v3.25.3
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 70,429 $ 60,157 $ 202,695 $ 176,362
Operating expenses:        
General and administrative 10,435 [1] 7,210 29,980 [2] 22,449
Depreciation 16,274 13,836 46,741 41,057
Intangible amortization expense 2,904 215 6,431 461
Acquisition expenses 480 38 1,042 121
Total operating expenses 57,653 42,457 162,416 124,985
Income from operations 12,776 17,700 40,279 51,377
Other income (expense):        
Other, net 4,667 (1,981) 3,703 (2,949)
Interest income 1,536 1,023 2,984 2,375
Interest expense (12,521) (19,102) (46,573) (52,949)
Loss on debt extinguishment 0 0 (2,533) (471)
Income tax (expense) benefit (615) (404) (1,538) (1,093)
Net income (loss) 5,548 (3,392) (4,706) (5,735)
Net (income) loss attributable to noncontrolling interests (321) 314 377 405
Less: Distributions to preferred stockholders 0 (3,142) (3,567) (9,358)
Less: Accretion - preferred equity costs 0 0 (3,644) 0
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders $ 5,227 $ (6,220) $ (11,540) $ (14,688)
Net income (loss) per Common Stock Class A & Class T share - basic $ 0.09 $ (0.26) $ (0.27) $ (0.62)
Net income (loss) per Common Stock Class A & Class T share - diluted $ 0.09 $ (0.26) $ (0.27) $ (0.62)
Weighted average number of common shares outstanding- basic 55,097,961 24,119,247 44,625,950 24,173,519
Weighted average number of common shares outstanding - diluted 55,345,663 24,119,247 44,625,950 24,173,519
Self Storage Rental Revenue        
Revenues:        
Total revenues $ 61,768 $ 52,921 $ 176,509 $ 156,050
Ancillary Operating Revenue        
Revenues:        
Total revenues 2,825 2,457 8,161 6,973
Managed REIT Platform Revenue        
Revenues:        
Total revenues 3,841 2,923 11,990 8,328
Property Operating Expenses        
Operating expenses:        
Operating expenses 23,491 18,249 65,628 53,334
Managed REIT Platform Expenses        
Operating expenses:        
Operating expenses 2,074 [1] 1,053 6,559 [2] 2,552
Reimbursable Costs from Managed REITs        
Revenues:        
Total revenues 1,995 1,856 6,035 5,011
Operating expenses:        
Operating expenses $ 1,995 $ 1,856 $ 6,035 $ 5,011
Common Stock        
Other income (expense):        
Weighted average number of common shares outstanding- basic 31,050,000 0 20,586,264 0
Weighted average number of common shares outstanding - diluted 31,050,000 0 20,586,264 0
Class A and T Common Stock        
Other income (expense):        
Net income (loss) per Common Stock Class A & Class T share - basic $ 0.09 $ (0.26) $ (0.27) $ (0.62)
Net income (loss) per Common Stock Class A & Class T share - diluted $ 0.09 $ (0.26) $ (0.27) $ (0.62)
Class A Common stock        
Other income (expense):        
Weighted average number of common shares outstanding- basic 22,004,477 22,086,796 21,996,871 22,142,691
Weighted average number of common shares outstanding - diluted 22,252,179 22,086,796 21,996,871 22,142,691
Class T Common stock        
Other income (expense):        
Weighted average number of common shares outstanding- basic 2,043,484 2,032,451 2,042,815 2,030,828
Weighted average number of common shares outstanding - diluted 2,043,484 2,032,451 2,042,815 2,030,828
JV Properties        
Other income (expense):        
Equity in earnings (loss) of unconsolidated real estate ventures $ (47) $ (380) $ (408) $ (1,068)
Managed REITs        
Other income (expense):        
Equity in earnings (loss) of unconsolidated real estate ventures $ (248) $ (248) $ (620) $ (957)
[1]

(1) Included within Payroll, Managed REIT Platform expense, and General and administrative expense was approximately $1.9 million, $1.1 million, and $1.5 million of stock and related compensation expense related to our IPO Grant for the three months ended September 30, 2025, respectively.

[2] (1) Included within Payroll, Managed REIT Platform expense, and General and administrative expense was approximately $3.6 million, $2.0 million, and $3.1 million of stock and related compensation expense related to our IPO Grant for the nine months ended September 30, 2025, respectively.