v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (4,706) $ (5,735)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 53,172 41,518
Change in deferred tax assets and liabilities 883 602
Accretion of fair market value adjustment of secured debt 544 80
Amortization of debt issuance costs 2,912 2,975
Loss on extinguishment of debt 2,533 471
Equity based compensation expense 14,248 3,863
Non-cash adjustment from equity method investments in JV Properties 408 1,068
Non-cash adjustment from equity method investments in Managed REITs 620 957
Accretion of financing fee revenues (252) (114)
Unrealized foreign currency and derivative (gains) losses (7,543) 4,215
Sponsor funding reduction [1] 779 598
Issuance of noncontrolling interest SST VI Advisor 0 330
Increase (decrease) in cash from changes in assets and liabilities:    
Other assets, net 2,275 2,684
Accounts payable and accrued liabilities 6,289 12,288
Managed REITs receivables and other (1,199) (12,333)
Due to affiliates (350) (45)
Net cash provided by operating activities 70,613 53,422
Cash flows from investing activities:    
Purchase of real estate (288,876) (5,490)
Additions to real estate (7,770) (8,565)
Deposits on acquisitions (5,552) (474)
Insurance proceeds on insured property damage 3,618 0
Capital distributions from Managed REITs 462 463
Investments in unconsolidated JV Properties (3,490) (8,759)
Capital distributions from unconsolidated JV Properties 1,050 0
Investment in SST VI Series D Preferred Units (24,750) 0
Repayment of SSGT III loans 21,919 19,000
Purchase of SST VI Subordinated Class C Units (658) (926)
Settlement of foreign currency hedges 1,065 1,939
Purchase of other assets (63) (70)
Net cash used in investing activities (351,045) (80,301)
Cash flows from financing activities:    
Gross proceeds - Underwritten Public Offering 931,500 0
Offering costs (57,281) (88)
Gross proceeds from issuance of Canadian Notes 511,462 0
Gross proceeds from issuance of non-credit facility debt 74,800 75,590
Repayment of non-credit facility debt (278,880) (15,000)
Scheduled principal payments on non-credit facility debt (2,221) (2,617)
Proceeds from issuance of credit facility debt 222,000 659,000
Repayment of credit facility debt (825,005) (623,808)
Debt defeasance costs (754) 0
Debt issuance costs (2,727) (9,614)
Payment of payroll withholding tax on stock vesting (192) (218)
Redemptions of noncontrolling interests in our OP (230) 0
Redemption of Series A Convertible Preferred Stock (200,000) 0
Redemption of fractional common shares (290) 0
Repurchase of noncontrolling interest in SST VI Advisor (1,850) 0
Redemption of common stock 0 (21,228)
Distributions paid to preferred stockholders (6,967) (9,367)
Distributions paid to common stockholders (52,646) (26,684)
Distributions paid to noncontrolling interests in our OP (5,475) (6,521)
Distributions paid to other noncontrolling interests (365) (333)
Net cash provided by (used in) financing activities 304,879 19,112
Impact of foreign exchange rate changes on cash and restricted cash 464 (622)
Change in cash, cash equivalents, and restricted cash 24,911 (8,389)
Cash, cash equivalents, and restricted cash beginning of year 29,301 53,427
Cash, cash equivalents, and restricted cash end of year 54,212 45,038
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of capitalized interest 39,999 46,311
Cash paid for income taxes 294 53
Supplemental disclosure of noncash activities:    
Acquisition of real estate with loans payable 25,236 0
Distributions payable 8,559 8,803
Real estate and construction in process included in accounts payable and accrued liabilities 1,941 623
Issuance of shares pursuant to distribution reinvestment plan 3,452 16,979
Redemption of common stock included in accounts payable and accrued liabilities 0 12,617
Deposit applied to the purchase of real estate 2,745 0
Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REITs receivables 1,098 0
SSGT III    
Cash flows from investing activities:    
Funding of loans (46,000) (20,000)
SST VI    
Cash flows from investing activities:    
Funding of loans $ (2,000) $ (8,000)
[1] Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return receives Series C Units in SST VI's OP. As of June 30, 2025, SST VI had closed its offering to new subscriptions. As such, we no longer had any funding obligation pursuant to the Sponsor Funding Agreement. The excess of the
funding over the value of the Series C Units received was accounted for as a reduction of Managed REIT Platform revenues from SST VI over the remaining estimated term of the management contracts with SST VI.