SmartStop Self Storage REIT (STSFF) 8-K Regulation FD Disclosure

Exhibit 99.1

SmartStop®
Self Storage REIT, Inc.
The Smarter Way to Store!®
Financial Supplement | Q1 2021

Table of Contents    
Portfolio Snapshot as of 3/31/21    3
About SmartStop Self Storage REIT, Inc    4
Earnings Release    5
Financial Highlights    15
Trailing Five Quarter Financials: Condensed Balance Sheet    16
Trailing Five Quarter Financials: Condensed Income Statement    17
Trailing Five Quarter Financials: FFO Reconciliation    18
Store Portfolio Reporting Information    19
Same-Store Portfolio Details    20
Same-Store Portfolio MSA Summary    21
Total Portfolio MSA Summary    22
Toronto Portfolio Overview at 3/31/2021    23
SmartCentres Joint Venture Overview    24
Debt Summary    25
Managed REIT Overview    26
Appendix    27
Reconciliation of Same-Store Revenue and Net Operating Income    28
Reconciliation of Net Loss to Net Operating Income: Trailing 5 Quarters    29
Forward Looking Statements    30

Portfolio Snapshot as of 3/31/21
104K+ UNITS 93.4%
Units Owned & Managed in the US and Canada SmartStop Total Portfolio Occupancy as of 3/31/21
(1)
11.6M NRSF 14.2%
Owned & Managed in the US and Canada Same-Store NOI growth in 1Q21
16 PROPERTIES $70K
Owned & Managed in the Greater Toronto Area Average 3-Mile Radius Household Income
2
6 12 4 5
6 2 5
9 2 2 6 1413 3 2
15 2
2 3
Historical SmartStop Self Storage REIT, Inc. Properties
112 properties 8
Historical SST IV Properties* 2
30 properties 17
*Includes properties owned in JV with SmartCentres 2
Note: in a merger SmartStop that closed Self Storage on 3/17/21. REIT, Inc. Property acquired counts the are 30 assets as of 3/31/21. owned by Strategic Storage Trust IV, Inc. (“SST IV”)
1. Same-store NOI is non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP financial measure.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 3

About SmartStop Self Storage REIT, Inc.
SmartStop
Self Storage REIT, Inc.
As of 6/30/2021 SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 400 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. SmartStop is the tenth-largest self storage company in the U.S., with approximately $1.8 billion of real estate assets under management, including an owned and managed portfolio of 155 properties in 19 states and Ontario, Canada and comprising approximately 104,000 units and 11.8 million rentable square feet. SmartStop and its affiliates own or manage 17 operating self storage properties in Ontario, Canada, which total approximately 14,200 units and 1.4 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
COMPANY INFORMATION
Headquarters: Investor Relations: Information Requests:
10 Terrace Road David Corak To request an Investor Relations package
Ladera Ranch, California VP of Corporate Finance or annual report, please visit our website at
92694 949-542-3331 www.smartstop.com or email ir@smartstop.com
Ladera Ranch, California
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
4

Earnings Release
SmartStop®
Self Storage REIT, Inc.
May 18, 2021
SmartStop Self Storage REIT, Inc. Reports First Quarter 2021 Results
LADERA RANCH, CA – May 18, 2021 – SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage company with approximately $1.7 billion of self storage assets under management, announced its overall results for the three months ended March 31, 2021.
“SmartStop posted tremendous results this quarter with same store revenue and NOI growth of 9.7% and 14.2%, respectively, both higher than all of our publicly-traded peers,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “Our best-in-class portfolio posted record same store occupancy of 94.1% at quarter end, an increase of 540 basis points year-over-year. These performance metrics are a testament to the power of the SmartStop® Self Storage platform, the fantastic team operating this portfolio and the robust self storage operating environment. With our unprecedented level of occupancy, we are entering the busy summer rental season from a position of great strength, and are increasing asking rates while decreasing concessions, resulting in increasing net effective rental rates and total revenues. With this encouraging start to 2021, we believe the company is well positioned to grow stockholder value in 2021 and beyond.”
Three Months Ended March 31, 2021 Financial Highlights:
• Total self storage-related revenues increased by approximately $4.3 million, or 16.2%, when compared to the same period in 2020.
• FFO, as adjusted, increased by approximately $3.2 million, or 195%, when compared to the same period in 2020.
• Same-store revenues increased by 9.7% compared to the same period in 2020.
• Same-store NOI increased by 14.2% compared to the same period in 2020.
• Same-store average physical occupancy increased by 4.4% to 93.1% for the three months ended March 31, 2021, compared to 88.7% during the same period in 2020.
• Same-store annualized rent per occupied square foot was approximately $15.43 for the three months ended March 31, 2021, which represented an increase of approximately 3.6% when compared to the same period in 2020.
• Managed REIT Platform revenue of approximately $2.3 million for the three months ended March 31, 2021, up 28.3% from the same period in 2020.
“This is an incredibly exciting time for SmartStop and our stockholders,” continued Mr. Schwartz. “In addition to our strong operating performance driving outsized internal growth, we remain active on the external growth front, acquiring a six story storage facility in Oakville, Ontario, Canada subsequent to quarter end. Including this property and the 27 operating properties acquired in the merger with Strategic Storage Trust IV, Inc. (“SST IV”) during the first quarter, SmartStop has increased its owned asset base by 25% since the beginning of 2020 to 140 owned or JV stores currently operating. In tandem with the SST IV merger, we entered into a multi-currency credit facility (the “Credit Facility”) of up to $500 million that significantly increases our access to, and lowers the cost of, our debt capital. This facility allows us to continue to execute our growth plans both in the U.S. and across the border in Canada. We believe both the merger and new credit facility are transformational for SmartStop and we are humbled by the dedication of our team members.”
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1 5

Earnings Release (Continued)
Closed the All-Stock Acquisition of Strategic Storage Trust IV, Inc.
On March 17, 2021, SmartStop and SST IV closed a merger in which SST IV merged into a subsidiary of SmartStop, in an all-stock transaction with a value of approximately $375 million (including outstanding debt of SST IV assumed or repaid but excluding transaction costs) (the “Merger”). The Merger positions the combined company to achieve further economies of scale and drive incremental growth as it takes advantage of the benefits of a larger aggregate portfolio. As a result of the Merger, SmartStop acquired all of the real estate owned by SST IV, consisting of 24 wholly-owned self storage facilities located across nine states and six joint venture properties (three operating and three under development) located in the Greater Toronto Area (“GTA”) of Ontario, Canada. The total SST IV portfolio, including joint venture property estimates at completion of development, resulted in the addition of approximately 23,600 self storage units and 2.6 million net rentable square feet. At the closing of the Merger, SmartStop’s consolidated portfolio consisted of 136 wholly-owned properties and six joint venture properties with a combined gross book value of approximately $1.5 billion of self storage assets.
Closed a $500 Million Multi-Currency Credit Facility
On March 17, 2021, SmartStop announced that it entered into a multi-currency credit facility (the “Credit Facility”) of up to $500 million with a syndicate of banks led by KeyBank National Association, Wells Fargo,
N.A., Citibank, N.A. and Bank of Montreal. The facility consists of a $250 million revolving credit facility (the “Revolver”) and a $250 million term loan (the “Term Loan”), and has an accordion feature permitting expansion of the Credit Facility up to $850 million, subject to certain conditions. The Revolver has a three-year term with a maturity date of March 17, 2024 and a one-year extension option. The Term Loan has a five-year term with a maturity date of March 17, 2026. Borrowings under the Credit Facility may be in either U.S. dollars or Canadian dollars at SmartStop’s election. Initial advances under the Term Loan carried interest at 195 basis points over 30-day LIBOR or 30-day CDOR, while initial advances under the Revolver carried interest at 200 basis points over 30-day LIBOR or 30-day CDOR. The Credit Facility is initially secured by a pledge of equity interests in certain of SmartStop’s property owning subsidiaries. SmartStop can elect to release the pledges upon the achievement of certain financial conditions, making the Credit Facility fully unsecured and resulting in a reduction in the applicable interest rate, among other changes.
Greater Toronto Area Property Acquisition
Subsequent to quarter end, SmartStop acquired a recently built, six-story self storage facility in Oakville, Ontario, Canada in April. The property was completed in April 2020 and was approximately 40% occupied at acquisition. The facility is located at 450 Iroquois Shore Rd in the Oakville community, one of the GTA’s most affluent suburbs. The property’s 1,075 units are 100% climate-controlled across approximately 81,500 square feet. The property offers customers a variety of amenities including state-of-the-art security systems, elevators, keypad access, a gated drive-in loading area and more. The facility is our third in Oakville, establishing SmartStop as a dominant player in the submarket. This is SmartStop’s 17th owned or managed location in the GTA, and 153rd property in North America.
Declared Distributions
On March 3, 2021, SmartStop’s board of directors declared a distribution rate for the second quarter of 2021, of approximately $0.00164 per day per share on the outstanding shares of common stock payable to both Class A and Class T stockholders. Such distributions payable to each stockholder of record during a month will be paid the following month.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1 6

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31,
2021 December 31,
(Unaudited)     2020
ASSETS    
Real estate facilities:            ��   
Land    $ 392,801,173    $ 335,800,354    
Buildings    1,083,055,321                810,480,845     
Site improvements    77,101,174                63,821,383    
1,552,957,668                1,210,102,582    
Accumulated depreciation    (124,490,121 )    (115,903,045 )
1,428,467,547                1,094,199,537    
Construction in process    4,260,712                1,761,303    
Real estate facilities, net    1,432,728,259                1,095,960,840    
Cash and cash equivalents    30,371,284                72,705,624    
Restricted cash    8,809,279                7,952,052    
Investments in unconsolidated real estate ventures    17,488,416                —    
Investments in and advances to Managed REITs    736,355                15,624,389    
Other assets, net    15,202,719                7,734,276    
Intangible assets, net of accumulated amortization    24,409,277                12,406,427    
Trademarks, net of accumulated amortization    16,158,824                16,194,118    
Goodwill    53,643,331                53,643,331    
Debt issuance costs, net of accumulated amortization    2,481,254                —    
Total assets    $ 1,602,028,998    $ 1,282,221,057    
LIABILITIES AND EQUITY    
Debt, net    $ 822,490,580    $ 717,952,233    
Accounts payable and accrued liabilities    25,515,670                23,038,976    
Due to affiliates    1,668,662                667,429    
Distributions payable    7,446,393                6,650,317    
Contingent earnout    19,500,000                28,600,000
Deferred tax liabilities    7,539,241                8,380,215    
Total liabilities    884,160,546                785,289,170    
Commitments and contingencies                
Redeemable common stock    60,388,518                57,335,575    
Preferred stock, $0.001 par value; 200,000,000 shares authorized:                
Series A Convertible Preferred Stock, $0.001 par value; 200,000 shares authorized;
200,000 and 200,000 shares issued and outstanding at March 31, 2021 and
December 31, 2020, respectively, with aggregate liquidation preferences of
$203,082,192 and $202,928,620 at March 31, 2021 and December 31, 2020,
respectively    196,356,107                196,356,107
Equity:                
SmartStop Self Storage REIT, Inc. equity:
Class A common stock, $0.001 par value; 350,000,000 shares
authorized; 76,096,756 and 52,660,402 shares issued and
outstanding at March 31, 2021 and December 31, 2020, respectively    76,098                52,661
Class T common stock, $0.001 par value; 350,000,000 shares
authorized; 7,948,354 and 7,903,911 shares issued and
outstanding at March 31, 2021 and December 31, 2020, respectively    7,949                7,904
Additional paid-in capital    723,891,165                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. equity    392,355,573                183,236,294
Noncontrolling interests in our Operating Partnership    68,707,354                59,982,111
Other noncontrolling interests    60,900                21,800
Total noncontrolling interests    68,768,254                60,003,911
Total equity    461,123,827                243,240,205    
Total liabilities and equity    $ 1,602,028,998    $ 1,282,221,057
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1 7

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2021    2020    
Revenues:
Self storage rental revenue    $ 29,503,442    $ 25,568,019
Ancillary operating revenue    1,557,430                1,152,843    
Managed REIT Platform revenue    2,287,740                1,783,787    
Reimbursable costs from Managed REITs    1,216,043                1,793,474    
Total revenues     34,564,655                30,298,123
Operating expenses:
Property operating expenses    10,343,281                9,675,026    
Managed REIT Platform expenses    319,890                1,174,809    
Reimbursable costs from Managed REITs    1,216,043                1,793,474    
General and administrative    4,752,989                3,667,947    
Depreciation    8,543,927                7,716,671    
Intangible amortization expense    1,259,547                3,669,631    
Acquisition expenses    305,650                28,105    
Contingent earnout adjustment    2,119,744                (7,200,000 )
Impairment of goodwill and intangible assets    —                36,465,732    
Impairment of investments in Managed REITs    —                4,376,879    
Write-off of equity interest and preexisting relationships in
SST IV upon acquisition of control    8,389,573                —
Total operating expenses     37,250,644                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 debt    31,866                32,657    
Interest expense – debt issuance costs    (672,473 )    (943,483 )
Net loss on extinguishment of debt    (2,444,788 )    —
Other    1,443,382                2,576,699    
Net loss     (12,303,466 )    (37,743,581 )
Net loss attributable to the noncontrolling
interests in our Operating Partnership    1,476,994                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 )
Net loss per Class A share – basic and diluted    $ (0.22 )    $ (0.59 )
Net loss per Class T share – basic and diluted    $ (0.22 )    $ (0.59 )
Weighted average Class A shares outstanding – basic and diluted    56,398,876                51,313,351    
Weighted average Class T shares outstanding – basic and diluted    7,927,821                7,726,469
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1 8

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES
NON-GAAP MEASURE – COMPUTATION OF ADJUSTED FUNDS FROM OPERATIONS (Unaudited)
Three Months Three Months Ended Ended March 31, March 31,
2021     2020
Net loss (attributable to common stockholders) $ (13,908,664) $ (35,073,951)
Add:
Depreciation of real estate 8,377,485 7,587,338 Depreciation and amortization of real estate and intangible                assets from our Joint Ventures 34,074 — Amortization of real estate related intangible assets 562,085 2,172,565 Deduct: Adjustment for noncontrolling interests (1,118,036) (1,297,630) FFO (attributable to common stockholders) (6,053,056) (26,611,678) Other Adjustments: Intangible amortization expense—contracts(1) 697,462 1,497,066 Acquisition expenses(2) 305,650 28,105 Contingent earnout adjustment(3) 2,119,744 (7,200,000) Impairment of goodwill and intangible assets(4) — 36,465,732 Impairment of investments in Managed REITs(4) — 4,376,879 Write-off of equity interest and preexisting relationships in    8,389,573 —                SST IV upon acquisition of control Accretion of fair market value of secured debt(5) (31,866) (32,657) Net loss on extinguishment of debt(6) 2,444,788 — Foreign currency and interest rate derivative (gains) losses, net(7) 217,998 167,519 Adjustment of deferred tax liabilities(1) (1,872,866) (2,746,896) Adjustment for noncontrolling interests (1,433,296) (4,319,933) FFO, as adjusted (attributable to common stockholders) $ 4,784,131 $ 1,624,137
(1) These items represent the amortization, accretion, or adjustment of intangible assets or deferred tax liabilities. As these items are non-cash and not primary drivers in SmartStop’s decision-making process, FFO is adjusted for their effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric to other real estate companies.
(2) In evaluating investments in real estate, SmartStop differentiates the costs to acquire the investment from the operations derived from the investment. Such information would be comparable only for publicly registered, non-traded REITs that have generally completed their acquisition activity and have other similar operating characteristics. (3) The contingent earnout adjustment represents the adjustment to the fair value of the Class A-2 Units issued in connection with the Self Administration Transaction. FFO is adjusted to arrive at FFO, as adjusted, as this acquisition related item is not a primary driver in SmartStop’s decision-making process and excluding this provides investors a view of SmartStop’s continuing operating portfolio performance over time.
(4) The impairment charges relate to SmartStop’s goodwill, intangible assets and investments in the Managed REIT Platform acquired in the Self Administration Transaction. SmartStop believes that adjusting for such non-recurring items provides useful supplemental information because such expenses may not be reflective of on-going operations and is consistent with management’s analysis of SmartStop’s operating performance and provides for a means of determining a comparable sustainable operating performance metric.
(5) This represents the difference between the stated interest rate and the estimated market interest rate on assumed notes as of the date of acquisition. Such amounts have been excluded from FFO, as adjusted, because SmartStop believes FFO, as adjusted, provides useful supplementary information by focusing on operating fundamentals, rather than events not related to our normal operations. SmartStop is responsible for managing interest rate risk and do not rely on another party to manage such risk.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1 9

(6) The net loss associated with the extinguishment of debt includes prepayment penalties, the write-off of unamortized deferred financing fees, and other fees incurred. SmartStop believes that adjusting for such non-recurring items provides useful supplemental information because such losses may not be reflective of on-going transactions and operations and is consistent with management’s analysis of our operating performance.
(7) This represents the mark-to-market adjustment for SmartStop’s derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term. These derivative contracts are intended to manage the Company’s exposure to interest rate and foreign currency risk which may not be reflective of SmartStop’s ongoing performance and may reflect unrealized impacts on our operating performance. Such amounts are recorded in “Other” within SmartStop’s consolidated statements of operations.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1 10

Earnings Release (Continued)
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES
NON-GAAP MEASURE – COMPUTATION OF SAME-STORE OPERATING RESULTS (Unaudited)
The following table sets forth operating data for SmartStop’s same-store facilities (those properties included in the consolidated results of operations since January 1, 2020) for the three months ended March 31, 2021 and 2020. SmartStop considers the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.
Same-Store Facilities Non Same-Store Facilities Total
% % %
2021 2020 Change 2021 2020 Change 2021 2020 Change
Revenue (1) $27,871,895 $25,405,035 9.7% $3,188,977 $1,315,827 N/M $31,060,872 $26,720,862 16.2 %
Property operating
(2)
expenses 8,817,512 8,716,694 1.2% 1,525,769 958,332 N/M 10,343,281 9,675,026 6.9 %
Property operating
income $19,054,383 $16,688,341 14.2% $1,663,208 $ 357,495 N/M $20,717,591 $17,045,836 21.5 %
Number of
facilities 103 103 34 9 137 112 
Rentable square
feet (3) 7,557,300 7,557,300 2,805,500 680,300 10,362,800 8,237,600 
Average physical 93.1% 88.7% N/M N/M 92.6% 86.3% 
occupancy (4)
Annualized rent $ 15.43 $ 14.90 N/M N/M $ 15.21 $ 14.70 
per occupied
square foot (5)
N/M Not meaningful
(1) Revenue includes rental revenue, Tenant Programs revenue, ancillary revenue, and administrative and late fees. (2) Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense, and acquisition expenses, but includes property management fees if applicable. Property operating expenses for the three months ended March 31, 2020 also includes COVID-19 related costs, including specialized cleaning costs, the purchase of personal protective equipment, and bonuses to our store personnel, totaling approximately $0.4 million. On a same-store basis, COVID-19 related costs represented approximately $0.4 million of the total property operating expenses for the three months ended March 31, 2020. (3) Of the total rentable square feet, parking represented approximately 920,000 square feet and 678,000 square feet as of March 31, 2021 and 2020, respectively. On a same-store basis, for the same periods, parking represented approximately 678,000 square feet.
(4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period.
(5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.
SmartStop’s same-store revenue increased by approximately $2.5 million for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 primarily due to both higher occupancy and higher annualized rent per occupied square foot.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 11

Earnings Release (Continued)
The following table presents a reconciliation of net loss as presented on our consolidated statements of operations to property operating income, as stated above, for the periods indicated:
For the Three Months Ended March 31,
2021 2020
Net loss $ (12,303,466) $ (37,743,581 )
Adjusted to exclude:
Managed REIT Platform revenue (2,287,740) (1,783,787 )
Managed REIT Platform expenses 319,890 1,174,809
General and administrative 4,752,989 3,667,947
Depreciation 8,543,927 7,716,671
Intangible amortization expense 1,259,547 3,669,631
Acquisition expenses 305,650 28,105
Contingent earnout adjustment 2,119,744 (7,200,000 )
Impairment of goodwill and intangible assets — 36,465,732
Impairment of investments in Managed
REITs — 4,376,879
Write-off of equity interest and preexisting 8,389,573 —
relationships in SST IV upon acquisition of control
Interest expense 7,975,464 8,339,303
Interest expense – accretion of fair market
value of secured debt (31,866) (32,657 )
Interest expense – debt issuance costs 672,473 943,483
Net loss on extinguishment of debt 2,444,788 —
Other (1,443,382) (2,576,699 )
Total property operating income $ 20,717,591 $ 17,045,836
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 12

Earnings Release (Continued)
ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as Adjusted Net Operating Income (“NOI”)
NOI is a non-GAAP measure that SmartStop defines 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 and other non-property related expenses. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI (also referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop’s 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.
Funds from Operations (“FFO”) and FFO, as Adjusted
Funds from Operations
Investment Funds Trusts, from operations or NAREIT, (“FFO”) which is SmartStop an industry believes wide metric to be an promulgated appropriate by supplemental the National measure Association to reflect of Real the Estate operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. approved SmartStop by the Board defines of FFO, Governors a non-GAAP of NAREIT, measure, or the consistent White Paper. with the The standards White Paper established defines by FFO the as White net income Paper on (loss) FFO computed plus depreciation in accordance and amortization, with GAAP, and excluding after adjustments gains or losses for unconsolidated from sales of partnerships property and and asset joint impairment ventures. write Additionally, downs, partnerships gains and losses and from joint change ventures in are control calculated are excluded to reflect from FFO the on determination the same basis. of SmartStop’s FFO. Adjustments FFO calculation for unconsolidated complies with NAREIT’s policy described above.
FFO, as Adjusted
SmartStop SmartStop previously uses FFO, used Modified as adjusted, Funds as an from additional Operations non-GAAP (“MFFO”) financial (as defined measure by to the evaluate Institute its for operating Portfolio performance. adjusted, Alternatives) because as a FFO, non-GAAP as adjusted, measure provides of operating investors performance. with supplemental Management performance replaced information the MFFO measure that is consistent with FFO, with as the performance peer group, which models includes and analysis publicly used traded by management. REITs. Further, In addition, SmartStop FFO, believes as adjusted, FFO, as is adjusted, a measure is used useful among in comparing SmartStop’s the sustainability of its operating performance with the sustainability of the operating performance of other real estate companies.
In determining FFO, as adjusted, SmartStop makes further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, adjustments of fair value of debt adjustments, gains or losses from extinguishment of debt, accretion of deferred tax liabilities, realized and unrealized gains/losses on foreign exchange transactions, and gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, which SmartStop believes are not indicative of the Company’s overall long-term operating performance. SmartStop excludes these items from GAAP net income to arrive at FFO, as adjusted, as they are not the primary drivers in its decision-making process and excluding these items provides investors a view of its continuing operating portfolio performance over time and makes its results more comparable period to period and to other REITs, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. SmartStop uses FFO, as adjusted, as one measure of operating performance when SmartStop formulates corporate goals and evaluate the effectiveness of its strategies.
Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and FFO, as adjusted, the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of SmartStop’s performance, as an alternative to cash flows from operations, which is an indication of liquidity, or indicative of funds available to fund SmartStop’s cash needs including SmartStop’s ability to make distributions to its stockholders. FFO and FFO, as adjusted, should not be considered as an alternative to net income (determined in accordance with GAAP) and should be reviewed in conjunction with other measurements as an indication of SmartStop’s performance.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 13

Earnings Release (Continued)
Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments that SmartStop uses to calculate FFO or FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the publicly registered, non-traded REIT industry and SmartStop would have to adjust its calculation and characterization of FFO or FFO, as adjusted.
About SmartStop Self Storage REIT, Inc. (“SmartStop”):
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 400 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. SmartStop is the tenth-largest self storage company in the U.S., with approximately $1.7 billion of real estate assets under management, including an owned and managed portfolio of 153 properties in 19 states and Toronto, Canada and comprising approximately 104,000 units and 11.7 million rentable square feet. SmartStop and its affiliates own or manage 17 operating self storage properties in the Greater Toronto Area, which total approximately 14,200 units and 1.4 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements.
All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the expected effects and benefits of the SST IV merger, the SSGT merger, the self administration transaction and the Series A Preferred equity investment, including anticipated future financial and operating results and synergies, as well as all other statements in this press release, other than historical facts. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including, without limitation, the following: (i) risks related to disruption of management’s attention from SmartStop’s ongoing business operations due to the SST IV merger, the self administration transaction, or other business matters; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) failure to realize the expected benefits and synergies of either of the SST IV merger, the SSGT merger or the self administration transaction in the expected timeframes or at all; (iv) costs or difficulties related to the integration of acquired self storage facilities and operations, including facilities acquired through the SST IV merger, the SSGT merger and operations acquired through the self administration transaction; (v) changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, including the outbreak of novel coronavirus (COVID-19), military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; or (vii) difficulties in SmartStop’s ability to attract and retain qualified personnel and management.
Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop’s views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop’s views as of any date subsequent to the date hereof. Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop’s filings with the SEC, including SmartStop’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 14

Financial Highlights
1Q21 Quarter Weighted 1Q21 Common Stock Equivalents (Fully Diluted) Average Quarter Ending
Class A Common Shares 56,398,876 76,096,756 Class T Common Shares 7,927,821 7,948,354 Operating Partnership Units 9,248,375 10,270,454 Other Dilutive Securities 159,700 156,323
Total Fully Diluted Common Stock Equivalents 73,734,772 94,903,090
1Q21 Ending 1Q21 Operating Portfolio Snapshot # of Stores NRSF Units Occupancy(5)
Wholly Owned Same-Store 103 7,557,300 64,865 94.1% Wholly Owned Non Same-Store 33 2,721,300 24,660 91.0% Total Wholly Owned Stores(1) 136 10,278,600 89,525 93.4% Joint Venture Stores 3 320,000 2,930 25.0% Managed Stores(2) 13 1,048,200 10,200 71.6% Total Stores 152 11,646,800 102,655
For the Quarter Ended:
Balance Sheet Highlights 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Real estate facilities, gross $1,552,957,668 $1,210,102,582 $1,191,037,320 $1,183,920,445 $1,173,101,616 Accumulated depreciation (124,490,121) (115,903,045) (106,556,223) (98,435,981) (90,247,609) Real estate facilities, net 1,432,728,259 1,095,960,840 1,086,072,890 1,086,416,832 1,083,794,929 Debt, net 822,490,580 717,952,233 712,789,410 710,116,684 705,927,075 Preferred stock, gross 200,000,000 200,000,000 150,000,000 150,000,000 150,000,000
Same-Store Performance (103 Stores) 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Revenue(3) $27,871,895 $27,238,620 $26,419,911 $24,702,072 $25,405,035 Expenses(3) 8,817,512 8,699,157 8,827,519 8,279,464 8,716,694
NOI(3) $19,054,383 $18,539,463 $17,592,392 $16,422,608 $16,688,341 Ending Occupancy 94.1% 91.7% 92.3% 90.7% 88.8% Average Occupancy 93.1% 92.2% 91.7% 89.7% 88.7% RentPOF(4) $15.43 $15.25 $14.67 $14.37 $14.90 Move Ins 10,151 9,611 11,179 9,810 9,447 Move Outs 8,665 9,829 10,331 8,533 9,001
FFO, as adjusted per shares & units
3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 outstanding - diluted
FFO, as adjusted (3) $0.08 $0.08 $0.06 $0.03 $0.03
1. Excludes one consolidated property owned by Strategic Storage Trust VI, Inc.’s operating partnership. Such property is included in managed stores.
2. Includes 11 operating properties in Strategic Storage Growth Trust II, Inc. of which one property is in a joint venture, one operating property in Strategic Storage Trust VI, Inc. and one other property.
3. Same-store revenue, expense, NOI and FFO, as adjusted are non-GAAP measures. See page 18 for FFO reconciliation and Appendix for other reconciliations.
4. RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, admin fees and parking income, divided by occupied square feet of storage.
5. Weighted by net rentable square feet.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 15

Trailing Five Quarter Financials: Condensed Balance Sheet
3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Assets:
Real estate facilities, gross $1,552,957,668 $1,210,102,582 $1,191,037,320 $1,183,920,445 $1,173,101,616
Accumulated depreciation (124,490,121) (115,903,045) (106,556,223) (98,435,981) (90,247,609)
Construction in process 4,260,712 1,761,303 1,591,793 932,368 940,922
Real estate facilities, net 1,432,728,259 1,095,960,840 1,086,072,890 1,086,416,832 1,083,794,929
Cash and cash equivalents 30,371,284 72,705,624 36,747,083 49,952,383 54,138,979
Restricted cash 8,809,279 7,952,052 9,787,127 8,102,770 6,835,245
Investments in unconsolidated real estate ventures 17,488,416
Investments in and advances to Managed REITs 736,355 15,624,389 8,178,896 1,615,664 2,286,011
Other assets, net 15,202,719 7,734,276 5,870,035 7,170,160 10,797,367
Intangible assets, net 94,211,432 82,243,876 83,110,619 84,668,879 87,833,641
Debt issusance costs, net of accum. amortization 2,481,254
Total assets $1,602,028,998 $1,282,221,057 $1,229,766,650 $1,237,926,688 $1,245,686,172
Liabilities:
Debt, net $822,490,580 $717,952,233 $712,789,410 $710,116,684 $705,927,075
Other liabilities, net 61,669,966 67,336,937 59,802,804 58,099,857 55,610,880
Total liabilities $884,160,546 $785,289,170 $772,592,214 $768,216,541 $761,537,955
Total redeemable common stock $60,388,518 $57,335,575 $54,116,173 $51,374,754 $47,370,901
Preferred stock, gross $200,000,000 $200,000,000 $150,000,000 $150,000,000 $150,000,000
Preferred stock offering costs (3,643,893) (3,643,893) (3,620,292) (3,620,292) (3,620,292)
Total preferred stock, net $196,356,107 $196,356,107 $146,379,708 $146,379,708 $146,379,708
Equity
Total SmartStop Self Storage REIT, Inc. equity $392,355,573 $183,236,294 $195,385,785 $209,083,918 $225,504,047
Total Noncontrolling interests 68,768,254 60,003,911 61,292,770 62,871,767 64,893,561
Total Equity $461,123,827 $243,240,205 $256,678,555 $271,955,685 $290,397,608
Total Liabilities & Equity $1,602,028,998 $1,282,221,057 $1,229,766,650 $1,237,926,688 $1,245,686,172
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 16

Trailing Five Quarter Financials: Condensed Income Statement
3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Revenues:
Self storage rental revenue $29,503,442 $27,667,870 $26,706,201 $24,946,793 $25,568,019
Ancillary operating revenue 1,557,430 1,517,829 1,431,952 1,183,418 1,152,843
Managed REIT Platform revenue 2,287,740 2,360,929 2,051,021 1,852,893 1,783,787
Reimbursable costs from Managed REITs 1,216,043 1,346,945 1,173,948 1,486,441 1,793,474
Total revenues 34,564,655 32,893,573 31,363,122 29,469,545 30,298,123
Expenses:
Property operating expenses 10,343,281 9,618,356 9,816,774 9,195,043 9,675,026
Managed REIT Platform expenses 319,890 294,818 329,280 1,008,014 1,174,809
Reimbursable costs from Managed REITs 1,216,043 1,346,945 1,173,948 1,486,441 1,793,474
General and administrative 4,752,989 4,641,467 4,012,072 4,149,713 3,667,947
Depreciation 8,543,927 8,731,926 8,003,587 7,842,443 7,716,671
Impairment of goodwill and intangible assets 36,465,732
Impairment of investments in Managed REITs 4,376,879
Write-off of equity interest and preexisting relationships
8,389,573
in SST IV upon acquisition of control
Other 3,684,941 4,673,623 3,656,476 3,815,373 (3,502,264)
Total operating expenses 37,250,644 29,307,135 26,992,137 27,497,027 61,368,274
Operating income (loss) (2,685,989) 3,586,438 4,370,985 1,972,518 (31,070,151)
Interest expense – total 8,616,071 8,602,201 9,013,167 9,187,815 9,250,129
Net loss on extinguishment of debt 2,444,788
Other (1,443,382) (3,071,879) (185,685) (152,456) (2,576,699)
Net loss (12,303,466) (1,943,884) (4,456,497) (7,062,841) (37,743,581)
Net loss attributable to the noncontrolling interests in our OP 1,476,994 351,476 585,360 933,443 5,031,652
Less: Distributions to preferred stockholders (3,082,192) (2,937,500) (2,387,977) (2,362,023) (2,362,022)
Net loss attributable to common stockholders $(13,908,664) $(4,529,908) $(6,259,114) $(8,491,421) $(35,073,951)
Net loss per Class A & T share – basic and diluted ($0.22) ($0.08) ($0.10) ($0.14) ($0.59)
Weighted average Class A & T shares outstanding – basic & diluted 64,326,697 60,167,502 59,847,321 59,398,637 59,039,820
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 17

Trailing Five Quarter Financials: FFO Reconciliation
3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Reconciliation to FFO & FFO, as adjusted:
Net loss (attributable to common stockholders) $(13,908,664) $(4,529,908) $(6,259,114) $(8,491,421) $(35,073,951)
Depreciation of real estate 8,377,485 8,574,735 7,843,237 7,705,792 7,587,338
Depreciation/amortization on Investment in JVs 34,074
Amortization of real estate related intangible assets 562,085 229,998 537,179 2,170,465 2,172,565
Adjustment for noncontrolling interests (1,118,036) (1,051,900) (1,101,471) (1,305,577) (1,297,630)
FFO (attributable to common stockholders) (6,053,056) 3,222,925 1,019,831 79,259 (26,611,678)
Intangible amortization expense—contracts 697,462 1,071,436 1,050,720 1,047,687 1,497,066
Acquisition expenses 305,650 772,189 468,577 97,221 28,105
Contingent earnout adjustment 2,119,744 2,600,000 1,600,000 500,000 (7,200,000)
Impairment of goodwill and intangible assets 36,465,732
Impairment of investments in Managed REITs 4,376,879
Write-off of equity interest and preexisting relationships
8,389,573
in SST IV upon acquisition of control
Accretion of fair market value of secured debt (31,866) (32,345) (32,788) (32,892) (32,657)
Net loss on extinguishment of debt 2,444,788 — -
Foreign currency and interest rate derivative (gains) losses, net 217,998 40,649 53,503 (57,676) 167,519
Adjustment of deferred tax liabilities (1,872,866) (2,627,403) (276,216) (276,216) (2,746,897)
Adjustment for noncontrolling interests (1,433,296) (457,271) (375,841) (168,680) (4,319,933)
FFO, as adjusted (attributable to common stockholders) $4,784,131 $4,590,180 $3,507,786 $1,188,703 $1,624,136
3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Fully Diluted FFO & FFO, as adjusted Calculation:
FFO (attributable to common stockholders) $(6,053,056) $3,222,925 $1,019,831 $79,259 $(26,611,678)
Net loss attributable to the noncontrolling interests in our OP (1,476,994) (351,476) (585,360) (933,443) (5,031,652)
Adjustment for noncontrolling interests 1,118,036 1,051,900 1,101,471 1,305,577 1,297,630
FFO (attributable to common stockholders and
$(6,412,014) $3,923,349 $1,535,942 $451,393 $(30,345,700)
OP unit holders)
FFO, as adjusted (attributable to common stockholders) $4,784,131 $4,590,180 $3,507,786 $1,188,703 $1,624,136
Net loss attributable to the noncontrolling interests in our OP (1,476,994) (351,476) (585,360) (933,443) (5,031,652)
Adjustment for noncontrolling interests 2,551,332 1,509,171 1,477,312 1,474,257 5,617,563
FFO, as adjusted (attributable to common stockholders and
$5,858,469 $5,747,875 $4,399,738 $1,729,517 $2,210,047
OP unit holders)
Weighted average Class A & T shares outstanding 64,326,697 60,167,502 59,847,321 59,398,637 59,039,820
Weighted average OP Units outstanding 9,248,375 9,095,029 9,095,029 9,095,029 9,095,029
Other Dilutive Securities 159,700 174,636 132,215 131,977 73,222
Weighted average Shares & OP Units outstanding – diluted (1) 73,734,772 69,437,167 69,074,565 68,625,643 68,208,071
FFO and FFO, as adjusted per shares & units outstanding—diluted
FFO ($0.09) $0.06 $0.02 $0.01 ($0.44)
FFO, as adjusted $0.08 $0.08 $0.06 $0.03 $0.03
1. Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect of both unvested restricted stock and long term incentive plan (both time-based units and performance based-units). The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 18

Store Portfolio Reporting Information
Net Rent /
Occupied Sq. Ending Occupancy
Ft. for the Three for the Three Revenue for the Expenses for the NOI for the Three
Months Ended Months Ended Three Months Ended Three Months Ended Months Ended
March 31,(1) March 31, March 31,(4) March 31,(4) March 31,(4, 5)
# of % % %
Wholly Owned Stores Stores NRSF Units 2021 2020 2021 2020 Change 2021 2020 Change 2021 2020 Change 2021 2020 Change
Same-Store Wholly-Owned 103 7,557,300 64,865 $15.43 $14.90 94.1% 88.8% 5.4% $27,871,895 $25,405,035 9.7% $8,817,512 $8,716,694 1.2% $19,054,383 $16,688,341 14.2%
Non Same-Store Wholly-Owned
Historical SSS REIT Non-Stabilized(2) 9 680,300 6,840 $12.84 $11.61 86.0% 59.4% 26.6% 2,091,612 1,315,827 59.0% 1,052,958 958,332 9.9% 1,038,654 357,495 190.5%
Historical SST IV Stabilized(3, 4) 16 1,385,800 11,290 NM NM 94.2% NM 739,612 NM 306,333 NM 433,279 NM
Historical SST IV Non-Stabilized(3, 4) 8 655,200 6,530 NM NM 89.4% NM 333,466 NM 143,340 NM 190,126 NM
Total Non-Same Store Wholly-Owned 33 2,721,300 24,660 NM NM 91.0% NM 3,164,690 NM 1,502,631 NM 1,662,059 NM
Total Wholly-Owned Operating Stores 136 10,278,600 89,525 NM NM 93.4% NM $31,036,585 NM $10,320,143 NM $20,716,442 NM
Total Joint Venture Operating Stores 3 320,000 2,930 25.0% NM
Total All Owned Operating Stores 139 10,598,600 92,455
NM: Not meaningful comparison
1. RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, admin fees and parking income, divided by occupied square feet of storage.
2. Represents stores that were owned by SmartStop Self Storage REIT, Inc. prior to the merger with Strategic Storage Trust IV, Inc. that closed in March 2021. Excludes the results of one consolidated property owned by Strategic Storage Trust VI, Inc.’s operating partnership. Such property is included in managed stores. This property accounted for $24,287 of revenue, $23,138 of expense and $1,140 of NOI during the quarter.
3. Represents stores that were previously owned by Strategic Storage Trust IV, Inc. that were acquired by SmartStop Self Storage REIT, Inc. as part of the merger that closed in March 2021. Stabilized properties for the Strategic Storage Trust IV, Inc. pool consist of the sixteen properties accounted for in the same-store pool as of Strategic Storage Trust IV, Inc.’s most recently filed Form 10-Q for the period ended 9/30/2020.
4. Represents a partial quarter of revenue, expenses and NOI for stores that were owned by Strategic Storage Trust IV, Inc. prior to the merger with the Company that closed in March 2021.
5. NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP financial measure.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
19

Same-Store Portfolio Details
Revenues: 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20
Self storage rental revenue(1) $26,487,511 $25,867,563 $25,130,023 $23,626,987 $24,347,405
Ancillary operating revenue(2) 1,384,384 1,371,057 1,289,888 1,075,085 1,057,630
Total revenues $27,871,895 $27,238,620 $26,419,911 $24,702,072 $25,405,035
Expenses:
Property Taxes $2,800,728 $2,503,744 $2,736,412 $2,616,999 $2,530,970
Payroll 2,270,018 2,236,152 2,166,483 2,106,752 2,548,476
Advertising 741,489 736,511 804,485 757,748 723,743
Repairs & Maintenance 589,901 703,680 539,007 554,589 499,847
Utilities 750,329 695,197 804,019 654,974 729,728
Property Insurance 405,323 399,276 331,587 329,748 332,273
Other(3) 1,259,724 1,424,597 1,445,526 1,258,654 1,351,657
Total expenses $8,817,512 $8,699,157 $8,827,519 $8,279,464 $8,716,694
Net Operating Income: $19,054,383 $18,539,463 $17,592,392 $16,422,608 $16,688,341
Gross Margin 68.4% 68.1% 66.6% 66.5% 65.7%
Period Ending Occupancy 94.1% 91.7% 92.3% 90.7% 88.8%
Period Average Occupancy 93.1% 92.2% 91.7% 89.7% 88.7%
RentPOF(4) $15.43 $15.25 $14.67 $14.37 $14.90
Move Ins 10,151 9,611 11,179 9,810 9,447
Move Outs 8,665 9,829 10,331 8,533 9,001
Note: Same-store revenue, expense and NOI are non-GAAP measures. See Appendix for a reconciliation of these measures to the most directly comparable GAAP financial measure.
1. Includes rental income and associated late fees and administrative fees.
2. Includes Tenant Programs revenue, solar revenue, merchandise sales and other.
3. Includes administrative expenses, professional expenses, software expenses and other expenses.
4. RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, admin fees and parking income, divided by occupied square feet of storage.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1 20

Same-Store Portfolio MSA Summary
Net Rent / Occupied Avg. Occupancy
Sq. Ft. for the Three for the Three Revenue for the Expenses for the NOI for the Three
Months Ended Months Ended Three Months Ended Three Months Ended Months Ended
March 31,(2) March 31, March 31,(4) March 31, (4) March 31, (4)
% of # of % % %
MSA/CMA(1) NOI Stores NRSF Units 2021 2020 2021 2020 Change 2021 2020 Change 2021 2020 Change 2021 2020 Change
Miami—Fort Lauderdale 16.3% 9 940,000 7,880 $19.61 $19.22 92.7% 89.3% 3.4% 4,195,736 3,908,164 7.4% 1,081,241 1,081,988 -0.1% 3,114,495 2,826,176 10.2%
Toronto(3) 13.4% 10 840,100 7,860 $18.23 $16.43 93.1% 90.6% 2.5% 3,716,825 3,264,957 13.8% 1,154,727 1,200,819 -3.8% 2,562,098 2,064,138 24.1%
Los Angeles 11.6% 10 646,800 6,210 $18.87 $17.96 94.6% 91.1% 3.5% 3,005,201 2,702,407 11.2% 795,522 825,938 -3.7% 2,209,679 1,876,469 17.8%
Asheville 7.6% 13 787,700 5,510 $12.00 $11.95 92.7% 87.6% 5.1% 2,129,928 2,007,524 6.1% 677,672 670,225 1.1% 1,452,256 1,337,299 8.6%
Las Vegas 7.3% 5 550,500 4,470 $14.35 $13.87 93.1% 89.6% 3.4% 1,753,260 1,597,790 9.7% 362,147 360,476 0.5% 1,391,113 1,237,314 12.4%
San Francisco—Oakland 6.4% 4 320,000 2,890 $20.90 $19.86 93.5% 88.7% 4.8% 1,656,809 1,481,204 11.9% 436,517 441,986 -1.2% 1,220,292 1,039,218 17.4%
Detroit 3.1% 4 261,000 2,180 $12.67 $12.37 91.9% 87.6% 4.4% 816,958 758,397 7.7% 218,543 259,693 -15.8% 598,415 498,704 20.0%
Dayton 3.1% 7 384,400 3,210 $9.75 $9.09 92.9% 88.8% 4.1% 958,216 838,448 14.3% 369,296 387,975 -4.8% 588,920 450,473 30.7%
Riverside—SB 3.0% 3 177,600 1,790 $16.41 $14.78 96.0% 91.0% 5.0% 768,408 648,798 18.4% 198,651 210,996 -5.9% 569,757 437,802 30.1%
Port St. Lucie 2.6% 3 255,400 2,020 $13.80 $14.30 93.7% 86.8% 6.8% 810,596 750,209 8.0% 321,692 306,407 5.0% 488,904 443,802 10.2%
Denver 2.4% 5 286,700 2,580 $11.96 $11.99 92.4% 86.4% 6.0% 868,106 805,691 7.7% 402,909 383,226 5.1% 465,197 422,465 10.1%
Chicago 2.2% 5 305,800 2,920 $11.40 $11.02 93.1% 89.3% 3.8% 889,742 814,999 9.2% 472,618 466,939 1.2% 417,124 348,060 19.8%
Myrtle Beach 2.1% 2 194,600 1,420 $11.87 $12.30 91.4% 86.8% 4.6% 532,823 517,024 3.1% 131,186 136,953 -4.2% 401,637 380,071 5.7%
Raleigh—Cary 1.3% 3 159,600 1,070 $10.68 $10.71 93.4% 85.0% 8.4% 408,764 367,346 11.3% 162,494 169,969 -4.4% 246,270 197,377 24.8%
Other 17.5% 20 1,447,100 12,855 $15.13 $14.88 93.0% 87.8% 5.2% 5,360,523 4,942,077 8.5% 2,032,297 1,813,104 12.1% 3,328,226 3,128,973 6.4%
Total Same-Store 100.0% 103 7,557,300 64,865 $15.43 $14.90 93.1% 88.7% 4.4% 27,871,895 25,405,035 9.7% 8,817,512 8,716,694 1.2% 19,054,383 16,688,341 14.2%
1. MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.
2. RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, admin fees and parking income, divided by occupied square feet of storage.
3. Presented in US Dollars (USD) as translated on average for the quarter.
4. Same-store revenue, expense and NOI are non-GAAP measures. See Appendix for a reconciliation of these measures to the most directly comparable GAAP financial measure.
SmartStop Self Storage REIT, Inc. | Financial Supplement 2021 Q1
21

Total Portfolio MSA Summary
% of Portfolio by Net Rentable
MSA/CMA(1) Net Sq. Ft. Sq. Ft. # of Stores Units
Miami—Fort Lauderdale 10.0% 1,024,000 10 8,750
Toronto 9.8% 1,006,700 12 9,540
Asheville 8.4% 859,700 14 6,160
Las Vegas 7.3% 755,000 8 6,260
Los Angeles 6.3% 646,800 10 6,210
Houston 5.8% 594,100 8 4,480
Dayton 3.7% 384,400 7 3,210
Phoenix 2.6% 269,700 3 2,535
San Francisco—Oakland 3.1% 320,000 4 2,890
Port St. Lucie 3.1% 322,400 4 2,620
Chicago 3.0% 305,800 5 2,920
Denver 2.8% 286,700 5 2,580
Detroit 2.5% 261,000 4 2,180
Riverside—SB 2.3% 235,100 4 2,260
Seattle—Tacoma 1.9% 194,100 3 1,670
Myrtle Beach 1.9% 194,600 2 1,420
Charlotte 1.7% 176,500 2 1,910
Raleigh—Cary 1.6% 159,600 3 1,070
San Diego 1.8% 182,500 2 2,050
Other(2) 20.4% 2,099,900 26 18,810
Total Stores 100.0% 10,278,600 136 89,525
1. MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.
2. Other markets include: Baltimore, Charleston, Charlottesville, College Station, Colorado Springs, Dallas, Mobile, Nantucket, Naples, New York – Newark, Orlando, Punta Gorda, Sacramento, Santa Maria, Santa Barbara, Sarasota, Stockton, Trenton-Princeton and Washington- Arlington.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
22

Toronto Portfolio Overview at 3/31/2021
Net Rent / Occupied Sq. Ft. Avg. Occupancy for the NOI for the
for the Three Months Ended Three Months Ended Three Months Ended
SmartStop (2) (3)
March 31, March 31, March 31,
%
Owned Operating Properties Stores Ownership NRSF Units 2021 2020 2021 2020 2021 2020
Same-Store Wholly-Owned Stores 10 100.0% 840,100 7,860 $18.23 $16.43 93.1% 90.6% $2,562,098 $2,064,138
Non-Same-Store Wholly-Owned Stores(4) 2 100.0% 166,600 1,680 12.32 10.43 71.0% 36.6% 138,974 (2,554)
Joint Venture Properties (1, 5) 3 50.0% 320,000 2,930 NM NM 21.9% NM (227,194) NM
Total Owned Operating Stores 15 1,326,700 12,470
SmartStop
Total Portion of
SmartStop Anticipated Anticipated
% Projected Projected Project Project
Owned Projects Under Construction Stores Ownership NRSF Units Costs Costs
Total Under Construction Stores 3 50.0% 291,700 2,865 $47,300,143 $23,650,072
Note: All dollars denominated in U.S. Dollars (USD) NM: Not meaningful comparison
1. Represents total joint venture not just SmartStop proportionate percentage.
2. RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, admin fees and parking income, divided by occupied square feet of storage.
3. Same-store NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP financial measure.
4. NOI of $138,974 for the quarter ended 3/31/2021 is derived from revenue of $402,488 and expenses of $263,514. NOI of ($2,554) for the quarter ended 3/31/2020 is derived from revenue of $178,897 and expenses of $181,451.
5. NOI of ($227,194) for the quarter ended 3/31/2021 is derived from revenue of $193,494 and expenses of $420,607.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
23

SmartCentres Joint Venture Overview
For the Quarter Ended
March 31, 2021
SmartStop % Investment Date
JV Owned Operating Properties MSA/ CMA(1) Ownership NRSF Units Value(2) Opened
East York—Laird Toronto 50.0% 100,000 1,000 $6,505,313 Jul-20
Brampton Toronto 50.0% 101,300 1,050 2,419,381 Nov-20
Vaughan Toronto 50.0% 118,700 880 2,979,203 Jan-21
Total JV Operating Properties 320,000 2,930 $11,903,897
For the Quarter Ended
Projected March 31, 2021
SmartStop % Investment Projected
JV Owned Projects Under Construction MSA/ CMA(1) Ownership NRSF Units Value(2 Completion
Oshawa—Champlain Toronto 50.0% 92,500 940 $1,151,236 Q3 2021
Kingspoint Toronto 50.0% 100,300 982 2,728,478 Q3 2022
Scarborough Toronto 50.0% 98,900 943 1,704,805 Q4 2021
Total JV Properties Under Construction 291,700 2,865 $5,584,519
Note: All dollars denominated in U.S. Dollars (USD)
1. MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada.
2. Through the acquisition of the Oshawa—Champlain, East York—Laird, Brampton, Vaughan, and Scarborough joint venture partnerships, the Company 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.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
24

Debt Summary
Interest Maturity
Loan 3/31/2021 Rate(1) Date
KeyBank CMBS Loan $95,000,000 3.89% 8/1/2026
KeyBank Florida CMBS Loan 52,000,000 4.65% 5/1/2027
Midland North Carolina CMBS Loan 46,255,586 5.31% 8/1/2024
CMBS Loan 104,000,000 5.00% 2/1/2029
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 150,000,000 2.06% 3/17/2026
Credit Facility Term Loan—CAD(3) 99,024,270 2.37% 3/17/2026
Credit Facility Revolver—USD 184,000,000 2.11% 3/17/2024
Credit Facility Revolver—CAD(3) 1,985,250 2.42% 3/17/2024
Ladera Office Loan 4,077,652 4.29% 11/1/2026
Premium on secured debt, net 313,681
Debt issuance costs, net (4,068,114)
Total debt(2) $813,870,580
Debt Maturity Schedule (millions)(2,3,4)
Capital Structure(5)
1. Represents the stated interest rate. Effective at quarter end, the Company was subject to a swap for $235 million at LIBOR 1.79% that expires in February 2022 and an $80 million interest rate cap of LIBOR 0.50% that expires in September 2021.
2. Excludes debt associated with one property owned by Strategic Storage Trust VI, Inc.’s operating partnership.
3. Debt denominated in foreign currency has been converted based on the rate in effect as of March 31, 2021.
4. Excludes amortizing debt payments.
5. Total capitalization includes debt, preferred equity and equity market cap based on approx. 94 million shares and OP Units at 3/31/21 valued at the most recently published Net Asset Value
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
25

Managed REIT Overview
Selected Fund Information SSGT II(1) SST VI(2)
Year established 2018 2021
AUM—end of current quarter $161.6 million $16.0 million
Max Offering $270.0 million $220.0 million
Type of Offering Private Placement Private Placement
Fee Summary—1Q 2021 SSGT II(1) SST VI(2) Total
Advisory agreement $463,262 NM $463,262
Property management agreement $140,234 NM $140,234
Tenant Program revenue $122,042 NM $122,042
Total Fees $725,538 NM $725,538
Note: The Company received fees from Strategic Storage Trust IV, Inc. of approximately $1.4 million during the quarter. The Company acquired SST IV in March 2021 and will no longer earn such fees. NM: Not meaningful
1. Represents Strategic Storage Growth Trust II, Inc. (“SSGT II”).
2. Strategic Storage Trust VI, Inc. (“SST VI”) was consolidated into the Company as of 3/31/2021.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
26

Appendix
This page intentionally left blank.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
27

Reconciliation of Same-Store Revenue and Net Operating Income
Same-Store Non Same-Store
Total
Facilities Facilities
2021 Q1
2021 Q1 2021 Q1
Revenue (1) $27,871,895 $3,188,977 $31,060,872
Expenses (2) 8,817,512 1,525,769 10,343,281
NOI 19,054,383 1,663,208 $20,717,591
Same-Store Non Same-Store
Total
Facilities Facilities
2020 Q4
2020 Q4 2020 Q4
Revenue (1) $27,238,620 $1,947,079 $29,185,699
Expenses (2) 8,699,157 919,199 9,618,356
NOI 18,539,463 1,027,880 $19,567,343
Same-Store Non Same-Store
Total
Facilities Facilities
2020 Q3
2020 Q3 2020 Q3
Revenue (1) $26,419,911 $1,718,242 $28,138,153
Expenses (2) 8,827,519 989,255 9,816,774
NOI 17,592,392 728,987 $18,321,379
Same-Store Non Same-Store
Total
Facilities Facilities
2020 Q2
2020 Q2 2020 Q2
Revenue (1) $24,702,072 $1,428,139 $26,130,211
Expenses (2) 8,279,464 915,579 9,195,043
NOI 16,422,608 512,560 $16,935,168
Same-Store Non Same-Store
Total
Facilities Facilities
2020 Q1
2020 Q1 2020 Q1
Revenue (1) $25,405,035 $1,315,827 $26,720,862
Expenses (2) 8,716,694 958,332 9,675,026
NOI 16,688,341 357,495 $17,045,836
1. Revenue includes rental revenue, Tenant Programs revenue, ancillary revenue, and administrative and late fees.
2. Expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense, and acquisition expenses, but includes property management fees as applicable.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
28

Reconciliation of Net Loss to Net Operating Income: Trailing 5 Quarters
2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1
Net loss $(12,303,466) $(1,943,884) $(4,456,497) $(7,062,841) $(37,743,581)
Adjusted to exclude:
Managed REIT Platform revenue (2,287,740) (2,360,929) (2,051,021) (1,852,893) (1,783,787)
Managed REIT Platform expenses 319,890 294,818 329,280 1,008,014 1,174,809
General and administrative 4,752,989 4,641,467 4,012,072 4,149,713 3,667,947
Depreciation 8,543,927 8,731,926 8,003,587 7,842,443 7,716,671
Intangible amortization expense 1,259,547 1,301,434 1,587,899 3,218,152 3,669,631
Other acquisition expenses 305,650 772,189 468,577 97,221 28,105
Contingent earnout adjustment 2,119,744 2,600,000 1,600,000 500,000 (7,200,000)
Impairment of goodwill and intangible assets — — — — 36,465,732
Impairment of investments in Managed REITs — — — — 4,376,879
Write-off of equity interest and preexisting relationships
8,389,573 — — — —
in SST IV upon acquisition of control
Interest expense 7,975,464 7,880,405 8,093,476 8,284,429 8,339,303
Interest expense—accretion of fair market value of secured debt (31,866) (32,345) (32,788) (32,892) (32,657)
Interest expense—debt issuance costs 672,473 754,141 952,479 936,278 943,483
Net loss on extinguishment of debt 2,444,788 — — — —
Other (1,443,382) (3,071,879) (185,685) (152,456) (2,576,699)
Total property operating income $20,717,591 $19,567,343 $18,321,379 $16,935,168 $17,045,836
Total revenue $31,060,872 $29,185,699 $28,138,153 $26,130,211 $26,720,862
Total property operating expenses 10,343,281 9,618,356 9,816,774 9,195,043 9,675,026
Total property operating income $20,717,591 $19,567,343 $18,321,379 $16,935,168 $17,045,836
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
29

Forward Looking Statements
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements.
All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the expected effects and benefits of the SST IV merger, the SSGT merger, the self administration transaction and the Series A Preferred equity investment, including anticipated future financial and operating results and synergies, as well as all other statements in this communication, other than historical facts. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements, including, without limitation, the following: (i) risks related to disruption of management’s attention from SmartStop’s ongoing business operations due to the SST IV merger, the self administration transaction, or other business matters; (ii) significant transaction costs, including financing costs, and unknown liabilities; (iii) failure to realize the expected benefits and synergies of either of the SST IV merger, the SSGT merger or the self administration transaction in the expected timeframes or at all; (iv) costs or difficulties related to the integration of acquired self storage facilities and operations, including facilities acquired through the SST IV merger, the SSGT merger and operations acquired through the self administration transaction; (v) changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, including the outbreak of novel coronavirus (COVID-19), military actions, and terrorist attacks; (vi) changes in tax and other laws and regulations; or (vii) difficulties in SmartStop’s ability to attract and retain qualified personnel and management.
Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop’s views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop’s views as of any date subsequent to the date hereof. Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop’s filings with the SEC, including SmartStop’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.
SmartStop Self Storage REIT, Inc.    |    Financial Supplement 2021 Q1
30

SmartStop
Self Storage REIT, Inc.
…The Smarter Way to Store!®