Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
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| Summary of Sponsorship Funding Payments |
Below is a summary of the portion of sponsorship funding payments which exceeded the fair value of the Series C Units received, and was recorded pursuant to ASC 606 as described above (in thousands):
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|
|
|
|
Balance as of December 31, 2023 |
|
$ |
3,493 |
|
Amounts incurred |
|
|
1,210 |
|
Recorded sponsor funding reduction |
|
|
(844 |
) |
Balance as of December 31, 2024 |
|
$ |
3,859 |
|
Amounts incurred |
|
|
384 |
|
Recorded sponsor funding reduction |
|
|
(1,052 |
) |
Balance as of December 31, 2025 |
|
$ |
3,191 |
|
|
| Estimated Useful Lives used to Depreciate Real Property Assets |
Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
as follows:
|
|
|
Description |
|
Standard Depreciable Life |
Land |
|
Not Depreciated |
Buildings |
|
30-40 years |
Site Improvements |
|
7-10 years |
|
| Summary of Fixed Rate Notes Payable |
The table below summarizes the carrying amounts and fair values of our fixed rate debt which are not carried at fair value as of December 31, 2025 and 2024 (in thousands):
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|
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December 31, 2025 |
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|
December 31, 2024 |
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|
Fair Value |
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|
Carrying Value |
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|
Fair Value |
|
|
Carrying Value |
|
Fixed Rate Debt |
|
$ |
1,035,900 |
|
|
$ |
1,042,796 |
|
|
$ |
531,400 |
|
|
$ |
554,348 |
|
|
| Schedule of Assets and Liabilities Measured at Fair Value |
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):
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Fair Value Measurements at December 31, 2024 Using |
|
Description |
|
Quoted Prices in Active Markets for Identical Assets
(Level 1) |
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|
Significant Other Observable Inputs
(Level 2) |
|
|
Significant unobservable Inputs
(Level 3) |
|
Interest Rate Derivatives |
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|
|
|
|
|
|
|
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Other assets |
|
$ |
— |
|
|
$ |
1,523 |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
|
$ |
— |
|
|
$ |
6,591 |
|
|
$ |
— |
|
Foreign Currency Hedges |
|
|
|
|
|
|
|
|
|
Other assets |
|
$ |
— |
|
|
$ |
4,667 |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
|
$ |
— |
|
|
$ |
39 |
|
|
$ |
— |
|
|
| Schedule of Computation of Earnings Per Common Share |
The computation of earnings per common share is as follows for the periods presented (amounts presented in thousands, except share and per share data):
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For the Year Ended December 31, |
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|
2025 |
|
|
2024 |
|
|
2023 |
|
Net (loss) income |
$ |
(1,737 |
) |
|
$ |
(5,887 |
) |
|
$ |
11,647 |
|
Net loss (income) attributable to noncontrolling interests |
|
190 |
|
|
|
266 |
|
|
|
(1,893 |
) |
Net (loss) income attributable to SmartStop Self Storage REIT, Inc. |
|
(1,547 |
) |
|
|
(5,621 |
) |
|
|
9,754 |
|
Less: Distributions to preferred stockholders |
|
(3,567 |
) |
|
|
(12,758 |
) |
|
|
(12,500 |
) |
Less: Accretion- preferred equity costs |
|
(3,644 |
) |
|
|
— |
|
|
|
— |
|
Less: Distributions to participating securities |
|
(628 |
) |
|
|
(451 |
) |
|
|
(369 |
) |
Net loss attributable to common stockholders for basic computations: |
|
(9,386 |
) |
|
|
(18,830 |
) |
|
|
(3,115 |
) |
Net loss attributable to common stockholders for diluted computations: |
$ |
(9,386 |
) |
|
$ |
(18,830 |
) |
|
$ |
(3,115 |
) |
|
|
|
|
|
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|
Weighted average Common Stock, Class A & Class T shares outstanding - basic |
|
47,299,813 |
|
|
|
24,139,414 |
|
|
|
24,201,985 |
|
Unvested LTIP Units |
|
— |
|
|
|
— |
|
|
|
— |
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Unvested restricted stock awards |
|
— |
|
|
|
— |
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|
|
— |
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Weighted average Common Stock, Class A & Class T shares outstanding - diluted |
|
47,299,813 |
|
|
|
24,139,414 |
|
|
|
24,201,985 |
|
Net loss per Common Stock, Class A & Class T share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.20 |
) |
|
$ |
(0.78 |
) |
|
$ |
(0.13 |
) |
Diluted |
$ |
(0.20 |
) |
|
$ |
(0.78 |
) |
|
$ |
(0.13 |
) |
|
| Summary of Antidilutive Shares Excluded from Computation of Earnings per Share |
The following table presents the weighted average Series A Convertible Preferred Stock, Class A and Class A-1 OP Units, unvested LTIP Units, and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the two-class, treasury stock or if-converted method, as applicable:
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For the Year Ended December 31, |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
Equivalent Shares (if converted) |
|
Series A Convertible Preferred Stock |
|
1,195,096 |
|
|
|
4,690,432 |
|
|
|
4,690,432 |
|
OP Units |
|
3,478,757 |
|
|
|
3,303,204 |
|
|
|
3,210,002 |
|
Unvested LTIP Units |
|
124,071 |
|
|
|
97,341 |
|
|
|
103,385 |
|
Unvested restricted stock awards |
|
110,637 |
|
|
|
6,779 |
|
|
|
14,993 |
|
|
|
4,908,561 |
|
|
|
8,097,756 |
|
|
|
8,018,812 |
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