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in
earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term.
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(5) </sup>Such costs relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock. As this item is non-recurring and not a primary driver in our
decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(6)</sup> Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin"> receives Series C Units in Strategic Storage Operating Partnership VI, L.P. The excess of the funding over the value of the Series C Units received is accounted for as a reduction of
Managed REIT Platform revenues from SST VI over the remaining estimated term of the management contracts with SST VI. See Note 2 – Summary of Significant Accounting Policies to the Consolidated Financial
Statements of SmartStop's form 10-Q for the three months ended March 31, 2024. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating
performance metric. </p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(7)</sup> The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred.
</p>
</td>
</tr>
<tr>
<td class="bwwidth5" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0 bwwidth95" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<sup>(8) </sup>Our calculation of FFO, as adjusted was modified in the period ended March 31, 2024, to add back the amortization of debt issuance costs. Accordingly, the prior period has been presented here based
on the current calculation, which differs from what was previously reported for such period. This modification was made to reflect what management believes is a more appropriate calculation in light of recently
completed debt refinancing.
</p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwpadl0 bwalignc" colspan="8" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="8" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED ATTRIBUTABLE TO COMMON STOCKHOLDERS AND OP UNITS OUTSTANDING – DILUTED</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0" colspan="8" rowspan="1"> </td>
</tr>
<tr>
<td class="bwpadl0" colspan="8" rowspan="1">
<p class="bwcellpmargin"> The following is a reconciliation of FFO and FFO, as adjusted (attributable to common stockholders), to FFO and FFO, as adjusted (attributable to common stockholders and OP Unit holders),
for each of the periods presented below: </p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth75" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="6" rowspan="1"> </td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="6" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>Three Months Ended
<br><br>March 31
<br><br>(Unaudited)</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO (attributable to common stockholders and OP unit holders) Calculation:</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="2" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> FFO (attributable to common stockholders) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 7,546,504 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 12,227,344 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net income (loss) attributable to the noncontrolling interests in our Operating Partnership </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (208,869 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 232,943 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment for noncontrolling interests in our Operating Partnership <sup>(1)</sup>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,652,942 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,788,059 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO (attributable to common stockholders and OP unit holders)</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>8,990,577</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>14,248,346</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> FFO, as adjusted (attributable to common stockholders and OP unit holders) Calculation: </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="3" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="2" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> FFO, as adjusted (attributable to common stockholders) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 9,407,458 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,443,054 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net income (loss) attributable to the noncontrolling interests in our Operating Partnership </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (208,869 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 232,943 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjustment for noncontrolling interests in our Operating Partnership <sup>(1)</sup>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,905,700 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,947,651 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO, as adjusted (attributable to common stockholders and OP unit holders) <sup>(3)</sup>
</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>11,104,289</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>15,623,648</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Weighted average Class A & T shares outstanding – basic </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 96,831,903 </p>
</td>
<td class="bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 96,820,723 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Weighted average OP units outstanding </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwpadl0 bwpadr0 bwvertalignb bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,127,843 </p>
</td>
<td class="bwpadl0 bwpadr0 bwvertalignb bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwpadl0 bwpadr0 bwvertalignb bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 12,773,507 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Weighted average other dilutive securities </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 337,948 </p>
</td>
<td class="bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 414,660 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Weighted average shares & OP units outstanding – diluted<sup>(2)</sup>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwpadl0 bwpadr0 bwvertalignb bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 110,297,694 </p>
</td>
<td class="bwpadl0 bwpadr0 bwvertalignb bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwpadl0 bwpadr0 bwvertalignb bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 110,008,890 </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth75" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>FFO, as adjusted per share & OP unit outstanding – diluted</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>0.10</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>$</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<b>0.14</b>
</p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl">
<tbody>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(1)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests. </p>
</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(2)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect on FFO and FFO, as adjusted of both unvested restricted stock and long term incentive plan units
(both time-based units and performance based-units), and is calculated using the two-class, treasury stock or if-converted method, as applicable. The outstanding convertible preferred stock was excluded as the
conversion of such shares was antidilutive to FFO and FFO, as adjusted. </p>
</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(3)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Our calculation of FFO, as adjusted was modified in the period ended March 31, 2024, to add back the amortization of debt issuance costs. Accordingly, the prior period has been presented
here based on the current calculation, which differs from what was previously reported for such period. This modification was made to reflect what management believes is a more appropriate calculation in light of
recently completed debt refinancing. </p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwpadl0 bwalignc" colspan="35" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="35" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>COMPUTATION OF SAME-STORE OPERATING RESULTS</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwalignc" colspan="35" rowspan="1">
<p class="bwcellpmargin bwalignc"> (Unaudited) </p>
</td>
</tr>
<tr>
<td class="bwpadl0" colspan="35" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth21" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="10" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="9" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="10" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"> </td>
</tr>
<tr>
<td class="bwpadl0" colspan="35" rowspan="1">
<p class="bwcellpmargin">
<b>
<i>Same-Store Facility Results - three months ended March 31, 2024 and 2023</i>
</b>
</p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth21" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="10" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="9" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="10" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"> </td>
</tr>
<tr>
<td class="bwpadl0" colspan="35" rowspan="1">
<p class="bwcellpmargin"> The following table sets forth operating data for SmartStop’s same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations
since January 1, 2023, excluding four other properties) for the three months ended March 31, 2024 and 2023. SmartStop considers the following data to be meaningful as this allows for the comparison of results
without the effects of acquisition, lease up, or development activity. </p>
</td>
</tr>
<tr>
<td class="bwpadl0 bwwidth21" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="10" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"></td>
<td class="bwpadl0 bwwidth1" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="9" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"></td>
<td class="bwpadl0" colspan="10" rowspan="1"></td>
<td class="bwpadl0 bwwidth2" colspan="1" rowspan="1"> </td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="10" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>Same-Store Facilities</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="9" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>Non Same-Store Facilities</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="10" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>Total</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwalignc" colspan="2" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>%
<br><br>Change</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>%
<br><br>Change</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="2" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>%
<br><br>Change</b>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwrowaltcolor0 bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Revenue <sup>(1)</sup>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 49,456,951 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 50,302,951 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1.7 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,260,115 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,235,064 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignc"> N/M </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 50,717,066 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 51,538,015 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1.6 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Property operating <br><br>expenses <sup>(2)</sup>
</p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 16,419,540 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 15,866,265 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 3.5 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> % </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 870,415 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 609,062 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignc"> N/M </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 17,289,955 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 16,475,327 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 4.9 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> % </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Net operating income </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 33,037,411 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 34,436,686 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (4.1 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 389,700 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 626,002 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignc"> N/M </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 33,427,111 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 35,062,688 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (4.7 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Number of facilities </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 149 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 149 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 5 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 4 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 154 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 153 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Rentable square feet <sup>(3)</sup>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 11,457,035 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 11,440,030 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 432,800 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 354,700 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 11,889,835 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 11,794,730 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Average physical occupancy <sup>(4)</sup>
</p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 92.5 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> % </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 92.9 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> % </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (0.4 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> N/M </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> N/M </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignc"> N/M </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 91.9 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> % </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 92.6 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> % </p>
</td>
<td class="bwvertalignt bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (0.8 </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth21" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Annualized rent per occupied square foot <sup>(5)</sup>
</p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 19.49 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 19.67 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (0.9 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> N/M </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0" colspan="2" rowspan="1">
<p class="bwalignr bwcellpmargin"> N/M </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3 bwalignc" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignc"> N/M </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 19.39 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth6" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 19.64 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth3" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1.2 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignl bwcellpmargin"> )% </p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl">
<tbody>
<tr>
<td colspan="3" rowspan="1">N/M Not meaningful</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(1)</sup>
</p>
</td>
<td class="bwpadr0 bwvertalignb" colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. </p>
</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(2)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, Tenant Protection Program related expense, and
acquisition expenses. </p>
</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(3)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Of the total rentable square feet, parking represented approximately 1,017,000 square feet as of March 31, 2024 and 2023. On a same-store basis, for the same periods, parking represented
approximately 989,000 square feet. </p>
</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(4)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> 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. </p>
</td>
</tr>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(5)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> 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. </p>
</td>
</tr>
</tbody>
</table>
<p> SmartStop's same-store revenue decreased by approximately $0.8 million, or approximately 1.7%, for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 due to lower annualized rent
per occupied square foot of approximately 0.9%, as well as an approximately 0.4% decrease in average occupancy. The increase in property operating expenses is primarily attributable to compensation related expenses,
property insurance, and repairs and maintenance. </p>
<p> The following table presents a reconciliation of net income as presented on SmartStop’s consolidated statements of operations to net operating income, as stated above, for the periods indicated: </p>
<table cellspacing="0" class="bwtablemarginb bwblockalignl bwwidth100">
<tbody>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0" colspan="7" rowspan="1">
<p class="bwalignc bwcellpmargin">
<b>For the Three Months Ended
<br><br>March 31,</b>
</p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl0 bwwidth68" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2024</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwalignc bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc" colspan="2" rowspan="1">
<p class="bwcellpmargin bwalignc">
<b>2023</b>
</p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Net income (loss)</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,639,513 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 2,032,600 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwpadl0 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Adjusted to exclude: </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0" colspan="3" rowspan="1">
<p class="bwalignr bwcellpmargin"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Tenant Protection Program revenue<sup>(1)</sup>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,944,709 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (1,929,505 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Tenant Protection Program related expense </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 100,000 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 58,125 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Managed REIT Platform revenue </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (2,734,207 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (2,276,535 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Managed REIT Platform expenses </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 851,187 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 549,936 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> General and administrative </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 7,426,164 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 6,536,626 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Depreciation </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,584,398 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 13,272,271 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Intangible amortization expense </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 73,065 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 1,919,705 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Acquisition expenses </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 70,876 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 31,190 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Interest expense </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 16,553,242 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 14,703,897 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Other, net </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (507,515 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> (750,978 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> ) </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Earnings from our equity method investments in the JV Properties </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 329,092 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 405,111 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Earnings from our equity method investments in Managed REITs </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 451,562 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 233,025 </p>
</td>
<td class="bwvertalignb bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Loss on debt extinguishment </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 471,166 </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> — </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignb bwpadl3 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Income Tax </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 342,303 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 277,220 </p>
</td>
<td class="bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
<tr>
<td class="bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth68" colspan="1" rowspan="1">
<p class="bwcellpmargin">
<b>Total net operating income</b>
</p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 33,427,111 </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
<td class="bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin"> $ </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin"> 35,062,688 </p>
</td>
<td class="bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth2" colspan="1" rowspan="1">
<p class="bwcellpmargin bwalignl"> </p>
</td>
</tr>
</tbody>
</table>
<table cellspacing="0" class="bwtablemarginb bwblockalignl">
<tbody>
<tr>
<td class="bwpadr0 bwvertalignt" colspan="1" rowspan="1">
<p class="bwalignr bwcellpmargin">
<sup>(1)</sup>
</p>
</td>
<td colspan="1" rowspan="1"></td>
<td class="bwvertalignt bwpadl0" colspan="1" rowspan="1">
<p class="bwcellpmargin"> Included within ancillary operating revenue within our consolidated statements of operations, approximately $1.9 million and $1.9 million of Tenant Protection Program revenue was earned at
same store facilities during the three months ended March 31, 2024 and 2023, respectively, with the remaining approximately $0.1 million and $0.1 million earned at non same-store facilities during the three
months ended March 31, 2024 and 2023, respectively. </p>
</td>
</tr>
</tbody>
</table>
<p class="bwalignc">
<b>ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted</b>
</p>
<p>
<b>
<span class="bwuline">Net Operating Income (“NOI”)</span>
</b>
</p>
<p> NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties, excluding tenant protection plan revenue, before corporate general and administrative
expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SmartStop believes that NOI is useful for investors as it provides a measure of
the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI is a widely accepted
measure of comparative operating performance in the real estate community. However, SmartStop’s use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies
for computing this amount. </p>
<p>
<b>
<span class="bwuline">Funds from Operations (“FFO”) and FFO, as Adjusted</span>
</b>
</p>
<p>
<i>Funds from Operations</i>
</p>
<p> Funds from operations ("FFO"), is a non-GAAP financial metric promulgated by NAREIT that SmartStop believes is an appropriate supplemental measure to reflect operating performance. SmartStop defines FFO consistent with
the standards established by the white paper on FFO approved by the board of governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or
losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and
losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. SmartStop’s FFO calculation
complies with NAREIT’s policy described above. </p>
<p>
<i>FFO, as Adjusted</i>
</p>
<p> 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. </p>
<p> 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 foreign exchange and interest rate derivatives not designated for hedge
accounting, 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. </p>
<p> Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs. However, not all REITs calculate FFO and FFO, as adjusted,
the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an
alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations as an indication of SmartStop’s liquidity or indicative of funds available to fund their cash needs
including their ability to make distributions to their stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance. </p>
<p> Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments that SmartStop uses to calculate FFO or FFO, as adjusted. In the future, the SEC, NAREIT or another
regulatory body may decide to standardize the allowable adjustments across the publicly registered, non-traded REIT industry and SmartStop would have to adjust its calculation and characterization of FFO or FFO, as
adjusted. </p>
<p> This press release, our Form 10-Q for the three months ended March 31, 2024, a financial supplement, and additional information about SmartStop are available on our website,
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fsmartstop2021ir.q4web.com%2Foverview%2Fdefault.aspx&esheet=53987511&newsitemid=20240513290626&lan=en-US&anchor=investors.smartstopselfstorage.com&index=1&md5=e766f9fd56d0ff06d199fe22f3d66d42" rel="nofollow" shape="rect">investors.smartstopselfstorage.com</a>.
</p>
<p>
<b>About SmartStop Self Storage REIT, Inc. (“SmartStop”):</b>
</p>
<p> SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand.
SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of May 14, 2024, SmartStop has an owned or managed portfolio of 196 operating properties in 22 states
and Canada, comprising approximately 138,000 units and 15.6 million rentable square feet. SmartStop and its affiliates own or manage 34 operating self-storage properties in Canada, which total approximately 29,800 units
and 3.1 million rentable square feet. </p>
<p>
<b>Forward-Looking Statements</b>
</p>
<p> Certain of the matters discussed in this earnings release, other than historical facts, constitute
forward-<i>looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including, without limitation, the following: (i) disruptions in the economy, including debt and banking markets and foreign currency changes; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) whether we will be successful in the pursuit of our business plan; (iv) whether we will succeed in our investment objectives; (v) changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; (vii) difficulties in our ability to attract and retain qualified personnel and management; or (viii) the effect of competition at our self storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline.</i>
</p>
<p>
<i>Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop’s views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop’s views as of any date subsequent to the date hereof.</i>
</p>
<p>
<i>Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop’s filings with the SEC, including SmartStop’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which factors are incorporated herein by reference, all of which are filed with the SEC and available at </i>
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=53987511&newsitemid=20240513290626&lan=en-US&anchor=www.sec.gov&index=2&md5=65f5e2816592cbabb99f16c8ba2ccbc8" rel="nofollow" shape="rect">
<i>www.sec.gov</i>
</a>
<i>. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.</i>
</p>
<p>
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20240513290626r1&sid=q4-prod&distro=nx&lang=en" style="width:0;height:0">
<span class="bwct31415"></span>
</p>
<div class="bw-contact-info-wrapper">
<p>
<b>David Corak
</b>
<br><br>VP of Corporate Finance <br><br>SmartStop Self Storage REIT, Inc. <br><br>investors.smartstopselfstorage.com <br><br>
<a href="mailto:ir@smartstop.com" rel="nofollow" shape="rect">ir@smartstop.com</a>
</p>
</div> <span class="bw-source-text-wrapper">Source: SmartStop Self Storage REIT, Inc.</span>
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<div class="module_container module_container--inner"> © <span class="copyright_year">2024</span> SmartStop Self Storage - All rights reserved </div>
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<span id="_ctrl0_ctl49_lblWebsiteRecording" class="module-q4-credits_powered-text">Powered By Q4 Inc.</span>
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Text Content
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REPORTS FIRST QUARTER 2024 RESULTS May 14, 2024 Download (opens in new window) LADERA RANCH, Calif.--(BUSINESS WIRE)-- SmartStop Self Storage REIT, Inc. (“SmartStop” or “the Company”), a self-managed and fully-integrated self storage company, announced its overall results for the three months ended March 31, 2024. “On the heels of the strongest 36-month period in the history of the self storage industry and in conjunction with slowing economic growth, our sector’s occupancy, same-store NOI growth and overall results have continued to normalize,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “However, demand for the self storage sector is dynamic with drivers that function in a multitude of economic environments, and the self storage customer remains strong across the U.S. and Canada. Improving customer demand and moderating move out trends give us confidence as we enter our peak rental season from a position of strength, with same-store occupancy at 92.4% at the end of March. We are confident in the ability of the SmartStop platform and team to deliver strong results for our stockholders in 2024 and beyond.” Three Months Ended March 31, 2024 Financial Highlights: * Net loss attributable to common stockholders was approximately $4.6 million. This represents a decrease in the Company’s earnings of approximately $3.3 million when compared to the same period in 2023. Net loss per Class A and Class T shares (basic and diluted) was $0.05, an increase in net loss per share of $0.03 as compared to the same period in 2023. * Total self storage-related revenues were approximately $52.7 million, a decrease of approximately $0.8 million when compared to the same period in 2023. * FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $11.1 million, a decrease of approximately $4.5 million when compared to the same period in 2023. * FFO, as adjusted per share and OP unit outstanding – diluted was $0.10, a decrease of $0.04 when compared to the same period in 2023. * Same-store revenues and net operating income (“NOI”) decreased by 1.7% and 4.1%, respectively, compared to the same period in 2023, while same-store expenses increased by 3.5% compared to the same period in 2023. * Same-store average physical occupancy decreased by 0.4% to 92.5% compared to the same period in 2023. * Same-store annualized rent per occupied square foot was approximately $19.49, a decrease of approximately $0.18 when compared to the same period in 2023. External Growth During the quarter, the Company opened an 87,700 square foot, 900 unit storage facility in the Town of Whitby in the Greater Toronto Area of Ontario. The facility was developed in partnership with SmartCentres (TSX: SRU.UN). This is SmartStop’s 32nd owned or managed operating location in the Greater Toronto Area and 34th in Canada. Subsequent to quarter end, the Company announced the acquisition of a self storage property in Colorado Springs, Colorado, its second property in the Colorado Springs market. The property comprises 480 storage units and approximately 100 RV parking spaces, as well as additional land available for expansion. Capital Market Activities In February, the Company entered into an amended and restated multi-currency revolving credit facility (the “2024 Credit Facility”) of up to $650 million with a syndicate of banks led by KeyBank National Association, Bank of Montreal, JPMorgan Chase Bank, N.A., M&T Bank, Truist Bank and Wells Fargo Bank, N.A. The 2024 Credit Facility replaced the Company’s Credit Facility that it entered into in March of 2021, and the Company immediately drew down an aggregate amount of $576 million, which was used primarily to pay off the amounts outstanding under the Credit Facility. The 2024 Credit Facility has an accordion feature permitting expansion of the 2024 Credit Facility up to a total capacity of $1.5 billion, subject to certain conditions. The 2024 Credit Facility has a three-year term with a maturity date of February 22, 2027 and a one-year extension option. Borrowings under the 2024 Credit Facility may be in either U.S. dollars or Canadian dollars at SmartStop’s election. Initial advances under the 2024 Credit Facility bear interest at a pricing grid consistent with the previous revolving credit facility. The 2024 Credit Facility is secured by a pledge of equity interests in certain of SmartStop’s property owning subsidiaries. SmartStop can elect to release the pledges upon the achievement of certain financial conditions, making the 2024 Credit Facility fully unsecured and resulting in a reduction in the applicable credit spread, among other changes. In March, the Company entered into a term loan (the "2027 NBC Loan") with National Bank of Canada (“NBC”) as administrative agent, and certain other lenders. The 2027 NBC Loan has aggregate borrowings of $75 million CAD and is secured by five Canadian properties, four of which were previously included in the borrowing base of the 2024 Credit Facility. The net proceeds from the 2027 NBC Loan were used to pay down the 2024 Credit Facility by approximately $55.1 million USD. The 2027 NBC Loan has a maturity date of March 7, 2027, and carries a floating interest rate that has been fixed using an interest rate swap to a rate of 6.42%. Managed REIT Platform Update SmartStop, through an indirect subsidiary, serves as the sponsor of Strategic Storage Growth Trust III, Inc. (“SSGT III”) and Strategic Storage Trust VI, Inc. (“SST VI” and together with SSGT III, the “Managed REITs”). SmartStop receives asset management fees, property management fees, acquisition fees, and other fees and also receives substantially all of the tenant protection program revenue earned by the Managed REITs, which had a combined portfolio of 31 operating properties and approximately 24,500 units and 2.7 million rentable square feet at quarter end. Assets under management for the Managed REITs was $730.2 million at quarter end. SmartStop also manages one additional property, not owned by the Managed REITs. Additionally, SmartStop has made investments in the Managed REITs in the form of mezzanine loans, notes, subordinated limited partnership interests, and preferred limited partnership interests in the operating partnerships of the respective Managed REITs. Declared Distributions On March 28, 2024, our board of directors declared a distribution rate for the month of April 2024 of approximately $0.0492 per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on April 30, 2024. Such distributions payable to each stockholder of record will be paid the following month. On April 19, 2024, our board of directors declared a distribution rate for the month of May 2024 of approximately $0.0508 per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on May 31, 2024. Such distributions payable to each stockholder of record will be paid the following month. SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS Real estate facilities: Land $ 429,987,849 $ 430,868,563 Buildings 1,398,893,933 1,401,981,394 Site improvements 91,775,505 91,896,415 1,920,657,287 1,924,746,372 Accumulated depreciation (268,458,218 ) (255,844,284 ) 1,652,199,069 1,668,902,088 Construction in process 8,338,093 5,976,946 Real estate facilities, net 1,660,537,162 1,674,879,034 Cash and cash equivalents 39,157,898 45,079,371 Restricted cash 6,913,534 8,347,805 Investments in unconsolidated real estate ventures 36,155,596 35,831,600 Investments in and advances to Managed REITs 36,070,661 34,390,866 Deferred tax assets 4,539,378 4,449,665 Other assets, net 23,656,576 21,701,107 Intangible assets, net of accumulated amortization 1,108,769 1,170,100 Trademarks, net of accumulated amortization 15,735,294 15,770,588 Goodwill 53,643,331 53,643,331 Debt issuance costs, net of accumulated amortization 8,878,424 377,258 Total assets $ 1,886,396,623 $ 1,895,640,725 LIABILITIES, TEMPORARY EQUITY, AND EQUITY Debt, net $ 1,093,200,523 $ 1,087,401,334 Accounts payable and accrued liabilities 38,256,292 28,977,714 Due to affiliates 415,980 415,980 Distributions payable 8,881,526 9,155,808 Deferred tax liabilities 6,106,530 6,193,675 Total liabilities 1,146,860,851 1,132,144,511 Commitments and contingencies Redeemable common stock 68,311,548 71,277,195 Preferred stock, $0.001 par value; 200,000,000 shares authorized: Series A Convertible Preferred Stock, $0.001 par value; 200,000 shares authorized; 200,000 and 200,000 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively, with aggregate liquidation preferences of $203,107,924 and $203,150,685 at March 31, 2024 and December 31, 2023, respectively 196,356,107 196,356,107 Equity: SmartStop Self Storage REIT, Inc.: Class A common stock, $0.001 par value; 350,000,000 shares authorized; 88,869,543 and 88,761,135 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 88,870 88,762 Class T common stock, $0.001 par value; 350,000,000 shares authorized; 8,127,815 and 8,113,827 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 8,128 8,114 Additional paid-in capital 894,796,414 894,856,554 Distributions (338,633,835 ) (324,190,556 ) Accumulated deficit (171,918,215 ) (167,270,293 ) Accumulated other comprehensive income 432,640 847,183 Total SmartStop Self Storage REIT, Inc. equity 384,774,002 404,339,764 Noncontrolling interests in our Operating Partnership 90,068,769 91,488,207 Other noncontrolling interests 25,346 34,941 Total noncontrolling interests 90,094,115 91,523,148 Total equity 474,868,117 495,862,912 Total liabilities, temporary equity and equity $ 1,886,396,623 $ 1,895,640,725 SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2024 2023 Revenues: Self storage rental revenue $ 50,469,142 $ 51,276,898 Ancillary operating revenue 2,192,633 2,190,622 Managed REIT Platform revenue 2,734,207 2,276,535 Reimbursable costs from Managed REITs 1,646,075 1,391,210 Total revenues 57,042,057 57,135,265 Operating expenses: Property operating expenses 17,389,955 16,533,452 Managed REIT Platform expenses 851,187 549,936 Reimbursable costs from Managed REITs 1,646,075 1,391,210 General and administrative 7,426,164 6,536,626 Depreciation 13,584,398 13,272,271 Intangible amortization expense 73,065 1,919,705 Acquisition expenses 70,876 31,190 Total operating expenses 41,041,720 40,234,390 Income from operations 16,000,337 16,900,875 Other income (expense): Equity in earnings (losses) from investments in JV Properties (329,092 ) (405,111 ) Equity in earnings (losses) from investments in Managed REITs (451,562 ) (233,025 ) Other, net 507,515 750,978 Interest expense (16,553,242 ) (14,703,897 ) Loss on debt extinguishment (471,166 ) — Income tax expense (342,303 ) (277,220 ) Net income (loss) (1,639,513 ) 2,032,600 Net (income) loss attributable to noncontrolling interests 99,515 (340,365 ) Less: Distributions to preferred stockholders (3,107,924 ) (3,082,192 ) Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders $ (4,647,922 ) $ (1,389,957 ) Net loss per Class A & Class T share – basic and diluted $ (0.05 ) $ (0.02 ) Weighted average Class A shares outstanding – basic and diluted 88,714,643 88,735,173 Weighted average Class T shares outstanding – basic and diluted 8,117,260 8,085,550 SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED Three Months Ended March 31 (Unaudited) 2024 2023 Net loss (attributable to common stockholders) $ (4,647,922 ) $ (1,389,957 ) Add: Depreciation of real estate 13,309,061 13,056,494 Amortization of real estate related intangible assets — 1,846,709 Depreciation and amortization of real estate and intangible assets from unconsolidated entities 538,307 502,157 Deduct: Adjustment for noncontrolling interests in our Operating Partnership (1) (1,652,942 ) (1,788,059 ) FFO (attributable to common stockholders) $ 7,546,504 $ 12,227,344 Other Adjustments: — — Intangible amortization expense - contracts (2) 73,065 72,996 Acquisition expenses (3) 70,876 31,190 Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities 79,166 52,501 Accretion of fair market value of secured debt 3,230 3,230 Foreign currency and interest rate derivative (gains) losses, net (4) (111,067 ) 384,747 Offering related expenses (5) 326,665 — Adjustment of deferred tax assets and liabilities (2) 217,882 120,287 Sponsor funding reduction (6) 180,846 — Amortization of debt issuance costs (2) 801,883 710,351 Net loss on extinguishment of debt (7) 471,166 — Adjustment for noncontrolling interests in our Operating Partnership (1) (252,758 ) (159,592 ) FFO, as adjusted (attributable to common stockholders) (8) $ 9,407,458 $ 13,443,054 FFO (attributable to common stockholders) $ 7,546,504 $ 12,227,344 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (208,869 ) 232,943 Adjustment for noncontrolling interests in our Operating Partnership(1) 1,652,942 1,788,059 FFO (attributable to common stockholders and OP unit holders) $ 8,990,577 $ 14,248,346 FFO, as adjusted (attributable to common stockholders) $ 9,407,458 $ 13,443,054 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (208,869 ) 232,943 Adjustment for noncontrolling interests in our Operating Partnership(1) 1,905,700 1,947,651 FFO, as adjusted (attributable to common stockholders and OP unit holders) (8) $ 11,104,289 $ 15,623,648 (1) This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests in our Operating Partnership. (2) These items represent the amortization, accretion, or adjustment of intangible assets, debt issuance costs, or deferred tax assets and liabilities. (3) 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. (4) This represents the mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term. (5) Such costs relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock. As this item is non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. (6) Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return receives Series C Units in Strategic Storage Operating Partnership VI, L.P. The excess of the funding over the value of the Series C Units received is accounted for as a reduction of Managed REIT Platform revenues from SST VI over the remaining estimated term of the management contracts with SST VI. See Note 2 – Summary of Significant Accounting Policies to the Consolidated Financial Statements of SmartStop's form 10-Q for the three months ended March 31, 2024. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. (7) The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred. (8) Our calculation of FFO, as adjusted was modified in the period ended March 31, 2024, to add back the amortization of debt issuance costs. Accordingly, the prior period has been presented here based on the current calculation, which differs from what was previously reported for such period. This modification was made to reflect what management believes is a more appropriate calculation in light of recently completed debt refinancing. SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED ATTRIBUTABLE TO COMMON STOCKHOLDERS AND OP UNITS OUTSTANDING – DILUTED The following is a reconciliation of FFO and FFO, as adjusted (attributable to common stockholders), to FFO and FFO, as adjusted (attributable to common stockholders and OP Unit holders), for each of the periods presented below: Three Months Ended March 31 (Unaudited) 2024 2023 FFO (attributable to common stockholders and OP unit holders) Calculation: FFO (attributable to common stockholders) $ 7,546,504 $ 12,227,344 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (208,869 ) 232,943 Adjustment for noncontrolling interests in our Operating Partnership (1) 1,652,942 1,788,059 FFO (attributable to common stockholders and OP unit holders) $ 8,990,577 $ 14,248,346 FFO, as adjusted (attributable to common stockholders and OP unit holders) Calculation: FFO, as adjusted (attributable to common stockholders) $ 9,407,458 $ 13,443,054 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (208,869 ) 232,943 Adjustment for noncontrolling interests in our Operating Partnership (1) 1,905,700 1,947,651 FFO, as adjusted (attributable to common stockholders and OP unit holders) (3) $ 11,104,289 $ 15,623,648 Weighted average Class A & T shares outstanding – basic 96,831,903 96,820,723 Weighted average OP units outstanding 13,127,843 12,773,507 Weighted average other dilutive securities 337,948 414,660 Weighted average shares & OP units outstanding – diluted(2) 110,297,694 110,008,890 FFO, as adjusted per share & OP unit outstanding – diluted $ 0.10 $ 0.14 (1) This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests. (2) Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect on FFO and FFO, as adjusted of both unvested restricted stock and long term incentive plan units (both time-based units and performance based-units), and is calculated using the two-class, treasury stock or if-converted method, as applicable. The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive to FFO and FFO, as adjusted. (3) Our calculation of FFO, as adjusted was modified in the period ended March 31, 2024, to add back the amortization of debt issuance costs. Accordingly, the prior period has been presented here based on the current calculation, which differs from what was previously reported for such period. This modification was made to reflect what management believes is a more appropriate calculation in light of recently completed debt refinancing. SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES COMPUTATION OF SAME-STORE OPERATING RESULTS (Unaudited) Same-Store Facility Results - three months ended March 31, 2024 and 2023 The following table sets forth operating data for SmartStop’s same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2023, excluding four other properties) for the three months ended March 31, 2024 and 2023. SmartStop considers the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Same-Store Facilities Non Same-Store Facilities Total 2024 2023 % Change 2024 2023 % Change 2024 2023 % Change Revenue (1) $ 49,456,951 $ 50,302,951 (1.7 )% $ 1,260,115 $ 1,235,064 N/M $ 50,717,066 $ 51,538,015 (1.6 )% Property operating expenses (2) 16,419,540 15,866,265 3.5 % 870,415 609,062 N/M 17,289,955 16,475,327 4.9 % Net operating income $ 33,037,411 $ 34,436,686 (4.1 )% $ 389,700 $ 626,002 N/M $ 33,427,111 $ 35,062,688 (4.7 )% Number of facilities 149 149 5 4 154 153 Rentable square feet (3) 11,457,035 11,440,030 432,800 354,700 11,889,835 11,794,730 Average physical occupancy (4) 92.5 % 92.9 % (0.4 )% N/M N/M N/M 91.9 % 92.6 % (0.8 )% Annualized rent per occupied square foot (5) 19.49 19.67 (0.9 )% N/M N/M N/M 19.39 19.64 (1.2 )% N/M Not meaningful (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, Tenant Protection Program related expense, and acquisition expenses. (3) Of the total rentable square feet, parking represented approximately 1,017,000 square feet as of March 31, 2024 and 2023. On a same-store basis, for the same periods, parking represented approximately 989,000 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. SmartStop's same-store revenue decreased by approximately $0.8 million, or approximately 1.7%, for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 due to lower annualized rent per occupied square foot of approximately 0.9%, as well as an approximately 0.4% decrease in average occupancy. The increase in property operating expenses is primarily attributable to compensation related expenses, property insurance, and repairs and maintenance. The following table presents a reconciliation of net income as presented on SmartStop’s consolidated statements of operations to net operating income, as stated above, for the periods indicated: For the Three Months Ended March 31, 2024 2023 Net income (loss) $ (1,639,513 ) $ 2,032,600 Adjusted to exclude: Tenant Protection Program revenue(1) (1,944,709 ) (1,929,505 ) Tenant Protection Program related expense 100,000 58,125 Managed REIT Platform revenue (2,734,207 ) (2,276,535 ) Managed REIT Platform expenses 851,187 549,936 General and administrative 7,426,164 6,536,626 Depreciation 13,584,398 13,272,271 Intangible amortization expense 73,065 1,919,705 Acquisition expenses 70,876 31,190 Interest expense 16,553,242 14,703,897 Other, net (507,515 ) (750,978 ) Earnings from our equity method investments in the JV Properties 329,092 405,111 Earnings from our equity method investments in Managed REITs 451,562 233,025 Loss on debt extinguishment 471,166 — Income Tax 342,303 277,220 Total net operating income $ 33,427,111 $ 35,062,688 (1) Included within ancillary operating revenue within our consolidated statements of operations, approximately $1.9 million and $1.9 million of Tenant Protection Program revenue was earned at same store facilities during the three months ended March 31, 2024 and 2023, respectively, with the remaining approximately $0.1 million and $0.1 million earned at non same-store facilities during the three months ended March 31, 2024 and 2023, respectively. ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted Net Operating Income (“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 and other non-property related expenses. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop’s use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Funds from Operations (“FFO”) and FFO, as Adjusted Funds from Operations Funds from operations ("FFO"), is a non-GAAP financial metric promulgated by NAREIT that SmartStop believes is an appropriate supplemental measure to reflect operating performance. SmartStop defines FFO consistent with the standards established by the white paper on FFO approved by the board of governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. SmartStop’s FFO calculation complies with NAREIT’s policy described above. FFO, as Adjusted SmartStop uses FFO, as adjusted, as an additional non-GAAP financial measure to evaluate their operating performance. FFO, as adjusted, provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. In addition, FFO, as adjusted, is a measure used among SmartStop’s peer group, which includes publicly traded REITs. Further, SmartStop believes FFO, as adjusted, is useful in comparing the sustainability of their operating performance with the sustainability of the operating performance of other real estate companies. In determining FFO, as adjusted, SmartStop makes further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, 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 foreign exchange and interest rate derivatives not designated for hedge accounting, 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 our performance, as an alternative to cash flows from operations as an indication of SmartStop’s liquidity or indicative of funds available to fund their cash needs including their ability to make distributions to their stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance. Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments that SmartStop uses to calculate FFO or FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the publicly registered, non-traded REIT industry and SmartStop would have to adjust its calculation and characterization of FFO or FFO, as adjusted. This press release, our Form 10-Q for the three months ended March 31, 2024, a financial supplement, and additional information about SmartStop are available on our website, investors.smartstopselfstorage.com. About SmartStop Self Storage REIT, Inc. (“SmartStop”): SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of May 14, 2024, SmartStop has an owned or managed portfolio of 196 operating properties in 22 states and Canada, comprising approximately 138,000 units and 15.6 million rentable square feet. SmartStop and its affiliates own or manage 34 operating self-storage properties in Canada, which total approximately 29,800 units and 3.1 million rentable square feet. Forward-Looking Statements Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including, without limitation, the following: (i) disruptions in the economy, including debt and banking markets and foreign currency changes; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) whether we will be successful in the pursuit of our business plan; (iv) whether we will succeed in our investment objectives; (v) changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; (vii) difficulties in our ability to attract and retain qualified personnel and management; or (viii) the effect of competition at our self storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop’s views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop’s views as of any date subsequent to the date hereof. Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop’s filings with the SEC, including SmartStop’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov . All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences. David Corak VP of Corporate Finance SmartStop Self Storage REIT, Inc. investors.smartstopselfstorage.com ir@smartstop.com Source: SmartStop Self Storage REIT, Inc. View All News QUICK LINKS * SEC Filings * Information Request Form IR CONTACT David Corak VP of Corporate Finance 866-418-5144 ir@smartstop.com INVESTOR EMAIL ALERTS To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. After submitting your request, you will receive an activation email to the requested email address. 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