SmartStop Self Storage REIT (STSFF) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 13, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	SmartStop Self Storage REIT, Inc.
Entity Central Index Key	0001585389
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55617
Entity Tax Identification Number	46-1722812
Entity Address, Address Line One	10 Terrace Road
Entity Address, City or Town	Ladera Ranch
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92694
City Area Code	877
Local Phone Number	327-3485
Entity Interactive Data Current	Yes
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,873,198
Class T Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,766,999

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Real estate facilities:
Land	$ 329,153,446	$ 332,350,688
Buildings	782,198,917	780,969,455
Site improvements	61,749,253	60,505,225
Real estate investment property, gross	1,173,101,616	1,173,825,368
Accumulated depreciation	(90,247,609)	(83,692,491)
Real estate investment property	1,082,854,007	1,090,132,877
Construction in process	940,922	12,237,722
Real estate facilities, net	1,083,794,929	1,102,370,599
Cash and cash equivalents	54,138,979	62,279,757
Restricted cash	6,835,245	6,291,366
Investments in and advances to Managed REITs	2,286,011	6,072,399
Other assets, net	10,797,367	6,318,037
Intangible assets, net	17,890,310	30,040,426
Trademarks	16,300,000	19,688,167
Goodwill	53,643,331	78,372,980
Total assets	1,245,686,172	1,311,433,731
LIABILITIES AND EQUITY
Debt, net	705,927,075	712,733,002
Accounts payable and accrued liabilities	20,811,007	18,576,230
Due to affiliates	1,115,899	1,624,474
Distributions payable	5,921,299	5,159,105
Contingent earnout	23,900,000	31,100,000
Deferred tax liabilities	3,862,675	6,609,571
Total liabilities	761,537,955	775,802,382
Commitments and contingencies (Note 13)
Redeemable common stock / Preferred stock	47,370,901	43,391,362
Equity:
Additional paid-in capital	491,623,649	491,433,240
Distributions	(137,311,513)	(128,642,787)
Accumulated deficit	(122,164,437)	(87,090,486)
Accumulated other comprehensive loss	(6,703,165)	(1,955,335)
Total SmartStop Self Storage REIT, Inc. equity	225,504,047	273,803,767
Noncontrolling interests in our Operating Partnership	64,871,761	71,988,256
Other noncontrolling interests	21,800	21,800
Total noncontrolling interests	64,893,561	72,010,056
Total equity	290,397,608	345,813,823
Total liabilities and equity	1,245,686,172	1,311,433,731
Preferred Stock
LIABILITIES AND EQUITY
Redeemable common stock / Preferred stock	0	0
Equity:
Total equity	146,379,708	146,426,164
Class A Common stock
Equity:
Common stock, value	51,763	51,435
Class T Common stock
Equity:
Common stock, value	7,750	7,700
Series A Convertible Preferred Stock
LIABILITIES AND EQUITY
Redeemable common stock / Preferred stock	$ 146,379,708	$ 146,426,164

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Preferred Stock
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	200,000,000	200,000,000
Series A Convertible Preferred Stock
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	200,000	200,000
Preferred Stock, shares issued	150,000	150,000
Preferred Stock, shares outstanding	150,000	150,000
Preferred Stock, liquidation preference, value	$ 152,383,940	$ 151,665,753
Class A Common stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	350,000,000	350,000,000
Common Stock, shares issued	51,763,337	51,435,124
Common Stock, shares outstanding	51,763,337	51,435,124
Class T Common stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	350,000,000	350,000,000
Common Stock, shares issued	7,749,939	7,699,893
Common Stock, shares outstanding	7,749,939	7,699,893

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 30,298,123	$ 23,883,325
Operating expenses:
General and administrative	3,667,947	1,654,184
Depreciation	7,716,671	6,868,408
Intangible amortization expense	3,669,631	1,726,976
Self administration transaction expenses	0	138,083
Acquisition expenses – affiliates	0	38,941
Other property acquisition expenses	28,105	83,849
Contingent earnout adjustment	(7,200,000)	0
Impairment of goodwill and intangible assets	36,465,732	0
Impairment of investments in Managed REITs	4,376,879	0
Total operating expenses	61,368,274	21,934,203
Operating income (loss)	(31,070,151)	1,949,122
Other income (expense):
Interest expense	(8,339,303)	(8,561,502)
Interest expense – accretion of fair market value of secured debt	32,657	32,468
Interest expense – debt issuance costs	(943,483)	(841,533)
Net loss on extinguishment of debt	0	(1,487,867)
Other	2,576,699	(39,005)
Net loss	(37,743,581)	(8,948,317)
Net loss attributable to the noncontrolling Interests in our Operating Partnership	5,031,652	56,759
Less: Distributions to preferred stockholders	(2,362,022)	0
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	(35,073,951)	(8,891,558)
Self Storage Rental Revenue
Revenues:
Total revenues	25,568,019	23,231,649
Ancillary Operating Revenue
Revenues:
Total revenues	1,152,843	651,676
Managed REIT Platform Revenue
Revenues:
Total revenues	1,783,787	0
Reimbursable Costs from Managed REITs
Revenues:
Total revenues	1,793,474	0
Operating expenses:
Operating expenses	1,793,474	0
Property Operating Expenses
Operating expenses:
Operating expenses	9,675,026	8,199,046
Property Operating Expenses – Affiliates
Operating expenses:
Operating expenses	0	3,224,716
Managed REIT Platform Expenses
Operating expenses:
Operating expenses	$ 1,174,809	$ 0
Class A Common stock
Other income (expense):
Net loss per share-basic and diluted	$ (0.59)	$ (0.15)
Weighted average shares outstanding-basic and diluted	51,313,351	50,506,558
Class T Common stock
Other income (expense):
Net loss per share-basic and diluted	$ (0.59)	$ (0.15)
Weighted average shares outstanding-basic and diluted	7,726,469	7,545,712

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (37,743,581)	$ (8,948,317)
Other comprehensive income (loss):
Foreign currency translation adjustment	(4,567,120)	867,261
Foreign currency hedge contract gains (losses)	4,566,795	(846,581)
Interest rate swap and cap contract losses	(5,475,549)	(1,315,092)
Other comprehensive loss	(5,475,874)	(1,294,412)
Comprehensive loss	(43,219,455)	(10,242,729)
Comprehensive loss attributable to noncontrolling interests:
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership	5,761,649	64,969
Comprehensive loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	$ (37,457,806)	$ (10,177,760)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Redeemable Common Stock	Common StockClass A Common stock	Common StockClass T Common stock	Additional Paid-in Capital	Distributions	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total SmartStop Self Storage REIT, Inc. Equity	Noncontrolling Interests	Preferred Equity
Beginning Balance at Dec. 31, 2018	$ 345,256,897	$ 32,226,815	$ 50,437	$ 7,534	$ 500,474,807	$ (94,248,326)	$ (62,340,153)	$ 1,390,354	$ 345,334,653	$ (77,756)
Beginning Balance (in shares) at Dec. 31, 2018			50,437,059	7,533,790
Offering costs	(2,418)				(2,418)				(2,418)
Issuance of limited partnership units in our Operating Partnership	4,217,399									4,217,399
Changes to redeemable common stock	(3,963,393)	3,963,393			(3,963,393)				(3,963,393)
Redemptions of common stock	(141)	(2,044,001)	$ (120)	$ (21)					(141)
Redemptions of common stock (in shares)			(120,000)	(21,291)
Distributions	(8,411,426)					(8,411,426)			(8,411,426)
Distributions to noncontrolling interests	(46,584)									(46,584)
Issuance of shares for distribution reinvestment plan	3,963,766		$ 323	$ 50	3,963,393				3,963,766
Issuance of shares for distribution reinvestment plan (in shares)			322,580	49,604
Stock compensation expense	21,957				21,957				21,957
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	(8,891,558)						(8,891,558)		(8,891,558)
Net loss attributable to the noncontrolling interests in our Operating Partnership	(56,759)									(56,759)
Foreign currency translation adjustment	867,261							867,261	867,261
Foreign currency forward contract loss	(846,581)							(846,581)	(846,581)
Interest rate swap and cap contract losses	(1,315,092)							(1,315,092)	(1,315,092)
Ending Balance at Mar. 31, 2019	330,793,328	34,146,207	$ 50,640	$ 7,563	500,494,346	(102,659,752)	(71,231,711)	95,942	326,757,028	4,036,300
Ending Balance (in shares) at Mar. 31, 2019			50,639,639	7,562,103
Beginning Balance at Dec. 31, 2018	345,256,897	32,226,815	$ 50,437	$ 7,534	500,474,807	(94,248,326)	(62,340,153)	1,390,354	345,334,653	(77,756)
Beginning Balance (in shares) at Dec. 31, 2018			50,437,059	7,533,790
Ending Balance at Dec. 31, 2019	345,813,823	43,391,362	$ 51,435,124	$ 7,699,893	491,433,240	(128,642,787)	(87,090,486)	(1,955,335)	273,803,767	72,010,056	$ 146,426,164
Ending Balance (in shares) at Dec. 31, 2019			51,435	7,700
Offering costs	(28,822)				(28,822)				(28,822)
Preferred equity issuance costs											(46,456)
Changes to redeemable common stock	(3,979,539)	3,979,539			(3,979,539)				(3,979,539)
Redemptions of common stock	(42)		$ (42,040)						(42)
Redemptions of common stock (in shares)			(42)
Issuance of restricted stock	48		$ 47,842						48
Issuance of restricted stock (in shares)			48
Distributions	(8,668,726)					(8,668,726)			(8,668,726)
Distributions to noncontrolling interests	(1,356,799)									(1,356,799)
Issuance of shares for distribution reinvestment plan	3,979,539		$ 322,411	$ 50,046	3,979,167				3,979,539
Issuance of shares for distribution reinvestment plan (in shares)			322	50
Stock compensation expense	219,603				219,603				219,603
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	(35,073,951)						(35,073,951)		(35,073,951)
Net loss attributable to the noncontrolling interests in our Operating Partnership	(5,031,652)									(5,031,652)
Foreign currency translation adjustment	(4,567,120)							(3,959,904)	(3,959,904)	(607,216)
Foreign currency forward contract loss	4,566,795							3,959,594	3,959,594	607,201
Interest rate swap and cap contract losses	(5,475,549)							(4,747,520)	(4,747,520)	(728,029)
Ending Balance at Mar. 31, 2020	$ 290,397,608	$ 47,370,901	$ 51,763,337	$ 7,749,939	$ 491,623,649	$ (137,311,513)	$ (122,164,437)	$ (6,703,165)	$ 225,504,047	$ 64,893,561	$ 146,379,708
Ending Balance (in shares) at Mar. 31, 2020			51,763	7,750

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (37,743,581)	$ (4,321,670)	$ (2,283,972)	$ (8,948,317)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,386,302			8,595,384
Change in deferred tax liability	(2,746,896)			0
Accretion of fair market value adjustment of secured debt	(32,657)			(32,468)
Amortization of debt issuance costs	943,483			841,533
Stock compensation expense	219,603			21,957
Contingent earnout adjustment	(7,200,000)			0
Impairment of goodwill and intangible assets	36,465,732			0
Impairment of investments in Managed REITs	4,376,879			0
Unrealized foreign currency and derivative gains	438,057			(231,142)
Net loss on extinguishment of debt	0			1,487,867
Increase (decrease) in cash from changes in assets and liabilities:
Other assets, net	(1,074,412)			(221,600)
Accounts payable and accrued liabilities	(426,003)			(534,875)
Managed REITs receivables	(590,687)			0
Due to affiliates	(331,673)			(98,620)
Net cash provided by operating activities	3,684,147			879,719
Cash flows from investing activities:
SSGT Mergers, net of cash acquired	0			(345,538,596)
Additions to real estate	(3,164,429)			(1,764,315)
Settlement of foreign currency hedges	398,951			1,586,484
Settlement of company owned life insurance	0			3,122,962
Sale of real estate joint venture	0			3,357,814
Net cash used in investing activities	(2,765,478)			(339,235,651)
Cash flows from financing activities:
Gross proceeds from issuance of debt	341,397			501,565,138
Repayment of debt	0			(141,088,724)
Scheduled principal payments on debt	(177,223)			(55,299)
Debt issuance costs	(4,533)			(8,299,823)
Stock issuance and offering costs	(190,257)			(169,834)
Debt defeasance costs	0			(1,690,703)
Redemption of common stock	(431,284)			(1,291,379)
Distributions paid to preferred stockholders	(1,643,836)			0
Distributions paid to common stockholders	(4,643,913)			(4,435,585)
Distributions paid to noncontrolling interest in OP	(1,358,066)			(26,407)
Net cash provided by (used in) financing activities	(8,154,172)			344,507,384
Impact of foreign exchange rate changes on cash and restricted cash	(361,396)			(276,888)
Change in cash, cash equivalents, and restricted cash	(7,596,899)			5,874,564
Cash, cash equivalents, and restricted cash beginning of period	68,571,123		$ 19,886,772	14,012,208
Cash, cash equivalents, and restricted cash end of period	60,974,224	$ 68,571,123		19,886,772
Supplemental disclosures and non-cash transactions:
Cash paid for interest	8,515,504			7,177,930
Supplemental disclosure of noncash activities:
Issuance of shares pursuant to distribution reinvestment plan	3,979,539			3,963,766
Distributions payable	5,921,299			2,922,647
Foreign currency contracts, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets	2,502,155			774,290
Additions to real estate and construction in process included in accounts payable	307,100			432,353
Redemption of common stock included in accounts payable and accrued liabilities	0			2,044,143
Debt assumed in SSGT Mergers	0			5,038,435
Net liabilities assumed in SSGT Mergers	0			3,067,051
Write-off of unamortized debt issuance costs	0			356,519
Transfer of other assets to debt issuance costs	0			1,075,000
SSGT Mergers
Supplemental disclosure of noncash activities:
Issuance of units in our Operating Partnership	0			4,217,399
Preferred Stock
Cash flows from financing activities:
Stock issuance and offering costs	$ (46,457)			$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization	Note 1. Organization SmartStop Self Storage REIT, Inc. (f/k/a Strategic Storage Trust II, Inc.), a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. The Company’s year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. On June 28, 2019, we and our operating partnership, SmartStop OP, L.P. (f/k/a Strategic Storage Operating Partnership II, L.P.) (our “Operating Partnership”), and SmartStop TRS, Inc. (f/k/a Strategic Storage TRS II, Inc.) (the “TRS”) entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements (such agreements and amendments hereinafter referred to collectively as the “Self Administration Transaction”), with SmartStop Asset Management, LLC, our former sponsor (“SAM”) and SmartStop OP Holdings, LLC (“SS OP Holdings”), a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM (the “Self Storage Platform”), along with certain other assets of SAM. As a result of the Self Administration Transaction, Strategic Storage Property Management II, LLC and SS Growth Property Management, LLC (together, our “Former External Property Managers”). Prior to the Self Administration Transaction, our Former External Advisor was responsible for managing our affairs on a day-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of an advisory agreement and our properties were previously managed by our Former External Property Managers pursuant to property management agreements Offering Related Our Articles of Amendment and Restatement, as amended and supplemented, authorize 350,000,000 shares of Class A common stock, $0.001 par value per share (the “Class A Shares”) and 350,000,000 shares of Class T common stock, $0.001 par value per share (the “Class T Shares”) and 200,000,000 shares of preferred stock with a par value of $0.001. We offered a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $95.0 million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”). On January 10, 2014, the Securities and Exchange Commission (“SEC”) declared our registration statement effective. On May 23, 2014, we satisfied the $1.5 million minimum offering requirements of our Offering and commenced formal operations. On January 9, 2017, our Offering terminated. We sold approximately 48 million Class A Shares and approximately 7 million Class T Shares for approximately $493 million and $73 million respectively, in our Offering. On November 30, 2016, prior to the termination of our Offering, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of March 31, 2020, we had sold approximately 4.3 million Class A Shares and approximately 0.7 million Class T Shares for approximately $45.2 million and $6.9 million, respectively, in our DRP Offering. On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in shares (the aggregate shares to be purchased, the “Preferred Shares”) of our Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date. The Investor has committed to purchase up to an additional $50 million, at our option, within 12 months following the Initial Closing, subject to certain limitations. The shares of Series A Convertible Preferred Stock rank senior to all other shares of our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is redeemed or repurchased in full. See Note 8, Preferred Equity, for additional information. We invested the net proceeds from our Offering primarily in self storage facilities. As of March 31, 2020, we owned 112 self storage facilities located in 17 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas and Washington) and Canada (the Greater Toronto Area). On April 20, 2020, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated value per share of our common stock of $10.40 for our Class A Shares and Class T Shares based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on a fully diluted basis, calculated as of December 31, 2019. As a result of the calculation of our estimated value per share, beginning in May 2020, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated value per share of $10.40 for both Class A Shares and Class T Shares. Prior to the termination of our Primary Offering, Select Capital Corporation, a California corporation (our “Dealer Manager”) was responsible for marketing our shares offered pursuant to our Primary Offering. SAM indirectly owns a 15% non-voting equity interest in our Dealer Manager. Now that our Primary Offering has terminated, our Dealer Manager no longer provides such services for us. However, we pay our Dealer Manager an ongoing stockholder servicing fee with respect to the Class T Shares sold. Please see Note 11 – Related Party Transactions – Dealer Manager Agreement. Other Corporate History Our Operating Partnership was formed on January 9, 2013. During 2013, our Former External Advisor purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. See Note 4, Self Administration Transaction, for additional information. As we accepted subscriptions for shares of our common stock, we transferred all of the net Offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions made to holders of common stock. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in our Operating Partnership’s limited partnership agreement. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the self storage properties that we acquire. As of March 31, 2020, we owned approximately 86.7% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 13.3% of the common units are owned indirectly by SAM and affiliates of our Dealer Manager. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. We conduct certain activities through our TRS, which is a wholly-owned subsidiary of our Operating Partnership. On October 1, 2018, we, our Operating Partnership, and SST II Growth Acquisition, LLC, our wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “SSGT Merger Agreement”) with Strategic Storage Growth Trust, Inc. (“SSGT”), a non-traded REIT then sponsored by SAM, and SS Growth Operating Partnership, L.P. (“SSGT OP”). Pursuant to the terms and conditions set forth in the Merger Agreement, on January 24, 2019: (i) we acquired SSGT by way of a merger of SSGT with and into Merger Sub, with Merger Sub being the surviving entity (the “SSGT REIT Merger”); and (ii) immediately after the SSGT REIT Merger, SSGT OP merged with and into our Operating Partnership, with the Operating Partnership continuing as the surviving entity and remaining a subsidiary of the Company (the “SSGT Partnership Merger” and, together with the SSGT REIT Merger, the “SSGT Mergers”). SSGT was a REIT with stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. See Note 3, Real Estate Facilities—Merger with Strategic Storage Growth Trust, Inc., for additional information related to the SSGT Mergers.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. Consolidation Considerations 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. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary. As of March 31, 2020, and December 31, 2019, we were not a party to any other contracts/interests that would be deemed to be variable interest in VIEs other than our Tenant Programs joint ventures with SST IV and SSGT II which were acquired in the Self Administration Transaction, which are consolidated. Equity Investments Under the equity method, our investments will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments. Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership and the noncontrolling interests in our Tenant Programs joint ventures with SST IV and SSGT II in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as a noncontrolling interest in the accompanying consolidated balance sheets. We also consolidate our interests in the SST IV and SSGT II Tenant Programs and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interest balance. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles. Cash and Cash Equivalents We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements. Real Estate Purchase Price Allocation We account for acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. The value of the tangible assets, consisting of land and buildings is determined as if vacant . Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded none and approximately $13.6 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the three months ended March 31, 2020 and 2019, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. Allocation of purchase price to acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the three months ended March 31, 2019, our property acquisitions have not met the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, once an acquisition is deemed probable, transaction costs are capitalized rather than expensed. During the three months ended March 31, 2020 and 2019, we expensed approximately $30,000 and $260,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods. Purchase Price Allocation for the Acquisition of a Business Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized. As discussed in Note 4, the Self Administration Transaction was an acquisition of a business. Evaluation of Possible Impairment of Real Property Assets Management monitors events and changes in circumstances that could indicate that the carrying amounts of our real property assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the real property assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the real property assets to the fair value and recognize an impairment loss. For the three months ended March 31, 2020 and 2019, no impairment losses were recognized. Goodwill Valuation We initially recorded goodwill of approximately $78.4 million as a result of the Self Administration Transaction. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable and is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. See Note 5—Self Administration Transaction - Intangibles, Goodwill, and Certain Other Assets and Liabilities for additional information. Trademarks In connection with the Self Administration Transaction, we recorded $19.8 million associated with the two primary trademarks acquired. Prior thereto we had no amounts recorded related to trademarks. Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name. We used the following significant projections and assumptions to determine fair value under the relief from royalty method: revenues; royalty rate; tax expense; terminal growth rate; and discount rate. For the SmartStop ® trademark, the projections underlying this relief from royalty model were forecasted for eight years and then a terminal value calculation was applied. For the Strategic Storage ® trademark, the projections underlying the relief from royalty model were forecasted for seven years . Applying the selected pretax royalty rates to the applicable revenue base in each period yielded pretax income for each of our trademarks. These pretax totals were tax effected utilizing the applicable tax rate to arrive at net, after-tax cash flows. The net, after-tax cash flows were then discounted to present value utilizing an appropriate discount rate. The present value of the after-tax cash flows were then added to the present value of the amortization tax benefit (considering the 15-year amortization of intangible assets pursuant to U.S. tax legislation) to arrive at the recommended fair values for the trademarks. The total estimated future amortization expense of the “Strategic Storage ® We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future. See Note 5—Self Administration Transaction - Intangibles, Goodwill, and Certain Other Assets and Liabilities for additional information. Revenue Recognition Self Storage Operations Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets and contractually due but unpaid rent is included in other assets. Managed REIT Platform We earn property management revenue and asset management revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations. The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. T he Managed REITs’ property management agreements also provide r eimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties. Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations. Additionally, we earn revenue in connection with our Tenant Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations. See Note 11 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform . Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records a general reserve estimate based upon a review of the current status of tenant accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. Real Estate Facilities Real estate facilities are recorded based on relative fair value as of the date of acquisition. We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Depreciation of Real Property Assets Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives Description Standard Depreciable Life Land Not Depreciated Buildings 30-40 years Site Improvements 7-10 years Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets. Intangible Assets We have allocated a portion of our real estate purchase price to in-place lease intangibles. We are amortizing in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of March 31, 2020, the gross amount allocated to in-place lease intangibles was approximately $46.2 million and accumulated amortization of in-place lease intangibles totaled approximately $42.1 million. As of December 31, 2019, the gross amounts allocated to in-place lease intangibles were approximately $46.8 million and accumulated amortization of in-place lease intangibles totaled approximately $40.4 million. The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2020, 2021, 2022, 2023, 2024, and thereafter is approximately $2.8 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $0.9 million, respectively. In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the Tenant Programs joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. As of March 31, 2020, the gross amount of the intangible assets related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $18.1 million and accumulated amortization of those intangibles totaled approximately $4.3 million. As of December 31, 2019, the gross amount of the intangibles related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $26.5 million and accumulated amortization of those intangibles totaled approximately $2.9 million. The total estimated future amortization expense for such intangible assets for the years ending December 31, 2020, 2021, 2022, 2023, 2024 and thereafter is approximately $3.0 million, $2.9 million, $2.9 million, $2.9 million, $1.8 million, and $0.3 million, respectively. We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future. See Note 5—Self Administration Transaction - Intangibles, Goodwill, and Certain Other Assets and Liabilities for additional information. Debt Issuance Costs The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt (see Note 7). Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of March 31, 2020, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $11.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $5.1 million. As of December 31, 2019, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $11.9 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $4.3 million. Organizational and Offering Costs We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% Foreign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net equity investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in equity investments not classified as long term are recorded in other income (expense) and represented a loss of approximately $1.1 million and a gain of approximately $0.3 million for the three months ended March 31, 2020 and 2019, respectively. Redeemable Common Stock We previously adopted a share redemption program that enabled stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our share redemption program is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. On August 26, 2019, our board of directors approved the suspension of our share redemption program, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances n March 30, 2020, our board of directors approved the complete suspension of our share redemption program, effective on April 29, 2020. The share redemption program will remain suspended until its resumption is approved by the board, if ever. For the year ended December 31, 2019, we received redemption requests totaling approximately $4.9 million (approximately 0.5 million shares), approximately $4.5 million of which were fulfilled during the year ended December 31, 2019, with the remaining approximately $0.4 million included in accounts payable and accrued liabilities as of December 31, 2019 and fulfilled in January 2020. During the three months ended March 31, 2020, approximately 0.1 million shares, or $0.8 million, were requested to be redeemed; however, due to the complete suspension of our share redemption program, no share redemption requests were fulfilled. Accounting for Equity Awards Through March 31, 2020, we had only issued service based awards. The cost of such restricted stock awards is required to be measured based on the grant date fair value and the cost recognized over the relevant service period. In recognizing these costs we have assumed no forfeitures for restricted stock granted to our board members and executives, and a weighted average forfeiture rate of 20% is applied to restricted stock granted to non-executive employees. These estimates are adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ. Fair Value Measurements Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value: • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access; • Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and • Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions along with the assets and liabilities described in Note 4, Self Administration Transaction The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at March 31, 2020, and December 31, 2019. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 316,000,000 $ 302,610,909 $ 311,700,000 $ 302,820,786 As of March 31, 2020, and December 31, 2019, we had interest rate swaps, interest rate caps, and a n et investment hedge (See Notes 7 and 9 ). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, through March 31, 2020, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. Derivative Instruments and Hedging Activities We record all derivatives on our balance sheet

Real Estate Facilities

Real Estate Facilities	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Facilities	Note 3. Real Estate Facilities The following summarizes the activity in real estate facilities during the three months ended March 31, 2020: Real estate facilities Balance at December 31, 2019 $ 1,173,825,368 Construction in process placed in service 12,294,777 Impact of foreign exchange rate changes (13,767,259 ) Improvements and additions 748,730 Balance at March 31, 2020 $ 1,173,101,616 Accumulated depreciation Balance at December 31, 2019 $ (83,692,491 ) Depreciation expense (7,587,338 ) Impact of foreign exchange rate changes 1,032,220 Balance at March 31, 2020 $ (90,247,609 ) Merger with Strategic Storage Growth Trust, Inc. On October 1, 2018, we, our Operating Partnership, and SST II Growth Acquisition, LLC, our wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “SSGT Merger Agreement”) with Strategic Storage Growth Trust, Inc. (“SSGT”), a non-traded REIT then sponsored by SAM, and SS Growth Operating Partnership, L.P. (“SSGT OP”). Pursuant to the terms and conditions set forth in the SSGT Merger Agreement, on January 24, 2019: (i) we acquired SSGT by way of a merger of SSGT with and into Merger Sub, with Merger Sub being the surviving entity (the “SSGT REIT Merger”); and (ii) immediately after the SSGT REIT Merger, SSGT OP merged with and into our Operating Partnership, with the Operating Partnership continuing as the surviving entity and remaining a subsidiary of the Company (the “SSGT Partnership Merger” and, together with the SSGT REIT Merger, the “SSGT Mergers”). At the effective time of the SSGT REIT Merger (the “SSGT REIT Merger Effective Time”), each share of SSGT common stock, par value $0.001 per share (the “SSGT Common Stock”), outstanding immediately prior to the SSGT REIT Merger Effective Time (other than shares owned by SSGT and its subsidiaries or us and our subsidiaries) was automatically converted into the right to receive an amount in cash equal to $12.00, without interest and less any applicable withholding taxes. The proceeds used to fund the SSGT Mergers and the repayment of approximately $141 million of our outstanding debt were funded by the SSGT Merger Financings, totaling approximately $500 million, as described in Note 7. Immediately prior to the SSGT REIT Merger Effective Time, all shares of SSGT Common Stock that were subject to vesting and other restrictions also became fully vested and converted into the right to receive cash equal to $12.00 per share upon the SSGT REIT Merger. At the effective time of the SSGT Partnership Merger, each outstanding unit of partnership interest in SSGT OP was converted automatically into 1.127 units of partnership interest in our Operating Partnership, which resulted in approximately 396,000 SSGT was a REIT with stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. Additionally, we obtained the rights to acquire a self storage facility which was under development located in Gilbert, Arizona that was previously under contract with SSGT and was acquired by us in July 2019. The following table reconciles the total consideration transferred during the SSGT Mergers: Fair value of consideration transferred: Cash $ 346,231,561 (1) Issuance of limited partnership units in our Operating Partnership to SS Growth Advisor, LLC 4,217,399 Total consideration transferred $ 350,448,960 (1) approximately $19 million of SSGT debt that was repaid at closing, approximately $5 million of other SSGT liabilities paid at closing, and approximately $1 million in transaction costs. The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT Mergers: Assets Acquired: Land $ 62,261,573 Buildings 255,743,767 Site improvements 16,133,956 Construction in process 5,370,773 Intangible assets 13,571,765 Cash and cash equivalents 692,965 Other assets 6,536,838 Total assets acquired $ 360,311,637 Liabilities assumed: Debt $ 5,038,435 Accounts payable and accrued liabilities 4,824,242 Total liabilities assumed $ 9,862,677 Total net assets acquired $ 350,448,960

Self Administration Transaction

Self Administration Transaction - Intangible Assets, Goodwill and Certain Other Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Self Administration Transaction - Intangible Assets, Goodwill and Certain Other Assets and Liabilities	Note 5. Self Administration Transaction - Intangible Assets, Goodwill and Certain Other Assets and Liabilities The emergence and ongoing spread of the COVID-19 pandemic has caused significant volatility in the economy and the capital markets. The increase in consumer and investor uncertainty has had an impact on our Managed REITs, specifically the Managed REITs’ ability to attract investor equity in the face of economic weakness and volatility. Further, in recent weeks various broker dealers that our Managed REITs have selling agreements with have temporarily halted non-traded REIT sales within their advisory networks. Also, subsequent to March 31, 2020, the Managed REITs announced the suspension of their offerings, effective April 30, 2020, see Note 16–Subsequent Events for additional information. Given the disruption that COVID-19 has had on our Managed REITs and their ability to raise additional equity, we evaluated the various intangible assets and liabilities associated with the sponsorship of the Managed REITs for impairment. Based on the above facts, we revised our capital raise projections for the Managed REITs. We then evaluated the revised projected undiscounted future cash flows of our amortizing intangible assets to determine if they exceeded their respective carrying values and we determined that certain trademarks and management contracts acquired in the Self Administration Transaction were impaired. For such assets we recorded impairments to reduce their carrying value to their respective fair values. For our indefinite-lived trademark we determined that the fair value was in excess of its carrying value and therefore recorded an impairment equal to the difference. As a result, for the three months ended March 31, 2020 we recorded impairment charges totaling approximately $11.7 million to intangible assets, consisting of approximately $3.3 million related to our trademarks, approximately $2.2 million related to the management contracts of SST IV and approximately $6.2 million related to the management contracts of SSGT II. We similarly evaluated goodwill for impairment and determined that the carrying value of the goodwill related to our Managed REIT segment was in excess of fair value, and therefore impaired and we recognized an impairment charge of approximately $ 24.7 million . Goodwill related to our self storage operations was not impaired. In connection with the Self Administration Transaction, we acquired a special limited partnership interest in SST IV and SSGT II. This interest, in certain situations, may entitle us to various subordinated distributions under SST IV’s and SSGT II’s operating partnership agreements. Given the revised capital projections noted above, the projected future subordinated distributions had a revised fair value estimate less than their carrying value. We deemed this difference to be an other than temporary decline in value, and have therefore recorded an impairment charge of approximately $4.4 million. As a result of the Self Administration Transaction, we recorded a deferred tax liability, which is the result of differences between the GAAP carrying value of certain amortizing assets and the carrying value for tax purposes of certain assets related to activities which are conducted through our TRS. As we reduced the GAAP carrying value of such assets, primarily the Managed REIT management contracts, we adjusted the value of our deferred tax liabilities by pro-rata amounts, reducing the liabilities in aggregate by approximately $2.4 million, and recorded such adjustment as Other income within the Other line-item in our consolidated statement of operations. In connection with the Self Administration Transaction, we issued the Class A-2 Units, as a form of contingent consideration, which is required to be revalued at each reporting period, based on the discounted probability weighted forecast of achieving the requisite AUM thresholds or the occurrence of an Earnout Acceleration Event. The revised capital raise projections discussed above reduced the probability of the Class A-2 Units converting, which had the result of decreasing the fair value of the contingent earnout liability from $31.1 million as of December 31, 2019 to $23.9 million as of March 31, 2020, a decrease of $7.2 million.

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	3 Months Ended
	Mar. 31, 2020
Business Acquisition Pro Forma Information [Abstract]
Pro Forma Financial Information (Unaudited)	Note 6. Pro Forma Financial Information (Unaudited) The table set forth below summarizes, on a pro forma basis, the combined results of operations of the Company for the three months ended March 31, 2020 and 2019. Such presentation reflects the Company’s acquisitions that occurred during 2019, which met the GAAP definition of a business in effect at that time, as if the acquisitions had occurred as of January 1, 2018. This pro forma information does not purport to represent what the actual consolidated results of operations of the Company would have been for the periods indicated, nor does it purport to predict the results of operations for future periods. For the Three Months ended March 31, 2019 March 31, 2020 Pro forma revenue $ 25,860,417 $ 30,298,123 Pro forma operating expenses $ (23,972,199 ) $ (61,101,607 ) Pro forma net income (loss) attributable to common stockholders $ (7,714,114 ) $ (34,881,907 ) The pro forma financial information for the three months ended March 31, 2020 and 2019 was adjusted to exclude none and approximately $0.1 million, respectively, for acquisition related expenses.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 7. Debt The Company’s debt is summarized as follows: Encumbered Property March 31, 2020 December 2019 Interest Rate Maturity Date KeyBank CMBS Loan (1) $ 95,000,000 $ 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (2) 52,000,000 52,000,000 4.65 % 5/1/2027 Midland North Carolina CMBS Loan (3) 46,891,174 47,048,287 5.31 % 8/1/2024 Canadian CitiBank Loan (4) 78,533,280 85,500,660 3.78 % 10/9/2020 CMBS SASB Loan (5) 235,000,000 235,000,000 3.99 % 2/9/2022 CMBS Loan (6) 104,000,000 104,000,000 5.00 % 2/1/2029 Secured Loan (7) (8) 85,512,000 85,512,000 3.49 % 1/24/2022 Stoney Creek Loan (9) 5,136,266 5,591,950 4.90 % 10/1/2021 Torbarrie Loan (10) 5,776,320 5,936,996 4.90 % 9/1/2021 Ladera Office Loan 4,159,885 4,179,994 4.29 % 11/1/2026 Premium on secured debt, net 559,850 592,505 Debt issuance costs, net (6,641,700 ) (7,629,390 ) Total debt $ 705,927,075 $ 712,733,002 (1) This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. (2) This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. (3) This fixed rate loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly. (4) This variable rate loan encumbers 10 of our Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect of the dates presented. W e have purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021. (5) This variable rate loan encumbers 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79% though February 15, 2022, which results in an effective fixed interest rate of 4.79% . (6) This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts. (7) This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts. (8) On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million. The remaining $85.5 million of the interest rate swap effectively fixes the interest rate on the Secured Loan at 5.1%. (9) This variable rate loan bears interest at a rate of 1.95 % plus Royal Bank of Canada Prime Rate, which was approximately % as of March 31, 2020, and in no event shall the total interest rate fall below 4.65 % per annum. The Stoney Creek loan was assumed in the SSGT Mergers and had a balance of approximately $ 5 million USD as of the SSGT Mergers date. The Stoney Creek loan is secured by a first lien deed of trust on the Stoney Creek property and all improvements thereto, is cross-collateralized with the Torbarrie property, and is guaranteed by the Company. The amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2020. (10) This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 2.95% as of March 31, 2020, and in no event shall the total interest rate fall below 4.65% per annum. The Torbarrie loan was assumed in the SSGT Mergers and had no outstanding balance as of the date of the SSGT Mergers. The Torbarrie loan is a construction loan, which allows for borrowings up to approximately $10.3 million CAD and is The weighted average interest rate on our consolidated debt as of March 31, 2020 was approximately 4.2%. We are subject to certain restrictive covenants relating to the outstanding debt. For the period ended March 31, 2020, we were in compliance with all such covenants. On January 24, 2019, in conjunction with the SSGT Mergers, we, through certain wholly-owned special purpose entities, entered into various financings (“SSGT Merger Financings”), as follows: Merger Financings Principal Borrowing as of Merger Date CMBS SASB Loan $ 235,000,000 CMBS Loan 104,000,000 Secured Loan 89,178,000 Senior Term Loan 72,000,000 Total $ 500,178,000 The proceeds from the SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as previously described, including the payment of the SSGT merger consideration and the repayment, in full, of certain of our debt, as follows: Merger Financings Principal Repaid Raleigh/Myrtle Beach promissory note $ 11,862,471 Amended KeyBank Credit Facility 98,782,500 Oakland and Concord loan 19,443,753 $11M KeyBank Subordinate Loan 11,000,000 Total $ 141,088,724 In conjunction with the SSGT Merger Financings, we recognized a loss on extinguishment of debt of approximately $1.5 million, primarily attributable to prepayment penalties related to the CMBS SASB Loan This loan is a $235 million commercial mortgage-backed securities (“CMBS”), single-asset/single-borrower (“SASB”) financing (the “CMBS SASB Loan”) with KeyBank, National Association (“KeyBank”) and Citi Real Estate Funding Inc. or its affiliates (“Citibank”), as initial lenders (together, the “CMBS SASB Lenders”), comprised of (A) a mortgage loan in the amount of $180 million (the “CMBS SASB Mortgage Loan”) and (B) a mezzanine loan in the amount of $55 million (the “CMBS SASB Mezzanine Loan”). The CMBS SASB Mortgage Loan is secured by a first mortgage or deed of trust on each of 29 wholly owned properties (the “CMBS SASB Properties”), and the CMBS SASB Mezzanine Loan is secured by a pledge of the equity interests in the 29 special purpose entities that own the CMBS SASB Properties. Each loan has a maturity date of February 9, 2022 , which may, in certain circumstances, be extended at the option of the respective borrower for two consecutive terms of one year each, as set forth in the respective loan agreement (collectively, the “CMBS SASB Loan Agreements”). Monthly payments due under the CMBS SASB Loan Agreements are interest-only, with the full principal amount becoming due and payable on the respective maturity date. The amounts outstanding under the CMBS SASB Loan Agreements bear interest at an annual rate equal to LIBOR plus 3%. In addition, pursuant to the requirements of the CMBS SASB Loan Agreements: (a) the borrower with respect to the CMBS SASB Mortgage Loan has purchased an interest rate cap with a notional amount of $180 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022 and (b) the borrower with respect to the CMBS SASB Mezzanine Loan has purchased an interest rate cap with a notional amount of $55 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022. On June 7, 2019, to effectively terminate our $180 million and $55 million existing interest rate caps, we sold an offsetting interest rate cap with a notional amount of $235 million, whereby LIBOR is capped at 3% through February 15, 2022. We simultaneously entered into an interest rate swap with a notional amount of $235 million, whereby LIBOR is fixed at 1.79% through February 15, 2022. None of the CMBS SASB Loan may be prepaid, in whole or in part, without satisfying certain conditions as set forth in the respective CMBS SASB Loan Agreements, such as the payment of a spread maintenance premium if the prepayment is made within the first two years. Thereafter the CMBS SASB Loan may be prepaid in whole or in part at par without penalty. The loan documents for the CMBS SASB Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranties, with respect to the CMBS SASB Mortgage Loan (the “CMBS SASB Mortgage Loan Guaranty”), and with respect to the CMBS SASB Mezzanine Loan (the “CMBS SASB Mezzanine Loan Guaranty” and collectively the “CMBS SASB Guarantees”), each dated January 24, 2019, in favor of the CMBS SASB Lenders, the Company serves as a non-recourse guarantor with respect to each of the CMBS SASB Mortgage Loan and the CMBS SASB Mezzanine Loan and is subject to certain net worth and liquidity requirements, each as described in the CMBS SASB Guarantees. CMBS Loan The CMBS loan is a $104 million CMBS financing with KeyBank as lender (the “CMBS Lender”) pursuant to a mortgage loan (the “CMBS Loan”), and The amounts outstanding under the CMBS Loan bear interest at an annual fixed rate equal to 5%. Commencing two years after securitization, the CMBS Loan may be defeased in whole, but not in part, subject to certain conditions as set forth in the CMBS Loan Agreement. The loan documents for the CMBS Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty dated January 24, 2019, in favor of the CMBS Lender, the Company serves as a non-recourse guarantor with respect to the CMBS Loan. Secured Loan This represents secured financing with KeyBank, Fifth Third Bank (“Fifth Third”), and SunTrust Bank (“SunTrust”) as equal co-lenders (the “Secured Lenders”) for an amount up to approximately $96.4 million pursuant to a mortgage loan (the “Secured Loan”). Loan. On July 11, 2019, in conjunction with the acquisition of the Riggs Road Property, the Riggs Road Property was mortgaged pursuant to the terms of the loan agreement (the “Secured Loan Agreement”), and an additional approximate $ 5.7 million was drawn. On August 30, 2019, we drew an additional approximately $ 0.5 million from the interest reserve, increasing the then total amount outstanding on the loan to approximately $ 95.4 million. In October 2019, in connection with the sale of our San Antonio II property, we paid off approximately $ 9.9 million of the Secured Loan . The amounts outstanding under the Secured Loan Agreement bear interest at an annual rate equal to LIBOR plus 2.5%. On January 24, 2019, the borrowers entered into an interest rate swap arrangement with a notional amount of approximately $89.2 million, such that LIBOR is fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the settlement of the Senior Term Loan, we restructured this swap to reduce the notional amount to approximately $85.5 million, an amount equivalent to the then outstanding principal on the Secured Loan. The loan documents for the Secured Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In particular, the Secured Loan Agreement imposes certain requirements on the Company such as a total leverage ratio, tangible net worth and liquidity requirements, fixed charge coverage ratios and limits on the amount of unhedged variable rate debt exposure. On May 8, 2020, we completed an amendment to the Secured Loan with the Secured Lenders which revised various covenants for the loan. See Note 16–Subsequent Events – Secured Loan Amendment for additional information. Secured Loan. Senior Term Loan W e along with our Operating Partnership entered into a financing for an amount up to $87.7 million with KeyBank and SunTrust, as co-lenders (the “Senior Term Lenders”), pursuant to a senior term loan (the “Senior Term Loan”). The Senior Term Loan was secured by a pledge of 49% of the equity interests in our property-owning special purpose entities, other than those that own the CMBS SASB Properties. The Senior Term Loan was made pursuant to a loan agreement with a maturity date of January 24, 2022 (the “Senior Term Loan Agreement”). Monthly payments due under the Senior Term Loan Agreement were interest-only, with the full principal amount becoming due and payable on the maturity date. On January 24, 2019, an initial borrowing of $72.0 million was made under the Senior Term Loan with the right to draw an additional $15.7 million, as set forth in the Senior Term Loan Agreement, of which we subsequently drew an additional $14.3 million. The amounts outstanding under the Senior Term Loan Agreement incurred interest at an annual rate equal to LIBOR plus 4.25%. On January 24, 2019, we entered into an interest rate swap arrangement with a notional amount of $72 million, such that LIBOR was fixed at approximately 2.6% until August 1, 2020. The Senior Term Loan was paid off in full on October 29, 2019 in connection with the issuance of Series A Convertible . Canadian CitiBank Loan On October 11, 2018, we, through 10 special purpose entities wholly owned by our Operating Partnership, entered into a loan agreement with The CitiBank Loan Agreement is a term loan that matures on October 9, 2020, which may, in certain circumstances, be extended at our option for three consecutive terms of one year each. Monthly payments due under the CitiBank Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date. The amounts outstanding under the CitiBank Loan Agreement bear interest at a rate equal to the sum of the “CDOR” (as defined in the CitiBank Loan Agreement) and 2.25%. If we exercise our third extension option, the interest rate shall be increased by 0.25%. In addition, pursuant to the requirements of the CitiBank Loan Agreement, we have purchased interest rate caps with a combined notional amount of $112 million CAD, whereby the CDOR is capped at 3.00% through October 15, 2021. The following table presents the future principal payment requirements on outstanding debt as of March 31, 2020: 2020 $ 79,064,310 2021 12,207,224 2022 323,426,828 2023 3,384,577 2024 47,035,146 2025 and thereafter 246,890,840 Total payments 712,008,925 Premium on secured debt, net 559,850 Debt issuance costs, net (6,641,700 ) Total $ 705,927,075

Self Administration Transacti_2

Self Administration Transaction	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Self Administration Transaction	Note 4. Self Administration Transaction Overview On June 28, 2019, we, our Operating Partnership and our TRS entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements with our then-sponsor SAM and SS OP Holdings, a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM, along with certain other assets of SAM. As a result of the Self Administration Transaction, Agreements Contribution Agreement On June 28, 2019, we along with our Operating Partnership, as contributee, and SAM and SS OP Holdings, as contributor, entered into a Contribution Agreement (the “Contribution Agreement”) whereby the Operating Partnership acquired the Self Storage Platform and certain other assets, including (a) SAM’s, or its subsidiaries’, 100% membership interests in our Former External Advisor and Former External Property Managers, the advisor and property manager for SST IV, the advisor and property manager for SSGT II, entities related to the Tenant Programs joint ventures, and certain entities related to SAM’s self storage business in Canada ; (b) all equipment, furnishings, fixtures and computer equipment as set forth in the Contribution Agreement; (c) certain personal property as set forth in the Contribution Agreement; (d) all intellectual property, goodwill, licenses and sublicenses granted and obtained with respect thereto (including all rights to the “SmartStop®” brand and “Strategic Storage®” related trademarks), (e) SAM’s processes, practices, procedures and workforce related to the self storage business (then consisting of a total of approximately 350 on-site self storage employees, regional and district managers, other personnel and the then current executive management team of the Company), and (f) certain other assets as set forth in the Contribution Agreement, in exchange for $769,126 in cash, and 8,698,956 Class A-1 limited partnership units of the Operating Partnership (“Class A-1 Units”) and 3,283,302 Class A-2 limited partnership units of the Operating Partnership (“Class A-2 Units”). The Contribution Agreement contains customary representations, warranties, covenants, agreements and indemnification obligations and rights of us, the Operating Partnership, SAM and SS OP Holdings. Third Amended and Restated Limited Partnership Agreement and Redemption of Limited Partner Interest Agreement On June 28, 2019, we entered into the Third Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Operating Partnership Agreement”), which amended and superseded the Second Amended and Restated Limited Partnership Agreement (the “Former OP Agreement”), and a Redemption of Limited Partner Interest Agreement (the “Redemption of Limited Partner Interest Agreement”) with the Former External Advisor and the Operating Partnership, pursuant to which the Operating Partnership redeemed all of the limited partnership interests held by the Former External Advisor in the Operating Partnership. As a result of the Redemption of Limited Partner Interest Agreement and the Self Administration Transaction, the Former External Advisor’s parent entity, SAM and its affiliates no longer hold either their previously existing 20,000 limited partnership units or their special limited partnership interest in the Operating Partnership; however, SAM received cash of $200,000 and also now holds Class A-1 Units and Class A-2 Units in the Operating Partnership, as further described below. As a result of the entry into the above-described Redemption of Limited Partner Interest Agreement and the Operating Partnership Agreement (1) references to the limited partner interests previously held by the Former External Advisor in the Operating Partnership have been removed from the Operating Partnership Agreement in connection with the redemption of such interests pursuant to the Redemption of Limited Partner Interest Agreement and (2) provisions related to the subordinated incentive distributions payable to the Former External Advisor pursuant to the special limited partnership interests have been removed from the Operating Partnership Agreement. Accordingly, we and our Operating Partnership will no longer have any obligation to make the Subordinated Share of Net Sale Proceeds, Subordinated Distribution Due Upon Termination of Advisory Agreement, Subordinated Incentive Listing Distribution, or Subordinated Distribution Due Upon Extraordinary Transaction (each as defined in the Former OP Agreement). In addition, the revised Operating Partnership Agreement created two new classes of units issued to SS OP Holdings in connection with the Self Administration Transaction: Class A-1 Units and Class A-2 Units. The Class A-1 Units are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. In addition, until June 28, 2021 (the “Lock-Up Expiration”), the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership. The Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below. The conversion features of the Class A-2 Units are as follows: (A) the first time the aggregate incremental assets under management (“AUM”) (as defined in the Operating Partnership Agreement) of the Operating Partnership equals or exceeds one-third one-third one-third The Operating Partnership Agreement also provides the Class A-1 unitholders a vote on “Extraordinary Matters” which includes any merger, sale of all or substantially all of our assets, share exchange, conversion, dissolution or amendment of our charter, in each case where the vote of our stockholders is required under Maryland law (the “OP Consent”). The OP Consent will be determined by a vote of the partners of the Operating Partnership, with our vote, as General Partner of the Operating Partnership, being voted in proportion to the votes cast by our stockholders on the Extraordinary Matter. The Redemption of Limited Partner Interest Agreement contained various customary representations and warranties. Membership Interest Purchase Agreement – Ladera Office On June 28, 2019, immediately following the Self Administration Transaction, SAM and its then wholly-owned subsidiary, 10 Terrace Rd, LLC (“10 Terrace Rd”), and SmartStop Storage Advisors, LLC (“SSA”), our indirect subsidiary, entered into a Membership Interest Purchase Agreement (the “Membership Interest Purchase Agreement”), pursuant to which SSA purchased 100% of the membership interests in 10 Terrace Rd for $6.5 million, payable through the assumption of existing debt in the amount of approximately $4.2 million, and cash in the amount of approximately $2.3 million. 10 Terrace Rd is the owner of an office condominium located at 10 Terrace Rd., Ladera Ranch, California (the “Ladera Office”) which, as a result of the Membership Interest Purchase Agreement, we now indirectly own. The Ladera Office houses our corporate headquarters. Fair Value of Consideration Transferred We accounted for the Contribution Agreement and Membership Interest Purchase Agreement discussed above as a business combination under the acquisition method of accounting. During the three months ended March 31, 2019, we incurred approximately $138,000 for legal fees and fees and expenses of our other professional and financial advisors related to the Self Administration Transaction, which are included in the self administration transaction expenses line-item in the accompanying consolidated statements of operations. The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following: Estimated Fair Value of Consideration Transferred Cash (1) $ 3,918,185 Class A-1 Units 63,643,000 Class A-2 Units (contingent earnout) 30,900,000 Total Consideration Transferred 98,461,185 Fair value of our preexisting 50% equity interests 12,800,000 Total $ 111,261,185 (1) As a result of this acquisition, we remeasured the book value of our preexisting 50% equity method investments in our Tenant Programs joint ventures to fair value, which resulted in a gain of approximately $8.0 million which was presented in the gain resulting from acquisition of unconsolidated affiliates line-item in our consolidated statements of operations as of the date of the acquisition. The fair values of the Tenant Programs joint ventures were determined based on a discounted cash flow valuation of the projected cash flows. The estimated fair value of the Class A-1 Units issued was determined using the Company’s then current net asset value, which was based on an income approach to value the properties and the valuation of the assets acquired in the Self Administration Transaction, as described herein, adjusted for market related adjustments and illiquidity discounts. These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2. The key assumptions used in estimating the fair value of the Class A-1 Units and Class A-2 Units consideration included (i) a marketability discount of 5%, (ii) a capitalization rate of 5.16% and (iii) annual net operating income. The estimated fair value of the contingent earnout, Class A-2 Units, was determined using the net asset value calculation described above and further adjusted based on a discounted probability weighted forecast of achieving the requisite AUM thresholds. Subsequent to the completion of the Self Administration Transaction, such liability is required to be recorded at fair value. For additional information, see Note 5 – Self Administration Transaction – Intangible Assets, Goodwill and Certain Other Assets and Liabilities. As of March 31, 2020, we had added incremental assets under management of approximately $ 167 million since the close of the Self Administration Transaction. Allocation of Consideration The consideration transferred pursuant to the Self Administration Transaction was allocated to the assets acquired and liabilities assumed, based upon their estimated fair values as of the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed: Identifiable Assets Acquired at Fair Value Cash and cash equivalents $ 36,443 Restricted cash 94,999 Land 975,000 Building 5,389,000 Site Improvements 136,000 Equipment, furniture and fixtures 651,000 Investments in Managed REITs 5,600,000 Other assets 1,084,629 Intangibles - customer relationships 1,600,000 Trademarks 19,800,000 Intangibles - management contracts 24,900,000 Total identifiable assets acquired $ 60,267,071 Identifiable Liabilities Assumed at Fair Value Debt $ 19,219,126 Accounts payable and accrued expenses 722,286 Deferred tax liabilities, net 7,415,654 Total liabilities assumed $ 27,357,066 Net identifiable assets acquired $ 32,910,005 Goodwill 78,372,980 Non-controlling interest related to consolidated Tenant Programs joint ventures (21,800 ) Net assets acquired $ 111,261,185 The fair value estimate of property and equipment utilized a combination of the income, cost and market approaches, depending on the characteristics of the asset classification. The fair value of land was determined using the market approach, which considers sales of comparable assets and applies compensating factors for any differences specific to the particular assets. Equipment was valued based on estimated replacement cost. Building and site improvements were valued using the cost approach using a direct cost model built on estimates of replacement cost. The intangible assets acquired primarily consist of trademarks and the property management and advisory contracts related to the Managed REITs. The value of the property management and advisory contracts were determined based on a discounted cash flow valuation of the projected cash flows of the acquired contracts. The deferred tax liability is the result of differences between the GAAP carrying value of certain amortizing assets and the carrying value for tax purposes related to activities which are conducted through our TRS. The goodwill recognized was supported by several factors, including that the Company becoming self-managed; additionally, the Managed REIT Platform business brings an established management platform with numerous strategic benefits including growth from new income streams and the ability to offer new products. The results of the acquisition have been included in our consolidated statements of operations since the closing date of the transaction. Fair Value of Equity Exchanged Related to the Redemption of Limited Partnership Interests In connection with the Redemption of Limited Partner Interest Agreement and the Contribution Agreement, the Former External Advisor redeemed its special limited partnership interest and 20,000 limited partnership units in the Operating Partnership in exchange for $200,000 in cash and Class A-1 Units. The exchange was accounted for as a transaction among equity holders with no gain or loss recognized. The fair value of the special limited partnership interest contributed was determined to be approximately $18.8 million, while the book value of the Class A-1 Units issued that was recorded in noncontrolling interest was approximately $9.1 million. The difference between the fair value of the special limited partnership interest received and the book value of the Operating Partnership Units issued was recorded to additional paid in capital. The estimated fair value of the Class A-1 Units issued was determined consistent with the methodology described above. The fair value of the special limited partnership interest was determined based on discounted projections of the future value of the special limited partnership interest which included various assumptions, including estimated future distributions and the related timing thereto. Administrative Services Agreement On June 28, 2019, we along with our Operating Partnership, the TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), pursuant to which the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. SAM will receive a monthly administrative service fee for providing its services and the Company Parties will receive monthly reimbursement based on the amount of services provided under the Administrative Services Agreement. SAM will also pay the Company Parties an allocation of rent and overhead for the portion it occupies in the Ladera Office. Such agreement has a term of three years, and is subject to certain adjustments as defined in the agreement.

Preferred Equity

Preferred Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Preferred Equity	Note 8. Preferred Equity Series A Convertible Preferred Stock On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in preferred shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date. The Investor has committed to purchase up to an additional $50 million, at our option, within 12 months following the Initial Closing, subject to certain limitations. We pay the Investor a fee of 0.25% per annum on the remaining commitment amount until drawn, or the 12-month anniversary of the Initial Closing. We incurred approximately $3.6 million in issuance costs related to the Series A Convertible Preferred Stock, which are recorded as a reduction to Series A Convertible Preferred stock on our consolidated balance sheets. In connection with the Initial Closing, we filed articles supplementary to our Second Articles of Amendment and Restatement, which th Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation. Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount. At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions. The holders of Series A Convertible Preferred Stock are not entitled to vote on any matter submitted to a vote of our stockholders, except that in the event that the dividend for the Series A Convertible Preferred Stock has not been paid for at least four quarters (whether or not consecutive), the holders of Series A Convertible Preferred Stock have the right to vote together with our stockholders on any matter submitted to a vote of our stockholders, upon which the holders of the Series A Convertible Preferred Stock and holders of common stock shall vote together as a single class. The number of votes applicable to a share of Series A Convertible Preferred Stock will be equal to the number of shares of common stock a share of Series A Convertible Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote. This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year. In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares. As of March 31, 2020, there were 150,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $152.4 million, which consisted of $150 million from the Initial Closing, approximately $2.3 million of accumulated and unpaid distributions, and approximately $0.1 million of accumulated and unpaid fees on the undrawn commitment. As of December 31, 2019 there were 150,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $151.7 million, which consisted of $150 million from the Initial Closing, approximately $1.7 million of accumulated and unpaid distributions, and approximately $0.1 million of accumulated and unpaid fees on the undrawn commitment.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 9. Derivative Instruments Interest Rate Derivatives Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and caps as part of our interest rate risk management strategy. The effective portion of the change in the fair value of the derivative that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (loss) (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We do not use interest rate derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but we have elected not to apply hedge accounting. Changes in the fair value of interest rate derivatives not designated in hedging relationships are recorded in other income (expense) as income within our consolidated statements of operations. Foreign Currency Hedges Our objectives in using foreign currency derivatives are to add stability to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar and to manage our exposure to exchange rate movements. To accomplish this objective, we use foreign currency forwards and foreign currency options as part of our exchange rate risk management strategy. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. A foreign currency option contract is a commitment by the seller of the option to deliver, solely at the option of the buyer, a certain amount of currency at a certain price on a specific date. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in accumulated other comprehensive income. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. The following table summarizes the terms of our derivative financial instruments as of March 31, 2020: Notional Amount Strike Effective or Date Assumed Maturity Interest Rate Swaps: LIBOR Swap $ 85,512,000 2.61 % January 24, 2019 August 1, 2020 LIBOR Swap 235,000,000 1.79 % June 15, 2019 February 15, 2022 Interest Rate Cap: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 CDOR Cap 1,000,000 (1) 3.00 % March 28, 2019 October 15, 2021 CDOR Cap 11,700,000 (1) 3.00 % May 28, 2019 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 95,000,000 (1) 1.334 February 10, 2020 February 10, 2021 (1) On January 25, 2019, we settled a $90 million CAD foreign currency forward, receiving a net settlement of approximately $2.1 million and simultaneously entered into a $95 million CAD foreign currency forward. On July 8, 2019 we settled the $95 million CAD foreign currency forward, paying a net settlement of approximately $0.6 million and simultaneously entered into a $95 million CAD currency option. On December 9, 2019 the CAD currency option expired and we simultaneously entered into a two month $95 million CAD foreign currency forward . A portion of our gain (loss) from our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive loss, the other portion, a gain of approximately $0.9 million and a loss of approximately $0.4 million related to the ineffective portion is recorded in other income (expense) within our consolidated statements of operations for the three months ended March 31, 2020 and 2019, respectively. The following table summarizes the terms of our derivative financial instruments as of December 31, 2019: Notional Amount Strike Effective Date Maturity Interest Rate Swaps: LIBOR Swap $ 85,512,000 2.61 % January 24, 2019 August 1, 2020 LIBOR Swap 235,000,000 1.79 % June 15, 2019 February 15, 2022 Interest Rate Cap: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 CDOR Cap 1,000,000 (1) 3.00 % March 28, 2019 October 15, 2021 CDOR Cap 11,700,000 (1) 3.00 % May 28, 2019 October 15, 2021 Foreign Currency Option: Denominated in CAD $ 95,000,000 (1) 1.323 December 9, 2019 February 10, 2020 (2) (1) Notional amount shown is denominated in CAD. (2) We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 . The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of March 31, 2020 and December 31, 2019: Asset/Liability Derivatives Fair Value Balance Sheet Location March 31, 2020 December 31, 2019 Interest Rate Swaps Accounts payable and accrued liabilities $ 7,203,078 $ 1,695,140 Interest Rate Caps Other assets $ 49,562 $ 28,847 Foreign Currency Hedges Other assets $ 3,586,332 $ — Accounts payable and accrued liabilities — 1,425,632

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Disclosures	Note 10. Segment Disclosures Prior to the Self Administration Transaction on June 28, 2019, we internally evaluated all of our properties and interests therein as one industry segment and, accordingly, did not report segment information. Subsequent to the Self Administration Transaction, we now operate in two reportable business segments: (i) self storage operations and (ii) our Managed REIT Platform business. Management evaluates performance based upon property net operating income (“NOI”). For our self storage operations, NOI is defined as leasing and related revenues, less property level operating expenses. NOI for the Company’s Managed REIT Platform business represents Managed REIT Platform revenues less Managed REIT Platform expenses. The following table summarizes information for the reportable segments for the three months ended March 31, 2020 below: Three Months Ended March 31, 2020 Managed REIT Corporate Self Storage Platform and Other Total Revenues: Self storage rental revenue $ 25,568,019 $ — $ — $ 25,568,019 Ancillary operating revenue 1,152,843 — — 1,152,843 Managed REIT Platform revenue — 1,783,787 — 1,783,787 Reimbursable costs from Managed REITs — 1,793,474 — 1,793,474 Total revenues 26,720,862 3,577,261 — 30,298,123 Operating expenses: Property operating expenses 9,675,026 — — 9,675,026 Managed REIT Platform expense — 1,174,809 — 1,174,809 Reimbursable costs from Managed REITs — 1,793,474 — 1,793,474 General and administrative — — 3,667,947 3,667,947 Depreciation 7,601,171 — 115,500 7,716,671 Intangible amortization expense 2,196,828 1,472,803 — 3,669,631 Other property acquisition expenses 28,105 — — 28,105 Contingent earnout adjustment — (7,200,000 ) — (7,200,000 ) Impairment of goodwill and intangible assets — 36,465,732 — 36,465,732 Impairment of investments in Managed REITs — 4,376,879 — 4,376,879 Total operating expenses 19,501,130 38,083,697 3,783,447 61,368,274 Operating income (loss) 7,219,732 (34,506,436 ) (3,783,447 ) (31,070,151 ) Other income (expense): Interest expense (8,294,093 ) — (45,210 ) (8,339,303 ) Interest expense – accretion of fair market value of secured debt 32,657 — — 32,657 Interest expense – debt issuance costs (941,124 ) — (2,359 ) (943,483 ) Other (170,197 ) 2,746,896 — 2,576,699 Net loss $ (2,153,025 ) $ (31,759,540 ) $ (3,831,016 ) $ (37,743,581 ) The following table summarizes our total assets by segment: Segments March 31, 2020 Self Storage (1) $ 1,155,879,412 Managed REIT Platform (1) 32,543,464 Corporate and Other 57,263,296 Total assets $ 1,245,686,172 (1) Included in the assets of the Self Storage and the Managed REIT Platform segments are approximately $45.3 million and $8.4 million of goodwill, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 11. Related Party Transactions Through the closing of the Self Administration Transaction on June 28, 2019, we incurred expenses under the following advisory and property management agreements; commencing on such closing and continuing thereafter we will no longer incur such expenses. The Dealer Manager Agreement and the Transfer Agent Agreement described below were not impacted by the Self Administration Transaction. Fees to Affiliates Our Advisory Agreement with our Former External Advisor, our dealer manager agreement, as amended ("Dealer Manager Agreement") with our Dealer Manager, our Property Management Agreements with our Former External Property Managers and our Transfer Agent Agreement with our Transfer Agent entitle such affiliates to specified fees upon the provision of certain services with regard to the Offering and investment of funds in real estate properties, among other services, as well as certain reimbursements, as described below . Advisory Agreement Prior to the Self Administration Transaction we did not have any employees. Our Former External Advisor was primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Former External Advisor received various fees and expenses under the terms of our Advisory Agreement. As a result of the Self Administration Transaction, on June 28, 2019 we acquired approximately 350 self storage professionals and other personnel and now perform such services on our own behalf. Our Former External Advisor received acquisition fees equal to 1.75% of the contract purchase price of each property we acquired plus reimbursement of any acquisition expenses incurred by our Former External Advisor. Our Former External Advisor also received a monthly asset management fee equal to 0.05208%, which is one-twelfth of 0.625%, of our aggregate asset value, as defined in the Advisory Agreement. Under our Advisory Agreement, our Former External Advisor was entitled to receive disposition fees in an amount equal to the lesser of (i) one-half of the competitive real estate commission or (ii) 1% of the contract sale price for each property we sold, as long as our Former External Advisor provided substantial assistance in connection with the sale. The total real estate commissions paid (including the disposition fee paid to our Advisor) was limited to the lesser of a competitive real estate commission or an amount equal to 6% of the contract sale price of the property. Our Former External Advisor was also entitled to various subordinated distributions pursuant to our Operating Partnership Agreement if we (1) listed our shares of common stock on a national exchange, (2) terminated our Advisory Agreement (other than a voluntary termination), (3) liquidated our portfolio, or (4) entered into an Extraordinary Transaction, as it was defined in the Operating Partnership Agreement. Pursuant to the Advisory Agreement, our Former External Advisor was entitled to reimbursement of our Former External Advisor’s direct and indirect costs of providing administrative and management services to us. Pursuant to the Advisory Agreement, our Former External Advisor was obligated to pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceeded the greater of 2% of our average invested assets or 25% of our net income, as defined, unless a majority of our independent directors determined that such excess expenses were justified based on unusual and non-recurring factors. Dealer Manager Agreement In connection with our Primary Offering, our Dealer Manager received a sales commission of up to 7.0% of gross proceeds from sales of Class A Shares and up to 2.0% of gross proceeds from the sales of Class T Shares in the Primary Offering and a dealer manager fee up to 3.0% of gross proceeds from sales of both Class A Shares and Class T Shares in the Primary Offering under the terms of the Dealer Manager Agreement. In addition, our Dealer Manager receives an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% paid in connection with sales made by these broker-dealers. Our Dealer Manager could also re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Dealer Manager, payment of attendance fees required for employees of our Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. Our Dealer Manager also received reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Offering, could not exceed 3% of gross offering proceeds from sales in the Offering. Affiliated Dealer Manager SAM owns a 15% non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own limited partnership interests in our Operating Partnership. Transfer Agent Agreement SAM owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (“Transfer Agent”), which is a registered transfer agent with the SEC. Pursuant to our transfer agent agreement, our Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: providing customer service to our stockholders, processing the distributions and any servicing fees with respect to our shares and issuing regular reports to our stockholder. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We believe that our Transfer Agent, through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with transfer agent and registrar services. Our Transfer Agent also conducts transfer agent and registrar services for other non-traded REITs sponsored by SRA. It is the duty of our board of directors to evaluate the performance of our Transfer Agent. Fees paid to our Transfer Agent are based on a fixed quarterly fee, one-time account setup fees and monthly open account fees. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it. The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date. Property Management Agreements As a result of the Self Administration Transaction, we acquired approximately 350 self storage professionals and other personnel and now perform property management services on our own behalf. Through June 28, 2019, pursuant to the property management agreements, our Former External Property Managers received: (i) a monthly management fee for each property equal to the greater of $3,000 or 6% of the gross revenues from the properties plus reimbursement of the property manager’s costs of managing the properties and (ii) a construction management fee equal to 5% of the cost of construction or capital improvement work in excess of $10,000. In addition, we had agreed with our Former External Property Managers or an affiliate to share equally in the net revenue attributable to the sale of tenant insurance, protection plans, or other indemnity plans at our properties. With respect to each new property we acquired for which we entered into a property management agreement with our Former External Property Managers we paid our Former External Property Managers a one-time start-up fee in the amount of $3,750. Our self storage properties located in Canada were subject to separate property management agreements with our Former External Property Managers on terms substantially the same as the amended property management agreements described above. All of our properties in the United States and Canada are operated under the “SmartStop® Self Storage” brand, which as a result of the Self Administration Transaction we now own. Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2019 and the three months ended March 31, 2020, as well as any related amounts payable as of December 31, 2019 and March 31, 2020: Year Ended December 31, 2019 Three Months Ended March 31, 2020 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses $ 975,985 $ 1,185,370 $ — $ — $ — $ — Transfer Agent fees 324,943 374,404 — 175,840 175,840 — Asset management fees 3,622,558 3,622,558 — — — — Property management fees 2,983,111 2,983,111 — — — — Acquisition expenses 84,061 84,061 — — — — Capitalized Acquisition costs 235,932 235,932 — — — — Self Administration Transaction working capital true-up 493,785 493,785 — — — — Additional paid-in capital Stockholder servicing fee (1) — 667,651 1,277,340 — 161,441 1,115,899 Total $ 8,720,375 $ 9,646,872 $ 1,277,340 $ 175,840 $ 337,281 $ 1,115,899 (1) th Please see Note 3 – Real Estate Facilities and Note 4 – Self Administration Transaction for detail regarding additional related party transactions. Tenant Programs W e may offer a tenant insurance plan, tenant protection plan or similar program (collectively “Tenant Programs”) to customers at our properties. We and an affiliate of our Former External Property Manager previously agreed to transfer our respective rights in such Tenant Programs revenue to a joint venture owned 50% by our TRS subsidiary and, through the date of the Self Administration Transaction, 50% by our Former External Property Manager’s affiliate (the “Former PM Affiliate”). Under the terms of the joint venture agreement, the TRS received of the net economics generated from such Tenant Programs and the Former PM Affiliate received the other of such net economics shared equally in the net revenue attributable to the sale of Tenant Programs at the properties we acquired in the SSGT Mergers on substantially similar terms as set forth above. . For the three months ended March 31, 2020 and 2019, we recorded net revenues of approximately $1.0 million and $0.5 million, respectively, related to Tenant Programs which was included in ancillary operating revenue in the consolidated statements of operations. Acquisition of Self Storage Platform from SmartStop Asset Management, LLC and Other Transactions As a result of the Self Administration Transaction, the advisor and property manager entities of SST IV and SSGT II, became our indirect subsidiaries. As a result, we are entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory and property management agreements as described below. Advisory Agreement Fees Our indirect subsidiaries, Strategic Storage Advisor IV, LLC, the advisor to SST IV (the “SST IV Advisor”), and SS Growth Advisor II, LLC, the advisor to SSGT II (the “SSGT II Advisor”), are entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory agreements. SST IV Advisory Agreement The SST IV Advisor provides acquisition and advisory services to SST IV pursuant to an advisory agreement (the “SST IV Advisory Agreement”). SST IV is required to reimburse SST IV Advisor for organization and offering costs under the SST IV Advisory Agreement; however, the SST IV Advisor funds, and will not be reimbursed for 1.15% of the gross offering proceeds from the sale of Class W shares sold in the SST IV offering. Such amounts for the three months ended March 31, 2020 totaled approximately $25,000. The SST IV Advisor will be required to reimburse SST IV within 60 days after the end of the month in which the SST IV public offering terminates to the extent SST IV paid or reimbursed organization and offering costs (excluding sales commissions and dealer manager fees) in excess of 3.5% of the gross offering proceeds from the SST IV offering. The SST IV Advisory Agreement also requires the SST IV Advisor to reimburse SST IV to the extent that offering expenses, including sales commissions, dealer manager fees and organization and offering expenses, are in excess of 15% of gross proceeds from the SST IV offering. The SST IV Advisor also receives a monthly asset management fee equal to 0.0833%, which is one-twelfth of 1%, of SST IV’s aggregate asset value, as defined. The SST IV Advisor may potentially also be entitled to various subordinated distributions under SST IV’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights if SST IV (1) lists its shares of common stock on a national exchange, (2) terminates the SST IV Advisory Agreement, (3) liquidates its portfolio, or (4) enters into an Extraordinary Transaction, as defined in the SST IV operating partnership agreement. The SST IV Advisory Agreement provides for reimbursement of the SST IV Advisor’s direct and indirect costs of providing administrative and management services to SST IV. The SST IV Advisor will be required to pay or reimburse SST IV the amount by which SST IV’s aggregate annual operating expenses, as defined, exceed the greater of 2% of SST IV’s average invested assets or 25% of SST IV’s net income, as defined, unless a majority of SST IV’s independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. SSGT II Advisory Agreement The SSGT II Advisor provides acquisition and advisory services to SSGT II pursuant to an advisory agreement (the “SSGT II Advisory Agreement”). In connection with the SSGT II private placement offering, SSGT II is required to reimburse the SSGT II Advisor for organization and offering costs from the SSGT II private offering pursuant to the SSGT II Advisory Agreement. The SSGT II Advisor will receive a monthly asset management fee equal to 0.1042%, which is one-twelfth of 1.25%, of SSGT II’s aggregate asset value, as defined. The SSGT II Advisor may also be potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights. So long as the SSGT II Advisory Agreement has not been terminated (including by means of non-renewal), SSGT II is required to pay the SSGT II Advisor a distribution from its operating partnership (other than net sale proceeds), pursuant to a special limited partnership interest, equal to 10.0% of any amount distributed to stockholders in excess of the amount required to provide stockholders with an annual aggregate distribution equal to 5.0% (reflective of the weighted average purchase price per share), cumulative within the subject calendar year (as adjusted for partial periods outstanding). Such distribution will be reconciled and paid annually. The cash flow participation distribution may be payable in cash or operating partnership units (or any combination thereof), at the election of the SSGT II Advisor. The SSGT II Advisor may also be potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement if SSGT II (1) lists its shares of common stock on a national exchange, (2) terminates the SSGT II Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SSGT II operating partnership agreement. The SSGT II Advisory Agreement provides for reimbursement of the SSGT II Advisor’s direct and indirect costs of providing administrative and management services to SSGT II. Managed REIT Property Management Agreements Our indirect subsidiaries, Strategic Storage Property Management IV, LLC and SS Growth Property Management II, LLC (collectively the “Managed REITs Property Managers”), are entitled to receive fees for their services in managing the properties owned by the Managed REITs pursuant to property management agreements entered into between the owner of the property and the applicable Managed REIT’s Property Manager. The Managed REIT’s Property Managers will receive a property management fee equal to 6% of the gross revenues from the properties, generally subject to a monthly minimum of $3,000 per property, plus reimbursement of the costs of managing the properties, and a one-time fee of $3,750 for each property acquired that would be managed by the Managed REITs Property Managers. Reimbursable costs and expenses include wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. Pursuant to the property management agreements, we through our Operating Partnership employ the on-site staff for the Managed REITs’ properties. The SST IV property manager will be entitled to a construction management fee equal to 5% of the cost of a related construction or capital improvement work project in excess of $10,000. Summary of Fees and Revenue Related to the Managed REITs Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended March 31, 2020: Managed REIT Platform Revenues Three Months Ended March 31, 2020 Property management agreement – SST IV $ 338,918 Property management agreement – SSGT II 74,723 Advisory agreement – SST IV 771,186 Advisory agreement – SSGT II 235,635 Tenant Program revenue – SST IV 165,888 Tenant Program revenue – SSGT II 29,457 Other Managed REIT revenue (1) 167,980 Total $ 1,783,787 (1) Such revenues primarily includes construction management and development fees. Reimbursable costs from affiliates includes reimbursement of both the SST IV and SSGT II Advisors’ direct and indirect costs of providing administrative and management services to the Managed REITs. Additionally, reimbursable costs includes reimbursement pursuant to the property management agreements for reimbursement of the costs of managing the Managed REITs’ properties, including wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. As of March 31, 2020, we had receivables due from SST IV and SSGT II totaling approximately $670,000 and $200,000, respectively, which are included in investments in and advances to the Managed REITs line-item in our consolidated balance sheet. Such amounts included unpaid amounts relative to the above table, in addition to other direct routine expenditures of the Managed REITs that we directly funded. Administrative Services Agreement In connection with the Self Administration Transaction, on June 28, 2019, we along with our Operating Partnership, the TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), pursuant to which the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. For the three months ended March 31, 2020, we incurred fees to SAM under the Administrative Services Agreement of approximately $0.9 million, which were recorded in our Managed REIT Platform expenses in our consolidated statement of operations for the three months ended March 31, 2020. We recorded reimbursements from SAM of approximately $0.2 million related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM, which were included in Managed REIT Platform revenue in our consolidated statement of operations for the three months ended March 31, 2020. As of March 31, 2020, no amounts were owed to SAM.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	Note 12. Stock Based Compensation We issue stock based compensation pursuant to the employee and director long-term incentive plan of SmartStop Self Storage REIT, Inc. (the “Plan”). Pursuant to the Plan, we are able to issue various forms of stock based compensation. Through March 31, 2020 we had only issued restricted stock grants, which are subject to a vesting period over which the restrictions are released and the stock is issued in book entry form to the grantee. During the vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of non-vested restricted stock granted under the Plan and the grantee does not have the ability to vote the shares. Any dividends accrued on non-vested shares will be paid, if and when the underlying restricted shares vest. Generally the shares vest over a three to four year period which begins on the date of grant. As of March 31, 2020, 5,619,492 shares were available for issuance under the Plan. We recorded approximately $220,000 and $22,000 of expense in general and administrative expense in our consolidated statements of operations related to restricted stock granted to employees and directors for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was approximately $2.3 million of total unrecognized compensation expense related to non-vested restricted stock awards. Such cost is expected to be recognized over a weighted-average period of 3.1 years. Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Non-Vested at December 31, 2019 265,806 $ 9.53 Granted 47,842 9.78 Vested (1,250 ) 10.00 Non-Vested at March 31, 2020 312,398 $ 9.57 In April 2020, the compensation committee of our board of directors approved the 2020 executive compensation program for our executives and certain awards were granted. See Note 16—Subsequent Events for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies Distribution Reinvestment Plan We have adopted an amended and restated distribution reinvestment plan that allows both our Class A and Class T stockholders to have distributions otherwise distributable to them invested in additional shares of our Class A and Class T Shares, respectively. The purchase price per share pursuant to our distribution reinvestment plan is equivalent to the estimated value per share approved by our board of directors and in effect on the date of purchase of shares under the plan. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on April 20, 2020, beginning in May 2020, shares sold pursuant to our distribution reinvestment plan are sold at the estimated value per share of $10.40 per Class A Share and Class T Share. On November 30, 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). We may amend or terminate the amended and restated distribution reinvestment plan for any reason at any time upon 10 days’ prior written notice to stockholders. No sales commissions, dealer manager fee, or stockholder servicing fee will be paid on shares sold through the amended and restated distribution reinvestment plan. Through the termination of our Offering on January 9, 2017, we had sold approximately 1.1 million Class A shares and 0.1 million Class T Shares through our original distribution reinvestment plan. As of March 31, 2020, we had sold approximately 4.3 million Class A Shares and approximately 0.7 million Class T Shares through our DRP Offering. Share Redemption Program We previously adopted a share redemption program that enabled stockholders to sell their shares to us in limited circumstances. On August 26, 2019, our board of directors approved the suspension of our share redemption program effective as of September 27, 2019, except with respect to redemption requests made in connection with the death or disability of a stockholder, redemption due to confinement to a long-term care facility, or other exigent circumstances. March 30, 2020, our board of directors approved the complete suspension of our share redemption program, effective on April 29, 2020. If the suspension is lifted, we may redeem the shares of stock presented for redemption for cash to the extent that such requests comply with the below terms of our share redemption program and we have sufficient funds available to fund such redemption. We are not obligated to redeem shares under the share redemption program. Our board of directors may amend, suspend or terminate the share redemption program with 30 days’ notice to our stockholders. We may provide this notice by including such information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders. The amount that we may pay to redeem stock for redemptions is the redemption price set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price Less than 1 No Redemption Allowed 1 or more but less than 3 90.0% of Redemption Amount 3 or more but less than 4 95.0% of Redemption Amount 4 or more 100.0% of Redemption Amount Excluding any period while the program is suspended, any time we are engaged in an offering of shares, the Redemption Amount for shares purchased under our share redemption program will always be equal to or lower than the applicable per share offering price. As long as we are engaged in an offering, the Redemption Amount shall be the lesser of the amount the stockholder paid for their shares or the price per share in the current offering. If we are no longer engaged in an offering, our board of directors will announce any redemption price adjustment and the time period of its effectiveness as a part of its regular communications with our stockholders. At any time the redemption price during an offering is determined by any method other than the offering price, if we have sold property and have made one or more special distributions to our stockholders of all or a portion of the net proceeds from such sales, the per share redemption price will be reduced by the net sale proceeds per share distributed to investors prior to the redemption date as a result of the sale of such property in the special distribution. Our board of directors will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While our board of directors does not have specific criteria for determining a special distribution, we expect that a special distribution will only occur upon the sale of a property and the subsequent distribution of the net sale proceeds. There are several limitations in addition to those noted above on our ability to redeem shares under the share redemption program including, but not limited to: • During any calendar year, we will not redeem in excess of 5% of the weighted-average number of shares outstanding during the prior calendar year. • The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan, less any prior redemptions. • We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. For the year ended December 31, 2019, we received redemption requests totaling approximately $4.9 million (approximately 0.5 million shares), approximately $4.5 million of which were fulfilled during the year ended December 31, 2019, with the remaining approximately $0.4 million included in accounts payable and accrued liabilities as of December 31, 2019 and fulfilled in January 2020 . During the three months ended March 31, 2020, approximately 0.1 million shares, or $0.8 million, were requested to be redeemed; however, due to the complete suspension of our share redemption program, no share redemption requests were fulfilled. Operating Partnership Redemption Rights Generally, the limited partners of our Operating Partnership, excluding any limited partners with respect to their A-2 Units, have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year. Additionally, the Class A-1 Units issued in connection with the Self Administration Transaction are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. Lock-Up Expiration, the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership . Other Contingencies From time to time, we are party to legal proceedings that arise in the ordinary course of our business. We are not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

Declaration of Distributions

Declaration of Distributions	3 Months Ended
	Mar. 31, 2020
Dividends [Abstract]
Declaration of Distributions	Note 14. Declaration of Distributions On March 30, 2020, our board of directors changed its distribution authorizations from a quarterly to monthly authorization starting with the second quarter of 2020. This change in the distribution policy was in order to give our board maximum flexibility to monitor and evaluate the situation related to the financial impact of COVID-19. In connection with this, our board of directors authorized a daily distribution rate of approximately $0.00164 per day per share on the outstanding shares of common stock payable to Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on April 1, 2020 and ending April 30, 2020. After the stockholder servicing fee is paid, approximately $0.0014 per day will be paid per Class T share. Such distributions payable to each stockholder of record during a month will be paid the following month.

Selected Quarterly Data

Selected Quarterly Data	3 Months Ended
	Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data	Note 15. Selected Quarterly Data The following is a summary of quarterly financial information for the periods shown below: Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Total revenues $ 23,883,325 $ 25,980,517 $ 29,588,014 $ 30,076,693 $ 30,298,123 Total operating expenses $ 21,934,203 $ 25,211,611 $ 27,773,486 $ 26,965,933 $ 61,368,274 Operating income (loss) $ 1,949,122 $ 768,906 $ 1,814,528 $ 7,055,456 $ (31,070,151 ) Net loss $ (8,948,317 ) $ (2,283,972 ) $ (9,541,579 ) $ (4,321,670 ) $ (37,743,581 ) Net loss attributable to common stockholders $ (8,891,558 ) $ (2,212,445 ) $ (8,214,826 ) $ (5,431,504 ) $ (35,073,951 ) Net loss per Class A Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) $ (0.59 ) Net loss per Class T Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) $ (0.59 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events Distribution Reinvestment Plan Offering As of May 13, 2020, we have issued approximately 4.4 million Class A shares of our common stock and approximately 0.7 million Class T Shares of our common stock for gross proceeds of approximately $ 46.3 million and approximately $7.1 million, pursuant to our DRP Offering. Distribution Declaration On April 27, 2020, our board of directors declared a distribution rate for May 2020 of approximately $0.001639 per day per share on the outstanding shares of common stock payable to both Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on May 1, 2020 and continuing on each day thereafter through and including May 31, 2020. In connection with this distribution, after the stockholder servicing fee is paid, approximately $ 0.0014 per day will be paid per Class T share. Such distributions payable to each stockholder of record during a month will be paid the following month . Dealer Manager Termination and Suspension of Offerings by Managed REITs Based upon various factors, including the uncertainty relating to the ongoing COVID-19 outbreak and its impact on the economy and capital markets, the status of fundraising in the non-traded REIT industry due to such uncertainty, and the approval by the board of directors of the respective Managed REITs, each Managed REIT terminated their respective Dealer Manager Agreements on April 17, 2020 by providing a 60 day termination notice. Additionally, the boards of directors of each Managed REIT also approved the suspension of their offerings, effective as of April 30, 2020. Amendment to Operating Partnership Agreement and Issuance of Equity Awards In April 2020, the compensation committee of our board of directors approved the 2020 executive compensation program for our executives, which included (1) performance-based equity grants in the form of either, at the election of the executive, restricted stock awards consisting of shares of our common stock (“Restricted Stock”) or long-term incentive plan units of the Operating Partnership (the “LTIP Units”), and (2) time-based equity grants in the form of either, at the election of the executive, Restricted Stock or LTIP Units (collectively, the “2020 LTIP Plan”). In connection therewith Pursuant to the 2020 LTIP Plan, in April 2020 an aggregate of approximately 5,750 shares of Restricted Stock were issued to our executive officers, as well as approximately 130,640 LTIP Units, each in connection with performance-based equity grants. With respect to performance-based equity grants, the number of shares of Restricted Stock granted as of the grant date was equal 100% of the targeted award, whereas the number of LTIP Units granted as of the grant date was equal 200% of the targeted award. These are non-vested grants which shall vest based on ranges from a threshold of 0% to a maximum of 200% of the targeted equity award set for each executive by the compensation committee, with such percentage being determined based upon our ranking as compared to a peer group of publicly traded self storage REITs in terms of the average same-store revenue growth, analyzed over a three-year Similarly, also in connection with the 2020 LTIP Plan, in April 2020 an aggregate of approximately 215,000 LTIP Units were issued to our executive officers in connection with time-based equity grants. These are non-vested grants which shall vest ratably over four years commencing on December 31, 2020, subject to the recipient’s continued employment or service through the applicable vesting date. Secured Loan Amendment On May 8, 2020, we completed an amendment to the Secured Loan with the Secured Lenders. The Secured Loan amendment revised certain financial covenants, including increasing the REIT-level liquidity covenant from $10 million to $15 million, and the addition of a REIT-level debt service coverage ratio. Additionally, the amendment added a minimum rate for LIBOR of 0.50%. Novel Coronavirus Update (COVID-19) Subsequent to March 31, 2020, the glob al economy has continued to be severely impacted by the COVID-19 pandemic, including in the United States and in the markets in which we operate. The COVID-19 pandemic and the resulting effects, including shutdowns or weakness in national, regional and local economies that negatively impact the demand for self storage space have impacted and could continue to adversely impact our business, financial condition, liquidity and results of operations, however the extent and duration to which our operations will be impacted is highly uncertain and cannot be predicted.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
Principles of Consolidation	Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation.
Consolidation Considerations	Consolidation Considerations 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. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary. As of March 31, 2020, and December 31, 2019, we were not a party to any other contracts/interests that would be deemed to be variable interest in VIEs other than our Tenant Programs joint ventures with SST IV and SSGT II which were acquired in the Self Administration Transaction, which are consolidated.
Equity Investments	Equity Investments Under the equity method, our investments will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions and impairments, as applicable. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investments.
Noncontrolling Interest in Consolidated Entities	Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership and the noncontrolling interests in our Tenant Programs joint ventures with SST IV and SSGT II in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as a noncontrolling interest in the accompanying consolidated balance sheets. We also consolidate our interests in the SST IV and SSGT II Tenant Programs and present the minority interests as noncontrolling interests in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interest balance.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements.
Real Estate Purchase Price Allocation	Real Estate Purchase Price Allocation We account for acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. The value of the tangible assets, consisting of land and buildings is determined as if vacant . Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded none and approximately $13.6 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the three months ended March 31, 2020 and 2019, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. Allocation of purchase price to acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the three months ended March 31, 2019, our property acquisitions have not met the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, once an acquisition is deemed probable, transaction costs are capitalized rather than expensed. During the three months ended March 31, 2020 and 2019, we expensed approximately $30,000 and $260,000, respectively, of acquisition-related transaction costs that did not meet our capitalization policy during the respective periods.
Purchase Price Allocation for the Acquisition of a Business	Purchase Price Allocation for the Acquisition of a Business Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized. As discussed in Note 4, the Self Administration Transaction was an acquisition of a business.
Evaluation of Possible Impairment of Real Property Assets	Evaluation of Possible Impairment of Real Property Assets
Goodwill Valuation	Goodwill Valuation We initially recorded goodwill of approximately $78.4 million as a result of the Self Administration Transaction. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable and is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. See Note 5—Self Administration Transaction - Intangibles, Goodwill, and Certain Other Assets and Liabilities for additional information.
Trademarks	Trademarks In connection with the Self Administration Transaction, we recorded $19.8 million associated with the two primary trademarks acquired. Prior thereto we had no amounts recorded related to trademarks. Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name. We used the following significant projections and assumptions to determine fair value under the relief from royalty method: revenues; royalty rate; tax expense; terminal growth rate; and discount rate. For the SmartStop ® trademark, the projections underlying this relief from royalty model were forecasted for eight years and then a terminal value calculation was applied. For the Strategic Storage ® trademark, the projections underlying the relief from royalty model were forecasted for seven years . Applying the selected pretax royalty rates to the applicable revenue base in each period yielded pretax income for each of our trademarks. These pretax totals were tax effected utilizing the applicable tax rate to arrive at net, after-tax cash flows. The net, after-tax cash flows were then discounted to present value utilizing an appropriate discount rate. The present value of the after-tax cash flows were then added to the present value of the amortization tax benefit (considering the 15-year amortization of intangible assets pursuant to U.S. tax legislation) to arrive at the recommended fair values for the trademarks. The total estimated future amortization expense of the “Strategic Storage ® We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future. See Note 5—Self Administration Transaction - Intangibles, Goodwill, and Certain Other Assets and Liabilities for additional information.
Revenue Recognition	Revenue Recognition Self Storage Operations Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets and contractually due but unpaid rent is included in other assets. Managed REIT Platform We earn property management revenue and asset management revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations. The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. T he Managed REITs’ property management agreements also provide r eimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties. Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations. Additionally, we earn revenue in connection with our Tenant Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations. See Note 11 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform .
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records a general reserve estimate based upon a review of the current status of tenant accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future.
Real Estate Facilities	Real Estate Facilities
Depreciation of Real Property Assets	Depreciation of Real Property Assets Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives Description Standard Depreciable Life Land Not Depreciated Buildings 30-40 years Site Improvements 7-10 years
Depreciation of Personal Property Assets	Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets.
Intangible Assets	Intangible Assets We have allocated a portion of our real estate purchase price to in-place lease intangibles. We are amortizing in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of March 31, 2020, the gross amount allocated to in-place lease intangibles was approximately $46.2 million and accumulated amortization of in-place lease intangibles totaled approximately $42.1 million. As of December 31, 2019, the gross amounts allocated to in-place lease intangibles were approximately $46.8 million and accumulated amortization of in-place lease intangibles totaled approximately $40.4 million. The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2020, 2021, 2022, 2023, 2024, and thereafter is approximately $2.8 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $0.9 million, respectively. In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the Tenant Programs joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. As of March 31, 2020, the gross amount of the intangible assets related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $18.1 million and accumulated amortization of those intangibles totaled approximately $4.3 million. As of December 31, 2019, the gross amount of the intangibles related to the Managed REITs contracts and the customer relationships related to the Tenant Programs joint ventures was approximately $26.5 million and accumulated amortization of those intangibles totaled approximately $2.9 million. The total estimated future amortization expense for such intangible assets for the years ending December 31, 2020, 2021, 2022, 2023, 2024 and thereafter is approximately $3.0 million, $2.9 million, $2.9 million, $2.9 million, $1.8 million, and $0.3 million, respectively. We evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future. See Note 5—Self Administration Transaction - Intangibles, Goodwill, and Certain Other Assets and Liabilities for additional information.
Debt Issuance Costs	Debt Issuance Costs The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt (see Note 7). Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of March 31, 2020, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $11.8 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $5.1 million. As of December 31, 2019, the gross amount allocated to debt issuance costs related to non-revolving debt totaled approximately $11.9 million and accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $4.3 million.
Organizational and Offering Costs	Organizational and Offering Costs We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10%
Foreign Currency Translation	Foreign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All adjustments related to amounts classified as long term net equity investments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Changes in equity investments not classified as long term are recorded in other income (expense) and represented a loss of approximately $1.1 million and a gain of approximately $0.3 million for the three months ended March 31, 2020 and 2019, respectively.
Redeemable Common Stock	Redeemable Common Stock We previously adopted a share redemption program that enabled stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our share redemption program is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. On August 26, 2019, our board of directors approved the suspension of our share redemption program, effective as of September 27, 2019, so that common shares were redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances n March 30, 2020, our board of directors approved the complete suspension of our share redemption program, effective on April 29, 2020. The share redemption program will remain suspended until its resumption is approved by the board, if ever. For the year ended December 31, 2019, we received redemption requests totaling approximately $4.9 million (approximately 0.5 million shares), approximately $4.5 million of which were fulfilled during the year ended December 31, 2019, with the remaining approximately $0.4 million included in accounts payable and accrued liabilities as of December 31, 2019 and fulfilled in January 2020. During the three months ended March 31, 2020, approximately 0.1 million shares, or $0.8 million, were requested to be redeemed; however, due to the complete suspension of our share redemption program, no share redemption requests were fulfilled.
Accounting for Equity Awards	Accounting for Equity Awards Through March 31, 2020, we had only issued service based awards. The cost of such restricted stock awards is required to be measured based on the grant date fair value and the cost recognized over the relevant service period. In recognizing these costs we have assumed no forfeitures for restricted stock granted to our board members and executives, and a weighted average forfeiture rate of 20% is applied to restricted stock granted to non-executive employees. These estimates are adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ.
Fair Value Measurements	Fair Value Measurements Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value: • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access; • Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and • Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions along with the assets and liabilities described in Note 4, Self Administration Transaction The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at March 31, 2020, and December 31, 2019. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 316,000,000 $ 302,610,909 $ 311,700,000 $ 302,820,786 As of March 31, 2020, and December 31, 2019, we had interest rate swaps, interest rate caps, and a n et investment hedge (See Notes 7 and 9 ). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, through March 31, 2020, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated.
Income Taxes	Income Taxes We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes. Even if we continue to qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income. We filed an election to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, the TRS performs additional services for our customers and provides the advisory and property management services to the Managed REITs and otherwise generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Deferred income taxes represent the tax effect of future differences between the book and tax bases of assets and liabilities.
Segment Reporting	Segment Reporting Our business is comprised of two reportable segments: (i) self storage operations and (ii) the Managed REIT Platform business. Please see Note 10 – Segment Disclosures for additional detail.
Convertible Preferred Stock	Convertible Preferred Stock We classify our Series A Convertible Preferred Stock on our consolidated balance sheets using the guidance in ASC 480‑10‑S99. Our Series A Convertible Preferred Stock can be redeemed by us on or after the fifth anniversary of its issuance, or if certain events occur, such as the listing of our common stock on a national securities exchange, a change in control, or if a redemption would be required to maintain our REIT status. Additionally, if we do not maintain our REIT status the holder can require redemption. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series A Convertible Preferred Stock as temporary equity. We have analyzed whether the conversion features in our Series A Convertible Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary.
Per Share Data	Per Share Data Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including the dilutive effect of the conversion of all potential common stock equivalents (which includes unvested restricted stock and convertible preferred stock) and the adding back of the Series A Convertible

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Estimated Useful Lives used to Depreciate Real Property Assets	Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives Description Standard Depreciable Life Land Not Depreciated Buildings 30-40 years Site Improvements 7-10 years
Summary of Fixed Rate Notes Payable	The table below summarizes our fixed rate notes payable at March 31, 2020, and December 31, 2019. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 316,000,000 $ 302,610,909 $ 311,700,000 $ 302,820,786

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Activity in Real Estate Facilities	The following summarizes the activity in real estate facilities during the three months ended March 31, 2020: Real estate facilities Balance at December 31, 2019 $ 1,173,825,368 Construction in process placed in service 12,294,777 Impact of foreign exchange rate changes (13,767,259 ) Improvements and additions 748,730 Balance at March 31, 2020 $ 1,173,101,616 Accumulated depreciation Balance at December 31, 2019 $ (83,692,491 ) Depreciation expense (7,587,338 ) Impact of foreign exchange rate changes 1,032,220 Balance at March 31, 2020 $ (90,247,609 )
Summary of Reconciles Total Consideration Transferred	The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following: Estimated Fair Value of Consideration Transferred Cash (1) $ 3,918,185 Class A-1 Units 63,643,000 Class A-2 Units (contingent earnout) 30,900,000 Total Consideration Transferred 98,461,185 Fair value of our preexisting 50% equity interests 12,800,000 Total $ 111,261,185 (1)
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed: Identifiable Assets Acquired at Fair Value Cash and cash equivalents $ 36,443 Restricted cash 94,999 Land 975,000 Building 5,389,000 Site Improvements 136,000 Equipment, furniture and fixtures 651,000 Investments in Managed REITs 5,600,000 Other assets 1,084,629 Intangibles - customer relationships 1,600,000 Trademarks 19,800,000 Intangibles - management contracts 24,900,000 Total identifiable assets acquired $ 60,267,071 Identifiable Liabilities Assumed at Fair Value Debt $ 19,219,126 Accounts payable and accrued expenses 722,286 Deferred tax liabilities, net 7,415,654 Total liabilities assumed $ 27,357,066 Net identifiable assets acquired $ 32,910,005 Goodwill 78,372,980 Non-controlling interest related to consolidated Tenant Programs joint ventures (21,800 ) Net assets acquired $ 111,261,185
Strategic Storage Growth Trust, Inc
Summary of Reconciles Total Consideration Transferred	The following table reconciles the total consideration transferred during the SSGT Mergers: Fair value of consideration transferred: Cash $ 346,231,561 (1) Issuance of limited partnership units in our Operating Partnership to SS Growth Advisor, LLC 4,217,399 Total consideration transferred $ 350,448,960 (1) approximately $19 million of SSGT debt that was repaid at closing, approximately $5 million of other SSGT liabilities paid at closing, and approximately $1 million in transaction costs.
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT Mergers: Assets Acquired: Land $ 62,261,573 Buildings 255,743,767 Site improvements 16,133,956 Construction in process 5,370,773 Intangible assets 13,571,765 Cash and cash equivalents 692,965 Other assets 6,536,838 Total assets acquired $ 360,311,637 Liabilities assumed: Debt $ 5,038,435 Accounts payable and accrued liabilities 4,824,242 Total liabilities assumed $ 9,862,677 Total net assets acquired $ 350,448,960

Pro Forma Financial Informati_2

Pro Forma Financial Information (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2020
Business Acquisition Pro Forma Information [Abstract]
Summary of Consolidated Results of Operations on Pro Forma Basis	For the Three Months ended March 31, 2019 March 31, 2020 Pro forma revenue $ 25,860,417 $ 30,298,123 Pro forma operating expenses $ (23,972,199 ) $ (61,101,607 ) Pro forma net income (loss) attributable to common stockholders $ (7,714,114 ) $ (34,881,907 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Summarized Real Estate Secured Debt	The Company’s debt is summarized as follows: Encumbered Property March 31, 2020 December 2019 Interest Rate Maturity Date KeyBank CMBS Loan (1) $ 95,000,000 $ 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (2) 52,000,000 52,000,000 4.65 % 5/1/2027 Midland North Carolina CMBS Loan (3) 46,891,174 47,048,287 5.31 % 8/1/2024 Canadian CitiBank Loan (4) 78,533,280 85,500,660 3.78 % 10/9/2020 CMBS SASB Loan (5) 235,000,000 235,000,000 3.99 % 2/9/2022 CMBS Loan (6) 104,000,000 104,000,000 5.00 % 2/1/2029 Secured Loan (7) (8) 85,512,000 85,512,000 3.49 % 1/24/2022 Stoney Creek Loan (9) 5,136,266 5,591,950 4.90 % 10/1/2021 Torbarrie Loan (10) 5,776,320 5,936,996 4.90 % 9/1/2021 Ladera Office Loan 4,159,885 4,179,994 4.29 % 11/1/2026 Premium on secured debt, net 559,850 592,505 Debt issuance costs, net (6,641,700 ) (7,629,390 ) Total debt $ 705,927,075 $ 712,733,002 (1) This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. (2) This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. (3) This fixed rate loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly. (4) This variable rate loan encumbers 10 of our Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect of the dates presented. W e have purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021. (5) This variable rate loan encumbers 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79% though February 15, 2022, which results in an effective fixed interest rate of 4.79% . (6) This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts. (7) This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts. (8) On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million. The remaining $85.5 million of the interest rate swap effectively fixes the interest rate on the Secured Loan at 5.1%. (9) This variable rate loan bears interest at a rate of 1.95 % plus Royal Bank of Canada Prime Rate, which was approximately % as of March 31, 2020, and in no event shall the total interest rate fall below 4.65 % per annum. The Stoney Creek loan was assumed in the SSGT Mergers and had a balance of approximately $ 5 million USD as of the SSGT Mergers date. The Stoney Creek loan is secured by a first lien deed of trust on the Stoney Creek property and all improvements thereto, is cross-collateralized with the Torbarrie property, and is guaranteed by the Company. The amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2020. (10) This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 2.95% as of March 31, 2020, and in no event shall the total interest rate fall below 4.65% per annum. The Torbarrie loan was assumed in the SSGT Mergers and had no outstanding balance as of the date of the SSGT Mergers. The Torbarrie loan is a construction loan, which allows for borrowings up to approximately $10.3 million CAD and is
Summary of Merger Financings	On January 24, 2019, in conjunction with the SSGT Mergers, we, through certain wholly-owned special purpose entities, entered into various financings (“SSGT Merger Financings”), as follows: Merger Financings Principal Borrowing as of Merger Date CMBS SASB Loan $ 235,000,000 CMBS Loan 104,000,000 Secured Loan 89,178,000 Senior Term Loan 72,000,000 Total $ 500,178,000
Schedule of Payment Related to Merger Consideration and Repayment of Debt	The proceeds from the SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as previously described, including the payment of the SSGT merger consideration and the repayment, in full, of certain of our debt, as follows: Merger Financings Principal Repaid Raleigh/Myrtle Beach promissory note $ 11,862,471 Amended KeyBank Credit Facility 98,782,500 Oakland and Concord loan 19,443,753 $11M KeyBank Subordinate Loan 11,000,000 Total $ 141,088,724
Future Principal Payment Requirements on Outstanding Debt	The following table presents the future principal payment requirements on outstanding debt as of March 31, 2020: 2020 $ 79,064,310 2021 12,207,224 2022 323,426,828 2023 3,384,577 2024 47,035,146 2025 and thereafter 246,890,840 Total payments 712,008,925 Premium on secured debt, net 559,850 Debt issuance costs, net (6,641,700 ) Total $ 705,927,075

Self Administration Transacti_3

Self Administration Transaction (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Summary of Reconciles Total Consideration Transferred	The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following: Estimated Fair Value of Consideration Transferred Cash (1) $ 3,918,185 Class A-1 Units 63,643,000 Class A-2 Units (contingent earnout) 30,900,000 Total Consideration Transferred 98,461,185 Fair value of our preexisting 50% equity interests 12,800,000 Total $ 111,261,185 (1)
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed: Identifiable Assets Acquired at Fair Value Cash and cash equivalents $ 36,443 Restricted cash 94,999 Land 975,000 Building 5,389,000 Site Improvements 136,000 Equipment, furniture and fixtures 651,000 Investments in Managed REITs 5,600,000 Other assets 1,084,629 Intangibles - customer relationships 1,600,000 Trademarks 19,800,000 Intangibles - management contracts 24,900,000 Total identifiable assets acquired $ 60,267,071 Identifiable Liabilities Assumed at Fair Value Debt $ 19,219,126 Accounts payable and accrued expenses 722,286 Deferred tax liabilities, net 7,415,654 Total liabilities assumed $ 27,357,066 Net identifiable assets acquired $ 32,910,005 Goodwill 78,372,980 Non-controlling interest related to consolidated Tenant Programs joint ventures (21,800 ) Net assets acquired $ 111,261,185

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial Instruments	The following table summarizes the terms of our derivative financial instruments as of March 31, 2020: Notional Amount Strike Effective or Date Assumed Maturity Interest Rate Swaps: LIBOR Swap $ 85,512,000 2.61 % January 24, 2019 August 1, 2020 LIBOR Swap 235,000,000 1.79 % June 15, 2019 February 15, 2022 Interest Rate Cap: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 CDOR Cap 1,000,000 (1) 3.00 % March 28, 2019 October 15, 2021 CDOR Cap 11,700,000 (1) 3.00 % May 28, 2019 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 95,000,000 (1) 1.334 February 10, 2020 February 10, 2021 (1) The following table summarizes the terms of our derivative financial instruments as of December 31, 2019: Notional Amount Strike Effective Date Maturity Interest Rate Swaps: LIBOR Swap $ 85,512,000 2.61 % January 24, 2019 August 1, 2020 LIBOR Swap 235,000,000 1.79 % June 15, 2019 February 15, 2022 Interest Rate Cap: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 CDOR Cap 1,000,000 (1) 3.00 % March 28, 2019 October 15, 2021 CDOR Cap 11,700,000 (1) 3.00 % May 28, 2019 October 15, 2021 Foreign Currency Option: Denominated in CAD $ 95,000,000 (1) 1.323 December 9, 2019 February 10, 2020 (2) (1) Notional amount shown is denominated in CAD. (2) We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 .
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets	The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of March 31, 2020 and December 31, 2019: Asset/Liability Derivatives Fair Value Balance Sheet Location March 31, 2020 December 31, 2019 Interest Rate Swaps Accounts payable and accrued liabilities $ 7,203,078 $ 1,695,140 Interest Rate Caps Other assets $ 49,562 $ 28,847 Foreign Currency Hedges Other assets $ 3,586,332 $ — Accounts payable and accrued liabilities — 1,425,632

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Reportable Segments	The following table summarizes information for the reportable segments for the three months ended March 31, 2020 below: Three Months Ended March 31, 2020 Managed REIT Corporate Self Storage Platform and Other Total Revenues: Self storage rental revenue $ 25,568,019 $ — $ — $ 25,568,019 Ancillary operating revenue 1,152,843 — — 1,152,843 Managed REIT Platform revenue — 1,783,787 — 1,783,787 Reimbursable costs from Managed REITs — 1,793,474 — 1,793,474 Total revenues 26,720,862 3,577,261 — 30,298,123 Operating expenses: Property operating expenses 9,675,026 — — 9,675,026 Managed REIT Platform expense — 1,174,809 — 1,174,809 Reimbursable costs from Managed REITs — 1,793,474 — 1,793,474 General and administrative — — 3,667,947 3,667,947 Depreciation 7,601,171 — 115,500 7,716,671 Intangible amortization expense 2,196,828 1,472,803 — 3,669,631 Other property acquisition expenses 28,105 — — 28,105 Contingent earnout adjustment — (7,200,000 ) — (7,200,000 ) Impairment of goodwill and intangible assets — 36,465,732 — 36,465,732 Impairment of investments in Managed REITs — 4,376,879 — 4,376,879 Total operating expenses 19,501,130 38,083,697 3,783,447 61,368,274 Operating income (loss) 7,219,732 (34,506,436 ) (3,783,447 ) (31,070,151 ) Other income (expense): Interest expense (8,294,093 ) — (45,210 ) (8,339,303 ) Interest expense – accretion of fair market value of secured debt 32,657 — — 32,657 Interest expense – debt issuance costs (941,124 ) — (2,359 ) (943,483 ) Other (170,197 ) 2,746,896 — 2,576,699 Net loss $ (2,153,025 ) $ (31,759,540 ) $ (3,831,016 ) $ (37,743,581 )
Summary of Total Assets by Segment	The following table summarizes our total assets by segment: Segments March 31, 2020 Self Storage (1) $ 1,155,879,412 Managed REIT Platform (1) 32,543,464 Corporate and Other 57,263,296 Total assets $ 1,245,686,172 (1) Included in the assets of the Self Storage and the Managed REIT Platform segments are approximately $45.3 million and $8.4 million of goodwill, respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Summary of Related Party Costs	Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2019 and the three months ended March 31, 2020, as well as any related amounts payable as of December 31, 2019 and March 31, 2020: Year Ended December 31, 2019 Three Months Ended March 31, 2020 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses $ 975,985 $ 1,185,370 $ — $ — $ — $ — Transfer Agent fees 324,943 374,404 — 175,840 175,840 — Asset management fees 3,622,558 3,622,558 — — — — Property management fees 2,983,111 2,983,111 — — — — Acquisition expenses 84,061 84,061 — — — — Capitalized Acquisition costs 235,932 235,932 — — — — Self Administration Transaction working capital true-up 493,785 493,785 — — — — Additional paid-in capital Stockholder servicing fee (1) — 667,651 1,277,340 — 161,441 1,115,899 Total $ 8,720,375 $ 9,646,872 $ 1,277,340 $ 175,840 $ 337,281 $ 1,115,899 (1) th
Summary of Related Party Fees and Reimbursable Costs	Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended March 31, 2020: Managed REIT Platform Revenues Three Months Ended March 31, 2020 Property management agreement – SST IV $ 338,918 Property management agreement – SSGT II 74,723 Advisory agreement – SST IV 771,186 Advisory agreement – SSGT II 235,635 Tenant Program revenue – SST IV 165,888 Tenant Program revenue – SSGT II 29,457 Other Managed REIT revenue (1) 167,980 Total $ 1,783,787 (1) Such revenues primarily includes construction management and development fees.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Non-vested Restricted Stock Grants	Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Non-Vested at December 31, 2019 265,806 $ 9.53 Granted 47,842 9.78 Vested (1,250 ) 10.00 Non-Vested at March 31, 2020 312,398 $ 9.57

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Stock for Redemptions Based on Number of Years Stock Held	The amount that we may pay to redeem stock for redemptions is the redemption price set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price Less than 1 No Redemption Allowed 1 or more but less than 3 90.0% of Redemption Amount 3 or more but less than 4 95.0% of Redemption Amount 4 or more 100.0% of Redemption Amount

Selected Quarterly Data (Tables

Selected Quarterly Data (Tables)	3 Months Ended
	Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Information	The following is a summary of quarterly financial information for the periods shown below: Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Total revenues $ 23,883,325 $ 25,980,517 $ 29,588,014 $ 30,076,693 $ 30,298,123 Total operating expenses $ 21,934,203 $ 25,211,611 $ 27,773,486 $ 26,965,933 $ 61,368,274 Operating income (loss) $ 1,949,122 $ 768,906 $ 1,814,528 $ 7,055,456 $ (31,070,151 ) Net loss $ (8,948,317 ) $ (2,283,972 ) $ (9,541,579 ) $ (4,321,670 ) $ (37,743,581 ) Net loss attributable to common stockholders $ (8,891,558 ) $ (2,212,445 ) $ (8,214,826 ) $ (5,431,504 ) $ (35,073,951 ) Net loss per Class A Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) $ (0.59 ) Net loss per Class T Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) $ (0.59 )

Organization - Additional Infor

Organization - Additional Information (Detail)	May 13, 2020shares	Apr. 20, 2020$ / shares	Oct. 29, 2019USD ($)	Jan. 09, 2017USD ($)shares	May 23, 2014USD ($)	Aug. 02, 2013USD ($)	Mar. 31, 2020USD ($)StorageFacilityState$ / sharesshares	May 14, 2020$ / shares	Dec. 31, 2019$ / sharesshares	Oct. 01, 2018State	Nov. 30, 2016shares
Organization And Nature Of Operations [Line Items]
Date of formation of company							Jan. 8, 2013
Preferred Stock, shares authorize | shares							200,000,000
Preferred Stock, par value | $ / shares							$ 0.001
Shares issuable pursuant to distribution reinvestment plan							$ 95,000,000
Maximum purchase commitment amount			$ 200,000,000
Initial closing amount			150,000,000
Additional purchase commitment amount			$ 50,000,000
Preferred stock, dividend rate, percentage			6.25%
Number of self storage facilities | StorageFacility							112
Number of states located for self storage facilities | State							17			10
Advisor, SS Toronto REIT Advisors, Inc., and SS Growth Advisor, LLC.
Organization And Nature Of Operations [Line Items]
Percentage of limited partnership interests							86.70%
SAM and Affiliates
Organization And Nature Of Operations [Line Items]
Percentage of limited partnership interests owned by noncontrolling owners							13.30%
Fifth To Tenth Anniversary
Organization And Nature Of Operations [Line Items]
Dividend rate percentage of increase on preferred stock			0.75%
After Tenth Anniversary
Organization And Nature Of Operations [Line Items]
Dividend rate percentage of increase on preferred stock			0.75%
Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares											100,900,000
Description for termination of offering							The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders.
Maximum | Tenth Anniversary
Organization And Nature Of Operations [Line Items]
Preferred stock, dividend rate, percentage			9.00%
Primary Offering | Maximum
Organization And Nature Of Operations [Line Items]
Common stock, value authorize							$ 1,000,000,000
Primary Offering | Minimum
Organization And Nature Of Operations [Line Items]
Sale of common shares					$ 1,500,000
Class A Common stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares							350,000,000		350,000,000
Common Stock, par value | $ / shares							$ 0.001		$ 0.001
Class A Common stock | Subsequent Event
Organization And Nature Of Operations [Line Items]
Number of common stock issued | shares	4,400,000
Estimated value per common share | $ / shares		$ 10.40
Class A Common stock | Distribution Reinvestment Plan | Subsequent Event
Organization And Nature Of Operations [Line Items]
Selling price per share | $ / shares								$ 10.40
Class A Common stock | Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Gross proceeds from issuance of common stock							$ 45,200,000
Number of common stock issued | shares							4,300,000
Class A Common stock | Primary Offering | Common Stock
Organization And Nature Of Operations [Line Items]
Number of shares issued in offering | shares				48,000,000
Gross proceeds from issuance of common stock				$ 493,000,000
Class T Common stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorize | shares							350,000,000		350,000,000
Common Stock, par value | $ / shares							$ 0.001		$ 0.001
Class T Common stock | Subsequent Event
Organization And Nature Of Operations [Line Items]
Number of common stock issued | shares	700,000
Estimated value per common share | $ / shares		$ 10.40
Class T Common stock | Distribution Reinvestment Plan | Subsequent Event
Organization And Nature Of Operations [Line Items]
Selling price per share | $ / shares								$ 10.40
Class T Common stock | Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Gross proceeds from issuance of common stock							$ 6,900,000
Number of common stock issued | shares							700,000
Class T Common stock | Primary Offering | Common Stock
Organization And Nature Of Operations [Line Items]
Number of shares issued in offering | shares				7,000,000
Gross proceeds from issuance of common stock				$ 73,000,000
SmartStop Self Storage, Inc.
Organization And Nature Of Operations [Line Items]
Number of self storage professionals and other personnel | StorageFacility							350
Strategic Storage Operating Partnership II, L.P.
Organization And Nature Of Operations [Line Items]
Date of formation of company							Jan. 9, 2013
Advisor purchased a limited partnership interest in Operating Partnership						$ 200,000
Initial capital contribution						$ 1,000
SmartStop Asset Management
Organization And Nature Of Operations [Line Items]
Percentage of non-voting equity owned							15.00%
SmartStop Asset Management | Investments in Majority-owned Subsidiaries
Organization And Nature Of Operations [Line Items]
Percentage of non-voting equity owned							15.00%
Self Administration Transaction | Strategic Storage Property Management II, LLC
Organization And Nature Of Operations [Line Items]
Percentage of voting membership interest							100.00%
Self Administration Transaction | SS Growth Property Management, LLC
Organization And Nature Of Operations [Line Items]
Percentage of voting membership interest							100.00%
Self Administration Transaction | Strategic Storage Advisor II, LLC
Organization And Nature Of Operations [Line Items]
Percentage of voting membership interest							100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)TrademarkSegmentshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)shares	Jan. 01, 2020USD ($)	Jun. 28, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Payments to acquire intangible assets	$ 0	$ 13,600,000
Business acquisition, transaction costs	30,000	260,000
Impairment losses recognized	0	0
Goodwill	53,643,331		$ 78,372,980		$ 78,372,980
Trademarks acquired amount		0
Trademarks acquired	16,300,000		19,688,167
Gross amounts of lease intangibles	46,200,000		46,800,000
Accumulated amortization	$ 42,100,000		40,400,000
Underwriting commission	10.00%
Maximum dealer manager commission fee percentage of proceeds from Primary Offering	3.00%
Redemptions of common stock	$ 800,000		$ 4,900,000	$ 400,000
Redemptions of common stock (in shares) | shares	0.1		0.5
Estimated weighted average forfeiture rate of equity awards.	20.00%
Minimum percentage of ordinary taxable income to be distributed to stockholders	90.00%
Number of reportable business segments | Segment	2
Real Estate Investment
Summary Of Significant Accounting Policies [Line Items]
Gains (losses) on exchange rate changes in equity investments recorded in other income (expense)	$ (1,100,000)	$ 300,000
Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Underwriting commission	10.00%
Maximum dealer manager commission fee percentage of proceeds from Primary Offering	3.00%
Class T Common stock
Summary Of Significant Accounting Policies [Line Items]
Monthly stockholder servicing fee accrual description	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Class T Common stock | Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Monthly stockholder servicing fee accrual description	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share		accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Class T Common stock | Primary Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares	10.00%
Class A Common stock | Primary Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares	10.00%
Redeemable Common Stock
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock			$ 4,500,000
Non Revolving Debt
Summary Of Significant Accounting Policies [Line Items]
Debt issuance cost, gross	$ 11,800,000		11,900,000
Accumulated amortization of debt issuance costs	5,100,000		4,300,000
Self Storage
Summary Of Significant Accounting Policies [Line Items]
Goodwill	45,300,000
Total estimated future amortization expense of intangible assets, year 2020	2,800,000
Total estimated future amortization expense of intangible assets, year 2021	100,000
Total estimated future amortization expense of intangible assets, year 2022	100,000
Total estimated future amortization expense of intangible assets, year 2023	100,000
Total estimated future amortization expense of intangible assets, year 2024	100,000
Total estimated future amortization expense of intangible assets, thereafter	900,000
Self Administration Transaction
Summary Of Significant Accounting Policies [Line Items]
Total estimated future amortization expense of intangible assets, year 2020	3,000,000
Total estimated future amortization expense of intangible assets, year 2021	2,900,000
Total estimated future amortization expense of intangible assets, year 2022	2,900,000
Total estimated future amortization expense of intangible assets, year 2023	2,900,000
Total estimated future amortization expense of intangible assets, year 2024	1,800,000
Total estimated future amortization expense of intangible assets, thereafter	$ 300,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
SmartStop Trademark
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets	8 years
Strategic Storage Trademark
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets	7 years
Total estimated future amortization expense of intangible assets, year 2020	$ 106,000
Total estimated future amortization expense of intangible assets, year 2021	140,000
Total estimated future amortization expense of intangible assets, year 2022	140,000
Total estimated future amortization expense of intangible assets, year 2023	140,000
Total estimated future amortization expense of intangible assets, year 2024	70,000
Total estimated future amortization expense of intangible assets, thereafter	$ 0
Trademarks
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets	15 years
Self Administration Transaction
Summary Of Significant Accounting Policies [Line Items]
Goodwill	$ 78,400,000
Trademarks acquired	$ 19,800,000
Number of trademarks acquired | Trademark	2
Gross amounts of lease intangibles	$ 18,100,000		26,500,000
Accumulated amortization	$ 4,300,000		$ 2,900,000

Estimated Useful Lives used to

Estimated Useful Lives used to Depreciate Real Property Assets (Detail)	3 Months Ended
	Mar. 31, 2020
Land
Property Plant And Equipment [Line Items]
Standard Depreciable Life	Not Depreciated
Buildings | Minimum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	30 years
Buildings | Maximum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	40 years
Site Improvements | Minimum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	7 years
Site Improvements | Maximum
Property Plant And Equipment [Line Items]
Standard Depreciable Life	10 years

Summary of Fixed Rate Notes Pay

Summary of Fixed Rate Notes Payable (Detail) - Fixed Rate Secured Debt - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 316,000,000	$ 311,700,000
Carrying Value	$ 302,610,909	$ 302,820,786

Schedule of Activity in Real Es

Schedule of Activity in Real Estate Facilities (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Real estate facilities
Real estate facilities, beginning balance	$ 1,173,825,368
Construction in process placed in service	12,294,777
Impact of foreign exchange rate changes	(13,767,259)
Improvements and additions	748,730
Real estate facilities, ending balance	1,173,101,616
Accumulated depreciation
Accumulated depreciation, beginning balance	(83,692,491)
Depreciation expense	(7,587,338)
Impact of foreign exchange rate changes	1,032,220
Accumulated depreciation, ending balance	$ (90,247,609)

Real Estate Facilities - Additi

Real Estate Facilities - Additional Information (Detail)	Oct. 01, 2018StorageFacilityState$ / sharesshares	Mar. 31, 2020State	Jan. 24, 2019USD ($)$ / shares
Restructuring Cost And Reserve [Line Items]
Repayment of debt			$ 141,088,724
Principal borrowing			$ 500,178,000
Number of operating self storage facilities | StorageFacility	28
Number of states for self storage facilities | State	10	17
Canada
Restructuring Cost And Reserve [Line Items]
Number of operating self storage facilities | StorageFacility	1
SS Growth Advisor LLC | Capital Unit, Class A
Restructuring Cost And Reserve [Line Items]
Business acquisition partnership units issued | shares	396,000
Strategic Storage Growth Trust, Inc
Restructuring Cost And Reserve [Line Items]
Common Stock, par value | $ / shares	$ 0.001
Sale price per share | $ / shares	$ 12		$ 12
Repayment of debt			$ 141,000,000
Principal borrowing			$ 500,000,000
SS Growth Operating Partnership, L.P
Restructuring Cost And Reserve [Line Items]
Limited partners' capital account, units converted in to percentage	112.70%

Summary of Reconciles Total Con

Summary of Reconciles Total Consideration Transferred (Detail) - Strategic Storage Growth Trust, Inc	Oct. 01, 2018USD ($)
Fair value of consideration transferred:
Cash	$ 346,231,561
Issuance of limited partnership units in our Operating Partnership to SS Growth Advisor, LLC	4,217,399
Total consideration transferred	$ 350,448,960

Summary of Reconciles Total C_2

Summary of Reconciles Total Consideration Transferred (Parenthetical) (Detail) - USD ($)	Oct. 01, 2018	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Debt Instrument Carrying Amount		$ 712,008,925
Business acquisition, transaction costs		$ 30,000	$ 260,000
Strategic Storage Growth Trust, Inc
Business Acquisition [Line Items]
Cash consideration	$ 346,231,561
Cash paid to stockholders	320,000,000
Debt Instrument Carrying Amount	19,000,000
Other liabilities paid	5,000,000
Business acquisition, transaction costs	$ 1,000,000

Summary of Relative Fair Values

Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)	Jun. 28, 2019	Oct. 01, 2018
Assets Acquired:
Land	$ 975,000
Buildings	5,389,000
Intangible assets	1,600,000
Cash and cash equivalents	36,443
Other assets	1,084,629
Total assets acquired	60,267,071
Liabilities assumed:
Accounts payable and accrued liabilities	722,286
Total liabilities assumed	27,357,066
Total net assets acquired	$ 32,910,005
Strategic Storage Growth Trust, Inc
Assets Acquired:
Land		$ 62,261,573
Buildings		255,743,767
Site improvements		16,133,956
Construction in process		5,370,773
Intangible assets		13,571,765
Cash and cash equivalents		692,965
Other assets		6,536,838
Total assets acquired		360,311,637
Liabilities assumed:
Debt		5,038,435
Accounts payable and accrued liabilities		4,824,242
Total liabilities assumed		9,862,677
Total net assets acquired		$ 350,448,960

Pro Forma Financial Informati_3

Pro Forma Financial Information (Unaudited) - Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition Pro Forma Information [Abstract]
Pro forma revenue	$ 30,298,123	$ 25,860,417
Pro forma operating expenses	(61,101,607)	(23,972,199)
Pro forma net income (loss) attributable to common stockholders	$ (34,881,907)	$ (7,714,114)

Pro Forma Financial Informati_4

Pro Forma Financial Information (Unaudited) - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition Pro Forma Information [Abstract]
Pro forma acquisition related expenses	$ 0	$ 100,000

Self Administration Transacti_4

Self Administration Transaction - Intangible Assets, Goodwill and Certain Other Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Goodwill impairment charges	$ 36,465,732	$ 0
Self Administration Transaction
Finite Lived Intangible Assets [Line Items]
Impairment charges	11,700,000
Fair value of contingent earnout liability	23,900,000		$ 31,100,000
Decreased fair value of the contingent earnout liability	(7,200,000)
Self Administration Transaction | COVID-19
Finite Lived Intangible Assets [Line Items]
Investment impairment charges	4,400,000
Self Administration Transaction | Managed REIT Platform
Finite Lived Intangible Assets [Line Items]
Goodwill impairment charges	24,700,000
Deferred tax liabilities	2,400,000
Self Administration Transaction | Trademarks
Finite Lived Intangible Assets [Line Items]
Impairment charges	3,300,000
Self Administration Transaction | Management Contracts of SST IV
Finite Lived Intangible Assets [Line Items]
Impairment charges	2,200,000
Self Administration Transaction | Management Contracts of SSGTII
Finite Lived Intangible Assets [Line Items]
Impairment charges	$ 6,200,000

Schedule of Summarized Real Est

Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)		Jan. 24, 2019	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt Instrument Carrying Amount			$ 712,008,925
Premium on secured debt, net			559,850
Debt issuance costs, net			(6,641,700)
Total			$ 705,927,075	$ 712,733,002
KeyBank CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount		$ 104,000,000
Debt Instrument Fixed Rate		5.00%
Debt Instrument Maturity Date		Feb. 1, 2029
Canadian CitiBank Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[1]		3.78%
Debt Instrument Carrying Amount	[1]		$ 78,533,280	85,500,660
Debt Instrument Maturity Date	[1]		Oct. 9, 2020
CMBS SASB Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[2]		3.99%
Debt Instrument Carrying Amount	[2]		$ 235,000,000	235,000,000
Debt Instrument Maturity Date	[2]		Feb. 9, 2022
Secured Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[3]		3.49%
Debt Instrument Carrying Amount	[3]		$ 85,512,000	85,512,000
Debt Instrument Maturity Date	[3]		Jan. 24, 2022
Stoney Creek Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[4]		4.90%
Debt Instrument Carrying Amount	[4]		$ 5,136,266	5,591,950
Debt Instrument Maturity Date	[4]		Oct. 1, 2021
Torbarrie Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[5]		4.90%
Debt Instrument Carrying Amount	[5]		$ 5,776,320	5,936,996
Debt Instrument Maturity Date	[5]		Sep. 1, 2021
Ladera Office Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[6]		4.29%
Debt Instrument Carrying Amount	[6]		$ 4,159,885	4,179,994
Debt Instrument Maturity Date	[6]		Nov. 1, 2026
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Premium on secured debt, net			$ 559,850	592,505
Debt issuance costs, net			(6,641,700)	(7,629,390)
Total			705,927,075	712,733,002
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[7]		$ 95,000,000	95,000,000
Debt Instrument Fixed Rate	[7]		3.89%
Debt Instrument Maturity Date	[7]		Aug. 1, 2026
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[8]		$ 52,000,000	52,000,000
Debt Instrument Fixed Rate	[8]		4.65%
Debt Instrument Maturity Date	[8]		May 1, 2027
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[9]		$ 46,891,174	47,048,287
Debt Instrument Fixed Rate	[9]		5.31%
Debt Instrument Maturity Date	[9]		Aug. 1, 2024
Fixed Rate Secured Debt | CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[10]		$ 104,000,000	$ 104,000,000
Debt Instrument Fixed Rate	[10]		5.00%
Debt Instrument Maturity Date	[10]		Feb. 1, 2029
[1]	This variable rate loan encumbers 10 of our Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect of the dates presented. W e have purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021.
[2]	This variable rate loan encumbers 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79% though February 15, 2022, which results in an effective fixed interest rate of 4.79% .
[3]	This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts.
[4]	On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million. The remaining $85.5 million of the interest rate swap effectively fixes the interest rate on the Secured Loan at 5.1%.
[5]	This variable rate loan bears interest at a rate of 1.95 % plus Royal Bank of Canada Prime Rate, which was approximately % as of March 31, 2020, and in no event shall the total interest rate fall below 4.65 % per annum. The Stoney Creek loan was assumed in the SSGT Mergers and had a balance of approximately $ 5 million USD as of the SSGT Mergers date. The Stoney Creek loan is secured by a first lien deed of trust on the Stoney Creek property and all improvements thereto, is cross-collateralized with the Torbarrie property, and is guaranteed by the Company. The amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2020.
[6]	This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 2.95% as of March 31, 2020, and in no event shall the total interest rate fall below 4.65% per annum. The Torbarrie loan was assumed in the SSGT Mergers and had no outstanding balance as of the date of the SSGT Mergers. The Torbarrie loan is a construction loan, which allows for borrowings up to approximately $10.3 million CAD and is
[7]	This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
[8]	This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
[9]	This fixed rate loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.
[10]	This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

Schedule of Summarized Real E_2

Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail)		Oct. 29, 2019USD ($)	Mar. 31, 2020USD ($)Property	Mar. 31, 2020CAD ($)Property	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 08, 2019CAD ($)	Jan. 29, 2019USD ($)	Jan. 25, 2019CAD ($)	Jan. 24, 2019USD ($)	Oct. 01, 2018USD ($)
Debt Instrument [Line Items]
Derivative, notional amount							$ 95,000,000	$ 161,200,000	$ 90,000,000
Debt Instrument Carrying Amount			$ 712,008,925
Strategic Storage Growth Trust, Inc
Debt Instrument [Line Items]
Debt Instrument Carrying Amount											$ 19,000,000
Royal Bank of Canada Prime Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate			2.95%	2.95%
KeyBank CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Fixed Rate										5.00%
Debt Instrument Carrying Amount										$ 104,000,000
Canadian Citi Bank Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			10	10
Canadian Citi Bank Loan | Interest Rate Cap
Debt Instrument [Line Items]
Effective interest rate cap on derivative instrument			3.00%	3.00%
CMBS SASB Loan
Debt Instrument [Line Items]
Number of properties encumbered			29
Debt Instrument, Interest Rate	[1]		3.99%	3.99%
Debt Instrument Carrying Amount	[1]		$ 235,000,000			$ 235,000,000
CMBS SASB Loan | Interest Rate Swap | LIBOR
Debt Instrument [Line Items]
Fixed interest rate			1.79%	1.79%
Interest rate, maturity date			Feb. 15, 2022
Secured Loan
Debt Instrument [Line Items]
Number of properties encumbered			16
Debt Instrument, Interest Rate	[2]		3.49%	3.49%
Debt Instrument Carrying Amount	[2]		$ 85,512,000			85,512,000
Secured Loan | Interest Rate Cap | LIBOR
Debt Instrument [Line Items]
Effective interest rate cap on derivative instrument								2.60%
Secured Loan | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount		$ 85,500,000
Derivative, Fixed Interest Rate		5.10%
Stoney Creek Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[3]		4.90%	4.90%
Debt Instrument Carrying Amount	[3]		$ 5,136,266			5,591,950
Stoney Creek Loan | Strategic Storage Growth Trust, Inc
Debt Instrument [Line Items]
Debt instrument, variable interest rate			1.95%
Debt Instrument Carrying Amount										$ 5,000,000
Stoney Creek Loan | Strategic Storage Growth Trust, Inc | Minimum
Debt Instrument [Line Items]
Debt Instrument Fixed Rate			4.65%	4.65%
Torbarrie Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[4]		4.90%	4.90%
Debt Instrument Carrying Amount	[4]		$ 5,776,320			5,936,996
Torbarrie Loan | Strategic Storage Growth Trust, Inc
Debt Instrument [Line Items]
Debt instrument, variable interest rate			1.95%
Debt Instrument Carrying Amount					$ 0
Maximum borrowings under credit facility				$ 10,300,000
Torbarrie Loan | Strategic Storage Growth Trust, Inc | Minimum
Debt Instrument [Line Items]
Debt Instrument Fixed Rate			4.65%	4.65%
Fixed Rate Secured Debt | Interest Rate Swap | Termination
Debt Instrument [Line Items]
Derivative, notional amount		$ 75,700,000
Settlement payment of interest rate swaps		$ 600,000
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			29	29
Debt Instrument Fixed Rate	[5]		3.89%	3.89%
Debt Instrument Carrying Amount	[5]		$ 95,000,000			95,000,000
Fixed Rate Secured Debt | KeyBank Property Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			5	5
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			11	11
Debt Instrument Fixed Rate	[6]		5.31%	5.31%
Debt Instrument Carrying Amount	[6]		$ 46,891,174			47,048,287
Fixed Rate Secured Debt | CMBS Loan
Debt Instrument [Line Items]
Number of properties encumbered | Property			10	10
Debt Instrument Fixed Rate	[7]		5.00%	5.00%
Debt Instrument Carrying Amount	[7]		$ 104,000,000			$ 104,000,000
[1]	This variable rate loan encumbers 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79% though February 15, 2022, which results in an effective fixed interest rate of 4.79% .
[2]	This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts.
[3]	On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million. The remaining $85.5 million of the interest rate swap effectively fixes the interest rate on the Secured Loan at 5.1%.
[4]	This variable rate loan bears interest at a rate of 1.95 % plus Royal Bank of Canada Prime Rate, which was approximately % as of March 31, 2020, and in no event shall the total interest rate fall below 4.65 % per annum. The Stoney Creek loan was assumed in the SSGT Mergers and had a balance of approximately $ 5 million USD as of the SSGT Mergers date. The Stoney Creek loan is secured by a first lien deed of trust on the Stoney Creek property and all improvements thereto, is cross-collateralized with the Torbarrie property, and is guaranteed by the Company. The amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2020.
[5]	This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
[6]	This fixed rate loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly.
[7]	This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

Debt - Additional Information (

Debt - Additional Information (Detail)

Jun. 07, 2019USD ($)

Jan. 24, 2019USD ($)PropertyExtension

Oct. 11, 2018CAD ($)PropertyExtensionSpecialPurposeEntity

Oct. 31, 2019USD ($)

Mar. 31, 2020USD ($)

Mar. 31, 2019USD ($)

Mar. 31, 2020CAD ($)

Oct. 29, 2019USD ($)

Aug. 30, 2019USD ($)

Jul. 11, 2019USD ($)

Jul. 08, 2019CAD ($)

Jan. 29, 2019USD ($)

Jan. 25, 2019CAD ($)

Oct. 01, 2018USD ($)

Debt Instrument [Line Items]

Weighted average interest rate on debt

4.20%

4.20%

Loss on extinguishment of debt

$ 0

$ (1,487,867)

Debt Instrument Carrying Amount

712,008,925

Line of credit facility, number of extension options | Extension

2

Line of credit facility, term of extension options

1 year

Debt instrument, basis spread on variable rate

4.25%

Derivative, notional amount

$ 95,000,000

$ 161,200,000

$ 90,000,000

Debt instrument face amount

$ 500,178,000

Repayments of debt

0

$ 141,088,724

Senior Term Loan

Debt Instrument [Line Items]

Debt instrument face amount

$ 72,000,000

Percentage Of Equity Interest Securing Loan

49.00%

Line of credit facility, Additional borrowing capacity

$ 15,700,000

$ 14,300,000

Fixed Rate Secured Debt

Debt Instrument [Line Items]

Debt instrument, description of variable rate basis

LIBOR plus 2.5%

Debt instrument, basis spread on variable rate

2.50%

Derivative, notional amount

$ 89,200,000

Debt instrument, interest rate

2.60%

Debt instrument face amount

$ 89,178,000

Senior Term Loan

Debt Instrument [Line Items]

Debt instrument, description of variable rate basis

LIBOR plus 4.25%

Derivative, notional amount

$ 72,000,000

Debt instrument, interest rate

2.60%

Debt instrument face amount

$ 72,000,000

Fixed Rate Secured Debt

Debt Instrument [Line Items]

Number of wholly owned properties | Property

16

Debt Instrument Maturity Date

Jan. 24, 2022

Line of credit facility, number of extension options | Extension

1

Line of credit facility, term of extension options

1 year

Debt instrument face amount

$ 89,200,000

Interest Rate Swap | Fixed Rate Secured Debt | Termination

Debt Instrument [Line Items]

Derivative, notional amount

$ 85,500,000

KeyBank and Citi Real Estate Funding

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

235,000,000

CMBS SASB Mortgage Loan

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

$ 180,000,000

Number of wholly owned properties | Property

29

Debt Instrument Maturity Date

Feb. 9, 2022

Derivative, notional amount

$ 180,000,000

Derivative, inception date

Jan. 24, 2019

CMBS SASB Mortgage Loan | Interest Rate Cap

Debt Instrument [Line Items]

Derivative, notional amount

$ 180,000,000

CMBS SASB Mezzanine Loan

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

$ 55,000,000

Number of special purpose entities | Property

29

Debt Instrument Maturity Date

Feb. 9, 2022

Derivative, notional amount

$ 55,000,000

Derivative, inception date

Jan. 24, 2019

CMBS SASB Mezzanine Loan | Interest Rate Cap

Debt Instrument [Line Items]

Derivative, notional amount

$ 55,000,000

CMBS SASB Loan

Debt Instrument [Line Items]

Debt instrument, description

(a) the borrower with respect to the CMBS SASB Mortgage Loan has purchased an interest rate cap with a notional amount of $180 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022 and (b) the borrower with respect to the CMBS SASB Mezzanine Loan has purchased an interest rate cap with a notional amount of $55 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022. On June 7, 2019, to effectively terminate our $180 million and $55 million existing interest rate caps, we sold an offsetting interest rate cap with a notional amount of $235 million, whereby LIBOR is capped at 3% through February 15, 2022.  We simultaneously entered into an interest rate swap with a notional amount of $235 million, whereby LIBOR is fixed at 1.79% through February 15, 2022. None of the CMBS SASB Loan may be prepaid, in whole or in part, without satisfying certain conditions as set forth in the respective CMBS SASB Loan Agreements, such as the payment of a spread maintenance premium if the prepayment is made within the first two years. Thereafter the CMBS SASB Loan may be prepaid in whole or in part at par without penalty

Debt instrument face amount

$ 235,000,000

CMBS SASB Loan | LIBOR

Debt Instrument [Line Items]

Debt instrument, description of variable rate basis

LIBOR plus 3%

Debt instrument, basis spread on variable rate

3.00%

CMBS SASB Loan | Interest Rate Cap

Debt Instrument [Line Items]

Debt Instrument Maturity Date

Feb. 15, 2022

Derivative, notional amount

$ 235,000,000

Debt instrument, interest rate

3.00%

CMBS SASB Loan | Interest Rate Swap

Debt Instrument [Line Items]

Debt Instrument Maturity Date

Feb. 15, 2022

Derivative, notional amount

$ 235,000,000

Debt instrument, interest rate

1.79%

KeyBank CMBS Loan

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

$ 104,000,000

Number of wholly owned properties | Property

10

Debt Instrument Maturity Date

Feb. 1, 2029

Debt instrument, interest rate

5.00%

Minimum Number of Years to Defease the Loan

2 years

KeyBank and SunTrust Bank

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

$ 96,400,000

KeyBank and SunTrust Bank Operating Partnership

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

87,700,000

Canadian CitiBank | Canadian Debt Refinancing

Debt Instrument [Line Items]

Number of special purpose entities | SpecialPurposeEntity

10

Line of credit facility, number of extension options | Extension

3

Line of credit facility, term of extension options

1 year

Derivative, notional amount

$ 112,000,000

$ 111,300,000

Debt instrument, interest rate

3.00%

Debt instrument, interest rate

0.25%

Number of properties encumbered | Property

10

Maximum borrowings under credit facility

$ 112,000,000

Proceeds from line of credit

$ 99,300,000

Line of credit facility, description

The CitiBank Loan Agreement is a term loan that matures on October 9, 2020, which may, in certain circumstances, be extended at our option for three consecutive terms of one year each. Monthly payments due under the CitiBank Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date.

Line of credit facility, maturity date

Oct. 9, 2020

Line of credit, interest rate description

The amounts outstanding under the CitiBank Loan Agreement bear interest at a rate equal to the sum of the “CDOR” (as defined in the CitiBank Loan Agreement) and 2.25%.

Canadian CitiBank | Canadian Debt Refinancing | Maximum

Debt Instrument [Line Items]

Line of credit facility, Additional borrowing capacity

$ 700,000

Strategic Storage Growth Trust, Inc

Debt Instrument [Line Items]

Loss on extinguishment of debt

1,500,000

Debt Instrument Carrying Amount

$ 19,000,000

Debt instrument face amount

$ 500,000,000

Riggs Road Property | Fixed Rate Secured Debt

Debt Instrument [Line Items]

Additional amount to draw

$ 500,000

$ 5,700,000

Outstanding balance on credit facility

$ 95,400,000

San Antonio II Property | Fixed Rate Secured Debt

Debt Instrument [Line Items]

Repayments of debt

$ 9,900,000

Debt - Summary of Merger Financ

Debt - Summary of Merger Financings (Detail)	Jan. 24, 2019USD ($)
Debt Instrument [Line Items]
Principal Borrowing as of Merger Date	$ 500,178,000
CMBS SASB Loan
Debt Instrument [Line Items]
Principal Borrowing as of Merger Date	235,000,000
CMBS Loan
Debt Instrument [Line Items]
Principal Borrowing as of Merger Date	104,000,000
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Principal Borrowing as of Merger Date	89,178,000
Senior Term Loan
Debt Instrument [Line Items]
Principal Borrowing as of Merger Date	$ 72,000,000

Debt - Summary of Payment Relat

Debt - Summary of Payment Related to Merger Consideration and Repayment of Debt (Detail)	Jan. 24, 2019USD ($)
Debt Instrument [Line Items]
Principal Repaid	$ 141,088,724
Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Principal Repaid	98,782,500
Raleigh Myrtle Beach Promissory Note
Debt Instrument [Line Items]
Principal Repaid	11,862,471
Oakland and Concord Loan
Debt Instrument [Line Items]
Principal Repaid	19,443,753
$11M KeyBank Subordinate Loan
Debt Instrument [Line Items]
Principal Repaid	$ 11,000,000

Debt - Summary of Payment Rel_2

Debt - Summary of Payment Related to Merger Consideration and Repayment of Debt (Paranthetical) (Detail) $ in Millions	Jan. 24, 2019USD ($)
KeyBank Subordinate Loan
Debt Instrument [Line Items]
Subordinate Loan	$ 11

Future Principal Payment Requir

Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt, Fiscal Year Maturity
2020	$ 79,064,310
2021	12,207,224
2022	323,426,828
2023	3,384,577
2024	47,035,146
2025 and thereafter	246,890,840
Total payments	712,008,925
Premium on secured debt, net	559,850
Debt issuance costs, net	(6,641,700)
Total	$ 705,927,075	$ 712,733,002

Self Administration Transacti_5

Self Administration Transaction - Additional Information (Detail)	Jun. 28, 2019USD ($)Employee$ / sharesshares	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Legal fees and fees and expenses of professional and financial advisors			$ 138,000
Estimated fair value of consideration transferred	$ 111,300,000
Incremental assets under management		$ 167,000,000
Noncontrolling interests in our Operating Partnership		$ 64,871,761		$ 71,988,256
Agreement term	3 years
Strategic Storage Advisor II, LLC
Business Acquisition [Line Items]
Partnership units exchanged | shares	20,000
Cash proceeds from partnership units exchanged	$ 200,000
Gain (loss) from partners capital account units exchanged	0
Fair value of operating partnership units and special limited partnership interests contributed	18,800,000
Noncontrolling interests in our Operating Partnership	$ 9,100,000
Fair Value, Inputs, Level 3
Business Acquisition [Line Items]
Alternative investment, measurement input	5.16%
Minority and Marketability Discount | Fair Value, Inputs, Level 3
Business Acquisition [Line Items]
Alternative investment, measurement input	0.05
Contribution Agreement
Business Acquisition [Line Items]
Percentage of fair value of equity interests	50.00%
Gain resulting from acquisition of unconsolidated affiliates	$ 8,000,000
Contribution Agreement | SmartStop Asset Management
Business Acquisition [Line Items]
Percentage of voting membership interest	100.00%
Number of on-site self storage employees | Employee	350
Cash	$ 769,126
Debt assumption	$ 15,000,000
Contribution Agreement | Class A-1 Units | SmartStop Asset Management
Business Acquisition [Line Items]
Number of limited partnership units | shares	8,698,956
Contribution Agreement | Class A-2 Units | SmartStop Asset Management
Business Acquisition [Line Items]
Number of limited partnership units | shares	3,283,302
Operating Partnership Agreement
Business Acquisition [Line Items]
Number of limited partnership units | shares	20,000
Cash received	$ 200,000
Operating Partnership Agreement | Class A-1 Units
Business Acquisition [Line Items]
Lock-up expiration date		Jun. 28, 2021
Conversion of stock, description		The Class A-1 Units are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. In addition, until June 28, 2021 (the “Lock-Up Expiration”), the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement.  The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership.  The Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below.  The Class A-2 Units are not entitled to cash distributions or the allocation of any profits or losses in the Operating Partnership until the Class A-2 Units are converted into Class A-1 Units
Operating Partnership Agreement | Class A-2 Units
Business Acquisition [Line Items]
Earnout unit exchange per share | $ / shares	$ 10.66
Class of unit expiration year	7 years
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature A
Business Acquisition [Line Items]
Class of unit conversion percentage	33.33%
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature A | Minimum
Business Acquisition [Line Items]
Incremental AUM under operating partnership	$ 300,000,000
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature B
Business Acquisition [Line Items]
Class of unit conversion percentage	33.33%
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature B | Minimum
Business Acquisition [Line Items]
Incremental AUM under operating partnership	$ 500,000,000
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature C
Business Acquisition [Line Items]
Class of unit conversion percentage	33.33%
Operating Partnership Agreement | Class A-2 Units | Unit Conversion Feature C | Minimum
Business Acquisition [Line Items]
Incremental AUM under operating partnership	$ 700,000,000
Membership Interest Purchase Agreement | Terrace Rd LLC
Business Acquisition [Line Items]
Percentage of voting membership interest	100.00%
Cash	$ 2,300,000
Debt assumption	4,200,000
Consideration transferred	$ 6,500,000

Self Administration Transacti_6

Self Administration Transaction - Summary of Estimated Fair Value Consideration Transferred (Detail)	Jun. 28, 2019USD ($)
Fair value of consideration transferred:
Total	$ 111,300,000
Contribution Agreement and Membership Interest Purchase Agreement
Fair value of consideration transferred:
Cash	3,918,185
Total consideration transferred	98,461,185
Fair value of our preexisting 50% equity interests	12,800,000
Total	111,261,185
Contribution Agreement and Membership Interest Purchase Agreement | Class A-1 Units
Fair value of consideration transferred:
Units	63,643,000
Contribution Agreement and Membership Interest Purchase Agreement | Class A-2 Units (contingent earnout)
Fair value of consideration transferred:
Units	$ 30,900,000

Self Administration Transacti_7

Self Administration Transaction - Summary of Estimated Fair Value Consideration Transferred (Parenthetical) (Detail) - Contribution Agreement $ in Millions	Jun. 28, 2019USD ($)
Business Acquisition [Line Items]
Fair market value	$ 0.5
Percentage of fair value of equity interests	50.00%

Self Administration Transacti_8

Self Administration Transaction - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Jun. 28, 2019
Assets Acquired:
Cash and cash equivalents			$ 36,443
Restricted cash			94,999
Land			975,000
Buildings			5,389,000
Site Improvements			136,000
Equipment, furniture and fixtures			651,000
Investments in Managed REITs			5,600,000
Other assets			1,084,629
Intangible assets			1,600,000
Trademarks			19,800,000
Intangibles - management contracts			24,900,000
Total assets acquired			60,267,071
Liabilities assumed:
Debt			19,219,126
Accounts payable and accrued liabilities			722,286
Deferred tax liabilities, net			7,415,654
Total liabilities assumed			27,357,066
Net identifiable assets acquired			32,910,005
Goodwill	$ 53,643,331	$ 78,372,980	78,372,980
Non-controlling interest related to consolidated Tenant Programs joint ventures			(21,800)
Net assets acquired			$ 111,261,185

Preferred Equity - Additional I

Preferred Equity - Additional Information (Details)	Oct. 29, 2019USD ($)Day$ / sharesshares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)shares
Class Of Stock [Line Items]
Maximum purchase commitment amount	$ 200,000,000
Initial closing amount	150,000,000
Additional purchase commitment amount	$ 50,000,000
Issuance costs		$ 190,257	$ 169,834
Authorized but unissued shares of preferred stock | shares		200,000,000
Preferred stock, dividend rate, percentage	6.25%
Fifth To Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock	0.75%
Tenth Anniversary | Maximum
Class Of Stock [Line Items]
Preferred stock, dividend rate, percentage	9.00%
After Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock	0.75%
Series A Convertible Preferred Stock Purchase Agreement
Class Of Stock [Line Items]
Maximum purchase commitment amount	$ 200,000,000
Initial closing amount	150,000,000	$ 150,000,000		$ 150,000,000
Additional purchase commitment amount	$ 50,000,000
Rate of investor fee	0.25%
Issuance costs	$ 3,600,000
Preferred stock, dividend rate, percentage	6.25%
Preferred stock payment description		Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation.
Preferred stock redemption description		Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount.
Preferred stock redemption premium	$ 0
Preferred stock, conversion basis		At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions.
Conversion price per share | $ / shares	$ 10.66
Number of days after lifting of preferred stock to common stock | Day	180
Preferred stock, voting rights condition		This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year.
Required leverage ratio of our real estate portfolio	60.00%
Required percentage of self storage related assets of merger entity	80.00%
Required ancillary business revenue to total revenue	10.00%
Preferred stock, investors rights agreement		In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares.
Preferred shares outstanding | shares		150,000		150,000
Aggregate liquidation preference		$ 152,400,000		$ 151,700,000
Amount of accumulated and unpaid distributions		2,300,000		1,700,000
Amount of accumulated and unpaid fees on undrawn commitment		$ 100,000		$ 100,000
Series A Convertible Preferred Stock Purchase Agreement | Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Authorized but unissued shares of preferred stock | shares	200,000
Series A Convertible Preferred Stock Purchase Agreement | Fifth To Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock	0.75%
Series A Convertible Preferred Stock Purchase Agreement | Tenth Anniversary | Maximum
Class Of Stock [Line Items]
Preferred stock, dividend rate, percentage	9.00%
Series A Convertible Preferred Stock Purchase Agreement | After Tenth Anniversary
Class Of Stock [Line Items]
Dividend rate percentage of increase on preferred stock	0.75%
Series A Convertible Preferred Stock Purchase Agreement | First Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	10.00%
Series A Convertible Preferred Stock Purchase Agreement | Second Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	8.00%
Series A Convertible Preferred Stock Purchase Agreement | Third Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	6.00%
Series A Convertible Preferred Stock Purchase Agreement | Fourth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	4.00%
Series A Convertible Preferred Stock Purchase Agreement | Fifth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	2.00%
Series A Convertible Preferred Stock Purchase Agreement | After Fifth Anniversary
Class Of Stock [Line Items]
Premium amount over liquidation amount on redemption, percent	0.00%

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Financial Instruments (Detail)		Feb. 10, 2020USD ($)	Mar. 31, 2020USD ($)$ / Unit	Dec. 31, 2019USD ($)$ / Unit	Mar. 31, 2020CAD ($)$ / Unit	Feb. 10, 2020CAD ($)	Dec. 31, 2019CAD ($)$ / Unit	Dec. 09, 2019CAD ($)	Jul. 08, 2019CAD ($)	Jan. 29, 2019USD ($)	Jan. 25, 2019CAD ($)
Derivative [Line Items]
Derivative, notional amount									$ 95,000,000	$ 161,200,000	$ 90,000,000
Interest Rate Swap | LIBOR Swap Effective January 24, 2019
Derivative [Line Items]
Derivative, notional amount			$ 85,512,000	$ 85,512,000
Interest Rate Swaps, Strike			2.61%	2.61%	2.61%		2.61%
Interest Rate Swaps, Effective Date or Date Assumed			Jan. 24, 2019	Jan. 24, 2019
Interest Rate Swaps, Maturity Date			Aug. 1, 2020	Aug. 1, 2020
Interest Rate Swap | LIBOR Swap Effective June 15, 2019
Derivative [Line Items]
Derivative, notional amount			$ 235,000,000	$ 235,000,000
Interest Rate Swaps, Strike			1.79%	1.79%	1.79%		1.79%
Interest Rate Swaps, Effective Date or Date Assumed			Jun. 15, 2019	Jun. 15, 2019
Interest Rate Swaps, Maturity Date			Feb. 15, 2022	Feb. 15, 2022
Interest Rate Cap | CDOR Cap Effective October 11, 2018
Derivative [Line Items]
Derivative, notional amount	[1]		$ 99,300,000	$ 99,300,000
Interest Rate Swaps, Strike			3.00%	3.00%	3.00%		3.00%
Interest Rate Swaps, Effective Date or Date Assumed			Oct. 11, 2018	Oct. 11, 2018
Interest Rate Swaps, Maturity Date			Oct. 15, 2021	Oct. 15, 2021
Interest Rate Cap | CDOR Cap Effective March 28, 2019
Derivative [Line Items]
Derivative, notional amount	[1]		$ 1,000,000	$ 1,000,000
Interest Rate Swaps, Strike			3.00%	3.00%	3.00%		3.00%
Interest Rate Swaps, Effective Date or Date Assumed			Mar. 28, 2019	Mar. 28, 2019
Interest Rate Swaps, Maturity Date			Oct. 15, 2021	Oct. 15, 2021
Interest Rate Cap | CDOR Cap Effective May 28, 2019
Derivative [Line Items]
Derivative, notional amount	[1]		$ 11,700,000	$ 11,700,000
Interest Rate Swaps, Strike			3.00%	3.00%	3.00%		3.00%
Interest Rate Swaps, Effective Date or Date Assumed			May 28, 2019	May 28, 2019
Interest Rate Swaps, Maturity Date			Oct. 15, 2021	Oct. 15, 2021
Foreign Currency Forward
Derivative [Line Items]
Derivative, notional amount		$ 95,000,000				$ 95,000,000		$ 95,000,000			$ 95,000,000
Foreign Currency Forward, Notional Amount	[1]				$ 95,000,000
Foreign Currency Forward, Strike | $ / Unit			1.334		1.334
Foreign Currency Forward, Effective Date or Date Assumed			Feb. 10, 2020
Foreign Currency Forward, Maturity Date		Feb. 10, 2021	Feb. 10, 2021
Foreign Exchange Option
Derivative [Line Items]
Derivative, notional amount									$ 95,000,000
Foreign Currency Forward, Notional Amount	[1]						$ 95,000,000
Foreign Currency Forward, Strike | $ / Unit				1.323			1.323
Foreign Currency Forward, Effective Date or Date Assumed				Dec. 9, 2019
Foreign Currency Forward, Maturity Date	[2]			Feb. 10, 2020
[1]	Notional amount shown is denominated in CAD.
[2]	We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 .

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	Feb. 10, 2020USD ($)	Jul. 08, 2019USD ($)	Jan. 25, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Feb. 10, 2020CAD ($)	Dec. 09, 2019CAD ($)	Jul. 08, 2019CAD ($)	Jan. 29, 2019USD ($)	Jan. 25, 2019CAD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Foreign currency forward contract gains (loss)	$ 500,000	$ 600,000	$ 2,100,000	$ 4,566,795	$ (846,581)
Derivative, notional amount								$ 95,000,000	$ 161,200,000	$ 90,000,000
Foreign Exchange Option
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional amount								$ 95,000,000
Foreign Currency Forward
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 95,000,000					$ 95,000,000	$ 95,000,000			$ 95,000,000
Other income (expense)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on foreign currency hedge contract, ineffective portion				$ 900,000	$ (400,000)

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Derivative Financial Instruments (Parenthetical) (Detail)	Feb. 10, 2020USD ($)	Jul. 08, 2019USD ($)	Jan. 25, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Feb. 10, 2020CAD ($)	Dec. 09, 2019CAD ($)	Jul. 08, 2019CAD ($)	Jan. 29, 2019USD ($)	Jan. 25, 2019CAD ($)
Derivative [Line Items]
Foreign currency forward contract gains (loss)	$ 500,000	$ 600,000	$ 2,100,000	$ 4,566,795	$ (846,581)
Derivative, notional amount								$ 95,000,000	$ 161,200,000	$ 90,000,000
Foreign Currency Forward
Derivative [Line Items]
Derivative, notional amount	$ 95,000,000					$ 95,000,000	$ 95,000,000			$ 95,000,000
Foreign currency forward, maturity date	Feb. 10, 2021			Feb. 10, 2021

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Interest Rate Swaps | Accounts payable and accrued liabilities
Derivatives Fair Value [Line Items]
Derivative fair value, liability	$ 7,203,078	$ 1,695,140
Interest Rate Caps | Other assets
Derivatives Fair Value [Line Items]
Derivative fair value, assets	49,562	28,847
Foreign Currency Hedges | Accounts payable and accrued liabilities
Derivatives Fair Value [Line Items]
Derivative fair value, liability		$ 1,425,632
Foreign Currency Hedges | Other assets
Derivatives Fair Value [Line Items]
Derivative fair value, assets	$ 3,586,332

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Summary of Reportable Segments

Summary of Reportable Segments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Revenues:
Total revenues	$ 30,298,123				$ 23,883,325
Operating expenses:
General and administrative	3,667,947				1,654,184
Depreciation	7,716,671				6,868,408
Intangible amortization expense	3,669,631				1,726,976
Other property acquisition expenses	28,105				83,849
Contingent earnout adjustment	(7,200,000)				0
Impairment of goodwill and intangible assets	36,465,732
Impairment of investments in Managed REITs	4,376,879				0
Total operating expenses	61,368,274	$ 26,965,933	$ 27,773,486	$ 25,211,611	21,934,203
Operating income (loss)	(31,070,151)	7,055,456	1,814,528	768,906	1,949,122
Other income (expense):
Interest expense	(8,339,303)				(8,561,502)
Interest expense – accretion of fair market value of secured debt	32,657				32,468
Interest expense – debt issuance costs	(943,483)				(841,533)
Other	2,576,699				(39,005)
Net loss	(37,743,581)	$ (4,321,670)	$ (9,541,579)	$ (2,283,972)	(8,948,317)
Self Storage Rental Revenue
Revenues:
Total revenues	25,568,019				23,231,649
Ancillary Operating Revenue
Revenues:
Total revenues	1,152,843				651,676
Managed REIT Platform Revenue
Revenues:
Total revenues	1,783,787				0
Reimbursable Costs from Managed REITs
Revenues:
Total revenues	1,793,474				0
Operating expenses:
Operating expenses	1,793,474				0
Property Operating Expenses
Operating expenses:
Operating expenses	9,675,026				8,199,046
Managed REIT Platform Expenses
Operating expenses:
Operating expenses	1,174,809				$ 0
Self Storage
Revenues:
Total revenues	26,720,862
Operating expenses:
Depreciation	7,601,171
Intangible amortization expense	2,196,828
Other property acquisition expenses	28,105
Total operating expenses	19,501,130
Operating income (loss)	7,219,732
Other income (expense):
Interest expense	(8,294,093)
Interest expense – accretion of fair market value of secured debt	32,657
Interest expense – debt issuance costs	(941,124)
Other	(170,197)
Net loss	(2,153,025)
Self Storage | Self Storage Rental Revenue
Revenues:
Total revenues	25,568,019
Self Storage | Ancillary Operating Revenue
Revenues:
Total revenues	1,152,843
Self Storage | Property Operating Expenses
Operating expenses:
Operating expenses	9,675,026
Managed REIT Platform
Revenues:
Total revenues	3,577,261
Operating expenses:
Intangible amortization expense	1,472,803
Contingent earnout adjustment	(7,200,000)
Impairment of goodwill and intangible assets	36,465,732
Impairment of investments in Managed REITs	4,376,879
Total operating expenses	38,083,697
Operating income (loss)	(34,506,436)
Other income (expense):
Other	2,746,896
Net loss	(31,759,540)
Managed REIT Platform | Managed REIT Platform Revenue
Revenues:
Total revenues	1,783,787
Managed REIT Platform | Reimbursable Costs from Managed REITs
Revenues:
Total revenues	1,793,474
Operating expenses:
Operating expenses	1,793,474
Managed REIT Platform | Managed REIT Platform Expenses
Operating expenses:
Operating expenses	1,174,809
Corporate and Other
Operating expenses:
General and administrative	3,667,947
Depreciation	115,500
Total operating expenses	3,783,447
Operating income (loss)	(3,783,447)
Other income (expense):
Interest expense	(45,210)
Interest expense – debt issuance costs	(2,359)
Net loss	$ (3,831,016)

Summary of Total Assets by Segm

Summary of Total Assets by Segment (Detail) - USD ($)		Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		$ 1,245,686,172	$ 1,311,433,731
Self Storage
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	[1]	1,155,879,412
Managed REIT Platform
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	[1]	32,543,464
Corporate and Other
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		$ 57,263,296
[1]	Included in the assets of the Self Storage and the Managed REIT Platform segments are approximately $45.3 million and $8.4 million of goodwill, respectively.

Summary of Total Assets by Se_2

Summary of Total Assets by Segment (Parenthetical) (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Jun. 28, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	$ 53,643,331	$ 78,372,980	$ 78,372,980
Self Storage
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	45,300,000
Managed REIT Platform
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	$ 8,400,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)Employee	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of self storage professionals acquired | Employee	350
Sale commission fees percentage of proceed from Primary Offering	2.00%
Maximum dealer manager commission fee percentage of proceeds from Primary Offering	3.00%
Underwriting commission	10.00%
Due to affiliates	$ 1,115,899		$ 1,624,474
Strategic Storage Trust IV, Inc.
Related Party Transaction [Line Items]
Receivables due from related parties	670,000
Strategic Storage Growth Trust, Inc
Related Party Transaction [Line Items]
Receivables due from related parties	200,000
Tenant Programs
Related Party Transaction [Line Items]
Operating revenue	$ 1,000,000	$ 500,000
Tenant Programs | TRS subsidiary
Related Party Transaction [Line Items]
Percentage of ownership interest in joint venture	50.00%
Percentage of net economics generated from tenant insurance received under terms of joint venture agreement	50.00%
Class A Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering	7.00%
Class T Common stock
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual description	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Advisory Agreement
Related Party Transaction [Line Items]
Rate of acquisition fees of purchase price of contract	1.75%
Monthly asset management fee	0.05208%
Monthly asset management fee one twelfth of less than one percentage of average invested assets	one-twelfth of 0.625%
Disposition fees percentage of sale price of property	1.00%
Operating expenses reimbursement percentage of average investment in assets	2.00%
Operating expenses reimbursement percentage of net income	25.00%
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Commission percentage of sale price of property	6.00%
Primary Offering Dealer Manager Agreement | Class A Common stock
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	10.00%
Primary Offering Dealer Manager Agreement | Class T Common stock
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	10.00%
SmartStop Asset Management
Related Party Transaction [Line Items]
Percentage of non-voting equity owned	15.00%
SmartStop Asset Management | Strategic Transfer Agent Services, LLC
Related Party Transaction [Line Items]
Percentage of membership interest	100.00%
Transfer Agent Agreement
Related Party Transaction [Line Items]
Transfer agent agreement term	3 years
Transfer agent renewal agreement term	1 year
Transfer agent agreement termination description	The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.
Property Management Agreement
Related Party Transaction [Line Items]
Number of self storage professionals acquired | Employee	350
Percentage of fee of former external property managers	6.00%
Construction management fee	5.00%
Cost of construction or capital improvement work	$ 10,000
One time fee for former external property managers	3,750
Property Management Agreement | Minimum
Related Party Transaction [Line Items]
Our former external property management fee	$ 3,000
Former External Property Manager’s Affiliate | Tenant Programs
Related Party Transaction [Line Items]
Percentage of ownership interest in joint venture	50.00%
Percentage of net economics generated from tenant insurance received under terms of joint venture agreement	50.00%
SST IV Advisor
Related Party Transaction [Line Items]
Monthly asset management fee	0.0833%
Monthly asset management fee one twelfth of less than one percentage of average invested assets	one-twelfth of 1%
Operating expenses reimbursement percentage of average investment in assets	2.00%
Operating expenses reimbursement percentage of net income	25.00%
Maximum period for reimbursement of offering cost	60 days
Maximum offering cost rate	3.50%
Gross proceeds from offering, threshold percentage of expenses for reimbursement	15.00%
SST IV Advisor | Class W
Related Party Transaction [Line Items]
Percentage of offering cost without reimbursement	1.15%
Organization and offering costs not reimbursed	$ 25,000
SSGT II Advisor
Related Party Transaction [Line Items]
Monthly asset management fee	0.1042%
Monthly asset management fee one twelfth of less than one percentage of average invested assets	one-twelfth of 1.25%
Percentage of distribution from operating partnership	10.00%
Annual aggregate distribution percentage	5.00%
Managed REIT Property Management Agreements
Related Party Transaction [Line Items]
One time fee for former external property managers	$ 3,750
Property management fee, percent fee of gross revenues	6.00%
Managed REIT Property Management Agreements | SST IV Property Manager
Related Party Transaction [Line Items]
Construction management fee	5.00%
Cost of construction or capital improvement work	$ 10,000
Managed REIT Property Management Agreements | Minimum
Related Party Transaction [Line Items]
Our former external property management fee	3,000
Administrative Services Agreement
Related Party Transaction [Line Items]
Due to affiliates	0
Administrative Services Agreement | Managed REIT Platform Expenses
Related Party Transaction [Line Items]
Administrative service fees	900,000
Reimbursements of administrative service fees	$ 200,000

Summary of Related Party Costs

Summary of Related Party Costs (Detail) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 175,840	$ 8,720,375
Related party costs, Paid		337,281	9,646,872
Related party costs, Payable		1,115,899	1,624,474
Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable			1,277,340
Operating Expenses Expensed
Related Party Transaction [Line Items]
Related party costs, Incurred			975,985
Related party costs, Paid			1,185,370
Transfer Agent fees
Related Party Transaction [Line Items]
Related party costs, Incurred		175,840	324,943
Related party costs, Paid		175,840	374,404
Asset management fees
Related Party Transaction [Line Items]
Related party costs, Incurred			3,622,558
Related party costs, Paid			3,622,558
Property management fees
Related Party Transaction [Line Items]
Related party costs, Incurred			2,983,111
Related party costs, Paid			2,983,111
Acquisition expenses
Related Party Transaction [Line Items]
Related party costs, Incurred			84,061
Related party costs, Paid			84,061
Acquisition costs
Related Party Transaction [Line Items]
Related party costs, Incurred			235,932
Related party costs, Paid			235,932
Self Administration Transaction Working Capital True-up
Related Party Transaction [Line Items]
Related party costs, Incurred			493,785
Related party costs, Paid			493,785
Stockholder servicing fee
Related Party Transaction [Line Items]
Related party costs, Paid	[1]	161,441	667,651
Related party costs, Payable	[1]	$ 1,115,899
Stockholder servicing fee | Dealer Manager
Related Party Transaction [Line Items]
Related party costs, Payable	[1]		$ 1,277,340
[1]	th

Summary of Related Party Cost_2

Summary of Related Party Costs (Parenthetical) (Detail) - Class T Common stock	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual description	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Dealer Manager
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual description	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share	accrues daily in an amount equal to 1/365th of 1% of the purchase price per share

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Revenue Related to the Managed REITs (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	$ 1,783,787
Strategic Storage Trust IV Property Management Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	338,918
Strategic Storage Growth Trust II Property Management Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	74,723
Strategic Storage Trust IV Advisory Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	771,186
Strategic Storage Growth Trust II Advisory Agreement
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	235,635
Strategic Storage Trust IV Tenant Program Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	165,888
Strategic Storage Growth Trust II Tenant Program Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	29,457
Other Managed REIT Revenue
Related Party Transaction [Line Items]
Managed REIT Platform Revenues	$ 167,980	[1]
[1]	Such revenues primarily includes construction management and development fees.

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested restricted stock awards		$ 2,300,000
Unrecognized compensation expense, expected weighted average-recognition period		3 years 1 month 6 days
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 220,000	$ 22,000
Employee and Director Long-term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance	5,619,492
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Non-vested Restricted Stock Grants (Detail) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-Vested Shares, Beginning balance | shares	265,806
Non-Vested Shares, Granted | shares	47,842
Non-Vested Shares, Vested | shares	(1,250)
Non-Vested Shares, Ending balance | shares	312,398
Non-Vested Weighted-Average Grant-Date Fair Value, Beginning balance | $ / shares	$ 9.53
Non-Vested Weighted-Average Grant-Date Fair Value, Granted | $ / shares	9.78
Non-Vested Weighted-Average Grant-Date Fair Value, Vested | $ / shares	10
Non-Vested Shares, Ending balance | $ / shares	$ 9.57

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jan. 09, 2017	Nov. 30, 2016	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Apr. 20, 2020
Commitments And Contingencies [Line Items]
Additional shares issued pursuant to distribution reinvestment plan, value				$ 3,979,539	$ 3,963,766
Amendment, suspension or termination period of share				30 days
Redemptions of common stock, value				$ 42	141
Distribution Reinvestment Plan
Commitments And Contingencies [Line Items]
Amendment, suspension or termination period for distribution reinvestment Plan				10 days
Sales commissions, dealer manager fee, or stockholder servicing fee payable				$ 0
Distribution Reinvestment Plan | Maximum
Commitments And Contingencies [Line Items]
Additional shares issued pursuant to distribution reinvestment plan, value		$ 100,900,000
Share Redemption Program
Commitments And Contingencies [Line Items]
Maximum weighted-average number of shares outstanding percentage				5.00%
Redemptions of common stock (in shares)				100,000		500,000
Redemptions of common stock, value			$ 400,000	$ 800,000		$ 4,900,000
Operating Partnership Redemption Rights
Commitments And Contingencies [Line Items]
Number of shares issuable upon conversion of partnership units				1
Requisite minimum outstanding period for conversion eligibility				1 year
Class A and Class T Common Stock | Distribution Reinvestment Plan
Commitments And Contingencies [Line Items]
Estimated value per share under distribution reinvestment plan							$ 10.40
Class A Common stock | Distribution Reinvestment Plan
Commitments And Contingencies [Line Items]
Shares issued pursuant to distribution reinvestment plan	1,100,000			4,300,000
Class T Common stock | Distribution Reinvestment Plan
Commitments And Contingencies [Line Items]
Shares issued pursuant to distribution reinvestment plan	100,000			700,000
Redeemable Common Stock
Commitments And Contingencies [Line Items]
Redemptions of common stock, value					$ 2,044,001
Redeemable Common Stock | Share Redemption Program
Commitments And Contingencies [Line Items]
Redemptions of common stock (in shares)				0
Redemptions of common stock, value						$ 4,500,000

Stock for Redemptions Based on

Stock for Redemptions Based on Number of Years Stock Held (Detail)	3 Months Ended
	Mar. 31, 2020
Less than 1
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	0.00%
1 or more but less than 3
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	90.00%
3 or more but less than 4
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	95.00%
4 or more
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	100.00%

Declaration of Distributions -

Declaration of Distributions - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2020
Class A Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day authorized		$ 0.00164
Cash distribution record date start	Apr. 1, 2020
Cash distribution record date end	Apr. 30, 2020
Class T Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day authorized		0.00164
Cash distribution record date start	Apr. 1, 2020
Cash distribution record date end	Apr. 30, 2020
Common stock dividends payable per share per day		$ 0.0014

Selected Quarterly Data - Summa

Selected Quarterly Data - Summary of Quarterly Financial Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Schedule Of Quarterly Financial Information [Line Items]
Total revenues	$ 30,298,123	$ 30,076,693	$ 29,588,014	$ 25,980,517	$ 23,883,325
Total operating expenses	61,368,274	26,965,933	27,773,486	25,211,611	21,934,203
Operating income (loss)	(31,070,151)	7,055,456	1,814,528	768,906	1,949,122
Net loss	(37,743,581)	(4,321,670)	(9,541,579)	(2,283,972)	(8,948,317)
Net loss attributable to common stockholders	$ (35,073,951)	$ (5,431,504)	$ (8,214,826)	$ (2,212,445)	$ (8,891,558)
Class A Common stock
Schedule Of Quarterly Financial Information [Line Items]
Net loss per share-basic and diluted	$ (0.59)	$ (0.09)	$ (0.14)	$ (0.04)	$ (0.15)
Class T Common stock
Schedule Of Quarterly Financial Information [Line Items]
Net loss per share-basic and diluted	$ (0.59)	$ (0.09)	$ (0.14)	$ (0.04)	$ (0.15)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	May 14, 2020	May 13, 2020	Apr. 17, 2020	Apr. 30, 2020	Mar. 31, 2020	May 08, 2020	Apr. 27, 2020	Mar. 30, 2020
Minimum
Subsequent Event [Line Items]
Award vesting period					3 years
Maximum
Subsequent Event [Line Items]
Award vesting period					4 years
Class A Common stock
Subsequent Event [Line Items]
Cash distribution record date start					Apr. 1, 2020
Cash distribution record date end					Apr. 30, 2020
Class T Common stock
Subsequent Event [Line Items]
Cash distribution record date start					Apr. 1, 2020
Cash distribution record date end					Apr. 30, 2020
Common stock dividends payable per share per day								$ 0.0014
Subsequent Event
Subsequent Event [Line Items]
Notice period for dealer manager termination and suspension			60 days
Subsequent Event | Performance-based Equity Grants | 2020 LTIP Plan
Subsequent Event [Line Items]
Award vesting period				3 years
Subsequent Event | Restricted Stock | Performance-based Equity Grants | 2020 LTIP Plan
Subsequent Event [Line Items]
Issuance of shares				5,750
Percentage of targeted award				100.00%
Subsequent Event | LTIP Units | Performance-based Equity Grants | 2020 LTIP Plan
Subsequent Event [Line Items]
Issuance of shares				130,640
Percentage of targeted award				200.00%
Subsequent Event | LTIP Units | Time-based Equity Grants | 2020 LTIP Plan
Subsequent Event [Line Items]
Issuance of shares				215,000
Award vesting period				4 years
Subsequent Event | Minimum | Secured Loan Amendment
Subsequent Event [Line Items]
Amendment to secured loan with secured lenders						$ 10,000,000
Subsequent Event | Minimum | Secured Loan Amendment | LIBOR
Subsequent Event [Line Items]
Debt Instrument, Interest Rate						0.50%
Subsequent Event | Minimum | Performance-based Equity Grants | 2020 LTIP Plan
Subsequent Event [Line Items]
Awards vesting rights, percentage				0.00%
Subsequent Event | Maximum | Secured Loan Amendment
Subsequent Event [Line Items]
Amendment to secured loan with secured lenders						$ 15,000,000
Subsequent Event | Maximum | Performance-based Equity Grants | 2020 LTIP Plan
Subsequent Event [Line Items]
Awards vesting rights, percentage				200.00%
Subsequent Event | Class A Common stock
Subsequent Event [Line Items]
Number of common stock issued		4,400,000
Gross proceeds from issuance of common stock		$ 46,300,000
Common stock per share outstanding per day declared							$ 0.001639
Cash distribution record date start	May 1, 2020
Cash distribution record date end	May 31, 2020
Subsequent Event | Class T Common stock
Subsequent Event [Line Items]
Number of common stock issued		700,000
Gross proceeds from issuance of common stock		$ 7,100,000
Common stock per share outstanding per day declared							0.001639
Cash distribution record date start	May 1, 2020
Cash distribution record date end	May 31, 2020
Common stock dividends payable per share per day							$ 0.0014