SMA

The following discussion and analysis should be read in conjunction with our consolidated financial data contained elsewhere in this report. The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should also be read in conjunction with our consolidated financial statements and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025. See also “Cautionary Note Regarding Forward-Looking Statements” preceding Part I. Overview SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our common stock began trading on the New York Stock Exchange (the “NYSE”) under the ticker symbol “SMA” on April 2, 2025. We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2025, and before accounting for the acquisition of Argus (defined below) and recent market transactions, we were the 10th largest owner and operator of self storage properties in the United States based on rentable square footage. As of June 30, 2026, our wholly-owned portfolio consisted of 180 operating self storage properties diversified across 19 states, the District of Columbia, and Canada, comprising approximately 124,000 units and 14.1 million net rentable square feet. Additionally, as of June 30, 2026, we owned a 50% equity interest in 14 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and four properties that were being developed into self storage properties. Through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT, (“SST X” and together with SST VI and SSGT III, the “Managed REITs”). We manage the properties owned by the Managed REITs and the properties owned by the Delaware statutory trusts (“DSTs”) sponsored by one of the Managed REITs. As of June 30, 2026, we managed 52 of such operating self storage properties, consisting of approximately 43,000 units and 4.6 million rentable square feet. On October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage properties (the “Third Party Platform Acquisition”). See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. As of June 30, 2026, we managed approximately 220 of such operating self storage properties, consisting of approximately 100,000 units and 15.7 million rentable square feet (the “Third Party Platform”). The Third Party Platform, the Managed REITs and the properties owned by the DSTs sponsored by one of the Managed REITs are collectively referred to as the “Managed Platform.” In total, as of June 30, 2026, we managed approximately 270 operating self storage properties, which we did not own, consisting of approximately 143,000 units and 20.3 million rentable square feet through our Managed Platform. 71 Our primary business model is focused on owning and operating high quality self storage properties in high growth markets in the United States and Canada. We finance our portfolio through a diverse capital strategy which includes cash generated from operations, borrowings under our syndicated revolving line of credit, secured and unsecured debt financing, equity offerings and joint ventures. Our business model is designed to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow in order to maximize long-term stockholder value at acceptable levels of risk. We execute our organic growth strategy by pursuing revenue-optimizing and expense-minimizing opportunities in the operations of our existing portfolio. We execute our external growth strategy by developing, redeveloping, acquiring and managing self storage facilities in the United States and Canada both internally and through our Managed Platform, and we look to acquire properties that are physically stabilized, recently developed, in various stages of lease up or at certificate of occupancy. We seek to acquire undermanaged facilities that are not operated by institutional operators, where we can implement our proprietary management and technology to maximize net operating income. On October 1, 2025, pursuant to a contribution agreement (the “Contribution Agreement”), we acquired Argus. The principal assets acquired were property management contracts covering the management of more than 220 properties and 400 employees, and an operating lease for Argus’ corporate headquarters in Tucson, Arizona and other intellectual and personal property. Additionally, we plan to continue to expand our third-party management platform in both Canada and the United States by scaling our Third Party Platform or through additional investments in or acquisitions of third-party management firms. We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans, promissory notes, and preferred equity as applicable. We intend to continue in this practice going forward, if necessary. We continue to look to further expand our lending practice to self storage facilities outside of the Managed REITs, to third party managed properties or joint venture properties. We may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada. As an operating business, self storage requires a much greater focus on strategic planning and tactical operation plans. Our in-house call center allows us to centralize our sales efforts as we capture new business over the phone, email, web-based chat, and text mediums. As we have grown our portfolio of self storage facilities, we have been able to consolidate and streamline a number of aspects of our operations through economies of scale. We also utilize our digital marketing breadth and expertise which allows us to acquire customers efficiently by leveraging our portfolio size and technological proficiency. To the extent we acquired facilities in clusters within geographic regions, we see property management efficiencies resulting in reduction of personnel and other operational costs. In addition, we have the internal capability to originate, structure and manage additional self storage investment programs or Managed REITs, which would be sponsored by SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. We acquired such capability in 2019 from Strategic Asset Management I, LLC, our former sponsor (“SAM”). We generate asset management fees, property management fees, acquisition fees, and other fees and also receive substantially all of the tenant protection program revenue earned by our Managed REITs, as applicable. For the property management and advisory services that we provide, we are reimbursed for certain expenses that otherwise helps to offset our net operating expense burden. We primarily generate property management fees and receive a portion of the tenant protection program revenue from our third-party owners and are reimbursed for certain costs incurred by our Third Party Platform, as applicable. 72 Wholly-Owned Properties As of June 30, 2026, our wholly-owned operating self storage portfolio was composed as follows: State No. of Properties Units (1) Rentable Sq. Ft. (net) (2) % of Total Rentable Sq. Ft. Physical Occupancy % (3) Rental Income % (4) United States: Alabama 1 1,090 163,300 1.2 % 92.3 % 0.6 % Arizona 4 3,130 329,100 2.3 % 94.5 % 2.1 % California 32 21,955 2,321,300 16.5 % 91.9 % 20.1 % Colorado 11 6,475 750,450 5.3 % 93.3 % 4.6 % Florida 28 21,435 2,500,250 17.7 % 92.5 % 19.8 % Illinois 6 3,785 432,450 3.0 % 92.3 % 2.8 % Indiana 2 1,030 112,700 0.8 % 90.2 % 0.5 % Massachusetts 2 1,045 111,800 0.8 % 90.3 % 1.7 % Maryland 2 1,610 169,500 1.2 % 94.4 % 1.2 % Michigan 4 2,220 266,100 1.9 % 92.3 % 1.5 % New Jersey 5 5,395 488,300 3.5 % 79.0 % 3.7 % Nevada 9 7,160 865,000 6.1 % 92.7 % 5.4 % North Carolina 18 8,670 1,138,850 8.1 % 89.8 % 6.8 % Ohio 5 2,830 320,050 2.3 % 92.4 % 1.5 % South Carolina 7 4,605 587,500 4.2 % 90.6 % 1.9 % Texas 17 10,830 1,388,050 9.8 % 93.3 % 9.4 % Virginia 1 830 71,100 0.5 % 95.4 % 0.8 % Washington 5 3,430 390,550 2.8 % 93.1 % 3.0 % Wisconsin 1 780 83,400 0.6 % 94.0 % 0.5 % District of Columbia 1 830 72,000 0.5 % 91.6 % 0.7 % Total United States 161 109,135 12,561,750 89.1 % 91.7 % 88.6 % Canada: Alberta, Canada 5 3,050 358,050 2.5 % 88.1 % 2.1 % British Columbia, Canada 1 800 74,000 0.5 % 93.9 % 0.6 % Ontario, Canada 13 10,610 1,110,700 7.9 % 92.5 % 8.7 % Total Canada 19 14,460 1,542,750 10.9 % 91.6 % 11.4 % Grand Total 180 123,595 14,104,500 100.0 % 91.7 % 100.0 % (1)Includes all rentable units, consisting of storage units and parking (approximately 3,600 units). (2)Includes all rentable square feet, consisting of storage units and parking (approximately 1,120,000 square feet). (3)Represents the occupied square feet of all facilities we owned in a state or province divided by total rentable square feet of all the facilities we owned in such state or area as of June 30, 2026. (4)Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the six months ended June 30, 2026. JV Properties As of June 30, 2026, we had ownership interests in the Canadian JV Properties (defined below) and the Nantucket Joint Venture (defined below and together with the Canadian JV Properties, the “JV Properties”). We account for these investments using the equity method of accounting and they are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and increased for contributions. Equity in earnings (loss) will generally be recognized based on our ownership interest in the earnings (loss) of each of the unconsolidated investments. On July 18, 2024, we entered into a joint venture arrangement with an unaffiliated third party to develop a self storage property in Nantucket, Massachusetts (the “Nantucket Joint Venture”). This property became operational in December 2025, and we serve as the property manager of this self storage property. As of June 30, 2026 and December 31, 2025, the carrying value of this investment was approximately $6.4 million and $7.0 million, respectively, which represented an indirect investment of approximately 42% minority ownership of the property. 73 We are party to joint venture agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities. In connection with such agreements, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, we own 14 joint venture properties (the “Canadian JV Properties”), 10 of which were operational and four of which were being developed into self storage properties as of June 30, 2026. The following table summarizes our 50% ownership interests in the Canadian JV Properties (in thousands): Date Real Estate Carrying Value of Investment as of Venture Became June 30, December 31, Canadian JV Property Operational 2026 2025 Dupont (1) October 2019 $ 447 $ 583 East York (1) June 2020 5,212 5,209 Brampton (1) November 2020 1,520 1,597 Vaughan (1) January 2021 1,983 2,064 Oshawa (1) August 2021 263 285 Scarborough (1) November 2021 2,160 2,099 Aurora (1) December 2022 186 256 Kingspoint (1) March 2023 2,267 2,448 Whitby (1) January 2024 3,556 3,830 Markham (1) May 2024 2,557 3,155 Regent (2) Under Development 5,611 3,839 Allard (2) Under Development 1,354 1,270 Finch (2) Under Development 3,176 3,033 127 Ave. (3) Under Development 753 — $ 31,045 $ 29,668 (1)As of June 30, 2026 and December 31, 2025, these operating properties were encumbered by first mortgages pursuant to the RBC JV Term Loan III (defined below). (2)The property is currently under development to become a self storage facility. (3)On January 6, 2026, we acquired this joint venture parcel of land in Edmonton, Alberta, Canada, with SmartCentres, and the property is currently under development to become a self storage facility. Other Properties We own our office located in Ladera Ranch, California, which houses our corporate headquarters. We have an office lease of approximately 5,000 square feet located in Tucson, Arizona, which is the primary office of our recently acquired Third Party Platform. Critical Accounting Policies and Estimates We have established accounting policies that conform to United States generally accepted accounting principles (“GAAP”). Preparing financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. Following is a discussion of the estimates and assumptions used in setting accounting policies that we consider critical in the presentation of our consolidated financial statements. Many estimates and assumptions involved in the application of GAAP may have a material impact on our financial condition or operating performance, or on the comparability of such information to amounts reported for other periods, because of the subjectivity and judgment required to account for highly uncertain items or the susceptibility of such items to change. These estimates and assumptions affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the dates of the financial statements and our reported amounts of revenue and expenses during the period covered by this report. If management’s judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied or different amounts of assets, liabilities, revenues and expenses would have been recorded, thus resulting in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements. Additionally, other companies may use different estimates and assumptions that may impact the comparability of our financial condition and results of operations to those companies. 74 We believe that our critical accounting policies include the following: real estate acquisition valuation; the evaluation of whether any of our long-lived assets have been impaired; the valuation of goodwill and related impairment considerations, the valuation of our trademarks and related impairment considerations; and the evaluation of the consolidation of our interests in joint ventures. The following discussion of these policies supplements, but does not supplant the description of our significant accounting policies, as contained in Note 2 – Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements, and is intended to present our analysis of the uncertainties involved in arriving upon and applying each policy. Real Estate Purchase Price Allocation and Treatment of Acquisition Costs We account for asset acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values as of the date of acquisition. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. We engage independent third-party valuation specialists to assist in the determination of significant estimates and market-based assumptions used in the valuation models. Our allocations of purchase prices are based on certain significant estimates and assumptions, variations in such estimates and assumptions could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. Allocation of purchase price to acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. To date, our property acquisitions have generally not met the definition of a business because substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) and because the acquisitions did not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, once an acquisition is deemed probable, acquisition costs are capitalized rather than expensed. Evaluation of Possible Impairment of Real Property Assets Management monitors events and changes in circumstances that could indicate that the carrying amounts of our real property assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the real property assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property assets to the fair value and recognize an impairment loss. Our evaluation of the impairment of real property assets could result in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements, as the amount of impairment loss, if any, recognized may vary based on the estimates and assumptions we use. Intangible Assets Valuation In connection with the acquisition of the Third Party Platform, we allocated a portion of the consideration to an intangible asset related to the property management contracts and the related customer relationships. We are amortizing such intangible asset on a straight-line basis over the estimated benefit period of the property management contracts and related customer relationships. We evaluate such intangible asset for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In such an event, an impairment charge would be recognized and the intangible asset would be marked down to its fair value. 75 Goodwill Valuation Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable, and is not amortized. We perform an annual qualitative impairment assessment as of December 31 for goodwill; between annual assessments, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. If circumstances indicate the carrying amount may not be fully recoverable, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. Trademarks Valuation Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name. We qualitatively evaluate whether any triggering events or changes in circumstances have occurred in addition to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future. Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. An entity is required to consolidate a VIE if it is the primary beneficiary of the VIE. Our Operating Partnership is deemed to be a VIE and is consolidated by us as we are currently the primary beneficiary. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly owned subsidiaries. Additionally, we are the primary beneficiary of our joint venture programs through which we offer our tenant insurance, tenant protection plans or similar programs (the “Tenant Protection Programs”) with SST VI, SSGT III and SST X. As a result, the Tenant Protection Program joint ventures are consolidated. Our investments in real estate joint ventures where we have significant influence but not control, and joint ventures which are VIEs for which we are not the primary beneficiary, are recorded under the equity method of accounting. REIT Qualification We made an election under Section 856(c) of the Internal Revenue Code of 1986 (the “Code”) to be taxed as a REIT under the Code, commencing with the taxable year ended December 31, 2014. By qualifying as a REIT for federal income tax purposes, we generally will not be subject to U.S. federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year in which our qualification is denied. Such an event could materially and adversely affect our net income and could have a material adverse impact on our financial condition and results of operations. However, we believe that we are organized and operate in a manner that will enable us to continue to qualify for treatment as a REIT for federal income tax purposes, and we intend to continue to operate as to remain qualified as a REIT for federal income tax purposes. 76 Recent Tax Legislation Effective July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Certain provisions of OBBBA modified U.S. tax law and impact us and our stockholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) permanently reinstated 100% bonus depreciation for certain property acquired after January 19, 2025, (iii) increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries from 20% to 25% for taxable years beginning after December 31, 2025, and (iv) increased the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of “adjusted taxable income” for taxable years beginning after December 31, 2024. We have evaluated the provisions of OBBBA and do not expect the adoption of OBBBA to have a material impact on our Consolidated Financial Statements. Results of Operations Overview We derive revenues principally from: (i) rents received from our self storage tenant leases; (ii) fees generated from our Managed Platform; (iii) our Tenant Protection Programs; and (iv) sales of packing and storage-related supplies at our storage facilities. Therefore, our operating results depend significantly on our ability to retain our existing tenants and lease our available self storage units to new tenants, while maintaining and, where possible, increasing the prices for our self storage units and those that we manage. Competition in the market areas in which we operate is significant and affects the occupancy levels, rental rates, rental revenues and operating expenses of our facilities. Development of any new self storage facilities would intensify competition of self storage operators in markets in which we operate. As of June 30, 2026 and 2025, we wholly owned 180 and 171, respectively, operating self storage facilities. Our operating results for the three months ended June 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities. Our operating results for the three months ended June 30, 2025 included full period results for 164 self storage facilities and partial period results for seven self storage facilities. Our operating results for the six months ended June 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities. Our operating results for the six months ended June 30, 2025 included full period results for 161 self storage facilities and partial period results for 10 self storage facilities. Operating results in future periods will depend on the results of operations of these properties and of the real estate properties that we acquire in the future. Comparison of the Three Months Ended June 30, 2026 and 2025 Total Self Storage Revenues Total self storage related revenues for the three months ended June 30, 2026 and 2025 were approximately $65.8 million and $60.9 million, respectively. The increase in total self storage revenues of approximately $4.9 million, or approximately 8%, was primarily attributable to an increase in non same-store revenues of approximately $4.1 million, largely related to the net increase of nine wholly-owned properties acquired after June 30, 2025, the operating results of which were not included during the three months ended June 30, 2025. Additionally, our same-store revenues were up approximately $0.7 million, or approximately 1.3%, and our tenant protection program revenues across all of our stores were up approximately $0.2 million. We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect our non same-store revenues to grow, commensurate with increases in occupancy and increased rates as such properties stabilize. 77 Managed Platform Revenues Managed Platform revenues for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $4.0 million, respectively. The increase in Managed Platform revenues of approximately $2.7 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $0.6 million as compared to the same period in the prior year. We expect Managed Platform revenues to fluctuate the rest of the year commensurate with our Managed Platform’s changes in assets under management. Reimbursable Costs from Managed Platform Reimbursable costs from Managed Platform for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $1.9 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management. We expect such reimbursable costs to fluctuate in future periods commensurate with changes in assets under management of our Managed Platform. Property Operating Expenses Property operating expenses for the three months ended June 30, 2026 and 2025 were approximately $21.2 million (or 32% of self storage revenue) and $22.1 million (or 36% of self storage revenue), respectively. Property operating expenses includes the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The reduction in property operating expenses of approximately $0.9 million was primarily attributable to reduced equity-based compensation expenses of approximately $1.7 million, as the IPO Grant related expense was fully recognized as of September 30, 2025, partially offset primarily by increased property operating expenses from wholly-owned properties acquired after June 30, 2026, as compared to the same period in the prior year. We expect property operating expenses to fluctuate commensurate with inflationary pressures, along with the timing and nature of any future acquisitions. Managed Platform Expenses Managed Platform expenses for the three months ended June 30, 2026 and 2025 were approximately $3.7 million and $3.3 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed Platform. The increase in Managed Platform expenses of approximately $0.4 million was primarily attributable to our newly acquired Third Party Platform. We expect Managed Platform expenses to fluctuate commensurate with changes in the assets under management of our Managed Platform. Reimbursable Costs from Managed Platform Reimbursable costs from Managed Platform for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $1.9 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management. We expect such reimbursable costs to fluctuate in future periods commensurate with changes in assets under management of our Managed Platform. 78 General and Administrative Expenses General and administrative expenses for the three months ended June 30, 2026 and 2025 were approximately $9.9 million and $11.7 million, respectively. Such expenses consisted primarily of compensation-related costs, equity-based compensation, marketing-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. The reduction in general and administrative expenses of approximately $1.8 million was primarily attributable to the reduction of stock compensation costs associated with the IPO Grant of approximately $1.0 million as compared to the same period in the prior year. Additionally, in the prior year period, we incurred approximately $0.7 million incidental to our Underwritten Public Offering in general and administrative expenses, which was not directly attributable to the offering. Such cost was not incurred in 2026. We expect general and administrative expenses to decrease as a percentage of total revenues over time. Depreciation and Intangible Amortization Expenses Depreciation and intangible amortization expenses for the three months ended June 30, 2026 and 2025 were approximately $19.8 million and $17.3 million, respectively. Depreciation expense consisted primarily of depreciation on the buildings and site improvements at our properties. Intangible amortization expense primarily consisted of the amortization of our in place lease intangible assets resulting from our self storage acquisitions, and, to a lesser extent, the amortization of the customer contracts and related relationships intangible asset recorded in connection with our acquisition of the Third Party Platform. The increase in depreciation and intangible amortization expense of approximately $2.5 million was primarily attributable to such increases related to the net increase of nine wholly-owned properties acquired after June 30, 2025, as well as additional depreciation and intangible amortization expense related to the seven properties we acquired during the three months ended June 30, 2025. Acquisition Expenses Acquisition expenses for the three months ended June 30, 2026 and 2025 were approximately $0.2 million and $0.4 million, respectively. The decrease in acquisition expenses of approximately $0.2 million was due to decreased acquisition volume in the current period. Contingent Earnout Adjustment Contingent earnout adjustment for the three months ended June 30, 2026 and 2025 was approximately $0.4 million and none, respectively. Such expense represents the adjustment to fair value of the contingent earnout related to the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. Gain on Disposition of Real Estate Gain on disposition of real estate for the three months ended June 30, 2026 and 2025 was approximately $0.5 million and none, respectively. Such gain was recorded in connection with the partial taking of our Asheville III property in an eminent domain case. See Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements for additional information. Equity in Earnings (Losses) from Investments in Unconsolidated Real Estate Ventures Losses from our equity method investments in unconsolidated real estate ventures for the three months ended June 30, 2026 and 2025 were approximately $0.2 million and $0.1 million, respectively. Losses from our equity method investments in unconsolidated real estate ventures primarily consisted of our allocation of earnings and losses from our unconsolidated joint ventures. Equity in Earnings (Losses) from Investments in Managed REITs Losses from our equity method investments in the Managed REITs for the three months ended June 30, 2026 and 2025 were approximately $0.4 million and $0.2 million, respectively. Losses from our equity method investments in Managed REITs consisted primarily of our allocation of earnings and losses from our investments in the Managed REITs. 79 Investment Income, Net Investment income, net for the three months ended June 30, 2026 and 2025 was approximately $2.1 million and $0.7 million, respectively. Investment income, net includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, interest earned on cash held at financial institutions, as well as income earned on our preferred investments, net of reserve adjustments thereon. The increase in investment income, net of approximately $1.4 million was primarily related to increased lending to the Managed REITs, as well as increases in our preferred investments. We expect investment income, net to primarily fluctuate commensurate with the level of outstanding borrowings and preferred investments. Other, Net Other, net for the three months ended June 30, 2026 and 2025 was approximately $6.4 million of income and $1.4 million of expense, respectively. Other, net consisted primarily of the impact related to transactions denominated in a currency other than the functional currency of such entity and changes in our net investments not classified as long-term, certain state tax expenses, other miscellaneous items and, in the previous year, interest rate hedges not designated for hedge accounting. The favorable variance as compared to the prior period was primarily attributable to a net favorable foreign currency fluctuation of approximately $7.3 million, largely driven by our Canadian notes during the three months ended June 30, 2026. Interest Expense Interest expense for the three months ended June 30, 2026 and 2025 was approximately $13.3 million and $12.0 million, respectively. Interest expense included interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and, in the prior year, the impact of any interest rate derivatives designated for hedge accounting. The increase in interest expense of approximately $1.3 million was primarily due to increased borrowings, partially offset by a lower average effective interest rate due to favorable changes in our outstanding debt. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and fluctuations in interest rates. Loss on Debt Extinguishment Loss on debt extinguishment for the three months ended June 30, 2026 and 2025 was none and approximately $1.7 million, respectively. Loss on debt extinguishment for the three months ended June 30, 2025 was primarily related to debt issuance costs written off in connection with a reduction in the total commitment on our previously existing credit facility from $700 million to $600 million, the pay-off of the 2027 NBC loan and the full repayment of the 2025 KeyBank Acquisition Facility, which were all completed during the three months ended June 30, 2025. Please see Note 7 – Debt of the Notes to the Consolidated Financial Statements for additional information. Income Tax (Expense) Benefit Income tax expense for the three months ended June 30, 2026 and 2025 was approximately $0.4 million and $0.3 million, respectively. Income tax expense consisted primarily of state, federal, and Canadian income tax. The increase in income tax expense of approximately $0.1 million was primarily due to an increase in our tax expense related to our Canadian properties. We expect our income tax expense to increase in future periods primarily related to our operations in Canada. 80 Same-Store Facility Results - Three Months Ended June 30, 2026 and 2025 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025, excluding seven other properties) for the three months ended June 30, 2026 and 2025. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, eminent domain proceedings, development activity, properties impacted by casualty events, lease up properties or similar other such factors (dollars in thousands, except per occupied square foot amounts): Same-Store Facilities Non Same-Store Facilities Total 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Revenue (1) $ 55,139 $ 54,452 1.3 % $ 8,095 $ 4,022 N/M $ 63,234 $ 58,474 8.1 % Property operating expenses (2) 18,013 18,643 (3.4 )% 2,965 1,592 N/M 20,978 20,235 3.7 % Net operating income $ 37,126 $ 35,809 3.7 % $ 5,130 $ 2,430 N/M $ 42,256 $ 38,239 10.5 % Number of facilities 155 155 25 16 180 171 Rentable square feet (3) 12,116,650 12,102,850 1,987,850 1,359,200 14,104,500 13,462,050 Average physical occupancy (4) 92.5 % 93.1 % (0.6 )% 86.8 % N/M N/M 91.8 % 92.8 % (1.0 )% Annualized rent per occupied square foot (5) $ 20.33 $ 19.96 1.9 % $ 21.10 N/M N/M $ 20.43 $ 19.99 2.2 % N/M Not meaningful (1)Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2)Among other expenses, property operating expenses excludes Tenant Protection Program related expense. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss). (3)As of June 30, 2026 and 2025, parking represented approximately 1,120,000 and 1,068,000 square feet, respectively, of the total rentable square feet. On a same-store basis, for the same periods, parking represented approximately 984,000 square feet. Amounts not in thousands. (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. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation. (5)Determined by dividing the aggregate rental income, net of discounts and concessions and excluding late and administrative fees 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. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. We have excluded the rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Amount not in thousands. Our same-store revenue increased by approximately $0.7 million, or 1.3%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to an approximately 1.9% increase in annualized rent per occupied square foot, slightly offset by a decrease in occupancy of approximately 0.6%, and increased administrative and late fees. Our same-store property operating expenses decreased by approximately $0.6 million, or 3.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to decreased property insurance costs and repairs and maintenance expense. 81 Net operating income (“NOI”) is a non-GAAP measure that we define 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, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense, as applicable. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our 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. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance. The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods presented (in thousands): Three Months Ended June 30, 2026 2025 Net income (loss) $ 12,075 $ (4,799 ) Adjusted to exclude: Tenant Protection Program revenue (1) (2,603 ) (2,410 ) Tenant Protection Program related expense 248 110 IPO Grant (2) — 1,705 Managed Platform revenue (6,747 ) (4,036 ) Managed Platform expenses 3,711 3,250 General and administrative 9,893 11,695 Depreciation 16,505 15,374 Intangible amortization expense 3,245 1,929 Acquisition expenses 219 359 Contingent earnout adjustment 399 — Losses from equity method investments in unconsolidated real estate ventures 154 119 Losses from equity method investments in Managed REITs 444 157 Other, net (6,409 ) 1,416 Investment income, net (2,107 ) (723 ) Interest expense 13,339 12,030 Loss on debt extinguishment — 1,745 Gain on disposition of real estate (489 ) — Income tax expense 379 318 Total net operating income $ 42,256 $ 38,239 (1)Approximately $2.3 million and $2.2 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended June 30, 2026 and 2025, respectively, with the remaining approximately $0.3 million and $0.2 million earned at non same-store facilities during the three months ended June 30, 2026 and 2025, respectively. (2)Stock compensation expense herein only includes IPO Grant expense included in property operating expense. Comparison of the Six Months Ended June 30, 2026 and 2025 Total Self Storage Revenues Total self storage related revenues for the six months ended June 30, 2026 and 2025 were approximately $130.7 million and $120.1 million, respectively. The increase in total self storage revenues of approximately $10.6 million, or approximately 9%, was primarily attributable to an increase in non same-store revenues of approximately $8.6 million, largely related to the net increase of nine wholly-owned properties acquired after June 30, 2025, the operating results of which were not included during the six months ended June 30, 2025. Additionally, our same-store revenues were up approximately $1.5 million, or approximately 1.4%, and our tenant protection program revenues across all of our stores were up approximately $0.5 million. We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect our non same-store revenues to grow, commensurate with increases in occupancy and increased rates as such properties stabilize. 82 Managed Platform Revenues Managed Platform revenues for the six months ended June 30, 2026 and 2025 were approximately $13.4 million and $8.1 million, respectively. The increase in Managed Platform revenues of approximately $5.3 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $1.8 million as compared to the same period in the prior year. We expect Managed Platform revenues to fluctuate the rest of the year commensurate with our Managed Platform’s changes in assets under management. Reimbursable Costs from Managed Platform Reimbursable costs from Managed Platform for the six months ended June 30, 2026 and 2025 were approximately $13.6 million and $4.0 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $9.6 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management. We expect such reimbursable costs to fluctuate in future periods commensurate with changes in assets under management of our Managed Platform. Property Operating Expenses Property operating expenses for the six months ended June 30, 2026 and 2025 were approximately $43.4 million (or 33% of self storage revenue) and $42.1 million (or 35% of self storage revenue), respectively. Property operating expenses includes the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The increase in property operating expenses of approximately $1.3 million was largely attributable to increased non same-store property operating expenses of $3.3 million, partially offset by reduced equity-based compensation expenses of approximately $1.7 million, as the IPO Grant related expense was fully recognized as of September 30, 2025, as well as reduced same-store repairs and maintenance expense and property insurance expense as compared to the same period in the prior year. We expect property operating expenses to fluctuate commensurate with inflationary pressures, along with the timing and nature of any future acquisitions. Managed Platform Expenses Managed Platform expenses for the six months ended June 30, 2026 and 2025 were approximately $8.1 million and $4.5 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed Platform. The increase in Managed Platform expenses of approximately $3.6 million was primarily attributable to our newly acquired Third Party Platform. We expect Managed Platform expenses to fluctuate commensurate with changes in the assets under management of our Managed Platform. Reimbursable Costs from Managed Platform Reimbursable costs from Managed Platform for the six months ended June 30, 2026 and 2025 were approximately $13.6 million and $4.0 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $9.6 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management. We expect such reimbursable costs to fluctuate in future periods commensurate with changes in assets under management of our Managed Platform. 83 General and Administrative Expenses General and administrative expenses for the six months ended June 30, 2026 and 2025 were approximately $19.0 million and $19.5 million, respectively. Such expenses consisted primarily of compensation-related costs, equity-based compensation, marketing-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. The reduction in general and administrative expenses of approximately $0.5 million was primarily attributable to the following costs incurred during the six months ended June 30, 2025 that were not incurred in 2026: (i) approximately $0.8 million incidental to our Underwritten Public Offering included in general and administrative expenses, which was not directly attributable to the offering, and (ii) approximately $0.6 million of professional fees related to the calculation of our estimated net asset value. These reductions were partially offset by an approximately $1.0 million increase in stock compensation related expense during the six months ended June 30, 2026, as compared to the same period in the prior year. We expect general and administrative expenses to decrease as a percentage of total revenues over time. Depreciation and Intangible Amortization Expenses Depreciation and intangible amortization expenses for the six months ended June 30, 2026 and 2025 were approximately $39.8 million and $34.0 million, respectively. Depreciation expense consisted primarily of depreciation on the buildings and site improvements at our properties. Intangible amortization expense primarily consisted of the amortization of our in place lease intangible assets resulting from our self storage acquisitions, and, to a lesser extent, the amortization of the customer contracts and related relationships intangible asset recorded in connection with our acquisition of the Third Party Platform. The increase in depreciation and intangible amortization expense of approximately $5.8 million was primarily attributable to such increases related to the net increase of nine wholly-owned properties acquired after June 30, 2025, as well as additional depreciation and intangible amortization expense related to nine properties we acquired during the six months ended June 30, 2025. Acquisition Expenses Acquisition expenses for the six months ended June 30, 2026 and 2025 were approximately $0.3 million and $0.6 million, respectively. The decrease in acquisition expenses of approximately $0.3 million was due to decreased acquisition volume in the current period. Contingent Earnout Adjustment Contingent earnout adjustment for the six months ended June 30, 2026 and 2025 was approximately $1.0 million and none, respectively. Such expense represents the adjustment to fair value of the contingent earnout related to the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. Gain on Disposition of Real Estate Gain on disposition of real estate for the six months ended June 30, 2026 and 2025 was approximately $1.7 million and none, respectively. One of our wholly-owned properties suffered fire damage in March 2024; the related insurance claim was fully settled during the six months ended June 30, 2026, and we recorded a gain of approximately $1.2 million for the amount of the insurance recovery in excess of the insurance recovery originally recorded. The remaining approximately $0.5 million of gain was recorded in connection with the partial taking of our Asheville III property in an eminent domain case. See Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements for additional information. Equity in Earnings (Losses) from Investments in Unconsolidated Real Estate Ventures Losses from our equity method investments in unconsolidated real estate ventures for the six months ended June 30, 2026 and 2025 were approximately $0.3 million and $0.4 million, respectively. Losses from our equity method investments in unconsolidated real estate ventures primarily consisted of our allocation of earnings and losses from our unconsolidated joint ventures. Equity in Earnings (Losses) from Investments in Managed REITs Losses from our equity method investments in the Managed REITs for the six months ended June 30, 2026 and 2025 were approximately $0.6 million and $0.4 million, respectively. Losses from our equity method investments in Managed REITs consisted primarily of our allocation of earnings and losses from our investments in the Managed REITs. 84 Investment Income, Net Investment income, net for the six months ended June 30, 2026 and 2025 was approximately $4.1 million and $1.4 million, respectively. Investment income, net includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, interest earned on cash held at financial institutions, as well as income earned on our preferred investments, net of reserve adjustments thereon. The increase in investment income, net of approximately $2.7 million was primarily related to increased lending to the Managed REITs, as well as increases in our preferred investments. We expect investment income, net to primarily fluctuate commensurate with the level of outstanding borrowings and preferred investments. Other, Net Other, net for the six months ended June 30, 2026 and 2025 was approximately $12.5 million of income and $1.0 million of expense, respectively. Other, net consisted primarily of the impact related to transactions denominated in a currency other than the functional currency of such entity and changes in our net investments not classified as long-term, certain state tax expenses, other miscellaneous items and, in the previous year, interest rate hedges not designated for hedge accounting. The favorable variance as compared to the prior period was primarily attributable to a net favorable foreign currency fluctuation of approximately $12.4 million, largely driven by our Canadian notes during the six months ended June 30, 2026. Interest Expense Interest expense for the six months ended June 30, 2026 and 2025 was approximately $26.5 million and $34.1 million, respectively. Interest expense included interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and, in the prior year, the impact of any interest rate derivatives designated for hedge accounting. The decrease in interest expense of approximately $7.6 million was primarily due to decreased average indebtedness during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 as a result of certain of our Underwritten Public Offering proceeds being used to reduce our borrowings, as well as a lower average effective interest rate due to favorable changes in our outstanding debt. We expect interest expense to fluctuate in future periods commensurate with our future debt levels and fluctuations in interest rates. Loss on Debt Extinguishment Loss on debt extinguishment for the six months ended June 30, 2026 and 2025 was approximately $0.3 million and $2.5 million, respectively. Loss on debt extinguishment for the six months ended June 30, 2026 represented a proportional amount of the unamortized debt issuance costs attributable to certain lenders who were in the lending syndicate under our old credit facility, but not our new credit facility. Loss on debt extinguishment for the six months ended June 30, 2025 was related to debt issuance costs written off in connection with a reduction in the total commitment on our previously existing credit facility from $700 million to $600 million, the pay-off of the 2027 NBC loan, the full repayment of the 2025 KeyBank Acquisition Facility, and the defeasance of our KeyBank Florida CMBS Loan, which were all completed during the six months ended June 30, 2025. Please see Note 7 – Debt of the Notes to the Consolidated Financial Statements for additional information. Income Tax (Expense) Benefit Income tax expense for the six months ended June 30, 2026 and 2025 was approximately $0.7 million and $0.9 million, respectively. Income tax expense consisted primarily of state, federal, and Canadian income tax. The decrease in income tax expense of approximately $0.2 million was primarily due to a decrease in our deferred tax expense related to our Canadian properties. We expect our income tax expense to increase in future periods primarily related to our operations in Canada. 85 Same-Store Facility Results - Six Months Ended June 30, 2026 and 2025 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025, excluding seven other properties) for the six months ended June 30, 2026 and 2025. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, eminent domain proceedings, development activity, properties impacted by casualty events, lease up properties or similar other such factors (dollars in thousands, except per occupied square foot amounts): Same-Store Facilities Non Same-Store Facilities Total 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Revenue (1) $ 109,683 $ 108,180 1.4 % $ 15,785 $ 7,182 N/M $ 125,468 $ 115,362 8.8 % Property operating expenses (2) 36,804 37,328 (1.4 )% 6,116 2,813 N/M 42,920 40,141 6.9 % Net operating income $ 72,879 $ 70,852 2.9 % $ 9,669 $ 4,369 N/M $ 82,548 $ 75,221 9.7 % Number of facilities 155 155 25 16 180 171 Rentable square feet (3) 12,116,650 12,102,850 1,987,850 1,359,200 14,104,500 13,462,050 Average physical occupancy (4) 92.5 % 92.7 % (0.2 )% 85.1 % N/M N/M 91.6 % 92.5 % (0.9 )% Annualized rent per occupied square foot (5) $ 20.22 $ 19.92 1.5 % $ 21.15 N/M N/M $ 20.34 $ 19.97 1.9 % N/M Not meaningful (1)Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2)Among other expenses, property operating expenses excludes Tenant Protection Program related expense. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss). (3)As of June 30, 2026 and 2025, parking represented approximately 1,120,000 and 1,068,000 square feet, respectively, of the total rentable square feet. On a same-store basis, for the same periods, parking represented approximately 984,000 square feet. Amounts not in thousands. (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. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation. (5)Determined by dividing the aggregate rental income, net of discounts and concessions and excluding late and administrative fees 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. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. We have excluded the rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Amount not in thousands. Our same-store revenue increased by approximately $1.5 million, or 1.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an approximately 1.5% increase in annualized rent per occupied square foot, slightly offset by a decrease in occupancy of approximately 0.2%, and increased administrative and late fees. Our same-store property operating expenses decreased by approximately $0.5 million, or 1.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to decreased property insurance costs and repairs and maintenance expense. 86 NOI is a non-GAAP measure that we define 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, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense, as applicable. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our 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. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance. The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods presented (in thousands): Six Months Ended June 30, 2026 2025 Net income (loss) $ 22,290 $ (10,255 ) Adjusted to exclude: Tenant Protection Program revenue (1) (5,186 ) (4,714 ) Tenant Protection Program related expense 515 291 IPO Grant (2) — 1,705 Managed Platform revenue (13,359 ) (8,149 ) Managed Platform expenses 8,050 4,484 General and administrative 19,033 19,545 Depreciation 33,080 30,468 Intangible amortization expense 6,698 3,527 Acquisition expenses 298 561 Contingent earnout adjustment 1,043 — Losses from equity method investments in unconsolidated real estate ventures 290 361 Losses from equity method investments in Managed REITs 629 372 Other, net (12,477 ) 964 Investment income, net (4,078 ) (1,448 ) Interest expense 26,476 34,052 Loss on debt extinguishment 262 2,533 Gain on disposition of real estate (1,726 ) — Income tax expense 710 924 Total net operating income $ 82,548 $ 75,221 (1)Approximately $4.5 million and $4.3 million of Tenant Protection Program revenue was earned at same-store facilities during the six months ended June 30, 2026 and 2025, respectively, with the remaining approximately $0.7 million and $0.4 million earned at non same-store facilities during the six months ended June 30, 2026 and 2025, respectively. (2)Stock compensation expense herein only includes IPO Grant expense included in property operating expense. Non-GAAP Financial Measures Funds from Operations Funds from operations (“FFO”) is a non-GAAP financial metric promulgated by NAREIT that we believe is an appropriate supplemental measure to reflect our operating performance. We define FFO consistent with the standards established by the White Paper on FFO approved by the board of governors of NAREIT (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 real estate related 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. Our FFO calculation complies with NAREIT’s policy described above. 87 FFO, as Adjusted We use FFO, as adjusted, as an additional non-GAAP financial measure to evaluate our operating performance. 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 our peer group, which includes publicly traded REITs. Further, we believe FFO, as adjusted, is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. In determining FFO, as adjusted, we make 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 expenses, accretion of fair value of debt adjustments, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on certain foreign exchange and interest rate derivatives not designated for hedge accounting, provision for (recovery of) non-cash reserve adjustments, and other select non-recurring income or expense items which we believe are not indicative of our overall long-term operating performance. We exclude these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our continuing operating portfolio performance over time, 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. We use FFO, as adjusted, as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our 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. However, 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) as an indication of our performance, as an alternative to cash flows from operations, as an indication of our liquidity or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance. Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and we may have to adjust our calculation and characterization of FFO, as adjusted. 88 The following is a reconciliation of net income (loss), which is the most directly comparable GAAP financial measure, to FFO (attributable to common stockholders and OP unit holders) and FFO, as adjusted (attributable to common stockholders and OP unit holders), for each of the periods presented below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ 12,075 $ (4,799 ) $ 22,290 $ (10,255 ) Other noncontrolling interests — (124 ) — (304 ) Distributions to preferred stockholders — (115 ) — (3,567 ) Accretion - preferred equity costs — (3,644 ) — (3,644 ) Adjustments: Depreciation of real estate 16,182 14,992 32,430 29,733 Gain on disposition of real estate (489 ) — (1,726 ) — Amortization of real estate related intangible assets 2,911 1,905 6,053 3,481 Depreciation and amortization of real estate and intangible assets from unconsolidated entities 917 758 1,800 1,437 FFO (attributable to common stockholders and OP unit holders) 31,596 8,973 60,847 16,881 Other Adjustments: Intangible amortization expense - contracts (1) 334 24 645 46 Acquisition related expenses (2) 233 359 408 561 Acquisition expenses, amortization of debt issuance costs and foreign currency losses, net from unconsolidated entities 42 8 43 74 Contingent earnout adjustment (3) 399 — 1,043 — Accretion of fair market value of secured debt 175 163 349 368 Loss on extinguishment of debt (4) — 1,745 262 2,533 Foreign currency and interest rate derivative (gains) losses, net (5) (6,705 ) 1,986 (12,089 ) 1,784 Transactional expenses (6) 100 1,797 586 2,422 IPO & legacy performance grants (7) 1,566 4,305 3,014 4,305 Adjustment of deferred tax assets and liabilities (1) 159 178 268 442 Non-cash adjustments (8) 619 262 886 507 Accretion - preferred equity costs — 3,644 — 3,644 Amortization of debt issuance costs (1) 765 916 1,824 1,989 FFO, as adjusted (attributable to common stockholders and OP unit holders) $ 29,283 $ 24,360 $ 58,086 $ 35,556 (1)These items represent the amortization, accretion, or adjustment of intangible assets, debt issuance costs, equity issuance costs, or deferred tax assets and liabilities. (2)This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy, as well as specific incremental acquisition related expenses included in general and administrative in our consolidated statements of operations related to certain third party costs for completed acquisitions. (3)The contingent earnout adjustment represents the adjustment to fair value of the contingent earnout established in connection with the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements. (4)The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred. (5)This represents the mark-to-market adjustment for certain of our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings. Changes in foreign currency related to our foreign equity investments not classified as long term under GAAP, along with transactions denominated in a currency other than the functional currency of the related entity, which includes both our 2028 Canadian Notes and our 2030 Canadian Notes. 89 (6)Such costs incurred for the three and six months ended June 30, 2026 primarily included non-recurring transactional expenses of: i) approximately $0.1 million and $0.2 million, respectively, related to a one-time retention plan accrual in connection with the Third Party Platform Acquisition; and ii) approximately none and $0.3 million, respectively, related to one-time Argus owner on-boarding costs. Such costs incurred for the three and six months ended June 30, 2025 primarily included: i) approximately $1.0 million and $1.0 million, respectively, related to our Underwritten Public Offering, but were not directly attributable thereto, and were therefore included in general and administrative expenses in our consolidated statements of operations; ii) approximately $1.2 million and $1.2 million, respectively, of termination costs related to our Former Dealer Manager; and iii) none and approximately $0.6 million, respectively, of professional fees related to the calculation of our estimated net asset value, which we will no longer incur, given the listing of our common stock and other similar minor amounts. (7)The amounts adjusted for in the table above relate to: i) the stock compensation expense and related employer tax liabilities recorded related to the equity grants issued in connection with the Underwritten Public Offering, and ii) incremental stock compensation expense recorded related to historically granted performance-based equity grants issued prior to our becoming a publicly traded company. In connection with our transition to being publicly traded, beginning in March of 2026, we now issue performance grants based on our relative total shareholder return, where the value for such grant value is determined under GAAP upon grant and does not prospectively change based on the actual probability of achievement. The historical performance-based grants require a cumulative catch-up under GAAP when it becomes probable that a higher level of achievement is probable. Given the prospective change and the non-cash GAAP cumulative effect of the historical grants, beginning with the period ended March 31, 2026, we have removed such cumulative effect adjustments, as applicable. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a current and prospective comparable sustainable operating performance metric. (8)Such amounts include: i) the reduction of Managed Platform revenue from SST VI. As described in Note 2 – Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements, pursuant to the Sponsor Funding Agreement, SmartStop funded certain costs of SST VI’s share sales, and in return receives Series C Units in Strategic Storage Operating Partnership VI, L.P. The excess of the funding over the value of the Series C Units received is accounted for as a reduction of Managed Platform revenue from SST VI over the remaining estimated term of the management contracts with SST VI; and ii) non-cash reserve adjustments. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. FFO, as adjusted for the three months ended June 30, 2026 increased compared to the same period in the prior year primarily as a result of the elimination of distributions to preferred stockholders, increased segment operating income from our properties, and increased investment income, net. FFO, as adjusted for the six months ended June 30, 2026 increased compared to the same period in the prior year primarily as a result of reduced interest expense, reduced distributions to preferred stockholders, increased segment operating income from our properties, and increased investment income, net. Cash Flows A comparison of cash flows for operating, investing and financing activities for the periods presented are as follows (in thousands): Six Months Ended June 30, 2026 2025 Change Net cash flow provided by (used in): Operating activities $ 43,911 $ 18,555 $ 25,356 Investing activities $ (48,282 ) $ (235,452 ) $ 187,170 Financing activities $ (9,827 ) $ 230,091 $ (239,918 ) Cash flows provided by operating activities for the six months ended June 30, 2026 and 2025 were approximately $43.9 million and $18.6 million, respectively. The increase of approximately $25.4 million in cash provided by our operating activities is primarily the result of an increase of approximately $22.1 million in net income when excluding the impact of non-cash items, largely due to a reduction in interest expense and an increase in net operating income. 90 Cash flows used in investing activities for the six months ended June 30, 2026 and 2025 were approximately $48.3 million and $235.5 million, respectively. The decrease of approximately $187.2 million in cash used in investing activities is primarily the result of a reduction in the use of cash of approximately $171.0 million as compared to the same period in the prior year for the acquisition or development of real estate. Such decrease in the use of cash for investing activities was further reduced as compared to the same period in the prior year by a decrease in the use of cash of approximately $11.8 million for net debt funding to the Managed REITs, DSTs, and investments in other third parties during the six months ended June 30, 2026. Cash flows used in financing activities were approximately $9.8 million for the six months ended June 30, 2026 and cash flows provided by financing activities were approximately $230.1 million for the six months ended June 30, 2025, a change of approximately $239.9 million. Such net change in cash flows from financing activities is primarily due to approximately $874.7 million in net proceeds received from our Underwritten Public Offering during the six months ended June 30, 2025, as compared to none during the six months ended June 30, 2026. Such net proceeds in the prior year were partially offset by approximately $598.1 million of net debt repayments and preferred stock redemptions made during the prior year, as compared to approximately $42.0 million of net debt proceeds received during the six months ended June 30, 2026. Liquidity and Capital Resources Short-Term Liquidity and Capital Resources Our liquidity needs consist primarily of our property operating expenses, general and administrative expenses, Managed Platform expenses, working capital, debt service payments, capital expenditures, property acquisitions, bridge capital investments, other strategic acquisitions and investments, property developments and improvements, investments related to our Managed Platform, and distributions to our limited partners in our Operating Partnership and our stockholders, as necessary to maintain our REIT qualification. We generally expect that we will meet our short-term liquidity requirements from the combination of existing cash balances and net cash provided from property operations and the Managed Platform and further supported by our Credit Facility (defined further below). Alternatively, we may issue additional secured or unsecured financing from banks or other lenders, or we may enter into various other forms of financing. In May 2026, DBRS Morningstar confirmed its BBB with stable trends rating for us. In July 2026, Kroll Bond Rating Agency, LLC affirmed its BBB/Stable rating for us. We intend to maintain a credit rating on an annual basis. Volatility in the debt and equity markets and continued changes in treasury yields, interest rates, inflation and other economic events will depend on future developments, which are highly uncertain. To the extent that there is uncertainty or deterioration in the debt and equity markets, or continued increases in treasury yields and interest rates, over an extended period of time, it could also potentially impact our liquidity over the long-term. If such events were to occur in the long-term, we would expect to access sources of capital available to us, such as proceeds from secured or unsecured financings from banks or other lenders, issuance of common equity in the public markets, issuance of other equity instruments, or additional public or private offerings. The information in this section should be read in conjunction with Note 7 – Debt and Note 14 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements. Distribution Policy and Distributions Preferred Stock Dividends The Series A Convertible Preferred Stock was redeemed on April 4, 2025. See Note 8 – Preferred Equity of the Notes to the Consolidated Financial Statements for more information. Common Stock Distributions For the months of June, July and August 2026, our board of directors approved a distribution amount such that all holders of our outstanding common stock will receive a distribution equivalent to an annualized distribution of $1.60 per share. Each monthly distribution was paid, or will be paid, on or about July 15, 2026, August 14, 2026 and September 15, 2026, respectively. 91 Indebtedness As of June 30, 2026, our net debt was approximately $1,119.6 million, which included approximately $1,020.7 million in fixed rate debt and approximately $103.9 million in variable rate debt, less approximately $3.6 million in net debt issuance costs and approximately $1.4 million in net debt discount. As of June 30, 2026, we had outstanding approximately $585.6 million USD equivalent debt denominated in Canadian Dollars. See Note 7 – Debt of the Notes to the Consolidated Financial Statements for more information about our indebtedness. On February 18, 2026, we entered into a second amended and restated credit agreement with KeyBank, National Association, as administrative agent, certain others listed as joint book runners, joint lead arrangers, syndication agents and documentation agents, and certain other lenders party thereto (the “Credit Agreement”). The Credit Agreement provides for a senior unsecured revolving credit facility (the “Credit Facility”) in an aggregate principal amount of $500 million. We have the right to increase the amount available under the Credit Facility by an additional $1.1 billion, for a total potential maximum aggregate amount of $1.6 billion, subject to certain conditions. The Credit Facility also includes sublimits of (a) up to $25 million for letters of credit and (b) up to $50 million for swingline loans; each of these sublimits is part of, and not in addition to, the amounts available under the Credit Facility. Our outstanding balance under the previously existing credit facility of approximately $68.3 million remained unchanged at the closing of the Credit Facility. In connection with this amendment, certain lenders under the 2024 Credit Facility exited the arrangement. We recognized approximately $0.3 million of expense, which was included in loss on debt extinguishment in our consolidated statements of operations, and represented a proportional amount of the unamortized debt issuance costs attributable to these lenders under the previously existing credit facility. As of June 30, 2026, we had the ability to draw up to an additional approximately $359.5 million on the current capacity of the Credit Facility revolver. See Note 7 – Debt of the Notes to the Consolidated Financial Statements for more information. Additionally, we are party to a $160.0 million CAD term loan (the “RBC JV Term Loan III”) with Royal Bank of Canada (“RBC”) pursuant to which 10 of our joint venture subsidiaries that each own 50% of a Joint Venture property serve as borrowers (the “RBC Borrowers”). We and SmartCentres each serve as a recourse guarantor with respect to approximately $79.2 million CAD, or approximately $55.7 million USD, of the obligations outstanding as of June 30, 2026 under the RBC JV Term Loan III. As of June 30, 2026, there was approximately $158.3 million CAD, or approximately $111.3 million USD, outstanding on the RBC JV Term Loan III. See Note 6 – Investments in Unconsolidated Real Estate Ventures of the Notes to the Consolidated Financial Statements for more information. Long-Term Liquidity and Capital Resources On a long-term basis, our principal demands for funds will be for our property operating expenses, general and administrative expenses, Managed Platform expenses, debt service payments, capital expenditures, property acquisitions, bridge capital investments, other strategic acquisitions and investments, investments in our Managed REITs, and distributions to our limited partners in our Operating Partnership, and our stockholders, as necessary to maintain our REIT qualification. Long-term potential future sources of capital include proceeds from secured or unsecured financings from banks or other lenders, issuance of common equity in the public markets, issuance of other equity instruments, undistributed funds from operations, and additional public or private offerings. To the extent we are not able to secure requisite financing in the form of a credit facility or other debt, we will be dependent upon proceeds from the issuance of equity securities and cash flows from operating activities in order to meet our long-term liquidity requirements and to fund our distributions. Our material cash requirements from contractual and other obligations primarily relate to our debt obligations. The expected timing of those outstanding principal payments are shown in the table below. The information in this section should be read in conjunction with Note 7 – Debt and Note 14 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements. 92 The following table presents the future principal payments required on our outstanding debt as of June 30, 2026 (in thousands): 2026 (1) $ 90,976 2027 44,124 2028 442,483 2029 104,289 2030 (1) 285,387 Thereafter 157,338 Total $ 1,124,597 (1)Subsequent to June 30, 2026, on July 30, 2026, we fully repaid the KeyBank CMBS Loan with proceeds from our Credit Facility. As a result, $86.4 million of the 2026 scheduled maturity above is now due in 2030. As of June 30, 2026, pursuant to various contractual relationships, we are required to make other non-cancellable payments in the amounts of approximately $3.9 million, $4.2 million and $0.1 million during the years ended December 31, 2026, 2027 and 2028, respectively. For cash requirements related to potential acquisitions currently under contract, see Note 3 – Real Estate Facilities and Note 6 – Investments in Unconsolidated Real Estate Ventures of the Notes to the Consolidated Financial Statements. ATM Agreement On March 19, 2026, we entered into a distribution agreement (the “ATM Agreement”) with sales agents, forward sellers and forward purchasers named therein, pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300 million from time to time, including through forward sale transactions. The shares are offered pursuant to our automatic shelf registration statement on Form S-3 (File No. 333-292583) filed with the SEC on January 5, 2026, and a related prospectus supplement filed on March 19, 2026. As of June 30, 2026, we had not sold any shares under the ATM Agreement. We may use any net proceeds from sales under the ATM Agreement for general corporate purposes, which may include the repayment of indebtedness, funding acquisitions, and other capital expenditures. Subsequent Events See Note 16 – Subsequent Events of the Notes to the Consolidated Financial Statements. Seasonality We believe that we will experience minor seasonal fluctuations in the occupancy levels of our facilities, which we believe will be slightly higher over the summer months due to increased moving activity.