SmartStop Self Storage REIT, Inc.

Previous wording

As of March 31, 2026, our wholly-owned portfolio consisted of 177 operating self storage properties diversified across 19 states, the District of Columbia, and Canada, comprising approximately 122,000 units and 13.9 million net rentable square feet.

Current wording

As of June 30, 2026, our wholly-owned portfolio consisted of 180 operating self storage properties diversified across 19 states, the District of Columbia, and Canada, comprising approximately 124,000 units and 14.1 million net rentable square feet.

Previous wording

Additionally, as of March 31, 2026, we owned a 50% equity interest in 14 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and four properties which were being developed into self storage properties.

Current wording

Additionally, as of June 30, 2026, we owned a 50% equity interest in 14 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and four properties that were being developed into self storage properties.

Previous wording

Through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT, (“SST X” and together with SST VI and SSGT III, the “Managed REITs”). We manage the properties owned by the Managed REITs and the properties owned by the Delaware statutory trusts (“DSTs”) sponsored by one of the Managed REITs. As of March 31, 2026, we managed 53 of such operating self storage properties, consisting of approximately 42,000 units and 4.6 million rentable square feet.

Current wording

Through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT, (“SST X” and together with SST VI and SSGT III, the “Managed REITs”). We manage the properties owned by the Managed REITs and the properties owned by the Delaware statutory trusts (“DSTs”) sponsored by one of the Managed REITs. As of June 30, 2026, we managed 52 of such operating self storage properties, consisting of approximately 43,000 units and 4.6 million rentable square feet.

Previous wording

On October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage properties (the “Third Party Platform Acquisition”). See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. As of March 31, 2026, we managed more than 225 of such operating self storage properties, consisting of more than approximately 102,000 units and 16.3 million rentable square feet (the “Third Party Platform”).

Current wording

On October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage properties (the “Third Party Platform Acquisition”). See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. As of June 30, 2026, we managed approximately 220 of such operating self storage properties, consisting of approximately 100,000 units and 15.7 million rentable square feet (the “Third Party Platform”).

Previous wording

The Third Party Platform, the Managed REITs, and the other properties operated but not owned by us, as mentioned above, are referred to as the “Managed Platform.” In total, as of March 31, 2026, we managed more than 275 operating self storage properties, which we did not own, consisting of more than approximately 144,000 units and 20.9 million rentable square feet through our Managed Platform.

Current wording

The Third Party Platform, the Managed REITs and the properties owned by the DSTs sponsored by one of the Managed REITs are collectively referred to as the “Managed Platform.” In total, as of June 30, 2026, we managed approximately 270 operating self storage properties, which we did not own, consisting of approximately 143,000 units and 20.3 million rentable square feet through our Managed Platform.

Previous wording

On October 1, 2025, pursuant to a contribution agreement (the “Contribution Agreement”), we acquired Argus. The principal assets acquired were property management contracts covering the management of more than 220 properties and 400 employees (as of October 1, 2025), and an operating lease for Argus' corporate headquarters in Tucson, Arizona and other intellectual and personal property.

Current wording

On October 1, 2025, pursuant to a contribution agreement (the “Contribution Agreement”), we acquired Argus. The principal assets acquired were property management contracts covering the management of more than 220 properties and 400 employees, and an operating lease for Argus’ corporate headquarters in Tucson, Arizona and other intellectual and personal property.

Previous wording

We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans, promissory notes, and preferred equity as applicable. We intend to continue in this practice going forward, if necessary. We continue to look to expand our lending practice to self storage facilities outside of the Managed REITs, potentially to third party managed properties or joint venture properties. We may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada.

Current wording

We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans, promissory notes, and preferred equity as applicable. We intend to continue in this practice going forward, if necessary. We continue to look to further expand our lending practice to self storage facilities outside of the Managed REITs, to third party managed properties or joint venture properties. We may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada.

Previous wording

Includes all rentable units, consisting of storage units and parking (approximately 3,500 units).

Current wording

Includes all rentable units, consisting of storage units and parking (approximately 3,600 units).

Previous wording

Includes all rentable square feet, consisting of storage units and parking (approximately 1,070,000 square feet).

Current wording

Includes all rentable square feet, consisting of storage units and parking (approximately 1,120,000 square feet).

Previous wording

Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the three months ended March 31, 2026.

Current wording

Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the six months ended June 30, 2026.

Previous wording

On July 18, 2024, we entered into a joint venture arrangement with an unaffiliated third party to develop a self storage property in Nantucket, Massachusetts (the“Nantucket Joint Venture”). This property became operational in December 2025 and we serve as the property manager of this self storage property.

Current wording

On July 18, 2024, we entered into a joint venture arrangement with an unaffiliated third party to develop a self storage property in Nantucket, Massachusetts (the“Nantucket Joint Venture”). This property became operational in December 2025, and we serve as the property manager of this self storage property. As of June 30, 2026 and December 31, 2025, the carrying value of this investment was approximately $6.4 million and $7.0 million, respectively, which represented an indirect investment of approximately 42% minority ownership of the property.

Previous wording

As of March 31, 2026 and December 31, 2025, these operating properties were encumbered by first mortgages pursuant to the RBC JV term loan III.

Current wording

As of June 30, 2026 and December 31, 2025, these operating properties were encumbered by first mortgages pursuant to the RBC JV Term Loan III (defined below).

Previous wording

We own our office located at 10 Terrace Rd, Ladera Ranch, California, which houses our corporate headquarters.

Current wording

We own our office located in Ladera Ranch, California, which houses our corporate headquarters.

Previous wording

We have established accounting policies which conform to generally accepted accounting principles (“GAAP”). Preparing financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. Following is a discussion of the estimates and assumptions used in setting accounting policies that we consider critical in the presentation of our consolidated financial statements. Many estimates and assumptions involved in the application of GAAP may have a material impact on our financial condition or operating performance, or on the comparability of such information to amounts reported for other periods, because of the subjectivity and judgment required to account for highly uncertain items or the susceptibility of such items to change. These estimates and assumptions affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the dates of the financial statements and our reported amounts of revenue and expenses during the period covered by this report. If management’s judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied or different amounts of assets, liabilities, revenues and expenses would have been recorded, thus resulting in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements. Additionally, other companies may use different estimates and assumptions that may impact the comparability of our financial condition and results of operations to those companies.

Current wording

We have established accounting policies that conform to United States generally accepted accounting principles (“GAAP”). Preparing financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. Following is a discussion of the estimates and assumptions used in setting accounting policies that we consider critical in the presentation of our consolidated financial statements. Many estimates and assumptions involved in the application of GAAP may have a material impact on our financial condition or operating performance, or on the comparability of such information to amounts reported for other periods, because of the subjectivity and judgment required to account for highly uncertain items or the susceptibility of such items to change. These estimates and assumptions affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the dates of the financial statements and our reported amounts of revenue and expenses during the period covered by this report. If management’s judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied or different amounts of assets, liabilities, revenues and expenses would have been recorded, thus resulting in a materially different presentation of the financial statements or materially different amounts being reported in the financial statements. Additionally, other companies may use different estimates and assumptions that may impact the comparability of our financial condition and results of operations to those companies.

Previous wording

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.

Current wording

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. An entity is required to consolidate a VIE if it is the primary beneficiary of the VIE.

Previous wording

As of March 31, 2026 and 2025, we wholly-owned 177 and 164, respectively, operating self storage facilities.

Current wording

As of June 30, 2026 and 2025, we wholly owned 180 and 171, respectively, operating self storage facilities.

Previous wording

Our operating results for the three months ended March 31, 2026 included full period results for 177 self storage facilities. Our operating results for the three months ended March 31, 2025 included full period results for 161 self storage facilities and partial period results for three self storage facilities.

Current wording

Our operating results for the three months ended June 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities. Our operating results for the three months ended June 30, 2025 included full period results for 164 self storage facilities and partial period results for seven self storage facilities.

Previous wording

Total self storage related revenues for the three months ended March 31, 2026 and 2025 were approximately $64.8 million and $59.2 million, respectively. The increase in total self storage revenues of approximately $5.6 million, or approximately 9%, was primarily attributable to an increase in non same-store revenues of approximately $4.5 million, largely related to the net increase of 13 wholly-owned properties acquired after March 31, 2025, the operating results of which were not included during the three months ended March 31, 2025. Additionally, our same-store revenues were up approximately $0.8 million, or approximately 1.5%, and our tenant protection program revenues across all of our stores were up approximately $0.3 million.

Current wording

Total self storage related revenues for the three months ended June 30, 2026 and 2025 were approximately $65.8 million and $60.9 million, respectively. The increase in total self storage revenues of approximately $4.9 million, or approximately 8%, was primarily attributable to an increase in non same-store revenues of approximately $4.1 million, largely related to the net increase of nine wholly-owned properties acquired after June 30, 2025, the operating results of which were not included during the three months ended June 30, 2025. Additionally, our same-store revenues were up approximately $0.7 million, or approximately 1.3%, and our tenant protection program revenues across all of our stores were up approximately $0.2 million.

Previous wording

Managed Platform revenues for the three months ended March 31, 2026 and 2025 were approximately $6.6 million and $4.1 million, respectively. The increase in Managed Platform revenues of approximately $2.5 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $1.2 million as compared to the same period in the prior year.

Current wording

Managed Platform revenues for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $4.0 million, respectively. The increase in Managed Platform revenues of approximately $2.7 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $0.6 million as compared to the same period in the prior year.

Previous wording

Reimbursable costs from Managed Platform for the three months ended March 31, 2026 and 2025 were approximately $6.9 million and $2.1 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.

Current wording

Reimbursable costs from Managed Platform for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $1.9 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.

Previous wording

Managed Platform expenses for the three months ended March 31, 2026 and 2025 were approximately $4.3 million and $1.2 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed Platform. The increase in Managed Platform expenses of approximately $3.1 million was primarily attributable to our newly acquired Third Party Platform, some of which were non-recurring in nature.

Current wording

Managed Platform expenses for the three months ended June 30, 2026 and 2025 were approximately $3.7 million and $3.3 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed Platform. The increase in Managed Platform expenses of approximately $0.4 million was primarily attributable to our newly acquired Third Party Platform.

Previous wording

Reimbursable costs from Managed Platform for the three months ended March 31, 2026 and 2025 were approximately $6.9 million and $2.1 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.

Current wording

Reimbursable costs from Managed Platform for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $1.9 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.

Previous wording

General and administrative expenses for the three months ended March 31, 2026 and 2025 were approximately $9.1 million and $7.9 million, respectively. Such expenses consisted primarily of compensation related costs, equity-based compensation, marketing related costs, legal expenses, accounting expenses, transfer agent fees, directors and officers’ insurance expense and board of directors related costs. The increase in general and administrative expenses of approximately $1.2 million was primarily attributable to increased compensation and stock compensation costs, which in total increased by approximately $1.5 million compared to the prior period, inclusive of approximately $0.7 million related to the IPO Grant. Such increases were in part offset by reduced professional services costs of approximately $0.4 million as compared to the same period in the prior year.

Current wording

General and administrative expenses for the three months ended June 30, 2026 and 2025 were approximately $9.9 million and $11.7 million, respectively. Such expenses consisted primarily of compensation-related costs, equity-based compensation, marketing-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. The reduction in general and administrative expenses of approximately $1.8 million was primarily attributable to the reduction of stock compensation costs associated with the IPO Grant of approximately $1.0 million as compared to the same period in the prior year. Additionally, in the prior year period, we incurred approximately $0.7 million incidental to our Underwritten Public Offering in general and administrative expenses, which was not directly attributable to the offering. Such cost was not incurred in 2026.

Previous wording

Depreciation and intangible amortization expenses for the three months ended March 31, 2026 and 2025 were approximately $20.0 million and $16.7 million, respectively. Depreciation expense consisted primarily of depreciation on the buildings and site improvements at our properties. Intangible amortization expense primarily consisted of the amortization of our in place lease intangible assets resulting from our self storage acquisitions, and, to a lesser extent, the amortization of the customer contracts and related relationships intangible asset recorded in connection with our acquisition of the Third Party Platform.

Current wording

Depreciation and intangible amortization expenses for the three months ended June 30, 2026 and 2025 were approximately $19.8 million and $17.3 million, respectively. Depreciation expense consisted primarily of depreciation on the buildings and site improvements at our properties. Intangible amortization expense primarily consisted of the amortization of our in place lease intangible assets resulting from our self storage acquisitions, and, to a lesser extent, the amortization of the customer contracts and related relationships intangible asset recorded in connection with our acquisition of the Third Party Platform. The increase in depreciation and intangible amortization expense of approximately $2.5 million was primarily attributable to such increases related to the net increase of nine wholly-owned properties acquired after June 30, 2025, as well as additional depreciation and intangible amortization expense related to the seven properties we acquired during the three months ended June 30, 2025.

Previous wording

Acquisition expenses for the three months ended March 31, 2026 and 2025 were approximately $0.1 million and $0.2 million, respectively. The decrease in acquisition expenses of approximately $0.1 million was due to decreased acquisition volume in the current period.

Current wording

Acquisition expenses for the three months ended June 30, 2026 and 2025 were approximately $0.2 million and $0.4 million, respectively. The decrease in acquisition expenses of approximately $0.2 million was due to decreased acquisition volume in the current period.

Previous wording

Contingent earnout adjustment for the three months ended March 31, 2026 and 2025 was approximately $0.6 million and none, respectively. Such expense represents the adjustment to fair value of the contingent earnout related to the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information.

Current wording

Contingent earnout adjustment for the three months ended June 30, 2026 and 2025 was approximately $0.4 million and none, respectively. Such expense represents the adjustment to fair value of the contingent earnout related to the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information.

Previous wording

Losses from our equity method investments in unconsolidated real estate ventures for the three months ended March 31, 2026 and 2025 were approximately $0.1 million and $0.2 million, respectively. Losses from our equity method investments in unconsolidated real estate ventures primarily consisted of our allocation of earnings and losses from our unconsolidated joint ventures.

Current wording

Losses from our equity method investments in unconsolidated real estate ventures for the three months ended June 30, 2026 and 2025 were approximately $0.2 million and $0.1 million, respectively. Losses from our equity method investments in unconsolidated real estate ventures primarily consisted of our allocation of earnings and losses from our unconsolidated joint ventures.

Previous wording

Losses from our equity method investments in the Managed REITs for the three months ended March 31, 2026 and 2025 were approximately $0.2 million and $0.2 million, respectively. Losses from our equity method investments in Managed REITs consisted primarily of our allocation of earnings and losses from our investments in the Managed REITs.

Current wording

Losses from our equity method investments in the Managed REITs for the three months ended June 30, 2026 and 2025 were approximately $0.4 million and $0.2 million, respectively. Losses from our equity method investments in Managed REITs consisted primarily of our allocation of earnings and losses from our investments in the Managed REITs.

Previous wording

Interest and investment income for the three months ended March 31, 2026 and 2025 was approximately $2.0 million and $0.7 million, respectively. Interest and investment income includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, interest earned on cash held at financial institutions, as well as income earned on our preferred investments. The increase in interest and investment income of approximately $1.3 million was primarily related to increased lending to the Managed REITs, as well as increases in our preferred investments in SST VI and SST X.

Current wording

Investment income, net for the three months ended June 30, 2026 and 2025 was approximately $2.1 million and $0.7 million, respectively. Investment income, net includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, interest earned on cash held at financial institutions, as well as income earned on our preferred investments, net of reserve adjustments thereon. The increase in investment income, net of approximately $1.4 million was primarily related to increased lending to the Managed REITs, as well as increases in our preferred investments.

Previous wording

We expect interest and investment income to primarily fluctuate commensurate with the level of outstanding borrowings and preferred investments.

Current wording

We expect investment income, net to primarily fluctuate commensurate with the level of outstanding borrowings and preferred investments.

Previous wording

Other, net for the three months ended March 31, 2026 and 2025 was approximately $6.1 million and $0.5 million, respectively, of income. Other, net consisted primarily of certain state tax expenses, foreign currency fluctuations, changes in value related to our foreign currency, other miscellaneous items and, in the previous year, interest rate hedges not designated for hedge accounting. The favorable variance as compared to the prior period was primarily attributable a net favorable foreign currency fluctuation of approximately $5.0 million, largely driven by our Canadian notes, and to a lesser extent, proceeds received from a legal settlement of approximately $0.9 million during the three months ended March 31, 2026.

Current wording

Other, net for the three months ended June 30, 2026 and 2025 was approximately $6.4 million of income and $1.4 million of expense, respectively. Other, net consisted primarily of the impact related to transactions denominated in a currency other than the functional currency of such entity and changes in our net investments not classified as long-term, certain state tax expenses, other miscellaneous items and, in the previous year, interest rate hedges not designated for hedge accounting. The favorable variance as compared to the prior period was primarily attributable to a net favorable foreign currency fluctuation of approximately $7.3 million, largely driven by our Canadian notes during the three months ended June 30, 2026.

Previous wording

The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025, excluding four other properties) for the three months ended March 31, 2026 and 2025. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, development activity, properties impacted by casualty events, lease up properties or similar other such factors (dollars in thousands, except per occupied square foot amounts):

Current wording

The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025, excluding seven other properties) for the three months ended June 30, 2026 and 2025. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, eminent domain proceedings, development activity, properties impacted by casualty events, lease up properties or similar other such factors (dollars in thousands, except per occupied square foot amounts):

Previous wording

As of March 31, 2026 and 2025, parking represented approximately 1,070,000 and 1,017,000 square feet, respectively, of the total rentable square feet. On a same-store basis, for the same periods, parking represented approximately 992,000 square feet. Amounts not in thousands.

Current wording

As of June 30, 2026 and 2025, parking represented approximately 1,120,000 and 1,068,000 square feet, respectively, of the total rentable square feet. On a same-store basis, for the same periods, parking represented approximately 984,000 square feet. Amounts not in thousands.

Previous wording

Our same-store revenue increased by approximately $0.8 million, or 1.5%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to an approximately 1.2% increase in annualized rent per occupied square foot and increased administrative and late fees. Our same-store property operating expenses increased by approximately $0.1 million, or 0.6%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to increased payroll costs.

Current wording

Our same-store revenue increased by approximately $0.7 million, or 1.3%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to an approximately 1.9% increase in annualized rent per occupied square foot, slightly offset by a decrease in occupancy of approximately 0.6%, and increased administrative and late fees. Our same-store property operating expenses decreased by approximately $0.6 million, or 3.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to decreased property insurance costs and repairs and maintenance expense.

Previous wording

Net operating income, or NOI, is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense, as applicable. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance.

Current wording

Net operating income (“NOI”) is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense, as applicable. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance.

Previous wording

Approximately $2.3 million and $2.1 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended March 31, 2026 and 2025, respectively, with the remaining approximately $0.3 million and $0.2 million earned at non same-store facilities during the three months ended March 31, 2026 and 2025, respectively.

Current wording

Approximately $2.3 million and $2.2 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended June 30, 2026 and 2025, respectively, with the remaining approximately $0.3 million and $0.2 million earned at non same-store facilities during the three months ended June 30, 2026 and 2025, respectively.

Previous wording

Property operating expenses for the three months ended March 31, 2026 and 2025 were approximately $22.2 million (or 34% of self storage revenue) and $20.1 million (or 34% of self storage revenue), respectively. Property operating expenses includes the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The increase in property operating expenses of approximately $2.1 million was largely attributable to increased property operating expenses of approximately $1.9 million related to our non same-store properties and, to a lesser extent, increased payroll costs at our same-store properties.

Current wording

Property operating expenses for the six months ended June 30, 2026 and 2025 were approximately $43.4 million (or 33% of self storage revenue) and $42.1 million (or 35% of self storage revenue), respectively. Property operating expenses includes the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The increase in property operating expenses of approximately $1.3 million was largely attributable to increased non same-store property operating expenses of $3.3 million, partially offset by reduced equity-based compensation expenses of approximately $1.7 million, as the IPO Grant related expense was fully recognized as of September 30, 2025, as well as reduced same-store repairs and maintenance expense and property insurance expense as compared to the same period in the prior year.

Previous wording

Gain on disposition of real estate for the three months ended March 31, 2026 and 2025 was approximately $1.2 million and none, respectively. One of our wholly-owned properties suffered fire damage in March 2024; the related insurance claim was fully settled during the three months ended March 31, 2026 and we recorded a gain for the amount of the insurance recovery in excess of the insurance recovery originally recorded.

Current wording

Gain on disposition of real estate for the six months ended June 30, 2026 and 2025 was approximately $1.7 million and none, respectively. One of our wholly-owned properties suffered fire damage in March 2024; the related insurance claim was fully settled during the six months ended June 30, 2026, and we recorded a gain of approximately $1.2 million for the amount of the insurance recovery in excess of the insurance recovery originally recorded. The remaining approximately $0.5 million of gain was recorded in connection with the partial taking of our Asheville III property in an eminent domain case. See Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements for additional information.

Previous wording

Interest expense for the three months ended March 31, 2026 and 2025 was approximately $13.1 million and $22.0 million, respectively. Interest expense included interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and, in the prior year, the impact of any interest rate derivatives designated for hedge accounting. The decrease in interest expense of approximately $8.9 million was primarily due to decreased borrowings as a result of certain of our Underwritten Public Offering proceeds being used to reduce our overall borrowings, as well as a lower average effective interest rate due to favorable changes in our outstanding debt.

Current wording

Interest expense for the six months ended June 30, 2026 and 2025 was approximately $26.5 million and $34.1 million, respectively. Interest expense included interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and, in the prior year, the impact of any interest rate derivatives designated for hedge accounting. The decrease in interest expense of approximately $7.6 million was primarily due to decreased average indebtedness during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 as a result of certain of our Underwritten Public Offering proceeds being used to reduce our borrowings, as well as a lower average effective interest rate due to favorable changes in our outstanding debt.

Previous wording

Loss on debt extinguishment for the three months ended March 31, 2026 and 2025 was approximately $0.3 million and $0.8 million, respectively. Loss on debt extinguishment for the three months ended March 31, 2026 represented a proportional amount of the unamortized debt issuance costs attributable to certain lenders who were in the lending syndicate under our old credit facility, but not our new credit facility. Loss on debt extinguishment for the three months ended March 31, 2025 was related to the defeasance of our KeyBank Florida CMBS loan.

Current wording

Loss on debt extinguishment for the six months ended June 30, 2026 and 2025 was approximately $0.3 million and $2.5 million, respectively. Loss on debt extinguishment for the six months ended June 30, 2026 represented a proportional amount of the unamortized debt issuance costs attributable to certain lenders who were in the lending syndicate under our old credit facility, but not our new credit facility. Loss on debt extinguishment for the six months ended June 30, 2025 was related to debt issuance costs written off in connection with a reduction in the total commitment on our previously existing credit facility from $700 million to $600 million, the pay-off of the 2027 NBC loan, the full repayment of the 2025 KeyBank Acquisition Facility, and the defeasance of our KeyBank Florida CMBS Loan, which were all completed during the six months ended June 30, 2025.