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STSFF SmartStop Self Storage REIT

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 13, 2021
Document Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Registrant NameSmartStop Self Storage REIT, Inc.
Entity Central Index Key0001585389
Entity Current Reporting StatusYes
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Incorporation, State or Country CodeMD
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity File Number000-55617
Entity Tax Identification Number46-1722812
Entity Address, Address Line One10 Terrace Road
Entity Address, City or TownLadera Ranch
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code92694
City Area Code877
Local Phone Number327-3485
Entity Interactive Data CurrentYes
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding76,180,550
Class T Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding7,946,012

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)Mar. 31, 2021Dec. 31, 2020
Real estate facilities:
Land $ 392,801,173 $ 335,800,354
Buildings1,083,055,321 810,480,845
Site improvements77,101,174 63,821,383
Real estate investment property, gross1,552,957,668 1,210,102,582
Accumulated depreciation(124,490,121)(115,903,045)
Real estate investment property1,428,467,547 1,094,199,537
Construction in process4,260,712 1,761,303
Real estate facilities, net1,432,728,259 1,095,960,840
Cash and cash equivalents30,371,284 72,705,624
Restricted cash8,809,279 7,952,052
Investments in unconsolidated real estate ventures (Note 4)17,488,416
Investments in and advances to Managed REITs736,355 15,624,389
Other assets, net15,202,719 7,734,276
Intangible assets, net of accumulated amortization24,409,277 12,406,427
Trademarks, net of accumulated amortization16,158,824 16,194,118
Goodwill53,643,331 53,643,331
Debt issuance costs, net of accumulated amortization2,481,254
Total assets1,602,028,998 1,282,221,057
LIABILITIES AND EQUITY
Debt, net822,490,580 717,952,233
Accounts payable and accrued liabilities25,515,670 23,038,976
Due to affiliates1,668,662 667,429
Distributions payable7,446,393 6,650,317
Contingent earnout19,500,000 28,600,000
Deferred tax liabilities7,539,241 8,380,215
Total liabilities884,160,546 785,289,170
Commitments and contingencies (Note 12)
Redeemable common stock / Preferred stock60,388,518 57,335,575
Equity:
Additional paid-in capital723,891,165 492,408,006
Distributions(173,328,354)(163,953,169)
Accumulated deficit(155,353,544)(141,444,880)
Accumulated other comprehensive loss(2,937,741)(3,834,228)
Total SmartStop Self Storage REIT, Inc. equity392,355,573 183,236,294
Noncontrolling interests in our Operating Partnership68,707,354 59,982,111
Other noncontrolling interests60,900 21,800
Total noncontrolling interests68,768,254 60,003,911
Total equity461,123,827 243,240,205
Total liabilities and equity1,602,028,998 1,282,221,057
Preferred Stock
LIABILITIES AND EQUITY
Redeemable common stock / Preferred stock0 0
Equity:
Total equity196,356,107 196,356,107
Class A Common stock
Equity:
Common stock, value76,098 52,661
Class T Common stock
Equity:
Common stock, value7,949 7,904
Series A Convertible Preferred Stock
LIABILITIES AND EQUITY
Redeemable common stock / Preferred stock $ 196,356,107 $ 196,356,107

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)Mar. 31, 2021Dec. 31, 2020
Preferred Stock
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized200,000,000 200,000,000
Series A Convertible Preferred Stock
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized200,000 200,000
Preferred Stock, shares issued200,000 200,000
Preferred Stock, shares outstanding200,000 200,000
Preferred Stock, liquidation preference, value $ 203,082,192 $ 202,928,620
Class A Common stock
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized350,000,000 350,000,000
Common Stock, shares issued76,096,756 76,096,756
Common Stock, shares outstanding52,660,402 52,660,402
Class T Common stock
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized350,000,000 350,000,000
Common Stock, shares issued7,948,354 7,948,354
Common Stock, shares outstanding7,903,911 7,903,911

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues:
Total revenues $ 34,564,655 $ 30,298,123
Operating expenses:
General and administrative4,752,989 3,667,947
Depreciation8,543,927 7,716,671
Intangible amortization expense1,259,547 3,669,631
Acquisition expenses305,650 28,105
Contingent earnout adjustment2,119,744 (7,200,000)
Impairment of goodwill and intangible assets0 36,465,732
Impairment of investments in Managed REITs0 4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control8,389,573 0
Total operating expenses37,250,644 61,368,274
Operating loss(2,685,989)(31,070,151)
Other income (expense):
Interest expense(7,975,464)(8,339,303)
Interest expense – accretion of fair market value of secured debt31,866 32,657
Interest expense – debt issuance costs(672,473)(943,483)
Net loss on extinguishment of debt(2,444,788)0
Other1,443,382 2,576,699
Net loss(12,303,466)(37,743,581)
Net loss attributable to the noncontrolling interests in our Operating Partnership1,476,994 5,031,652
Less: Distributions to preferred stockholders(3,082,192)(2,362,022)
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders(13,908,664)(35,073,951)
Self Storage Rental Revenue
Revenues:
Total revenues29,503,442 25,568,019
Ancillary Operating Revenue
Revenues:
Total revenues1,557,430 1,152,843
Managed REIT Platform Revenue
Revenues:
Total revenues2,287,740 1,783,787
Reimbursable Costs from Managed REITs
Revenues:
Total revenues1,216,043 1,793,474
Operating expenses:
Operating expenses1,216,043 1,793,474
Property Operating Expenses
Operating expenses:
Operating expenses10,343,281 9,675,026
Managed REIT Platform Expenses
Operating expenses:
Operating expenses $ 319,890 $ 1,174,809
Class A Common stock
Other income (expense):
Net loss per share-basic and diluted $ (0.22) $ (0.59)
Weighted average shares outstanding-basic and diluted56,398,876 51,313,351
Class T Common stock
Other income (expense):
Net loss per share-basic and diluted $ (0.22) $ (0.59)
Weighted average shares outstanding-basic and diluted7,927,821 7,726,469

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss $ (12,303,466) $ (37,743,581)
Other comprehensive income (loss):
Foreign currency translation adjustment587,729 (4,567,120)
Foreign currency hedge contract gains (losses)(803,069)4,566,795
Interest rate swap and cap contract gains (losses)1,241,434 (5,475,549)
Other comprehensive income (loss)1,026,094 (5,475,874)
Comprehensive loss(11,277,372)(43,219,455)
Comprehensive loss attributable to noncontrolling interests:
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership1,347,387 5,761,649
Comprehensive loss attributable to SmartStop Self Storage REIT, Inc. common stockholders $ (9,929,985) $ (37,457,806)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)TotalRedeemable Common StockCommon StockClass A Common stockCommon StockClass T Common stockAdditional Paid-in CapitalDistributionsAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total SmartStop Self Storage REIT, Inc. EquityNoncontrolling InterestsPreferred Stock
Beginning Balance at Dec. 31, 2019 $ 345,813,823 $ 43,391,362 $ 51,435 $ 7,700 $ 491,433,240 $ (128,642,787) $ (87,090,486) $ (1,955,335) $ 273,803,767 $ 72,010,056 $ 146,426,164
Beginning Balance (in shares) at Dec. 31, 201951,435,124 7,699,893
Offering costs(28,822)(28,822)(28,822)
Preferred equity issuance costs(46,456)
Changes to redeemable common stock(3,979,539)3,979,539 (3,979,539)(3,979,539)
Redemptions of common stock(42) $ (42)(42)
Redemptions of common stock (in shares)(42,040)
Issuance of restricted stock48 $ 48 48
Issuance of restricted stock (in shares)47,842
Distributions(8,668,726)(8,668,726)(8,668,726)
Distributions to noncontrolling interests(1,356,799)(1,356,799)
Issuance of shares for distribution reinvestment plan3,979,539 $ 322 $ 50 3,979,167 3,979,539
Issuance of shares for distribution reinvestment plan (in shares)322,411 50,046
Equity based compensation expense219,603 219,603 219,603
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders(35,073,951)(35,073,951)(35,073,951)
Net loss attributable to the noncontrolling interests in our Operating Partnership(5,031,652)(5,031,652)
Foreign currency translation adjustment(4,567,120)(3,959,904)(3,959,904)(607,216)
Foreign currency forward contract gains (loss)4,566,795 3,959,594 3,959,594 607,201
Interest rate swap and cap contract gains (losses)(5,475,549)(4,747,520)(4,747,520)(728,029)
Ending Balance at Mar. 31, 2020290,397,608 47,370,901 $ 51,763 $ 7,750 491,623,649 (137,311,513)(122,164,437)(6,703,165)225,504,047 64,893,561 146,379,708
Ending Balance (in shares) at Mar. 31, 202051,763,337 7,749,939
Beginning Balance at Dec. 31, 2019345,813,823 43,391,362 $ 51,435 $ 7,700 491,433,240 (128,642,787)(87,090,486)(1,955,335)273,803,767 72,010,056 146,426,164
Beginning Balance (in shares) at Dec. 31, 201951,435,124 7,699,893
Ending Balance at Dec. 31, 2020243,240,205 57,335,575 $ 52,661 $ 7,904 492,408,006 (163,953,169)(141,444,880)(3,834,228)183,236,294 60,003,911 196,356,107
Ending Balance (in shares) at Dec. 31, 202052,660,402 7,903,911
Gross proceeds from issuance of operating partnership units in SST VI OP50,000 50,000
Issuance of common stock in connection with SST IV Merger231,412,470 $ 23,138 231,389,332 231,412,470
Issuance of common stock in connection with SST IV Merger (in shares)23,137,540
Offering costs(150,000)(150,000)(150,000)
Issuance of Class A-1 Units in our Operating Partnership in connection with the contingent earnout related to the Self Administration Transaction11,219,744 11,219,744
Acquisition of noncontrolling interest related to the Tenant Programs joint ventures(10,900)(10,900)
Changes to redeemable common stock(3,737,890)3,737,890 (3,737,890)(3,737,890)
Redemptions of common stock(70)(684,947) $ (66) $ (4)(70)
Redemptions of common stock (in shares)(66,238)(4,110)
Issuance of restricted stock54 $ 54 54
Issuance of restricted stock (in shares)54,192
Distributions(9,375,185)(9,375,185)(9,375,185)
Distributions to noncontrolling interests(1,393,957)(1,393,957)
Issuance of shares for distribution reinvestment plan3,737,890 $ 311 $ 49 3,737,530 3,737,890
Issuance of shares for distribution reinvestment plan (in shares)310,860 48,553
Equity based compensation expense491,030 244,187 244,187 246,843
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders(13,908,664)(13,908,664)(13,908,664)
Net loss attributable to the noncontrolling interests in our Operating Partnership(1,476,994)(1,476,994)
Foreign currency translation adjustment587,729 513,632 513,632 74,097
Foreign currency forward contract gains (loss)(803,069)(701,823)(701,823)(101,246)
Interest rate swap and cap contract gains (losses)1,241,434 1,084,678 1,084,678 156,756
Ending Balance at Mar. 31, 2021 $ 461,123,827 $ 60,388,518 $ 76,098 $ 7,949 $ 723,891,165 $ (173,328,354) $ (155,353,544) $ (2,937,741) $ 392,355,573 $ 68,768,254 $ 196,356,107
Ending Balance (in shares) at Mar. 31, 202176,096,756 7,948,354

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020Jun. 30, 2020Mar. 31, 2020
Cash flows from operating activities:
Net loss $ (12,303,466) $ (1,943,884) $ (7,062,841) $ (37,743,581)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization9,803,474 11,386,302
Change in deferred tax liability(1,872,866)(2,746,896)
Accretion of fair market value adjustment of secured debt(31,866)(32,657)
Amortization of debt issuance costs672,473 943,483
Equity based compensation expense491,030 219,603
Contingent earnout adjustment2,119,744 (7,200,000)
Impairment of goodwill and intangible assets0 36,465,732
Impairment of investments in Managed REITs0 4,376,879
Unrealized foreign currency and derivative gains489,151 438,057
Net loss on extinguishment of debt2,444,788 0
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control8,389,573 0
Increase (decrease) in cash from changes in assets and liabilities, net of acquisitions:
Other assets, net(1,486,741)(1,074,412)
Accounts payable and accrued liabilities(3,824,996)(426,003)
Managed REITs receivables(200,744)(590,687)
Due to affiliates3,902 (331,673)
Net cash provided by operating activities4,693,456 3,684,147
Cash flows from investing activities:
SST IV Merger, net of cash acquired(46,486,510)0
Purchase of real estate(16,012,854)0
Additions to real estate(1,657,513)(3,164,429)
Redemption of preferred equity investment in SSGT II13,500,000 0
Purchase of other investments(1,400,000)0
Deposits on acquisition of real estate(710,668)0
Settlement of foreign currency hedges0 398,951
Net cash used in investing activities(52,767,545)(2,765,478)
Cash flows from financing activities:
Gross proceeds from issuance of non-revolver debt258,641,870 341,397
Net proceeds from issuance of revolver debt186,005,250 0
Repayment of non-revolver debt(422,190,754)0
Scheduled principal payments on non-revolver debt(193,907)(177,223)
Debt issuance costs(4,933,363)(4,533)
Debt defeasance costs(525,728)0
Stock issuance and offering costs(308,556)(190,257)
Redemption of common stock(720,422)(431,284)
Distributions paid to preferred stockholders(2,928,620)(1,643,836)
Distributions paid to common stockholders(5,010,842)(4,643,913)
Distributions paid to noncontrolling interest in OP(1,377,906)(1,358,066)
Net cash provided by (used in) financing activities6,457,022 (8,154,172)
Impact of foreign exchange rate changes on cash and restricted cash139,954 (361,396)
Change in cash, cash equivalents, and restricted cash(41,477,113)(7,596,899)
Cash, cash equivalents, and restricted cash beginning of period80,657,676 $ 60,974,224 68,571,123
Cash, cash equivalents, and restricted cash end of period39,180,563 $ 80,657,676 60,974,224
Supplemental disclosures and non-cash transactions:
Cash paid for interest8,330,968 8,515,504
Supplemental disclosure of noncash activities:
Issuance of shares pursuant to distribution reinvestment plan3,737,890 3,979,539
Distributions payable7,446,393 5,921,299
Foreign currency contracts, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets160,354 2,502,155
Additions to real estate and construction in process included in accounts payable24,750 307,100
Debt assumed in the SST IV Merger81,165,978 0
Issuance of common stock in connection with the SST IV Merger231,412,470 0
Redemption of common stock included in accounts payable and accrued liabilities697,249 0
Proceeds receivable from issuance of operating partnership units in SST VI OP50,000 0
Conversion of A-2 Units into A-1 Units11,219,744 0
Preferred Stock
Cash flows from financing activities:
Stock issuance and offering costs $ 0 $ (46,457)

Organization

Organization3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
OrganizationNote 1. Organization 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. We acquire, own and operate self storage facilities—including facilities owned by us as well as those owned by the entities sponsored by us. As of March 31, 2021, we owned 136 self storage facilities located in 18 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas, Virginia, and Washington) and the Greater Toronto Area of Ontario, Canada. As discussed herein, we, through our subsidiaries, also served as the sponsor of Strategic Storage Trust IV, Inc., a public non-traded REIT (“SST IV”) through March 17, 2021, and currently serve as the sponsor of Strategic Storage Growth Trust II, Inc., a private non-traded REIT (“SSGT II”) and Strategic Storage Trust VI, Inc., a private non-traded REIT (“SST VI”) (SSGT II, SST VI, and prior to March 17, 2021, SST IV, the “Managed REITs”), and operate the properties owned by the Managed REITs, consisting of, as of March 31, 2021, 12 properties and approximately 9,000 units and 1.0 million rentable square feet. The square footage, unit count, and occupancy percentage data and related disclosures included in these notes to the consolidated financial statements are outside the scope of our independent registered accounting firm’s review. Significant Acquisitions and Transactions SST IV Merger On March 17, 2021, we closed on our merger with SST IV (the “SST IV Merger”). As a result, we acquired all of the real estate owned by SST IV, consisting of (i) 24 self storage facilities located in 9 states comprising approximately 18,000 self storage units and approximately 2.0 million net rentable square feet, and (ii) SST IV’s 50% equity interest in six unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada (the “JV Properties”). The JV Properties consist of three operating self storage properties and three parcels of land in various stages of development into self storage facilities, with subsidiaries of SmartCentres Real Estate Investment Trust, an unaffiliated third party (“SmartCentres”). Additionally, we obtained the rights to acquire, upon its completion, a self storage property that is being developed in San Gabriel, California. At the effective time of the SST IV Merger (the “SST IV Merger Effective Time”), each share of SST IV common stock, par value $0.001 per share (the “SST IV Common Stock”), outstanding immediately prior to the SST IV Merger Effective Time (other than shares owned by SST IV and its subsidiaries or us and our subsidiaries) was automatically converted into 2.1875 Class A Shares. Immediately prior to the SST IV Merger Effective Time, all shares of SST IV Common Stock that were subject to vesting and other restrictions also became fully vested. As a result of the SST IV Merger, approximately 10.6 million shares of SST IV Common Stock were converted into approximately 23.1 million Class A Shares. New Credit Facility On March 17, 2021, we, through SmartStop OP, L.P. (our “Operating Partnership”), entered into a credit facility with KeyBank, National Association as administrative agent, with an initial aggregate commitment of $500 million (the “Credit Facility”), which consists of a $250 million revolving credit facility and a $250 million term loan. We used the initial draw proceeds of approximately $451 million primarily to pay off certain existing indebtedness as well as indebtedness of SST IV in connection with the SST IV Merger. See Note 6 for additional information. Equity The Company was formed on January 8, 2013, under the Maryland General Corporation Law. We commenced our initial public offering in January 2014, in which we offered a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $ 95.0 million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”). At the termination of our offering in January 2017, we had sold approximately 48 million Class A Shares and approximately 7 million Class T Shares for approximately $ 493 million and $ 73 million respectively. In November 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of March 31, 2021, we had sold approximately 5.6 million Class A Shares and approximately 0.9 million Class T Shares for approximately $58.8 million and $9.0 million, respectively, in our DRP Offering. On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date, and the second and final closing in the amount of $50 million occurred on October 26, 2020. The shares of Series A Convertible Preferred Stock rank senior to all other shares of our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is redeemed or repurchased in full. See Note 7, Preferred Equity, for additional information. On April 20, 2020, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated value per share of our common stock of $10.40 for our Class A Shares and Class T Shares based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on a fully diluted basis, calculated as of December 31, 2019. As a result of the calculation of our estimated value per share, beginning in May 2020, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated value per share of $10.40 for both Class A Shares and Class T Shares. Prior to the termination of our Primary Offering, Select Capital Corporation, a California corporation (our “Former Dealer Manager”), was responsible for marketing our shares offered pursuant to our Primary Offering. SAM indirectly owns a 15% non-voting equity interest in our Former Dealer Manager. Now that our Primary Offering has terminated, our Former Dealer Manager no longer provides such services for us. However, we pay our Former Dealer Manager an ongoing stockholder servicing fee with respect to the Class T Shares sold. Please see Note 10 – Related Party Transactions – Former Dealer Manager Agreement. Other Corporate History Our Operating Partnership was formed on January 9, 2013. During 2013, Strategic Storage Advisor II, LLC, our former external advisor (“Former External Advisor”) purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. See Note 5, Self Administration Transaction, for additional information. As we accepted subscriptions for shares of our common stock, we transferred all of the net Offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions made to holders of common stock. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in our Operating Partnership’s limited partnership agreement . Our Operating Partnership owns, directly or indirectly through one or more subsidiaries, all of the self storage properties that we own. As of March 31, 2021, we owned approximately 88.8% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 11.2% of the common units are owned by certain members of our executive management team or indirectly by SmartStop Asset Management, LLC, our former sponsor (“SAM”) and affiliates of our Former Dealer Manager. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. We conduct certain activities through SmartStop TRS, Inc. (our “TRS”), or other taxable REIT subsidiaries which are directly or indirectly wholly-owned subsidiaries of our Operating Partnership. COVID-19 Our rental revenue and operating results depend significantly on the demand for self storage space. Since the beginning of the COVID-19 pandemic in late March 2020, our operations have adjusted to meet the needs of our customers and employees, while striving to create a safe environment at our properties and our corporate offices. The operational and financial impact associated with COVID-19 were most significant to our business in the second quarter of 2020, with customer demand for self storage resuming at or above normalized levels during the second half of 2020 and continuing into 2021. Future governmental orders causing restrictions on our business or broad economic weakness could adversely impact our business, financial condition, liquidity and results of operations, however, the extent and duration to which our operations will be impacted is highly uncertain and cannot be predicted .

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesNote 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, as well as Strategic Storage Operating Partnership VI, L.P. (“SST VI OP”), and its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. SST VI OP is the operating partnership of SST VI. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. Our Operating Partnership and SST VI OP are deemed to be VIEs and are consolidated by the Company 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. As of March 31, 2021, we were not a party to any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres acquired in the SST IV Merger, which are all accounted for under the equity method of accounting (see Note 4 for additional information), and our Tenant Programs joint venture with SSGT II, which was acquired in the Self Administration Transaction, which is consolidated. As of December 31, 2020, we were also a party to and consolidated our Tenant Programs joint venture with SST IV, which became a wholly owned entity as a result of the SST IV Merger. Equity Investments Under the equity method, our investments will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments. Investments in and Advances to Managed REITs As of March 31, 2021, and December 31, 2020, we owned equity investments with a carrying value of approximately $3,000 and $15.1 million, respectively, in the Managed REITs; such amounts are included in Investments in and advances to Managed REITs within our consolidated balance sheets. We account for these investments using the equity method of accounting as we have the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through our advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the respective Managed REIT’s earnings and reduced by distributions. Also included in Investments in and advances to Managed REITs as of March 31, 2021 are receivables from the Managed REITs of approximately $ 0.7 million. As of December 31, 2020, receivables from the Managed REITs approximated $0.5 million. For additional discussion, see Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interests in our Operating Partnership, SST VI OP, and the noncontrolling interests in our Tenant Programs joint venture with SSGT II in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as a noncontrolling interests in the accompanying consolidated balance sheets. We also consolidate our interests in the SST VI OP and the SSGT II Tenant Program and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interests balance. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the ongoing fair value determination of contingent liabilities, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles. Cash and Cash Equivalents We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements. Real Estate Purchase Price Allocation We account for 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. 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. We recorded approximately $20 million and none in intangible assets to recognize the value of in-place leases related to our acquisitions during the three months ended March 31, 2021 and 2020, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. 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. During the three months ended March 31, 2021 and 2020, our property acquisitions, including the SST IV Merger, did not meet 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) or 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, transaction costs are capitalized rather than expensed. During the three months ended March 31, 2021 and 2020, we expensed approximately $305,000 and $30,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods. Purchase Price Allocation for the Acquisition of a Business Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized. As discussed in Note 5, the Self Administration Transaction was an acquisition of a business. 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. For the three months ended March 31, 2021 and 2020, no real property asset impairment losses were recognized. Goodwill Valuation We initially recorded goodwill as a result of the Self Administration Transaction. 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 impairment test for goodwill, and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, 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. See Note 5 - Self Administration Transaction for additional information. Trademarks In connection with the Self Administration Transaction, we recorded the fair value associated with the two primary trademarks acquired therein. Prior thereto we had no amounts recorded related to trademarks. 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 used the following significant projections and assumptions to determine fair value under the relief from royalty method: revenues; royalty rate; tax expense; terminal growth rate; and discount rate. For the SmartStop ® ® As of March 31, 2021 and December 31, 2020, $15.7 million was recorded related to the SmartStop® Self Storage trademark, which is an indefinite lived trademark. As of March 31, 2021 and December 31, 2020, approximately $0.5 million and $0.5 million, respectively, was recorded to the “Strategic Storage ®” ® We qualitatively evaluate whether any triggering events or changes in circumstances have occurred subsequent 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 . See Note 5 - Self Administration Transaction for additional information. Revenue Recognition Self Storage Operations Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets, and contractually due but unpaid rent is included in other assets. Managed REIT Platform We earn property management and asset management revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations. The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. T he Managed REITs’ property management agreements also provide r eimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties. Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations. Additionally, we earn revenue in connection with our Tenant Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations. See Note 1 0 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform . Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records this general reserve estimate based upon a review of the current status of accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. Real Estate Facilities We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Depreciation of Real Property Assets Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
Description
Standard Depreciable Life
Land
Not Depreciated
Buildings
30-40 years
Site Improvements
7-10 years Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives, generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets. Intangible Assets We have allocated a portion of our real estate purchase price to in-place lease intangibles. We amortize in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of March 31, 2021, the gross amount allocated to in-place lease intangibles was approximately $67.5 million and accumulated amortization of in-place lease intangibles totaled approximately $46.1 million. As of December 31, 2020, the gross amounts allocated to in-place lease intangibles were approximately $47.3 million and accumulated amortization of in-place lease intangibles totaled approximately $45.7 million. The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2021, 2022, 2023, 2024, 2025 and thereafter is approximately $10.3 million, $9.8 million, $0.1 million, $0.1 million, $0.1 million, and $0.8 million, respectively. In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the tenant programs (“Tenant Programs”) joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. As of March 31, 2021, the gross amount of the intangible assets related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $6.8 million and accumulated amortization of those intangibles totaled approximately $3.8 million. As of December 31, 2020, the gross amount of the intangibles related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $18.1 million and accumulated amortization of those intangibles totaled approximately $7.3 million. The total estimated future amortization expense for such intangible assets for the years ending December 31, 2021, 2022, 2023, 2024 and 2025 is approximately $0.5 million, $0.7 million, $0.7 million, $0.7 million, and $0.3, respectively. We evaluate whether any triggering events or changes in circumstances have occurred subsequent 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 valuations methods is adversely impacted, the impact could result in a material impairment charge in the future. See Note 5 – Self Administration Transaction and Note 10 – Related Party Transactions for additional information. Debt Issuance Costs The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt; amounts incurred related to obtaining revolving debt are included in the debt issuance costs line on our consolidated balance sheet (see Note 6). Debt issuance costs are amortized using the effective interest method. As of March 31, 2021 and December 31, 2020, approximately $2.5 million and none, respectively of gross debt issuance costs were recorded related to our revolving credit facility. As of March 31, 2021, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $5.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $1.7 million. As of December 31, 2020, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $12.0 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $7.9 million. Organizational and Offering Costs We pay our Former Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets; (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of both Class A Shares and Class T Shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Former Dealer Manager commencing after the termination of the Primary Offering; (iii) the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated; and (iv) the date that such Class T Share is redeemed or is no longer outstanding. Our Former Dealer Manager entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Former Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Former Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Former Dealer Manager, payment of attendance fees required for employees of our Former Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. We recorded a liability within due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost. Foreign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in investments not classified as long term are recorded in other income (expense) and represented a gain of approximately $ 0.1 million and a loss of approximately $ 1.1 million for the three months ended March 31, 2021 and 2020 , respectively . Redeemable Common Stock We adopted a share redemption program (“SRP”) that enables stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the SRP as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our SRP is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. When we determine we have a mandatory obligation to repurchase shares under the SRP, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values. On August 26, 2019, our board of directors approved a partial suspension of our SRP, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances n March 30, 2020, our board of directors approved the complete suspension of our SRP, effective on April 29, 2020. Due to the complete suspension, we were unable to honor redemption requests made during the quarter ended March 31, 2020 or the quarter ended June 30, 2020. On August 20, 2020, our board of directors determined that it would be in our best interests to partially reinstate the SRP, effective as of September 23, 2020. Currently, our redemption program remains suspended other than for redemptions sought in connection with a stockholder’s death, qualifying disability, confinement to a long-term care facility or other exigent circumstances. During the three months ended March 31, 2021, approximately 70,000 shares, or $0.7 million, were requested to be redeemed; all of which were included in accounts payable and accrued liabilities as of March 31, 2021, and fulfilled in April 2021 For the year ended December 31, 2020, we received redemption requests totaling approximately $2.0 million (approximately 0.2 million shares), approximately $1.3 million of which were fulfilled during the year ended December 31, 2020, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2020 and fulfilled in January 2021. Accounting for Equity Awards We issue equity based awards in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”), both of which may be issued subject to either For time based awards granted which contain a graded vesting schedule, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For performance based awards, compensation cost is recognized over the requisite service period if and when we determine the performance condition is probable of being achieved. Fair Value Measurements Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value:

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access;

Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and

Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions along with

Real Estate Facilities

Real Estate Facilities3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]
Real Estate FacilitiesNote 3. Real Estate Facilities Potential Acquisitions On June 2, 2020, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of a plot of land (the “Etobicoke Property”) in the city of Toronto. On September 1, 2020, we executed a second purchase and sale agreement with the same seller for the acquisition of another plot of land (the “Scarborough Property”) in the city of Toronto. We intend on developing both the Etobicoke Property and the Scarborough Property into self storage facilities. The purchase price for the Etobicoke Property and the Scarborough Property are each approximately $2.2 million CAD, with adjustment factors to the purchase price based on the final surveys, plus closing costs. There can be no assurances that we will complete these acquisitions. If we fail to acquire the Etobicoke Property or the Scarborough Property, in addition to the incurred acquisition costs, we may also forfeit earnest money deposits as a result. We may decide to enter into joint venture agreements with SmartCentres for some or all of the above mentioned Canadian properties currently under contract. On April 23, 2021, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of an existing operating self storage facility located in the city of Riverside, California (the “Riverside III Property”). The purchase price for the Riverside III Property is approximately $10.7 million, plus closing costs. There can be no assurance that we will complete the acquisition. If we fail to acquire the Riverside III Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result. We may assign certain of the above purchase and sale agreements to one of our Managed REITs. The following summarizes the activity in real estate facilities during the three months ended March 31, 2021:
Real estate facilities
Balance at December 31, 2020
$
1,210,102,582
Facilities acquired through merger with SST IV
324,344,636
Other facility acquisitions (1)
15,689,143
Impact of foreign exchange rate changes
2,138,321
Improvements and additions
682,986
Balance at March 31, 2021
$
1,552,957,668
Accumulated depreciation
Balance at December 31, 2020
$
(115,903,045
)
Depreciation expense
(8,377,485
)
Impact of foreign exchange rate changes
(209,591
)
Balance at March 31, 2021
$
(124,490,121
) (1) Such acquisition was completed by SST VI OP, which is consolidated within our consolidated financial statements. Merger with Strategic Storage Trust IV, Inc. On November 10, 2020, we, SST IV Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of ours (“SST IV Merger Sub”), and SST IV entered into an agreement and plan of merger (the “SST IV Merger Agreement”). Pursuant to the terms and conditions set forth in the SST IV Merger Agreement, on March 17, 2021 (the “SST IV Merger Date”), we acquired SST IV by way of a merger of SST IV with and into SST IV Merger Sub, with SST IV Merger Sub being the surviving entity. On the SST IV Merger Date, each share of SST IV Common Stock outstanding immediately prior to the SST IV Merger Date (other than shares owned by SST IV and its subsidiaries or us and our subsidiaries) was automatically converted into 2.1875 Class A Shares (the “SST IV Merger Consideration”). Immediately prior to the SST IV Merger Effective Time, all shares of SST IV Common Stock that were subject to vesting and other restrictions also became fully vested and converted into the right to receive the SST IV Merger Consideration. As a result of the SST IV Merger, we acquired all of the real estate owned by SST IV, consisting of 24 wholly-owned self storage facilities located across 9 states and 6 self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada. The real estate joint ventures consist of three operating properties and three properties in various stages of development. The following table reconciles the total consideration transferred in the SST IV Merger:
Fair value of consideration transferred:
Common stock issued
$
231,412,470
Cash (1)
54,250,000
Other
365,703
Total consideration transferred
$
286,028,173
(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the Merger, as well as approximately $0.3 million in transaction costs. We issued approximately 23.1 million Class A Shares to the former SST IV shareholders in connection with the SST IV Merger. The estimated fair value of our common stock issued was determined primarily based on an income approach to value the properties as well as our Managed REIT Platform, adjusted for market related adjustments and illiquidity discounts, less the estimated fair value of our debt and other liabilities. These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2. The key assumptions used in estimating the fair value of our common stock included a marketability discount of 6%, and projected annual net operating income. The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SST IV Merger:
Assets Acquired:
Land
$
54,385,560
Buildings
257,618,228
Site improvements
12,340,848
Construction in process
1,467,090
Intangible assets
20,052,449
Investments in real estate joint ventures
17,495,254
Cash and cash equivalents, and restricted cash
7,763,490
Other assets
4,145,394
Total assets acquired
$
375,268,313
Liabilities assumed:
Debt (1)
$
81,165,978
Accounts payable and other liabilities
8,074,162
Total liabilities assumed
$
89,240,140
Total net assets acquired
$
286,028,173
(1) Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 6 – Debt for additional information The following table summarizes the purchase price allocation for the real estate related assets acquired in the SST IV Merger:
Acquisition
Acquisition Date
Real Estate Assets
Construction in Process
Investments in Real Estate Joint Ventures
Intangibles
Total (1)
2021 Revenue (2)
2021 Property Operating Income (2)(3)
SST IV Merger
3/17/2021
$
324,344,636
$
1,467,090
$
17,495,254
$
20,052,449
$
363,359,429
$
1,073,078
$
623,412
(1)
The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.
(2)
The operating results of the self storage properties acquired in the SST IV Merger have been included in our consolidated statements of operations since the SST IV Merger Date. Such amount does not include activity from our investments in real estate joint ventures, which are included in Other in our consolidated statements of operations. For additional information. See Note 4 – Investments in Unconsolidated Real Estate Ventures.
(3)
Property operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses. Acquisition Completed by SST VI OP On March 10, 2021, SmartStop OP made an investment of $5.0 million in SST VI OP, in exchange for common units of limited partnership interest in SST VI OP. On March 11, 2021, SST VI OP, through a wholly-owned subsidiary, used these funds, in part, to acquire its first self storage facility in Phoenix, Arizona for approximately $16 million. In connection with SST VI OP’s acquisition of the Phoenix property, we provided a $3.5 million mezzanine loan to a wholly-owned subsidiary of SST VI OP with an initial interest rate of 8.5% and term of six months; as well as a 180 day extension option which, if exercised, would increase the interest rate to 9.25%. In addition to the aforementioned mezzanine loan, SST VI financed the acquisition, in part, by obtaining a third party mortgage loan on the property of approximately $9 million, which had an initial interest rate of 3.5%, and a three year term, with two one year extension options. SST VI commenced its private offering in the first quarter of 2021. Given our current level of ownership as of March 31, 2021, SST VI OP and its subsidiaries are consolidated in our financial statements, and all related intercompany transactions have been eliminated. SST VI OP and its consolidated subsidiaries’ assets are not available to us, and their creditors do not have recourse to us. Included in our consolidated balance sheet as of March 31, 2021 are approximately $17 million of assets, approximately $16 million of which are included in real estate facilities, net and approximately $9 million of liabilities, including the third party mortgage loan noted above. Our consolidation of SST VI OP will continue to be evaluated as SST VI continues to raise additional equity in its private offering.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures3 Months Ended
Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate VenturesNote 4. Investments in Unconsolidated Real Estate Ventures As a result of the SST IV Merger, we acquired 6 self storage real estate joint ventures located in the Greater Toronto Area of Ontario, Canada. The real estate joint ventures consist of three operating properties and three properties in various stages of development. These joint venture agreements are with a subsidiary of SmartCentres, an unaffiliated third party, to acquire tracts of land and develop and operate the properties as self storage facilities. 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. 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 investments in unconsolidated real estate ventures:
JV Property
Location
Date Real Estate Venture Acquired Land
Real Estate Venture Status
Equity Ownership %
Carrying Value of Investment as of March 31, 2021
Oshawa
Oshawa, Ontario
September 2018
Under Development
50%
$
1,151,236
East York
East York, Ontario
January 2019
Operational
50%
6,505,313
Brampton
Brampton, Ontario
September 2019
Operational
50%
2,419,381
Vaughan
Vaughan, Ontario
August 2019
Operational
50%
2,979,203
Scarborough
Scarborough, Ontario
August 2020
Under Development
50%
1,704,805
Kingspoint
Kingspoint, Ontario
February 2021
Under Development
50%
2,728,478
$
17,488,416
Financing Agreement We, through our acquisition of the Oshawa, East York, Brampton, Vaughan, and Scarborough joint venture partnerships (“the JV Properties”), also became party to a master mortgage commitment agreement (the “MMCA”) with SmartCentres Storage Finance LP (the “SmartCentres Lender”) (collectively, the “SmartCentres Financing”). The SmartCentres Lender is an affiliate of SmartCentres. The initial maximum amount available is approximately $60 million CAD, however, the SmartCentres Financing includes an accordion feature such that borrowings pursuant thereto may be increased up to approximately $120 million CAD subject to certain conditions set forth in the MMCA. As of March 31, 2021, approximately $46.7 million CAD was outstanding on the SmartCentres Financing. The proceeds of the SmartCentres Financing will be used to finance the development and construction of the JV Properties. The SmartCentres Financing is secured by first mortgages on each of the JV Properties. Interest on the SmartCentres Financing is a variable annual rate equal to the aggregate of: (i) the BA Equivalent Rate, plus: (ii) a margin based on the External Credit Rating, plus (iii) a margin under the Senior Credit Facility, each as defined and described further in the MMCA. As of March 31, 2021, the total interest rate was approximately 2.86%. The SmartCentres Financing had an original maturity date of May 11, 2021. On April 30, 2021, the SmartCentres Financing was amended and the maturity date was extended until May 11, 2024, and contains two one year extension options. Monthly interest payments are initially capitalized on the outstanding principal balance. Upon a JV Property generating sufficient Net Cash Flow (as defined in the MMCA), the SmartCentres Financing provides for the commencement of quarterly payments of interest. As of March 31, 2021, no such payments had commenced. The borrowings advanced pursuant to the SmartCentres Financing may be prepaid without penalty, subject to certain conditions set forth in the MMCA. The SmartCentres Financing contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions (including a loan to value ratio of no greater than 70% with respect to each JV Property) and events of default, all as set forth in the MMCA. We serve as a full recourse guarantor with respect to 50% of the SmartCentres Financing.

Self Administration Transaction

Self Administration Transaction3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Self Administration TransactionNote 5. Self Administration Transaction Overview On June 28, 2019, we, our Operating Partnership and our TRS entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements with our then-sponsor SAM and SmartStop OP Holdings, LLC (“SS OP Holdings”), a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM, along with certain other assets of SAM. As a result of the Self Administration Transaction, Agreements Contribution Agreement On June 28, 2019, we along with our Operating Partnership, as contributee, and SAM and SS OP Holdings, as contributor, entered into a Contribution Agreement (the “Contribution Agreement”) whereby the Operating Partnership acquired the Self Storage Platform and certain other assets, including (a) SAM’s, or its subsidiaries’, 100% membership interests in our Former External Advisor and Former External Property Managers, the advisor and property manager for SST IV, the advisor and property manager for SSGT II, entities related to the Tenant Programs joint ventures, and certain entities related to SAM’s self storage business in Canada ; (b) all equipment, furnishings, fixtures and computer equipment as set forth in the Contribution Agreement; (c) certain personal property as set forth in the Contribution Agreement; (d) all intellectual property, goodwill, licenses and sublicenses granted and obtained with respect thereto (including all rights to the “SmartStop®” brand and “Strategic Storage®” related trademarks); (e) SAM’s processes, practices, procedures and workforce related to the self storage business (then consisting of a total of approximately 350 on-site self storage employees, regional and district managers, other personnel and the then current executive management team of the Company), and (f) certain other assets as set forth in the Contribution Agreement, in exchange for $769,126 in cash, and 8,698,956 Class A-1 limited partnership units of the Operating Partnership (“Class A-1 Units”) and 3,283,302 Class A-2 limited partnership units of the Operating Partnership (“Class A-2 Units”). Third Amended and Restated Limited Partnership Agreement and Redemption of Limited Partner Interest Agreement On June 28, 2019, we entered into the Third Amended and Restated Limited Partnership Agreement of the Operating Partnership (as amended, the “Operating Partnership Agreement”), which amended and superseded the Second Amended and Restated Limited Partnership Agreement (the “Former OP Agreement”), and a Redemption of Limited Partner Interest Agreement (the “Redemption of Limited Partner Interest Agreement”) with the Former External Advisor and the Operating Partnership, pursuant to which the Operating Partnership redeemed all of the limited partnership interests held by the Former External Advisor in the Operating Partnership. As a result of the Redemption of Limited Partner Interest Agreement and the Self Administration Transaction, the Former External Advisor’s parent entity, SAM and its affiliates no longer hold either their previously existing 20,000 limited partnership units or their special limited partnership interest in the Operating Partnership; however, SAM received cash of $ 200,000 and Class A-1 Units and Class A-2 Units in the Operating Partnership, as further described below. In addition, the revised Operating Partnership Agreement created two new classes of units issued to SS OP Holdings in connection with the Self Administration Transaction: Class A-1 Units and Class A-2 Units. The Class A-1 Units are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. In addition, until June 28, 2021 (the “Lock-Up Expiration”), the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership. The Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below. The conversion features of the Class A-2 Units are as follows: (A) the first time the aggregate incremental assets under management, as amended (“AUM”) (as defined in the Operating Partnership Agreement) of the Operating Partnership equals or exceeds one-third one-third one-third Accounting Considerations Subsequent to Acquisition Fair Value of Consideration Transferred We accounted for the Contribution Agreement and Membership Interest Purchase Agreement discussed above as a business combination under the acquisition method of accounting. The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following:
Estimated Fair Value of Consideration Transferred
Cash (1)
$
3,918,185
Class A-1 Units
63,643,000
Class A-2 Units (contingent earnout)
30,900,000
Total Consideration Transferred
98,461,185
Fair value of our preexisting 50% equity interests
12,800,000
Total
$
111,261,185
(1) As a result of this acquisition, we remeasured the book value of our preexisting 50% equity method investments in our Tenant Programs joint ventures to fair value, which resulted in a gain of approximately $8.0 million which was presented in the gain resulting from acquisition of unconsolidated affiliates line-item in our consolidated statements of operations as of the date of the acquisition. The fair values of the Tenant Programs joint ventures were determined based on a discounted cash flow valuation of the projected cash flows. The estimated fair value of the Class A-1 Units issued was determined using the Company’s then current net asset value, which was based on an income approach to value the properties and the valuation of the assets acquired in the Self Administration Transaction, as described herein, adjusted for market related adjustments and illiquidity discounts. These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2. The key assumptions used in estimating the fair value of the Class A-1 Units and Class A-2 Units consideration included (i) a marketability discount of 5%, (ii) a capitalization rate of 5.16% and (iii) annual net operating income. The estimated fair value of the contingent earnout, Class A-2 Units, was determined using the net asset value calculation described above and further adjusted based on a discounted probability weighted forecast of achieving the requisite AUM thresholds. Subsequent to the completion of the Self Administration Transaction, such liability is required to be recorded at fair value. Allocation of Consideration The consideration transferred pursuant to the Self Administration Transaction was allocated to the assets acquired and liabilities assumed, based upon their estimated fair values as of the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed:
Identifiable Assets Acquired at Fair Value
Cash and cash equivalents
$
36,443
Restricted cash
94,999
Land
975,000
Building
5,389,000
Site Improvements
136,000
Equipment, furniture and fixtures
651,000
Investments in Managed REITs
5,600,000
Other assets
1,084,629
Intangibles - customer relationships
1,600,000
Trademarks
19,800,000
Intangibles - management contracts
24,900,000
Total identifiable assets acquired
$
60,267,071
Identifiable Liabilities Assumed at Fair Value
Debt
$
19,219,126
Accounts payable and accrued expenses
722,286
Deferred tax liabilities, net
7,415,654
Total liabilities assumed
$
27,357,066
Net identifiable assets acquired
$
32,910,005
Goodwill
78,372,980
Non-controlling interest related to consolidated Tenant Programs joint ventures
(21,800
)
Net assets acquired
$
111,261,185
The fair value estimate of property and equipment utilized a combination of the income, cost and market approaches, depending on the characteristics of the asset classification. The fair value of land was determined using the market approach, which considers sales of comparable assets and applies compensating factors for any differences specific to the particular assets. Equipment was valued based on estimated replacement cost. Building and site improvements were valued using the cost approach using a direct cost model built on estimates of replacement cost. The intangible assets acquired primarily consist of trademarks and the property management and advisory contracts related to the Managed REITs. The value of the property management and advisory contracts were determined based on a discounted cash flow valuation of the projected cash flows of the acquired contracts. The deferred tax liability is the result of differences between the GAAP carrying value of certain amortizing assets and the carrying value for tax purposes related to activities which are conducted through our TRS. The goodwill recognized was supported by several factors, including that the Company becoming self-managed; additionally, the Managed REIT Platform business brings an established management platform with numerous strategic benefits including growth from new income streams and the ability to offer new products. The results of the acquisition have been included in our consolidated statements of operations since the closing date of the transaction. Administrative Services Agreement On June 28, 2019, we along with our Operating Partnership, the TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), which, as amended, requires that the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. SAM and the Company Parties will reimburse one another based on the actual costs of providing their respective services. Additionally, SAM will pay the Company Parties an allocation of rent and overhead for the portion it occupies in the Ladera Office. Such agreement has a term of Accounting Considerations Subsequent to Acquisition The emergence and spread of the COVID-19 pandemic caused significant volatility and disruption in the economy and the capital markets beginning in the first quarter of 2020. The increase in consumer and investor uncertainty had an impact on our Managed REITs, specifically the Managed REITs’ ability to attract investor equity in the face of economic weakness and volatility. The volatility and uncertainty in the economy caused various broker dealers that our Managed REITs had selling agreements with to temporarily halt non-traded REIT sales within their advisory networks. Effective April 30, 2020, the Managed REITs suspended their offerings. Given the disruption that COVID-19 had on the capital markets and our Managed REITs and their ability to raise additional equity, accordingly we evaluated the various intangible assets and liabilities associated with the sponsorship of the Managed REITs for impairment as of March 31, 2020. Based on the above facts, we revised our capital raise projections for the Managed REITs. We then evaluated the revised projected undiscounted future cash flows of our amortizing intangible assets to determine if they exceeded their respective carrying values and we determined that certain trademarks and management contracts acquired in the Self Administration Transaction were impaired. For such assets we recorded impairments to reduce their carrying value to their respective fair values. For our indefinite-lived trademark we determined that the carrying value was in excess of its fair value and therefore recorded an impairment equal to the difference. As a result, we recorded impairment charges totaling approximately $11.7 million to intangible assets, consisting of approximately $3.3 million related to our trademarks, approximately $2.2 million related to the management contracts of SST IV and approximately $6.2 million related to the management contracts of SSGT II during the quarter ended March 31, 2020. We similarly evaluated goodwill for impairment and determined that the carrying value of the goodwill related to our Managed REIT segment was in excess of fair value, and therefore impaired and we recognized an impairment charge of approximately $24.7 million during the quarter ended March 31, 2020. Goodwill related to our self storage operations was not impaired. In connection with the Self Administration Transaction, we acquired a special limited partnership interest in SST IV and SSGT II. This interest, in certain situations, may entitle us to various subordinated distributions under SST IV’s and SSGT II’s operating partnership agreements. Given the revised capital projections noted above, the projected future subordinated distributions had revised estimated fair values less than their carrying values. We deemed this difference to be an other than temporary decline in value and have therefore recorded an impairment charge of approximately $ 4.4 million during the quarter ended March 31, 2020 . As a result of the Self Administration Transaction, we recorded a deferred tax liability, which is the result of differences between the GAAP carrying value of certain amortizing assets and the carrying value for tax purposes of certain assets related to activities which are conducted through our TRS. As the impairment charge reduced the GAAP carrying value of such assets, primarily the Managed REIT management contracts, we adjusted the value of our deferred tax liabilities by pro-rata amounts, reducing the deferred tax liabilities in aggregate by approximately $2.4 million, and recorded such adjustment as other income within the other line-item in our consolidated statement of operations during the quarter ended March 31, 2020. In connection with the Self Administration Transaction, we issued the Class A-2 Units, as a form of contingent consideration, which is required to be revalued at each reporting period, based on the discounted probability weighted forecast of achieving the requisite AUM thresholds or the occurrence of an Earnout Acceleration Event. The revised capital raise projections discussed above reduced the probability of the Class A-2 Units converting, which had the result of decreasing the estimated fair value of the contingent earnout liability from approximately $31.1 million as of December 31, 2019 to approximately $23.9 million as of the date of the impairment analysis. On March 24, 2021, we, as the general partner of our Operating Partnership, entered into Amendment No. 3 (the “Amendment”) to the Third Amended and Restated Limited Partnership Agreement of the Operating Partnership dated June 28, 2019, as amended to date (the “Partnership Agreement”), to make certain revisions to Exhibit D (Description of Class A-2 Units) to the Partnership Agreement. The Amendment (i) revised the definition of “AUM” in connection with the earnout of the Class A-2 Units so that it (A) includes assets acquired by us and our affiliates and (B) includes 100% of any joint venture assets, rather than a pro rata percentage, and (ii) clarifies that the Class A-2 Units may be transferred after the two-year holding period. On March 24, 2021, 1,094,434 Class A-2 Units held by an affiliate of SAM, were converted into 1,121,795 Class A-1 Units pursuant to the achievement of the first tier of earnout consideration. The fair value of the contingent earnout liability was reduced as the Class A-2 Units were converted into Class A-1 Units in our Operating Partnership and the fair value of such units was reclassified to the noncontrolling interest in our Operating Partnership line in the equity section of our consolidated balance sheet. A s of March 31, 2021, pursuant to the revised definition of “AUM” as described above, we had added incremental assets under management of approximately $321 million, and the estimated fair value of the contingent earnout liability was approximately $19.5 million.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtNote 6. Debt The Company’s debt is summarized as follows:
Loan
March 31, 2021
December 2020
Interest Rate
Maturity Date
KeyBank CMBS Loan (1)
$
95,000,000
$
95,000,000
3.89
%
8/1/2026
KeyBank Florida CMBS Loan (2)
52,000,000
52,000,000
4.65
%
5/1/2027
Midland North Carolina CMBS Loan (3)
46,255,586
46,427,994
5.31
%
8/1/2024
Canadian CitiBank Loan (4)(12)
-
87,337,110
2.72
%
10/9/2021
CMBS SASB Loan (5)(12)
-
235,000,000
3.13
%
(11)
2/9/2022
CMBS Loan (6)
104,000,000
104,000,000
5.00
%
2/1/2029
Secured Loan (7) (8)(12)
-
85,512,000
3.00
%
1/24/2022
Stoney Creek Loan (9)(12)
-
5,712,058
4.65
%
10/1/2021
Torbarrie Loan (10)(12)
-
6,423,863
4.65
%
9/1/2021
SST IV CMBS Loan
40,500,000
-
3.56
%
2/1/2030
SST IV TCF Loan
40,782,255
-
3.75
%
3/30/2023
Credit Facility Term Loan - USD (14)
150,000,000
-
2.06
%
3/17/2026
Credit Facility Term Loan - CAD (13)(14)
99,024,270
-
2.37
%
3/17/2026
Credit Facility Revolver - USD (14)
184,000,000
-
2.11
%
3/17/2024
Credit Facility Revolver - CAD (13)(14)
1,985,250
-
2.42
%
3/17/2024
SST VI Baseline TCF Loan
8,620,000
-
3.50
%
3/11/2024
Ladera Office Loan
4,077,652
4,099,152
4.29
%
11/1/2026
Premium on secured debt, net
313,681
461,823
Debt issuance costs, net
(4,068,114
)
(4,021,767
)
Total debt
$
822,490,580
$
717,952,233
(1)
This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
(2)
This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
(3)
This fixed rate loan encumbers 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.
(4)
This variable rate loan encumbered 10 of our Canadian properties and the amounts shown above are in USD based on the foreign exchange rate in effect of the dates presented. W e purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021
(5)
This variable rate loan encumbered 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood).
(6)
This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.
(7)
(8)
the Secured Loan at 5.1 % until August 1, 2020. To continue hedging our interest rate risk related to this loan, we purchased an interest rate cap on August 3, 2020 with a notional amount of $ 80 million that effectively caps LIBOR at 0.5 % through August 2, 2021 .
(9)
(10)
(11)
on this loan
(12)
On March 17, 2021, these loans were paid off in full in conjunction with the SST IV Merger, and an aggregate net loss on extinguishment of debt of approximately $2.4 million was recorded.
(13)
The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
(1 4 )
For additional information regarding the Credit Facility, see below. The weighted average interest rate on our consolidated debt, excluding the impact of our interest rate hedging activities, as of March 31, 2021 was approximately 3.22%. We are subject to certain restrictive covenants relating to the outstanding debt, and as of March 31, 2021, we were in compliance with all such covenants. Credit Facility On March 17, 2021, we, through our Operating Partnership (the “Borrower”), entered into a credit facility with KeyBank, National Association, as administrative agent, KeyBanc Capital Markets, LLC, Wells Fargo Securities, Citibank, N.A., and BMO Capital Markets, as joint book runners and joint lead arrangers, and certain other lenders party thereto (the “Credit Facility”). The initial aggregate amount of the Credit Facility is $500 million, which consists of a $250 million revolving credit facility (the “Credit Facility Revolver”) and a $250 million term loan (the “Credit Facility Term Loan”). The Borrower has the right to increase the amount available under the Credit Facility by an additional $350 million, for a total aggregate amount of $850 million, subject to certain conditions. The Credit Facility also includes sublimits of (a) up to $25 million for letters of credit and (b) up to $25 million for swingline loans; each of these sublimits are part of, and not in addition to, the amounts available under the Credit Facility Revolver. Borrowings under the Credit Facility may be in either U.S. dollars (each, a “US Borrowing”) or Canadian dollars (each, a “CAD Borrowing”). Upon the closing of the Credit Facility, the Borrower immediately made the following drawdowns: (i) under the Credit Facility Revolver (A) $199 million in US Borrowings and (B) CAD$2.5 million in CAD Borrowings (approximately $2 million equivalent in U.S. dollars), and (ii) under the Credit Facility Term Loan (A) $150 million in US Borrowings and (B) CAD$124.7 million in CAD Borrowings (approximately $100 million equivalent in U.S. dollars), for an aggregate amount of approximately $451 million. We used the proceeds primarily to pay off certain existing indebtedness as well as indebtedness of SST IV. The maturity date of the Credit Facility Revolver is March 17, 2024, subject to a one-year Amounts borrowed under the Credit Facility Revolver and Credit Facility Term Loan bear interest based on both the type of borrowing (either ABR Loans or Eurodollar Loans, each as defined in the Credit Facility), as well as the currency of the borrowing. ABR Loans bear interest at the lesser of (x) the alternate base rate plus the applicable rate, or (y) the maximum rate. Eurodollar Loans bear interest at the lesser of (a) the adjusted LIBO rate or CDOR rate (depending on whether the loan is a US Borrowing or a CAD Borrowing, respectively) for the interest period in effect plus the applicable rate, or (b) the maximum rate. The corresponding applicable rate varies depending on the type of borrowing and our consolidated leverage ratio. Initial advances under the Credit Facility Term Loan bear interest at 195 basis points over 30-day LIBOR or 30-day CDOR , while initial advances under the Credit Facility Revolver bear interest at 200 basis points over 30-day LIBOR or 30-day CDOR . The Credit Facility is also subject to an annual unused fee based upon the average amount of the unused portion of the Credit Facility Revolver, which varies from 15 bps to 25 bps, depending on the size of the unused amount, as well as whether a Security Interest Termination Event (defined below) has occurred. The Credit Facility is fully recourse, jointly and severally, to us, our Operating Partnership, and certain of our subsidiaries (the “Subsidiary Guarantors”). In connection with this, we, our Operating Partnership, and our Subsidiary Guarantors executed guarantees in favor of the lenders. The Credit Facility is also cross-defaulted to (i) any recourse debt of ours, our Operating Partnership, or the Subsidiary Guarantors and (ii) any non-recourse debt of ours, our Operating Partnership, or the Subsidiary Guarantors of at least $75 million. The Credit Facility is initially secured by a pledge of equity interests in the Subsidiary Guarantors. However, upon the achievement of certain security interest termination conditions, the pledges shall be released and the Credit Facility shall become unsecured (the “Security Interest Termination Event”). The Security Interest Termination Event occurs at the Borrower’s election, once the Borrower satisfies the following security interest termination conditions: (i) a fixed charge coverage ratio of no less than 1.50:1.00; (ii) an unsecured interest coverage ratio of not less than 2.00:1.00; (iii) a consolidated capitalization rate leverage ratio of not greater than 60%; and (iv) a secured debt ratio of no greater than 40%. Following the occurrence of the Security Interest Termination Event, certain terms and conditions of the Credit Facility are modified, including, but not limited to: (i) in certain circumstances, a reduction in the applicable interest rate under the Credit Facility, (ii) the modification or addition of certain financial covenants, (iii) the addition of a floor of at least $25 million for any cross-defaulted recourse debt of ours, our Operating Partnership, or any Subsidiary Guarantor, and (iv) in certain circumstances, a reduction in the annual unused fee for the Credit Facility Revolver. The Credit Facility contains certain customary representations and warranties, affirmative, negative and financial covenants, borrowing conditions, and events of default. In particular, the financial covenants imposed include: a maximum leverage ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, certain limits on both secured debt and secured recourse debt, certain payout ratios of dividends paid to core funds from operations, limits on unhedged variable rate debt, and minimum liquidity. If an event of default occurs and continues, the Borrower is subject to certain actions by the administrative agent, including, without limitation, the acceleration of repayment of all amounts outstanding under the Credit Facility. On March 30, 2021, we paid down $15 million in USD borrowings on the Credit Facility Revolver, reducing the total borrowings on the Credit Facility to approximately $435 million. Subsequent to March 31, 2021, on April 16, 2021, we made a US Borrowing draw of $4.5 million on the Credit Facility Revolver. Additionally, on May 3, 2021, we converted all of our CAD Borrowings to US Borrowings. SST IV CMBS Loan On March 17, 2021, in connection with the SST IV Merger, we assumed a $40.5 million CMBS financing with KeyBank as the initial lender pursuant to a mortgage loan (the “SST IV CMBS Loan”). The SST IV CMBS Loan is secured by a first mortgage or deed of trust on each of seven properties owned by us (Jensen Beach, Texas City, Riverside, Las Vegas IV, Puyallup, Las Vegas V, and Plant City). The separate assets of these encumbered properties are not available to pay our other debt. The loan has a maturity date of February 1, 2030. Monthly payments due under the loan agreement (the “SST IV CMBS Loan Agreement”) are interest-only, with the full principal amount becoming due and payable on the maturity date. The amounts outstanding under the SST IV CMBS Loan bear interest at an annual fixed rate equal to 3.56%. Commencing two years after securitization, the CMBS Loan may be defeased in whole, but not in part, subject to certain conditions as set forth in the SST IV CMBS Loan Agreement. The loan documents for the SST IV CMBS Loan contain: customary affirmative and negative covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty in favor of KeyBank, we serve as a non-recourse guarantor with respect to the SST IV CMBS Loan. SST IV TCF Loan On March 17, 2021, in connection with the SST IV Merger, we assumed a term loan with TCF National Bank, a national banking association (“TCF”), as lead arranger and administrative agent for up to $40.7 million (the “SST IV TCF Loan”). The SST IV TCF Loan is secured by a first mortgage on each of the Ocoee Property, the Ardrey Kell Property, the Surprise Property, the Escondido Property, and the Punta Gorda Property (the “SST IV TCF Properties”). The interest rate on the SST IV TCF Loan is equal to the greater of (i) 3.75% per annum or (ii) an adjustable annual rate equal to LIBOR plus 3.00%. Upon achievement of certain financial conditions, the interest rate will be equal to the greater of (i) 3.50% per annum or (ii) an adjustable annual rate equal to LIBOR plus 2.50%. As of March 31, 2021, the interest rate on the SST IV TCF Loan was 3.75%. In connection with the SST IV Merger, we also assumed an interest rate cap with a notional amount of $30.5 million, such that in no event will LIBOR exceed 0.75% thereon through May 2022. The SST IV TCF Loan matures on March 30, 2023, with two one-year The SST IV TCF loan agreement also contains a debt service coverage ratio covenant applicable to the borrowers whereby, commencing on March 31, 2022, the SST IV TCF Properties must have a debt service coverage ratio of not less than 1.20 to 1.00. The SST IV TCF loan agreement also contains: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; and events of default all as set forth in such loan agreement. We serve as a limited recourse guarantor with respect to the SST IV TCF Loan during the initial term. Our obligations as guarantor may decrease based on the debt service coverage ratio on the SST IV TCF Properties. The following table presents the future principal payment requirements on outstanding debt as of March 31, 2021:
2021
$
1,100,437
2022
2,914,419
2023
44,166,400
2024
241,648,647
2025
2,869,187
2026 and thereafter
533,545,923
Total payments
826,245,013
Premium on secured debt, net
313,681
Debt issuance costs, net
(4,068,114
)
Total
$
822,490,580

Preferred Equity

Preferred Equity3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Preferred EquityNote 7. Preferred Equity Series A Convertible Preferred Stock On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in preferred shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date, and the second and final closing in the amount of $50 million occurred on October 26, 2020. We incurred approximately $3.6 million in issuance costs related to the Series A Convertible Preferred Stock, which were recorded as a reduction to Series A Convertible Preferred stock on our consolidated balance sheets. The shares of Series A Convertible Preferred Stock rank senior to all other shares our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is redeemed or repurchased in full. The dividends are payable in arrears for the prior calendar quarter on or before the 15 th Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation. Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount. At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions. The holders of Series A Convertible Preferred Stock are not entitled to vote on any matter submitted to a vote of our stockholders, except that in the event that the dividend for the Series A Convertible Preferred Stock has not been paid for at least four quarters (whether or not consecutive), the holders of Series A Convertible Preferred Stock have the right to vote together with our stockholders on any matter submitted to a vote of our stockholders, upon which the holders of the Series A Convertible Preferred Stock and holders of common stock shall vote together as a single class. The number of votes applicable to a share of Series A Convertible Preferred Stock will be equal to the number of shares of common stock a share of Series A Convertible Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote. This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60 % loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80 % self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10 % of our revenues for our last fiscal year. In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares. As of March 31, 2021, there were 200,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $203.1 million, which consists of $150 million from the Initial Closing, $50 million from a closing on October 26, 2020 and approximately $3.1 million of accumulated and unpaid distributions. As of December 31, 2020, there were 200,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $202.9 million, which consists of $150 million from the Initial Closing, $50 million from a closing on October 26, 2020 and approximately $2.9 million of accumulated and unpaid distributions.

Derivative Instruments

Derivative Instruments3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative InstrumentsNote 8. Derivative Instruments Interest Rate Derivatives Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and caps as part of our interest rate risk management strategy. The effective portion of the change in the fair value of the derivative that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (loss) (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We do not use interest rate derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but we have elected not to apply hedge accounting. Changes in the fair value of interest rate derivatives not designated in hedging relationships are recorded in other income (expense) as income within our consolidated statements of operations. Foreign Currency Hedges Our objectives in using foreign currency derivatives are to add stability to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar and to manage our exposure to exchange rate movements. To accomplish this objective, we use foreign currency forwards and foreign currency options as part of our exchange rate risk management strategy. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. A foreign currency option contract is a commitment by the seller of the option to deliver, solely at the option of the buyer, a certain amount of currency at a certain price on a specific date. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in accumulated other comprehensive income. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. The following table summarizes the terms of our derivative financial instruments as of March 31, 2021:
Notional Amount
Strike
Effective or Date Assumed
Maturity
Interest Rate Swaps:
LIBOR Swap
$
235,000,000
1.79
%
June 15, 2019
February 15, 2022
Interest Rate Cap:
LIBOR Cap
$
80,000,000
0.50
%
August 3, 2020
August 2, 2021
CDOR Cap
99,300,000
(1)
3.00
%
October 11, 2018
October 15, 2021
CDOR Cap
1,000,000
(1)
3.00
%
March 28, 2019
October 15, 2021
CDOR Cap
11,700,000
(1)
3.00
%
May 28, 2019
October 15, 2021
Foreign Currency Forward:
Denominated in CAD (3)
$
95,000,000
(1)
1.3344
February 10, 2021
April 12, 2021 (2)
(1)
(2)
(3)
On December 9, 2019, in connection with an expiring foreign currency option, we entered into a two month $95 million CAD foreign currency forward . million and simultaneously entered into a one year $95 million CAD foreign currency forward. On February 10, 2021, we rolled this currency forward into a two month $95 million CAD foreign currency forward, with a settlement date of April 12, 2021. On April 12, 2021, we settled this foreign currency forward, paying a net settlement of approximately $4.5 million, and simultaneously entered into a new $125.9 million CAD currency forward. A portion of our gain (loss) from our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive loss, the other portion, a loss of approximately $0.3 million and a gain of approximately $0.9 million related to the ineffective portion is recorded in other income within our consolidated statements of operations for the three months ended March 31, 2021 and 2020, respectively. The following table summarizes the terms of our derivative financial instruments as of December 31, 2020:
Notional Amount
Strike
Effective or Date Assumed
Maturity
Interest Rate Swaps:
LIBOR Swap
$
235,000,000
1.79
%
June 15, 2019
February 15, 2022
Interest Rate Cap:
LIBOR Cap
$
80,000,000
0.50
%
August 3, 2020
August 2, 2021
CDOR Cap
99,300,000
(1)
3.00
%
October 11, 2018
October 15, 2021
CDOR Cap
1,000,000
(1)
3.00
%
March 28, 2019
October 15, 2021
CDOR Cap
11,700,000
(1)
3.00
%
May 28, 2019
October 15, 2021
Foreign Currency Forward:
Denominated in CAD
$
95,000,000
(1)
1.3340
February 10, 2020
February 10, 2021
(1)
Notional amount shown is denominated in CAD. The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of March 31, 2021 and December 31, 2020:
Asset/Liability Derivatives
Fair Value
Balance Sheet Location
March 31, 2021
December 31, 2020
Interest Rate Swaps
Accounts payable and accrued liabilities
$
3,416,001
$
4,379,424
Foreign Currency Hedges
Accounts payable and accrued liabilities
$
4,407,893
$
3,270,910

Segment Disclosures

Segment Disclosures3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment DisclosuresNote 9. Segment Disclosures We operate in two reportable business segments: (i) self storage operations and (ii) our Managed REIT Platform business. Management evaluates performance based upon property net operating income (“NOI”). For our self storage operations, NOI is defined as leasing and related revenues, less property level operating expenses. NOI for the Company’s Managed REIT Platform business represents Managed REIT Platform revenues less Managed REIT Platform expenses. The following tables summarize information for the reportable segments for the periods presented:
Three Months Ended March 31, 2021
Managed REIT
Corporate
Self Storage
Platform
and Other
Total
Revenues:
Self storage rental revenue
$
29,503,442
$

$

$
29,503,442
Ancillary operating revenue
1,557,430


1,557,430
Managed REIT Platform revenue

2,287,740

2,287,740
Reimbursable costs from Managed REITs

1,216,043

1,216,043
Total revenues
31,060,872
3,503,783

34,564,655
Operating expenses:
Property operating expenses
10,343,281


10,343,281
Managed REIT Platform expense

319,890

319,890
Reimbursable costs from Managed REITs

1,216,043

1,216,043
General and administrative


4,752,989
4,752,989
Depreciation
8,347,819

196,108
8,543,927
Intangible amortization expense
587,741
671,806

1,259,547
Acquisition expenses
305,650


305,650
Contingent earnout adjustment

2,119,744

2,119,744
Impairment of goodwill and intangible assets




Impairment of investments in Managed REITs




Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control

8,389,573

8,389,573
Total operating expenses
19,584,491
12,717,056
4,949,097
37,250,644
Operating income (loss)
11,476,381
(9,213,273
)
(4,949,097
)
(2,685,989
)
Other income (expense):
Interest expense
(7,931,649
)

(43,815
)
(7,975,464
)
Interest expense – accretion of fair market value of secured debt
31,866


31,866
Interest expense – debt issuance costs
(672,473
)


(672,473
)
Net loss on extinguishment of debt
(2,444,788
)


(2,444,788
)
Other
(218,027
)
1,872,866
(211,457
)
1,443,382
Net loss
$
241,310
$
(7,340,407
)
$
(5,204,369
)
$
(12,303,466
)
Three Months Ended March 31, 2020
Managed REIT
Corporate
Self Storage
Platform
and Other
Total
Revenues:
Self storage rental revenue
$
25,568,019
$

$

$
25,568,019
Ancillary operating revenue
1,152,843


1,152,843
Managed REIT Platform revenue

1,783,787

1,783,787
Reimbursable costs from Managed REITs

1,793,474

1,793,474
Total revenues
26,720,862
3,577,261

30,298,123
Operating expenses:
Property operating expenses
9,675,026


9,675,026
Managed REIT Platform expense

1,174,809

1,174,809
Reimbursable costs from Managed REITs

1,793,474

1,793,474
General and administrative


3,667,947
3,667,947
Depreciation
7,601,171

115,500
7,716,671
Intangible amortization expense
2,196,828
1,472,803

3,669,631
Acquisition expenses
28,105


28,105
Contingent earnout adjustment

(7,200,000
)

(7,200,000
)
Impairment of goodwill and intangible assets

36,465,732

36,465,732
Impairment of investments in Managed REITs

4,376,879

4,376,879
Total operating expenses
19,501,130
38,083,697
3,783,447
61,368,274
Operating income (loss)
7,219,732
(34,506,436
)
(3,783,447
)
(31,070,151
)
Other income (expense):
Interest expense
(8,294,093
)

(45,210
)
(8,339,303
)
Interest expense – accretion of fair market value of secured debt
32,657


32,657
Interest expense – debt issuance costs
(941,124
)

(2,359
)
(943,483
)
Other
(170,197
)
2,746,896

2,576,699
Net loss
$
(2,153,025
)
$
(31,759,540
)
$
(3,831,016
)
$
(37,743,581
) The following table summarizes our total assets by segment:
Segments
March 31, 2021
December 31, 2020
Self Storage (1)
$
1,541,859,350
(1)
$
1,172,178,148
(1)
Managed REIT Platform (1)
13,233,823
(1)
44,482,625
(1)
Corporate and Other
46,935,825
65,560,284
Total assets
$
1,602,028,998
$
1,282,221,057
(1)

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party TransactionsNote 10. Related Party Transactions Through the closing of the Self Administration Transaction on June 28, 2019, we incurred expenses under advisory and property management agreements with SAM; commencing on such closing and continuing thereafter we no longer incur such expenses. The Former Dealer Manager Agreement and the Transfer Agent Agreement described below were not impacted by the Self Administration Transaction. Former Dealer Manager Agreement In connection with our Primary Offering, our Former Dealer Manager received a sales commission of up to 7.0% of gross proceeds from sales of Class A Shares and up to 2.0% of gross proceeds from the sales of Class T Shares in the Primary Offering and a dealer manager fee of up to 3.0% of gross proceeds from sales of both Class A Shares and Class T Shares in the Primary Offering under the terms of the Former Dealer Manager Agreement. In addition, our Former Dealer Manager receives an ongoing stockholder servicing fee as discussed in Note 2 – Summary of Significant Accounting Policies – Organization and Offering Costs. Affiliated Former Dealer Manager SAM owns a 15% non-voting equity interest in our Former Dealer Manager. Affiliates of our Former Dealer Manager own limited partnership interests in our Operating Partnership. Transfer Agent Agreement SAM owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (“Transfer Agent”), which is a registered transfer agent with the SEC. Pursuant to our transfer agent agreement, our Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: providing customer service to our stockholders, processing the distributions and any servicing fees with respect to our shares and issuing regular reports to our stockholder. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We believe that our Transfer Agent, through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with transfer agent and registrar services. Our Transfer Agent also conducts transfer agent and registrar services for other non-traded REITs sponsored by SRA. Fees paid to our Transfer Agent include a fixed quarterly fee, one-time account setup fees, monthly open account fees and fees for investor inquiries. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it. The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date. Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2020 and the three months ended March 31, 2021, as well as any related amounts payable as of December 31, 2020 and March 31, 2021:
Year Ended December 31, 2020
Three Months Ended March 31, 2021
Incurred
Paid
Payable
Incurred
Paid
Payable
Expensed
Transfer Agent fees
$
525,108
$
489,108
$
36,000
$
177,642
$
173,740
$
39,902
Additional paid-in capital
Transfer Agent fees



150,000
150,000

Stockholder servicing fee (1)

645,911
631,429

158,556
472,873
Stockholder servicing fee - SST IV (2)



1,155,887

1,155,887
Total
$
525,108
$
1,135,019
$
667,429
$
1,483,529
$
482,296
$
1,668,662
(1)
th
(2)
Please see Note 3 – Real Estate Facilities and Note 4 – Self Administration Transaction for detail regarding additional related party transactions. Acquisition of Self Storage Platform from SmartStop Asset Management, LLC and Other Transactions As a result of the Self Administration Transaction, the advisor and property manager entities of SST IV and SSGT II became our indirect subsidiaries. As a result, we became entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory and property management agreements as described below. Advisory Agreement Fees Our indirect subsidiaries, Strategic Storage Advisor IV, LLC, the advisor to SST IV (the “SST IV Advisor”), SS Growth Advisor II, LLC, the advisor to SSGT II (the “SSGT II Advisor”), and Strategic Storage Advisor VI, LLC, the advisor to SST VI (the “SST VI Advisor”) are entitled to receive various fees and expense reimbursements under the terms of the SST IV, SSGT II, and SST VI advisory agreements. SST IV Advisory Agreement The SST IV Advisor provided acquisition and advisory services to SST IV pursuant to an advisory agreement (the “SST IV Advisory Agreement”) to SST IV up until the SST IV Merger on March 17, 2021. SST IV was required to reimburse the SST IV Advisor for organization and offering costs under the SST IV Advisory Agreement; however, the SST IV Advisor funded, and was not reimbursed for 1.15% of the gross offering proceeds from the sale of class W shares sold in the SST IV offering. Such amounts for the three months ended March 31, 2021, and 2020, totaled none and approximately $25,000, respectively. The SST IV Advisor was required to reimburse SST IV within 60 days after the end of the month in which the SST IV public offering terminated to the extent SST IV paid or reimbursed organization and offering costs (excluding sales commissions, and dealer manager fees, stockholder servicing fees, and dealer manager servicing fees) in excess of 3.5% of the gross offering proceeds from the SST IV offering. The SST IV Advisory Agreement also required the SST IV Advisor to reimburse SST IV to the extent that offering expenses, including sales commissions, dealer manager fees and organization and offering expenses, are in excess of 15% of gross proceeds from the SST IV offering. Effective as of April 30, 2020, SST IV suspended its offering due to various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty and the termination of their dealer manager agreement. SST IV’s public offering terminated on September 11, 2020. Subsequent to the termination of SST IV’s primary offering, SST IV determined that total organization and offering costs ( excluding sales commissions, and dealer manager fees, stockholder servicing fees, and dealer manager servicing fees) did not exceed 3.5% of the gross proceeds received from its primary offering, and thus we were not required to reimburse SST IV. Additionally, SST IV determined that total organization and offering costs did not exceed 15% of the gross proceeds received in its primary offering, and thus we were not required to reimburse SST IV for any excess offering costs. The SST IV Advisor also received a monthly asset management fee equal to 0.0833%, which is one-twelfth of 1%, of SST IV’s aggregate asset value, as defined. The SST IV Advisor was potentially also entitled to various subordinated distributions under SST IV’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights if SST IV (1) listed its shares of common stock on a national exchange, (2) terminated the SST IV Advisory Agreement, (3) liquidated its portfolio, or (4) entered into an Extraordinary Transaction, as defined in the SST IV operating partnership agreement. The SST IV Advisory Agreement provided for reimbursement of the SST IV Advisor’s direct and indirect costs of providing administrative and management services to SST IV. The SST IV Advisor was required to pay or reimburse SST IV the amount by which SST IV’s aggregate annual operating expenses, as defined, exceed the greater of 2% of SST IV’s average invested assets or 25% of SST IV’s net income, as defined, unless a majority of SST IV’s independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. No such amounts were required to be reimbursed by the SST IV Advisor. Effective March 17, 2021, in connection with the SST IV Merger, the SST IV Advisory Agreement was terminated and none of the aforementioned subordinated distributions or fees were paid. As a result of us acquiring SST IV and terminating such contracts, we recorded a write-off of approximately $5.3 million related to the carrying value of the SST IV Advisory Agreement contract. Similarly, we recorded a write-off of approximately $1.2 million related to our special limited partnership interest, which per the terms of the SST IV Merger Agreement, terminated without consideration. As a result of the Self Administration Transaction, we recorded a deferred tax liability, which is the result of the difference between the GAAP carrying value of the SST IV Advisory Agreement and its carrying value for tax purposes. As we reduced the GAAP carrying value of such intangible asset, we adjusted the value of our deferred tax liabilities by pro-rata amounts, reducing the deferred tax liabilities in aggregate by approximately $1.3 million, and recorded such adjustment as other income within the other line-item in our consolidated statements of operations. SSGT II Advisory Agreement The SSGT II Advisor provides acquisition and advisory services to SSGT II pursuant to an advisory agreement (the “SSGT II Advisory Agreement”). In connection with the SSGT II private placement offering, SSGT II is required to reimburse the SSGT II Advisor for organization and offering costs from the SSGT II private offering pursuant to the SSGT II Advisory Agreement. Effective as of April 30, 2020, SSGT II suspended their offering due to various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact, the status of fundraising in the non-traded REIT industry due to such uncertainty and the termination of their dealer manager agreement. The SSGT II Advisor receives a monthly asset management fee equal to 0.1042%, which is one-twelfth of 1.25%, of SSGT II’s aggregate asset value, as defined. The SSGT II Advisor may also be potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights. So long as the SSGT II Advisory Agreement has not been terminated (including by means of non-renewal), SSGT II is required to pay the SSGT II Advisor a distribution from its operating partnership (other than net sale proceeds), pursuant to a special limited partnership interest, equal to 10.0% of any amount distributed to stockholders in excess of the amount required to provide stockholders with an annual aggregate distribution equal to 5.0% (reflective of the weighted average purchase price per share), cumulative within the subject calendar year (as adjusted for partial periods outstanding). Such distribution will be reconciled and paid annually. The cash flow participation distribution may be payable in cash or operating partnership units (or any combination thereof), at the election of the SSGT II Advisor. The SSGT II Advisor may also be potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement if SSGT II (1) lists its shares of common stock on a national exchange, (2) terminates the SSGT II Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SSGT II operating partnership agreement. The SSGT II Advisory Agreement provides for reimbursement of the SSGT II Advisor’s direct and indirect costs of providing administrative and management services to SSGT II. SST VI Advisory Agreement The SST VI Advisor provides acquisition and advisory services to SST VI pursuant to an advisory agreement (the “SST VI Advisory Agreement”). In connection with the SST VI private placement offering, SST VI is required to reimburse the SST VI Advisor for organization and offering costs from the SST VI private offering pursuant to the SST VI Advisory Agreement. Subject to the SST VI Advisory Agreement, the SST VI Advisor will receive acquisition fees equal to 1.00% of the contract purchase price of each property SST VI acquires plus reimbursement of any acquisition expenses that SST VI Advisor incurs. The SST VI Advisor also receives a monthly asset management fee equal to 0.0625%, which is one-twelfth of 0.75%, of SST VI’s aggregate asset value, as defined The SST VI Advisor may also be potentially entitled to various subordinated distributions under SST VI’s operating partnership agreement if SST VI (1) lists its shares of common stock on a national exchange, (2) terminates the SST VI Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SST VI operating partnership agreement. The SST VI Advisory Agreement provides for reimbursement of the SST VI Advisor’s direct and indirect costs of providing administrative and management services to SST VI. Managed REIT Property Management Agreements Our indirect subsidiaries, Strategic Storage Property Management IV, LLC, SS Growth Property Management II, LLC, and Strategic Storage Property Management VI, LLC (collectively the “Managed REITs Property Managers”), are entitled to receive fees for their services in managing the properties owned by the Managed REITs pursuant to property management agreements entered into between the owner of the property and the applicable Managed REIT’s Property Manager. The Managed REITs’ Property Managers will receive a property management fee equal to 6% of the gross revenues from the properties, generally subject to a monthly minimum of $3,000 per property, plus reimbursement of the costs of managing the properties, and a one-time fee of $3,750 for each property acquired that would be managed by the Managed REITs’ Property Managers. Reimbursable costs and expenses include wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. Pursuant to the property management agreements, we through our Operating Partnership employ the on-site staff for the Managed REITs’ properties. The SST IV and SST VI property managers are entitled to a construction management fee equal to 5% of the cost of a related construction or capital improvement work project in excess of $10,000. Effective March 17, 2021, in connection with the SST IV Merger, the SST IV property management contracts were terminated. As a result of us acquiring SST IV and terminating such contracts, we recorded a write-off of approximately $1.9 million related to the carrying value of the SST IV property management contracts. We previously recorded a deferred tax liability, which is the result of the difference between the GAAP carrying value of the SST IV property management contracts and their carrying value for tax purposes. As we reduced the GAAP carrying value of such intangible assets, we adjusted the value of our deferred tax liabilities by pro-rata amounts, reducing the deferred tax liabilities in aggregate by approximately $0.5 million, and recorded such adjustment as other income within the other line-item in our consolidated statement of operations. Summary of Fees and Revenue Related to the Managed REITs Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended March 31, 2021 and 2020:
Managed REIT Platform Revenues
Three Months Ended March 31, 2021
Three Months Ended March 31, 2020
Advisory agreement – SST IV (1)
$
716,278
$
771,186
Advisory agreement – SSGT II
463,262
235,635
Property management agreement – SST IV (1)
346,179
338,918
Property management agreement – SSGT II
140,234
74,723
Tenant Program revenue – SST IV
285,959
165,888
Tenant Program revenue – SSGT II
122,042
29,457
Other Managed REIT revenue (2)
213,786
167,980
Total
$
2,287,740
$
1,783,787
(1)
(2)
Such revenues primarily include construction management, development fees, acquisition fees, and other miscellaneous revenues. Reimbursable costs from Managed REITs includes reimbursement of both the SST IV (until the SST IV Merger Date) and SSGT II Advisors’ direct and indirect costs of providing administrative and management services to the Managed REITs. Additionally, reimbursable costs includes reimbursement pursuant to the property management agreements for reimbursement of the costs of managing the Managed REITs’ properties, including wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. Managed REITs line-item in our consolidated balance sheets. Such amounts included unpaid amounts relative to the above table, in addition to other direct routine expenditures of the Managed REITs that we directly funded. Investment in SSGT II OP On September 21, 2020, a wholly owned subsidiary of our Operating Partnership (the “Preferred Investor”), entered into a preferred unit purchase agreement (the “SSGT II Unit Purchase Agreement”) with SS Growth Operating Partnership II, L.P. (the “SSGT II OP”) and SSGT II. Pursuant to the terms of the SSGT II Unit Purchase Agreement, the Preferred Investor agreed to purchase, in one or more tranches, up to 1.6 million units of limited partnership interest in SSGT II OP (the “SSGT II Preferred Units”) for an aggregate of up to $40 million (the “SSGT II Investment”). Upon the closing of each tranche of the SSGT II Investment, the Preferred Investor was due an investment fee equal to 1% of the investment amount of such tranche. The Preferred Investor received distributions, payable monthly in arrears, at a rate of 7.25% per annum from the date of investment until 180 days after the date of investment, 8.25% per annum from 181 days after the date of investment until 360 days after the date of investment, and 9.25% per annum thereafter (collectively, the “Pay Rate”). The proceeds of the SSGT II Investment may be used by SSGT II OP to finance self-storage acquisition, development, and improvement activities, and working capital or other general partnership purposes. Each SSGT II Preferred Unit has a liquidation preference of $25.00, plus all accumulated and unpaid distributions. The foregoing distributions are payable monthly, and calculated on an actual/360 day basis, and any unpaid distributions accrue at the applicable Pay Rate. On September 21, 2020, October 29, 2020, and November 4, 2020, the Preferred Investor invested approximately $6.5 million, $13 million, and $13 million, respectively, in the SSGT II Operating Partnership. On November 12, 2020, SSGT II redeemed $19 million of our SSGT II Preferred Units, reducing our investment in SSGT II Preferred Units to $13.5 million, which was recorded in investments in and advances to Managed REITs in our consolidated balance sheets as of December 31, 2020. As of March 31, 2021 and December 31, 2020, we were potentially required to purchase an additional $7.5 million in SSGT II Preferred Units. On January 21, 2021, SSGT II redeemed the remaining $13.5 million of our outstanding SSGT II Preferred Units. For the three months ended March 31, 2021, we recorded income related to the SSGT II Preferred Units totaling approximately $0.1 million, which is recorded within the Other line item in our consolidated statements of operations. Administrative Services Agreement For the three months ended March 31, 2021, and 2020, we incurred fees payable to SAM under the Administrative Services Agreement of approximately $0.1 million, and $0.9 million, respectively, which were recorded in the Managed REIT Platform expenses line item in our consolidated statement of operations. We recorded reimbursements from SAM of approximately $0.1 million and $0.2 million during three months ended March 31, 2021, and 2020, respectively, related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM, which were included in Managed REIT Platform revenue in our consolidated statement of operations. As of March 31, 2021 and December 31, 2020, a receivable of approximately $60,000 and $50,000 was due from SAM related to the Administrative Services Agreement, respectively, and was included in the other assets line in our consolidated balance sheets.

Equity Based Compensation

Equity Based Compensation3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Based CompensationNote 11. Equity Based Compensation We issue equity based compensation pursuant to the employee and director long-term incentive plan of SmartStop Self Storage REIT, Inc. (the “Plan”). Pursuant to the Plan, we are able to issue various forms of equity based compensation. Through March 31, 2021, we have issued equity based awards in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”). Through March 2020, we had only issued restricted stock, which shares are subject to a time based vesting period. In April 2020 t The fair value of the restricted stock and the LTIP Units are determined based on an estimated value per share, adjusted for an illiquidity discount due to the illiquid nature of the underlying equity. The fair value of the LTIP Units are further adjusted by applying an additional discount as the LTIP Units are not initially economically equivalent to our restricted stock. For the performance based awards, a fair value was determined for each performance ranking scenario, with stock compensation expense recorded using the fair value of the scenario determined to be probable of achievement. Time Based Awards We have granted various time based awards, which generally vest ratably over either one, three, or four years commencing in the year of grant, subject to the recipient’s continued employment or service through the applicable vesting date. All grants of time based restricted stock have limitations on transferability during the vesting period, and the grantee does not have the ability to vote any unvested shares. the restriction on transfer applies only to the unvested portion of the restricted stock. With respect to grants of time based restricted stock made to our executive officers in 2020, distributions began to accrue effective January 1, 2020 and are payable as distributions are paid on our Class A Shares without regard to whether the underlying restricted shares have vested. With respect to all other outstanding grants of time based restricted stock, distributions accrue on non-vested shares granted and are paid when the underlying restricted shares vest. Holders of time based LTIP Units receive allocations of profits and losses with respect to the LTIP Units as of the effective date, distributions from the effective date in an amount equivalent to the distributions declared and paid on our Class A Shares, and the same voting rights as holders of common units, voting as a class with each LTIP Unit holder having one vote per LTIP Unit held. Prior to vesting, time based LTIP Units generally may not be transferred, other than by laws of descent and distribution. The following table summarizes the activity related to our time based awards:
Restricted Stock
LTIPs
Time Based Award Grants
Shares
Weighted-Average Grant-Date Fair Value
Units
Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2019
265,806
$
9.53

$

Granted
72,383
9.78
214,521
9.09
Vested
(82,351
)
9.55
(53,630
)
9.09
Forfeited
(6,567
)
9.78


Unvested at December 31, 2020
249,271
9.58
160,891
9.09
Granted
54,192
9.78


Vested
(11,882
)
9.78


Forfeited
(2,189
)
9.78


Unvested at March 31, 2021
289,392
$
9.61
160,891
$
9.09
Performance Based Awards With respect to performance based awards, the number of shares of restricted stock granted as of the grant date equaled 100% of the targeted award, whereas the number of LTIP Units granted as of the grant date equaled 200% of the targeted award. The targeted award for each executive was determined and approved by the Compensation Committee of our Board of Directors. The actual number of shares of restricted stock or LTIP Units, as applicable, to be issued upon vesting may range from 0% 200% Recipients of performance based restricted stock accrue distributions during the performance period, and such distributions will only be payable on the date that any such shares of restricted stock vest, based upon the performance level attained. Recipients of performance based LTIP Units are issued LTIP Units at 200% of the targeted award and are entitled to receive distributions and allocations of profits and losses with respect to the performance based LTIP Units as of the effective
date of January 1, 2020 in an amount equal to 10% of the distributions and allocations available to such LTIP Units, until the Distribution Participation Date (as defined in the Partnership Agreement). The remaining 90% of distributions will accrue and will be payable on the Distribution Participation Date based upon the performance level attained and number of performance based LTIP Units that vest. Following the Distribution Participation Date, recipients will be entitled to receive the full amount of distributions and allocations of profits and losses with respect to the vested performance-based LTIP Units, such amount being equivalent to distributions declared and paid on our Class A Shares . The following table summarizes our activity related to our performance based awards:
Restricted Stock
LTIPs
Performance Based Award Grants
Shares
Weighted-Average Grant-Date Fair Value
Units
Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2019

$


$

Granted
5,752
9.78
130,638
9.09
Vested




Forfeited




Unvested at December 31, 2020
5,752
9.78
130,638
9.09
Granted




Vested




Forfeited




Unvested at March 31, 2021
5,752
$
9.78
130,638
$
9.09
Holders of performance based restricted stock do not have any rights as a stockholder with respect to the unvested portion of such restricted stock awards. Prior to vesting, shares of performance based restricted stock generally may not be transferred, other than by laws of descent and distribution. Holders of performance based LTIP Units have the same voting rights as holders of common units, voting as a class with each LTIP Unit holder having one vote per LTIP Unit held. Prior to vesting, performance based LTIP Units generally may not be transferred, other than by laws of descent and distribution. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. The profits interests’ characteristics of the LTIP Units mean that initially they will not be treated as economically equivalent in value to a common unit and the issuance of LTIP Units will not be a taxable event to the Operating Partnership or the recipient. If and when certain events occur pursuant to applicable tax regulations and in accordance with the Partnership Agreement, LTIP Units may become economically equivalent to common units of limited partnership interest of our Operating Partnership on a one-for-one basis. As of March 31, 2021, 7,993,108 shares of stock were available for issuance under the Plan. We recorded approximately $0.5 million and $0.2 million of equity based compensation expense in general and administrative expense and approximately $20,000 and none of equity based compensation expense in property operating expenses, within our consolidated statements of operations for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was approximately $4.0 million of total unrecognized compensation expense related to non-vested equity awards. Such cost is expected to be recognized over a weighted-average period of approximately 2.3 years. On February 26, 2021, we announced the retirement of Michael S. McClure, then our Chief Executive Officer, effective as of April 15, 2021 (the “Transition Date”). In connection with Mr. McClure’s retirement, and in order to provide an orderly transition, we entered into an Executive Transition Services Agreement with Mr. McClure (the “Agreement”) on February 26, 2021, pursuant to which Mr. McClure will provide consulting services to the Company for a twelve-month period (the “Transition Period”) commencing on the Transition Date. Pursuant to the Agreement, during the Transition Period and subject to the early termination provisions contained in the Agreement, we will pay Mr. McClure a monthly fee as well as provide reimbursement for costs of continuing group health insurance coverage. Mr. McClure’s existing time-based equity awards will continue to vest during the Transition Period and, upon successful completion of the Transition Period, any remaining outstanding unvested time-based equity awards will immediately vest in full. Mr. McClure’s e xisting performance-based equity awards will remain outstanding and vest on a pro rata basis at the rate of two-thirds of the amount that would have otherwise vested based on the terms of the awards and actual performance of the Company during the performance period.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 12. Commitments and Contingencies Distribution Reinvestment Plan We have adopted an amended and restated distribution reinvestment plan that allows both our Class A and Class T stockholders to have distributions otherwise distributable to them invested in additional shares of our Class A and Class T Shares, respectively. The purchase price per share pursuant to our distribution reinvestment plan is equivalent to the estimated value per share approved by our board of directors and in effect on the date of purchase of shares under the plan. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on April 20, 2020, beginning in May 2020, shares sold pursuant to our distribution reinvestment plan are sold at the estimated value per share of $10.40 per Class A Share and Class T Share. On November 30, 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). We may amend or terminate the amended and restated distribution reinvestment plan for any reason at any time upon 10 days’ prior written notice to stockholders. No sales commissions, dealer manager fee, or stockholder servicing fee will be paid on shares sold through the amended and restated distribution reinvestment plan. Through the termination of our Offering on January 9, 2017, we had sold approximately 1.1 million Class A shares and 0.1 million Class T Shares through our original distribution reinvestment plan. As of March 31, 2021, we had sold approximately 5.6 million Class A Shares and approximately 0.9 million Class T Shares through our DRP Offering. Share Redemption Program As described in Note 2 – Redeemable Common Stock, we have an SRP, which is partially suspended. Please refer to Note 2 for additional details. Pursuant to the SRP, we may redeem the shares of stock presented for redemption for cash to the extent that such requests comply with the below terms of our SRP and we have sufficient funds available to fund such redemption. Our board of directors may amend, suspend or terminate the SRP with 30 days’ notice to our stockholders. We may provide this notice by including such information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders. On August 20, 2020, our board of directors determined that it would be in the best interests of the Company to amend the terms of the SRP to revise the redemption price per share for all redemptions under the SRP to be equal to the most recently published estimated net asset value per share of the applicable share class (the “SRP Amendment”). Prior to the SRP Amendment, the redemption amount was the lesser of the amount the stockholders paid for their shares or the price per share in the current offering. There are several limitations in addition to those noted above on our ability to redeem shares under the SRP including, but not limited to:

During any calendar year, we will not redeem in excess of 5% of the weighted-average number of shares outstanding during the prior calendar year.

The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan, less any prior redemptions.

We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. For the year ended December 31, 2020, we received redemption requests totaling approximately $2.0 million (approximately 0.2 million shares), approximately $1.3 million of which were fulfilled during the year ended December 31, 2020, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2020 and fulfilled in January 2021. During the three months ended March 31, 2021, , or , Operating Partnership Redemption Rights Generally, the limited partners of our Operating Partnership, excluding any limited partners with respect to their A-2 Units, have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year. Additionally, the Class A-1 Units issued in connection with the Self Administration Transaction are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. Lock-Up Expiration, the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership Other Contingencies From time to time, we are party to legal, regulatory and other proceedings that arise in the ordinary course of our business. In accordance with applicable accounting guidance, management accrues an estimated liability when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. We are not aware of any such proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition.

Declaration of Distributions

Declaration of Distributions3 Months Ended
Mar. 31, 2021
Dividends [Abstract]
Declaration of DistributionsNote 13. Declaration of Distributions On March 3, 2021, our board of directors declared a distribution rate for the second quarter of 2021 of

Selected Quarterly Data

Selected Quarterly Data3 Months Ended
Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly DataNote 14. Selected Quarterly Data The following is a summary of quarterly financial information for the periods shown below:
Three months ended
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
Total revenues
$
30,298,123
$
29,469,545
$
31,363,122
$
32,893,573
$
34,564,655
Total operating expenses
$
61,368,274
$
27,497,027
$
26,992,137
$
29,307,135
$
37,250,644
Operating income (loss)
$
(31,070,151
)
$
1,972,518
$
4,370,985
$
3,586,438
$
(2,685,989
)
Net loss
$
(37,743,581
)
$
(7,062,841
)
$
(4,456,497
)
$
(1,943,884
)
$
(12,303,466
)
Net loss attributable to common stockholders
$
(35,073,951
)
$
(8,491,421
)
$
(6,259,114
)
$
(4,529,908
)
$
(13,908,664
)
Net loss per Class A Share-basic and diluted
$
(0.59
)
$
(0.14
)
$
(0.10
)
$
(0.08
)
$
(0.22
)
Net loss per Class T Share-basic and diluted
$
(0.59
)
$
(0.14
)
$
(0.10
)
$
(0.08
)
$
(0.22
)

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventsNote 15. Subsequent Events Acquisition of Oakville III Property On April 16, 2021, we purchased a We partially financed the Oakville III property acquisition with a loan from Bank of Montreal (the “BMO Loan”), which is secured by a first lien on the Oakville III property. The loan is denominated in Canadian dollars and the proceeds from the loan were approximately $16.3 million CAD. We provided a full recourse guaranty on the loan, which will remain in effect until the property achieves 75% physical occupancy, at which point such guaranty will be reduced to 50% of the loan balance. The loan is prepayable at any time without penalty, and bears interest at a rate of 2.25% + CDOR. The BMO Loan contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions Issuance of Equity Awards In April 2021, the compensation committee of our board of directors approved the 2021 executive compensation terms for our executives, which included (1) performance-based equity grants in the form of either, at the election of the executive, restricted stock awards, or LTIP Units, and (2) time-based equity grants in the form of either, at the election of the executive, restricted stock awards or LTIP Units. In April 2021 an aggregate of approximately 148,400 LTIP Units were issued to our executive officers in connection with performance-based equity grants. With respect to performance-based equity grants, the number of LTIP Units granted as of the grant date was equal 200% of the targeted award. These are non-vested grants which shall vest based on ranges from a threshold of 0% to a maximum of 200% of the targeted equity award set for each executive by the compensation committee, with such percentage being determined based upon our ranking as compared to a peer group of publicly traded self storage REITs in terms of the average same-store revenue growth, analyzed over a three-year period. Similarly, in April 2021 an aggregate of approximately 222,600 LTIP Units were issued to our executive officers in connection with time-based equity grants. These are non-vested grants which shall vest ratably over four years commencing on December 31, 2021, subject to the recipient’s continued employment through the applicable vesting date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
Principles of ConsolidationPrinciples of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, as well as Strategic Storage Operating Partnership VI, L.P. (“SST VI OP”), and its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. SST VI OP is the operating partnership of SST VI. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation.
Consolidation ConsiderationsConsolidation 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. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. Our Operating Partnership and SST VI OP are deemed to be VIEs and are consolidated by the Company 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. As of March 31, 2021, we were not a party to any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres acquired in the SST IV Merger, which are all accounted for under the equity method of accounting (see Note 4 for additional information), and our Tenant Programs joint venture with SSGT II, which was acquired in the Self Administration Transaction, which is consolidated. As of December 31, 2020, we were also a party to and consolidated our Tenant Programs joint venture with SST IV, which became a wholly owned entity as a result of the SST IV Merger.
Equity InvestmentsEquity Investments Under the equity method, our investments will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments.
Investments in and Advances to Managed REITsInvestments in and Advances to Managed REITs As of March 31, 2021, and December 31, 2020, we owned equity investments with a carrying value of approximately $3,000 and $15.1 million, respectively, in the Managed REITs; such amounts are included in Investments in and advances to Managed REITs within our consolidated balance sheets. We account for these investments using the equity method of accounting as we have the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through our advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the respective Managed REIT’s earnings and reduced by distributions. Also included in Investments in and advances to Managed REITs as of March 31, 2021 are receivables from the Managed REITs of approximately $ 0.7 million. As of December 31, 2020, receivables from the Managed REITs approximated $0.5 million. For additional discussion, see
Noncontrolling Interest in Consolidated EntitiesNoncontrolling Interest in Consolidated Entities We account for the noncontrolling interests in our Operating Partnership, SST VI OP, and the noncontrolling interests in our Tenant Programs joint venture with SSGT II in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as a noncontrolling interests in the accompanying consolidated balance sheets. We also consolidate our interests in the SST VI OP and the SSGT II Tenant Program and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interests balance.
Use of EstimatesUse of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the ongoing fair value determination of contingent liabilities, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles.
Cash and Cash EquivalentsCash and Cash Equivalents We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions.
Restricted CashRestricted Cash Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements.
Real Estate Purchase Price AllocationReal Estate Purchase Price Allocation We account for 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. 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. We recorded approximately $20 million and none in intangible assets to recognize the value of in-place leases related to our acquisitions during the three months ended March 31, 2021 and 2020, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. 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. During the three months ended March 31, 2021 and 2020, our property acquisitions, including the SST IV Merger, did not meet 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) or 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, transaction costs are capitalized rather than expensed. During the three months ended March 31, 2021 and 2020, we expensed approximately $305,000 and $30,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.
Purchase Price Allocation for the Acquisition of a BusinessPurchase Price Allocation for the Acquisition of a Business Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized. As discussed in Note 5, the Self Administration Transaction was an acquisition of a business.
Evaluation of Possible Impairment of Real Property AssetsEvaluation of Possible Impairment of Real Property Assets
Goodwill ValuationGoodwill Valuation We initially recorded goodwill as a result of the Self Administration Transaction. 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 impairment test for goodwill, and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, 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. See Note 5 - Self Administration Transaction for additional information.
TrademarksTrademarks In connection with the Self Administration Transaction, we recorded the fair value associated with the two primary trademarks acquired therein. Prior thereto we had no amounts recorded related to trademarks. 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 used the following significant projections and assumptions to determine fair value under the relief from royalty method: revenues; royalty rate; tax expense; terminal growth rate; and discount rate. For the SmartStop ® ® As of March 31, 2021 and December 31, 2020, $15.7 million was recorded related to the SmartStop® Self Storage trademark, which is an indefinite lived trademark. As of March 31, 2021 and December 31, 2020, approximately $0.5 million and $0.5 million, respectively, was recorded to the “Strategic Storage ®” ® We qualitatively evaluate whether any triggering events or changes in circumstances have occurred subsequent 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 . See Note 5 - Self Administration Transaction for additional information.
Revenue RecognitionRevenue Recognition Self Storage Operations Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets, and contractually due but unpaid rent is included in other assets. Managed REIT Platform We earn property management and asset management revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations. The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. T he Managed REITs’ property management agreements also provide r eimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties. Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations. Additionally, we earn revenue in connection with our Tenant Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations. See Note 1 0 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform .
Allowance for Doubtful AccountsAllowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records this general reserve estimate based upon a review of the current status of accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future.
Real Estate FacilitiesReal Estate Facilities
Depreciation of Real Property AssetsDepreciation of Real Property Assets Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
Description
Standard Depreciable Life
Land
Not Depreciated
Buildings
30-40 years
Site Improvements
7-10 years
Depreciation of Personal Property AssetsDepreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives, generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets.
Intangible AssetsIntangible Assets We have allocated a portion of our real estate purchase price to in-place lease intangibles. We amortize in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of March 31, 2021, the gross amount allocated to in-place lease intangibles was approximately $67.5 million and accumulated amortization of in-place lease intangibles totaled approximately $46.1 million. As of December 31, 2020, the gross amounts allocated to in-place lease intangibles were approximately $47.3 million and accumulated amortization of in-place lease intangibles totaled approximately $45.7 million. The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2021, 2022, 2023, 2024, 2025 and thereafter is approximately $10.3 million, $9.8 million, $0.1 million, $0.1 million, $0.1 million, and $0.8 million, respectively. In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the tenant programs (“Tenant Programs”) joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. As of March 31, 2021, the gross amount of the intangible assets related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $6.8 million and accumulated amortization of those intangibles totaled approximately $3.8 million. As of December 31, 2020, the gross amount of the intangibles related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $18.1 million and accumulated amortization of those intangibles totaled approximately $7.3 million. The total estimated future amortization expense for such intangible assets for the years ending December 31, 2021, 2022, 2023, 2024 and 2025 is approximately $0.5 million, $0.7 million, $0.7 million, $0.7 million, and $0.3, respectively. We evaluate whether any triggering events or changes in circumstances have occurred subsequent 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 valuations methods is adversely impacted, the impact could result in a material impairment charge in the future. See Note 5 – Self Administration Transaction and Note 10 – Related Party Transactions for additional information.
Debt Issuance CostsDebt Issuance Costs The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt; amounts incurred related to obtaining revolving debt are included in the debt issuance costs line on our consolidated balance sheet (see Note 6). Debt issuance costs are amortized using the effective interest method. As of March 31, 2021 and December 31, 2020, approximately $2.5 million and none, respectively of gross debt issuance costs were recorded related to our revolving credit facility. As of March 31, 2021, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $5.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $1.7 million. As of December 31, 2020, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $12.0 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $7.9 million.
Organizational and Offering CostsOrganizational and Offering Costs We pay our Former Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets; (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of both Class A Shares and Class T Shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Former Dealer Manager commencing after the termination of the Primary Offering; (iii) the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated; and (iv) the date that such Class T Share is redeemed or is no longer outstanding. Our Former Dealer Manager entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Former Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Former Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Former Dealer Manager, payment of attendance fees required for employees of our Former Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. We recorded a liability within due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost.
Foreign Currency TranslationForeign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in investments not classified as long term are recorded in other income (expense) and represented a gain of approximately $ 0.1 million and a loss of approximately $ 1.1 million for the three months ended March 31, 2021 and 2020 , respectively .
Redeemable Common StockRedeemable Common Stock We adopted a share redemption program (“SRP”) that enables stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the SRP as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our SRP is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. When we determine we have a mandatory obligation to repurchase shares under the SRP, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values. On August 26, 2019, our board of directors approved a partial suspension of our SRP, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances n March 30, 2020, our board of directors approved the complete suspension of our SRP, effective on April 29, 2020. Due to the complete suspension, we were unable to honor redemption requests made during the quarter ended March 31, 2020 or the quarter ended June 30, 2020. On August 20, 2020, our board of directors determined that it would be in our best interests to partially reinstate the SRP, effective as of September 23, 2020. Currently, our redemption program remains suspended other than for redemptions sought in connection with a stockholder’s death, qualifying disability, confinement to a long-term care facility or other exigent circumstances. During the three months ended March 31, 2021, approximately 70,000 shares, or $0.7 million, were requested to be redeemed; all of which were included in accounts payable and accrued liabilities as of March 31, 2021, and fulfilled in April 2021 For the year ended December 31, 2020, we received redemption requests totaling approximately $2.0 million (approximately 0.2 million shares), approximately $1.3 million of which were fulfilled during the year ended December 31, 2020, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2020 and fulfilled in January 2021.
Accounting for Equity AwardsAccounting for Equity Awards We issue equity based awards in two forms: (1) restricted stock awards consisting of shares of our common stock and (2) long-term incentive plan units of our Operating Partnership (“LTIP Units”), both of which may be issued subject to either For time based awards granted which contain a graded vesting schedule, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For performance based awards, compensation cost is recognized over the requisite service period if and when we determine the performance condition is probable of being achieved.
Fair Value MeasurementsFair Value Measurements Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value:

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access;

Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and

Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions along with the assets and liabilities described in Note 3 – Real Estate Facilities and Note 5 – Self Administration Transaction. The fair values of these assets and liabilities were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. Additionally, certain such assets and liabilities are required to be fair valued periodically or valued pursuant to ongoing fair value requirements and impairment analyses and have been valued subsequently utilizing the same techniques noted above. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates were derived using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at March 31, 2021 and December 31, 2020. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange.
March 31, 2021
December 31, 2020
Fair Value
Carrying Value
Fair Value
Carrying Value
Fixed Rate Secured Debt
$
358,000,000
$
342,146,919
$
316,000,000
$
301,988,969
As of March 31, 2021, and December 31, 2020, we had interest rate swaps, interest rate caps, and a net investment hedge (See Notes 7 and 9). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analyses reflect the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, through December 31, 2020, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.
Derivative Instruments and Hedging ActivitiesDerivative Instruments and Hedging Activities We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated.
Income TaxesIncome Taxes We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not equal net income as calculated in accordance with GAAP). For income tax purposes, distributions to common stockholders are characterized as ordinary dividends, capital gain dividends, or as nontaxable distributions. To the extent that we make a distribution in excess of our current or accumulated earnings and profits, the distribution will be a non-taxable return of capital, reducing the tax basis in each U.S. stockholder’s shares, and the amount of each distribution in excess of a U.S. stockholder’s tax basis in its shares will be taxable as gain realized from the sale of its shares. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes 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 during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes. Even if we continue to qualify for taxation as a REIT, we may be subject to certain state, local, and foreign taxes on our income and property, and federal income and excise taxes on our undistributed income. We filed an election to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, our TRS performs additional services for our customers and provides the advisory and property management services to the Managed REITs and otherwise generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. As of March 31, 2021, the net deferred tax liability of approximately $7.5 million was comprised of a deferred tax liability of approximately $0.7 million related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $6.8 million recorded at certain of our Canadian entities. The $6.8 million net deferred tax liability is comprised of a gross deferred tax liability of approximately $10.7 million, net of a gross deferred tax asset of approximately $3.9 million. As of December 31, 2020, the net deferred tax liability of approximately $8.4 million was comprised of a deferred tax liability of approximately $2.6 million related to our intangible assets acquired in the Self Administration Transaction, and a net deferred tax liability of approximately $5.8 million recorded at certain of our Canadian entities’ properties. The $5.8 million net deferred tax liability is comprised of a gross deferred tax liability of approximately $9.6 million, net of a gross deferred tax asset of approximately $3.8 million. The income tax benefit for the three months ended March 31, 2021 and 2020 includes a deferred tax benefit of approximately $1.9 million and $2.7 million, respectively, and a current tax expense of approximately $40,000 and none, respectively. The Company recorded a net combined foreign, federal, and state income tax benefit of approximately $1.8 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively, which are included in other in our consolidated statements of operations. At March 31, 2021 and December 31, 2020, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of March 31, 2021 and December 31, 2020, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable are classified within accounts payable and accrued liabilities in the consolidated balance sheets. The tax years 2016-2019 remain open to examination by the major taxing jurisdictions to which we are subject.
ConcentrationConcentration No single self storage customer represents a significant concentration of our revenues. For the month of March 2021, approximately 22%, 21%, and 13% of our rental income was concentrated in California, Florida, and .
Segment ReportingSegment Reporting Our business is comprised of two reportable segments: (i) self storage operations and (ii) the Managed REIT Platform business. Please see Note 9 – Segment Disclosures for additional detail.
Convertible Preferred StockConvertible Preferred Stock We classify our Series A Convertible Preferred Stock on our consolidated balance sheets using the guidance in ASC 480‑10‑S99. Our Series A Convertible Preferred Stock can be redeemed by us on or after the fifth anniversary of its issuance, or if certain events occur, such as the listing of our common stock on a national securities exchange, a change in control, or if a redemption would be required to maintain our REIT status. Additionally, if we do not maintain our REIT status the holder can require redemption. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series A Convertible Preferred Stock as temporary equity. We have analyzed whether the conversion features in our Series A Convertible Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary.
Per Share DataPer Share Data Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including the dilutive effect of the conversion of all potential common stock equivalents (which includes unvested restricted stock and convertible preferred stock) and the adding back of the Series A Convertible
Recently Adopted/Issued Accounting GuidanceRecently Issued Accounting Guidance In August 2020, the FASB issued ASU 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)." The new guidance simplifies the accounting for convertible instruments and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity. Additionally, this standard amends the related earnings per share guidance. The guidance in ASU 2020-06 becomes effective for fiscal years beginning after December 15, 2021. . In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)." ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Estimated Useful Lives used to Depreciate Real Property AssetsDepreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
Description
Standard Depreciable Life
Land
Not Depreciated
Buildings
30-40 years
Site Improvements
7-10 years
Summary of Fixed Rate Notes PayableMarch 31, 2021
December 31, 2020
Fair Value
Carrying Value
Fair Value
Carrying Value
Fixed Rate Secured Debt
$
358,000,000
$
342,146,919
$
316,000,000
$
301,988,969

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)3 Months Ended
Mar. 31, 2021
Summary of Activity in Real Estate FacilitiesThe following summarizes the activity in real estate facilities during the three months ended March 31, 2021:
Real estate facilities
Balance at December 31, 2020
$
1,210,102,582
Facilities acquired through merger with SST IV
324,344,636
Other facility acquisitions (1)
15,689,143
Impact of foreign exchange rate changes
2,138,321
Improvements and additions
682,986
Balance at March 31, 2021
$
1,552,957,668
Accumulated depreciation
Balance at December 31, 2020
$
(115,903,045
)
Depreciation expense
(8,377,485
)
Impact of foreign exchange rate changes
(209,591
)
Balance at March 31, 2021
$
(124,490,121
) (1) Such acquisition was completed by SST VI OP, which is consolidated within our consolidated financial statements.
Summary of Reconciles Total Consideration TransferredThe estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following:
Estimated Fair Value of Consideration Transferred
Cash (1)
$
3,918,185
Class A-1 Units
63,643,000
Class A-2 Units (contingent earnout)
30,900,000
Total Consideration Transferred
98,461,185
Fair value of our preexisting 50% equity interests
12,800,000
Total
$
111,261,185
(1)
Summary of Relative Fair Values of Assets Acquired and Liabilities AssumedThe following table summarizes the estimated fair values of the assets acquired and liabilities assumed:
Identifiable Assets Acquired at Fair Value
Cash and cash equivalents
$
36,443
Restricted cash
94,999
Land
975,000
Building
5,389,000
Site Improvements
136,000
Equipment, furniture and fixtures
651,000
Investments in Managed REITs
5,600,000
Other assets
1,084,629
Intangibles - customer relationships
1,600,000
Trademarks
19,800,000
Intangibles - management contracts
24,900,000
Total identifiable assets acquired
$
60,267,071
Identifiable Liabilities Assumed at Fair Value
Debt
$
19,219,126
Accounts payable and accrued expenses
722,286
Deferred tax liabilities, net
7,415,654
Total liabilities assumed
$
27,357,066
Net identifiable assets acquired
$
32,910,005
Goodwill
78,372,980
Non-controlling interest related to consolidated Tenant Programs joint ventures
(21,800
)
Net assets acquired
$
111,261,185
Strategic Storage Trust IV, Inc.
Summary of Reconciles Total Consideration TransferredThe following table reconciles the total consideration transferred in the SST IV Merger:
Fair value of consideration transferred:
Common stock issued
$
231,412,470
Cash (1)
54,250,000
Other
365,703
Total consideration transferred
$
286,028,173
(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the Merger, as well as approximately $0.3 million in transaction costs.
Summary of Relative Fair Values of Assets Acquired and Liabilities AssumedThe following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SST IV Merger:
Assets Acquired:
Land
$
54,385,560
Buildings
257,618,228
Site improvements
12,340,848
Construction in process
1,467,090
Intangible assets
20,052,449
Investments in real estate joint ventures
17,495,254
Cash and cash equivalents, and restricted cash
7,763,490
Other assets
4,145,394
Total assets acquired
$
375,268,313
Liabilities assumed:
Debt (1)
$
81,165,978
Accounts payable and other liabilities
8,074,162
Total liabilities assumed
$
89,240,140
Total net assets acquired
$
286,028,173
(1) Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 6 – Debt for additional information
Summary of Purchase Price Allocation for AcquisitionsThe following table summarizes the purchase price allocation for the real estate related assets acquired in the SST IV Merger:
Acquisition
Acquisition Date
Real Estate Assets
Construction in Process
Investments in Real Estate Joint Ventures
Intangibles
Total (1)
2021 Revenue (2)
2021 Property Operating Income (2)(3)
SST IV Merger
3/17/2021
$
324,344,636
$
1,467,090
$
17,495,254
$
20,052,449
$
363,359,429
$
1,073,078
$
623,412
(1)
The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.
(2)
The operating results of the self storage properties acquired in the SST IV Merger have been included in our consolidated statements of operations since the SST IV Merger Date. Such amount does not include activity from our investments in real estate joint ventures, which are included in Other in our consolidated statements of operations. For additional information. See Note 4 – Investments in Unconsolidated Real Estate Ventures.
(3)
Property operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)3 Months Ended
Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Real Estate VenturesThe following table summarizes our investments in unconsolidated real estate ventures:
JV Property
Location
Date Real Estate Venture Acquired Land
Real Estate Venture Status
Equity Ownership %
Carrying Value of Investment as of March 31, 2021
Oshawa
Oshawa, Ontario
September 2018
Under Development
50%
$
1,151,236
East York
East York, Ontario
January 2019
Operational
50%
6,505,313
Brampton
Brampton, Ontario
September 2019
Operational
50%
2,419,381
Vaughan
Vaughan, Ontario
August 2019
Operational
50%
2,979,203
Scarborough
Scarborough, Ontario
August 2020
Under Development
50%
1,704,805
Kingspoint
Kingspoint, Ontario
February 2021
Under Development
50%
2,728,478
$
17,488,416

Self Administration Transacti_2

Self Administration Transaction (Tables)3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Summary of Reconciles Total Consideration TransferredThe estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following:
Estimated Fair Value of Consideration Transferred
Cash (1)
$
3,918,185
Class A-1 Units
63,643,000
Class A-2 Units (contingent earnout)
30,900,000
Total Consideration Transferred
98,461,185
Fair value of our preexisting 50% equity interests
12,800,000
Total
$
111,261,185
(1)
Summary of Relative Fair Values of Assets Acquired and Liabilities AssumedThe following table summarizes the estimated fair values of the assets acquired and liabilities assumed:
Identifiable Assets Acquired at Fair Value
Cash and cash equivalents
$
36,443
Restricted cash
94,999
Land
975,000
Building
5,389,000
Site Improvements
136,000
Equipment, furniture and fixtures
651,000
Investments in Managed REITs
5,600,000
Other assets
1,084,629
Intangibles - customer relationships
1,600,000
Trademarks
19,800,000
Intangibles - management contracts
24,900,000
Total identifiable assets acquired
$
60,267,071
Identifiable Liabilities Assumed at Fair Value
Debt
$
19,219,126
Accounts payable and accrued expenses
722,286
Deferred tax liabilities, net
7,415,654
Total liabilities assumed
$
27,357,066
Net identifiable assets acquired
$
32,910,005
Goodwill
78,372,980
Non-controlling interest related to consolidated Tenant Programs joint ventures
(21,800
)
Net assets acquired
$
111,261,185

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Summarized Real Estate Secured DebtThe Company’s debt is summarized as follows:
Loan
March 31, 2021
December 2020
Interest Rate
Maturity Date
KeyBank CMBS Loan (1)
$
95,000,000
$
95,000,000
3.89
%
8/1/2026
KeyBank Florida CMBS Loan (2)
52,000,000
52,000,000
4.65
%
5/1/2027
Midland North Carolina CMBS Loan (3)
46,255,586
46,427,994
5.31
%
8/1/2024
Canadian CitiBank Loan (4)(12)
-
87,337,110
2.72
%
10/9/2021
CMBS SASB Loan (5)(12)
-
235,000,000
3.13
%
(11)
2/9/2022
CMBS Loan (6)
104,000,000
104,000,000
5.00
%
2/1/2029
Secured Loan (7) (8)(12)
-
85,512,000
3.00
%
1/24/2022
Stoney Creek Loan (9)(12)
-
5,712,058
4.65
%
10/1/2021
Torbarrie Loan (10)(12)
-
6,423,863
4.65
%
9/1/2021
SST IV CMBS Loan
40,500,000
-
3.56
%
2/1/2030
SST IV TCF Loan
40,782,255
-
3.75
%
3/30/2023
Credit Facility Term Loan - USD (14)
150,000,000
-
2.06
%
3/17/2026
Credit Facility Term Loan - CAD (13)(14)
99,024,270
-
2.37
%
3/17/2026
Credit Facility Revolver - USD (14)
184,000,000
-
2.11
%
3/17/2024
Credit Facility Revolver - CAD (13)(14)
1,985,250
-
2.42
%
3/17/2024
SST VI Baseline TCF Loan
8,620,000
-
3.50
%
3/11/2024
Ladera Office Loan
4,077,652
4,099,152
4.29
%
11/1/2026
Premium on secured debt, net
313,681
461,823
Debt issuance costs, net
(4,068,114
)
(4,021,767
)
Total debt
$
822,490,580
$
717,952,233
(1)
This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
(2)
This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
(3)
This fixed rate loan encumbers 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.
(4)
This variable rate loan encumbered 10 of our Canadian properties and the amounts shown above are in USD based on the foreign exchange rate in effect of the dates presented. W e purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021
(5)
This variable rate loan encumbered 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood).
(6)
This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.
(7)
(8)
the Secured Loan at 5.1 % until August 1, 2020. To continue hedging our interest rate risk related to this loan, we purchased an interest rate cap on August 3, 2020 with a notional amount of $ 80 million that effectively caps LIBOR at 0.5 % through August 2, 2021 .
(9)
(10)
(11)
on this loan
(12)
On March 17, 2021, these loans were paid off in full in conjunction with the SST IV Merger, and an aggregate net loss on extinguishment of debt of approximately $2.4 million was recorded.
(13)
The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
(1 4 )
For additional information regarding the Credit Facility, see below.
Future Principal Payment Requirements on Outstanding DebtThe following table presents the future principal payment requirements on outstanding debt as of March 31, 2021:
2021
$
1,100,437
2022
2,914,419
2023
44,166,400
2024
241,648,647
2025
2,869,187
2026 and thereafter
533,545,923
Total payments
826,245,013
Premium on secured debt, net
313,681
Debt issuance costs, net
(4,068,114
)
Total
$
822,490,580

Derivative Instruments (Tables)

Derivative Instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial InstrumentsThe following table summarizes the terms of our derivative financial instruments as of March 31, 2021:
Notional Amount
Strike
Effective or Date Assumed
Maturity
Interest Rate Swaps:
LIBOR Swap
$
235,000,000
1.79
%
June 15, 2019
February 15, 2022
Interest Rate Cap:
LIBOR Cap
$
80,000,000
0.50
%
August 3, 2020
August 2, 2021
CDOR Cap
99,300,000
(1)
3.00
%
October 11, 2018
October 15, 2021
CDOR Cap
1,000,000
(1)
3.00
%
March 28, 2019
October 15, 2021
CDOR Cap
11,700,000
(1)
3.00
%
May 28, 2019
October 15, 2021
Foreign Currency Forward:
Denominated in CAD (3)
$
95,000,000
(1)
1.3344
February 10, 2021
April 12, 2021 (2)
(1)
(2)
(3)
The following table summarizes the terms of our derivative financial instruments as of December 31, 2020:
Notional Amount
Strike
Effective or Date Assumed
Maturity
Interest Rate Swaps:
LIBOR Swap
$
235,000,000
1.79
%
June 15, 2019
February 15, 2022
Interest Rate Cap:
LIBOR Cap
$
80,000,000
0.50
%
August 3, 2020
August 2, 2021
CDOR Cap
99,300,000
(1)
3.00
%
October 11, 2018
October 15, 2021
CDOR Cap
1,000,000
(1)
3.00
%
March 28, 2019
October 15, 2021
CDOR Cap
11,700,000
(1)
3.00
%
May 28, 2019
October 15, 2021
Foreign Currency Forward:
Denominated in CAD
$
95,000,000
(1)
1.3340
February 10, 2020
February 10, 2021
(1)
Notional amount shown is denominated in CAD.
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance SheetsThe following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of March 31, 2021 and December 31, 2020:
Asset/Liability Derivatives
Fair Value
Balance Sheet Location
March 31, 2021
December 31, 2020
Interest Rate Swaps
Accounts payable and accrued liabilities
$
3,416,001
$
4,379,424
Foreign Currency Hedges
Accounts payable and accrued liabilities
$
4,407,893
$
3,270,910

Segment Disclosures (Tables)

Segment Disclosures (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Reportable SegmentsThe following tables summarize information for the reportable segments for the periods presented:
Three Months Ended March 31, 2021
Managed REIT
Corporate
Self Storage
Platform
and Other
Total
Revenues:
Self storage rental revenue
$
29,503,442
$

$

$
29,503,442
Ancillary operating revenue
1,557,430


1,557,430
Managed REIT Platform revenue

2,287,740

2,287,740
Reimbursable costs from Managed REITs

1,216,043

1,216,043
Total revenues
31,060,872
3,503,783

34,564,655
Operating expenses:
Property operating expenses
10,343,281


10,343,281
Managed REIT Platform expense

319,890

319,890
Reimbursable costs from Managed REITs

1,216,043

1,216,043
General and administrative


4,752,989
4,752,989
Depreciation
8,347,819

196,108
8,543,927
Intangible amortization expense
587,741
671,806

1,259,547
Acquisition expenses
305,650


305,650
Contingent earnout adjustment

2,119,744

2,119,744
Impairment of goodwill and intangible assets




Impairment of investments in Managed REITs




Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control

8,389,573

8,389,573
Total operating expenses
19,584,491
12,717,056
4,949,097
37,250,644
Operating income (loss)
11,476,381
(9,213,273
)
(4,949,097
)
(2,685,989
)
Other income (expense):
Interest expense
(7,931,649
)

(43,815
)
(7,975,464
)
Interest expense – accretion of fair market value of secured debt
31,866


31,866
Interest expense – debt issuance costs
(672,473
)


(672,473
)
Net loss on extinguishment of debt
(2,444,788
)


(2,444,788
)
Other
(218,027
)
1,872,866
(211,457
)
1,443,382
Net loss
$
241,310
$
(7,340,407
)
$
(5,204,369
)
$
(12,303,466
)
Three Months Ended March 31, 2020
Managed REIT
Corporate
Self Storage
Platform
and Other
Total
Revenues:
Self storage rental revenue
$
25,568,019
$

$

$
25,568,019
Ancillary operating revenue
1,152,843


1,152,843
Managed REIT Platform revenue

1,783,787

1,783,787
Reimbursable costs from Managed REITs

1,793,474

1,793,474
Total revenues
26,720,862
3,577,261

30,298,123
Operating expenses:
Property operating expenses
9,675,026


9,675,026
Managed REIT Platform expense

1,174,809

1,174,809
Reimbursable costs from Managed REITs

1,793,474

1,793,474
General and administrative


3,667,947
3,667,947
Depreciation
7,601,171

115,500
7,716,671
Intangible amortization expense
2,196,828
1,472,803

3,669,631
Acquisition expenses
28,105


28,105
Contingent earnout adjustment

(7,200,000
)

(7,200,000
)
Impairment of goodwill and intangible assets

36,465,732

36,465,732
Impairment of investments in Managed REITs

4,376,879

4,376,879
Total operating expenses
19,501,130
38,083,697
3,783,447
61,368,274
Operating income (loss)
7,219,732
(34,506,436
)
(3,783,447
)
(31,070,151
)
Other income (expense):
Interest expense
(8,294,093
)

(45,210
)
(8,339,303
)
Interest expense – accretion of fair market value of secured debt
32,657


32,657
Interest expense – debt issuance costs
(941,124
)

(2,359
)
(943,483
)
Other
(170,197
)
2,746,896

2,576,699
Net loss
$
(2,153,025
)
$
(31,759,540
)
$
(3,831,016
)
$
(37,743,581
)
Summary of Total Assets by SegmentThe following table summarizes our total assets by segment:
Segments
March 31, 2021
December 31, 2020
Self Storage (1)
$
1,541,859,350
(1)
$
1,172,178,148
(1)
Managed REIT Platform (1)
13,233,823
(1)
44,482,625
(1)
Corporate and Other
46,935,825
65,560,284
Total assets
$
1,602,028,998
$
1,282,221,057

Related Party Transactions (Tab

Related Party Transactions (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of Related Party CostsPursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2020 and the three months ended March 31, 2021, as well as any related amounts payable as of December 31, 2020 and March 31, 2021:
Year Ended December 31, 2020
Three Months Ended March 31, 2021
Incurred
Paid
Payable
Incurred
Paid
Payable
Expensed
Transfer Agent fees
$
525,108
$
489,108
$
36,000
$
177,642
$
173,740
$
39,902
Additional paid-in capital
Transfer Agent fees



150,000
150,000

Stockholder servicing fee (1)

645,911
631,429

158,556
472,873
Stockholder servicing fee - SST IV (2)



1,155,887

1,155,887
Total
$
525,108
$
1,135,019
$
667,429
$
1,483,529
$
482,296
$
1,668,662
(1)
th
(2)
Summary of Related Party Fees and Reimbursable CostsPursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended March 31, 2021 and 2020:
Managed REIT Platform Revenues
Three Months Ended March 31, 2021
Three Months Ended March 31, 2020
Advisory agreement – SST IV (1)
$
716,278
$
771,186
Advisory agreement – SSGT II
463,262
235,635
Property management agreement – SST IV (1)
346,179
338,918
Property management agreement – SSGT II
140,234
74,723
Tenant Program revenue – SST IV
285,959
165,888
Tenant Program revenue – SSGT II
122,042
29,457
Other Managed REIT revenue (2)
213,786
167,980
Total
$
2,287,740
$
1,783,787
(1)
(2)
Such revenues primarily include construction management, development fees, acquisition fees, and other miscellaneous revenues.

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Time Based Awards
Schedule of Un-Vested Share ActivityThe following table summarizes the activity related to our time based awards:
Restricted Stock
LTIPs
Time Based Award Grants
Shares
Weighted-Average Grant-Date Fair Value
Units
Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2019
265,806
$
9.53

$

Granted
72,383
9.78
214,521
9.09
Vested
(82,351
)
9.55
(53,630
)
9.09
Forfeited
(6,567
)
9.78


Unvested at December 31, 2020
249,271
9.58
160,891
9.09
Granted
54,192
9.78


Vested
(11,882
)
9.78


Forfeited
(2,189
)
9.78


Unvested at March 31, 2021
289,392
$
9.61
160,891
$
9.09
Performance Based Awards
Schedule of Un-Vested Share ActivityThe following table summarizes our activity related to our performance based awards:
Restricted Stock
LTIPs
Performance Based Award Grants
Shares
Weighted-Average Grant-Date Fair Value
Units
Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2019

$


$

Granted
5,752
9.78
130,638
9.09
Vested




Forfeited




Unvested at December 31, 2020
5,752
9.78
130,638
9.09
Granted




Vested




Forfeited




Unvested at March 31, 2021
5,752
$
9.78
130,638
$
9.09

Selected Quarterly Data (Tables

Selected Quarterly Data (Tables)3 Months Ended
Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial InformationThe following is a summary of quarterly financial information for the periods shown below:
Three months ended
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
Total revenues
$
30,298,123
$
29,469,545
$
31,363,122
$
32,893,573
$
34,564,655
Total operating expenses
$
61,368,274
$
27,497,027
$
26,992,137
$
29,307,135
$
37,250,644
Operating income (loss)
$
(31,070,151
)
$
1,972,518
$
4,370,985
$
3,586,438
$
(2,685,989
)
Net loss
$
(37,743,581
)
$
(7,062,841
)
$
(4,456,497
)
$
(1,943,884
)
$
(12,303,466
)
Net loss attributable to common stockholders
$
(35,073,951
)
$
(8,491,421
)
$
(6,259,114
)
$
(4,529,908
)
$
(13,908,664
)
Net loss per Class A Share-basic and diluted
$
(0.59
)
$
(0.14
)
$
(0.10
)
$
(0.08
)
$
(0.22
)
Net loss per Class T Share-basic and diluted
$
(0.59
)
$
(0.14
)
$
(0.10
)
$
(0.08
)
$
(0.22
)

Organization - Additional Infor

Organization - Additional Information (Detail) $ / shares in Units, ft² in MillionsMar. 17, 2021USD ($)ft²StorageFacilityStateStorageUnitRealEstateVenture$ / sharessharesNov. 10, 2020StorageFacilityStateRealEstateVenturesharesApr. 20, 2020$ / sharesOct. 29, 2019USD ($)Jan. 31, 2014USD ($)Aug. 02, 2013USD ($)Jan. 31, 2017USD ($)sharesMar. 31, 2021USD ($)ft²StorageFacilityStatePropertyStorageUnit$ / sharessharesMar. 30, 2021USD ($)Dec. 31, 2020$ / sharessharesOct. 26, 2020USD ($)May 14, 2020$ / sharesNov. 30, 2016shares
Organization And Nature Of Operations [Line Items]
Date of formation of companyJan. 8,
2013
Number of self storage facilities | StorageFacility136
Number of states located for self storage facilities | State18
Shares issuable pursuant to distribution reinvestment plan $ 95,000,000
Maximum purchase commitment amount $ 200,000,000
Initial closing amount $ 150,000,000
Second and final closing amount $ 50,000,000
Preferred stock, dividend rate, percentage6.25%
Advisor, SS Toronto REIT Advisors, Inc., and SS Growth Advisor, LLC.
Organization And Nature Of Operations [Line Items]
Percentage of limited partnership interests88.80%
SAM and Affiliates
Organization And Nature Of Operations [Line Items]
Percentage of limited partnership interests owned by noncontrolling owners11.20%
Strategic Storage Operating Partnership II, L.P.
Organization And Nature Of Operations [Line Items]
Date of formation of companyJan. 9,
2013
Advisor purchased a limited partnership interest in Operating Partnership $ 200,000
Initial capital contribution $ 1,000
Fifth To Tenth Anniversary
Organization And Nature Of Operations [Line Items]
Dividend rate percentage of increase on preferred stock0.75%
After Tenth Anniversary
Organization And Nature Of Operations [Line Items]
Dividend rate percentage of increase on preferred stock0.75%
Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares100,900,000
Description for termination of offeringThe DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders.
Maximum | Tenth Anniversary
Organization And Nature Of Operations [Line Items]
Preferred stock, dividend rate, percentage9.00%
Primary Offering
Organization And Nature Of Operations [Line Items]
Initial public offering commenced period descriptionWe commenced our initial public offering in January 2014
Primary Offering | Maximum
Organization And Nature Of Operations [Line Items]
Common stock, value authorize $ 1,000,000,000
Key Bank
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility $ 500,000,000
Proceeds from line of credit451,000,000
Credit Facility Revolver
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility $ 435,000,000
Credit Facility Revolver | Key Bank
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility250,000,000
Credit Facility Term Loan | Key Bank
Organization And Nature Of Operations [Line Items]
Outstanding balance on credit facility $ 250,000,000
SST IV Common Stock
Organization And Nature Of Operations [Line Items]
Number of right to receive shares from conversion | shares2.1875
Class A Common stock
Organization And Nature Of Operations [Line Items]
Common Stock, par value | $ / shares $ 0.001 $ 0.001
Conversion of right to receive shares, descriptionconverted into 2.1875 Class A Shares
Common Stock, shares authorize | shares350,000,000 350,000,000
Estimated value per common share | $ / shares $ 10.40
Class A Common stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Selling price per share | $ / shares $ 10.40
Class A Common stock | Common Stock
Organization And Nature Of Operations [Line Items]
Issuance of common stock in connection with SST IV Merger (in shares) | shares23,137,540
Class A Common stock | Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Gross proceeds from issuance of common stock $ 58,800,000
Number of common stock issued | shares5,600,000
Class A Common stock | Common Stock | Primary Offering
Organization And Nature Of Operations [Line Items]
Number of shares issued in offering | shares48,000,000
Gross proceeds from issuance of common stock $ 493,000,000
Class T Common stock
Organization And Nature Of Operations [Line Items]
Common Stock, par value | $ / shares $ 0.001 $ 0.001
Common Stock, shares authorize | shares350,000,000 350,000,000
Estimated value per common share | $ / shares $ 10.40
Class T Common stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Selling price per share | $ / shares $ 10.40
Class T Common stock | Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Gross proceeds from issuance of common stock $ 9,000,000
Number of common stock issued | shares900,000
Class T Common stock | Common Stock | Primary Offering
Organization And Nature Of Operations [Line Items]
Number of shares issued in offering | shares7,000,000
Gross proceeds from issuance of common stock $ 73,000,000
SST IV Merger Agreement
Organization And Nature Of Operations [Line Items]
Number of self storage facilities | StorageFacility24
Number of states located for self storage facilities | State9
Number of self storage units | StorageUnit18,000
Net rentable area, primarily self storage space | ft²2
Percentage of voting membership interest50.00%
SST IV Merger Agreement | SST IV Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, par value | $ / shares $ 0.001
Number of shares converted in connection with merger | shares10,600,000
SST IV Merger Agreement | Class A Common stock
Organization And Nature Of Operations [Line Items]
Conversion of right to receive shares, descriptionconverted into 2.1875 Class A Shares
Number of right to receive shares from conversion | shares2.1875
Issuance of common stock in connection with SST IV Merger (in shares) | shares23,100,000
SST IV Merger Agreement | Canada
Organization And Nature Of Operations [Line Items]
Number of self storage facilities | StorageFacility24
Number of states located for self storage facilities | State9
Number of unconsolidated real estate ventures | RealEstateVenture6
Number of operating self storage facilities3 3
Number of parcels of land in various stages of development into self storage facilities3 3
Managed REITS
Organization And Nature Of Operations [Line Items]
Number of properties owned by Managed REITs which is operated by the company | Property12
Number of self storage units | StorageUnit9,000
Net rentable area, primarily self storage space | ft²1
SmartStop Asset Management
Organization And Nature Of Operations [Line Items]
Percentage of non-voting equity owned15.00%
SmartStop Asset Management | Investments in Majority-owned Subsidiaries
Organization And Nature Of Operations [Line Items]
Percentage of non-voting equity owned15.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)TrademarkSegmentsharesMar. 31, 2020USD ($)Dec. 31, 2020USD ($)sharesJun. 28, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Investments in Managed REITs $ 5,600,000
Payments to acquire intangible assets $ 20,000,000 $ 0
Business acquisition, transaction costs305,000 30,000
Impairment losses of real property assets recognized0 0
Trademarks acquired amount0
Indefinite lived trademark16,158,824 $ 16,194,118
Gross amounts of lease intangibles67,500,000 47,300,000
Accumulated amortization46,100,000 45,700,000
Redemptions of common stock $ 700,000 $ 2,000,000
Redemptions of common stock (in shares) | shares70,000 200,000
Minimum percentage of ordinary taxable income to be distributed to stockholders90.00%
Net deferred tax liability $ 8,400,000
Deferred tax benefit $ 1,900,000 2,700,000
Current income tax expense40,000 0
Net combined foreign, federal, and state income tax benefit1,800,000 2,700,000
Unrecognized tax benefits0 0
Interest or penalties related to uncertain tax position $ 0 0
Open tax year2016 2017 2018 2019
Number of reportable business segments | Segment2
Rental Income | Geographic Concentration Risk | Canada
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage122.00%
Rental Income | Geographic Concentration Risk | FLORIDA
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage121.00%
Rental Income | Geographic Concentration Risk | Greater Toronto Area of Canada
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk Percentage113.00%
Canadian Entities
Summary Of Significant Accounting Policies [Line Items]
Net deferred tax liability $ 6,800,000 5,800,000
Gross deferred tax liability10,700,000 9,600,000
Gross deferred tax asset3,900,000 3,800,000
Real Estate Investment
Summary Of Significant Accounting Policies [Line Items]
Gains (losses) on exchange rate changes in equity investments recorded in other income (expense) $ 100,000 $ (1,100,000)
Class T Common stock
Summary Of Significant Accounting Policies [Line Items]
Monthly stockholder servicing fee accrual descriptionaccrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Redeemable Common Stock
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock700,000
Redeemable Common Stock | Share Redemption Program
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock1,300,000
Non Revolving Debt
Summary Of Significant Accounting Policies [Line Items]
Debt issuance cost, gross $ 5,800,000 12,000,000
Accumulated amortization of debt issuance costs1,700,000 7,900,000
Revolving Credit Facility
Summary Of Significant Accounting Policies [Line Items]
Debt issuance cost, gross2,500,000 0
Self Storage
Summary Of Significant Accounting Policies [Line Items]
Total estimated future amortization expense of intangible assets, year 202110,300,000
Total estimated future amortization expense of intangible assets, year 20229,800,000
Total estimated future amortization expense of intangible assets, year 2023100,000
Total estimated future amortization expense of intangible assets, year 2024100,000
Total estimated future amortization expense of intangible assets, year 2025100,000
Total estimated future amortization expense of intangible assets, thereafter800,000
Self Administration Transaction
Summary Of Significant Accounting Policies [Line Items]
Total estimated future amortization expense of intangible assets, year 2021500,000
Total estimated future amortization expense of intangible assets, year 2022700,000
Total estimated future amortization expense of intangible assets, year 2023700,000
Total estimated future amortization expense of intangible assets, year 2024700,000
Total estimated future amortization expense of intangible assets, thereafter $ 300,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life5 years
SmartStop Trademark
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets8 years
Strategic Storage Trademark
Summary Of Significant Accounting Policies [Line Items]
Trademarks acquired amount $ 500,000 500,000
Amortization period of intangible assets7 years
Indefinite lived trademark $ 15,700,000 15,700,000
Total estimated future amortization expense of intangible assets, year 2021105,000
Total estimated future amortization expense of intangible assets, year 2022140,000
Total estimated future amortization expense of intangible assets, year 2023140,000
Total estimated future amortization expense of intangible assets, year 202470,000
Total estimated future amortization expense of intangible assets, thereafter $ 0
Trademarks
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets15 years
Self Administration Transaction
Summary Of Significant Accounting Policies [Line Items]
Number of trademarks acquired | Trademark2
Gross amounts of lease intangibles $ 6,800,000 18,100,000
Accumulated amortization3,800,000 7,300,000
Deferred tax liability on intangible assets acquired $ 700,000 2,600,000
Primary Offering Former Dealer Manager Agreement | Class T Common stock
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares10.00%
Primary Offering Former Dealer Manager Agreement | Class A Common stock
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares10.00%
Investments in and Advances to Managed REITs
Summary Of Significant Accounting Policies [Line Items]
Investments in Managed REITs $ 3,000 15,100,000
Investments in and Advances to Managed REITs | Managed REITs
Summary Of Significant Accounting Policies [Line Items]
Receivables due from related parties $ 700,000 $ 500,000

Estimated Useful Lives used to

Estimated Useful Lives used to Depreciate Real Property Assets (Detail)3 Months Ended
Mar. 31, 2021
Land
Property Plant And Equipment [Line Items]
Standard Depreciable LifeNot Depreciated
Buildings | Minimum
Property Plant And Equipment [Line Items]
Standard Depreciable Life30 years
Buildings | Maximum
Property Plant And Equipment [Line Items]
Standard Depreciable Life40 years
Site Improvements | Minimum
Property Plant And Equipment [Line Items]
Standard Depreciable Life7 years
Site Improvements | Maximum
Property Plant And Equipment [Line Items]
Standard Depreciable Life10 years

Summary of Fixed Rate Notes Pay

Summary of Fixed Rate Notes Payable (Detail) - Fixed Rate Secured Debt - USD ($)Mar. 31, 2021Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value $ 358,000,000 $ 316,000,000
Carrying Value $ 342,146,919 $ 301,988,969

Real Estate Facilities - Additi

Real Estate Facilities - Additional Information (Detail) $ in MillionsApr. 23, 2021USD ($)Mar. 17, 2021StorageFacilityStatesharesMar. 10, 2021USD ($)Nov. 10, 2020USD ($)StorageFacilityStateRealEstateVenturesharesSep. 01, 2020CAD ($)Jun. 02, 2020CAD ($)Mar. 31, 2021USD ($)StorageFacilityStateDec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of self storage facilities | StorageFacility136
Number of states located for self storage facilities | State18
Assets $ 1,602,028,998 $ 1,282,221,057
Liabilities884,160,546 $ 785,289,170
SmartStop OP
Business Acquisition [Line Items]
Investment $ 5,000,000
SST VI OP
Business Acquisition [Line Items]
Assets17,000,000
SST VI OP | Real Estate Facilities Net
Business Acquisition [Line Items]
Assets16,000,000
SST VI OP | Third Party Mortgage Loan on Property
Business Acquisition [Line Items]
Liabilities $ 9,000,000
Minority and Marketability Discount
Business Acquisition [Line Items]
Alternative investment, measurement input0.06
SST IV Common Stock
Business Acquisition [Line Items]
Number of right to receive shares from conversion | shares2.1875
Class A Common stock
Business Acquisition [Line Items]
Conversion of right to receive shares, descriptionconverted into 2.1875 Class A Shares
Riverside III Property | Subsequent Event
Business Acquisition [Line Items]
Purchase price $ 10,700,000
SST IV Merger Agreement
Business Acquisition [Line Items]
Number of self storage facilities | StorageFacility24
Number of states located for self storage facilities | State9
SST IV Merger Agreement | Canada
Business Acquisition [Line Items]
Number of self storage facilities | StorageFacility24
Number of states located for self storage facilities | State9
Number of self storage real estate joint ventures | RealEstateVenture6
Number of operating real estate properties3 3
Number of development real estate properties3 3
SST IV Merger Agreement | Class A Common stock
Business Acquisition [Line Items]
Number of right to receive shares from conversion | shares2.1875
Conversion of right to receive shares, descriptionconverted into 2.1875 Class A Shares
Strategic Storage Trust IV, Inc.
Business Acquisition [Line Items]
Purchase price $ 286,028,173
Strategic Storage Trust IV, Inc. | Class A Common stock
Business Acquisition [Line Items]
Common stock issued $ 23,100,000
Etobicoke Property
Business Acquisition [Line Items]
Purchase price $ 2.2
Scarborough Property
Business Acquisition [Line Items]
Purchase price $ 2.2
Self Storage Facility in Phoenix, Arizona | Mezzanine Loan
Business Acquisition [Line Items]
Debt $ 3,500,000
Interest rate8.50%
Term6 months
Self Storage Facility in Phoenix, Arizona | Extension Option Mezzanine Loan
Business Acquisition [Line Items]
Interest rate9.25%
Term180 days
Self Storage Facility in Phoenix, Arizona | Third Party Mortgage Loan on Property
Business Acquisition [Line Items]
Debt $ 9,000,000
Interest rate3.50%
Term3 years
Self Storage Facility in Phoenix, Arizona | SST VI OP
Business Acquisition [Line Items]
Self storage facility acquired $ 16,000,000

Schedule of Activity in Real Es

Schedule of Activity in Real Estate Facilities (Detail)3 Months Ended
Mar. 31, 2021USD ($)
Real estate facilities
Real estate facilities, beginning balance $ 1,210,102,582
Facilities acquired through merger with SST IV324,344,636
Other facility acquisitions15,689,143 [1]
Impact of foreign exchange rate changes2,138,321
Improvements and additions682,986
Real estate facilities, ending balance1,552,957,668
Accumulated depreciation
Accumulated depreciation, beginning balance(115,903,045)
Depreciation expense(8,377,485)
Impact of foreign exchange rate changes(209,591)
Accumulated depreciation, ending balance $ (124,490,121)
[1]Such acquisition was completed by SST VI OP, which is consolidated within our consolidated financial statements.

Summary of Reconciles Total Con

Summary of Reconciles Total Consideration Transferred (Detail) - Strategic Storage Trust IV, Inc.Nov. 10, 2020USD ($)
Fair value of consideration transferred:
Common stock issued $ 231,412,470
Cash54,250,000
Other365,703
Total consideration transferred $ 286,028,173

Summary of Reconciles Total C_2

Summary of Reconciles Total Consideration Transferred (Parenthetical) (Detail) - USD ($)Nov. 10, 2020Mar. 31, 2021Mar. 31, 2020
Business Acquisition [Line Items]
Debt Instrument Carrying Amount $ 826,245,013
Business acquisition, transaction costs $ 305,650 $ 28,105
Strategic Storage Trust IV, Inc.
Business Acquisition [Line Items]
Cash consideration $ 54,250,000
Debt Instrument Carrying Amount54,000,000
Business acquisition, transaction costs $ 300,000

Summary of Relative Fair Values

Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)Nov. 10, 2020Jun. 28, 2019
Assets Acquired:
Land $ 975,000
Buildings5,389,000
Intangible assets1,600,000
Other assets1,084,629
Total assets acquired60,267,071
Liabilities assumed:
Accounts payable and other liabilities722,286
Total liabilities assumed27,357,066
Total net assets acquired $ 32,910,005
Strategic Storage Trust IV, Inc.
Assets Acquired:
Land $ 54,385,560
Buildings257,618,228
Site improvements12,340,848
Construction in process1,467,090
Intangible assets20,052,449
Investments in real estate joint ventures17,495,254
Cash and cash equivalents, and restricted cash7,763,490
Other assets4,145,394
Total assets acquired375,268,313
Liabilities assumed:
Debt[1]81,165,978
Accounts payable and other liabilities8,074,162
Total liabilities assumed89,240,140
Total net assets acquired $ 286,028,173
[1]Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 6 – Debt for additional information

Summary of Relative Fair Valu_2

Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in MillionsNov. 10, 2020USD ($)
KeyBank SST IV CMBS Loan
Business Acquisition [Line Items]
Debt $ 40.5
Fair market value discount on debt0.1
SST IV TCF Loan
Business Acquisition [Line Items]
Debt $ 40.8

Summary of Purchase Price Alloc

Summary of Purchase Price Allocation for Real Estate Related Assets Acquired (Detail) - USD ($)Nov. 10, 2020Jun. 28, 2019
Business Acquisition [Line Items]
Buildings $ 5,389,000
Total assets acquired $ 60,267,071
SST IV Merger
Business Acquisition [Line Items]
Acquisition DateMar. 17,
2021
Buildings $ 324,344,636
Construction in process1,467,090
Investments in real estate joint ventures17,495,254
Intangibles20,052,449
Total assets acquired[1]363,359,429
2021 Revenue[2]1,073,078
2021 Property Operating Income[2],[3] $ 623,412
[1]The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.
[2]The operating results of the self storage properties acquired in the SST IV Merger have been included in our consolidated statements of operations since the SST IV Merger Date. Such amount does not include activity from our investments in real estate joint ventures, which are included in Other in our consolidated statements of operations. For additional information. See Note 4 – Investments in Unconsolidated Real Estate Ventures.
[3]Property operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Additional Information (Details)Apr. 30, 2021Nov. 10, 2020RealEstateVentureMar. 31, 2021CAD ($)Mar. 17, 2021StorageFacility
Investments In Unconsolidated Real Estate Ventures [Line Items]
Guarantee obligations recourse percentage50.00%
SmartCentres Storage Finance LP | Master Mortgage Commitment Agreement
Investments In Unconsolidated Real Estate Ventures [Line Items]
Initial maximum amount available $ 60,000,000
Increased amount120,000,000
Outstanding amount $ 46,700,000
Initial maximum amount available2.86%
Maturity dateMay 11,
2021
Loan to value ratio70.00%
SmartCentres Storage Finance LP | Master Mortgage Commitment Agreement | Subsequent Event
Investments In Unconsolidated Real Estate Ventures [Line Items]
Maturity dateMay 11,
2024
SST IV Merger Agreement | Canada
Investments In Unconsolidated Real Estate Ventures [Line Items]
Number of self storage real estate joint ventures | RealEstateVenture6
Number of operating real estate properties3 3
Number of development real estate properties3 3

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Ventures - Summary of Investments in Unconsolidated Real Estate Ventures (Details)3 Months Ended
Mar. 31, 2021USD ($)
Investments In Unconsolidated Real Estate Ventures [Line Items]
Carrying Value of Investment $ 17,488,416
Oshawa, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Of Real Estate Venture Acquired LandSeptember 2018
Real Estate Venture StatusUnder Development
Equity Method Investment, Ownership Percentage50.00%
Carrying Value of Investment $ 1,151,236
East York, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Of Real Estate Venture Acquired LandJanuary 2019
Real Estate Venture StatusOperational
Equity Method Investment, Ownership Percentage50.00%
Carrying Value of Investment $ 6,505,313
Brampton, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Of Real Estate Venture Acquired LandSeptember 2019
Real Estate Venture StatusOperational
Equity Method Investment, Ownership Percentage50.00%
Carrying Value of Investment $ 2,419,381
Vaughan, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Of Real Estate Venture Acquired LandAugust 2019
Real Estate Venture StatusOperational
Equity Method Investment, Ownership Percentage50.00%
Carrying Value of Investment $ 2,979,203
Scarborough, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Of Real Estate Venture Acquired LandAugust 2020
Real Estate Venture StatusUnder Development
Equity Method Investment, Ownership Percentage50.00%
Carrying Value of Investment $ 1,704,805
Kingspoint, Ontario
Investments In Unconsolidated Real Estate Ventures [Line Items]
Date Of Real Estate Venture Acquired LandFebruary 2021
Real Estate Venture StatusUnder Development
Equity Method Investment, Ownership Percentage50.00%
Carrying Value of Investment $ 2,728,478

Self Administration Transacti_3

Self Administration Transaction - Additional Information (Detail)Mar. 24, 2021sharesJun. 28, 2019USD ($)Employee$ / sharessharesMar. 31, 2021USD ($)Mar. 31, 2020USD ($)Nov. 10, 2020Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Estimated fair value of consideration transferred $ 111,300,000
Agreement term3 years
Goodwill impairment charges $ 0 $ 36,465,732
Fair Value, Inputs, Level 3
Business Acquisition [Line Items]
Alternative investment, measurement input5.16%
Minority and Marketability Discount
Business Acquisition [Line Items]
Alternative investment, measurement input0.06
Minority and Marketability Discount | Fair Value, Inputs, Level 3
Business Acquisition [Line Items]
Alternative investment, measurement input0.05
Class A-1 Units | Class A-2 Units Converted to Class A-1 Units | Affiliate of SmartStop Asset Management, LLC
Business Acquisition [Line Items]
Conversion of partnership units on achievement of first tier of earnout consideration | shares1,121,795
Class A-2 Units | Class A-2 Units Converted to Class A-1 Units | Affiliate of SmartStop Asset Management, LLC
Business Acquisition [Line Items]
Number of limited partnership units | shares1,094,434
Contribution Agreement
Business Acquisition [Line Items]
Percentage of fair value of equity interests50.00%
Gain resulting from acquisition of unconsolidated affiliates $ 8,000,000
Contribution Agreement | SmartStop Asset Management
Business Acquisition [Line Items]
Percentage of membership interest100.00%
Number of on-site self storage employees | Employee350
Cash $ 769,126
Debt assumption $ 15,000,000
Contribution Agreement | Class A-1 Units | SmartStop Asset Management
Business Acquisition [Line Items]
Number of limited partnership units | shares8,698,956
Contribution Agreement | Class A-2 Units | SmartStop Asset Management
Business Acquisition [Line Items]
Number of limited partnership units | shares3,283,302
Operating Partnership Agreement
Business Acquisition [Line Items]
Number of limited partnership units | shares20,000
Cash received $ 200,000
Operating Partnership Agreement | Class A-1 Units
Business Acquisition [Line Items]
Lock-up expiration dateJun. 28,
2021
Conversion of stock, descriptionThe Class A-1 Units are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. In addition, until June 28, 2021 (the “Lock-Up Expiration”), the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement.  The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership.  The Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below.  The Class A-2 Units are not entitled to cash distributions or the allocation of any profits or losses in the Operating Partnership until the Class A-2 Units are converted into Class A-1 Units.
Operating Partnership Agreement | Class A-2 Units
Business Acquisition [Line Items]
Earnout unit exchange per share | $ / shares $ 10.66
Class of unit expiration year7 years
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature A
Business Acquisition [Line Items]
Class of unit conversion percentage33.33%
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature A | Minimum
Business Acquisition [Line Items]
Incremental AUM under operating partnership $ 300,000,000
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature B
Business Acquisition [Line Items]
Class of unit conversion percentage33.33%
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature B | Minimum
Business Acquisition [Line Items]
Incremental AUM under operating partnership $ 500,000,000
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature C
Business Acquisition [Line Items]
Class of unit conversion percentage33.33%
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature C | Minimum
Business Acquisition [Line Items]
Incremental AUM under operating partnership $ 700,000,000
Self Administration Transaction
Business Acquisition [Line Items]
Impairment charges $ 11,700,000 11,700,000
Estimated fair value of contingent earnout liability23,900,000 $ 31,100,000
Self Administration Transaction | COVID-19
Business Acquisition [Line Items]
Investment impairment charges4,400,000 4,400,000
Self Administration Transaction | Managed REIT Platform
Business Acquisition [Line Items]
Goodwill impairment charges24,700,000 24,700,000
Deferred tax liabilities2,400,000
Self Administration Transaction | Trademarks
Business Acquisition [Line Items]
Impairment charges3,300,000 3,300,000
Self Administration Transaction | Management Contracts of SST IV
Business Acquisition [Line Items]
Impairment charges2,200,000 2,200,000
Self Administration Transaction | Management Contracts of SSGTII
Business Acquisition [Line Items]
Impairment charges6,200,000 $ 6,200,000
Amendment to Operating Partnership Agreement
Business Acquisition [Line Items]
Estimated fair value of contingent earnout liability19,500,000
Percentage of joint venture assets100.00%
Incremental assets under management $ 321,000,000

Self Administration Transacti_4

Self Administration Transaction - Summary of Estimated Fair Value Consideration Transferred (Detail)Jun. 28, 2019USD ($)
Fair value of consideration transferred:
Total $ 111,300,000
Contribution Agreement and Membership Interest Purchase Agreement
Fair value of consideration transferred:
Cash3,918,185
Total consideration transferred98,461,185
Fair value of our preexisting 50% equity interests12,800,000
Total111,261,185
Contribution Agreement and Membership Interest Purchase Agreement | Class A-1 Units
Fair value of consideration transferred:
Units63,643,000
Contribution Agreement and Membership Interest Purchase Agreement | Class A-2 Units (contingent earnout)
Fair value of consideration transferred:
Units $ 30,900,000

Self Administration Transacti_5

Self Administration Transaction - Summary of Estimated Fair Value Consideration Transferred (Parenthetical) (Detail) - Contribution Agreement $ in MillionsJun. 28, 2019USD ($)
Business Acquisition [Line Items]
Fair market value $ 0.5
Percentage of fair value of equity interests50.00%

Self Administration Transacti_6

Self Administration Transaction - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)Mar. 31, 2021Dec. 31, 2020Jun. 28, 2019
Identifiable Assets Acquired at Fair Value
Cash and cash equivalents $ 36,443
Restricted cash94,999
Land975,000
Building5,389,000
Site Improvements136,000
Equipment, furniture and fixtures651,000
Investments in Managed REITs5,600,000
Other assets1,084,629
Intangibles - customer relationships1,600,000
Trademarks19,800,000
Intangibles - management contracts24,900,000
Total assets acquired60,267,071
Identifiable Liabilities Assumed at Fair Value
Debt19,219,126
Accounts payable and accrued expenses722,286
Deferred tax liabilities, net7,415,654
Total liabilities assumed27,357,066
Net identifiable assets acquired32,910,005
Goodwill $ 53,643,331 $ 53,643,331 78,372,980
Non-controlling interest related to consolidated Tenant Programs joint ventures(21,800)
Net assets acquired $ 111,261,185

Schedule of Summarized Real Est

Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 17, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Debt Instrument Carrying Amount $ 826,245,013
Premium on secured debt, net313,681
Debt issuance costs, net(4,068,114)
Total debt $ 822,490,580 $ 717,952,233
Canadian CitiBank Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[1],[2]87,337,110
Interest rate[1],[2]2.72%
Debt Instrument Maturity Date[1],[2]Oct. 9,
2021
CMBS SASB Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[1],[3]235,000,000
Interest rate[1],[3],[4]3.13%
Debt Instrument Maturity Date[1],[3]Feb. 9,
2022
Secured Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[1],[5],[6]85,512,000
Interest rate[1],[5],[6]3.00%
Debt Instrument Maturity Date[1],[5],[6]Jan. 24,
2022
Stoney Creek Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[1],[7]5,712,058
Interest rate[1],[7]4.65%
Debt Instrument Maturity Date[1],[7]Oct. 1,
2021
Torbarrie Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[1],[7]6,423,863
Interest rate[1],[7]4.65%
Debt Instrument Maturity Date[1],[7]Sep. 1,
2021
SST IV CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount $ 40,500,000
Debt Instrument Fixed Rate3.56%
Debt Instrument Maturity DateFeb. 1,
2030
SST IV TCF Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount $ 40,782,255 $ 40,700,000
Debt Instrument Fixed Rate3.75%
Interest rate3.75%
Debt Instrument Maturity DateMar. 30,
2023
SST VI Baseline TCF Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount $ 8,620,000
Interest rate3.50%
Debt Instrument Maturity DateMar. 11,
2024
Ladera Office Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount $ 4,077,652 4,099,152
Interest rate4.29%
Debt Instrument Maturity DateNov. 1,
2026
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Premium on secured debt, net $ 313,681 461,823
Debt issuance costs, net(4,068,114)(4,021,767)
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[8] $ 95,000,000 95,000,000
Debt Instrument Fixed Rate[8]3.89%
Debt Instrument Maturity Date[8]Aug. 1,
2026
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[9] $ 52,000,000 52,000,000
Debt Instrument Fixed Rate[9]4.65%
Debt Instrument Maturity Date[9]May 1,
2027
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[10] $ 46,255,586 46,427,994
Debt Instrument Fixed Rate[10]5.31%
Debt Instrument Maturity Date[10]Aug. 1,
2024
Fixed Rate Secured Debt | CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[11] $ 104,000,000 $ 104,000,000
Debt Instrument Fixed Rate[11]5.00%
Debt Instrument Maturity Date[11]Feb. 1,
2029
Credit Facility Term Loan | USD
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[12] $ 150,000,000
Interest rate[12]2.06%
Debt Instrument Maturity Date[12]Mar. 17,
2026
Credit Facility Term Loan | CAD
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[12],[13] $ 99,024,270
Interest rate[12],[13]2.37%
Debt Instrument Maturity Date[12],[13]Mar. 17,
2026
Credit Facility Revolver | USD
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[12] $ 184,000,000
Interest rate[12]2.11%
Debt Instrument Maturity Date[12]Mar. 17,
2024
Credit Facility Revolver | CAD
Debt Instrument [Line Items]
Debt Instrument Carrying Amount[12],[13] $ 1,985,250
Interest rate[12],[13]2.42%
Debt Instrument Maturity Date[12],[13]Mar. 17,
2024
[1]On March 17, 2021, these loans were paid off in full in conjunction with the SST IV Merger, and an aggregate net loss on extinguishment of debt of approximately $2.4 million was recorded.
[2]This variable rate loan encumbered 10 of our Canadian properties and the amounts shown above are in USD based on the foreign exchange rate in effect of the dates presented. W e purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021
[3]This variable rate loan encumbered 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood).
[4]This loan incurred interest at LIBOR plus 3%, which resulted in an interest rate of 3.13% as of December 31, 2020. However, in June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79% though February 15, 2022, which results in an effective fixed interest rate of 4.79% on this loan
[5]On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million. The remaining $85.5 million of the interest rate swap effectively fixed the interest rate on
[6]This variable rate loan encumbered 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert).
[7]This variable rate loan bore interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 2.45% as of December 31, 2020, and in no event would the total interest rate have fallen below 4.65% per annum. The amounts shown above are in USD based on the foreign exchange rate in effect as of December 31, 2020.
[8]This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
[9]This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
[10]This fixed rate loan encumbers 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.
[11]This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.
[12]For additional information regarding the Credit Facility, see below.
[13]The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.

Schedule of Summarized Real E_2

Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail)Mar. 17, 2021USD ($)Aug. 03, 2020USD ($)Oct. 29, 2019USD ($)Mar. 31, 2021USD ($)PropertyMar. 31, 2020USD ($)Jan. 29, 2019USD ($)
Debt Instrument [Line Items]
Derivative, notional amount | $ $ 161,200,000
Net loss on extinguishment of debt | $ $ 2,444,788 $ 0
SST IV Merger
Debt Instrument [Line Items]
Net loss on extinguishment of debt | $ $ 2,400,000
Royal Bank of Canada Prime Rate
Debt Instrument [Line Items]
Interest rate2.45%
Interest Rate Cap
Debt Instrument [Line Items]
Derivative, notional amount | $ $ 80,000,000
Debt Instrument Maturity DateAug. 2,
2021
Interest Rate Cap | LIBOR
Debt Instrument [Line Items]
Effective interest rate cap on derivative instrument0.50%
Canadian Citi Bank Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property10
Canadian Citi Bank Loan | Interest Rate Cap
Debt Instrument [Line Items]
Effective interest rate cap on derivative instrument3.00%
CMBS SASB Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property29
Debt Instrument Maturity Date[1],[2]Feb. 9,
2022
Interest rate[1],[2],[3]3.13%
CMBS SASB Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate3.00%
Debt instrument, description of variable rate basisLIBOR plus 3%
CMBS SASB Loan | Interest Rate Swap
Debt Instrument [Line Items]
Interest rate4.79%
CMBS SASB Loan | Interest Rate Swap | LIBOR
Debt Instrument [Line Items]
Fixed interest rate1.79%
Interest rate, maturity dateFeb. 15,
2022
Secured Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property16
Debt Instrument Maturity Date[1],[4],[5]Jan. 24,
2022
Interest rate[1],[4],[5]3.00%
Secured Loan | Interest Rate Cap | LIBOR
Debt Instrument [Line Items]
Effective interest rate cap on derivative instrument2.60%
Secured Loan | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount | $ $ 85,500,000
Derivative, Fixed Interest Rate5.10%
Stoney Creek Loan
Debt Instrument [Line Items]
Debt Instrument Maturity Date[1],[6]Oct. 1,
2021
Interest rate[1],[6]4.65%
Stoney Creek Loan | Strategic Storage Growth Trust Inc
Debt Instrument [Line Items]
Debt instrument, variable interest rate1.95%
Stoney Creek Loan | Strategic Storage Growth Trust Inc | Minimum
Debt Instrument [Line Items]
Debt Instrument Fixed Rate4.65%
Torbarrie Loan
Debt Instrument [Line Items]
Debt Instrument Maturity Date[1],[6]Sep. 1,
2021
Interest rate[1],[6]4.65%
Torbarrie Loan | Strategic Storage Growth Trust Inc
Debt Instrument [Line Items]
Debt instrument, variable interest rate1.95%
Torbarrie Loan | Strategic Storage Growth Trust Inc | Minimum
Debt Instrument [Line Items]
Debt Instrument Fixed Rate4.65%
Fixed Rate Secured Debt | Interest Rate Swap | Termination
Debt Instrument [Line Items]
Derivative, notional amount | $ $ 75,700,000
Settlement payment of interest rate swaps | $ $ 600,000
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property29
Debt Instrument Maturity Date[7]Aug. 1,
2026
Debt Instrument Fixed Rate[7]3.89%
Fixed Rate Secured Debt | KeyBank Property Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property5
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property11
Debt Instrument Maturity Date[8]Aug. 1,
2024
Debt Instrument Fixed Rate[8]5.31%
Fixed Rate Secured Debt | CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property10
Debt Instrument Maturity Date[9]Feb. 1,
2029
Debt Instrument Fixed Rate[9]5.00%
[1]On March 17, 2021, these loans were paid off in full in conjunction with the SST IV Merger, and an aggregate net loss on extinguishment of debt of approximately $2.4 million was recorded.
[2]This variable rate loan encumbered 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood).
[3]This loan incurred interest at LIBOR plus 3%, which resulted in an interest rate of 3.13% as of December 31, 2020. However, in June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79% though February 15, 2022, which results in an effective fixed interest rate of 4.79% on this loan
[4]On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million. The remaining $85.5 million of the interest rate swap effectively fixed the interest rate on
[5]This variable rate loan encumbered 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert).
[6]This variable rate loan bore interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 2.45% as of December 31, 2020, and in no event would the total interest rate have fallen below 4.65% per annum. The amounts shown above are in USD based on the foreign exchange rate in effect as of December 31, 2020.
[7]This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
[8]This fixed rate loan encumbers 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.
[9]This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

Debt - Additional Information (

Debt - Additional Information (Detail) $ in MillionsApr. 16, 2021USD ($)Mar. 30, 2021USD ($)Mar. 17, 2021USD ($)PropertyMar. 17, 2021CAD ($)Mar. 31, 2021USD ($)ExtensionJan. 29, 2019USD ($)
Debt Instrument [Line Items]
Weighted average interest rate on debt3.22%
Debt Instrument Carrying Amount $ 826,245,013
Derivative, notional amount $ 161,200,000
Key Bank
Debt Instrument [Line Items]
Outstanding balance on credit facility $ 500,000,000
Additional amount available under credit facility350,000,000
Initial maximum amount available850,000,000
Proceeds from line of credit451,000,000
Minimum
Debt Instrument [Line Items]
Credit facility cross default provision amount $ 75,000,000
Security Interest Termination Event | Maximum
Debt Instrument [Line Items]
Capitalization rate leverage ratio60.00%60.00%
Secured debt ratio40.00%40.00%
Security Interest Termination Event | Minimum
Debt Instrument [Line Items]
Credit facility cross default provision amount $ 25,000,000
fixed charge coverage ratio1.501.50
Unsecured interest coverage ratio2 2
KeyBank SST IV CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount $ 40,500,000
Number of properties encumbered | Property7
Debt instrument, maturity dateFeb. 1,
2030
Feb. 1,
2030
Debt Instrument Fixed Rate3.56%
SST IV TCF Loan
Debt Instrument [Line Items]
Line of credit facility, term of extension options1 year
Debt instrument, description of variable rate basisLIBOR plus 3.00%LIBOR plus 3.00%
Debt Instrument Carrying Amount $ 40,700,000 $ 40,782,255
Debt instrument, maturity dateMar. 30,
2023
Debt Instrument Fixed Rate3.75%
Debt instrument, variable interest rate3.75%3.75%
Debt instrument, basis spread on variable rate3.00%
Derivative, notional amount $ 30,500,000
Effective interest rate cap on derivative instrument0.75%
Line of credit facility, number of extension options | Extension2
Credit Facility Revolver
Debt Instrument [Line Items]
Outstanding balance on credit facility $ 435,000,000
Credit Facility Revolver | Key Bank
Debt Instrument [Line Items]
Outstanding balance on credit facility $ 250,000,000
Maturity dateMar. 17,
2024
Mar. 17,
2024
Line of credit facility, term of extension options1 year1 year
Debt instrument, description of variable rate basis200 basis points over 30-day LIBOR or 30-day CDOR200 basis points over 30-day LIBOR or 30-day CDOR
Credit Facility Revolver | Maximum | Key Bank
Debt Instrument [Line Items]
Line of credit facility, annual unused fee0.25%0.25%
Credit Facility Revolver | Maximum | Key Bank | Letter of Credit
Debt Instrument [Line Items]
Credit facility sublimits $ 25,000,000
Credit Facility Revolver | Maximum | Key Bank | Swingline Loans
Debt Instrument [Line Items]
Credit facility sublimits $ 25,000,000
Credit Facility Revolver | Minimum | Key Bank
Debt Instrument [Line Items]
Line of credit facility, annual unused fee0.15%0.15%
Credit Facility Revolver | US Borrowings
Debt Instrument [Line Items]
Repayment of borrowings $ 15,000,000
Credit Facility Revolver | US Borrowings | Subsequent Event
Debt Instrument [Line Items]
Proceeds from line of credit $ 4,500,000
Credit Facility Revolver | US Borrowings | Key Bank
Debt Instrument [Line Items]
Proceeds from line of credit $ 199,000,000
Credit Facility Revolver | CAD Borrowings | Key Bank
Debt Instrument [Line Items]
Proceeds from line of credit2,000,000 $ 2.5
Credit Facility Term Loan | Key Bank
Debt Instrument [Line Items]
Outstanding balance on credit facility $ 250,000,000
Maturity dateMar. 17,
2026
Mar. 17,
2026
Debt instrument, description of variable rate basis195 basis points over 30-day LIBOR or 30-day CDOR195 basis points over 30-day LIBOR or 30-day CDOR
Credit Facility Term Loan | US Borrowings | Key Bank
Debt Instrument [Line Items]
Proceeds from line of credit $ 150,000,000
Credit Facility Term Loan | CAD Borrowings | Key Bank
Debt Instrument [Line Items]
Proceeds from line of credit $ 100,000,000 $ 124.7
Upon Achievement Of Certain Financial Conditions | SST IV TCF Loan
Debt Instrument [Line Items]
Debt instrument, description of variable rate basisLIBOR plus 2.50%LIBOR plus 2.50%
Debt Instrument Fixed Rate3.50%
Debt instrument, basis spread on variable rate2.50%

Future Principal Payment Requir

Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($)Mar. 31, 2021Dec. 31, 2020
Long Term Debt By Maturity [Abstract]
2021 $ 1,100,437
20222,914,419
202344,166,400
2024241,648,647
20252,869,187
2026 and thereafter533,545,923
Total payments826,245,013
Premium on secured debt, net313,681
Debt issuance costs, net(4,068,114)
Total debt $ 822,490,580 $ 717,952,233

Preferred Equity - Additional I

Preferred Equity - Additional Information (Details)Oct. 29, 2019USD ($)Day$ / sharesMar. 31, 2021USD ($)sharesMar. 31, 2020USD ($)Dec. 31, 2020USD ($)sharesOct. 26, 2020USD ($)
Class Of Stock [Line Items]
Maximum purchase commitment amount $ 200,000,000
Initial closing amount $ 150,000,000
Second and final closing amount $ 50,000,000
Issuance costs $ 308,556 $ 190,257
Preferred stock, dividend rate, percentage6.25%
Fifth To Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock0.75%
Tenth Anniversary | Maximum
Class Of Stock [Line Items]
Preferred stock, dividend rate, percentage9.00%
After Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock0.75%
Series A Convertible Preferred Stock Purchase Agreement
Class Of Stock [Line Items]
Maximum purchase commitment amount $ 200,000,000
Initial closing amount150,000,000 150,000,000 $ 150,000,000
Second and final closing amount50,000,000 $ 50,000,000 $ 50,000,000
Issuance costs $ 3,600,000
Preferred stock, dividend rate, percentage6.25%
Preferred stock payment descriptionUpon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation.
Preferred stock redemption descriptionSubject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount.
Preferred stock redemption premium $ 0
Preferred stock, conversion basisAt any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions.
Conversion price per share | $ / shares $ 10.66
Number of days after lifting of preferred stock to common stock | Day180
Preferred stock, voting rights conditionThis foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year.
Required leverage ratio of our real estate portfolio60.00%
Required percentage of self storage related assets of merger entity80.00%
Required ancillary business revenue to total revenue10.00%
Preferred stock, investors rights agreementIn connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares.
Preferred shares outstanding | shares200,000 200,000
Aggregate liquidation preference $ 203,100,000 $ 202,900,000
Amount of accumulated and unpaid distributions $ 3,100,000 $ 2,900,000
Series A Convertible Preferred Stock Purchase Agreement | Fifth To Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock0.75%
Series A Convertible Preferred Stock Purchase Agreement | Tenth Anniversary | Maximum
Class Of Stock [Line Items]
Preferred stock, dividend rate, percentage9.00%
Series A Convertible Preferred Stock Purchase Agreement | After Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock0.75%
Series A Convertible Preferred Stock Purchase Agreement | First Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent10.00%
Series A Convertible Preferred Stock Purchase Agreement | Second Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent8.00%
Series A Convertible Preferred Stock Purchase Agreement | Third Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent6.00%
Series A Convertible Preferred Stock Purchase Agreement | Fourth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent4.00%
Series A Convertible Preferred Stock Purchase Agreement | Fifth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent2.00%
Series A Convertible Preferred Stock Purchase Agreement | After Fifth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent0.00%

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Financial Instruments (Detail)3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)$ / UnitDec. 31, 2020USD ($)$ / UnitMar. 31, 2021CAD ($)$ / UnitFeb. 10, 2021CAD ($)Dec. 31, 2020CAD ($)$ / UnitAug. 03, 2020USD ($)Feb. 10, 2020CAD ($)Dec. 09, 2019CAD ($)Jan. 29, 2019USD ($)
Derivative [Line Items]
Derivative, notional amount $ 161,200,000
Interest Rate Swap | LIBOR Swap Effective June 15, 2019
Derivative [Line Items]
Derivative, notional amount $ 235,000,000 $ 235,000,000
Interest Rate Swaps, Strike1.79%1.79%1.79%1.79%
Interest Rate Swaps, Effective Date or Date AssumedJun. 15,
2019
Jun. 15,
2019
Interest Rate Swaps, Maturity DateFeb. 15,
2022
Feb. 15,
2022
Interest Rate Cap
Derivative [Line Items]
Derivative, notional amount $ 80,000,000
Interest Rate Cap | LIBOR Cap Effective August 3, 2020
Derivative [Line Items]
Derivative, notional amount $ 80,000,000 $ 80,000,000
Interest Rate Swaps, Strike0.50%0.50%0.50%0.50%
Interest Rate Swaps, Effective Date or Date AssumedAug. 3,
2020
Aug. 3,
2020
Interest Rate Swaps, Maturity DateAug. 2,
2021
Aug. 2,
2021
Interest Rate Cap | CDOR Cap Effective October 11, 2018
Derivative [Line Items]
Derivative, notional amount[1] $ 99,300,000 $ 99,300,000
Interest Rate Swaps, Strike3.00%3.00%3.00%3.00%
Interest Rate Swaps, Effective Date or Date AssumedOct. 11,
2018
Oct. 11,
2018
Interest Rate Swaps, Maturity DateOct. 15,
2021
Oct. 15,
2021
Interest Rate Cap | CDOR Cap Effective March 28, 2019
Derivative [Line Items]
Derivative, notional amount[1] $ 1,000,000 $ 1,000,000
Interest Rate Swaps, Strike3.00%3.00%3.00%3.00%
Interest Rate Swaps, Effective Date or Date AssumedMar. 28,
2019
Mar. 28,
2019
Interest Rate Swaps, Maturity DateOct. 15,
2021
Oct. 15,
2021
Interest Rate Cap | CDOR Cap Effective May 28, 2019
Derivative [Line Items]
Derivative, notional amount[1] $ 11,700,000 $ 11,700,000
Interest Rate Swaps, Strike3.00%3.00%3.00%3.00%
Interest Rate Swaps, Effective Date or Date AssumedMay 28,
2019
May 28,
2019
Interest Rate Swaps, Maturity DateOct. 15,
2021
Oct. 15,
2021
Foreign Currency Forward
Derivative [Line Items]
Derivative, notional amount $ 95,000,000 $ 95,000,000 $ 95,000,000
Foreign Currency Forward, Notional Amount[1] $ 95,000,000 $ 95,000,000
Foreign Currency Forward, Strike | $ / Unit1.3344 1.3340 1.3344 1.3340
Foreign Currency Forward, Effective Date or Date AssumedFeb. 10,
2021
Feb. 10,
2020
Foreign Currency Forward, Maturity DateApr. 12,
2021
[2]Feb. 10,
2021
[1]
[2]

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Derivative Financial Instruments (Parenthetical) (Detail)May 06, 2021CAD ($)$ / UnitApr. 12, 2021USD ($)Feb. 10, 2020USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Dec. 31, 2020CAD ($)$ / UnitApr. 12, 2021CAD ($)$ / UnitMar. 31, 2021CAD ($)$ / Unit
Derivative [Line Items]
Foreign currency forward contract gains (loss) $ 500,000 $ (803,069) $ 4,566,795
Subsequent Event
Derivative [Line Items]
Foreign currency forward contract gains (loss) $ 4,500,000
Foreign Currency Forward
Derivative [Line Items]
Foreign Currency Forward, Notional Amount[1] $ 95,000,000 $ 95,000,000
Foreign Currency Forward, Strike | $ / Unit1.3340 1.3344
Foreign Currency Forward, Maturity DateApr. 12,
2021
[2]Feb. 10,
2021
Foreign Currency Forward | Subsequent Event
Derivative [Line Items]
Foreign Currency Forward, Notional Amount $ 122,000,000 $ 125,900,000
Foreign Currency Forward, Strike | $ / Unit1.2202 1.25925
Foreign Currency Forward, Maturity DateApr. 12,
2022
Apr. 12,
2023
[1]
[2]

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)Apr. 12, 2021USD ($)Feb. 10, 2020USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)May 06, 2021CAD ($)Apr. 12, 2021CAD ($)Mar. 31, 2021CAD ($)Feb. 10, 2021CAD ($)Dec. 31, 2020CAD ($)Feb. 10, 2020CAD ($)Dec. 09, 2019CAD ($)Jan. 29, 2019USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional amount $ 161,200,000
Foreign currency forward contract gains (loss) $ 500,000 $ (803,069) $ 4,566,795
Foreign Currency Forward
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional amount $ 95,000,000 $ 95,000,000 $ 95,000,000
Foreign Currency Forward, Notional Amount[1] $ 95,000,000 $ 95,000,000
Subsequent Event
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Foreign currency forward contract gains (loss) $ 4,500,000
Subsequent Event | Foreign Currency Forward
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Foreign Currency Forward, Notional Amount $ 122,000,000 $ 125,900,000
Other income (expense)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on foreign currency hedge contract, ineffective portion $ (300,000) $ 900,000
[1]

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - Accounts payable and accrued liabilities - USD ($)Mar. 31, 2021Dec. 31, 2020
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative fair value, liability $ 3,416,001 $ 4,379,424
Foreign Currency Hedges
Derivatives Fair Value [Line Items]
Derivative fair value, liability $ 4,407,893 $ 3,270,910

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)3 Months Ended
Mar. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable business segments2

Summary of Reportable Segments

Summary of Reportable Segments (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020
Revenues:
Total revenues $ 34,564,655 $ 30,298,123
Operating expenses:
General and administrative4,752,989 3,667,947
Depreciation8,543,927 7,716,671
Intangible amortization expense1,259,547 3,669,631
Acquisition expenses305,650 28,105
Contingent earnout adjustment2,119,744 (7,200,000)
Impairment of goodwill and intangible assets36,465,732
Impairment of investments in Managed REITs0 4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control8,389,573
Total operating expenses37,250,644 $ 29,307,135 $ 26,992,137 $ 27,497,027 61,368,274
Operating loss(2,685,989)3,586,438 4,370,985 1,972,518 (31,070,151)
Other income (expense):
Interest expense(7,975,464)(8,339,303)
Interest expense – accretion of fair market value of secured debt31,866 32,657
Interest expense – debt issuance costs(672,473)(943,483)
Other1,443,382 2,576,699
Net loss on extinguishment of debt(2,444,788)0
Net loss(12,303,466) $ (1,943,884) $ (4,456,497) $ (7,062,841)(37,743,581)
Self Storage Rental Revenue
Revenues:
Total revenues29,503,442 25,568,019
Ancillary Operating Revenue
Revenues:
Total revenues1,557,430 1,152,843
Managed REIT Platform Revenue
Revenues:
Total revenues2,287,740 1,783,787
Reimbursable Costs from Managed REITs
Revenues:
Total revenues1,216,043 1,793,474
Operating expenses:
Operating expenses1,216,043 1,793,474
Property Operating Expenses
Operating expenses:
Operating expenses10,343,281 9,675,026
Managed REIT Platform Expenses
Operating expenses:
Operating expenses319,890 1,174,809
Self Storage
Revenues:
Total revenues31,060,872 26,720,862
Operating expenses:
Depreciation8,347,819 7,601,171
Intangible amortization expense587,741 2,196,828
Acquisition expenses305,650 28,105
Total operating expenses19,584,491 19,501,130
Operating loss11,476,381 7,219,732
Other income (expense):
Interest expense(7,931,649)(8,294,093)
Interest expense – accretion of fair market value of secured debt31,866 32,657
Interest expense – debt issuance costs(672,473)(941,124)
Other(218,027)(170,197)
Net loss on extinguishment of debt(2,444,788)
Net loss241,310 (2,153,025)
Self Storage | Self Storage Rental Revenue
Revenues:
Total revenues29,503,442 25,568,019
Self Storage | Ancillary Operating Revenue
Revenues:
Total revenues1,557,430 1,152,843
Self Storage | Property Operating Expenses
Operating expenses:
Operating expenses10,343,281 9,675,026
Managed REIT Platform
Revenues:
Total revenues3,503,783 3,577,261
Operating expenses:
Intangible amortization expense671,806 1,472,803
Contingent earnout adjustment2,119,744 (7,200,000)
Impairment of goodwill and intangible assets36,465,732
Impairment of investments in Managed REITs4,376,879
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control8,389,573
Total operating expenses12,717,056 38,083,697
Operating loss(9,213,273)(34,506,436)
Other income (expense):
Other1,872,866 2,746,896
Net loss(7,340,407)(31,759,540)
Managed REIT Platform | Managed REIT Platform Revenue
Revenues:
Total revenues2,287,740 1,783,787
Managed REIT Platform | Reimbursable Costs from Managed REITs
Revenues:
Total revenues1,216,043 1,793,474
Operating expenses:
Operating expenses1,216,043 1,793,474
Managed REIT Platform | Managed REIT Platform Expenses
Operating expenses:
Operating expenses319,890 1,174,809
Corporate and Other
Operating expenses:
General and administrative4,752,989 3,667,947
Depreciation196,108 115,500
Total operating expenses4,949,097 3,783,447
Operating loss(4,949,097)(3,783,447)
Other income (expense):
Interest expense(43,815)(45,210)
Interest expense – debt issuance costs(2,359)
Other(211,457)
Net loss $ (5,204,369) $ (3,831,016)

Summary of Total Assets by Segm

Summary of Total Assets by Segment (Detail) - USD ($)Mar. 31, 2021Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total assets $ 1,602,028,998 $ 1,282,221,057
Self Storage
Segment Reporting Asset Reconciling Item [Line Items]
Total assets[1]1,541,859,350 1,172,178,148
Managed REIT Platform
Segment Reporting Asset Reconciling Item [Line Items]
Total assets[1]13,233,823 44,482,625
Corporate and Other
Segment Reporting Asset Reconciling Item [Line Items]
Total assets $ 46,935,825 $ 65,560,284
[1]Included in the assets of the Self Storage and the Managed REIT Platform segments as of March 31, 2021, are approximately $49.8 million, and $3.9 million of goodwill, respectively. As of December 31, 2020, such amounts were approximately $45.3 million and $8.4 million of goodwill, respectively.

Summary of Total Assets by Se_2

Summary of Total Assets by Segment (Parenthetical) (Detail) - USD ($)Mar. 31, 2021Dec. 31, 2020Jun. 28, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill $ 53,643,331 $ 53,643,331 $ 78,372,980
Self Storage
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill49,800,000 45,300,000
Managed REIT Platform
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill $ 3,900,000 $ 8,400,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)Mar. 17, 2021Jan. 21, 2021Nov. 12, 2020Sep. 21, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Nov. 04, 2020Oct. 29, 2020Oct. 29, 2019
Related Party Transaction [Line Items]
Maximum dealer manager commission fee percentage of proceeds from Primary Offering3.00%
Change in deferred tax liability $ (1,872,866) $ (2,746,896)
Maximum purchase commitment amount $ 200,000,000
Managed REIT Platform Revenue
Related Party Transaction [Line Items]
Receivables due from related parties $ 700,000 $ 600,000
SmartStop Asset Management
Related Party Transaction [Line Items]
Percentage of non-voting equity owned15.00%
SmartStop Asset Management | Strategic Transfer Agent Services, LLC
Related Party Transaction [Line Items]
Percentage of membership interest100.00%
Transfer Agent Agreement
Related Party Transaction [Line Items]
Transfer agent agreement term3 years
Transfer agent renewal agreement term1 year
Transfer agent agreement termination descriptionThe initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.
SST IV Advisor
Related Party Transaction [Line Items]
Maximum period for reimbursement of offering cost60 days
Maximum offering cost rate3.50%
Gross proceeds from offering, threshold percentage of expenses for reimbursement15.00%
Monthly asset management fee0.0833%
Monthly asset management fee one twelfth of less than one percentage of average invested assetsone-twelfth of 1%
Operating expenses reimbursement percentage of average investment in assets2.00%
Operating expenses reimbursement percentage of net income25.00%
Write-off of carrying value related to intangible asset $ 5,300,000
write-off related to special limited partnership interest $ 1,200,000
SST IV Advisor | Other Income
Related Party Transaction [Line Items]
Change in deferred tax liability $ (1,300,000)
SSGT II Advisor
Related Party Transaction [Line Items]
Monthly asset management fee0.1042%
Monthly asset management fee one twelfth of less than one percentage of average invested assetsone-twelfth of 1.25%
Percentage of distribution from operating partnership10.00%
Annual aggregate distribution percentage5.00%
SST VI Advisory Agreement
Related Party Transaction [Line Items]
Monthly asset management fee0.0625%
Monthly asset management fee one twelfth of less than one percentage of average invested assetsone-twelfth of 0.75%
Rate of acquisition fees of purchase price of contract1.00%
Property Management Agreement
Related Party Transaction [Line Items]
Write-off of carrying value related to intangible asset $ 1,900,000
Percentage of fee of former external property managers6.00%
Construction management fee5.00%
Cost of construction or capital improvement work $ 10,000
One time fee for former external property managers3,750
Property Management Agreement | Minimum
Related Party Transaction [Line Items]
Our former external property management fee3,000
Property Management Agreement | Other Income
Related Party Transaction [Line Items]
Change in deferred tax liability $ (500,000)
SSGT II Unit Purchase Agreement
Related Party Transaction [Line Items]
Maximum purchase units of limited partnership interest1,600,000
Maximum purchase commitment amount $ 40,000,000
Percentage of investment fee due upon closing each tranche1.00%
Preferred stock, liquidation preference per unit $ 25
Description of preferred investor distributionsThe Preferred Investor received distributions, payable monthly in arrears, at a rate of 7.25% per annum from the date of investment until 180 days after the date of investment, 8.25% per annum from 181 days after the date of investment until 360 days after the date of investment, and 9.25% per annum thereafter (collectively, the “Pay Rate”). The proceeds of the SSGT II Investment may be used by SSGT II OP to finance self-storage acquisition, development, and improvement activities, and working capital or other general partnership purposes. Each SSGT II Preferred Unit has a liquidation preference of $25.00, plus all accumulated and unpaid distributions. The foregoing distributions are payable monthly, and calculated on an actual/360 day basis, and any unpaid distributions accrue at the applicable Pay Rate.
Additional preferred investments in operating partnership $ 6,500,000 $ 7,500,000 7,500,000 $ 13,000,000 $ 13,000,000
Investment of preferred investor $ 13,500,000
Redemption of preferred units $ 19,000,000
Partnership units exchanged13,500,000
SSGT II Unit Purchase Agreement | Investment Until 180 Days
Related Party Transaction [Line Items]
Rate of distributions payable monthly in arrears7.25%
SSGT II Unit Purchase Agreement | Investment After 181 Days Until 360 Days
Related Party Transaction [Line Items]
Rate of distributions payable monthly in arrears8.25%
SSGT II Unit Purchase Agreement | Investment Thereafter
Related Party Transaction [Line Items]
Rate of distributions payable monthly in arrears9.25%
SSGT II Unit Purchase Agreement | Other Income
Related Party Transaction [Line Items]
Income related to preferred units100,000
Administrative Services Agreement
Related Party Transaction [Line Items]
Receivables due from related parties60,000 $ 50,000
Administrative Services Agreement | Managed REIT Platform Expenses
Related Party Transaction [Line Items]
Administrative service fees100,000 900,000
Reimbursements of administrative service fees $ 100,000 200,000
Class A Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering7.00%
Class T Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering2.00%
Class W | SST IV Advisor
Related Party Transaction [Line Items]
Percentage of offering cost without reimbursement1.15%
Organization and offering costs not reimbursed $ 0 $ 25,000

Summary of Related Party Costs

Summary of Related Party Costs (Detail) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Related Party Transaction [Line Items]
Related party costs, Incurred $ 1,483,529 $ 525,108
Related party costs, Paid482,296 1,135,019
Related party costs, Payable1,668,662 667,429
Transfer Agent fees
Related Party Transaction [Line Items]
Related party costs, Incurred177,642 525,108
Related party costs, Paid173,740 489,108
Related party costs, Payable39,902 36,000
Transfer Agent fees
Related Party Transaction [Line Items]
Related party costs, Incurred150,000
Related party costs, Paid150,000
Stockholder servicing fee
Related Party Transaction [Line Items]
Related party costs, Paid[1]158,556 645,911
Stockholder servicing fee | Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable[1]472,873 $ 631,429
Stockholder servicing fee - SST IV
Related Party Transaction [Line Items]
Related party costs, Incurred[2]1,155,887
Related party costs, Payable[2] $ 1,155,887
[1]th
[2]

Summary of Related Party Cost_2

Summary of Related Party Costs (Parenthetical) (Detail) - Class T Common stock3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual descriptionaccrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Dealer Manager
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual descriptionaccrues daily in an amount equal to 1/365th of 1% of the purchase price per shareaccrues daily in an amount equal to 1/365th of 1% of the purchase price per share

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Revenue Related to the Managed REITs (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Related Party Transaction [Line Items]
Managed REIT Platform Revenues $ 2,287,740 $ 1,783,787
Strategic Storage Trust IV Advisory Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues[1]716,278 771,186
Strategic Storage Growth Trust II Advisory Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues463,262 235,635
Strategic Storage Trust IV Property Management Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues[1]346,179 338,918
Strategic Storage Growth Trust II Property Management Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues140,234 74,723
Strategic Storage Trust IV Tenant Program Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues285,959 165,888
Strategic Storage Growth Trust II Tenant Program Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues122,042 29,457
Other Managed REIT Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues[2] $ 213,786 $ 167,980
[1]On March 17, 2021, we acquired SST IV and will no longer earn such fees.
[2]Such revenues primarily include construction management, development fees, acquisition fees, and other miscellaneous revenues.

Equity Based Compensation - Add

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Equity Based Compensation - Additional Information (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested equity awards $ 4,000,000
Unrecognized compensation expense, expected weighted average-recognition period2 years 3 months 18 days
Property Operating Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense $ 20,000 $ 0
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense $ 500,000 $ 200,000
Time Based Awards | Minimum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period3 years
Time Based Awards | Maximum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period4 years
Performance Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting dateMar. 31,
2023
Performance Based Awards | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria100.00%
Share based compensation arrangement by share based payment award voting rightsdo not have
Performance Based Awards | LTIPs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria200.00%
Description of distribution and allocation of profits and lossesRecipients of performance based LTIP Units are issued LTIP Units at 200% of the targeted award and are entitled to receive distributions and allocations of profits and losses with respect to the performance based LTIP Units as of the effective
date of January 1, 2020 in an amount equal to 10% of the distributions and allocations available to such LTIP Units, until the Distribution Participation Date (as defined in the Partnership Agreement). The remaining 90% of distributions will accrue and will be payable on the Distribution Participation Date based upon the performance level attained and number of performance based LTIP Units that vest.
Share based compensation arrangement by share based payment award voting rightsone vote per LTIP Unit
Performance Based Awards | Minimum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of established target performance criteria0.00%
Performance Based Awards | Minimum | LTIPs