Exhibit 99.2

Table of Contents

Portfolio Snapshot as of 9/30/21	3
About SmartStop Self Storage REIT, Inc.	4
Earnings Release	5
Financial Highlights	19
Trailing Five Quarter Financials: Condensed Balance Sheet	20
Trailing Five Quarter Financials: Condensed Income Statement	21
Trailing Five Quarter Financials: FFO Reconciliation	22
Store Portfolio Reporting Information	23
Same-Store Portfolio Details	24
Same-Store Portfolio MSA Summary	25
Total Wholly-Owned Portfolio MSA Summary as of 9/30/21	26
Toronto Portfolio Overview at 9/30/21	27
SmartCentres Joint Venture Overview	28
Debt and Capital Structure Summary	29
Managed REIT Overview	30
Appendix	31
Reconciliation of Net Loss to Net Operating Income: Trailing 5 Quarters	32
Forward Looking Statements	33

SmartStop is a self-managed REIT with a fully integrated operations team of approximately 400 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. SmartStop is one of the largest self storage companies in North America, as of November 5th, 2021, with an owned and managed portfolio of 158 properties in 19 states and Ontario, Canada and comprising approximately 107,000 units and 12.2 million rentable square feet. SmartStop and its affiliates own or manage 18 operating self storage properties in the Greater Toronto Area, which total approximately 15,200 units and 1.6 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

COMPANY INFORMATION

Headquarters:	Investor Relations:	Information Requests:
10 Terrace Road	David Corak	To request an Investor Relations package
Ladera Ranch, California	VP of Corporate Finance	or annual report, please visit our website at
92694	949-542-3331	www.smartstop.com or email ir@smartstop.com

November 8, 2021

SmartStop Self Storage REIT, Inc. Reports Strong Third Quarter 2021 Results with Best in

Class Same-Store Revenue and NOI Growth

LADERA RANCH, CA – November 8, 2021 – SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage company, announced its overall results for the three and nine months ended September 30, 2021.

“This was a truly exciting quarter for SmartStop. We posted year-over-year same-store revenue and NOI growth of 19.4% and 28.1% for the quarter, respectively, both higher than all of our publicly-traded peers,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “Gross margins on our same-store pool improved to 71.4%, a year-over-year increase of 480 basis points, and the highest in our Company’s history. Our exceptional property performance, coupled with our disciplined investment strategy, led to year-over-year growth of FFO, as adjusted per share of approximately 125% in the quarter. With ample attractively priced capital, a strong balance sheet and a robust operating environment, we believe SmartStop is well positioned to continue executing our growth initiatives, driving stockholder value in 2021 and beyond.”

Three Months Ended September 30, 2021 Financial Highlights:

• Net loss attributable to common stockholders was approximately $2.2 million for the three months ended September 30, 2021. This represents a decrease of approximately $4.0 million when compared to the same period in 2020. Net loss per Class A and Class T shares (basic and diluted) was $0.03, a decrease of $0.07, or 70%, when compared to the same period in 2020.

• Total self storage-related revenues increased by approximately $14.6 million, or 51.8%, when compared to the same period in 2020.

• FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $13.6 million. This represents an increase of approximately $9.2 million, or 209%, when compared to the same period in 2020

• FFO, as adjusted per share and OP unit outstanding—diluted was $0.14, an increase of $0.08, or 124.7%, when compared to the same period in 2020.

• Same-store revenues, expenses and NOI increased by 19.4%, 2.3% and 28.1%, respectively compared to the same period in 2020.

• Same-store average physical occupancy increased by 4.2% to 95.9% compared to 91.7% during the same period in 2020.

• Same-store annualized rent per occupied square foot was approximately $16.92, which represented an increase of approximately 15.3% when compared to the same period in 2020.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 5

Nine Months Ended September 30, 2021 Financial Highlights:

• Net loss attributable to common stockholders was approximately $20.0 million for the nine months ended September 30, 2021. This represents a decrease of approximately $29.8 million when compared to the same period in 2020. Net loss per Class A and Class T shares (basic and diluted) was $0.26, a decrease of $0.58, or 69.0%, when compared to the same period in 2020.

• Total self storage-related revenues increased by approximately $32.9 million, or 40.6%, when compared to the same period in 2020.

• Same-store revenues, expenses and NOI increased by 16.9%, 3.5% and 23.7%, respectively compared to the same period in 2020.

• Same-store average physical occupancy increased by 4.8% to 94.9%, compared to 90.1% during the same period in 2020.

• Same-store annualized rent per occupied square foot was approximately $16.11, which represented an increase of approximately 9.9% when compared to the same period in 2020.

External Growth

In August, the Company opened a newly constructed four story self storage facility in Oshawa, Ontario, Canada in partnership with SmartCentres (TSX: SRU.UN). This facility serves the communities of Vanier, Mclaughlin, Whitby, Eastdale, Stevenson, and Farewell and is conveniently located adjacent to the SmartCentres Oshawa South shopping center, the Walmart Supercenter and Lowe’s Home Improvement. The property’s 950 units are 100% climate-controlled across approximately 95,000 square feet. This is SmartStop’s 18th owned or managed location in the Greater Toronto Area (GTA).

Subsequent to quarter end, the Company acquired a self storage facility in Lakewood, CO. The facility serves the communities of Green Mountain, Foothills, Briarwood Hills, West Lochwood and Chateau Ridge Estates. The property’s 770 units span across approximately 87,000 square feet. The property offers customers a variety of amenities including a gated drive-in loading area, state-of-the-art security systems, keypad access and large truck accessibility. This is SmartStop’s seventh owned or managed location in the Denver market.

Capital Markets Activity

Subsequent to quarter end, the Company exercised $200 million of its accordion (the “Accordion”) under its existing multi-currency credit facility (the “Credit Facility”) with a syndicate of banks led by KeyBank National Association, Wells Fargo, N.A., Citibank, N.A. and Bank of Montreal. The increased commitment was entirely on the revolving portion of the Credit Facility (the “Revolver”). The Credit Facility now consists of a $450 million Revolver and a $250 million term loan (the “Term Loan”) for a total commitment of $700 million. The Accordion was also amended to permit expansion up to $1.05 billion, subject to certain conditions. The other terms and conditions of the Credit Facility remain unchanged.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 6

Net Asset Value

Subsequent to quarter end, the Company announced that its board of directors has declared an updated estimated Net Asset Value (“NAV”) per share of $15.08 for its Class A and Class T shares, as of June 30, 2021. SmartStop’s previous estimated NAV per share was $10.40 as of December 31, 2019. Please see SmartStop’s Form 8-K filed on October 20, 2021 for a description of the methodologies and assumptions used to determine, and the limitations of, the estimates NAV per share.

Declared Distributions

On September 23, 2021, SmartStop’s board of directors declared a distribution rate for the fourth quarter of 2021, of approximately $0.00164 per day per share on the outstanding shares of common stock payable to both Class A and Class T stockholders. In connection with these distributions, after the stockholder servicing fee is paid, approximately $0.0014 per day will be paid per Class T share. Such distributions payable to each stockholder of record during a month will be paid the following month.

Contact:

David Corak

VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

949-542-3331

ir@smartstop.com

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 7

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	September 30, 2021 (Unaudited)			December 31, 2020
ASSETS
Real estate facilities:
Land	$	395,335,230		$	335,800,354
Buildings		1,100,318,293			810,480,845
Site improvements		77,793,874			63,821,383
		1,573,447,397			1,210,102,582
Accumulated depreciation		(145,213,522	)		(115,903,045	)
		1,428,233,875			1,094,199,537
Construction in process		1,718,223			1,761,303
Real estate facilities, net		1,429,952,098			1,095,960,840
Cash and cash equivalents		29,247,388			72,705,624
Restricted cash		8,491,787			7,952,052
Investments in unconsolidated real estate ventures		18,494,815			—
Investments in and advances to Managed REITs		12,332,654			15,624,389
Other assets, net		18,331,410			7,734,276
Intangible assets, net of accumulated amortization		17,472,470			12,406,427
Trademarks, net of accumulated amortization		16,088,235			16,194,118
Goodwill		53,643,331			53,643,331
Debt issuance costs, net of accumulated amortization		2,049,573			—
Total assets	$	1,606,103,761		$	1,282,221,057
LIABILITIES AND EQUITY
Debt, net	$	848,818,212		$	717,952,233
Accounts payable and accrued liabilities		26,552,056			23,038,976
Due to affiliates		538,805			667,429
Distributions payable		8,135,131			6,650,317
Contingent earnout		20,600,000			28,600,000
Deferred tax liabilities		7,240,713			8,380,215
Total liabilities		911,884,917			785,289,170
Commitments and contingencies
Redeemable common stock		67,684,603			57,335,575
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 September 30, 2021 and December 31, 2020, respectively, with aggregate liquidation preferences of $203,150,685 and $202,928,620 at September 30, 2021 and December 31, 2020, respectively		196,356,107			196,356,107
Equity:
SmartStop Self Storage REIT, Inc. equity:
Class A common stock, $0.001 par value; 350,000,000 shares authorized; 76,856,872 and 52,660,402 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		76,857			52,661
Class T common stock, $0.001 par value; 350,000,000 shares authorized; 8,027,159 and 7,903,911 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		8,027			7,904
Additional paid-in capital		724,585,663			492,408,006
Distributions		(198,291,010	)		(163,953,169	)
Accumulated deficit		(161,445,849	)		(141,444,880	)
Accumulated other comprehensive loss		(1,189,529	)		(3,834,228	)
Total SmartStop Self Storage REIT, Inc. equity		363,744,159			183,236,294
Noncontrolling interests in our Operating Partnership		66,423,075			59,982,111
Other noncontrolling interests		10,900			21,800
Total noncontrolling interests		66,433,975			60,003,911
Total equity		430,178,134			243,240,205
Total liabilities and equity	$	1,606,103,761		$	1,282,221,057

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 8

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Revenues:
Self storage rental revenue	$	40,695,622		$	26,706,201		$	108,303,763		$	77,221,013
Ancillary operating revenue		2,007,411			1,431,952			5,591,882			3,768,213
Managed REIT Platform revenue		1,263,029			2,051,021			4,609,060			5,687,701
Reimbursable costs from Managed REITs		972,551			1,173,948			3,250,213			4,453,863
Total revenues		44,938,613			31,363,122			121,754,918			91,130,790
Operating expenses:
Property operating expenses		12,593,191			9,816,774			35,416,441			28,686,843
Managed REIT Platform expenses		587,704			329,280			1,223,736			2,512,103
Reimbursable costs from Managed REITs		972,551			1,173,948			3,250,213			4,453,863
General and administrative		5,232,950			4,012,072			16,797,252			11,829,732
Depreciation		10,748,337			8,003,587			30,035,065			23,562,701
Intangible amortization expense		3,710,736			1,587,899			8,623,964			8,475,682
Acquisition expenses		211,985			468,577			548,083			593,903
Contingent earnout adjustment		700,000			1,600,000			3,219,744			(5,100,000	)
Impairment of goodwill and intangible assets		—			—			—			36,465,732
Impairment of investments in Managed REITs		—			—			—			4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		—			—			8,389,573			—
Total operating expenses		34,757,454			26,992,137			107,504,071			115,857,438
Gain on sale of real estate		—			—			178,631			—
Income (loss) from operations		10,181,159			4,370,985			14,429,478			(24,726,648	)
Other income (expense):
Interest expense		(7,818,311	)		(8,093,476	)		(23,744,477	)		(24,717,208	)
Interest expense – accretion of fair market value of secured debt		29,228			32,788			92,344			98,337
Interest expense – debt issuance costs		(499,132	)		(952,479	)		(1,668,502	)		(2,832,240	)
Net loss on extinguishment of debt		—			—			(2,444,788	)		—
Other		(833,702	)		185,685			780,883			2,914,840
Net income (loss)		1,059,242			(4,456,497	)		(12,555,062	)		(49,262,919	)
Net (income) loss attributable to the noncontrolling interests in our Operating Partnership		(119,678	)		585,360			1,903,408			6,550,455
Less: Distributions to preferred stockholders		(3,150,685	)		(2,387,977	)		(9,349,315	)		(7,112,022	)
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	$	(2,211,121	)	$	(6,259,114	)	$	(20,000,969	)	$	(49,824,486	)
Net loss per Class A share – basic and diluted	$	(0.03	)	$	(0.10	)	$	(0.26	)	$	(0.84	)
Net loss per Class T share – basic and diluted	$	(0.03	)	$	(0.10	)	$	(0.26	)	$	(0.84	)
Weighted average Class A shares outstanding – basic and diluted		76,407,968			52,019,749			69,674,568			51,654,459
Weighted average Class T shares outstanding – basic and diluted		8,003,062			7,827,572			7,964,237			7,776,909

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 9

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED

(Unaudited)

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2021			2020			2021			2020
Net loss (attributable to common stockholders)	$	(2,211,121	)	$	(6,259,114	)	$	(20,000,969	)	$	(49,824,486	)
Add:
Depreciation of real estate		10,556,270			7,843,237			29,455,038			23,136,367
Depreciation and amortization of real estate and intangible assets from unconsolidated entities		256,233			—			487,229			—
Amortization of real estate related intangible assets		3,469,777			537,179			7,473,006			4,880,209
Gain on deconsolidation		—			—			(169,533	)		—
Gain on sale of real estate		—			—			(178,631	)		—
Deduct:
Adjustment for noncontrolling interests		(1,545,084	)		(1,101,471	)		(4,162,008	)		(3,704,678	)
FFO (attributable to common stockholders)		10,526,075			1,019,831			12,904,132			(25,512,588	)
Other Adjustments:
Intangible amortization expense - contracts(1)		240,959			1,050,720			1,150,958			3,595,473
Acquisition expenses(2)		211,985			468,577			548,083			593,903
Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities		27,767			—			135,155			—
Contingent earnout adjustment(3)		700,000			1,600,000			3,219,744			(5,100,000	)
Impairment of goodwill and intangible assets(4)		—			—			—			36,465,732
Impairment of investments in Managed REITs(4)		—			—			—			4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		—			—			8,389,573			—
Accretion of fair market value of secured debt(5)		(29,228	)		(32,788	)		(92,344	)		(98,337	)
Net loss on extinguishment of debt(6)		—			—			2,444,788			—
Foreign currency and interest rate derivative losses, net(7)		536,428			53,503			110,879			163,346
Adjustment of deferred tax liabilities(1)		(290,942	)		(276,216	)		(2,220,688	)		(3,299,329	)
Adjustment for noncontrolling interests		(151,463	)		(375,841	)		(1,586,543	)		(4,864,455	)
FFO, as adjusted (attributable to common stockholders)	$	11,771,581		$	3,507,786		$	25,003,737		$	6,320,624

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 10

⁽¹⁾  These items represent the amortization, accretion, or adjustment of intangible assets or deferred tax liabilities. As these items are non-cash and not primary drivers in SmartStop’s decision-making process, FFO is adjusted for their effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric to other real estate companies.

⁽²⁾  In evaluating investments in real estate, SmartStop differentiates the costs to acquire the investment from the operations derived from the investment. Such information would be comparable only for publicly registered, non—traded REITs that have generally completed their acquisition activity and have other similar operating characteristics.

⁽³⁾  The contingent earnout adjustment represents the adjustment to the fair value of the Class A-2 Units issued in connection with the Self Administration Transaction. FFO is adjusted to arrive at FFO, as adjusted, as this acquisition related item is not a primary driver in SmartStop’s decision-making process and excluding this provides investors a view of SmartStop’s continuing operating portfolio performance over time.

⁽⁴⁾  The impairment charges relate to SmartStop’s goodwill, intangible assets and investments in the Managed REIT Platform acquired in the Self Administration Transaction. SmartStop believes that adjusting for such non-recurring items provides useful supplemental information because such expenses may not be reflective of on-going operations and is consistent with management’s analysis of SmartStop’s operating performance and provides for a means of determining a comparable sustainable operating performance metric.

⁽⁵⁾  This represents the difference between the stated interest rate and the estimated market interest rate on assumed notes as of the date of acquisition. Such amounts have been excluded from FFO, as adjusted, because SmartStop believes FFO, as adjusted, provides useful supplementary information by focusing on operating fundamentals, rather than events not related to SmartStop’s normal operations. SmartStop is responsible for managing interest rate risk and do not rely on another party to manage such risk.

⁽⁶⁾  The net loss associated with the extinguishment of debt includes prepayment penalties, the write-off of unamortized deferred financing fees, and other fees incurred. SmartStop believes that adjusting for such non-recurring items provides useful supplemental information because such losses may not be reflective of on-going transactions and operations and is consistent with management’s analysis of SmartStop’s operating performance.

⁽⁷⁾  This represents the mark-to-market adjustment for SmartStop’s 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 SmartStop’s foreign equity investments not classified as long term. These derivative contracts are intended to manage the Company’s exposure to interest rate and foreign currency risk which may not be reflective of SmartStop’s ongoing performance and may reflect unrealized impacts on SmartStop’s operating performance. Such amounts are recorded in “Other” within SmartStop’s consolidated statements of operations.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 11

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

NON-GAAP MEASURE – COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED PER SHARE

AND OP UNIT OUTSTANDING

(Unaudited)

	Three Months		Three Months
	Ended		Ended
	September 30, 2021		September 30, 2020
FFO, as adjusted (attributable to common stockholders)	$	11,771,581	$	3,507,786
Fully Diluted FFO, as adjusted calculation:
Net income (loss) attributable noncontrolling interests in our OP		119,678		(585,360	)
Adjustment for noncontrolling interests		1,696,547		1,477,312
FFO, as adjusted (attributable to common stockholders and OP unit holders)	$	13,587,806	$	4,399,738
Weighted average Class A & T shares outstanding		84,411,030		59,847,321
Weighted average OP units outstanding		10,270,455		9,095,029
Weighted average other dilutive securities		247,690		132,215
Weighted average shares & OP units outstanding – diluted(1)		94,929,175		69,074,565
FFO, as adjusted per share & unit outstanding – diluted	$	0.14	$	0.06

⁽¹⁾  Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect of both unvested restricted stock and long term incentive plan units (both time-based units and performance based-units). The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 12

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

COMPUTATION OF SAME-STORE OPERATING RESULTS

(Unaudited)

The following table sets forth operating data for SmartStop’s same-store facilities (those properties included in the consolidated results of operations since January 1, 2020, excluding nine lease-up properties SmartStop owned as of January 1, 2020) for the three months ended September 30, 2021 and 2020. 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
							%							%								%
	2021			2020			Change			2021		2020		Change		2021			2020			Change
Revenue (1)	$	31,556,940		$	26,419,911			19.4	%	$	11,146,093	$	1,718,242		N/M	$	42,703,033		$	28,138,153			51.8	%
Property operating expenses (2)		9,027,676			8,827,519			2.3	%		3,565,515		989,255		N/M		12,593,191			9,816,774			28.3	%
Net operating income	$	22,529,264		$	17,592,392			28.1	%	$	7,580,578	$	728,987		N/M	$	30,109,842		$	18,321,379			64.3	%
Number of facilities		103			103						35		9				138			112
Rentable square feet (3)		7,595,600			7,557,300						2,898,200		680,300				10,493,800			8,237,600
Average physical occupancy (4)		95.9	%		91.7	%					N/M		N/M				95.6	%		90.9	%
Annualized rent per occupied square foot (5)	$	16.92		$	14.67						N/M		N/M			$	16.67		$	14.39

N/M Not meaningful

⁽¹⁾  Revenue includes rental revenue, Tenant Programs revenue, ancillary revenue, and administrative and late fees.

⁽²⁾  Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses.

⁽³⁾  Of the total rentable square feet, parking represented approximately 940,000 square feet and 680,000 square feet as of September 30, 2021 and 2020, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 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. SmartStop has 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 increased by approximately $5.1 million or approximately 19% for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 primarily due to higher annualized rent per occupied square foot as well as increased occupancy.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 13

The following table presents a reconciliation of net income (loss) 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 September 30,
	2021			2020
Net income (loss)	$	1,059,242		$	(4,456,497	)
Adjusted to exclude:
Managed REIT Platform revenue		(1,263,029	)		(2,051,021	)
Managed REIT Platform expenses		587,704			329,280
General and administrative		5,232,950			4,012,072
Depreciation		10,748,337			8,003,587
Intangible amortization expense		3,710,736			1,587,899
Acquisition expenses		211,985			468,577
Contingent earnout adjustment		700,000			1,600,000
Gain on sale of real estate		—			—
Interest expense		7,818,311			8,093,476
Interest expense – accretion of fair market value of secured debt		(29,228	)		(32,788	)
Interest expense – debt issuance costs		499,132			952,479
Other		833,702			(185,685	)
Total net operating income	$	30,109,842		$	18,321,379

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 14

The following table sets forth operating data for SmartStop’s same-store facilities (those properties included in the consolidated results of operations since January 1, 2020, excluding nine lease-up properties SmartStop owned as of January 1, 2020) for the nine months ended September 30, 2021 and 2020. 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
							%								%								%
	2021			2020			Change			2021			2020		Change		2021			2020			Change
Revenue (1)	$	89,439,876		$	76,527,018			16.9	%	$	24,455,769		$	4,462,208		N/M	$	113,895,645		$	80,989,226			40.6	%
Property operating expenses (2)		26,724,027			25,823,677			3.5	%		8,692,414			2,863,166		N/M		35,416,441			28,686,843			23.5	%
Net operating income	$	62,715,849		$	50,703,341			23.7	%	$	15,763,355		$	1,599,042		N/M	$	78,479,204		$	52,302,383			50.0	%
Number of facilities		103			103						36	(6)		9				139	(6)		112
Rentable square feet (3)		7,595,600			7,557,300						2,982,400			680,300				10,578,000	(6)		8,237,600
Average physical occupancy (4)		94.9	%		90.1	%					N/M			N/M				94.1	%		88.6	%
Annualized rent per occupied square foot (5)	$	16.11		$	14.66						N/M			N/M			$	15.89		$	14.40

N/M Not meaningful

⁽¹⁾  Revenue includes rental revenue, Tenant Programs revenue, ancillary revenue, and administrative and late fees.

⁽²⁾  Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses. Property operating expenses for the nine months ended September 30, 2020 also includes COVID-19 related costs, including specialized cleaning costs, the purchase of personal protective equipment, and bonuses to SmartStop’s store personnel, totaling approximately $0.6 million. On a same-store basis, COVID-19 related costs represented approximately $0.5 million of the total property operating expenses for the nine months ended September 30, 2020.

⁽³⁾  Of the total rentable square feet, parking represented approximately 940,000 square feet and 680,000 square feet as of September 30, 2021 and 2020, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 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. SmartStop has excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.

⁽⁶⁾  Included in the non same-store data is a self storage facility consisting of approximately 84,000 square feet owned by SST VI OP for the period during which SmartStop consolidated their financial statements. As of June 30, 2021, SmartStop was no longer required to consolidate their financial statements.

SmartStop’s same-store revenue increased by approximately $12.9 million for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to higher annualized rent per occupied square foot and increased occupancy.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 15

The following table presents a reconciliation of net loss as presented on SmartStop’s consolidated statements of operations to net operating income, as stated above, for the periods indicated:

	For the Nine Months Ended September 30,
	2021			2020
Net loss	$	(12,555,062	)	$	(49,262,919	)
Adjusted to exclude:
Managed REIT Platform revenue		(4,609,060	)		(5,687,701	)
Managed REIT Platform expenses		1,223,736			2,512,103
General and administrative		16,797,252			11,829,732
Depreciation		30,035,065			23,562,701
Intangible amortization expense		8,623,964			8,475,682
Acquisition expenses		548,083			593,903
Contingent earnout adjustment		3,219,744			(5,100,000	)
Impairment of goodwill and intangible assets		—			36,465,732
Impairment of investments in Managed REITs		—			4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		8,389,573			—
Gain on sale of real estate		(178,631	)		—
Interest expense		23,744,477			24,717,208
Interest expense – accretion of fair market value of secured debt		(92,344	)		(98,337	)
Interest expense – debt issuance costs		1,668,502			2,832,240
Net loss on extinguishment of debt		2,444,788			—
Other		(780,883	)		(2,914,840	)
Total net operating income	$	78,479,204		$	52,302,383

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 16

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 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 (also referred to as property operating income) 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 an industry wide metric promulgated by the National Association of Real Estate Investment Trusts, or NAREIT, which SmartStop believes to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure.

SmartStop defines FFO, a non-GAAP measure, 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 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 its operating performance. SmartStop previously used Modified Funds from Operations (“MFFO”) (as defined by the Institute for Portfolio Alternatives) as a non-GAAP measure of operating performance. Management replaced the MFFO measure with FFO, as adjusted, because 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 its 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 adjustments, adjustments of fair value of debt adjustments, gains or losses from extinguishment of debt, accretion of deferred tax liabilities, realized and unrealized gains/losses on foreign exchange transactions, and gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, which SmartStop believes are not indicative of the Company’s overall long-term operating performance. SmartStop excludes these items from GAAP net income to arrive at FFO, as adjusted, as they are not the primary drivers in its decision-making process and excluding these items provides investors a view of its continuing operating portfolio performance over time and makes its results more comparable period to period and to other REITs, 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 operating performance when SmartStop formulates corporate goals and evaluate the effectiveness of its 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, although it should be noted that 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) or income (loss) from continuing operations as an indication of SmartStop’s performance, as an alternative to cash flows from operations, which is an indication of liquidity, or indicative of funds available to fund SmartStop’s cash needs including SmartStop’s ability to make distributions to its stockholders. FFO and FFO, as adjusted, should not be considered as an alternative to net income (determined in accordance with GAAP) and should be reviewed in conjunction with other measurements as an indication of SmartStop’s performance.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 17

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.

About SmartStop Self Storage REIT, Inc. (“SmartStop”):

SmartStop is a self-managed REIT with a fully integrated operations team of approximately 400 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. SmartStop is one of the largest self storage companies in North America, with an owned and managed portfolio of 158 properties in 19 states and Ontario, Canada and comprising approximately 107,000 units and 12.2 million rentable square feet. SmartStop and its affiliates own or manage 18 operating self storage properties in the Greater Toronto Area, which total approximately 15,200 units and 1.6 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Certain of the matters discussed in this communication 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.

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. Such forward-looking statements include, but are not limited to, statements about the expected effects and benefits of the SST IV merger, the SSGT merger, the self administration transaction and the Series A Preferred equity investment, including anticipated future financial and operating results and synergies, as well as all other statements in this press release, other than historical facts. 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) risks related to disruption of management’s attention from SmartStop’s ongoing business operations due to the SST IV merger, the self administration transaction, or other business matters; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) failure to realize the expected benefits and synergies of either of the SST IV merger, the SSGT merger or the self administration transaction in the expected timeframes or at all; (iv) costs or difficulties related to the integration of acquired self storage facilities and operations, including facilities acquired through the SST IV merger, the SSGT merger and operations acquired through the self administration transaction; (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, including the outbreak of novel coronavirus (COVID-19), military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; or (vii) difficulties in SmartStop’s ability to attract and retain qualified personnel and management.

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, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 18

Common Stock Equivalents (Fully Diluted)	3Q21 Quarter Weighted Average		3Q21 Quarter Ending
Class A Common Shares		76,407,968		76,856,872
Class T Common Shares		8,003,062		8,027,159
Operating Partnership Units (“OP Units”)		10,270,455		10,270,455
Other Dilutive Securities		247,690		247,690
Total Fully Diluted Common Stock Equivalents		94,929,175		95,402,176

3Q21 Operating Portfolio Snapshot	# of Stores		Net Rentable Sq. Ft.		Units		3Q21 Ending Occupancy(2)
Wholly-Owned Same-Store		103		7,595,600		64,670		95.7	%
Wholly-Owned Non Same-Store		35		2,898,200		26,420		94.9	%
Total Wholly-Owned Stores		138		10,493,800		91,090		95.5	%
Joint Venture Stores		4		415,300		3,880		45.5	%
Managed Stores(1)		15		1,175,800		11,200
Total Stores		157		12,084,900		106,170

Balance Sheet Highlights	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Real estate facilities	$	1,573,447,397		$	1,575,320,663		$	1,552,957,668		$	1,210,102,582		$	1,191,037,320
Accumulated depreciation		(145,213,522	)		(135,187,165	)		(124,490,121	)		(115,903,045	)		(106,556,223	)
Real estate facilities, net		1,429,952,098			1,441,990,545			1,432,728,259			1,095,960,840			1,086,072,890
Debt, net		848,818,212			849,209,991			822,490,580			717,952,233			712,789,410
Preferred stock, gross		200,000,000			200,000,000			200,000,000			200,000,000			150,000,000

	For the Quarter Ended:
Same-Store Performance (103 Stores)	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Revenue	$	31,556,940		$	30,011,041		$	27,871,895		$	27,238,620		$	26,419,911
Expenses		9,027,676			8,878,839			8,817,512			8,699,157			8,827,519
NOI(3)	$	22,529,264		$	21,132,202		$	19,054,383		$	18,539,463		$	17,592,392
Ending Occupancy		95.7	%		96.3	%		94.1	%		91.7	%		92.3	%
Average Occupancy		95.9	%		95.8	%		93.1	%		92.2	%		91.7	%
RentPOF(4)	$	16.92		$	16.50		$	15.43		$	15.25		$	14.67
Move ins		9,469			10,575			10,151			9,611			11,179
Move outs		9,847			8,789			8,665			9,829			10,331

	For the Quarter Ended:
FFO, as adjusted per share & unit outstanding - diluted	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
FFO, as adjusted (3)	$	0.14	$	0.10	$	0.08	$	0.08	$	0.06

(1) Includes 11 operating properties owned by Strategic Storage Growth Trust II, Inc., three operating properties owned by Strategic Storage Trust VI, Inc. and one other property managed by SmartStop.

(2) Weighted by net rentable square feet.

(3) NOI and FFO, as adjusted are non-GAAP measures. See Appendix for a reconciliation of NOI and the FFO Reconciliation for a reconciliation of FFO, as Adjusted to the most directly comparable GAAP measures.

(4) RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 19

	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Assets:
Real estate facilities	$	1,573,447,397		$	1,575,320,663		$	1,552,957,668		$	1,210,102,582		$	1,191,037,320
Accumulated depreciation		(145,213,522	)		(135,187,165	)		(124,490,121	)		(115,903,045	)		(106,556,223	)
Construction in process		1,718,223			1,857,047			4,260,712			1,761,303			1,591,793
Real estate facilities, net		1,429,952,098			1,441,990,545			1,432,728,259			1,095,960,840			1,086,072,890
Cash and cash equivalents		29,247,388			26,580,765			30,371,284			72,705,624			36,747,083
Restricted cash		8,491,787			7,276,448			8,809,279			7,952,052			9,787,127
Investments in unconsolidated real estate ventures		18,494,815			20,682,690			17,488,416			—			—
Investments in and advances to Managed REITs		12,332,654			12,033,750			736,355			15,624,389			8,178,896
Other assets, net		18,331,410			14,087,618			15,202,719			7,734,276			5,870,035
Trademarks, goodwill and other intangible assets, net		87,204,036			90,957,078			94,211,432			82,243,876			83,110,619
Debt issusance costs, net of accumulated amortization		2,049,573			2,258,004			2,481,254			—			—
Total assets	$	1,606,103,761		$	1,615,866,898		$	1,602,028,998		$	1,282,221,057		$	1,229,766,650
Liabilities:
Debt, net	$	848,818,212		$	849,209,991		$	822,490,580		$	717,952,233		$	712,789,410
Other liabilities, net		63,066,705			61,359,794			61,669,966			67,336,937			59,802,804
Total liabilities	$	911,884,917		$	910,569,785		$	884,160,546		$	785,289,170		$	772,592,214
Redeemable common stock	$	67,684,603		$	64,028,104		$	60,388,518		$	57,335,575		$	54,116,173
Preferred stock, gross	$	200,000,000		$	200,000,000		$	200,000,000		$	200,000,000		$	150,000,000
Preferred stock offering costs		(3,643,893	)		(3,643,893	)		(3,643,893	)		(3,643,893	)		(3,620,292	)
Total preferred stock, net	$	196,356,107		$	196,356,107		$	196,356,107		$	196,356,107		$	146,379,708
Equity:
Total SmartStop Self Storage REIT, Inc. equity	$	363,744,159		$	377,461,027		$	392,355,573		$	183,236,294		$	195,385,785
Total noncontrolling interests		66,433,975			67,451,875			68,768,254			60,003,911			61,292,770
Total equity	$	430,178,134		$	444,912,902		$	461,123,827		$	243,240,205		$	256,678,555
Total liabilities & equity	$	1,606,103,761		$	1,615,866,898		$	1,602,028,998		$	1,282,221,057		$	1,229,766,650

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 20

	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Revenues:
Self storage rental revenue	$	40,695,622		$	38,104,699		$	29,503,442		$	27,667,870		$	26,706,201
Ancillary operating revenue		2,007,411			2,027,041			1,557,430			1,517,829			1,431,952
Managed REIT Platform revenue		1,263,029			1,058,291			2,287,740			2,360,929			2,051,021
Reimbursable costs from Managed REITs		972,551			1,061,619			1,216,043			1,346,945			1,173,948
Total revenues		44,938,613			42,251,650			34,564,655			32,893,573			31,363,122
Expenses:
Property operating expenses		12,593,191			12,479,969			10,343,281			9,618,356			9,816,774
Managed REIT Platform expenses		587,704			316,142			319,890			294,818			329,280
Reimbursable costs from Managed REITs		972,551			1,061,619			1,216,043			1,346,945			1,173,948
General and administrative		5,232,950			6,811,313			4,752,989			4,641,467			4,012,072
Depreciation & amortization of real estate assets		14,459,073			14,396,482			9,803,474			10,033,360			9,591,486
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		—			—			8,389,573			—			—
Other		911,985			430,448			2,425,394			3,372,189			2,068,577
Total operating expenses		34,757,454			35,495,973			37,250,644			29,307,135			26,992,137
Gain on sale of real estate		—			178,631			—			—			—
Income (loss) from operations		10,181,159			6,934,308			(2,685,989	)		3,586,438			4,370,985
Interest expense – total		8,288,215			8,416,349			8,616,071			8,602,201			9,013,167
Net loss on extinguishment of debt		—			—			2,444,788			—			—
Other		833,702			(171,203	)		(1,443,382	)		(3,071,879	)		(185,685	)
Net income (loss)		1,059,242			(1,310,838	)		(12,303,466	)		(1,943,884	)		(4,456,497	)
Net (income) loss attributable to the noncontrolling interests in our OP		(119,678	)		546,092			1,476,994			351,476			585,360
Less: Distributions to preferred stockholders		(3,150,685	)		(3,116,438	)		(3,082,192	)		(2,937,500	)		(2,387,977	)
Net loss attributable to common stockholders	$	(2,211,121	)	$	(3,881,184	)	$	(13,908,664	)	$	(4,529,908	)	$	(6,259,114	)
Net loss per Class A & T share – basic and diluted	($	0.03	)	($	0.05	)	($	0.22	)	($	0.08	)	($	0.10	)
Weighted average Class A & T shares outstanding – basic & diluted		84,411,030			83,955,753			64,326,697			60,167,502			59,847,321

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 21

	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Reconciliation to FFO & FFO, as adjusted:
Net loss (attributable to common stockholders)	$	(2,211,121)		$	(3,881,184	)	$	(13,908,664	)	$	(4,529,908	)	$	(6,259,114	)
Depreciation & amortization of real estate and intangible assets from consolidated and unconsolidated entitites		14,282,280			14,176,386			8,973,644			8,804,733			8,380,416
Gain on deconsolidation		—			(169,533	)		—			—			—
Gain on sale of real estate		—			(178,631	)		—			—			—
Adjustment for noncontrolling interests		(1,545,084	)		(1,500,869	)		(1,118,036	)		(1,051,900	)		(1,101,471	)
FFO (attributable to common stockholders)		10,526,075			8,446,169			(6,053,056	)		3,222,925			1,019,831
Intangible amortization expense - contracts		240,959			212,537			697,462			1,071,436			1,050,720
Acquisition expenses		211,985			30,448			305,650			772,189			468,577
Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities		27,767			107,388			—			—			—
Contingent earnout adjustment		700,000			400,000			2,119,744			2,600,000			1,600,000
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		—			—			8,389,573			—			—
Accretion of fair market value of secured debt		(29,228	)		(31,250	)		(31,866	)		(32,345	)		(32,788	)
Net loss on extinguishment of debt		—			—			2,444,788			—			—
Foreign currency and interest rate derivative (gains) losses, net		536,428			(643,547	)		217,998			40,649			53,503
Adjustment of deferred tax liabilities		(290,942	)		(56,880	)		(1,872,866	)		(2,627,403	)		(276,216	)
Adjustment for noncontrolling interests		(151,463	)		(1,784	)		(1,433,296	)		(457,271	)		(375,841	)
FFO, as adjusted (attributable to common stockholders)	$	11,771,581		$	8,463,081		$	4,784,131		$	4,590,180		$	3,507,786
Fully Diluted FFO Calculation:
FFO (attributable to common stockholders)	$	10,526,075		$	8,446,169		$	(6,053,056	)	$	3,222,925		$	1,019,831
Net income (loss) attributable to the noncontrolling interests in our OP		119,678			(546,092	)		(1,476,994	)		(351,476	)		(585,360	)
Adjustment for noncontrolling interests		1,545,084			1,500,869			1,118,036			1,051,900			1,101,471
FFO (attributable to common stockholders and OP unit holders)	$	12,190,837		$	9,400,946		$	(6,412,014	)	$	3,923,349		$	1,535,942
Fully Diluted FFO, as adjusted Calculation:
FFO, as adjusted (attributable to common stockholders)	$	11,771,581		$	8,463,081		$	4,784,131		$	4,590,180		$	3,507,786
Net income (loss) attributable to the noncontrolling interests in our OP		119,678			(546,092	)		(1,476,994	)		(351,476	)		(585,360	)
Adjustment for noncontrolling interests		1,696,547			1,502,653			2,551,332			1,509,171			1,477,312
FFO, as adjusted (attributable to common stockholders and OP unit holders)	$	13,587,806		$	9,419,642		$	5,858,469		$	5,747,875		$	4,399,738
Weighted average Class A & T shares outstanding		84,411,030			83,955,753			64,326,697			60,167,502			59,847,321
Weighted average OP units outstanding		10,270,455			10,270,455			9,248,375			9,095,029			9,095,029
Weighted average other dilutive securities		247,690			239,279			159,700			174,636			132,215
Weighted average shares & OP units outstanding – diluted (1)		94,929,175			94,465,487			73,734,772			69,437,167			69,074,565
FFO and FFO, as adjusted per share & unit outstanding - diluted
FFO	$	0.13		$	0.10		($	0.09	)	$	0.06		$	0.02
FFO, as adjusted	$	0.14		$	0.10		$	0.08		$	0.08		$	0.06

(1) Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect of both unvested restricted stock and long term incentive plan units (both time-based units and performance based-units). The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 22

							Net Rent / Occupied Sq. Ft. for the Three Months				Ending Occupancy for the Three Months Ended									Revenue for the Three Months							Expenses for the Three							NOI for the Three Months
			Net Rentable Sq. Ft.				Ended September 30,(1)				September 30,									Ended September 30,							Months Ended September 30,							Ended September 30,(5)
Owned Operating Store Segment	# of Stores				Units		2021		2020		2021			2020			Change			2021		2020		% Change			2021		2020		% Change			2021		2020		% Change
Same-Store Wholly-Owned		103		7,595,600		64,670	$	16.92	$	14.67		95.7	%		92.3	%		3.4	%	$	31,556,940	$	26,419,911		19.4	%	$	9,027,676	$	8,827,519		2.3	%	$	22,529,264	$	17,592,392		28.1	%
Non Same-Store Wholly-Owned
Historical SSS REIT Non-Stabilized(2)		9		697,100		7,020		14.57		8.65		95.9	%		82.2	%		13.7	%		2,664,081		1,718,243		55.0	%		974,726		989,255		- 1.5	%		1,689,355		728,988		131.7	%
Historical SST IV Stabilized(3)		16		1,392,600		11,340		16.92		NM		95.5	%		NM						5,320,918		NM					1,567,301		NM					3,753,617		NM
Historical SST IV Non-Stabilized(3)		8		658,300		6,540		16.49		NM		95.4	%		NM						2,753,905		NM					845,031		NM					1,908,874		NM
Recent Acquisitions(4)		2		150,200		1,520		12.62		NM		82.2	%		NM						407,189		NM					178,457		NM					228,732		NM
Total Non Same-Store Wholly-Owned		35		2,898,200		26,420		16.00		NM		94.9	%		NM						11,146,093		NM					3,565,515		NM					7,580,578		NM
Total Wholly-Owned Operating Stores		138		10,493,800		91,090	$	16.67		NM		95.5	%		NM					$	42,703,033		NM				$	12,593,191		NM				$	30,109,842		NM
Total Joint Venture Operating Stores		4		415,300		3,880		NM		NM		45.5	%		NM
Total All Owned Operating Stores		142		10,909,100		94,970

NM: Not meaningful comparison

(1) RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage.

(2) Represents non-stabilized stores that were owned by SmartStop Self Storage REIT, Inc. prior to the merger with Strategic Storage Trust IV, Inc. that closed in March 2021.

(3) Represents stores that were previously owned by Strategic Storage Trust IV, Inc. that were acquired by SmartStop Self Storage REIT, Inc. as part of the merger that closed in March 2021. Stabilized properties for the Strategic Storage Trust IV, Inc. pool consist of the sixteen properties accounted for in Strategic Storage Trust IV, Inc.’s same-store pool as of Strategic Storage Trust IV, Inc.’s final Form 10-Q filed for the period ended 9/30/2020.

(4) Represents stores that were recently acquired by SmartStop that are not in the same-store pool.

(5) NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 23

Revenues:	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Self storage rental revenue(1)	$	30,112,056		$	28,537,202		$	26,487,511		$	25,867,563		$	25,130,023
Ancillary operating revenue(2)		1,444,884			1,473,839			1,384,384			1,371,057			1,289,888
Total revenues	$	31,556,940		$	30,011,041		$	27,871,895		$	27,238,620		$	26,419,911
Expenses:
Property taxes	$	2,560,391		$	2,885,531		$	2,800,728		$	2,503,744		$	2,736,412
Payroll		2,318,331			2,148,246			2,270,018			2,236,152			2,166,483
Advertising		754,734			784,189			741,489			736,511			804,485
Repairs & maintenance		611,555			466,935			589,901			703,680			539,007
Utilities		806,301			674,511			750,329			695,197			804,019
Property insurance		409,026			413,501			405,323			399,276			331,587
Other(3)		1,567,338			1,505,926			1,259,724			1,424,597			1,445,526
Total expenses	$	9,027,676		$	8,878,839		$	8,817,512		$	8,699,157		$	8,827,519
Net operating income:	$	22,529,264		$	21,132,202		$	19,054,383		$	18,539,463		$	17,592,392
Gross margin(4)		71.4	%		70.4	%		68.4	%		68.1	%		66.6	%
Period ending occupancy		95.7	%		96.3	%		94.1	%		91.7	%		92.3	%
Period average occupancy		95.9	%		95.8	%		93.1	%		92.2	%		91.7	%
RentPOF(5)	$	16.92		$	16.50		$	15.43		$	15.25		$	14.67
Move ins		9,469			10,575			10,151			9,611			11,179
Move outs		9,847			8,789			8,665			9,829			10,331

Note: Same-store NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure.

(1) Includes rental income and associated late fees and administrative fees.

(2) Includes Tenant Programs revenue, solar revenue, merchandise sales and other.

(3) Includes administrative expenses, professional expenses, software expenses and other expenses.

(4) Gross margin defined as net operating income divided by total revenues for a particular period.

(5) RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 24

																														Expenses for the							NOI for the
										Net Rent / Occupied Sq.				Avg. Occupancy for the									Revenue for the Three							Three							Three
						Net				Ft. for the Three Months				Three Months Ended									Months Ended							Months Ended							Months Ended
	% of			# of		Rentable				Ended September 30,(2)				September 30,									September 30,							September 30,							September 30, (4)
MSA/CMA(1)	NOI			Stores		Sq. Ft.		Units		2021		2020		2021			2020			Change			2021		2020		% Change			2021		2020		% Change			2021		2020		% Change
Miami - Fort Lauderdale		15.7	%		9		941,400		7,750	$	21.39	$	18.73		95.4	%		91.5	%		3.9	%	$	4,693,026	$	4,020,035		16.7	%	$	1,162,449	$	1,131,022		2.8	%	$	3,530,577	$	2,889,013		22.2	%
Toronto(3)		13.9	%		10		849,600		7,800		19.92		16.86		94.9	%		93.4	%		1.5	%		4,265,131		3,595,098		18.6	%		1,142,282		1,151,841		-0.8	%		3,122,849		2,443,257		27.8	%
Los Angeles		11.4	%		10		660,400		6,200		20.51		17.91		97.0	%		92.6	%		4.4	%		3,395,292		2,813,842		20.7	%		824,321		813,542		1.3	%		2,570,971		2,000,300		28.5	%
Asheville		7.8	%		13		780,200		5,530		13.09		11.44		96.0	%		91.9	%		4.1	%		2,409,039		2,039,318		18.1	%		660,615		684,163		-3.4	%		1,748,424		1,355,155		29.0	%
Las Vegas		7.2	%		5		552,500		4,380		15.97		13.62		96.3	%		92.2	%		4.1	%		1,999,104		1,626,207		22.9	%		380,055		368,811		3.0	%		1,619,049		1,257,396		28.8	%
San Francisco - Oakland		6.1	%		4		322,600		2,920		22.55		19.90		94.9	%		90.7	%		4.2	%		1,805,902		1,536,565		17.5	%		442,160		441,518		0.1	%		1,363,742		1,095,047		24.5	%
Detroit		3.2	%		4		266,100		2,220		13.60		11.75		96.9	%		92.9	%		4.0	%		935,461		770,520		21.4	%		219,398		205,547		6.7	%		716,063		564,973		26.7	%
Riverside - SB		3.0	%		3		180,700		1,770		18.33		15.05		97.8	%		94.4	%		3.4	%		874,980		691,111		26.6	%		200,570		198,096		1.2	%		674,410		493,015		36.8	%
Dayton		3.1	%		7		392,400		3,340		10.77		9.39		95.4	%		92.9	%		2.5	%		1,077,591		921,621		16.9	%		371,981		346,207		7.4	%		705,610		575,414		22.6	%
Port St. Lucie		2.7	%		3		251,600		2,010		16.21		12.94		96.6	%		92.1	%		4.5	%		954,009		743,653		28.3	%		339,657		357,962		-5.1	%		614,352		385,691		59.3	%
Denver		2.6	%		5		290,700		2,550		13.17		11.72		96.7	%		91.1	%		5.6	%		1,011,078		849,908		19.0	%		414,260		410,425		0.9	%		596,818		439,483		35.8	%
Chicago		3.5	%		5		315,600		2,880		12.42		10.74		96.3	%		90.2	%		6.1	%		1,026,456		816,795		25.7	%		245,017		452,796		-45.9	%		781,439		363,999		114.7	%
Myrtle Beach		2.0	%		2		197,800		1,450		12.66		12.03		95.2	%		88.5	%		6.7	%		597,913		514,014		16.3	%		136,526		138,872		-1.7	%		461,387		375,142		23.0	%
Raleigh - Cary		1.3	%		3		163,800		1,090		11.28		10.30		96.5	%		90.7	%		5.8	%		453,465		384,938		17.8	%		157,994		151,832		4.1	%		295,471		233,106		26.8	%
Other		16.5	%		20		1,430,200		12,780		16.90		14.70		95.6	%		90.6	%		5.0	%		6,058,493		5,096,286		18.9	%		2,330,391		1,974,885		18.0	%		3,728,102		3,121,401		19.4	%
Total Same-Store		100.0	%		103		7,595,600		64,670	$	16.92	$	14.67		95.9	%		91.7	%		4.2	%	$	31,556,940	$	26,419,911		19.4	%	$	9,027,676	$	8,827,519		2.3	%	$	22,529,264	$	17,592,392		28.1	%
																														Expenses for the							NOI for the
										Net Rent / Occupied Sq.				Avg. Occupancy for the									Revenue for the Nine							Nine							Nine
						Net				Ft. for the Nine Months				Nine Months Ended									Months Ended							Months Ended							Months Ended
	% of			# of		Rentable				Ended September 30,(2)				September 30,									September 30,							September 30,							September 30, (4)
MSA/CMA(1)	NOI			Stores		Sq. Ft.		Units		2021		2020		2021			2020			Change			2021		2020		% Change			2021		2020		% Change			2021		2020		% Change
Miami - Fort Lauderdale		15.9	%		9		941,400		7,750	$	20.43	$	18.88		94.3	%		89.9	%		4.4	%	$	13,318,354	$	11,718,476		13.7	%	$	3,330,779	$	3,222,239		3.4	%	$	9,987,575	$	8,496,237		17.6	%
Toronto (3)		14.0	%		10		849,600		7,800		19.22		16.14		94.5	%		92.2	%		2.3	%		12,204,755		10,019,814		21.8	%		3,404,804		3,364,639		1.2	%		8,799,951		6,655,175		32.2	%
Los Angeles		11.5	%		10		660,400		6,200		19.44		17.88		96.2	%		91.5	%		4.7	%		9,601,579		8,156,789		17.7	%		2,414,291		2,389,576		1.0	%		7,187,288		5,767,213		24.6	%
Asheville		7.7	%		13		780,200		5,530		12.42		11.60		94.7	%		89.6	%		5.1	%		6,782,235		5,988,456		13.3	%		1,983,862		1,934,242		2.6	%		4,798,373		4,054,214		18.4	%
Las Vegas		7.2	%		5		552,500		4,380		15.05		13.61		95.2	%		91.0	%		4.2	%		5,623,363		4,747,829		18.4	%		1,097,748		1,073,478		2.3	%		4,525,615		3,674,351		23.2	%
San Francisco - Oakland		6.2	%		4		322,600		2,920		21.63		19.81		94.7	%		89.3	%		5.4	%		5,210,856		4,454,278		17.0	%		1,323,760		1,304,858		1.4	%		3,887,096		3,149,420		23.4	%
Detroit		3.2	%		4		266,100		2,220		12.90		12.01		95.2	%		89.4	%		5.8	%		2,626,607		2,253,033		16.6	%		650,077		665,643		-2.3	%		1,976,530		1,587,390		24.5	%
Riverside - SB		3.0	%		3		180,700		1,770		17.15		14.78		97.8	%		92.7	%		5.1	%		2,471,868		1,983,404		24.6	%		591,272		595,156		-0.7	%		1,880,596		1,388,248		35.5	%
Dayton		3.0	%		7		392,400		3,340		10.25		9.12		94.6	%		91.5	%		3.1	%		3,071,769		2,617,415		17.4	%		1,182,529		1,095,339		8.0	%		1,889,240		1,522,076		24.1	%
Port St. Lucie		2.7	%		3		251,600		2,010		15.14		13.56		95.7	%		88.6	%		7.1	%		2,660,779		2,201,183		20.9	%		995,008		1,009,195		-1.4	%		1,665,771		1,191,988		39.7	%
Denver		2.6	%		5		290,700		2,550		12.45		11.79		95.1	%		88.1	%		7.0	%		2,825,093		2,435,257		16.0	%		1,218,890		1,168,799		4.3	%		1,606,203		1,266,458		26.8	%
Chicago		2.7	%		5		315,600		2,880		11.70		10.86		95.1	%		89.1	%		6.0	%		2,875,708		2,417,158		19.0	%		1,176,857		1,335,974		-11.9	%		1,698,851		1,081,184		57.1	%
Myrtle Beach		2.1	%		2		197,800		1,450		12.20		12.06		93.5	%		87.8	%		5.7	%		1,703,022		1,532,277		11.1	%		401,541		403,394		-0.5	%		1,301,481		1,128,883		15.3	%
Raleigh - Cary		1.3	%		3		163,800		1,090		10.83		10.38		95.5	%		88.4	%		7.1	%		1,299,169		1,121,473		15.8	%		471,545		481,433		-2.1	%		827,624		640,040		29.3	%
Other		17.0	%		20		1,430,200		12,780		16.07		14.71		94.8	%		89.2	%		5.6	%		17,164,719		14,880,176		15.4	%		6,481,064		5,779,712		12.1	%		10,683,655		9,100,464		17.4	%
Total Same-Store		100.0	%		103		7,595,600		64,670	$	16.11	$	14.66		94.9	%		90.1	%		4.8	%	$	89,439,876	$	76,527,018		16.9	%	$	26,724,027	$	25,823,677		3.5	%	$	62,715,849	$	50,703,341		23.7	%

(1) MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.

(2) RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage.

(3) Presented in US Dollars (USD) as translated on average for the quarter.

(4) NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 25

	% of Portfolio			Net Rentable
MSA/CMA(1)	by NRSF			Sq. Ft.		# of Stores		Units
Toronto		10.4	%		1,092,300		13		10,610
Miami - Fort Lauderdale		9.8	%		1,025,300		10		8,620
Asheville		8.1	%		851,900		14		6,200
Las Vegas		7.2	%		757,100		8		6,210
Los Angeles		6.3	%		660,400		10		6,200
Houston		5.7	%		602,100		8		4,490
Dayton		3.7	%		392,400		7		3,340
San Francisco - Oakland		3.1	%		322,600		4		2,920
Port St. Lucie		3.0	%		318,900		4		2,610
Riverside - SB		2.9	%		306,700		5		2,690
Chicago		3.0	%		315,600		5		2,880
Denver		2.8	%		290,700		5		2,550
Phoenix		2.5	%		265,000		3		2,540
Detroit		2.5	%		266,100		4		2,220
Seattle - Tacoma		1.9	%		196,600		3		1,680
Myrtle Beach		1.9	%		197,800		2		1,450
Charlotte		1.7	%		176,700		2		1,900
San Diego		1.7	%		181,400		2		2,020
Raleigh - Cary		1.6	%		163,800		3		1,090
Other(2)		20.1	%		2,110,400		26		18,870
Total Stores		100.0	%		10,493,800		138		91,090

(1) MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.

(2) Other markets include: Baltimore, Charleston, Charlottesville, College Station, Colorado Springs, Dallas, Mobile, Nantucket, Naples, New York – Newark, Orlando, Punta Gorda, Sacramento, Santa Maria-Santa Barbara, Sarasota, Stockton, Trenton-Princeton and Washington- Arlington. None of these markets represent more that 1.5% of the total portfolio by NRSF.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 26

			SmartStop %			Net Rentable				Net Rent / Occupied Sq. Ft. Three Months Ended September 30,(2)				Average Occupancy for the Three Months Ended September 30,						Revenue for the Three Months Ended September 30,				Expenses for the Three Months Ended September 30,				NOI for the Three Months Ended September 30, (3)
Owned Operating Properties	Stores		Ownership			Sq. Ft.		Units		2021		2020		2021			2020			2021		2020		2021		2020		2021		2020
Same-Store Wholly-Owned Stores		10		100.0	%		849,600		7,800	$	19.92	$	16.86		94.9	%		93.4	%	$	4,265,131	$	3,595,098	$	1,142,282	$	1,151,841	$	3,122,849	$	2,443,257
Non Same-Store Wholly-Owned Stores		3		100.0	%		242,700		2,810		13.79		NM		83.7	%		NM			768,414		NM		167,105		NM		601,309		NM
Joint Venture Properties (1)		4		50.0	%		415,300		3,880		NM		NM		41.4	%		NM			862,470		NM		454,199		NM		408,271		NM
Total Owned Operating Stores		17					1,507,600		14,490

Owned Projects Under Construction	Stores		SmartStop % Ownership			Projected Net Rentable Sq. Ft.		Projected Units		Total Anticipated Project Costs		SmartStop Portion of Anticipated Project Costs
Total Under Construction Stores		2		50.0	%		199,200		1,925	$	33,423,068	$	16,711,534

Note: All dollars denominated in U.S. Dollars (USD) NM: Not meaningful comparison

(1) Figures represent the total joint venture, not just SmartStop’s proportionate percentage.

(2) RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage.

(3) NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 27

										As of September 30,
										2021
JV Owned Operating Properties	MSA/ CMA  (1)		SmartStop% Ownership			Net Rentable Sq. Ft.		Units		Investment Value(2)		Date Opened
East York - Laird		Toronto		50.0	%		100,000		1,000	$	6,383,405		Jul-20
Brampton		Toronto		50.0	%		101,300		1,050		2,364,348		Nov-20
Vaughan		Toronto		50.0	%		118,700		880		2,940,716		Jan-21
Oshawa - Champlain		Toronto		50.0	%		95,300		950		1,653,387		Aug-21
Total JV Operating Properties							415,300		3,880	$	13,341,856

										As of September 30,
						Projected				2021
JV Owned Project Under Construction	MSA/ CMA  (1)		SmartStop% Ownership			Net Rentable Sq. Ft.		Units		Investment Value(2)		Projected Completion
Kingspoint		Toronto		50.0	%		100,300		982	$	2,581,353		Q3 2022
Scarborough		Toronto		50.0	%		98,900		943		2,571,606		Q4 2021
Total JV Properties Under Construction							199,200		1,925	$	5,152,960

Note: All dollars denominated in U.S. Dollars (USD)

(1) MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.

(2) Through the acquisition of the joint venture partnerships, the Company also became party to a master mortgage commitment agreement (the “MMCA”) with SmartCentres Storage Finance LP (the “SmartCentres Lender”) (collectively, the “SmartCentres Financing”). The SmartCentres Lender is an affiliate of SmartCentres. As of August 18, 2021, the maximum amount available is approximately $68.5 million CAD, however, the SmartCentres Financing includes an accordion feature such that borrowings pursuant thereto may be increased up to approximately $120 million CAD subject to certain conditions set forth in the MMCA. As of September 30, 2021, approximately $62.6 million CAD was outstanding on the SmartCentres Financing.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 28

				Interest			Maturity
Loan	9/30/2021			Rate(1)			Date
KeyBank CMBS Loan	$	94,870,683			3.89	%		8/1/2026
KeyBank Florida CMBS Loan		52,000,000			4.65	%		5/1/2027
Midland North Carolina CMBS Loan		45,931,091			5.31	%		8/1/2024
CMBS Loan		104,000,000			5.00	%		2/1/2029
SST IV CMBS Loan		40,500,000			3.56	%		2/1/2030
SST IV TCF Loan		40,782,500			3.75	%		3/30/2023
Credit Facility Term Loan - USD		250,000,000			1.88	%		3/17/2026
Credit Facility Revolver - USD		207,201,288			1.93	%		3/17/2024
Oakville III BMO Loan - CAD (2)		12,783,875			2.66	%		5/16/2024
Ladera Office Loan		4,035,891			4.29	%		11/1/2026
Premium on secured debt, net		253,202
Debt issuance costs, net		(3,540,318	)
Total debt(2)	$	848,818,212

(1) Represents the stated interest rate or the effective rate of interest as of the end of the quarter for variable rate loans. Effective at quarter end, the Company was subject to a swap for $235 million at LIBOR 1.79% that expires in February 2022.

(2) Debt denominated in foreign currency has been converted based on the rate in effect as of September 30, 2021.

(3) Excludes amortizing debt payments.

(4) Total capitalization includes debt, preferred equity and equity market cap based on approx. 95 million shares and OP Units at September 30, 2021 valued at the most recently published Net Asset Value. Debt and preferred equity are at face value for purposes of this calculation.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 29

Selected Fund Information	SSGT II (1)	SST VI (2)
Year established	2018	2021
AUM - end of current quarter	$161.6 million	$51.0 million
Max offering	$270 million	$220 million
Type of offering	Private Placement	Private Placement

Fee Summary - 3Q 2021	SSGT II (1)		SST VI (2)		Other		Total
Advisory agreement	$	462,178	$	59,290		—	$	521,468
Property management agreement		202,523		30,515		—	$	233,038
Tenant Program revenue		158,798		56,259			$	215,057
Other (3)		—		135,000		158,466	$	293,466
Total Fees (most recent quarter)	$	823,499	$	281,064	$	158,466	$	1,263,029

(1) Represents Strategic Storage Growth Trust II, Inc. (“SSGT II”).

(2) Represents Strategic Storage Trust VI, Inc. (“SST VI”).

(3) Such revenues primarily include construction management, development fees, acquisition fees, and other miscellaneous revenues.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 30

Appendix

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 31

	2021 Q3			2021 Q2			2021 Q1			2020 Q4			2020 Q3
Net income (loss)	$	1,059,242		$	(1,310,838	)	$	(12,303,466	)	$	(1,943,884	)	$	(4,456,497	)
Adjusted to exclude:
Managed REIT Platform revenue		(1,263,029	)		(1,058,291	)		(2,287,740	)		(2,360,929	)		(2,051,021	)
Managed REIT Platform expenses		587,704			316,142			319,890			294,818			329,280
General and administrative		5,232,950			6,811,313			4,752,989			4,641,467			4,012,072
Depreciation		10,748,337			10,742,801			8,543,927			8,731,926			8,003,587
Intangible amortization expense		3,710,736			3,653,681			1,259,547			1,301,434			1,587,899
Acquisition expenses		211,985			30,448			305,650			772,189			468,577
Contingent earnout adjustment		700,000			400,000			2,119,744			2,600,000			1,600,000
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		—			—			8,389,573			—			—
Gain on sale of real estate		—			(178,631	)		—			—			—
Interest expense		7,818,311			7,950,702			7,975,464			7,880,405			8,093,476
Interest expense—accretion of fair market value of secured debt		(29,228	)		(31,250	)		(31,866	)		(32,345	)		(32,788	)
Interest expense—debt issuance costs		499,132			496,897			672,473			754,141			952,479
Net loss on extinguishment of debt		—			—			2,444,788			—			—
Other		833,702			(171,203	)		(1,443,382	)		(3,071,879	)		(185,685	)
Total net operating income	$	30,109,842		$	27,651,771		$	20,717,591		$	19,567,343		$	18,321,379
Total revenue	$	42,703,033		$	40,131,740		$	31,060,872		$	29,185,699		$	28,138,153
Total property operating expenses		12,593,191			12,479,969			10,343,281			9,618,356			9,816,774
Total net operating income	$	30,109,842		$	27,651,771		$	20,717,591		$	19,567,343		$	18,321,379

	2021 YTD			2020 YTD
Net loss	$	(12,555,062	)	$	(49,262,919	)
Adjusted to exclude:
Managed REIT Platform revenue		(4,609,060	)		(5,687,701	)
Managed REIT Platform expenses		1,223,736			2,512,103
General and administrative		16,797,252			11,829,732
Depreciation		30,035,065			23,562,701
Intangible amortization expense		8,623,964			8,475,682
Acquisition expenses		548,083			593,903
Contingent earnout adjustment		3,219,744			(5,100,000	)
Impairment of goodwill and intangible assets		—			36,465,732
Impairment of investments in Managed REITs		—			4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control		8,389,573			—
Gain on sale of real estate		(178,631	)		—
Interest expense		23,744,477			24,717,208
Interest expense—accretion of fair market value of secured debt		(92,344	)		(98,337	)
Interest expense—debt issuance costs		1,668,502			2,832,240
Net loss on extinguishment of debt		2,444,788			—
Other		(780,883	)		(2,914,840	)
Total net operating income	$	78,479,204		$	52,302,383
Total revenue	$	113,895,645		$	80,989,226
Total property operating expenses		35,416,441			28,686,843
Total net operating income	$	78,479,204		$	52,302,383

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 32

Certain of the matters discussed in this communication 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.

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. Such forward-looking statements include, but are not limited to, statements about the expected effects and benefits of the SST IV merger, the SSGT merger, the self administration transaction and the Series A Preferred equity investment, including anticipated future financial and operating results and synergies, as well as all other statements in this communication, other than historical facts. 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) risks related to disruption of management’s attention from SmartStop’s ongoing business operations due to the SST IV merger or other business matters; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) failure to realize the expected benefits and synergies of either of the SST IV merger, the SSGT merger or the self administration transaction in the expected timeframes or at all; (iv) costs or difficulties related to the integration of acquired self storage facilities and operations; (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, including the outbreak of novel coronavirus (COVID-19), military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; or (vii) difficulties in SmartStop’s ability to attract and retain qualified personnel and management.

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, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.

SmartStop Self Storage REIT, Inc. Financial Supplement 2021 Q3 33