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The Marriott for your stored belongings.

Like U-Haul, but focused solely on owning and renting out self-storage facilities.

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• Self-Storage Unit Rentals: Provides rental of various sized storage units for personal and business belongings.
• Retail Sales: Sells moving and packing supplies like boxes, tape, and locks.
• Tenant Insurance: Offers optional insurance policies for stored goods through third-party providers.

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1. Residential Customers: This largest segment includes individuals and families who require storage for personal belongings. Common reasons include moving to a new home, downsizing, decluttering, home renovations, or storing seasonal items like holiday decorations, sports equipment, or out-of-season clothing.
2. Small Business Customers: These customers are typically entrepreneurs, local businesses, or e-commerce operators who use storage units for commercial purposes. This includes storing inventory, equipment, tools, documents, archives, or as a convenient staging area for their operations (e.g., contractors, landscapers, online retailers).
3. Life Event/Transitional Customers: This category encompasses individuals who need temporary storage during significant life changes or transitions. Examples include students needing storage during summer breaks or while studying abroad, military personnel during deployment or relocation, or individuals dealing with divorce, family estate matters, or other unexpected life events that necessitate temporary space for belongings.

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H. Michael Schwartz, Chairman of the Board and Chief Executive Officer

H. Michael Schwartz is the Founder, Chairman, and Chief Executive Officer of SmartStop Self Storage REIT, Inc.. He founded SmartStop Self Storage REIT in 2013. Mr. Schwartz also founded Strategic Asset Management I LLC in 2017. With over 33 years of experience in real estate, securities, and corporate financial management, he has transacted more than $6.5 billion in commercial real estate over the last 22 years. He successfully negotiated two full-cycle REIT liquidity events, including the all-cash merger of Strategic Storage Growth Trust, Inc. with Strategic Storage Trust II, Inc. in January 2019, and has overseen the return of approximately $1.2 billion of equity and profits to investors over the past seven years. Prior to his current role, he served as Chairman, President, and CEO of SmartStop Self Storage, Inc. from 2012 to 2015. Mr. Schwartz holds a bachelor's degree in business administration with an emphasis in finance from the University of Southern California.

James R. Barry, Chief Financial Officer and Treasurer

James R. Barry serves as the Chief Financial Officer and Treasurer of SmartStop Self Storage REIT, Inc..

Wayne Johnson, President and Chief Investment Officer

Wayne Johnson is the President and Chief Investment Officer of SmartStop Self Storage REIT, Inc.. He has held the position of Chief Investment Officer since June 2015 and President since June 2019. Before these roles, he was the Senior Vice President of Acquisitions, focusing on self-storage acquisitions, since the company's formation in January 2013. Mr. Johnson began his career in commercial real estate in 1979 and holds a B.B.A. in Finance and Real Estate from Southern Methodist University.

Joe Robinson, Chief Operations Officer

Joe Robinson is the Chief Operations Officer of SmartStop Self Storage REIT, Inc., a position he has held since October 2019. Before joining SmartStop, Mr. Robinson served as Chief Marketing Officer and Executive Vice President of Simply Self Storage Management LLC from April 2016 until September 2019, where he was responsible for various functions including marketing, pricing, information technology, and training.

Michael O. Terjung, Chief Accounting Officer

Michael O. Terjung serves as the Chief Accounting Officer of SmartStop Self Storage REIT, Inc.. He previously held the role of Chief Financial Officer and Treasurer for Strategic Asset Management (SAM) since January 2017. Prior to that, he was a Controller for SAM from October 2015 to January 2017. Mr. Terjung also served as the Controller of SmartStop Self Storage from September 2014 until its merger with Extra Space in October 2015, and as a Controller of SSH assigned to SmartStop Self Storage from September 2009 to September 2014.

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The key risks for Smartstop Self Storage REIT (SMA) include significant declines in net asset value and limited share liquidity, a history of net losses and reliance on non-operating cash flow for distributions, and the dilutive and preferential nature of its Series A Convertible Preferred Stock.

1. Declining Net Asset Value (NAV) and Limited Share Liquidity: Investors in SmartStop Self Storage REIT have experienced substantial losses due to the dramatic decline in the company's net asset value, with shares trading significantly below their estimated value. The company has also faced criticism for suspending its share redemption program multiple times, which severely restricts investors' ability to sell their holdings. Furthermore, the absence of a readily accessible public trading market for its shares (before its recent NYSE listing) has made it challenging for stockholders to liquidate their investments.
2. Historical Net Losses and Reliance on Non-Operating Cash Flow for Distributions: SmartStop Self Storage REIT has a history of incurring net losses and maintaining an accumulated deficit, raising concerns about its long-term profitability. The company has, at times, paid distributions from sources other than its cash flow from operations, which could potentially diminish the funds available for strategic property acquisitions and negatively impact overall stockholder returns.
3. Risks Associated with Preferred Stock: The company's issuance of Series A Convertible Preferred Stock introduces several risks for common stockholders. This preferred stock ranks senior to common stock and grants its holders superior rights concerning distributions, potentially diluting the interests of common stockholders. Additionally, the existence of preferred stock could discourage potential takeover bids that might otherwise benefit common shareholders.

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• On-Demand Valet Storage Services: Companies such as Clutter and MakeSpace offer a full-service model where they pick up, store, and deliver items on demand. This competes with traditional self-storage by providing convenience and logistics that appeal to customers who prefer not to transport items themselves or visit a physical storage facility.

• Oversupply from New Construction: The self-storage industry continues to experience a significant influx of new supply in many markets. This increased competition from new facilities leads to downward pressure on occupancy rates and rental prices, directly impacting the revenue and profitability of existing operators like Smartstop Self Storage REIT.

• Peer-to-Peer Storage Platforms: Platforms like Neighbor.com facilitate individuals renting out their unused space (e.g., garages, basements, spare rooms) to others seeking storage. This peer-to-peer model offers a lower-cost and often more localized alternative to traditional self-storage, potentially drawing away price-sensitive customers.

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1. Acquisitions and Portfolio Expansion: SmartStop Self Storage REIT is actively expanding its property portfolio through strategic acquisitions. A significant driver is the recent acquisition of Argus Professional Storage Management (APSM), which doubled SmartStop's store count to over 460 self-storage properties across North America. This expansion includes acquiring Class A facilities in high-demand markets within the U.S. and Canada. The company aims for approximately 10% annual portfolio growth.
2. Same-Store Revenue Growth through Occupancy and Pricing Strategies: SmartStop has demonstrated "sector-leading same-store revenue growth," reporting a 2.5% increase in Q3 2025, while maintaining a strong average occupancy rate of 92.6%. The company leverages its technology-driven platform to capture demand, focuses on optimizing occupancy rates, and employs revenue management tactics that include reducing concessions.
3. Expansion into Third-Party Management Services: The acquisition of Argus Professional Storage Management not only increased SmartStop's property count but also strategically launched the company into the third-party management business. This expansion allows SmartStop to leverage its operational expertise, diversify its revenue streams, and capitalize on the growing demand for professional storage management services, offering distinct partnership options including SmartStop-branded, SmartStop Legacy, and Full Private Label solutions.
4. Technological Advancements and Digital Marketing: SmartStop emphasizes its "technology-driven North American platform" as a core component of its strategy. The company's focus on technological advancements and digital marketing is expected to enhance lead conversion, improve operational efficiencies, and strengthen its ability to capture customer demand effectively, thereby contributing to sustained revenue growth.

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Share Issuance

• In April 2025, SmartStop completed an initial public offering (IPO) of 31,050,000 shares of its common stock at $30.00 per share, generating gross proceeds of $931.5 million. The net proceeds were intended to redeem all outstanding Series A Preferred Stock, pay down corporate debt, fund external growth through property acquisitions, and for other general corporate purposes.
• On October 26, 2020, SmartStop issued an additional 50,000 shares of Series A Preferred Stock to Extra Space Storage LP for $50 million. The proceeds were utilized to pay down existing debt, finance self-storage acquisitions, and for working capital or other general corporate purposes.

Outbound Investments

• In 2025, SmartStop acquired self-storage facilities in Kelowna, British Columbia; Lakewood, Colorado; and a portfolio of five facilities in Houston. The company also entered into agreements to acquire an additional eight properties in Canada for approximately $80.3 million.
• During 2024, the company acquired two self-storage properties, one in Spartanburg, SC, and another in Miami, FL, for a combined purchase price of approximately $44.4 million. Additionally, the 2024 10-K report indicated that total self-storage revenues increased primarily due to eight property acquisitions during the year ended December 31, 2024.
• In October 2025, SmartStop agreed to acquire Argus Professional Storage Management (APSM) for $21 million, consisting of $8.5 million in cash and 328,343 units of limited partnership interests in SmartStop's operating partnership, with a potential earnout of up to $11 million. This acquisition is expected to launch SmartStop into the third-party management business.

Capital Expenditures

• SmartStop focuses capital expenditures on investing in its properties, with projects such as office upgrades, as well as solar and LED installations, contributing to meaningful expense savings on utilities.