SmartStop Self Storage REIT Inc
For the period ended Dec 31, 2024. Filed Mar 12, 2025.
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FY2024 · Filed Mar 12, 2025
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 31,2024 | Year EndedDecember 31,2023 | Year EndedDecember 31,2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income (loss) | $(5,887) | $11,647 | $21,669 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 56,110 | 60,230 | 64,619 |
| Change in deferred tax assets and liabilities | 845 | (3,301) | (1,073) |
| Accretion of fair market value adjustment of secured debt | 120 | 13 | (36) |
| Amortization of debt issuance costs | 4,115 | 2,728 | 2,594 |
| Equity based compensation expense | 5,258 | 5,258 | 3,968 |
| Non-cash adjustment from equity method investments in JV Properties | 1,380 | 1,625 | 760 |
| Non-cash adjustment from equity method investments in Managed REITs | 1,414 | 1,694 | 930 |
| Accretion of financing fee revenues | (181) | (664) | (681) |
| Contingent earnout adjustment | — | — | 1,514 |
| Unrealized foreign currency and derivative (gains) losses | 2,092 | (1,035) | 8,497 |
| Loss on debt extinguishment | 471 | — | 2,393 |
| Issuance of noncontrolling interest in SST VI Advisor | 330 | — | — |
| Non-cash adjustments for sponsor funding reduction | 844 | 34 | — |
| Gain on equity interests upon acquisition | — | — | (16,101) |
| Write-off of equity interest and preexisting relationships upon acquisition of control | — | — | 2,050 |
| Increase (decrease) in cash from changes in assets and liabilities: | |||
| Other assets, net | (639) | 958 | (780) |
| Managed REITs receivables | (10,049) | (2,751) | 365 |
| Due to affiliates | (54) | 6 | (18) |
| Accounts payable and accrued liabilities | 7,858 | (3,251) | 3,293 |
| Payment for SOFR interest rate caps | — | — | (6,054) |
| Net cash provided by operating activities | 64,027 | 73,191 | 87,909 |
| Cash flows from investing activities: | |||
| Purchase of real estate | (146,360) | (15,617) | (72,513) |
| Additions to real estate and construction in process | (11,464) | (10,466) | (10,415) |
| Insurance proceeds on insured property damage | 500 | 1,726 | — |
| Deposits on acquisition of real estate | (3,822) | (753) | (1,384) |
| Settlement of foreign currency hedges designated for hedge accounting | 1,939 | 2,851 | — |
| Capital distributions from Managed REITs | 616 | 597 | — |
| Investments in unconsolidated JV Properties | (8,890) | (9,517) | (4,823) |
| Capital distributions from unconsolidated JV Properties | 1,816 | 1,321 | — |
| SSGT III Bridge Loan funding | (20,000) | — | — |
| SSGT III Bridge Loan repayment | 17,023 | — | — |
| SSGT III Promissory Note funding | (7,000) | — | — |
| SSGT III Mezzanine Loan funding | — | (16,000) | (59,500) |
| SSGT III Mezzanine Loan repayment | 4,000 | 29,500 | 42,000 |
| SST VI Note funding | (8,000) | (15,000) | — |
| SST VI Mezzanine Loan funding | — | (15,000) | (28,200) |
| SST VI Mezzanine Loan repayment | — | 50,000 | — |
| SST VI preferred equity investment | — | (15,000) | — |
| SST VI preferred equity investment redemption | — | 15,000 | — |
| Purchase of SST VI Subordinated Class C Units | (1,217) | (3,197) | — |
| Purchase of other assets | (79) | (183) | — |
| SSGT II Merger, net of cash acquired | — | — | (65,541) |
| Investments in Managed REITs | — | — | (5,003) |
| Net proceeds from the sale of real estate | — | — | 228 |
| Net cash (used in) provided by investing activities | (180,938) | 262 | (205,151) |
| Cash flows from financing activities: | |||
| Gross proceeds from issuance of non-credit facility debt | 175,440 | 80,149 | 150,000 |
| Repayment of non-credit facility debt | (20,000) | (12,017) | (86,237) |
| Scheduled principal payments on non-credit facility debt | (3,524) | (2,639) | (2,513) |
| Proceeds from issuance of credit facility debt | 669,950 | 135,000 | 318,000 |
| Repayment of credit facility debt | (623,808) | (184,512) | (183,000) |
| Debt issuance costs | (10,076) | (871) | (2,082) |
| Debt defeasance costs | — | — | (2,544) |
| Offering costs | (144) | (11) | (601) |
| Redemption of common stock | (33,845) | (18,992) | (1,763) |
| Restricted stock withholding for payroll taxes | (219) | (247) | — |
| Gross proceeds from issuance of equity in other non controlling interests | — | — | 1 |
| Distributions paid to preferred stockholders | (12,509) | (12,500) | (12,500) |
| Distributions paid to common stockholders | (37,377) | (40,598) | (49,392) |
| Distributions paid to noncontrolling interests in our OP | (8,606) | (8,273) | (7,033) |
| Distributions paid to other noncontrolling interests | (466) | (588) | (269) |
| Net cash provided by (used in) financing activities | 94,816 | (66,099) | 120,067 |
| Impact of foreign exchange rate changes on cash and restricted cash | (2,031) | 35 | (1,473) |
| Change in cash, cash equivalents, and restricted cash | (24,126) | 7,389 | 1,352 |
| Cash, cash equivalents, and restricted cash beginning of year | 53,427 | 46,038 | 44,686 |
| Cash, cash equivalents, and restricted cash end of year | $29,301 | $53,427 | $46,038 |
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 | $66,007 | $55,647 | $36,524 |
| Cash paid for income taxes | $298 | $407 | $266 |
| Supplemental disclosure of noncash activities: | |||
| Issuance of shares pursuant to distribution reinvestment plan | $20,667 | $17,636 | $5,243 |
| Distributions payable | $9,257 | $9,156 | $9,324 |
| Real estate and construction in process included in accounts payable and accrued liabilities | $873 | $433 | $516 |
| Acquisition of real estate with 2027 Ladera Ranch Loan | $40,740 | $— | $— |
| Deposit applied to the purchase of real estate | $— | $400 | $190 |
| Redemption of common stock included in accounts payable and accrued liabilities | $— | $3,945 | $— |
| Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REIT's receivables | $— | $1,195 | $— |
| Intangible assets applied to the purchase of real estate | $— | $8,370 | $— |
| Conversion of A-2 Units into A-1 Units | $— | $— | $31,514 |
| Issuance of common stock and OP Units in connection with the mergers | $— | $— | $168,792 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.