SmartStop Self Storage REIT, Inc.

As of December 31, 2025, our wholly-owned operating self storage portfolio was comprised as follows:

State · No. ofProperties · Units (1) · Sq. Ft.(net) (2) · % of TotalRentableSq. Ft. · PhysicalOccupancy% (3) · RentalIncome% (4)

Alabama · 1 · 1,090 · 163,300 · 1.2 · 89.0 · 0.6

Arizona · 4 · 3,130 · 329,100 · 2.4 · 92.6 · 2.3

California · 32 · 21,955 · 2,321,300 · 16.7 · 92.9 · 20.9

Colorado · 11 · 6,475 · 750,450 · 5.4 · 91.7 · 4.6

Florida · 28 · 21,435 · 2,506,860 · 18.1 · 92.3 · 20.2

Illinois · 6 · 3,785 · 432,450 · 3.1 · 92.2 · 2.8

Indiana · 2 · 1,030 · 112,700 · 0.8 · 92.9 · 0.6

Massachusetts · 2 · 1,045 · 111,800 · 0.9 · 89.5 · 1.8

Maryland · 2 · 1,610 · 169,500 · 1.2 · 92.4 · 1.3

Michigan · 4 · 2,220 · 266,100 · 1.9 · 93.5 · 1.6

New Jersey · 5 · 5,395 · 488,300 · 3.5 · 77.1 · 3.6

Nevada · 9 · 7,160 · 865,000 · 6.2 · 91.2 · 5.7

North Carolina · 18 · 8,670 · 1,138,850 · 8.1 · 90.2 · 7.2

Ohio · 5 · 2,830 · 320,050 · 2.3 · 89.4 · 1.5

South Carolina · 4 · 2,890 · 355,800 · 2.6 · 93.0 · 1.9

Texas · 17 · 10,830 · 1,388,050 · 10.0 · 90.7 · 8.2

Virginia · 1 · 830 · 71,100 · 0.5 · 92.3 · 0.8

Washington · 5 · 3,430 · 390,550 · 2.8 · 94.4 · 3.1

Wisconsin · 1 · 780 · 83,400 · 0.7 · 92.2 · 0.5

District of Columbia · 1 · 830 · 72,000 · 0.6 · 89.8 · 0.6

Alberta, Canada · 5 · 3,050 · 357,925 · 2.6 · 73.8 · 0.7

British Columbia, Canada · 1 · 800 · 74,000 · 0.5 · 81.8 · 0.4

Ontario, Canada · 13 · 10,610 · 1,110,700 · 7.9 · 91.0 · 9.1

Total · 177 · 121,880 · 13,879,285 · 100 · 90.8 · 100

Includes all rentable units, consisting of storage units and parking (approximately 3,600 units).

Includes all rentable square feet, consisting of storage units and parking (approximately 1,095,000 square feet).

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 December 31, 2025.

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 year ended December 31, 2025.

We own our office located at 10 Terrace Rd, Ladera Ranch, California (the “Ladera Office”) which houses our corporate headquarters.

We have an office lease of approximately 5,000 square feet located in Tucson, Arizona, which are the primary offices of the recently acquired Third Party Platform.

We owned a 50% equity interest in 13 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and three properties which were being developed into self storage properties as of December 31, 2025. These joint venture agreements are with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities.

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 late December 2025, and we serve as property manager of the self storage property. As of December 31, 2025, the carrying value of this investment was approximately $7.0 million. Such amount represents an approximately 42% ownership in the property.

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.

The following table summarizes our 50% ownership interests in unconsolidated real estate ventures in Canada (the “Canadian JV Properties”) (in thousands):

Date Real Estate · Carrying Value of Investment

Venture Became · as of December 31,

Canadian JV Property · Operational · 2025 · 2024

Dupont (1) · October 2019 · 583 · 3,358

East York (1) · June 2020 · 5,209 · 4,945

Brampton (1) · November 2020 · 1,597 · 1,533

Vaughan (1) · January 2021 · 2,064 · 2,019

Oshawa (1) · August 2021 · 285 · 938

Scarborough (1) · November 2021 · 2,099 · 1,969

Aurora (1) · December 2022 · 256 · 1,935

Kingspoint (1) · March 2023 · 2,448 · 3,299

Whitby (1) · January 2024 · 3,830 · 7,661

Markham (1) · May 2024 · 3,155 · 2,470

Regent (2) · Under Development · 3,839 · 2,655

Allard (3) · Under Development · 1,270 · —

Finch (4) · Under Development · 3,033 · —

29,668 · 32,782

As of December 31, 2025, these operating properties were encumbered by first mortgages pursuant to the RBC JV Term Loan III (defined below).

The property is currently under development to become a self storage facility.

On August 12, 2025, we acquired this joint venture parcel of land in Edmonton, Alberta, Canada, with SmartCentres, and have initiated the process to develop this property into a self storage property.

On December 19, 2025, we acquired this joint venture parcel of land in Toronto, Canada, with SmartCentres, and have initiated the process to develop this property into a self storage property.

• If we fail to maintain an effective system of internal control over financial reporting and disclosure controls, we may not be able to accurately and timely report our financial results.
• Our trademarks are important, and the loss of or our inability to enforce trademark and other proprietary intellectual property rights could harm our business.
• Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
• We are the subject of various claims and legal proceedings and may become the subject of claims, litigation or investigations which could have a material adverse effect on our business, financial condition or results of operations.
• Privacy concerns could result in regulatory changes that may harm our business.
• Certain of our officers and key personnel will face competing demands relating to their time and will face conflicts of interest related to the positions they hold with affiliated entities, which could cause our business to suffer.
• Our Chief Executive Officer has direct and indirect beneficial ownership in our Operating Partnership and shares of our common stock, and therefore may face conflicts with regard to his fiduciary duties to us and his fiduciary duties to the entity which holds such interests, including conditions pertaining to redemption of our common stock or the limited partnership interests and voting matters related to such interests.
• Revenue and earnings from the Managed Platform are uncertain.
• Because the revenue streams from the advisory agreements with the Managed REITs are subject to limitation or cancellation, any such termination could adversely affect our financial condition, cash flow and the amount available for distributions to our common stockholders.
• We will face conflicts of interest relating to the purchase of properties, including conflicts with the Managed REITs and Other Programs, and there can be no assurance that our investment allocation policy will adequately address all of
• the conflicts that may arise or that it will address such conflicts in a manner that is more favorable to us than to the Managed REITs and Other Programs.
• If the Managed REITs and the DSTs they have sponsored are unable to repay certain loans made to them by us, our liquidity, financial condition, cash flow, and the amount available for distributions to our common stockholders could be adversely affected.
• A subsidiary of ours is the sponsor of the Managed REITs and it or its affiliates sponsor Other Programs. As a result, we could be subject to any litigation that may arise by investors in those entities or the respective operations of those entities.
• We may experience difficulties in integrating the operations of Argus Professional Storage Management, LLC and in realizing the expected benefits of the acquisition thereof, and we may experience similar difficulties in connection with any future acquisitions.
• Changes in U.S. trade policy, including significant tariffs or other restrictions imposed on imports by the U.S. and related countermeasures taken by impacted foreign countries, could have a material adverse effect on our business.
• We may be unable to raise additional capital needed to grow our business.
• Future offerings of debt securities, which would be senior to our common stock, or equity securities, which would dilute our existing stockholders and may be senior to our common stock, may adversely affect our stockholders, and our stockholders’ interests in us will be diluted as we issue additional shares.
• A downgrade in our credit ratings could materially adversely affect our business and financial condition and the market value of our outstanding notes.
• Prior to our recent listing on the NYSE, we had no operating history as a publicly traded company and may not be able to successfully operate as a publicly traded company.
• If securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.
• Risks Related to Our Corporate Structure
• The limit on the number of shares a person may own may discourage a takeover that could otherwise result in a premium price to our stockholders.
• Our charter permits our board of directors to issue stock with terms that may subordinate the rights of common stockholders or discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
• Stockholders are bound by the majority vote on matters on which our stockholders are entitled to vote and, therefore, a stockholder vote on a particular matter may be superseded by the vote of other stockholders.
• We have opted out of provisions of the Maryland General Corporate Law (“MGCL”) relating to deterring or defending hostile takeovers.
• Our rights and the rights of our stockholders to recover claims against our officers and directors are limited, which could reduce our stockholders’ and our recovery against them if they cause us to incur losses.
• Risks Related to the Self Storage Industry
• Because we are focused on the self storage industry, our rental revenues will be significantly influenced by demand for self storage space generally, and a decrease in such demand would likely have a greater adverse effect on our rental revenues than if we owned a more diversified real estate portfolio.
• We face significant competition in the self storage industry, which may increase the cost of acquisitions or developments or impede our ability to retain customers or re-let space when existing customers vacate.
• We may not be successful in identifying and consummating suitable acquisitions, or integrating and operating acquired properties, which may adversely impact our growth and results of operations.
• The acquisition of new properties may give rise to difficulties in predicting revenue potential.
• We depend on our on-site personnel to maximize customer satisfaction at each of our facilities, and any difficulties we encounter in hiring, training, and retaining skilled field personnel may adversely affect our rental revenues.
• Delays in development and lease-up of our properties would reduce our profitability.
• The risks associated with storage contents may increase our operating costs or expose us to potential liability that may not be covered by insurance, which may have adverse effects on our business, financial condition, and results of operations.
• Local or federal governments may adopt regulations that may adversely affect our business, financial condition, and results of operations.
• In certain cases, we protect our customers’ goods pursuant to our tenant protection program or other arrangements that may, in some cases, be subject to governmental regulation, which may adversely affect our results.
• A failure in, or breach of, our operational or security systems or infrastructure, or those of our third party vendors and other service providers or other third parties, including as a result of cyber attacks, could disrupt our businesses,
• result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs, and cause losses.
• Our use of or failure to adopt advancements in information technology may hinder or prevent us from achieving strategic objectives or otherwise harm our business.
• We may be unable to promptly re-let units within our facilities at satisfactory rental rates.
• We face risks related to an epidemic, pandemic or other health crisis, which could have a material adverse effect on our business, financial condition, liquidity, results of operations and prospects.
• Risks Related to Investments in Real Estate
• A high concentration of our properties in a particular geographic area would magnify the effects of downturns in that geographic area.
• We may obtain only limited warranties when we purchase a property.
• We may acquire or finance properties with yield maintenance or defeasance provisions, which may restrict our operational and financial flexibility.
• Rising expenses could reduce cash available for future acquisitions.
• Our real estate assets may decline in value and be subject to significant impairment losses, which may reduce our net income.
• Adverse economic conditions will negatively affect our returns and profitability.
• Our inability to sell a property when we desire to do so could adversely impact our business and financial condition, and our inability to sell our properties at a price equal to, or greater than, the price for which we purchased such properties may lead to a decrease in the value of our assets.
• If we suffer losses that are not covered by insurance or that are in excess of insurance coverage, we could lose invested capital and anticipated profits.
• Our joint venture investments could be adversely affected by our lack of sole decision-making authority.
• We disclose funds from operations and funds from operations, as adjusted, each a non-GAAP financial measure, in communications with investors, including documents filed with the SEC. However, funds from operations and funds from operations, as adjusted, are not equivalent to our net income or loss or cash flow from operations as determined under GAAP, and stockholders should consider GAAP measures to be more relevant to our operating performance.
• Costs of complying with governmental laws and regulations, including those relating to environmental matters, may adversely affect our income and the cash available for distribution.
• Climate change may adversely affect our business, financial condition, cash flows and results of operations.
• Costs of complying with governmental laws and regulations, including those relating to regulations accommodating disabilities, may affect cash available for distribution.
• Property taxes and insurance premiums may increase, which would adversely affect our net operating income and cash available for distributions.
• Investments in properties or other real estate investments outside the United States subject us to foreign currency risks, which may adversely affect distributions and our REIT status.
• Changes in the Canadian Dollar/USD exchange rate could have a material adverse effect on our operating results and value of the investment of our stockholders.
• We are subject to additional risks due to the location of any of the properties that we either own or operate in Canada.
• Risks Associated with Debt Financing
• We have broad authority to incur debt, and high debt levels could hinder our ability to continue to pay distributions at the current rate and could decrease the value of our stockholders’ investments.
• We have incurred and intend to continue to incur, mortgage indebtedness and other borrowings, which may increase our business risks.
• If we or the other parties to our loans or secured notes payable, as applicable, breach covenants thereunder, such loan or loans or secured notes payable could be deemed in default, which could accelerate our repayment date and materially adversely affect the value of our stockholders’ investment in us.
• Our obligation to make balloon payments could increase the risk of default.
• Lenders have required and will likely continue to require us to enter into restrictive covenants relating to our operations, which could limit our ability to continue to pay distributions to our stockholders.
• Increases in interest rates could increase the amount of our debt payments and adversely affect our ability to continue to pay distributions at the current rate to our stockholders.
• Disruptions in the credit markets could have a material adverse effect on our results of operations, financial condition, and ability to pay distributions to our stockholders.
• Federal Income Tax Risks