Smartstop Self Storage Reit, Inc. · NYSE:SMA

Smartstop Self Storage Reit — Investor Presentation (April 2025)

32 slides from Smartstop Self Storage Reit's investor presentation, Apr 15, 2025

  1. Slide 1: Investor Presentation

    Investor Presentation April 2025 Location: 16900 State Road 54, Lutz, FL

  2. Slide 2: Disclaimer & Risk Factors

    CONFIDENTIAL Disclaimer & Risk Factors Certain of the matters discussed in this investor presentation constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be ident

  3. Slide 3: Disclaimer & Risk Factors

    CONFIDENTIAL Disclaimer & Risk Factors We use market data throughout this presentation that has generally been obtained from publicly available information and indu stry publications. We have also obtained certain information, where indicated, from the 2024 Self Storage Almanac and the January 2024

  4. Slide 4: Public Offering Terms & Considerations

    CONFIDENTIAL Public Offering Terms & Considerations OFFERING TERMS UNDERWRITERS TRAILING COMPOUND ANNUAL TOTAL SELF STORAGE RETURNS THROUGH 2024 1 • Gross Offering Proceeds: $931.5M • Shares Issued: 31,050,000 • Price: $30 • Symbol: “SMA” • Listing Date: April 1, 2025 • Lockup Expiration: October 01

  5. Slide 5: Key Information and Dates for Existing Stockholders

    CONFIDENTIAL Key Information and Dates for Existing Stockholders Why did SmartStop list its common stock on the NYSE? • SmartStop listed its common stock on the NYSE under symbol “SMA” and successfully raised over $930M. This offering enhanced SmartStop's ability to access the public capital markets

  6. Slide 6: SmartStop is a Premier, Growth-Oriented Self Storage Platform

    CONFIDENTIAL SmartStop is a Premier, Growth-Oriented Self Storage Platform SMARTSTOP OVERVIEW ATTRACTIVE FINANCIAL AND OPERATING PROFILE • SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”) is a premier self storage owner and operator that maintains a high-quality and diversified portf

  7. Slide 7: SmartStop Owns a High Quality Portfolio in Key Growth Markets

    CONFIDENTIAL SmartStop Owns a High Quality Portfolio in Key Growth Markets GEOGRAPHIC FOOTPRINT (OWNED AND MANAGED)(1) TOP MARKETS BY NRSF(3) (OWNED) 3 Toronto 15% BC AB SK MB All Other 4 Miami - Fort 38% Lauderdale 5 WA MT ND ON QC 13.4 9% million MN 11 ME Los OR ID SD WI MI VT Total NRSF Angeles W

  8. Slide 8: Multi-Pronged North American Growth Strategy

    CONFIDENTIAL Multi-Pronged North American Growth Strategy ADDITIONAL GROWTH DRIVERS ORGANIC ACQUISITIONS Joint ventures GROWTH DRIVERS ⚫ Accretive development opportunities within Acquisitions on balance sheet Canadian JV SmartCentres Property revenue maximization ⚫ Leverage institutional operating

  9. Slide 9: Successful Track Record of Growing the SmartStop Platform

    CONFIDENTIAL Successful Track Record of Growing the SmartStop Platform JUNE 2022 SmartStop JUNE 2024 JANUARY 2014 SEPTEMBER 2015 MARCH 2022 completes 100% SmartStop NOVEMBER 2005 SST II declared SST closes a $1.4 billion all-cash SmartStop stock-for-stock surpasses H. Michael effective and merger wi

  10. Slide 10: Toronto and Greater Canada Represent an Untapped Growth Opportunity

    CONFIDENTIAL Toronto and Greater Canada Represent an Untapped Growth Opportunity POPULATION GROWTH VS. SUPPLY RATIO – SELECT LARGE CITIES OPPORTUNITY TO EXPAND IN SEVERAL UNDERPENETRATED CANADIAN MARKETS 14% Supply Ratio Edmonton 12% Alberta Vanouver Toronto vs. Top 25 U.S. MSA Avg. Delta 10% 3 Popu

  11. Slide 11: SmartStop's GTA and broader Canadian expansion is a differentiated strategy

    CONFIDENTIAL SmartStop’s GTA and broader Canadian expansion is a differentiated strategy STRATEGIC RATIONALE SMARTSTOP GTA OWNED AND MANAGED PORTFOLIO(5) ✓ The Canadian storage market is less mature than the U.S. and meaningfully underpenetrated with only 3,390 storage properties(1) (vs. ~52,300 in

  12. Slide 12: Introducing: Dash, SmartStop's Proprietary Integrated Technology Platform

    CONFIDENTIAL Introducing: Dash, SmartStop’s Proprietary Integrated Technology Platform CUSTOM-BUILT ⚫ Collaborative development with vendor ⚫ Designed for real-time data access and availability ⚫ Focus on customer-centric and mobile engagement SCALABLE ⚫ Built to operate with hundreds of properties

  13. Slide 13: Strong Track Record of Internal Growth

    CONFIDENTIAL Strong Track Record of Internal Growth SmartStop’s internal growth strategies have translated into successful long-term growth HISTORY OF OPERATIONAL EXCELLENCE HIGHLIGHTED BY SAME-STORE PERFORMANCE VS. PEERS EMBEDDED NOI UPSIDE FROM NON SAME-STORE ASSETS 2024 Same-Store Revenue Growth

  14. Slide 14: Internal Growth Strategy

    CONFIDENTIAL Internal Growth Strategy INTERNAL GROWTH STRATEGIC HIGHLIGHTS HISTORICAL SAME-STORE AVERAGE OCCUPANCY(1) 95.4% 95.1% 95.5% Average: 93.5% 94.5% 93.3% 93.1% 93.7% 93.2% 92.4% 92.5% 92.5% 92.4% 92.4% ✓ Maximize net operating income with a balanced approach to rate and occupancy Majority o

  15. Slide 15: Existing Embedded Internal Growth Opportunities

    CONFIDENTIAL Existing Embedded Internal Growth Opportunities SMARTSTOP SAME-STORE RENTAL RATE AND NOI MARGIN EXPANSION PEER COMPARISON - NOI MARGIN AND ADJ. EBITDA(2)(3) FY 2024 Same-store NOI margin FY 2024 Adj. EBITDA margin (1) (3) (4) Rent POF NOI Margin $25 70.7% 71.3% 73.9% 69.6% 67.6% 67.8% 7

  16. Slide 16: Operations Update

    CONFIDENTIAL Operations Update POST QUARTER-END OPERATIONAL UPDATES Same-Store Ending Occupancy(1) Same-Store In-Place Rates(2) December January February December January February $1.64 $1.64 $1.63 92.6% 92.8% $1.59 92.3% 92.4% 92.3% 92.3% $1.58 $1.57 Surprise, AZ 2023 2024 2024 2025 2024 2025 2023

  17. Slide 17: SmartStop Maintains a High-Performing Portfolio Relative to Peers

    CONFIDENTIAL SmartStop Maintains a High-Performing Portfolio Relative to Peers High quality portfolio with strong rents and demographics Q4 2024 SAME-STORE RENT / SQUARE FOOT (RENTPOF) Q4 2024 ENDING SAME-STORE OCCUPANCY $22.89 $22.66 $21.63 93.7% $20.21 92.4% $15.56 90.5% 89.3% 84.4% (2) (2) AVERAG

  18. Slide 18: Recent Acquisition Activity (since 9/30/24)

    CONFIDENTIAL Recent Acquisition Activity (since 9/30/24) Recently Under closed1 contract Kelowna Total Properties 8 1 Total Purchase Price ($mm) $214 $26 5 10 Total NRSF (Storage Only) ~674,000 ~74,100 13 Boston 6 4 New York Total Units (Storage Only) ~6,700 ~810 Denver 2 2 12 San Jose 10 2 5 Washin

  19. Slide 19: SmartStop Managed REIT Platform Provides Additional Capital Allocation Flexibility

    CONFIDENTIAL SmartStop Managed REIT Platform Provides Additional Capital Allocation Flexibility Managed REIT and third-party platforms represent a significant expansion opportunity for SmartStop OPERATIONAL PROPERTIES • Acquire growth-oriented properties that broaden STRATEGIC STORAGE TRUST VI, INC.

  20. Slide 20: Key Investment Highlights

    CONFIDENTIAL Key Investment Highlights 1 Multi-Pronged Growth Strategy 2 High Quality, Diversified Portfolio In Key Growth Markets Mavis Road Mississauga, ON 3 Differentiated Exposure to the Greater Toronto Area (“GTA”) 4 Scalable, Branded Platform Positioned to Drive Growth Milner Avenue 5 Unique M

  21. Slide 21: Appendix

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  22. Slide 22: MSA Exposure – Same-Store (Three Months Ended)

    CONFIDENTIAL MSA Exposure – Same-Store (Three Months Ended) Same-Store Portfolio at 12/31/24 Net Rent / Occupied Sq. Avg. Occupancy for the Expenses for the Three Ft. for the Three Months Three Months Ended Revenue for the Three Months Ended December NOI for the Three Months (2) (3) # of Net Rentabl

  23. Slide 23: MSA Exposure – Same-Store (12 Months Ended)

    CONFIDENTIAL MSA Exposure – Same-Store (12 Months Ended) Same-Store Portfolio at 12/31/24 Net Rent / Occupied Sq. Avg. Occupancy for the 12 Expenses for the 12 Ft. for the 12 Months Months Ended December Revenue for the 12 Months Months Ended December NOI for the 12 Months (2) (3) # of Net Rentable

  24. Slide 24: MSA Exposure – Total Portfolio

    CONFIDENTIAL MSA Exposure – Total Portfolio Wholly-Owned Total Portfolio at 12/31/24 % of Portfolio % of Portfolio Net Rentable MSA/CMA(1) by NRSF by NOI Sq. Ft. # of Stores Units Miami - Fort Lauderdale 9.7% 12.9% 1,221,100 12 10,470 Toronto 8.8% 10.8% 1,110,700 13 10,610 Las Vegas 6.9% 7.1% 865,00

  25. Slide 25: MSA Exposure – Owned & Managed Portfolio

    CONFIDENTIAL MSA Exposure – Owned & Managed Portfolio Owned and Managed Total Portfolio at 12/31/24 % of Portfolio by Net Rentable MSA/CMA(1) NRSF Sq. Ft. # of Stores Units Toronto 18.9% 3,147,300 34 30,575 Miami - Fort Lauderdale 7.7% 1,289,600 13 11,230 Las Vegas 5.5% 916,900 10 7,495 Asheville 5.

  26. Slide 26: Reconciliation: Net Income (Loss) to Net Operating Income

    CONFIDENTIAL Reconciliation: Net Income (Loss) to Net Operating Income ($ in thousands) 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 2023 Q4 2023 Q3 2023 Q2 2023 Q1 Net income (loss) ($5,887) ($151) ($3,392) ($705) ($1,640) $11,647 $2,356 $2,979 $4,279 $2,033 Adjusted to exclude: Tenant protection prog

  27. Slide 27: Non-GAAP Reconciliations (continued)

    CONFIDENTIAL Non-GAAP Reconciliations (continued) ($ in thousands) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Reconciliation to fully diluted FFO & FFO, as adjusted: Net income (loss) (151) (3,392) (705) (1,640) $2,356 Other noncontrolling interests (183) (108) (106) (109) (102) Distributio

  28. Slide 28: Non-GAAP Reconciliations (continued)

    CONFIDENTIAL Non-GAAP Reconciliations (continued) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Weighted average Class A & T shares outstanding - basic 96,151,349 96,476,987 96,775,724 96,831,903 96,758,797 Weighted average OP units outstanding 13,248,016 13,245,359 13,229,294 13,127,843 12,86

  29. Slide 29: Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 8 Quarters

    CONFIDENTIAL Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 8 Quarters ($ in thousands) 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 2023 Q4 2023 Q3 2023 Q2 2023 Q1 Net income (loss) ($5,887) ($151) ($3,392) ($705) ($1,640) $11,647 $2,356 $2,979 $4,279 $2,033 Adjustments: Interest expen

  30. Slide 30: Reconciliation: Same-Store Net Operating Income to Total Net Operating Income

    CONFIDENTIAL Reconciliation: Same-Store Net Operating Income to Total Net Operating Income ($ in thousands) Net Rent / Occupied Sq. Revenue for the Three Expenses for the Three Ft. for the Three Months Ending Occupancy as Months Ended Months Ended NOI for the Three Months (1) (2) Net Ended December

  31. Slide 31: Additional Information Regarding FFO & FFO, as Adjusted and NOI

    CONFIDENTIAL Additional Information Regarding FFO & FFO, as Adjusted and NOI Funds from Operations (“FFO”) and FFO, as adjusted Funds from operations (“FFO”) is an industry wide metric promulgated by the National Association of Real Estate Investment Trusts, or NAREIT, which SmartStop believes to be

  32. Slide 32: Thank you!

    Thank you! INVESTORS.SMARTSTOPSELFSTORAGE.COM IR@SMARTSTOP.COM INVESTOR SERVICES: (833) 404-4110 SALES DESK: (866) 412-5161

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