SmartStop Self Storage REIT, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(1,737) | $(5,887) | $11,647 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 73,200 | 56,110 | 60,230 |
| Change in deferred tax assets and liabilities | 1,046 | 845 | (3,301) |
| Accretion of fair market value adjustment of secured debt | 717 | 120 | 13 |
| Amortization of debt issuance costs | 3,904 | 4,115 | 2,728 |
| Equity based compensation expense | 16,623 | 5,258 | 5,258 |
| Non-cash adjustment - equity method investments in unconsolidated real estate ventures | 407 | 1,380 | 1,625 |
| Non-cash adjustment - equity method investments in Managed REITs | 995 | 1,414 | 1,694 |
| Accretion of financing fee revenues | (399) | (181) | (664) |
| Contingent earnout adjustment | 221 | — | — |
| Unrealized foreign currency and derivative (gains) losses | (2,319) | 2,092 | (1,035) |
| Loss on debt extinguishment | 2,533 | 471 | — |
| Issuance of noncontrolling interest in SST VI advisor | — | 330 | — |
| Sponsor funding reduction | 1,052 | 844 | 34 |
| Gain on disposition of real estate | (284) | — | — |
| Increase (decrease) in cash from changes in assets and liabilities: | |||
| Other assets, net | 141 | (639) | 958 |
| Managed REITs receivables and other | (5,135) | (10,049) | (2,751) |
| Due to affiliates | (359) | (54) | 6 |
| Accounts payable and accrued liabilities | (5,637) | 7,858 | (3,251) |
| Net cash provided by operating activities | 84,969 | 64,027 | 73,191 |
| Cash flows from investing activities: | |||
| Third Party Platform Acquisition, net of cash acquired | (8,057) | — | — |
| Purchase of real estate | (304,141) | (146,360) | (15,617) |
| Net proceeds from the disposition of real estate | 7,872 | — | — |
| Additions to real estate and construction in process | (13,598) | (11,464) | (10,466) |
| Insurance proceeds on insured property damage | 4,188 | 500 | 1,726 |
| Deposits on acquisitions | (543) | (3,822) | (753) |
| Settlement of foreign currency hedges designated for hedge accounting | 1,065 | 1,939 | 2,851 |
| Capital distributions from Managed REITs | 616 | 616 | 597 |
| Investments in unconsolidated real estate ventures | (7,356) | (8,890) | (9,517) |
| Capital distributions from unconsolidated real estate ventures | 11,021 | 1,816 | 1,321 |
| Funding of loans - SSGT III and SSGT III sponsored DSTs | (84,818) | (27,000) | (16,000) |
| Repayment of loans - SSGT III and SSGT III sponsored DSTs | 55,919 | 21,023 | 29,500 |
| Funding of loans - SST VI | (2,000) | (8,000) | (30,000) |
| Repayment - SST VI loans | — | — | 50,000 |
| SST VI preferred equity investment | (34,650) | — | (15,000) |
| SST VI preferred equity investment redemption | — | — | 15,000 |
| SST X preferred equity investment | (1,782) | — | — |
| Purchase of SST VI Subordinated Class C Units | (658) | (1,217) | (3,197) |
| Purchase of other assets | (73) | (79) | (183) |
| Purchase of other investments | (4,760) | — | — |
| Redemption of other investments | 1,000 | — | — |
| Net cash (used in) provided by investing activities | (380,755) | (180,938) | 262 |
| Cash flows from financing activities: | |||
| Gross proceeds - Underwritten Public Offering | 931,500 | — | — |
| Offering costs | (57,281) | (144) | (11) |
| Gross proceeds - issuance of Canadian Notes | 511,462 | — | — |
| Gross proceeds - issuance of non-credit facility debt | 74,800 | 175,440 | 80,149 |
| Repayment - non-credit facility debt | (278,880) | (20,000) | (12,017) |
| Scheduled principal payments on non-credit facility debt | (2,900) | (3,524) | (2,639) |
| Proceeds from issuance of credit facility debt | 320,000 | 669,950 | 135,000 |
| Repayment of credit facility debt | (875,005) | (623,808) | (184,512) |
| Debt issuance costs | (3,033) | (10,076) | (871) |
| Debt defeasance costs | (754) | — | — |
| Payment of payroll withholding tax on stock vesting | (3,042) | (219) | (247) |
| Redemptions of noncontrolling interests in our OP | (230) | — | — |
| Redemption of Series A Convertible Preferred Stock | (200,000) | — | — |
| Redemption of fractional common shares | (290) | — | — |
| Redemption of common stock | — | (33,845) | (18,992) |
| Repurchase of noncontrolling interest in SST VI advisor | (1,850) | — | — |
| Distributions paid - preferred stockholders | (6,967) | (12,509) | (12,500) |
| Distributions paid - common stockholders | (74,832) | (37,377) | (40,598) |
| Distributions paid - noncontrolling interests in our OP | (7,106) | (8,606) | (8,273) |
| Distributions paid - other noncontrolling interests | (365) | (466) | (588) |
| Net cash provided by (used in) financing activities | 325,227 | 94,816 | (66,099) |
| Impact of foreign exchange rate changes on cash and restricted cash | 626 | (2,031) | 35 |
| Change in cash, cash equivalents, and restricted cash | 30,067 | (24,126) | 7,389 |
| Cash, cash equivalents, and restricted cash beginning of year | 29,301 | 53,427 | 46,038 |
| Cash, cash equivalents, and restricted cash end of year | $59,368 | $29,301 | $53,427 |
SMARTSTOP SELF STORAGE REIT, Inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Supplemental disclosure of cash flow information: | |||
|---|---|---|---|
| Cash paid for interest, net of capitalized interest | $56,453 | $66,007 | $55,647 |
| Cash paid for income taxes | $470 | $298 | $407 |
| Supplemental disclosure of noncash activities: | |||
| Issuance of shares pursuant to distribution reinvestment plan | $3,452 | $20,667 | $17,636 |
| Distributions payable | $8,796 | $9,257 | $9,156 |
| Real estate and construction in process included in accounts payable and accrued liabilities | $884 | $873 | $433 |
| Acquisition of real estate with loans payable | $25,326 | $40,740 | $— |
| Deposit applied to the purchase of real estate | $2,745 | $— | $400 |
| 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 REITs receivables | $1,098 | $— | $1,195 |
| Intangible assets applied to the purchase of real estate | $— | $— | $8,370 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.