SmartStop Self Storage REIT Inc
For the period ended Dec 31, 2023. Filed Mar 18, 2024.
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FY2023 · Filed Mar 18, 2024
SMA$38.63-2.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year EndedDecember 31,2023 | Year EndedDecember 31,2022 | Year EndedDecember 31,2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income (loss) | $11,646,760 | $21,669,452 | $(19,564,718) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 60,230,206 | 64,618,533 | 53,368,611 |
| Change in deferred tax assets and liabilities | (3,300,688) | (1,073,318) | (2,025,869) |
| Accretion of fair market value adjustment of secured debt | 12,920 | (35,738) | (110,942) |
| Amortization of debt issuance costs | 2,727,501 | 2,594,163 | 1,676,309 |
| Equity based compensation expense | 5,258,246 | 3,968,494 | 2,907,808 |
| Non-cash adjustment from equity method investments in JV Properties | 1,625,135 | 760,005 | 560,451 |
| Non-cash adjustment from equity method investments in Managed REITs | 1,694,393 | 930,200 | 489,799 |
| Accretion of financing fee revenues | (664,078) | (681,151) | — |
| Contingent earnout adjustment | — | 1,514,447 | 12,619,744 |
| Unrealized foreign currency and derivative (gains) losses | (1,035,341) | 8,496,914 | 467,989 |
| Net loss on extinguishment of debt | — | 2,393,475 | 2,444,788 |
| Gain on equity interests upon acquisition | — | (16,101,237) | — |
| Write-off of equity interest and preexisting relationships upon acquisition of control | — | 2,049,682 | 8,389,573 |
| Gain on deconsolidation of SST VI OP | — | — | (169,533) |
| Gain on sale of real estate | — | — | (178,631) |
| Increase (decrease) in cash from changes in assets and liabilities: | |||
| Other assets, net | 992,004 | (780,731) | (1,367,439) |
| Purchase of SOFR interest rate caps | — | (6,053,700) | — |
| Accounts payable and accrued liabilities | (3,250,666) | 3,293,359 | 99,039 |
| Managed REITs receivables | (2,751,258) | 365,479 | (304,468) |
| Due to affiliates | 6,250 | (18,351) | (537,527) |
| Net cash provided by operating activities | 73,191,384 | 87,909,977 | 58,764,984 |
| Cash flows from investing activities: | |||
| SSGT II Merger, net of cash acquired | — | (65,540,723) | — |
| SST IV Merger, net of cash acquired | — | — | (46,486,510) |
| Purchase of real estate | (15,616,741) | (72,512,886) | (64,585,072) |
| Additions to real estate | (10,466,358) | (10,415,161) | (10,288,805) |
| Insurance proceeds on insured property damage | 1,725,967 | — | — |
| Deposits on acquisition of real estate | (753,103) | (1,384,665) | (340,000) |
| Redemption of preferred equity investment in SSGT II | — | — | 13,500,000 |
| Settlement of foreign currency hedges designated for hedge accounting | 2,850,916 | — | (3,190,899) |
| Investments in Managed REITs | — | (5,003,000) | — |
| Capital distributions from Managed REITs | 597,364 | — | — |
| Investments in unconsolidated JV Properties | (9,517,303) | (4,822,869) | (5,795,399) |
| Capital distributions from unconsolidated JV Properties | 1,320,865 | — | — |
| Deconsolidation of SST VI OP | — | — | (3,011,368) |
| SST VI OP repayment of debt | — | — | 5,600,000 |
| SST VI Mezzanine Loan funding | (15,000,000) | (28,200,000) | (6,800,000) |
| SST VI Mezzanine Loan repayment | 50,000,000 | — | — |
| SSGT III Mezzanine Loan funding | (16,000,000) | (59,500,000) | — |
| SSGT III Mezzanine Loan repayment | 29,500,000 | 42,000,000 | — |
| SST VI preferred equity investment | (15,000,000) | — | — |
| SST VI preferred equity investment redemption | 15,000,000 | — | — |
| SST VI promissory note funding | (15,000,000) | — | — |
| Purchase of SST VI Subordinated Class C Units | (3,197,083) | — | — |
| Purchase of other assets | (183,212) | — | (1,967,476) |
| Net proceeds from the sale of real estate | — | 228,146 | 256,237 |
| Settlement of company owned life insurance | — | — | 2,894,561 |
| Net cash used in investing activities | 261,312 | (205,151,158) | (120,214,731) |
| Cash flows from financing activities: | |||
| Gross proceeds from issuance of non-revolver debt | 80,148,639 | 150,000,000 | 271,675,995 |
| Repayment of non-revolver debt | (12,016,875) | (86,237,235) | (422,190,754) |
| Scheduled principal payments on non-revolver debt | (2,639,399) | (2,512,634) | (1,294,637) |
| Proceeds from issuance of revolver debt | 135,000,000 | 318,000,000 | 246,505,250 |
| Repayment of revolver debt | (184,512,859) | (183,000,000) | (15,000,000) |
| Debt issuance costs | (870,603) | (2,081,854) | (6,970,064) |
| Debt defeasance costs | — | (2,544,346) | (525,467) |
| Offering costs | (10,506) | (601,345) | (971,752) |
| Redemption of common stock | (18,992,090) | (1,763,338) | (4,622,000) |
| Restricted stock withholding for payroll taxes | (246,662) | — | — |
| Gross proceeds from issuance of equity in SST VI OP | — | — | 4,015,815 |
| Offering costs related to issuance of equity in SST VI OP | — | — | (373,067) |
| Gross proceeds from issuance of equity in other non controlling interests | — | 1,000 | — |
| Distributions paid to preferred stockholders | (12,500,000) | (12,500,000) | (12,277,935) |
| Distributions paid to common stockholders | (40,597,803) | (49,391,782) | (26,157,045) |
| Distributions paid to noncontrolling interests in our OP | (8,272,896) | (7,032,520) | (6,139,772) |
| Distributions paid to other noncontrolling interests | (587,530) | (268,695) | — |
| Net cash provided by financing activities | (66,098,584) | 120,067,251 | 25,674,567 |
| Impact of foreign exchange rate changes on cash and restricted cash | 34,673 | (1,474,040) | (196,135) |
| Change in cash, cash equivalents, and restricted cash | 7,388,785 | 1,352,030 | (35,971,315) |
| Cash, cash equivalents, and restricted cash beginning of year | 46,038,391 | 44,686,361 | 80,657,676 |
| Cash, cash equivalents, and restricted cash end of year | $53,427,176 | $46,038,391 | $44,686,361 |
SMARTSTOP SELF STORAGE REIT, Inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Supplemental disclosures and non-cash transactions: | |||
|---|---|---|---|
| Cash paid for interest, net of capitalized interest | $55,647,072 | $36,523,574 | $27,220,673 |
| Cash paid for income taxes | $406,728 | $265,930 | $— |
| Supplemental disclosure of noncash activities: | |||
| Issuance of shares pursuant to distribution reinvestment plan | $17,636,337 | $5,243,398 | $19,564,929 |
| Intangible assets applied to the purchase of real estate | $8,370,000 | $— | $— |
| Distributions payable | $9,155,808 | $9,324,453 | $8,360,420 |
| Redemption of common stock included in accounts payable and accrued liabilities | $3,945,126 | $— | $1,676,874 |
| Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REIT's receivables | $1,194,942 | $— | $— |
| Deposit applied to the purchase of real estate | $400,000 | $190,000 | $156,940 |
| Conversion of A-2 Units into A-1 Units | $— | $31,514,447 | $11,219,744 |
| Real estate and construction in process included in accounts payable and accrued liabilities | $433,039 | $515,898 | $19,056 |
| Issuance of common stock and OP Units in connection with the mergers | $— | $168,791,577 | $231,412,470 |
| Debt assumed in mergers | $— | $— | $81,165,978 |
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