Strategic Storage Trust VI 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
No Trading Symbol Flag	true
Entity Registrant Name	Strategic Storage Trust VI, Inc.
Entity Central Index Key	0001852575
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	000-56545
Entity Tax Identification Number	85-3494431
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
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	None
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,363,154
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,353,696
Class W Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		701,439
Class Y Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,511,323
Class P Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,232,191
Class Z Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		317,095

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Real estate facilities:
Land	$ 113,894,665	$ 115,472,022
Buildings	387,845,105	384,707,258
Site improvements	14,011,994	13,827,605
Real estate investment property, gross	515,751,764	514,006,885
Accumulated depreciation	(25,081,224)	(15,660,337)
Real estate investment property, net	490,670,540	498,346,548
Construction in process	7,737,963	6,451,632
Real estate facilities, net	498,408,503	504,798,180
Cash and cash equivalents	18,459,887	9,007,938
Restricted cash	7,278,682	16,700,133
Investments in unconsolidated real estate ventures (Note 4)	18,076,626	17,526,713
Other assets, net	9,092,413	9,756,411
Intangible assets, net of accumulated amortization	521,997	3,127,231
Total assets	551,838,108	560,916,606
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Debt, net	284,527,425	286,484,421
Accounts payable and accrued liabilities	13,799,956	11,884,545
Distributions payable	4,323,389	4,203,032
Due to affiliates	16,752,638	5,933,969
Total liabilities	319,403,408	308,505,967
Commitments and contingencies (Note 9)
Strategic Storage Trust VI, Inc.:
Preferred Stock, $0.001 par value; 200,000,000 shares authorized; 0 issued and outstanding at September 30, 2024 and December 31, 2023
Additional paid-in capital	199,218,090	174,586,716
Distributions	(28,532,043)	(18,590,483)
Accumulated deficit	(98,350,275)	(64,094,793)
Accumulated other comprehensive income (loss)	(2,460,809)	449,185
Total Strategic Storage Trust IV, Inc. equity	69,899,054	92,371,463
Noncontrolling interests in our Operating Partnership	577,703	1,514,388
Noncontrolling Series C Subordinated Units in our Operating Partnership	4,126,022	3,197,083
Total noncontrolling interest	4,703,725	4,711,471
Total equity	74,602,779	97,082,934
Total liabilities, temporary equity and equity	551,838,108	560,916,606
Series B Convertible Preferred Stock
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Temporary equity, carrying amount	148,599,723	148,599,723
Class P Common Stock
Strategic Storage Trust VI, Inc.:
Common stock, value	11,244	11,100
Class A Common Stock
Strategic Storage Trust VI, Inc.:
Common stock, value	3,373	3,340
Class T Common Stock
Strategic Storage Trust VI, Inc.:
Common stock, value	5,357	5,290
Class W Common Stock
Strategic Storage Trust VI, Inc.:
Common stock, value	703	688
Class Y Common Stock
Strategic Storage Trust VI, Inc.:
Common stock, value	3,169	383
Class Z Common Stock
Strategic Storage Trust VI, Inc.:
Common stock, value	245	37
Redeemable Common Stock
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Temporary equity, carrying amount	$ 9,232,198	$ 6,727,982

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	200,000,000	200,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Series B Convertible Preferred Stock
Liquidiation preferences	153,148,361	153,131,250
Convertible Preferred Stock, par value	$ 0.001	$ 0.001
Convertible Preferred Stock , shares authorized	150,000	150,000
Convertible Preferred Stock , shares outstanding	150,000	150,000
Convertible Preferred Stock , shares issued	150,000	150,000
Preferred Stock, shares outstanding	150,000
Class P Common Stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	30,000,000	30,000,000
Common Stock, shares issued	11,244,156	11,100,444
Common Stock, shares outstanding	11,244,156	11,100,444
Class A Common Stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	230,000,000	230,000,000
Common Stock, shares issued	3,373,014	3,339,780
Common Stock, shares outstanding	3,373,014	3,339,780
Class T Common Stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	5,357,014	5,289,743
Common Stock, shares outstanding	5,357,014	5,289,743
Class W Common Stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	70,000,000	70,000,000
Common Stock, shares issued	702,574	687,653
Common Stock, shares outstanding	702,574	687,653
Class Y Common Stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	3,168,958	382,656
Common Stock, shares outstanding	3,168,958	382,656
Class Z Common Stock
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	70,000,000	70,000,000
Common Stock, shares issued	245,414	36,559
Common Stock, shares outstanding	245,414	36,559

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Self storage rental revenue	$ 7,236,715	$ 6,236,956	$ 20,761,136	$ 14,612,097
Ancillary operating revenue	47,287	51,520	136,165	130,136
Total revenues	7,284,002	6,288,476	20,897,301	14,742,233
Operating expenses:
Property operating expenses	2,762,121	2,575,424	8,456,260	6,444,257
Property operating expenses – affiliates	1,303,465	1,408,501	3,871,108	3,235,619
General and administrative	1,470,060	1,467,393	4,617,858	3,980,374
Depreciation	3,196,083	3,162,895	9,543,705	7,393,300
Intangible amortization expense	654,050	1,428,618	2,532,196	3,266,554
Acquisition expense - affiliates	130,311	132,678	444,364	413,577
Other property acquisition expenses	67,441	204,939	171,283	943,277
Total operating expenses	9,583,531	10,380,448	29,636,774	25,676,958
Operating loss	(2,299,529)	(4,091,972)	(8,739,473)	(10,934,725)
Other income (expense):
Interest expense	(4,458,658)	(4,722,504)	(13,701,532)	(11,286,226)
Interest expense - debt issuance costs	(272,173)	(350,460)	(826,098)	(1,162,080)
Derivative fair value adjustment	(1,849,878)	990,147	(86,205)	885,694
Other	85,233	186,717	430,381	336,922
Foreign currency adjustment	818,394	(2,351,612)	(2,539,244)	(1,753,102)
Net loss	(7,976,611)	(10,339,684)	(25,462,171)	(23,913,517)
Less: Distributions to preferred unitholders in our Operating Partnership				(271,250)
Less: Distributions to preferred stockholders	(3,148,361)	(3,131,250)	(9,399,516)	(5,218,750)
Less: Accretion of preferred equity costs	0	0	0	(189,920)
Net loss attributable to the noncontrolling interests in our Operating Partnership	181,273	297,677	609,423	723,552
Net loss attributable to Strategic Storage Trust V1, Inc. common stockholders	$ (10,943,699)	$ (13,173,257)	$ (34,252,264)	$ (28,869,885)
Class P Common Stock
Other income (expense):
Net loss per share-basic	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Net loss per share-diluted	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Weighted average shares outstanding - basic	11,208,277	11,022,812	11,170,643	10,952,871
Weighted average shares outstanding - diluted	11,208,277	11,022,812	11,170,643	10,952,871
Class A Common Stock
Other income (expense):
Net loss per share-basic	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Net loss per share-diluted	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Weighted average shares outstanding - basic	3,372,159	2,738,704	3,364,818	2,435,541
Weighted average shares outstanding - diluted	3,372,159	2,738,704	3,364,818	2,435,541
Class T Common Stock
Other income (expense):
Net loss per share-basic	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Net loss per share-diluted	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Weighted average shares outstanding - basic	5,343,460	4,862,280	5,323,178	4,242,103
Weighted average shares outstanding - diluted	5,343,460	4,862,280	5,323,178	4,242,103
Class W Common Stock
Other income (expense):
Net loss per share-basic	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Net loss per share-diluted	$ (0.46)	$ (0.69)	$ (1.52)	$ (1.6)
Weighted average shares outstanding - basic	700,079	564,151	695,342	452,641
Weighted average shares outstanding - diluted	700,079	564,151	695,342	452,641
Class Y Common Stock
Other income (expense):
Net loss per share-basic	$ (0.46)		$ (1.52)
Net loss per share-diluted	$ (0.46)		$ (1.52)
Weighted average shares outstanding - basic	2,770,034		1,867,148
Weighted average shares outstanding - diluted	2,770,034		1,867,148
Class Z Common Stock
Other income (expense):
Net loss per share-basic	$ (0.46)		$ (1.52)
Net loss per share-diluted	$ (0.46)		$ (1.52)
Weighted average shares outstanding - basic	171,225		142,804
Weighted average shares outstanding - diluted	171,225		142,804

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,976,611)	$ (10,339,684)	$ (25,462,171)	$ (23,913,517)
Other comprehensive income (loss):
Foreign currency translation adjustment	691,127	(2,021,032)	(1,533,186)	(1,708,086)
Foreign currency hedge contract	(321,975)		(310,063)
Interest rate hedge contract	(1,668,164)	814,477	(1,138,704)	2,966,877
Other comprehensive income (loss)	(1,299,012)	(1,206,555)	(2,981,953)	1,258,791
Comprehensive loss	(9,275,623)	(11,546,239)	(28,444,124)	(22,654,726)
Comprehensive loss attributable to noncontrolling interests:
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership	211,132	332,402	681,382	685,804
Comprehensive loss attributable to Strategic Storage Trust VI, Inc. stockholders	$ (9,064,491)	$ (11,213,837)	$ (27,762,742)	$ (21,968,922)

Consolidated Statements of Equi

Consolidated Statements of Equity and Temporary Equity (Unaudited) - USD ($)	Total	Common Stock Class P Common Stock	Common Stock Class A Common Stock	Common Stock Class T Common Stock	Common Stock Class W Common Stock	Common Stock Class Y Common Stock	Common Stock Class Z Common Stock	Additional Paid-in Capital	Distributions	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Strategic Storage Trust VI, Inc. Equity	Noncontrolling Interests Noncontrolling Interests in our Operating Partnership	Series C Subordinated Units Noncontrolling Interests in our Operating Partnership	Redeemable Common Stock	Preferred Equity In Our Operating Partnership	Preferred Stock
Beginning Balance at Dec. 31, 2022	$ 113,061,270	$ 10,842	$ 1,767	$ 3,016	$ 248			$ 134,820,961	$ (7,793,929)	$ (16,727,700)	$ (61,416)	$ 110,253,789	$ 2,807,481		$ 2,873,848
Beginning Balance (in shares) at Dec. 31, 2022		10,841,745	1,766,539	3,015,798	248,369
Gross proceeds from issuance of common stock	11,097,130		$ 294	$ 674	$ 141			11,096,021				11,097,130
Gross proceeds from issuance of common stock (in shares)			294,558	673,565	140,638
Offering costs	(1,316,106)							(1,316,106)				(1,316,106)
Reimbursement of offering cost by Advisor	13,220							13,220				13,220
Changes to redeemable common stock	(974,931)							(974,931)				(974,931)			974,931
Distributions	(2,430,525)								(2,430,525)			(2,430,525)
Distributions to noncontrolling interests	(84,089)												(84,089)
Distributions to preferred unitholders in our Operating Partnership																$ (177,917)
Issuance of shares for distribution reinvestment plan (DRP) (in shares)		73,145	10,180	16,868	2,123
Issuance of shares for distribution reinvestment plan (DRP)	974,931	$ 73	$ 10	$ 16	$ 2			974,830				974,931
Stock based compensation expense	4,842							4,842				4,842
Gross proceeds from issuance of preferred equity in our Operating Partnership																15,000,000
Preferred equity issuance costs																(189,920)
Accretion of preferred equity issuance costs																15,848
Net loss attributable to Strategic Storage Trust VI, Inc.	(6,420,140)									(6,420,140)		(6,420,140)				177,917
Net loss attributable to the noncontrolling interests in our Operating Partnership	(208,425)												(208,425)
Interest rate hedge contracts	(158,353)										(153,361)	(153,361)	(4,992)
Foreign currency translation adjustment	(437,759)										(423,852)	(423,852)	(13,907)
Ending Balance at Mar. 31, 2023	113,121,065	$ 10,915	$ 2,071	$ 3,706	$ 391			144,618,837	(10,224,454)	(23,147,840)	(638,629)	110,624,997	2,496,068		3,848,779	14,825,928
Ending Balance (in shares) at Mar. 31, 2023		10,914,890	2,071,277	3,706,231	391,130
Beginning Balance at Dec. 31, 2022	113,061,270	$ 10,842	$ 1,767	$ 3,016	$ 248			134,820,961	(7,793,929)	(16,727,700)	(61,416)	110,253,789	2,807,481		2,873,848
Beginning Balance (in shares) at Dec. 31, 2022		10,841,745	1,766,539	3,015,798	248,369
Distributions to preferred unitholders in our Operating Partnership	(5,218,750)
Issuance of shares for distribution reinvestment plan (DRP)	3,195,069
Net loss attributable to Strategic Storage Trust VI, Inc.	(28,869,885)
Net loss attributable to the noncontrolling interests in our Operating Partnership	(723,552)
Ending Balance at Sep. 30, 2023	99,905,442	$ 11,054	$ 2,555	$ 4,675	$ 585			158,071,132	(15,613,209)	(45,597,585)	1,159,627	98,038,834	1,866,608		5,649,819		$ 148,599,723
Ending Balance (in shares) at Sep. 30, 2023		11,053,716	2,555,418	4,675,321	584,673
Beginning Balance at Mar. 31, 2023	113,121,065	$ 10,915	$ 2,071	$ 3,706	$ 391			144,618,837	(10,224,454)	(23,147,840)	(638,629)	110,624,997	2,496,068		3,848,779	14,825,928
Beginning Balance (in shares) at Mar. 31, 2023		10,914,890	2,071,277	3,706,231	391,130
Gross proceeds from issuance of common stock	8,792,803		$ 271	$ 482	$ 127			8,791,923				8,792,803
Gross proceeds from issuance of common stock (in shares)			270,715	481,581	126,596
Offering costs	(1,100,021)							(1,100,021)				(1,100,021)
Reimbursement of offering cost by Advisor	11,900							11,900				11,900
Changes to redeemable common stock	(1,078,951)							(1,078,951)				(1,078,951)			1,078,951
Redemption of common stock	(19)	$ (11)	$ (5)	$ (3)								(19)			(178,024)
Redemptions of common stock (in shares)		(10,811)	(4,990)	(3,400)
Distributions	(2,609,715)								(2,609,715)			(2,609,715)
Distributions to noncontrolling interests	(85,022)												(85,022)
Distributions to preferred unitholders in our Operating Partnership																(93,333)
Redemption of preferred equity in our Operating Partnership																(15,000,000)
Issuance of shares for distribution reinvestment plan (DRP) (in shares)		75,101	12,243	22,443	3,421
Issuance of shares for distribution reinvestment plan (DRP)	1,078,951	$ 75	$ 12	$ 22	$ 3			1,078,839				1,078,951
Issuance of restricted stock	11		$ 11									11
Issuance of restricted stock (in shares)			11,250
Stock based compensation expense	4,842							4,842				4,842
Accretion of preferred equity issuance costs																174,072
Distributions to preferred stockholders																	(2,087,500)
Gross proceeds from issuance of preferred stock																	150,000,000
Preferred stock issuance costs																	(1,400,277)
Net loss attributable to Strategic Storage Trust VI, Inc.	(9,276,488)									(9,276,488)		(9,276,488)				$ 93,333	2,087,500
Net loss attributable to the noncontrolling interests in our Operating Partnership	(217,450)												(217,450)
Interest rate swap and cap contract gain	2,310,752										2,241,660	2,241,660	69,092
Foreign currency translation adjustment	750,705										728,426	728,426	22,279
Ending Balance at Jun. 30, 2023	111,703,363	$ 10,979	$ 2,360	$ 4,207	$ 521			152,327,369	(12,834,169)	(32,424,328)	2,331,457	109,418,396	2,284,967		4,749,706		148,599,723
Ending Balance (in shares) at Jun. 30, 2023		10,979,180	2,360,495	4,206,855	521,147
Gross proceeds from issuance of common stock	6,838,071		$ 180	$ 442	$ 60			6,837,389				6,838,071
Gross proceeds from issuance of common stock (in shares)			179,988	442,210	59,574
Offering costs	(1,107,426)							(1,107,426)				(1,107,426)
Reimbursement of offering cost by Advisor	5,850							5,850				5,850
Changes to redeemable common stock	(1,141,187)							(1,141,187)				(1,141,187)			1,141,187
Redemption of common stock															(241,074)
Distributions	(2,779,040)								(2,779,040)			(2,779,040)
Distributions to noncontrolling interests	(85,957)												(85,957)
Distributions to preferred unitholders in our Operating Partnership	(3,131,250)
Issuance of shares for distribution reinvestment plan (DRP) (in shares)		74,536	14,935	26,256	3,952
Issuance of shares for distribution reinvestment plan (DRP)	1,141,187	$ 75	$ 15	$ 26	$ 4			1,141,067				1,141,187
Stock based compensation expense	8,070							8,070				8,070
Distributions to preferred stockholders																	(3,131,250)
Net loss attributable to Strategic Storage Trust VI, Inc.	(13,173,257)									(13,173,257)		(13,173,257)					3,131,250
Net loss attributable to the noncontrolling interests in our Operating Partnership	(297,677)												(297,677)
Interest rate swap and cap contract gain	814,477										791,343	791,343	23,134
Foreign currency translation adjustment	(2,021,032)										(1,963,173)	(1,963,173)	(57,859)
Ending Balance at Sep. 30, 2023	99,905,442	$ 11,054	$ 2,555	$ 4,675	$ 585			158,071,132	(15,613,209)	(45,597,585)	1,159,627	98,038,834	1,866,608		5,649,819		148,599,723
Ending Balance (in shares) at Sep. 30, 2023		11,053,716	2,555,418	4,675,321	584,673
Beginning Balance at Dec. 31, 2023	97,082,934	$ 11,100	$ 3,340	$ 5,290	$ 688	$ 383	$ 37	174,586,716	(18,590,483)	(64,094,793)	449,185	92,371,463	1,514,388	$ 3,197,083	6,727,982		148,599,723
Beginning Balance (in shares) at Dec. 31, 2023		11,100,444	3,339,780	5,289,743	687,653	382,656	36,559
Gross proceeds from issuance of common stock	10,586,193					$ 1,054	$ 84	10,585,055				10,586,193
Gross proceeds from issuance of common stock (in shares)						1,054,322	83,978
Offering costs	(1,258,498)							(1,258,498)				(1,258,498)
Changes to redeemable common stock	(1,303,340)							(1,303,340)				(1,303,340)			1,303,340
Redemption of common stock	(13)	$ (5)		$ (8)								(13)			(784,542)
Redemptions of common stock (in shares)		(5,494)		(8,217)
Distributions	(3,161,870)								(3,161,870)			(3,161,870)
Distributions to noncontrolling interests	(84,790)												(84,790)
Issuance of shares for distribution reinvestment plan (DRP) (in shares)		74,503	22,403	33,026	4,978	4,810	412
Issuance of shares for distribution reinvestment plan (DRP)	1,303,340	$ 74	$ 22	$ 33	$ 5	$ 5		1,303,201				1,303,340
Stock based compensation expense	8,070							8,070				8,070
Issuance of Series C Subordinated Units	359,926													359,926
Distributions to preferred stockholders																	(3,166,042)
Net loss attributable to Strategic Storage Trust VI, Inc.	(11,923,621)									(11,923,621)		(11,923,621)					3,166,042
Net loss attributable to the noncontrolling interests in our Operating Partnership	(225,373)												(225,373)
Interest rate hedge contracts	777,342										758,374	758,374	18,968
Foreign currency translation adjustment	(1,550,882)										(1,511,559)	(1,511,559)	(39,323)
Foreign currency hedge contract	(21,170)										(20,652)	(20,652)	(518)
Ending Balance at Mar. 31, 2024	90,588,248	$ 11,169	$ 3,362	$ 5,315	$ 693	$ 1,442	$ 121	183,921,204	(21,752,353)	(76,018,414)	(324,652)	85,847,887	1,183,352	3,557,009	7,246,780		148,599,723
Ending Balance (in shares) at Mar. 31, 2024		11,169,453	3,362,183	5,314,552	692,631	1,441,788	120,949
Beginning Balance at Dec. 31, 2023	97,082,934	$ 11,100	$ 3,340	$ 5,290	$ 688	$ 383	$ 37	174,586,716	(18,590,483)	(64,094,793)	449,185	92,371,463	1,514,388	3,197,083	6,727,982		148,599,723
Beginning Balance (in shares) at Dec. 31, 2023		11,100,444	3,339,780	5,289,743	687,653	382,656	36,559
Distributions to preferred unitholders in our Operating Partnership	(9,399,516)
Issuance of shares for distribution reinvestment plan (DRP)	4,194,003
Net loss attributable to Strategic Storage Trust VI, Inc.	(34,252,264)
Net loss attributable to the noncontrolling interests in our Operating Partnership	(609,423)
Foreign currency hedge contract	(310,063)
Ending Balance at Sep. 30, 2024	74,602,779	$ 11,244	$ 3,373	$ 5,357	$ 703	$ 3,169	$ 245	199,218,090	(28,532,043)	(98,350,275)	(2,460,809)	69,899,054	577,703	4,126,022	9,232,198		148,599,723
Ending Balance (in shares) at Sep. 30, 2024		11,244,156	3,373,014	5,357,014	702,574	3,168,958	245,414
Beginning Balance at Mar. 31, 2024	90,588,248	$ 11,169	$ 3,362	$ 5,315	$ 693	$ 1,442	$ 121	183,921,204	(21,752,353)	(76,018,414)	(324,652)	85,847,887	1,183,352	3,557,009	7,246,780		148,599,723
Beginning Balance (in shares) at Mar. 31, 2024		11,169,453	3,362,183	5,314,552	692,631	1,441,788	120,949
Gross proceeds from issuance of common stock	8,296,378					$ 856	$ 36	8,295,486				8,296,378
Gross proceeds from issuance of common stock (in shares)						856,277	35,806
Offering costs	(984,775)							(984,775)				(984,775)
Changes to redeemable common stock	(1,410,065)							(1,410,065)				(1,410,065)			1,410,065
Redemption of common stock	(91)	$ (69)	$ (7)	$ (15)								(91)			(390,986)
Redemptions of common stock (in shares)		(69,075)	(7,252)	(14,702)
Distributions	(3,303,089)								(3,303,089)			(3,303,089)
Distributions to noncontrolling interests	(84,791)												(84,791)
Issuance of shares for distribution reinvestment plan (DRP) (in shares)		76,121	22,911	33,433	5,082	13,237	835
Issuance of shares for distribution reinvestment plan (DRP)	1,410,065	$ 76	$ 23	$ 33	$ 5	$ 13	$ 1	1,409,914				1,410,065
Issuance of restricted stock	5		$ 5									5
Issuance of restricted stock (in shares)			5,000
Stock based compensation expense	8,070							8,070				8,070
Distribution of common stock (in shares)			346
Distribution of common stock								3,219		(3,219)
Issuance of Series C Subordinated Units	277,316													277,316
Distributions to preferred stockholders																	(3,085,113)
Net loss attributable to Strategic Storage Trust VI, Inc.	(11,384,943)									(11,384,943)		(11,384,943)					3,085,113
Net loss attributable to the noncontrolling interests in our Operating Partnership	(202,777)												(202,777)
Interest rate hedge contracts	(247,881)										(242,024)	(242,024)	(5,857)
Foreign currency translation adjustment	(649,607)										(634,019)	(634,019)	(15,588)
Foreign currency hedge contract	9,257										9,039	9,039	218
Ending Balance at Jun. 30, 2024	82,321,320	$ 11,176	$ 3,383	$ 5,333	$ 698	$ 2,311	$ 158	191,243,053	(25,055,442)	(87,406,576)	(1,191,656)	77,612,438	874,557	3,834,325	8,265,859		148,599,723
Ending Balance (in shares) at Jun. 30, 2024		11,176,499	3,383,188	5,333,283	697,713	2,311,302	157,590
Gross proceeds from issuance of common stock	8,935,056					$ 838	$ 86	8,934,132				8,935,056
Gross proceeds from issuance of common stock (in shares)						837,836	86,933
Offering costs	(969,920)							(969,920)				(969,920)
Changes to redeemable common stock	(1,480,597)							(1,480,597)				(1,480,597)			1,480,597
Redemption of common stock	(44)	$ (5)	$ (32)	$ (7)								(44)			(514,258)
Redemptions of common stock (in shares)		(5,128)	(32,258)	(7,477)
Distributions	(3,476,601)								(3,476,601)			(3,476,601)
Distributions to noncontrolling interests	(85,722)												(85,722)
Distributions to preferred unitholders in our Operating Partnership	(3,148,361)
Issuance of shares for distribution reinvestment plan (DRP) (in shares)		72,785	22,084	31,208	4,861	19,820	891
Issuance of shares for distribution reinvestment plan (DRP)	1,480,597	$ 73	$ 22	$ 31	$ 5	$ 20	$ 1	1,480,445				1,480,597
Stock based compensation expense	10,977							10,977				10,977
Issuance of Series C Subordinated Units	291,697													291,697
Distributions to preferred stockholders																	(3,148,361)
Net loss attributable to Strategic Storage Trust VI, Inc.	(10,943,699)									(10,943,699)		(10,943,699)					3,148,361
Net loss attributable to the noncontrolling interests in our Operating Partnership	(181,273)												(181,273)
Interest rate hedge contracts	(1,668,164)										(1,630,605)	(1,630,605)	(37,559)
Foreign currency translation adjustment	691,127										675,551	675,551	15,576
Foreign currency hedge contract	(321,975)										(314,099)	(314,099)	(7,876)
Ending Balance at Sep. 30, 2024	$ 74,602,779	$ 11,244	$ 3,373	$ 5,357	$ 703	$ 3,169	$ 245	$ 199,218,090	$ (28,532,043)	$ (98,350,275)	$ (2,460,809)	$ 69,899,054	$ 577,703	$ 4,126,022	$ 9,232,198		$ 148,599,723
Ending Balance (in shares) at Sep. 30, 2024		11,244,156	3,373,014	5,357,014	702,574	3,168,958	245,414

Consolidated Statements of Eq_2

Consolidated Statements of Equity and Temporary Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Distributions per share	$ 0.16	$ 0.15	$ 0.15	$ 0.16	$ 0.15	$ 0.15
Distributions
Distributions per share	0.16	0.15	0.15	0.16	0.15	0.15
Total Strategic Storage Trust VI, Inc. Equity
Distributions per share	$ 0.16	$ 0.15	$ 0.15	$ 0.16	$ 0.15	$ 0.15

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (25,462,171)	$ (23,913,517)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	12,075,901	10,659,854
Amortization of debt issuance costs	826,098	1,162,080
Stock based compensation expense related to issuance of restricted stock	27,117	17,754
Accretion of preferred equity costs	0	189,920
Unrealized derivative gain	232,784
Derivative fair value adjustment	1,944,534	(885,694)
Unrealized foreign currency adjustment	2,539,244	1,753,102
Changes in operating assets and liabilities:
Other assets, net	466,893	(954,705)
Purchase of interest rate derivative	(2,913,815)	(1,878,000)
Accounts payable and accrued liabilities	(299,387)	1,326,036
Due to affiliates	10,648,005	2,013,847
Net cash provided by (used in) operating activities	85,203	(10,509,323)
Cash flows from investing activities:
Purchase of real estate facilities		(250,502,233)
Additions to real estate facilities	(8,494,925)	(5,643,405)
Deposits on acquisitions of real estate facilities		(1,585,202)
Refund of deposits on acquisitions of real estate facilities	485,232
Investment in company owned life insurance	(890,957)	(876,293)
Investments in unconsolidated real estate ventures	(16,672,863)	(3,166,098)
Return of capital on investments in unconsolidated real restate ventures	16,099,042
Net cash used in investing activities	(9,474,471)	(261,773,231)
Cash flows from financing activities:
Proceeds from issuance of secured debt	8,000,000	179,324,261
Repayment of secured debt	(4,764,241)	(50,000,000)
Scheduled principal payments of secured debt	(2,842,092)	(677,409)
Prepaid debt issuance costs		(42,000)
Debt issuance costs		(1,454,867)
Gross proceeds from issuance of common stock	27,817,484	26,556,995
Offering costs	(2,699,312)	(2,989,811)
Proceeds from issuance of preferred equity in our Operating Partnership		15,000,000
Redemption of preferred equity in our Operating Partnership		(15,000,000)
Preferred equity in our Operating Partnership issuance costs		(189,920)
Gross proceeds from issuance of preferred stock		150,000,000
Preferred stock issuance costs		(1,400,277)
Proceeds from issuance of Series C Units	928,939
Redemption of common stock	(1,297,314)	(178,024)
Distributions paid to common stockholders	(5,642,968)	(4,505,116)
Distributions paid to noncontrolling interest in our Operating Partnership	(256,313)	(256,003)
Distributions paid to preferred stockholders	(9,382,405)	(2,087,500)
Distributions paid to preferred unitholders in our Operating Partnership		(271,250)
Net cash provided by financing activities	9,861,778	291,829,079
Impact of foreign exchange rate changes on cash and restricted cash	(442,012)	(1,045,362)
Net change in cash, cash equivalents and restricted cash	30,498	18,501,163
Cash, cash equivalents and restricted cash, beginning of year	25,708,071	7,791,544
Cash, cash equivalents and restricted cash, end of year	25,738,569	26,292,707
Supplemental disclosures and non-cash transactions:
Cash paid for interest, net of amounts capitalized	13,492,349	10,134,055
Real estate facilities in due to affiliates	104,166	2,567,640
Deposits applied to investments in unconsolidated real estate ventures	330,840
Debt issuance costs in due to affiliates	80,000	150,000
Purchase of interest rate cap in accounts payable and accrued liabilities		1,401,000
Debt issuance costs in accounts payable and accrued liabilities		27,211
Proceeds from issuance of common stock in accounts payable and accrued liabilities		(40,000)
Offering costs included in accounts payable and accrued liabilities	513,881	588,184
Interest rate swap contract in other assets		2,211,890
Interest rate swap contracts in accounts payable and accrued liabilities	1,365,131
Foreign currency hedge contract in other assets	310,063
Foreign currency translation adjustment	1,533,186	1,708,378
Issuance of shares pursuant to distribution reinvestment plan	4,194,003	3,195,069
Distributions payable to common and preferred stockholders	4,295,436	4,049,302
Distributions payable to noncontrolling interests in our Operating Partnership	27,953	28,029
Real estate and construction in process in accounts payable and accrued liabilities	1,266,042	323,124
Redemption of common stock in accounts payable and accrued liabilities	$ 511,652	241,074
Deposits applied to acquisition of real estate		$ 220,000

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Organization	Note 1. Organization Strategic Storage Trust VI, Inc., a Maryland corporation (the “Company”), was formed on October 14, 2020 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities and commenced formal operations on March 10, 2021. Our year-end is December 31. As used herein, “we,” “us,” “our” and “Company” refer to Strategic Storage Trust VI, Inc. and each of our subsidiaries. SmartStop REIT Advisors, LLC is our sponsor (our “Sponsor”). Our Sponsor is an indirect subsidiary of SmartStop Self Storage REIT, Inc. (“SmartStop”). Our Sponsor is a company focused on providing self storage advisory, asset management, and property management services. Our Sponsor owns 82.5 % of the economic interests (and 100 % of the voting membership interests) of Strategic Storage Advisor VI, LLC (our “Advisor”) and owns 100 % of Strategic Storage Property Management VI, LLC (our “Property Manager”). We have no employees. Our Advisor, a Delaware limited liability company, was formed on October 7, 2020. Our Advisor is 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 we entered into with our Advisor on February 26, 2021 (our “Private Offering Advisory Agreement”), which was amended and restated on March 17, 2022 (our “Advisory Agreement”). A majority of our officers are also officers of our Advisor, Sponsor and SmartStop. On January 15, 2021, our Advisor purchased approximately 110 shares of our common stock for $ 1,000 and became our initial stockholder. Our Articles of Incorporation authorized 30,000 shares of common stock with a par value of $ 0.001 per share. Our Articles of Amendment and Restatement (our “Charter”) authorized 700,000,000 shares of common stock with a par value of $ 0.001 per share and 200,000,000 shares of preferred stock with a par value of $ 0.001 per share. On February 26, 2021, pursuant to a confidential private placement memorandum (the “private placement memorandum”), we commenced a private offering of up to $ 200,000,000 in shares of our common stock and $ 20,000,000 in shares of common stock pursuant to our distribution reinvestment plan (the “Private Offering”). On March 10, 2021, we commenced formal operations. In connection with the Public Offering, defined below, we filed articles of amendment to our Charter (the “Articles of Amendment”) and articles supplementary to our Charter (the “Articles Supplementary”). Following the filing of the Articles of Amendment and the Articles Supplementary, we authorized 30,000,000 shares of common stock designated as Class P shares, 300,000,000 shares of common stock designated as Class A shares, 300,000,000 shares of common stock designated as Class T shares, and 70,000,000 shares of common stock designated as Class W shares. Any common stock sold in the Private Offering were redesignated as Class P common stock upon the filing of the Articles of Amendment. On May 28, 2021, we filed a Form S-11 Registration Statement, which was subsequently amended, with the Securities and Exchange Commission (“SEC”) to register a maximum of $ 1,000,000,000 in shares of Class A, Class T, and Class W common stock for sale to the public (the “Primary Offering”) and $ 95,000,000 in shares of Class A, Class T, and Class W common stock for sale pursuant to our distribution reinvestment plan. On March 17, 2022, the SEC declared our registration statement effective and the primary portion of our Private Offering was terminated. On October 4, 2023, we filed a Post-Effective Amendment to our Registration Statement to register two new classes of common stock (Class Y shares and Class Z shares) with the SEC. On November 1, 2023, the Post-Effective Amendment to our Registration Statement became effective with the SEC. Also, on November 1, 2023, we filed articles supplementary to our Charter which reclassified 200,000,000 Class T shares as Class Y shares and 70,000,000 Class A shares as Class Z shares. Effective as of November 1, 2023, we are offering Class Y shares and Class Z shares in our Primary Offering for $ 9.30 per share and are offering Class A shares, Class T shares, Class W shares, Class Y shares and Class Z shares pursuant to our distribution reinvestment plan for $ 9.30 per share (collectively, the “Public Offering”). We are also continuing to offer Class P shares pursuant to our distribution reinvestment plan in our Private Offering. On February 1, 2024, our board of directors approved an extension of our Public Offering to March 17, 2025, as permitted under applicable SEC rules. We may continue to sell Class Y shares and Class Z shares in our Public Offering until the third anniversary of the effective date of our Public Offering, March 17, 2025, unless further extended by our board of directors under applicable law. We also reserve the right to terminate our Public Offering at any time. Pursuant to a Sponsor Funding Agreement (as defined in Note 2 - Summary of Significant Accounting Policies), our Sponsor has agreed to fund the payment of (i) the upfront 3 % sales commission for the sale of Class Y shares, (ii) the upfront 3 % dealer manager fee for the Class Y shares, and (iii) the estimated 1 % organization and offering expenses for the sale of Class Y shares and Class Z shares. In November 2023 our Sponsor agreed to reimburse the Company in cash to cover the dilution from the one-time stock dividend described below. In consideration for our Sponsor providing the funding for the front-end sales load and the cash to cover the dilution from the stock dividend, Strategic Storage Operating Partnership VI, L.P., a Delaware limited partnership (our “Operating Partnership”), shall issue Series C Subordinated Convertible Units (“Series C Units”) to our Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $ 9.30 per share and currently $ 10.00 per share) for the Class Y shares and Class Z shares sold in the Public Offering. The Series C Units shall initially have no distribution, voting or other rights to participate in our Operating Partnership unless and until such Series C Units are converted into Class A Units of our Operating Partnership. The Series C Units shall automatically convert into Class A Units on a one-to-one basis upon our disclosure of an estimated net asset value per share equal to at least $ 10.00 per share for each of the Class A, Class P, Class T, Class W, Class Y, and Class Z shares calculated net of the value of Series C Units to be converted. Such conversion is limited such that the dilution caused by the conversion may not reduce the diluted estimated net asset value below $ 10.00 per share. No Series C Units were converted to Class A Units as a result of the Estimated Per Share NAV (as defined below) being declared. On November 1, 2023, the Company’s board of directors declared to holders of record of Class A shares, Class T shares and Class W shares, respectively, as of November 15, 2023 (a) a one-time stock dividend of 0.11075 Class A shares per Class A share outstanding, (b) a one-time stock dividend of 0.07526 Class T shares per Class T share outstanding, and (c) a one-time stock dividend of 0.01075 Class W shares per Class W share outstanding. These stock dividends were issued to provide such stockholders who purchased Class A shares, Class T shares, or Class W shares in the Public Offering the same number of shares of the applicable class as they would have received if they purchased their shares at a price of $ 9.30 per share, the offering price of Class Y shares and Class Z shares in the Public Offering. All per share amounts presented herein have been retroactively adjusted to reflect the impact of the one-time stock dividend. Prior to the termination of our Private Offering, approximately 10.6 million shares of Class P common stock were sold for gross offering proceeds of approximately $ 100.7 million. As of September 30, 2024, approximately 2.9 million Class A shares, approximately 4.8 million Class T shares, approximately 0.7 million Class W shares, approximately 3.1 million Class Y shares and approximately 0.3 million Class Z shares had been sold in the Public Offering for gross offering proceeds of approximately $ 30.3 million, approximately $ 48.1 million, approximately $ 6.3 million, approximately $ 29.4 million and approximately $ 2.3 million, respectively. Through our distribution reinvestment plan, we have issued approximately 0.8 million Class P shares, approximately 0.1 million Class A shares, approximately 0.2 million Class T shares, approximately 31,000 Class W shares, approximately 38,000 Class Y shares and approximately 2,100 Class Z shares for gross proceeds of approximately $ 11.5 million. On August 7, 2024, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an estimated value per share ("Estimated Per Share NAV") of $ 10.00 for our Class A shares, Class P shares, Class T shares, Class W shares, Class Y shares, and Class Z 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 an adjusted fully diluted basis, calculated as of March 31, 2024. No Series C Units were converted to Class A Units as a result of this Estimated Per Share NAV being declared. We have invested the net proceeds from our Private Offering and Public Offering primarily in self storage facilities consisting of both income-producing and growth properties located in the United States and Canada. As of September 30, 2024, we owned 24 operating self storage properties located in seven states (Arizona, Delaware, Florida, Nevada, Oregon, Pennsylvania and Washington) and three Canadian provinces (Alberta, British Columbia and Ontario) and two development properties in Florida and Ontario. For more information, see Note 3 - Real Estate Facilities. As of September 30, 2024, we owned 50 % equity interests in five unconsolidated real estate ventures in two Canadian provinces (Ontario and Quebec) that are intended to be developed into self storage facilities, with subsidiaries of SmartCentres Real Estate Investment Trust (“SmartCentres”) owning the other 50 % of such entities. For more information, see Note 4 - Investment in Unconsolidated Real Estate Ventures. Our Operating Partnership was formed on October 15, 2020. On January 15, 2021, SmartStop Storage Advisors, LLC (“SSA”), an affiliate of our Advisor, purchased a limited partnership interest in our Operating Partnership for $ 1,000 and we contributed the initial $ 1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. On February 26, 2021, in connection with entering into the Private Offering Advisory Agreement, SSA made an additional $ 1,000 investment in our Operating Partnership in exchange for additional limited partnership interests and a special limited partnership interest. On March 10, 2021, SmartStop OP, L.P. (“SmartStop OP”), an affiliate of our Sponsor and the operating partnership of SmartStop, contributed $ 5.0 million to our Operating Partnership, in exchange for 549,451 units of limited partnership interest in our Operating Partnership (the “OP Investment”). The OP Investment was made net of sales commissions and dealer manager fees, but without giving effect to the early investor discounts available to purchasers of shares in the Private Offering. At the effective time of the OP Investment, SmartStop OP was admitted as a limited partner to our Operating Partnership. As of September 30, 2024, we owned approximately 98 % of the common units of limited partnership interest of our Operating Partnership. The remaining approximately 2 % of the common units are owned by SmartStop OP. On January 30, 2023, we, our Operating Partnership, and an affiliate of our Sponsor (the “Preferred Investor”) entered into a Series A Cumulative Redeemable Preferred Unit Purchase Agreement (the “Preferred Unit Purchase Agreement”) pursuant to which our Operating Partnership issued and sold to the Preferred Investor, and the Preferred Investor purchased 600,000 Series A Cumulative Redeemable Preferred Units of Limited Partnership Interest (the “Preferred Units”) at a liquidation preference of $ 25.00 per unit (the “Liquidation Amount”) in consideration for the Preferred Investor making a capital contribution to our Operating Partnership in an amount of $ 15 million (the “Preferred Investment”). On May 2, 2023, we redeemed the full amount of Series A Preferred Units for an amount equal to $ 15 million plus the accrued and unpaid distributions. See Note 7 – Preferred Equity. On May 1, 2023 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Series B 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 $ 150 million in preferred shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”). The closing (the “ Closing”) in the amount of $ 150 million occurred on the Commitment Date and we incurred approximately $ 1.4 million in issuance costs related to the Series B Convertible Preferred Stock. See Note 7 - Preferred Equity. Our Operating Partnership will own, directly or indirectly through one or more special purpose entities, all of the self storage properties that we acquire. We will conduct certain activities through our taxable REIT subsidiary, Strategic Storage TRS VI, Inc., a Delaware corporation (the “TRS”) which was formed on October 16, 2020 and is a wholly owned subsidiary of our Operating Partnership. Our Property Manager, a Delaware limited liability company, was formed on October 7, 2020 to manage our properties. Our Property Manager will derive substantially all of its income from the property management services it performs for us. Our Property Manager may enter into sub-property management agreements with third party management companies and pay part of its management fee to such sub-property manager. See Note 8 – Related Party Transactions – Property Management Agreement. Our dealer manager is Pacific Oak Capital Markets, LLC, a Delaware limited liability company (our “Dealer Manager”). On February 26, 2021, we entered into a dealer manager agreement with our Dealer Manager (the “Private Offering Dealer Manager Agreement”), pursuant to which our Dealer Manager was responsible for marketing our shares being offered pursuant to the Private Offering. In connection with our Public Offering, we entered into a dealer manager agreement with our Dealer Manager, pursuant to which our Dealer Manager is responsible for marketing our shares being offered pursuant to our Primary Offering (as amended, the “Dealer Manager Agreement”). An affiliate of our Dealer Manager increased its ownership interest from 10 % to a 17.5 % non-voting economic interest in our Advisor. As we accept subscriptions for shares of our common stock, we transfer 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 will be deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership will be deemed to have simultaneously paid the sales commissions and other costs associated with the offerings. 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 the limited partnership agreement of our Operating Partnership, which was amended and restated in connection with the Public Offering (the “Operating Partnership Agreement”). SSA and SmartStop OP are prohibited from exchanging or otherwise transferring units representing $ 202,000 of the limited partnership units acquired in their initial investments in our Operating Partnership so long as our Advisor is acting as our Advisor pursuant to our Advisory Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 intercompany accounts and transactions have been eliminated in consolidation. Please see consolidation considerations section below. 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. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly-owned subsidiaries. As of September 30, 2024, we had no t entered into any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres, which are accounted for under the equity method of accounting. Please see Note 4 - Investments in Unconsolidated Real Estate Ventures. Other than the entities noted above, we do not currently have any material relationships with unconsolidated entities or financial partnerships. Equity Investments Under the equity method, our investments are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. 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 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 partner, our Operating Partnership, including its wholly-owned subsidiary, was consolidated by us beginning May 1, 2021, and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interest shall be attributed its 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 evaluation of potential impairment of long-lived assets, 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. In an effort to mitigate this risk, we only invest in or through major financial institutions. Restricted Cash Restricted cash consists primarily of impound reserve accounts for interest and property taxes in connection with the requirements of certain of our loan agreements. Real Estate Purchase Price Allocation We account for asset 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 approximately $ 0 and $ 4.5 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the nine months ended September 30, 2024 and 2023, 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 facilities are allocated to the individual facilities based upon an income approach or a discounted 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 nine months ended September 30, 2024 there were no property acquisitions. During the nine months ended September 30, 2023, our acquisitions did not meet the definition of a business because substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition did 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 nine months ended September 30, 2024 and 2023, our acquisitions did not meet the definition of a business, and we capitalized approximately $ 0.0 million and $ 9.2 million, respectively, of acquisition-related transaction costs. During the three months ended September 30, 2024 and 2023, we expensed approximately $ 0.2 million and $ 0.3 million, respectively, of acquisition-related transaction costs that did not meet our capitalization policy. During the nine months ended September 30, 2024 and 2023, we expensed approximately $ 0.6 million and $ 1.4 million, respectively, of acquisition-related transaction costs that did not meet our capitalization policy. Evaluation of Possible Impairment of Long-Lived Assets Management monitors events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets, including those held through joint ventures, 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 long-lived 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 long-lived assets to the fair value and recognize an impairment loss. For the nine months ended September 30, 2024 and 2023, no impairment losses were recognized. Advertising Costs Advertising costs are included in property operating expenses and general and administrative expenses, depending on the nature of the expense, in the accompanying consolidated statements of operations. These costs are expensed in the period in which the cost is incurred. The Company incurred advertising costs of approximately $ 0.6 million and $ 1.8 million for the three and nine months ended September 30, 2024 respectively, and approximately $ 0.6 million and $ 1.7 million for the three and nine months ended September 30, 2023, respectively. Revenue Recognition 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 will be 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 will be included in accounts payable and accrued liabilities in our consolidated balance sheet and contractually due but unpaid rent will be included in other assets. Additionally, we earn ancillary revenue by selling various moving and packing supplies such as locks and boxes. We recognize such revenue in the Ancillary operating revenue line within our consolidated statements of operations as the services are performed and as the goods are delivered. Sponsor Funding Agreement On November 1, 2023, the Company entered into a sponsor funding agreement (the “Sponsor Funding Agreement”) by and among the Company, our Operating Partnership and our Sponsor pursuant to which the Sponsor has agreed to fund the payment of (i) the upfront 3 % sales commission for the sale of Class Y shares, (ii) the upfront 3 % dealer manager fee for the Class Y shares, and (iii) the estimated 1 % organization and offering expenses for the sale of Class Y shares and Class Z shares. In addition, the Sponsor reimbursed the Company in cash to cover the dilution from the one-time stock dividend described below. The Sponsor Funding Agreement will terminate immediately upon the date that the Company ceases to offer Class Y shares and Class Z shares in the Public Offering. In consideration for the Sponsor providing the funding for the front-end sales load described above and the cash to cover the dilution from the stock dividend, the Operating Partnership will issue a number of Series C Units to the Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $ 9.30 per share and currently $ 10.00 per share) for the Class Y shares and Class Z shares sold in the Public Offering. Pursuant to the Sponsor Funding Agreement, the Sponsor shall reimburse the Company monthly within 30 days after the end of each calendar month for the applicable front-end sales load it agreed to fund, and the Operating Partnership shall issue the Series C Units on a monthly basis, effective as of the respective funding date. The Series C Units convert into Class A Units of our Operating Partnership if the estimated net asset value equal to at least $ 10.00 per share. Such conversion is limited such that the dilution caused by the conversion may not reduce the diluted estimated net asset value below $ 10.00 per share. On August 7, 2024, we declared an Estimated Per Share NAV of $ 10.00 calculated as of March 31, 2024. No Series C Units were converted to Class A Units as a result of this Estimated Per Share NAV being declared. The amount by which the funding received exceeds the fair value of the Series C Units is accounted for as a consideration received from a vendor and is therefore recorded as a reduction to the price of the services provided. Each payment is initially included in the Accounts payable and accrued liabilities in the accompanying consolidated balance sheets and subsequently recorded as a reduction of Property operating expenses - affiliates ratably over the remaining estimated life of our management contracts with SmartStop. Below is a summary of the portion of sponsor funding received which exceeds the fair value of the Series C Units issued: Balance at December 31, 2023 $ 3,372,686 Total consideration received 965,403 Reduction of Property operating expense - affiliates ( 581,150 ) Balance at September 30, 2024 $ 3,756,939 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. As of September 30, 2024 and December 31, 2023, approximately $ 50,000 and $ 25,000 , respectively, were recorded to allowance for doubtful accounts, and are included within other assets in the accompanying consolidated balance sheets. 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 Land Not Depreciated Buildings 35 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. Foreign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates as of the reporting date. Revenues and expenses are translated at the average rate for the period. All adjustments related to amounts classified as long term net 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 operations are recorded at rates of exchange in effect at the date of the translation. Changes in investments not classified as long term are recorded in foreign currency adjustment in the accompanying Statements of Operations. Intangible Assets We have allocated a portion of our real estate purchase price to in-place leases. We are amortizing in-place leases on a straight-line basis over 18 months , the estimated average rental period for the leases. As of September 30, 2024, the gross amounts allocated to in-place lease intangibles were approximately $ 9.9 million and accumulated amortization of in-place lease intangibles totaled approximately $ 9.4 million. As of December 31, 2023, the gross amounts allocated to in-place lease intangibles were approximately $ 10.0 million and accumulated amortization of in-place lease intangibles totaled approximately $ 6.9 million. The total estimated future amortization expense of intangible assets for the year ending December 31, 2024 is approximately $ 0.5 million. The weighted-average amortization period on our remaining intangible assets with a net book value of approximately $ 0.5 million was approximately 0.2 years as of September 30, 2024. Debt Issuance Costs The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the consolidated balance sheets as a reduction of the related debt. 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 September 30, 2024 and December 31, 2023, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $ 1.6 million and $ 0.8 million, respectively. For the three and nine months ended September 30, 2024, we expensed approximately $ 0.3 million and $ 0.8 million, respectively, and we expensed approximately $ 0.4 million and $ 1.2 million, respectively, for the three and nine months ended September 30, 2023, respectively, in debt issuance cost. Organizational and Offering Costs Our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor funded, and was not reimbursed for, 1.0 % of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses, which we recognized as a capital contribution from our Advisor. Our Advisor must reimburse us within 60 days after the end of the month in which the initial public offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees) in excess of 15 % of the gross offering proceeds from the Primary Offering. If at any point in time we determine that the total organization and offering costs are expected to exceed 15 % of the gross proceeds anticipated to be received from the Primary Offering, we will recognize such excess as a capital contribution from our Advisor. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. In connection with our Private Offering, our Dealer Manager received a sales commission of up to 6.0 % of gross proceeds from sales in the Private Offering and a dealer manager fee equal to up to 3.0 % of gross proceeds from sales in the Private Offering under the terms of the Private Offering Dealer Manager Agreement. In connection with our Primary Offering, our Dealer Manager will receive a sales commission of up to 6.0 % of gross proceeds from sales of Class A shares and up to 3.0 % of gross proceeds from the sales of Class T shares and Class Y shares in the Primary Offering and a dealer manager fee up to 3.0 % of gross proceeds from sales of Class A shares, Class T shares and Class Y shares in the Primary Offering under the terms of the Dealer Manager Agreement. Our Dealer Manager does not receive an upfront sales commission or dealer manager fee from the sales of Class W shares or Class Z shares in the Primary Offering; however, we and/or our Sponsor will pay to our Dealer Manager dealer manager support in the amount of 1.5 % of the gross offering proceeds of the Class W shares and Class Z shares sold in the Primary Offering for payment of wholesaler commissions and other wholesaler expenses associated with the sales of the Class W shares and Class Z shares. 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 and Class Y shares sold in the Primary Offering. Our Dealer Manager also receives an ongoing dealer manager servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 0.5% of the purchase price per share of the Class W shares and Class Z shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T shares and Class Y 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 % of the gross proceeds from the sale of Class A shares, Class T shares, Class Y shares, Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering; (iii) with respect to a particular Class T share and Class Y share, the third anniversary of the issuance of such share; and (iv) the date that such Class T share or Class Y share is redeemed or is no longer outstanding. We will cease paying the dealer manager servicing fee with respect to the Class W share and Class Z share 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 % of the gross proceeds from the sale of Class A shares, Class T shares, Class Y shares, Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan),which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering; (iii) the end of the month in which the aggregate underwriting compensation paid in our Primary Offering with respect to Class W shares and Class Z shares, comprised of the dealer manager servicing fees and dealer manager support, equals 9.0 % of the gross proceeds from the sale of Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering, and (iv) the date that such Class W share or Class Z share is redeemed or is no longer outstanding. Our Dealer Manager enters into participating dealer agreements with certain other broker-dealers which authorize them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager will re-allow all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager may 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 will also receive reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses cannot 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 Public Offering, may not exceed 3 % of gross offering proceeds from sales in the Public Offering. We record a liability within Accounts Payable and Accrued Liabilities for the future estimated stockholder and dealer manager servicing fees and a reduction to additional paid-in capital at the time of sale of the Class T, Class Y, Class W and Class Z shares as an offering cost. Redeemable Common Stock We adopted a share redemption program that will enable 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 will be limited to the number of shares we could 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 but that are contingent on an event that is likely to occur (e.g., the passage of time) 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 our 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. For the nine months ended September 30, 2024 we received redemption requests totaling approximately $ 1.7 million, approximately $ 1.2 million was fulfilled during the nine months ended September 30, 2024 and the remaining approximately $ 0.5 million was included in accounts payable and accrued liabilities as of September 30, 2024, and fulfilled in October 2024. For the nine months ended September 30, 2023 we received redemption requests totaling approximately $ 0.4 million, approximately $ 0.2 million was fulfilled during the nine months ended September 30, 2023 and the remaining approximately $ 0.2 million was included in accounts payable and accrued liabilities as of September 30, 2023, and fulfilled in October 2023. Preferred Equity in our Operating Partnership We classified our Series A Cumulative Redeemable Preferred Units (as defined in Note 7 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480-10-S99. The Series A Cumulative Redeemable Preferred Units were redeemable by our Operating Partnership, in whole or in part, at the option of our Operating Partnership on or after the second anniversary of its issuance. Additionally, the holder could elect to redeem if any of the following events outside our control occur: (i) change of control; (ii) a breach of protective provisions; (iii) upon the occurrence of monetary and other material defaults under secured property debt; and (iv) if we do not maintain our REIT status. As the shares were contingently redeemable, and under certain circumstances not solely within our control, we had classified our Series A Cumulative Redeemable Preferred Stock as temporary equity. On May 2, 2023, the Preferred Investor waived the two year lock out clause on redemptions, and the Operating Partnership redeemed all $ 15 million in Preferred Units and unpaid preferred distributions. Preferred Equity We classify our Series B Convertible Preferred Stock (as defined in Note 7 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480-10-S99. The Series B Convertible Preferred Stock can be redeemed at our option on or after the third anniversary of its issuance. Additionally, the holder can elect to redeem if any of the following events outside our control occur: (i) change of control; (ii) a breach of protective provisions; (iii) upon the occurrence of monetary and other material defaults under secured property debt; and (iv) if we do not maintain our REIT status. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series B Convertible Preferred Stock as temporary equity. We have analyzed whether the conversion features in our Series B Convertible Preferred Stock should be bifurcated under the guidance in ASC 815-10 and have determined that bifurcation is not necessary. Fair Value Measurements The accounting standard for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and provides for expanded disclosure about fair value measurements. 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 will 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 acquisition. The fair value of these assets and liabilities were determined as of the acquisition date using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) com

Real Estate Facilities

Real Estate Facilities	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Facilities	Note 3. Real Estate Facilities The following summarizes the activity in real estate facilities during the nine months ended September 30, 2024: Real estate facilities Balance at December 31, 2023 $ 514,006,885 Improvements and additions 7,568,263 Impact of foreign exchange rate changes ( 5,823,384 ) Balance at September 30, 2024 $ 515,751,764 Accumulated depreciation Balance at December 31, 2023 $ ( 15,660,337 ) Depreciation expense ( 9,483,983 ) Impact of foreign exchange rate changes 63,096 Balance at September 30, 2024 $ ( 25,081,224 ) There were no acquisitions during the nine months ended September 30, 2024.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Ventures	Note 4. Investments in Unconsolidated Real Estate Ventures We have entered into various agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire tracts of land, develop and operate self storage facilities. We account for these investments using the equity method of accounting and they are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings (loss) will generally be recognized based on our ownership interest in the earnings (loss) of each of the unconsolidated investments. The Company's investments in unconsolidated real estate ventures are summarized as follows: Carrying Value of Location Date Real Estate Real Estate Equity September 30, December 31, Toronto (1) Toronto, Ontario April 2021 Under development 50 % $ 3,879,397 $ 4,446,804 Toronto II (1) Toronto, Ontario December 2021 Under development 50 % 5,663,421 7,232,806 Dorval (1) Dorval, Quebec February 2023 Under development 50 % 2,488,433 2,722,149 Hamilton (1) Hamilton, Ontario November 2023 Under development (2) 50 % 2,225,571 3,124,954 Montreal Montreal, Quebec January 2024 Under development 50 % 3,819,804 — $ 18,076,626 $ 17,526,713 (1) As of September 30, 2024, these properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below). (2) On October 24, 2024, we commenced operations on the Hamilton JV property. Completed Acquisition On January 9, 2024, our Operating Partnership (through its subsidiaries) and SmartCentres (through its subsidiaries) acquired an undeveloped tract of land located in Montreal, Quebec (the “Montreal Land”) from an unaffiliated third party. The Montreal Land is owned by a limited partnership in which we (through our subsidiaries) and SmartCentres (through its subsidiaries) are each a 50 % limited partner and each have an equal ranking general partner. At closing, our Operating Partnership (through its subsidiaries) subscribed for 50 % of the units of the limited partnership at an agreed upon subscription price of approximately CAD $ 4.5 million, representing a contribution equivalent to 50 % of the purchase price of the Montreal Land. We expect that the limited partnership will develop the Montreal Land into a self storage facility (the “Montreal Property”). SmartCentres Financing On August 30, 2024, we and SmartCentres, through the Toronto, Toronto II, Dorval and Hamilton joint venture partnerships (the "JV Properties”), entered into a master mortgage commitment agreement (the “MMCA”) with SmartCentres Storage Finance LP (the “SmartCentres Lender”) (collectively, the “SmartCentres Financing”). The SmartCentres Lender is an affiliate of SmartCentres. The initial maximum amount available under the loan is CAD $ 95.5 million and contains an accordion feature such that borrowings may be increased to CAD $ 120.0 million, subject to certain conditions set forth in the MMCA. The proceeds of the SmartCentres Financing will be used to finance the development and construction of self storage facilities on the JV Properties. On September 3, 2024, the JV Properties drew approximately CAD $ 46.3 million on the SmartCentres Financing and distributed approximately CAD $ 21.8 million to each partner. The SmartCentres Financing is secured by first mortgages on each of the JV Properties. Interest on the SmartCentres Financing is a variable annual rate equal to the aggregate of: (i) the Adjusted Daily Compounded Canadian Overnight Repo Rate Average ("CORRA"), plus: (ii) an adjusted Daily Compounded CORRA adjustment of approximately 0.30%, plus (iii) a margin based on the External Credit Rating, plus (iv) a margin under the Senior Credit Facility, each as defined and described further in the MMCA. As of September 30, 2024, the total interest rate was approximately 7.3 %. The SmartCentres Financing matures on May 11, 2026, and may be extended annually as set forth in the MMCA. Monthly interest payments are initially capitalized on the outstanding principal balance. Upon a JV Property generating sufficient Net Cash Flow (as defined in the MMCA), the SmartCentres Financing provides for the commencement of quarterly payments of interest. The borrowings advanced pursuant to the SmartCentres Financing may be prepaid without penalty, subject to certain conditions set forth in the MMCA. The SmartCentres Financing contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions (including a loan to value ratio of no greater than 70 % with respect to each JV Property) and events of default, all as set forth in the MMCA. We serve as a full recourse guarantor with respect to 50 % of the SmartCentres Financing.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 5. Debt The Company’s secured debt is summarized as follows: Debt September 30, December 31, Interest Maturity Huntington Credit Facility $ 107,574,000 $ 107,574,000 7.46 % (1) 11/30/2025 Skymar Loan — 4,764,241 N/A (2) N/A National Bank of Canada - Burlington Loan 11,230,164 11,823,653 6.85 % (3) 9/20/2025 National Bank of Canada - Cambridge Loan 10,384,284 11,348,205 6.85 % (4) 12/20/2025 National Bank of Canada - North York Loan 18,001,800 18,857,500 7.00 % (5) 1/31/2025 Bank of Montreal Loan 15,998,175 16,311,738 7.10 % (6) 5/4/2025 First National Loan 6,513,939 6,641,612 8.60 % (7) 6/1/2025 National Bank of Canada - Ontario Loan 92,847,859 95,946,960 7.20 % (8) 6/15/2025 SmartStop Bridge Loan 23,000,000 15,000,000 8.96 % 12/31/2025 Debt issuance costs, net ( 1,022,796 ) ( 1,783,488 ) Total Debt $ 284,527,425 $ 286,484,421 (1) This variable rate loan encumbers 12 properties (Phoenix I, Phoenix II, Surprise, Bradenton, Apopka, Vancouver WA, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into interest rate swap agreements and an interest rate cap that fixes Secured Overnight Financing Rate ("SOFR") at 0 .77 % until the maturity of the loan. (2) On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. (3) This variable rate loan encumbers our Burlington, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.02 % until the maturity of the loan. (4) This variable rate loan encumbers our Cambridge, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.52 % until the maturity of the loan. (5) This variable rate loan encumbers our North York, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.79 % until the maturity of the loan. (6) This variable rate loan encumbers our Vancouver, BC property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.47 % until the maturity of the loan. (7) This variable rate loan encumbers our Edmonton, AB property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. (8) This variable rate loan encumbers our Ontario Portfolio and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.73 % until the maturity of the loan. The weighted average interest rate on our consolidated debt, excluding the impact of our interest rate hedging activities, as of September 30, 2024 was approximately 7.42 %. Huntington Credit Facility On November 30, 2021, we, through three special purpose entities (collectively, the “Borrower”) wholly owned by our Operating Partnership, entered into a credit agreement (the “Credit Agreement”) with Huntington National Bank (“Huntington”), as administrative agent and sole lead arranger. Under the terms of the Credit Agreement, the Borrower had an initial maximum borrowing capacity of $ 50 million (the “Huntington Credit Facility”). However, certain financial requirements with respect to both the Borrower and the “Pool” of “Mortgaged Properties” (as each term is defined in the Credit Agreement) must be satisfied prior to making any drawdowns on the Huntington Credit Facility in accordance with the Credit Agreement. At close, we borrowed approximately $ 22.4 million on the Huntington Credit Facility, secured by a first mortgage deed of trust on the Surprise, Phoenix and Phoenix II Properties. In conjunction with the initial draw on the Huntington Credit Facility, a prior loan with Huntington was repaid and terminated in accordance with the related loan agreement without any fees or penalties. On December 30, 2021, in conjunction with the acquisitions of the Bradenton Property and Apopka Property, we borrowed an additional approximately $ 14.7 million pursuant to the Huntington Credit Facility and the Bradenton and Apopka Properties were added as security. On April 26, 2022, the Vancouver Property was added as security to the Huntington Credit Facility and we borrowed approximately $ 12.9 million. On May 17, 2022, we entered into an amendment and joinder to amend the Huntington Credit Facility (the “Second Amendment”). Under the terms of the Second Amendment, we increased our borrowing capacity by $ 50 million for a total borrowing capacity of $ 100 million. In conjunction with the increase of the maximum borrowing capacity we drew approximately $ 14.5 million on the Huntington Credit Facility to acquire the Chandler Property and the property was added as security. On May 26, 2022, we borrowed approximately $ 30.6 million on the Huntington Credit Facility, secured by a first mortgage deed of trust on the Levittown, Newark and Portland Properties. In conjunction with the May 26, 2022 draw on the Huntington Credit Facility, a bridge loan with Huntington was repaid and terminated in accordance with the related loan agreement without any fees or penalties. On April 13, 2023, we entered into an amendment and joinder to the Huntington Credit Facility to: (i) increase the borrowing capacity up to approximately $ 107.6 million; (ii) extend the maturity date by one-year until November 30, 2025 ; (iii) add two additional special purpose entities as borrowers under the Huntington Credit Facility (the “Additional Borrowers” and together with the Initial Borrower, the “Borrower”); and (iv) modify certain other covenants. In connection with such amendment and joinder, we, through the Additional Borrowers, added the St. Johns and Oxford properties owned by the Additional Borrowers to the Huntington Credit Facility and drew approximately $ 12.5 million. On April 13, 2023, in conjunction with the amendment to the Huntington Credit Facility, we entered into two interest rate swap agreements with an aggregate notional amount of $ 38.0 million and $ 22.0 million, respectively, whereby SOFR was fixed at 4.01 % through the maturity of the Huntington Credit Facility. On April 13, 2023, we entered into an interest rate cap agreement with a notional amount of $ 47.6 million, whereby SOFR was capped at 2.6 % through the maturity of the Huntington Credit Facility. On September 28, 2023, we terminated the interest rate cap agreement entered on April 13, 2023 and entered into a new interest rate cap agreement with a notional amount of $ 47.6 million, whereby SOFR is capped at 1.1 % through the maturity of the Huntington Credit Facility. On March 28, 2024, we terminated the SOFR Huntington Credit Facility swap entered on April 13, 2023 and entered into two new interest rate swap agreements with the same notional amounts of $ 38.0 million and $ 22.0 million, respectively, whereby SOFR was swapped at 2.92 % through the maturity of the Huntington Credit Facility. On September 25, 2024, we terminated the SOFR Huntington Credit Facility swap entered on March 28, 2024 and entered into two new interest rate swap agreements with the same notional amounts of $ 38.0 million and $ 22.0 million, respectively, whereby SOFR is swapped at 0.50 % through the maturity of the Huntington Credit Facility. The Huntington Credit Facility is a term loan that has a maturity date of November 30, 2025 , which may, in certain circumstances, be extended at the option of the Borrower until November 30, 2027 . Payments due under the Huntington Credit Facility are interest-only during the initial term of the loan. The amounts outstanding under the Huntington Credit Facility bear interest at a variable rate equal to the one month Term SOFR plus 2.61 %, adjusted monthly, with a floor of 3.25 %. As of September 30, 2024, the interest rate excluding the impact of our interest rate hedging activities on the Huntington Credit Facility was 7.46 %. The loan may be prepaid in whole or in part, without penalty or premium, at any time, subject to certain conditions as set forth in the Credit Agreement. The Credit Agreement contains certain customary representations and warranties, affirmative, negative and financial covenants, borrowing conditions, and events of default. We serve as a limited recourse guarantor with respect to the Huntington Credit Facility. In particular, the financial covenants include a minimum debt service coverage ratio and minimum net worth and liquid assets requirements applicable to us and our Operating Partnership as guarantors. As of September 30, 2024, we were in compliance with all such covenants. Skymar Loan On July 8, 2021, we, through a wholly-owned special purposes entity, entered into a $ 4.8 million financing with Skymar Capital Corporation (“Skymar”) as lender pursuant to a mortgage loan (the “Skymar Loan”). The Skymar Loan is secured by a first mortgage deed of trust on the Las Vegas property. The loan had a maturity date of August 1, 2024 . Monthly payments due under the loan agreement (the “Skymar Loan Agreement”) were interest-only for the first two years, with principal and interest payments thereafter. The amount outstanding under the Skymar Loan bore interest at an annual fixed rate equal to 4.125 %. The loan may be prepaid in whole, but not in part, at any time, subject to certain conditions as set forth in the Skymar Loan Agreement. The loan documents contain 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, we served as a non-recourse guarantor with respect to the Skymar Loan. On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. Loans from SmartStop OP, L.P. SmartStop Delayed Draw Mezzanine Loan On December 30, 2021, we, through a wholly-owned subsidiary of our Operating Partnership, entered into a mezzanine loan agreement (the “SmartStop Delayed Draw Mezzanine Loan Agreement”) with SmartStop OP, an affiliate of our sponsor, for up to $ 45 million (the “SmartStop Delayed Draw Mezzanine Loan”). On December 20, 2022, we amended the SmartStop Delayed Draw Mezzanine Loan Agreement (the “Mezzanine Loan Amendment”) to increase the maximum principal amount of the loan from $ 45.0 million to $ 55.0 million. The Amendment also extended the loan maturity date for an additional year, through December 30, 2023 , converted the interest rate index from LIBOR to Daily Simple SOFR, and adjusted the contractual interest rate to remain at Daily Simple SOFR plus 3% during the extension period. In May 2023, we repaid the $ 50 million outstanding balance on the SmartStop Delayed Draw Mezzanine Loan with all accrued interest and terminated the loan in accordance with the terms of the loan agreement. SmartStop Bridge Loan On June 15, 2023, in connection with the acquisition of the Ontario Portfolio, we, through a wholly-owned subsidiary of our Operating Partnership (the “Bridge Loan Borrower”), entered into a bridge loan agreement (the “SmartStop Bridge Loan Agreement”) with SmartStop OP for $ 15.0 million (the “SmartStop Bridge Loan”). The SmartStop Bridge Loan required a commitment fee equal to 1.0 % of the amount drawn at closing. The obligations of the Bridge Loan Borrower under the SmartStop Bridge Loan Agreement are unsecured. The proceeds of the SmartStop Bridge Loan were used to partially fund the acquisition of the Ontario Portfolio. Pursuant to the SmartStop Bridge Loan Agreement, the amounts outstanding under the SmartStop Bridge Loan bear a floating rate equal to SOFR plus 3.00 % . On December 8, 2023, we exercised the option to extend the maturity date for an additional year, through December 31, 2024. On January 1, 2024, the interest rate increased to SOFR plus 4.00 % . On June 28, 2024, we amended the SmartStop Bridge Loan (the "SmartStop Bridge Loan Amendment") to (i) increase the maximum borrowing capacity of the loan from $ 15.0 million to $ 25.0 million; and (ii) extend the maturity date by one-year until December 31, 2025 . On July 29, 2024, we drew $ 8.0 million pursuant to the SmartStop Bridge Loan. As of September 30, 2024, we had $ 2.0 million of available capacity on the SmartStop Bridge Loan. As of September 30, 2024, the interest rate on the SmartStop Bridge Loan was 8.96 %. Payments under the SmartStop Bridge Loan are interest-only and payable monthly. The SmartStop Bridge Loan may be prepaid either in whole or in part, at any time, without penalty or premium. The SmartStop Bridge Loan contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions, and events of default. National Bank of Canada - Burlington Loan On September 20, 2022, in connection with the acquisition of the property in Burlington, Ontario (the “Burlington Property”), we, through a special purpose entity formed to acquire and hold the Burlington Property, entered into a term loan with National Bank of Canada (the “National Bank of Canada - Burlington Loan”) for CAD $ 16.5 million, which is secured by a deed of trust on the Burlington Property. Under the terms of the loan agreement (the “National Bank of Canada Burlington Loan Agreement”) the interest rate is equal to the one month Canadian Dollar Offered Rate (“CDOR”), plus 2.25 %. In addition, we entered into an interest rate swap agreement with an initial notional amount of CAD $ 16.5 million, whereby the CDOR is fixed at 4.02 % through the maturity of the loan. The National Bank of Canada - Burlington Loan has a maturity date of September 20, 2025 , and monthly payments are principal and interest, calculated using 25 year amortization. In addition, we serve as a full recourse guarantor with respect to the National Bank of Canada - Burlington Loan. On May 22, 2024, we amended the National Bank of Canada - Burlington Loan to reflect a transition from CDOR to CORRA. On June 27, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - Burlington Loan are subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30 %, plus a spread of 2.25 %. The National Bank of Canada Burlington Loan Agreement also contains a debt service coverage ratio covenant and customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; and events of default all as set forth in such loan agreement. As of September 30, 2024, we were in compliance with such covenants. National Bank of Canada - Cambridge Loan On December 20, 2022, in connection with the acquisition of the property in Cambridge, Ontario (the “Cambridge Property”), we, through a special purpose entity formed to acquire and hold the Cambridge Property, entered into a term loan with National Bank of Canada (the “National Bank of Canada - Cambridge Loan”) for CAD $ 15.5 million, which is secured by a deed of trust on the Cambridge Property. Under the terms of the loan agreement (the “National Bank of Canada Cambridge Loan Agreement”) the interest rate is equal to the one month CDOR, plus 2.25 %. In addition, we entered into an interest rate swap agreement with an initial notional amount of CAD $ 15.5 million, whereby the CDOR is fixed at 3.83 % through the maturity of the loan. The National Bank of Canada - Cambridge Loan has a maturity date of December 20, 2025 , and monthly payments are interest-only for the first four quarters, payable monthly and payments of principal and interest, calculated using 25 year amortization, are due monthly after. In addition, we serve as a full recourse guarantor with respect to the National Bank of Canada - Cambridge Loan. On May 10, 2023, we made a CAD $ 0.4 million paydown of the outstanding loan balance in accordance with the loan agreement. On May 3, 2024, we made a CAD $ 0.4 million paydown of the outstanding loan balance in accordance with the loan agreement. On August 30, 2024, we made a CAD $ 0.1 million paydown of the outstanding loan balance in accordance with the loan agreement. On September 27, 2024, we made a CAD $ 0.1 million paydown of the outstanding loan balance in accordance with the loan agreement. On May 22, 2024, we amended the National Bank of Canada - Cambridge Loan to reflect a transition from CDOR to CORRA. On May 31, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - Cambridge Loan are subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30 %, plus a spread of 2.25 %. The National Bank of Canada Cambridge Loan Agreement also contains a debt service coverage ratio covenant and customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; and events of default all as set forth in such loan agreement. As of September 30, 2024, we were in compliance with such covenants. National Bank of Canada – North York Loan On January 31, 2023, in connection with the acquisition of the property in North York, Ontario (the “North York Property”), we, through a special purpose entity formed to acquire and hold the North York Property, entered into a term loan with National Bank of Canada (the “National Bank of Canada - North York Loan”) for CAD $ 25.0 million, which is secured by a deed of trust on the North York Property. Under the terms of the loan agreement (the “National Bank of Canada North York Loan Agreement”) the interest rate is equal to the one month CDOR, plus 2.40 %. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $ 25.0 million, whereby the CDOR is fixed at 3.79 % through the maturity of the loan. The National Bank of Canada - North York Loan also has a maturity date of January 31, 2025 . The National Bank of Canada - North York Loan is interest-only for the first year, payable monthly , and payments of principal and interest, calculated using a 25 year amortization, are due monthly after. In addition, we serve as a full recourse guarantor with respect to the National Bank of Canada - North York Loan. On May 22, 2024, we amended the National Bank of Canada - North York Loan to reflect a transition from CDOR to CORRA. On June 3, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - North York Loan are subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30 %, plus a spread of 2.40 %. The National Bank of Canada North York Loan Agreement also contains a debt service coverage ratio covenant and customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; and events of default all as set forth in such loan agreement. As of September 30, 2024, we were in compliance with such covenants. Bank of Montreal Loan On May 4, 2023, in connection with the acquisition of the Vancouver, BC Property, we, through a special purpose entity formed to acquire and hold the Vancouver, BC Property, entered into a term loan with Bank of Montreal (the “Bank of Montreal Loan”) for approximately CAD $ 21.6 million, which is secured by a deed of trust on the Vancouver, BC Property. Under the terms of the loan agreement (the “Bank of Montreal Loan Agreement”) the interest rate is equal to the one-month CDOR, plus 2.50 %. In addition, we entered into an interest rate swap agreement with a notional amount of approximately CAD $ 21.6 million, whereby the CDOR is fixed at 4.47 % through the maturity of the loan. The Bank of Montreal Loan also has an initial term of two years , maturing on May 4, 2025 with a one year extension option. The Bank of Montreal Loan is interest-only over the initial term of the loan. On May 24, 2024, we amended the Bank of Montreal Loan to reflect a transition from CDOR to CORRA. On July 4, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the Bank of Montreal Loan are subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30 %, plus a spread of 2.50 %. The Bank of Montreal Loan Agreement contains a debt service coverage ratio covenant and customary affirmative, negative and financial covenants, agreements, representations, warranties and borrowing conditions, and events of default. We serve as full recourse guarantor with respect to the Bank of Montreal Loan. As of September 30, 2024, we were in compliance with all such covenants. First National Loan On May 19, 2023, we, through a wholly-owned subsidiary of our Operating Partnership, entered into a term loan with First National Financial LP (the “First National Loan”) for approximately CAD $ 8.8 million. The First National Loan is secured by a deed of trust on the Edmonton Property. Pursuant to the terms of the loan agreement for the First National Loan (the “First National Loan Agreement”), the amounts outstanding under the First National Loan bear a floating rate equal to the Royal Bank of Canada Prime Rate, plus 1.90 %. As of September 30, 2024, the interest rate on the First National Loan was approximately 8.60 %. The First National Loan has an initial term of two years maturing on June 1, 2025 . Payments under the First National Loan are interest-only and payable monthly. The loan may be prepaid in whole, but not in part, at any time, subject to certain conditions as set forth in the First National Loan Agreement. The loan documents contain agreements; representations; warranties and borrowing conditions; reserve requirements and events of default. In addition, and pursuant to the terms of the limited recourse guaranty, we serve as a full recourse guarantor with respect to the First National Loan. As of September 30, 2024, we were in compliance with all such covenants. National Bank of Canada – Ontario Loan On June 15, 2023, in connection with the acquisition of the Ontario Portfolio (the “Ontario Portfolio”), we, through certain wholly-owned subsidiaries of our Operating Partnership, entered into a CAD $ 127.2 million financing with National Bank of Canada (the “National Bank of Canada - Ontario Loan”). The National Bank of Canada - Ontario Loan is secured by first mortgage of each of the six properties that comprise the Ontario Portfolio. The proceeds of the National Bank of Canada - Ontario Loan were used to partially fund the acquisition of the Ontario Portfolio. Pursuant to the loan agreement (the “National Bank of Canada Ontario Loan Agreement”) the interest rate is equal to the one month CDOR, plus 2.60 %. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $ 127.2 million, whereby the CDOR is fixed at 4.73 % through the maturity of the loan. The National Bank of Canada - Ontario Loan also has a maturity date of June 15, 2025 . The National Bank of Canada - Ontario Loan is interest-only for the first year, payable monthly , and payments of principal and interest, calculated using a 25 year amortization, are due monthly after. In addition, we serve as a full recourse guarantor with respect to the National Bank of Canada - Ontario Loan. On May 31, 2024, we amended the National Bank of Canada - Ontario Loan to reflect a transition from CDOR to CORRA. On June 28, 2024, the loan and the interest rate swap converted to CORRA. Borrowings under the National Bank of Canada - Ontario Loan are subject to interest at the CORRA rate, plus a CORRA adjustment of approximately 0.30 %, plus a spread of 2.60 %. The National Bank of Canada Ontario Loan Agreement contains an interest reserve requirement and a modified debt service coverage ratio covenant applicable to the Borrowers and customary affirmative, negative and financial covenants, agreements, representations, warranties and borrowing conditions, and events of default. As of September 30, 2024, we were in compliance with such covenants. The following table presents the future principal payment requirements on our outstanding secured debt as of September 30, 2024: 2024 $ 1,355,466 2025 284,194,755 Thereafter — Total payments 285,550,221 Debt issuance costs, net ( 1,022,796 ) Total $ 284,527,425

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 6. 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. In addition, we classify cash flows from qualifying cash flow hedging relationships in the same category as the cash flows from the hedged items in our consolidated statements of cash flows. We do not use interest rate derivatives for trading or speculative purposes. Interest rate derivatives not designated as hedges for GAAP 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 derivative fair value adjustment within our consolidated statements of operations. Foreign Currency Hedge 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 have used foreign currency options as part of our exchange rate risk management strategy. 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 for GAAP purposes, 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 change in the value of the designated portion of our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive income (loss) in the related period. The change in the value of the portion of our settled and unsettled foreign currency hedge that is not designated for hedge accounting for GAAP is recorded in Foreign currency adjustment within our consolidated statements of operations and represented a loss of approximately $ 0.5 million and $ 0 for the nine months ended September 30, 2024 and 2023, respectively. The following table summarizes the terms of our derivative financial instruments as of September 30, 2024: Notional Strike Effective Maturity Interest Rate Derivatives: CORRA Swap - Burlington Loan (1) $ 15,180,000 4.02 % September 27, 2022 September 20, 2025 CORRA Swap - Cambridge Loan (1) $ 14,036,610 3.52 % April 30, 2024 December 22, 2025 CORRA Swap - North York Loan (1) $ 24,333,333 3.79 % January 31, 2023 February 2, 2026 SOFR Swap - Huntington Credit Facility V (2) $ 38,000,000 0.50 % September 3, 2024 November 28, 2025 SOFR Swap - Huntington Credit Facility VI (2) $ 22,000,000 0.50 % September 3, 2024 November 28, 2025 CDOR Swap - Bank of Montreal Loan (1) $ 21,625,000 4.47 % May 4, 2023 May 4, 2026 CORRA Swap - Ontario Loan (3) $ 125,504,000 4.73 % June 15, 2023 June 15, 2026 SOFR Cap - Huntington Credit Facility (4) $ 47,574,000 1.10 % September 28, 2023 November 28, 2025 Foreign Currency Hedge: CAD Put (5) $ 200,000,000 1.39 % December 22, 2023 December 20, 2024 (1) Notional amounts are denominated in CAD and have been designated as a cash flow hedge. (2) Notional amounts are denominated in USD and have been designated as a cash flow hedge. (3) Notional amount is denominated in CAD and we have elected not to apply hedge accounting. (4) Notional amount is denominated in USD and we have elected not to apply hedge accounting. (5) Notional amount is denominated in CAD and was partially designated for hedge accounting. The following table summarizes the terms of our derivative financial instruments as of December 31, 2023: Notional Strike Effective Maturity Interest Rate Derivatives: CDOR Swap - Burlington Loan (1) $ 15,675,000 4.02 % September 27, 2022 September 20, 2025 CDOR Swap - Cambridge Loan (1) $ 15,044,683 3.83 % December 20, 2022 December 22, 2025 CDOR Swap - North York Loan (1) $ 25,000,000 3.79 % January 31, 2023 February 2, 2026 SOFR Swap - Huntington Credit Facility I (2) $ 38,000,000 4.01 % April 12, 2023 November 28, 2025 SOFR Swap - Huntington Credit Facility II (2) $ 22,000,000 4.01 % April 12, 2023 November 28, 2025 CDOR Swap - Bank of Montreal Loan (1) $ 21,625,000 4.47 % May 4, 2023 May 4, 2026 CDOR Swap - Ontario Loan (3) $ 127,200,000 4.73 % June 15, 2023 June 15, 2026 SOFR Cap - Huntington Credit Facility (4) $ 47,574,000 1.10 % September 28, 2023 November 28, 2025 Foreign Currency Hedge: CAD Put (5) $ 200,000,000 1.39 % December 22, 2023 December 20, 2024 (1) Notional amounts are denominated in CAD and have been designated as a cash flow hedge. (2) Notional amounts are denominated in USD and have been designated as a cash flow hedge. (3) Notional amount is denominated in CAD and we have elected not to apply hedge accounting. (4) Notional amount is denominated in USD and we have elected not to apply hedge accounting. (5) Notional amount is denominated in CAD and was partially designated for hedge accounting. The following table presents a gross presentation of the fair value of our derivatives financial instruments as well as their classification on our consolidated balance sheets as of September 30, 2024 and December 31, 2023: Asset/Liability Derivatives September 30, December 31, Interest Rate Hedges: Other assets $ 3,599,183 $ 2,920,664 Accounts payable and accrued liabilities $ 2,783,709 $ 1,760,292 Foreign Currency Hedges: Other assets $ 242,954 $ 1,074,185 The following table presents the effects of our derivative financial instruments on our consolidated statements of operations for the periods presented: Gain (loss) recognized in OCI for the three months ended September 30, Location of Gain (loss) reclassified from OCI for the three months ended September 30, Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Type 2024 2023 2024 2023 2024 2023 Interest Rate Swaps $ ( 1,263,331 ) $ 1,029,762 Interest Expense $ 316,876 $ 405,788 Interest Expense $ — $ — Interest Rate Caps — 330,495 Interest Expense 87,957 139,992 Interest Expense — — Foreign Currency Put ( 321,975 ) — N/A — — N/A — — $ ( 1,585,306 ) $ 1,360,257 $ 404,833 $ 545,780 $ — $ — Gain (loss) recognized in OCI for Location of Gain (loss) reclassified from OCI for the nine months ended September 30, Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Type 2024 2023 2024 2023 2024 2023 Interest Rate Swaps $ 211,651 $ 2,940,703 Interest Expense $ 1,085,868 $ 729,105 Interest Expense $ 2,530 $ — Interest Rate Caps — 994,111 Interest Expense 261,957 238,832 Interest Expense — — Foreign Currency Put ( 310,063 ) — N/A — — N/A — — $ ( 98,412 ) $ 3,934,814 $ 1,347,825 $ 967,937 $ 2,530 $ — Based upon the forward rates in effect as of September 30, 2024, we estimate that approximately $ 0.1 million related to our qualifying cash flow hedges will be reclassified to increase interest expense during the next 12 months.

Preferred Equity

Preferred Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Preferred Equity	Note 7. Preferred equity Issuance of Preferred Units of Our Operating Partnership On January 30, 2023, we, the Operating Partnership, and an affiliate of our Sponsor (the “Preferred Investor”) entered into a Series A Cumulative Redeemable Preferred Unit Purchase Agreement (the “Preferred Unit Purchase Agreement”) pursuant to which the Operating Partnership issued and sold to the Preferred Investor, and the Preferred Investor purchased 600,000 Series A Cumulative Redeemable Preferred Units of Limited Partnership Interest (the “Preferred Units”) at a liquidation preference of $ 25.00 per unit (the “Liquidation Amount”) in consideration for the Preferred Investor making a capital contribution to the Operating Partnership in an amount of $ 15 million (the “Preferred Investment”). The proceeds of the Preferred Investment were used to partially fund the acquisition of the North York Property. In connection with the Preferred Investment, we paid the Preferred Investor an investment fee equal to $ 150,000 . Amendment to our Operating Partnership Agreement On January 30, 2023, in connection with the Preferred Investment, we and the Operating Partnership entered into Amendment No. 1 to the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Amendment”) with the Preferred Investor, to establish a series of preferred units of limited partnership interest of the Operating Partnership which shall be designated the “Series A Cumulative Redeemable Preferred Units.” The Amendment sets forth the key terms of the Preferred Units which are summarized below. Distribution Rate The Series A Cumulative Redeemable Preferred Units received current distributions (the “Current Distributions”) at a rate of 7.0 % per annum on the Liquidation Amount until the second anniversary of the date of issuance, 8.0 % per annum commencing thereafter until the third anniversary of the date of issuance, 9.0 % per annum commencing thereafter until the fourth anniversary of the date of issuance, and 10 % per annum thereafter, payable monthly and calculated on an actual/360 basis. Redemptions; Repurchases The Series A Cumulative Redeemable Preferred Units may be redeemed by the Operating Partnership, in whole or in part, at the option of the Operating Partnership at any time or from time to time following the second anniversary of the initial date of issuance. The redemption price for the Series A Cumulative Redeemable Preferred Units will be equal to the sum of the Liquidation Amount plus all accumulated and unpaid distributions thereon to the date of redemption (the “Redemption Price”). If fewer than all of the outstanding Series A Cumulative Redeemable Preferred Units are to be redeemed at the option of the Operating Partnership, the Series A Cumulative Redeemable Preferred Units to be redeemed will be determined pro rata or by lot or in such other manner as determined by us, as the general partner of the Operating Partnership. Covenants The Amendment contained a number of standard covenants applicable to us and the Operating Partnership. Events of Default; Protective Provisions The Amendment contained standard events of default. On May 2, 2023, the Preferred Investor waived the two year lock out clause on redemptions and the Operating Partnership redeemed all $ 15 million in Series A Cumulative Redeemable Preferred Units and unpaid preferred distributions. Issuance of Preferred Stock of Our Company On May 1, 2023, we issued $ 150 million in shares (the “Preferred Shares”) of our new Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) pursuant to a preferred stock purchase agreement (the “Series B Preferred Stock Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR). We paid the Investor an investment fee equal to 0.50 % of the aggregate Purchase Price at the closing. The Series B Preferred Stock Purchase Agreement provides that the purchase price for the Preferred Shares shall be equal to $ 1,000 per share (the “Purchase Price”). The terms of the Series B Convertible Preferred Stock, including the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption, are set forth in the articles supplementary for the Series B Convertible Preferred Stock (the “Series B Articles Supplementary”), which are described in more detail below. In connection with the issuance of the Series B Convertible Preferred Stock, and in certain other limited circumstances, we permitted the Investor, or any entity that beneficially owns or constructively owns shares of our stock as a result of the Investor’s ownership of Series B Convertible Preferred Stock, to beneficially own and constructively own the Series B Convertible Preferred Stock issued to the Investor pursuant to the Series B Preferred Stock Purchase Agreement and any Class A Common Stock issued upon conversion of the Series B Convertible Preferred Stock. We primarily used the net proceeds from the issuance of the Preferred Shares to repay the SmartStop Delayed Draw Mezzanine Loan, to redeem the Series A Preferred Units of our Operating Partnership, to finance the acquisitions of the Vancouver Property and Ontario Portfolio, to fund development and improvement pipelines, for working capital and for other general corporate purposes. Articles Supplementary On May 1, 2023, in connection with the issuance of the Series B Convertible Preferred Stock, we filed the Series B Articles Supplementary with the State Department of Assessments and Taxation of Maryland, to classify and designate 150,000 authorized but unissued shares of preferred stock as the “Series B Convertible Preferred Stock.” The Series B Articles Supplementary sets forth the key terms of the Series B Convertible Preferred Stock which are summarized below. As set forth in the Series B Articles Supplementary, the Series B Convertible Preferred Stock ranks senior to all other classes of our capital stock, including the Class A common stock (“Class A Common Stock”), Class P common stock, Class T common stock, Class W common stock, Class Y common stock and Class Z common stock (collectively, the “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. Dividends payable on each share of Series B Convertible Preferred Stock will initially be equal to a rate of 8.35 % per annum. If the Series B Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary of the issuance of the Preferred Shares pursuant to the Series B Preferred Stock Purchase Agreement, the dividend rate will increase an additional 0.75 % per annum each year thereafter to a maximum of 11.0 % per annum until the tenth anniversary of the issuance of the Preferred Shares pursuant to the Series B Preferred Stock Purchase Agreement, at which time the dividend rate shall increase 0.75 % per annum each year thereafter until the Series B Convertible Preferred Stock is redeemed or repurchased in full. Upon any voluntary or involuntary liquidation, dissolution or winding up, the holders of Series B Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) the aggregate Purchase Price of all outstanding Preferred Shares (the “Series B Preferred Stock Liquidation Amount”), plus an amount equal to any accrued and unpaid dividends and other distributions (whether or not accumulated or authorized and declared) to the date of payment 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 Series B Articles Supplementary immediately prior to such liquidation. Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series B Convertible Preferred Stock for cash at any time following the third anniversary of the issuance of the Preferred Shares pursuant to the Series B Preferred Stock Purchase Agreement. The amount of such redemption will be equal to the aggregate Purchase Price of all outstanding Preferred Shares, plus applicable redemption premium as set forth in the Series B Articles Supplementary (together, the “Redemption Price”) and an amount equal to any accrued and unpaid dividends and distributions on the Series B Convertible Preferred Stock (whether or not accumulated or authorized and declared) up to the redemption date. Upon the listing of Common Stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series B Convertible Preferred Stock at an amount equal to the greater of (i) the amount that the holders of such Preferred Shares would have received had such Preferred Shares been converted into Common Stock pursuant to the terms of the Series B Articles Supplementary immediately prior to the initial Listing, and then all of such Preferred Shares had been sold in the initial Listing, up to the Conversion Value Limitation (as described herein), or (ii) the Redemption Price, in each case, plus an amount equal to any accrued and unpaid dividends and distributions on the Series B Convertible Preferred Stock (whether or not accumulated or authorized and declared) up to the date of initial Listing. The Conversion Value Limitation is an amount per share determined using an as-converted value limitation equal to a premium of $ 40 million if any or all 150,000 shares of Series B Convertible Preferred Stock are issued and outstanding. Upon a change of control event, we have the right to redeem any or all outstanding Series B Convertible Preferred Stock at an amount equal to the greater of (i) the amount that the holders of such Preferred Shares would have received had the Preferred Shares been converted into Common Stock pursuant to the terms of the Series B Articles Supplementary immediately prior to such change of control, up to the Conversion Value Limitation or (ii) the Redemption Price, in each case, plus an amount equal to any accrued and unpaid dividends and distributions up to the redemption date. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series B Convertible Preferred Stock have the right to require us to repurchase the Series B Convertible Preferred Stock at an amount equal to the Redemption Price plus an amount equal to any accrued and unpaid dividends and distributions on the Series B Convertible Preferred Stock (whether or not accumulated or authorized and declared) up to the redemption date. At any time after the earlier to occur of (i) the third anniversary of the issuance of the Preferred Shares is issued pursuant to the Series B Preferred Stock Purchase Agreement or (ii) 180 days after an initial Listing, the holders of Series B Convertible Preferred Stock have the right to convert any or all of the Series B Convertible Preferred Stock held by such holders into Class A Common Stock at a rate per share equal to the quotient obtained by dividing the Series B Convertible Preferred Stock Liquidation Amount, plus an amount equal to any accrued and unpaid dividends or other distributions (whether or not accumulated or authorized and declared), by the conversion price. The conversion price is initially $ 11.00 , and may be adjusted in connection with stock splits, stock dividends and other similar transactions. In no event will the value of the Class A Common Stock issued by us upon conversion of the Series B Convertible Preferred Stock into Class A Common Stock exceed the Conversion Value Limitation. The holders of Series B 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 B Convertible Preferred Stock has not been paid for at least four quarterly dividend periods (whether or not consecutive), the holders of Series B Convertible Preferred Stock have the right to vote together with the holders of Common Stock as a single class on any matter submitted to a vote of our stockholders. The number of votes applicable to a share of Series B Convertible Preferred Stock will be equal to the number of shares of Class A Common Stock into which a share of Series B Convertible Preferred Stock could have been converted 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 B 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 Chief Executive Officer as of the date of the Purchase Agreement, or any entities in which such person has a controlling interest (excluding certain self-storage real estate programs sponsored by our sponsor or us), (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related, (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 the our revenues for our last fiscal year and (v) permitting any individual other than H. Michael Schwartz to (A) serve as our Chairman or any similar role or (B) otherwise perform any of the duties typically performed by Mr. Schwartz in his capacity as Chairman as of the date of the Series B Preferred Stock Purchase Agreement. Investor's Right Agreement On May 1, 2023, concurrent with our entry into the Series B Preferred Stock Purchase Agreement, we and the Investor entered into an investors’ rights agreement (the “Investors’ Rights Agreement”). Pursuant to the Investors’ Rights Agreement, the Investor has the right to request us to register for resale under the Securities Act of 1933, as amended, shares of the Class A Common Stock issued to the Investor upon conversion of the Preferred Shares acquired pursuant to the Series B Preferred Stock Purchase Agreement, subject to certain limitations. After the first anniversary of the issuance of the Preferred Shares, the Investor may request up to four demand registrations for an amount of shares equal to at least $ 15 million each. We will use our reasonable best efforts to (i) file a registration statement on Form S-3 within 30 days of such request (or a registration statement on Form S-11 or such other appropriate form within 60 days of such request) and (ii) cause such registration statement to become effective as promptly as practicable thereafter. The Investors’ Rights Agreement also grants the Investor certain “piggyback” registration rights. Further Amendment to our Operating Partnership Agreement On May 1, 2023, concurrent with our entry into the Series B Preferred Stock Purchase Agreement, we and the Operating Partnership entered into Amendment No. 2 to the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, which amended the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, as amended (the “Operating Partnership Agreement”), to create Series B Convertible Preferred Units having economic terms and designations, powers, preferences, rights and restrictions that are substantially similar to the Series B Preferred Stock and are summarized below: Distribution Rate : Outstanding Series B Convertible Preferred Units will receive current distributions at a rate of 8.35 % per annum on the liquidation amount of such Series B Convertible Preferred Units, payable monthly and calculated on an actual/360 basis. If any Series B Convertible Preferred Units have not been redeemed on or prior to the fifth anniversary of the issuance of such Series B Convertible Preferred Units, the distribution rate will increase an additional 0.75 % per annum each year thereafter to a maximum of 11.0 % per annum until the tenth anniversary of the issuance of such Series B Convertible Preferred Units, at which time the distribution rate shall increase 0.75 % per annum each year thereafter until the Series B Convertible Preferred Units are redeemed or repurchased in full. Liquidation Rights : Upon any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership, the holders of Series B Convertible Preferred Units will be entitled to receive a payment equal to the greater of (i) the liquidation amount of such Series B Convertible Preferred Units, plus an amount equal to any accrued and unpaid distributions (whether or not accumulated or authorized and declared) to the date of payment and (ii) the amount that that would have been payable had such Series B Convertible Preferred Units been converted into common units of our Operating Partnership immediately prior to such liquidation. Redemptions; Repurchases : In connection with any redemption of shares of Series B Convertible Preferred Stock, our Operating Partnership shall redeem, on the date of such redemption, an equal number Series B Convertible Preferred Units in exchange for an amount of cash equal to the amount of cash, if any, paid to redeem the shares of Series B Convertible Preferred Stock. Conversion Rights : In the event that any share of Series B Convertible Preferred Stock is converted into shares of any class of our common stock, our Operating Partnership shall convert, on the date of such conversion, an equal number of Series B Convertible Preferred Units into common units of our Operating Partnership at the same conversion rate at which such shares of Series B Convertible Preferred Stock are convertible into such class of common stock. As of September 30, 2024, there were 150,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $ 153.1 million, which consists of $ 150 million from the initial closing and approximately $ 3.1 million of accumulated and unpaid distributions.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 8. Related Party Transactions Fees to Affiliates Our Private Offering Advisory Agreement and our Private Offering Dealer Manager Agreement entitled our Advisor and our Dealer Manager to specified fees upon the provision of certain services with regard to the Private Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organization and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us. In addition, our Advisory Agreement with our Advisor and our Dealer Manager Agreement with our Dealer Manager entitle our Advisor and our Dealer Manager to specified fees upon the provision of certain services with regard to the Public Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organization and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us. Organization and Offering Costs Organization and offering costs of the Private Offering paid by our Advisor on our behalf will be reimbursed to our Advisor. In addition, organization and offering costs of the Public Offering have been paid and will continue to be paid by our Advisor on our behalf and will be reimbursed to our Advisor; provided, however, that our Advisor funded, and was not reimbursed for, 1.0 % of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses. Organization and offering costs consist of all expenses (other than sales commissions, the dealer manager fee, stockholder servicing fees and dealer manager servicing fees) to be paid by us in connection with the Private Offering and Public Offering, including our legal, accounting, printing, mailing and filing fees, charges of our escrow holder and other accountable organization and offering expenses, including, but not limited to, (i) amounts to reimburse our Advisor for all marketing related costs and expenses such as salaries and direct expenses of employees of our Advisor and its affiliates in connection with registering and marketing our shares; (ii) technology costs associated with the Private Offering and Public Offering; (iii) our costs of conducting our training and education meetings; (iv) our costs of attending retail seminars conducted by participating broker-dealers; and (v) payment or reimbursement of bona fide due diligence expenses. Our Advisor will be required to reimburse us within 60 days after the end of the month which the Public Offering terminates to the extent we paid or reimbursed organization and offering costs (including sales commissions, dealer manager fees, stockholder servicing fees, and dealer manager servicing fees) in excess of 15 % of the gross offering proceeds from the Primary Offering. Advisory Agreements We do no t have any employees. Our Advisor is primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Advisor receives various fees and expenses under the terms of our Advisory Agreement. As discussed above, we will be required under our Advisory Agreement to reimburse our Advisor for organization and offering costs; provided, however, our Advisor funded, and was not reimbursed for, 1 % of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses. As noted above, the Advisory Agreement also requires our Advisor to reimburse us to the extent that offering expenses, including sales commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees, are in excess of 15 % of gross proceeds from the Primary Offering. Our Advisor receives acquisition fees equal to 1.0 % of the contract purchase price of each property we acquire plus reimbursement of any acquisition expenses our Advisor incurs. Our Advisor also receives a monthly asset management fee equal to 0.0625 %, which is one-twelfth of 0.75% , of our aggregate asset value, as defined. Under our Advisory Agreement, our Advisor will receive a disposition fee equal to the lesser of 1 % of the contract sales price of each property sold or 50 % of the competitive commission rate. SSA may also be entitled to various subordinated distributions under our Operating Partnership agreement if we (1) list our shares of common stock on a national exchange, (2) terminate or do not renew the Advisory Agreement, (3) liquidate our portfolio, or (4) effect a merger or other corporate reorganization. Our Advisory Agreement provides for reimbursement of our Advisor’s direct and indirect costs of providing administrative and management services to us. Beginning four fiscal quarters after commencement of the Public Offering, pursuant to our Advisory Agreement, our Advisor is required to pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceed the greater of 2 % of our average invested assets or 25 % of our net income, as defined, unless a majority of our independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. For any fiscal quarter for which total operating expenses for the 12 months then ended exceed the limitation, we will disclose this fact in our next quarterly report or within 60 days of the end of that quarter and send a written disclosure of this fact to our stockholders. In each case the disclosure will include an explanation of the factors that the independent directors considered in arriving at the conclusion that the excess expenses were justified. As of September 30, 2024, our aggregate annual operating expenses, as defined, did not exceed the threshold described above. The Sponsor Funding Agreement Beginning November 1, 2023, our Sponsor agreed to fund the payment of (i) the upfront 3 % sales commission for the sale of Class Y shares, (ii) the upfront 3 % dealer manager fee for the Class Y shares, and (iii) the estimated 1 % organization and offering expenses for the sale of Class Y shares and Class Z shares. In the event total organization and offering expenses actually incurred exceed the estimated 1 % organization and offering expenses for the sale of Class Y shares and Class Z shares, we will pay the difference between the total organization and offering expenses actually incurred and the estimated 1 % organization and offering expenses funded by our Sponsor. In addition, our Sponsor has agreed to reimburse us in cash to cover the dilution from the one-time stock dividends described above in Note 1 - Organization. The sponsor funding agreement shall terminate immediately upon the date we cease to offer Class Y shares and Class Z shares in our Public Offering. In consideration for our Sponsor providing the funding for the front-end sales load and the cash to cover the dilution from the stock dividends described above in Note 1 - Organization, our Operating Partnership shall issue a number of Series C Units of limited partnership interest in our Operating Partnership to our Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $ 9.30 per share and currently $ 10.00 per share) for the Class Y and Class Z shares sold in our Public Offering. Pursuant to the sponsor funding agreement by and among us, our Operating Partnership, and our Sponsor, our Sponsor shall reimburse us monthly for the applicable front end sales load it agreed to fund, and our Operating Partnership shall issue the Series C Units on a monthly basis, upon such reimbursement. In connection with the foregoing, we and our Operating partnership entered into Amendment No. 3 to the Operating Partnership Agreement (“Amendment No. 3”) to establish Series C Subordinated Convertible Units of limited partnership interest in our Operating Partnership (the “Series C Subordinated Convertible Units”). Amendment No. 3 sets forth the key terms of the Series C Subordinated Convertible Units, which are summarized below. No Distribution Rights, Liquidation Rights, or Profits Allocation: The Series C Subordinated Convertible Units are not entitled to cash distributions, distributions upon liquidation, or the allocation of any profit or loss of our Operating Partnership unless and until the Series C Subordinated Convertible Units are converted into Class A Units of the Operating Partnership. No Voting Rights: The Series C Subordinated Convertible Units shall have no voting or consent rights. Notwithstanding the foregoing, the approval of the holders of Series C Subordinated Convertible Units shall be required for any amendment to the rights and obligations of the Series C Subordinated Convertible Units. Conversion Into Class A Units: The Series C Subordinated Convertible Units shall automatically convert into Class A Units on a one-to-one basis upon our disclosure of an estimated net asset value per share equal to at least $ 10.00 per share (the “Initial NAV Hurdle”) for each of the Class A, Class T, Class W, Class P, Class Y, and Class Z shares calculated net of the value of Series C Subordinated Convertible Units to be converted for those Series C Subordinated Convertible Units issued at or below the Initial NAV Hurdle; provided, the Initial NAV Hurdle shall be increased to the new NAV (the “New NAV Hurdle”) for those Series C Subordinated Convertible Units, if any, issued at an offering price in excess of $ 10.00 per share in the event that the NAV and resulting offering price are increased in the future as a result of calculating and reporting the NAV. For the avoidance of doubt, some or all of the Series C Subordinated Convertible Units issued pursuant to the Initial NAV Hurdle may convert at the time of disclosing that the Initial NAV Hurdle has been met. In the event of an extraordinary transaction (such as a merger, tender offer, or sale of all or substantially all of our assets) prior to such conversion, the Series C Subordinated Convertible Units shall automatically convert into Class A Units on a one-to-one basis immediately prior to the closing of the extraordinary transaction if the transaction amount exceeds the Initial NAV Hurdle for each of the Class A, Class T, Class W, Class P, Class Y, and Class Z shares for those Series C Subordinated Convertible Units issued at or below the Initial NAV Hurdle calculated net of the value of the Series C Units to be converted; provided, the transaction amount exceeds the New NAV Hurdle for each of the Class A, Class T, Class W, Class P, Class Y, and Class Z shares for those Series C Subordinated Convertible Units issued at an offering price in excess of $ 10.00 per share in the event that the NAV and resulting offering price is increased in the future as a result of calculating and reporting the NAV. We have agreed to conduct a NAV in accordance with the requirements set forth in FINRA 15-02 (i.e., the first NAV must be conducted within 150 days following the second anniversary of commencement of our Public Offering and annually thereafter) and the Investment Program Association Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs issued in April 2013. On August 7, 2024, we declared an Estimated Per Share NAV of $ 10.00 calculated as of March 31, 2024. No Series C Units were converted to Class A Units as a result of this Estimated Per Share NAV being declared. Special Allocation: Notwithstanding the allocation provisions of the Operating Partnership Agreement, liquidating gain first shall be allocated to our Sponsor with respect to its converted Series C Subordinated Convertible Units to the extent attributable to the appreciation in the value of our Operating Partnership’s assets after the first date of issuance of the Series C Subordinated Convertible Units. As a result of the special allocation, the Section 704(b) capital account attributable to the converted Series C Subordinated Convertible Units shall be equal to the Section 704(b) capital account for each Class A Unit issued and outstanding as of the date of the conversion on a pro rata basis. Rights upon Liquidation: Notwithstanding the provisions of the Operating Partnership Agreement governing distributions upon liquidation, if, after the conversion of any Series C Subordinated Convertible Units into a Class A Unit, the liquidating gain from a sale, exchange, merger, liquidation or other transaction is insufficient to cause the holder of the converted Series C Subordinated Convertible Units to receive an amount of cash or property (at minimum) equal to the liquidation right for the holders of Class A Units on a unit by unit basis, each such unit holder shall nevertheless receive an amount equal to the liquidation right for the holders of Class A Units on a unit by unit basis, for each converted Series C Subordinated Convertible Unit (the “Series C Unit Liquidation Preference”). Upon the actual liquidation of our Operating Partnership, the cash payment of the Series C Unit Liquidation Preference shall be treated as (1) a liquidation distribution from our Operating Partnership to the extent of the section 704(b) capital account attributable to the converted Series C Subordinated Convertible Units and (2) a guaranteed payment for U.S. federal income tax purposes for the excess of the Series C Unit Liquidation Preference in cash over the section 704(b) capital account balance of the holder of the Series C Subordinated Convertible Unit for each such converted Series C Subordinated Convertible Unit. For avoidance of doubt, the Series C Subordinated Convertible Units are subject to all of the terms and conditions set forth in Amendment No. 3 prior to conversion and are not entitled to any liquidation right until conversion. Transfer Rights: The Series C Subordinated Convertible Units may be transferred to any affiliate without our consent. Property Management Agreement Each of our self storage properties is managed by our Property Manager under separate property management agreements. Under each agreement, our Property Manager receives a fee for its services in managing our properties, generally 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. In addition, our Property Manager or an affiliate has the exclusive right to offer tenant insurance plans, tenant protection plans or similar programs (collectively “Tenant Programs”) to customers at our properties and is entitled to substantially all of the benefits of such Tenant Programs. The property management agreements have a three-year term and automatically renew for successive three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days ’ prior written notice. With respect to each new property we acquire for which we enter into a property management agreement with our Property Manager we also pay our Property Manager a one-time start-up fee in the amount of $ 3,750 . All of our properties are operated under the “SmartStop® Self Storage” brand. An affiliate of our Sponsor owns the rights to the “SmartStop® Self Storage” brand. Our Former Transfer Agent Our Chief Executive Officer is also the chief executive officer and indirect owner of the parent company of our former transfer agent, Strategic Transfer Agent Services, LLC. Pursuant to a transfer agent agreement, our former transfer agent provided transfer agent and registrar services to us. The services our transfer agent provided us were substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent. In connection with the transfer to SS&C GIDS, Inc. as our new transfer agent, we terminated the transfer agent agreement with our former transfer agent effective as of September 18, 2023. In lieu of a termination fee and in recognition of the additional cost and expenses incurred by our former transfer agent in connection with the transition, we paid our former transfer agent a transition fee of $ 150,000 during the third quarter of 2023. 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, 2023 and the nine months ended September 30, 2024, as well as any related amounts payable as of December 31, 2023 and September 30, 2024: Year Ended December 31, 2023 For the Nine Months Ended September 30, 2024 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses $ 6,784,515 $ 3,586,399 $ 4,145,602 $ 9,932,011 $ 2,324,453 $ 11,753,160 Asset management fees 3,420,040 2,767,112 652,928 3,208,471 1,400,858 2,460,541 Property management fees 1,243,056 982,355 260,701 1,243,786 397,911 1,106,576 Transfer Agent expenses 319,426 326,613 — — — — Acquisition expenses (1) 710,892 179,263 535,303 444,364 — 979,667 Capitalized Acquisition related (2) 5,589,549 6,001,574 339,435 113,259 — 452,694 Additional Paid-in Capital Offering costs 5,610 5,610 — — — — Total $ 18,073,088 $ 13,848,926 $ 5,933,969 $ 14,941,891 $ 4,123,222 $ 16,752,638 (1) Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company. (2) Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company. Tenant Programs We may offer Tenant Programs to customers at our properties pursuant to which our Property Manager or an affiliate is entitled to substantially all of the net revenue attributable to the sale of Tenant Programs at our properties. In order to protect the interest of the Property Manager in receiving these revenues in light of the fact that we control the properties and, hence, the ability of the Property Manager to receive such revenues, we and an affiliate of our Property Manager agreed to transfer our respective rights in such revenue to a joint venture entity owned 0.1 % by our TRS subsidiary and 99.9 % by our Property Manager’s affiliate (the “PM Affiliate”). Under the terms of the operating agreement of the joint venture entity, dated March 8, 2021 (the “JV Agreement”), our TRS receives 0.1 % of the net revenues generated from such Tenant Programs and the PM Affiliate receives the other 99.9 % of such net revenues. The JV Agreement further provides, among other things, that if a member or its affiliate terminates all or substantially all of the property management agreements or defaults in its material obligations under the JV Agreement or undergoes a change of control, as defined, (the “Triggering Member”), the other member generally shall have the right (but not the obligation) to either (i) sell all of its interest in the joint venture to the Triggering Member at fair market value (as agreed upon or as determined under an appraisal process) or (ii) purchase all of the Triggering Member’s interest in the joint venture at 95 % of fair market value. For the nine months ended September 30, 2024 and 2023, an affiliate of our Property Manager received net revenue from this joint venture of approximately $ 0.9 million and $ 0.6 million, respectively. Storage Auction Program Our Sponsor owns a minority interest in a company that owns 50 % of an online auction company (the “Auction Company”) that serves as a web portal for self storage companies to post their auctions for the contents of abandoned storage units online instead of using live auctions conducted at the self storage facilities. The Auction Company receives a service fee for such services. During the nine months ended September 30, 2024 and 2023, we paid approximately $ 7,000 and $ 21,000 in fees to the Auction Company related to our properties, respectively. Our properties will receive the proceeds from such online auctions.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Distribution Reinvestment Plan We adopted a distribution reinvestment plan that will allow our stockholders to have distributions otherwise distributable to them invested in additional shares of our common stock at a price equal to the then-current offering price for each class of share. On October 2, 2023, the Company’s board of directors approved the Second Amended and Restated Distribution Reinvestment Plan (the “Second Amended and Restated DRP”) of the Company to include, as eligible participants, stockholders holding Class Y shares and stockholders holding Class Z shares. The Second Amended and Restated DRP replaced the prior distribution reinvestment plan. The distribution reinvestment plan was also amended and restated to state that the purchase price for shares pursuant to the Second Amended and Restated DRP shall be $ 9.30 per share for all classes of shares. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on August 7, 2024, any shares sold pursuant to our distribution reinvestment plan will be sold at our new estimated value per share of $ 10.00 per Class A shares, Class P shares, Class T shares, Class W shares, Class Y shares and Class Z shares under our distribution reinvestment plan. The Second Amended and Restated DRP became effective on November 11, 2023. No sales commission or dealer manager fee will be paid on shares sold through the distribution reinvestment plan. We may amend or terminate the distribution reinvestment plan for any reason at any time upon 10 day s' prior written notice to stockholders. As of September 30, 2024, we have sold approximately 0.8 million Class P shares, approximately 0.1 million Class A shares, approximately 0.2 million Class T shares, approximately 31,000 Class W shares, approximately 38,000 Class Y shares and approximately 2,100 Class Z shares for gross proceeds of approximately $ 11.5 million pursuant to the distribution reinvestment plan. Share Redemption Program We adopted a share redemption program for stockholders purchasing Class P shares in the Private Offering and a separate share redemption program for stockholders purchasing Class A shares, Class T shares, Class W shares, Class Y shares and Class Z shares in the Public Offering, each of which enables stockholders to sell their shares to us in limited circumstances. As long as our common stock is not listed on a national securities exchange or over-the-counter market, our stockholders who have held their stock for at least one year may be able to have all or any portion of their shares of stock redeemed by us. We may redeem the shares of stock presented for redemption for cash to the extent that we have sufficient funds available to fund such redemption. On October 2, 2023, the Company’s board of directors approved an amendment to the Company’s share redemption program. Pursuant to the share redemption program, as amended, for Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z shares, the redemption price per share will be equal to 93 % of the most recently published estimated net asset value of the applicable share class. On August 7, 2024 our board of directors approved an estimated net asset value per share of $ 10.00 . The redemption price per for Class P shares purchased in the Private Offering will depend on the length of time such stockholders have held such shares as follows (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock): • after one year from the purchase date — 90.0 % of the Redemption Amount (as defined below); • after two years from the purchase date — 92.5 % of the Redemption Amount; • after three years from the purchase date — 95.0 % of the Redemption Amount; and • after four years from the purchase date — 100 % of the Redemption Amount. At any time we are engaged in an offering of Class P shares, the Redemption Amount for Class P shares purchased under the share redemption program will always be equal to or lower than the applicable per share offering price for such Class P shares. As long as we are engaged in an offering of Class P shares, the Redemption Amount shall be the lesser of the amount such stockholders paid for their Shares or the price per share in the offering. If we are no longer engaged in an offering of Class P shares, the per Share Redemption Amount will be determined by our board of directors. 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. There are several limitations on our ability to redeem shares under the share redemption program, including, but not limited to: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” (as defined under the share redemption program) or bankruptcy, we may not redeem shares until the stockholder has held his or her shares for one year. • During any calendar year, we will no t 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. • 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 nine months ended September 30, 2024 we received redemption requests totaling approximately $ 1.7 million. Approximately $ 1.2 million was fulfilled during the nine months ended September 30, 2024 and the remaining approximately $ 0.5 million was included in accounts payable and accrued liabilities as of September 30, 2024, and fulfilled in October 2024. For the nine months ended September 30, 2023 we received redemption requests totaling approximately $ 0.4 million. Approximately $ 0.2 million was fulfilled during the nine months ended September 30, 2023 and the remaining approximately $ 0.2 million was included in accounts payable and accrued liabilities as of September 30, 2023, and fulfilled in October 2023. Operating Partnership Redemption Rights The limited partners of our Operating Partnership 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 . SSA and SmartStop OP are prohibited from exchanging or otherwise transferring units representing $ 202,000 of the initial investments in our Operating Partnership so long as our Advisor is acting as our Advisor pursuant to our Advisory Agreement. 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	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Declaration of Distributions	Note 10. Declaration of Distributions Cash Distribution Declaration On September 27, 2024 , our board of directors declared a daily distribution rate of approximately $ 0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024 . In connection with this distribution, for the stockholders of Class T shares and Class Y shares, after the stockholder servicing fee is paid, approximately $ 0.001439 per day will be paid per Class T shares and Class Y share and for the stockholders of Class W shares and Class Z shares, after the dealer manager servicing fee is paid, approximately $ 0.001566 per day will be paid per Class W share and Class Z share. Such distributions payable to each stockholder of record during a month will be paid the following month.

Potential Acquisitions

Potential Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Potential Acquisitions	Note 11. Potential Acquisitions Potential Acquisition of Scarborough Property On July 15, 2021 , an affiliate of our Sponsor assigned its interest in a purchase and sale agreement (the “Scarborough Purchase Agreement”) with an unaffiliated third party for the acquisition of a parcel of land to be developed into a self storage facility located in Scarborough, in the city of Toronto, Ontario (the “Scarborough Property”) to a wholly-owned subsidiary of our Operating Partnership. The purchase price of the Scarborough Property is approximately CAD $ 3.0 million. Construction is expected to commence following the closing of the acquisition. We expect to fund the acquisition of the Scarborough Property with a combination of net proceeds from our Primary Offering and/or potential future debt financing. If we fail to complete the acquisition, we may forfeit CAD $ 450,000 in earnest money deposits.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events Offering Status As of November 7, 2024, in connection with our offerings we have issued approximately 11.2 million Class P shares for gross offering proceeds of approximately $ 107.2 million, approximately 3.4 million Class A shares for gross offering proceeds of approximately $ 34.3 million, approximately 5.4 million Class T shares for gross offering proceeds of approximately $ 53.2 million, approximately 0.7 million Class W shares for gross offering proceeds of approximately $ 6.6 million, approximately 3.5 million Class Y shares for gross offering proceeds of approximately $ 33.2 million and approximately 0.3 million Class Z shares for gross offering proceeds of approximately $ 3.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 intercompany accounts and transactions have been eliminated in consolidation. Please see consolidation considerations section below.
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. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly-owned subsidiaries. As of September 30, 2024, we had no t entered into any other contracts/interests that would be deemed to be variable interests in VIEs other than our joint ventures with SmartCentres, which are accounted for under the equity method of accounting. Please see Note 4 - Investments in Unconsolidated Real Estate Ventures. Other than the entities noted above, we do not currently have any material relationships with unconsolidated entities or financial partnerships.
Equity Investments	Equity Investments Under the equity method, our investments are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. 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 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 partner, our Operating Partnership, including its wholly-owned subsidiary, was consolidated by us beginning May 1, 2021, and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interest shall be attributed its 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 evaluation of potential impairment of long-lived assets, 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. In an effort to mitigate this risk, we only invest in or through major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists primarily of impound reserve accounts for interest and property taxes in connection with the requirements of certain of our loan agreements.
Real Estate Purchase Price Allocation	Real Estate Purchase Price Allocation We account for asset 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 approximately $ 0 and $ 4.5 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the nine months ended September 30, 2024 and 2023, 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 facilities are allocated to the individual facilities based upon an income approach or a discounted 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 nine months ended September 30, 2024 there were no property acquisitions. During the nine months ended September 30, 2023, our acquisitions did not meet the definition of a business because substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition did 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 nine months ended September 30, 2024 and 2023, our acquisitions did not meet the definition of a business, and we capitalized approximately $ 0.0 million and $ 9.2 million, respectively, of acquisition-related transaction costs. During the three months ended September 30, 2024 and 2023, we expensed approximately $ 0.2 million and $ 0.3 million, respectively, of acquisition-related transaction costs that did not meet our capitalization policy. During the nine months ended September 30, 2024 and 2023, we expensed approximately $ 0.6 million and $ 1.4 million, respectively, of acquisition-related transaction costs that did not meet our capitalization policy.
Evaluation of Possible Impairment of Long-Lived Assets	Evaluation of Possible Impairment of Long-Lived Assets Management monitors events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets, including those held through joint ventures, 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 long-lived 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 long-lived assets to the fair value and recognize an impairment loss. For the nine months ended September 30, 2024 and 2023, no impairment losses were recognized.
Advertising Costs	Advertising Costs Advertising costs are included in property operating expenses and general and administrative expenses, depending on the nature of the expense, in the accompanying consolidated statements of operations. These costs are expensed in the period in which the cost is incurred. The Company incurred advertising costs of approximately $ 0.6 million and $ 1.8 million for the three and nine months ended September 30, 2024 respectively, and approximately $ 0.6 million and $ 1.7 million for the three and nine months ended September 30, 2023, respectively.
Revenue Recognition	Revenue Recognition 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 will be 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 will be included in accounts payable and accrued liabilities in our consolidated balance sheet and contractually due but unpaid rent will be included in other assets. Additionally, we earn ancillary revenue by selling various moving and packing supplies such as locks and boxes. We recognize such revenue in the Ancillary operating revenue line within our consolidated statements of operations as the services are performed and as the goods are delivered.
Sponsor Funding Agreement	Sponsor Funding Agreement On November 1, 2023, the Company entered into a sponsor funding agreement (the “Sponsor Funding Agreement”) by and among the Company, our Operating Partnership and our Sponsor pursuant to which the Sponsor has agreed to fund the payment of (i) the upfront 3 % sales commission for the sale of Class Y shares, (ii) the upfront 3 % dealer manager fee for the Class Y shares, and (iii) the estimated 1 % organization and offering expenses for the sale of Class Y shares and Class Z shares. In addition, the Sponsor reimbursed the Company in cash to cover the dilution from the one-time stock dividend described below. The Sponsor Funding Agreement will terminate immediately upon the date that the Company ceases to offer Class Y shares and Class Z shares in the Public Offering. In consideration for the Sponsor providing the funding for the front-end sales load described above and the cash to cover the dilution from the stock dividend, the Operating Partnership will issue a number of Series C Units to the Sponsor equal to the dollar amount of such funding divided by the then-current offering price (initially $ 9.30 per share and currently $ 10.00 per share) for the Class Y shares and Class Z shares sold in the Public Offering. Pursuant to the Sponsor Funding Agreement, the Sponsor shall reimburse the Company monthly within 30 days after the end of each calendar month for the applicable front-end sales load it agreed to fund, and the Operating Partnership shall issue the Series C Units on a monthly basis, effective as of the respective funding date. The Series C Units convert into Class A Units of our Operating Partnership if the estimated net asset value equal to at least $ 10.00 per share. Such conversion is limited such that the dilution caused by the conversion may not reduce the diluted estimated net asset value below $ 10.00 per share. On August 7, 2024, we declared an Estimated Per Share NAV of $ 10.00 calculated as of March 31, 2024. No Series C Units were converted to Class A Units as a result of this Estimated Per Share NAV being declared. The amount by which the funding received exceeds the fair value of the Series C Units is accounted for as a consideration received from a vendor and is therefore recorded as a reduction to the price of the services provided. Each payment is initially included in the Accounts payable and accrued liabilities in the accompanying consolidated balance sheets and subsequently recorded as a reduction of Property operating expenses - affiliates ratably over the remaining estimated life of our management contracts with SmartStop. Below is a summary of the portion of sponsor funding received which exceeds the fair value of the Series C Units issued: Balance at December 31, 2023 $ 3,372,686 Total consideration received 965,403 Reduction of Property operating expense - affiliates ( 581,150 ) Balance at September 30, 2024 $ 3,756,939
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. As of September 30, 2024 and December 31, 2023, approximately $ 50,000 and $ 25,000 , respectively, were recorded to allowance for doubtful accounts, and are included within other assets in the accompanying consolidated balance sheets.
Real Estate Facilities	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	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 Land Not Depreciated Buildings 35 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.
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 as of the reporting date. Revenues and expenses are translated at the average rate for the period. All adjustments related to amounts classified as long term net 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 operations are recorded at rates of exchange in effect at the date of the translation. Changes in investments not classified as long term are recorded in foreign currency adjustment in the accompanying Statements of Operations.
Intangible Assets	Intangible Assets We have allocated a portion of our real estate purchase price to in-place leases. We are amortizing in-place leases on a straight-line basis over 18 months , the estimated average rental period for the leases. As of September 30, 2024, the gross amounts allocated to in-place lease intangibles were approximately $ 9.9 million and accumulated amortization of in-place lease intangibles totaled approximately $ 9.4 million. As of December 31, 2023, the gross amounts allocated to in-place lease intangibles were approximately $ 10.0 million and accumulated amortization of in-place lease intangibles totaled approximately $ 6.9 million.
Debt Issuance Costs	Debt Issuance Costs The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the consolidated balance sheets as a reduction of the related debt. 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 September 30, 2024 and December 31, 2023, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $ 1.6 million and $ 0.8 million, respectively. For the three and nine months ended September 30, 2024, we expensed approximately $ 0.3 million and $ 0.8 million, respectively, and we expensed approximately $ 0.4 million and $ 1.2 million, respectively, for the three and nine months ended September 30, 2023, respectively, in debt issuance cost.
Organizational and Offering Costs	Organizational and Offering Costs Our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor funded, and was not reimbursed for, 1.0 % of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses, which we recognized as a capital contribution from our Advisor. Our Advisor must reimburse us within 60 days after the end of the month in which the initial public offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees) in excess of 15 % of the gross offering proceeds from the Primary Offering. If at any point in time we determine that the total organization and offering costs are expected to exceed 15 % of the gross proceeds anticipated to be received from the Primary Offering, we will recognize such excess as a capital contribution from our Advisor. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. In connection with our Private Offering, our Dealer Manager received a sales commission of up to 6.0 % of gross proceeds from sales in the Private Offering and a dealer manager fee equal to up to 3.0 % of gross proceeds from sales in the Private Offering under the terms of the Private Offering Dealer Manager Agreement. In connection with our Primary Offering, our Dealer Manager will receive a sales commission of up to 6.0 % of gross proceeds from sales of Class A shares and up to 3.0 % of gross proceeds from the sales of Class T shares and Class Y shares in the Primary Offering and a dealer manager fee up to 3.0 % of gross proceeds from sales of Class A shares, Class T shares and Class Y shares in the Primary Offering under the terms of the Dealer Manager Agreement. Our Dealer Manager does not receive an upfront sales commission or dealer manager fee from the sales of Class W shares or Class Z shares in the Primary Offering; however, we and/or our Sponsor will pay to our Dealer Manager dealer manager support in the amount of 1.5 % of the gross offering proceeds of the Class W shares and Class Z shares sold in the Primary Offering for payment of wholesaler commissions and other wholesaler expenses associated with the sales of the Class W shares and Class Z shares. 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 and Class Y shares sold in the Primary Offering. Our Dealer Manager also receives an ongoing dealer manager servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 0.5% of the purchase price per share of the Class W shares and Class Z shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T shares and Class Y 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 % of the gross proceeds from the sale of Class A shares, Class T shares, Class Y shares, Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering; (iii) with respect to a particular Class T share and Class Y share, the third anniversary of the issuance of such share; and (iv) the date that such Class T share or Class Y share is redeemed or is no longer outstanding. We will cease paying the dealer manager servicing fee with respect to the Class W share and Class Z share 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 % of the gross proceeds from the sale of Class A shares, Class T shares, Class Y shares, Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan),which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering; (iii) the end of the month in which the aggregate underwriting compensation paid in our Primary Offering with respect to Class W shares and Class Z shares, comprised of the dealer manager servicing fees and dealer manager support, equals 9.0 % of the gross proceeds from the sale of Class W shares and Class Z shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering, and (iv) the date that such Class W share or Class Z share is redeemed or is no longer outstanding. Our Dealer Manager enters into participating dealer agreements with certain other broker-dealers which authorize them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager will re-allow all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager may 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 will also receive reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses cannot 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 Public Offering, may not exceed 3 % of gross offering proceeds from sales in the Public Offering. We record a liability within Accounts Payable and Accrued Liabilities for the future estimated stockholder and dealer manager servicing fees and a reduction to additional paid-in capital at the time of sale of the Class T, Class Y, Class W and Class Z shares as an offering cost.
Redeemable Common Stock	Redeemable Common Stock We adopted a share redemption program that will enable 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 will be limited to the number of shares we could 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 but that are contingent on an event that is likely to occur (e.g., the passage of time) 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 our 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. For the nine months ended September 30, 2024 we received redemption requests totaling approximately $ 1.7 million, approximately $ 1.2 million was fulfilled during the nine months ended September 30, 2024 and the remaining approximately $ 0.5 million was included in accounts payable and accrued liabilities as of September 30, 2024, and fulfilled in October 2024. For the nine months ended September 30, 2023 we received redemption requests totaling approximately $ 0.4 million, approximately $ 0.2 million was fulfilled during the nine months ended September 30, 2023 and the remaining approximately $ 0.2 million was included in accounts payable and accrued liabilities as of September 30, 2023, and fulfilled in October 2023.
Preferred Equity in our Operating Partnership	Preferred Equity in our Operating Partnership We classified our Series A Cumulative Redeemable Preferred Units (as defined in Note 7 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480-10-S99. The Series A Cumulative Redeemable Preferred Units were redeemable by our Operating Partnership, in whole or in part, at the option of our Operating Partnership on or after the second anniversary of its issuance. Additionally, the holder could elect to redeem if any of the following events outside our control occur: (i) change of control; (ii) a breach of protective provisions; (iii) upon the occurrence of monetary and other material defaults under secured property debt; and (iv) if we do not maintain our REIT status. As the shares were contingently redeemable, and under certain circumstances not solely within our control, we had classified our Series A Cumulative Redeemable Preferred Stock as temporary equity. On May 2, 2023, the Preferred Investor waived the two year lock out clause on redemptions, and the Operating Partnership redeemed all $ 15 million in Preferred Units and unpaid preferred distributions.
Preferred Equity	Preferred Equity We classify our Series B Convertible Preferred Stock (as defined in Note 7 – Preferred Equity) on our consolidated balance sheets using the guidance in ASC 480-10-S99. The Series B Convertible Preferred Stock can be redeemed at our option on or after the third anniversary of its issuance. Additionally, the holder can elect to redeem if any of the following events outside our control occur: (i) change of control; (ii) a breach of protective provisions; (iii) upon the occurrence of monetary and other material defaults under secured property debt; and (iv) if we do not maintain our REIT status. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series B Convertible Preferred Stock as temporary equity. We have analyzed whether the conversion features in our Series B Convertible Preferred Stock should be bifurcated under the guidance in ASC 815-10 and have determined that bifurcation is not necessary.
Fair Value Measurements	Fair Value Measurements The accounting standard for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and provides for expanded disclosure about fair value measurements. 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 will 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 acquisition. The fair value of these assets and liabilities were determined as of the acquisition date using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates or assumed at the consolidation of the Operating Partnership were derived using Level 3 inputs. The Series C Units (categorized within Level 3 of the fair value hierarchy) issued in connection with the Sponsor Funding Agreement are measured at fair value when issued. The fair value of these units was determined using a valuation model which considered the following key assumptions: our projected distribution rate, implied share price volatility, risk free interest rate, estimated net asset value and the estimated effective life of the Series C Units. 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 December 31, 2023, we had no fixed rate notes payable at September 30, 2024. The estimated fair value of financial instruments is subjective in nature and are dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable 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. These assumptions are considered level 2 inputs within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of September 30, 2024 we had no fixed rate notes payable outstanding. As of September 30, 2024 and December 31, 2023, we believe the fair value of our variable rate debt are reasonably estimated at their notional amounts as there have been minimal changes to the fixed spread portion of interest rates for similar loans observed in the market, and as the variable portion of our interest rates fluctuate with the associated market indices. September 30, 2024 December 31, 2023 Fair Carrying Fair Carrying Fixed Rate Secured Debt $ - $ - $ 4,600,000 $ 4,764,241 As of September 30, 2024, we held interest rate cash flow hedges and foreign currency net investment hedges to hedge our interest rate and foreign currency exposure (See Notes 5 – Debt and 6 – Derivative Instruments). The valuation of these instruments was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. The analyses reflect the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates and implied volatilities as applicable. The fair value of the interest rate swaps and cap agreements 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 primarily 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 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 hedges were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our hedges utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, through September 30, 2024, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our hedge positions and determined that the credit valuation adjustment was not significant to the overall valuation of our hedge. As a result, we determined that our hedge valuation in its entirety was classified in Level 2 of the fair value hierarchy. The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements at Reporting Date Using Description Quoted Prices in Active Significant Other Significant Unobservable Other assets - interest rate hedges $ — $ 3,599,183 $ — Accounts payable and accrued liabilities - interest rate hedges $ — $ 2,783,709 $ — Other assets - foreign currency hedge $ — $ 242,954 $ —
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 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 Derivative fair value adjustment, within our consolidated statements of operations. Amounts are reclassified out of other comprehensive (loss) income into earnings (loss) when the hedged net investment is either sold or substantially liquidated. Interest rate derivatives not designated as hedges for GAAP 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 derivative fair value adjustment, net of cash settlements, within our consolidated statements of operations.
Reclassification	Reclassification As of December 31, 2023, we reclassified approximately $ 0.5 million from Other Assets to Investments in unconsolidated real estate ventures to conform to the current period presentation.
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, 2021. 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. In general, the TRS performs additional services for our customers and 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. As of September 30, 2024, and December 31, 2023, we had no current tax provision, and there were net unrecognized tax benefits of approximately $ 6.6 million and $ 2.9 million, respectively. September 30, December 31, Deferred tax asset: Canadian real estate and non-capital losses $ 9,318,742 $ 2,853,603 Total deferred tax asset 9,318,742 2,853,603 Deferred tax liabilities: Canadian real estate $ ( 2,696,208 ) $ — ( 2,696,208 ) — Valuation allowance ( 6,622,534 ) ( 2,853,603 ) Net deferred tax liabilities $ — $ — Uncertain tax positions may arise where tax laws may allow for alternative interpretations or where the timing of recognition of income is subject to judgment. Under ASC Topic 740, tax positions are evaluated for recognition using a more–likely–than–not threshold, and those tax positions requiring recognition are measured at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of September 30, 2024 and December 31, 2023, the Company had no uncertain tax positions. As of September 30, 2024 and December 31, 2023, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable are classified within accounts payable and accrued liabilities in the consolidated balance sheets. The tax year 2021, 2022 and 2023 remains open to examination by the major taxing jurisdictions to which we are subject.
Concentration	Concentration No single self storage customer represents a significant concentration of our revenues. For the month of September 2024, approximately 50 %, 15 %, and 11 % of our rental income was concentrated in the Greater Toronto Area of Canada, Arizona and Florida, respectively. Our properties within the aforementioned geographic areas are dispersed therein, operating in multiple different regions and sub-markets
Segment Reporting	Segment Reporting Our business is composed of one reportable segment: self storage operations. Within our self storage operations segment, as of September 30, 2024 and December 31, 2023, approximately $ 296.6 million and $ 304.8 million, respectively, of our long-lived assets relate to our operations in Canada. For the nine months ended September 30, 2024 and 2023 approximately $ 11.4 million and $ 5.5 million, respectively, of our revenues in the self storage segment related to our operations in Canada.
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 awards and Series B Convertible Preferred Stock) utilizing the treasury stock or if-converted method, as applicable. The dilutive effect of unvested restricted stock and Series B Convertible Preferred Stock was not included in the dilutive weighted average shares as such shares were antidilutive. The following table presents the unconverted Series B Convertible Preferred Stock and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the treasury stock or if-converted method, as applicable: For the nine months ended September 30, 2024 2023 Equivalent Shares Equivalent Shares Series B Convertible Preferred Stock 13,636,364 7,642,358 Unvested restricted stock awards 8,020 6,225 13,644,384 7,648,583 On November 1, 2023, the Company’s board of directors declared to holders of record of Class A shares, Class T shares and Class W shares, respectively, as of November 15, 2023 a one-time stock dividend. All per share amounts presented herein have been retroactively adjusted to reflect the impact of the one-time stock dividend.
Recently Adopted Accounting Guidance	Recently Issued Accounting Guidance In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280).” The guidance in ASU 2023-07 was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment becomes effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact upon adoption of the new standard on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740).” The guidance in ASU 2023-09 was issued to provide investors with information to better assess how an entity’s operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The amendment becomes effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact upon adoption of the new standard on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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 Land Not Depreciated Buildings 35 years Site Improvements 7 - 10 years
Summary of Fixed Rate Notes Payable	The table below summarizes our fixed rate notes payable at December 31, 2023, we had no fixed rate notes payable at September 30, 2024. The estimated fair value of financial instruments is subjective in nature and are dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable 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. These assumptions are considered level 2 inputs within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of September 30, 2024 we had no fixed rate notes payable outstanding. As of September 30, 2024 and December 31, 2023, we believe the fair value of our variable rate debt are reasonably estimated at their notional amounts as there have been minimal changes to the fixed spread portion of interest rates for similar loans observed in the market, and as the variable portion of our interest rates fluctuate with the associated market indices. September 30, 2024 December 31, 2023 Fair Carrying Fair Carrying Fixed Rate Secured Debt $ - $ - $ 4,600,000 $ 4,764,241 As of September 30, 2024, we held interest rate cash flow hedges and foreign currency net investment hedges to hedge our interest rate and foreign currency exposure (See Notes 5 – Debt and 6 – Derivative Instruments). The valuation of these instruments was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. The analyses reflect the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates and implied volatilities as applicable. The fair value of the interest rate swaps and cap agreements 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 primarily on the change in the spot rate at the end of the period as compared with the strike price at inception.
Summary of Portion of Sponsor Funding Received	Below is a summary of the portion of sponsor funding received which exceeds the fair value of the Series C Units issued: Balance at December 31, 2023 $ 3,372,686 Total consideration received 965,403 Reduction of Property operating expense - affiliates ( 581,150 ) Balance at September 30, 2024 $ 3,756,939
Schedule of Assets and Liabilities Measured at Fair Value On Recurring Basis	The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements at Reporting Date Using Description Quoted Prices in Active Significant Other Significant Unobservable Other assets - interest rate hedges $ — $ 3,599,183 $ — Accounts payable and accrued liabilities - interest rate hedges $ — $ 2,783,709 $ — Other assets - foreign currency hedge $ — $ 242,954 $ —
Schedule of Deferred Tax Asset	September 30, December 31, Deferred tax asset: Canadian real estate and non-capital losses $ 9,318,742 $ 2,853,603 Total deferred tax asset 9,318,742 2,853,603 Deferred tax liabilities: Canadian real estate $ ( 2,696,208 ) $ — ( 2,696,208 ) — Valuation allowance ( 6,622,534 ) ( 2,853,603 ) Net deferred tax liabilities $ — $ —
Schedule of Securities Excluded from Computation of Diluted Earnings Per Share	The following table presents the unconverted Series B Convertible Preferred Stock and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the treasury stock or if-converted method, as applicable: For the nine months ended September 30, 2024 2023 Equivalent Shares Equivalent Shares Series B Convertible Preferred Stock 13,636,364 7,642,358 Unvested restricted stock awards 8,020 6,225 13,644,384 7,648,583

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Summary of Activity in Real Estate Facilities	The following summarizes the activity in real estate facilities during the nine months ended September 30, 2024: Real estate facilities Balance at December 31, 2023 $ 514,006,885 Improvements and additions 7,568,263 Impact of foreign exchange rate changes ( 5,823,384 ) Balance at September 30, 2024 $ 515,751,764 Accumulated depreciation Balance at December 31, 2023 $ ( 15,660,337 ) Depreciation expense ( 9,483,983 ) Impact of foreign exchange rate changes 63,096 Balance at September 30, 2024 $ ( 25,081,224 )

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Real Estate Ventures	The Company's investments in unconsolidated real estate ventures are summarized as follows: Carrying Value of Location Date Real Estate Real Estate Equity September 30, December 31, Toronto (1) Toronto, Ontario April 2021 Under development 50 % $ 3,879,397 $ 4,446,804 Toronto II (1) Toronto, Ontario December 2021 Under development 50 % 5,663,421 7,232,806 Dorval (1) Dorval, Quebec February 2023 Under development 50 % 2,488,433 2,722,149 Hamilton (1) Hamilton, Ontario November 2023 Under development (2) 50 % 2,225,571 3,124,954 Montreal Montreal, Quebec January 2024 Under development 50 % 3,819,804 — $ 18,076,626 $ 17,526,713 (1) As of September 30, 2024, these properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below). (2) On October 24, 2024, we commenced operations on the Hamilton JV property.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Secured Debt	The Company’s secured debt is summarized as follows: Debt September 30, December 31, Interest Maturity Huntington Credit Facility $ 107,574,000 $ 107,574,000 7.46 % (1) 11/30/2025 Skymar Loan — 4,764,241 N/A (2) N/A National Bank of Canada - Burlington Loan 11,230,164 11,823,653 6.85 % (3) 9/20/2025 National Bank of Canada - Cambridge Loan 10,384,284 11,348,205 6.85 % (4) 12/20/2025 National Bank of Canada - North York Loan 18,001,800 18,857,500 7.00 % (5) 1/31/2025 Bank of Montreal Loan 15,998,175 16,311,738 7.10 % (6) 5/4/2025 First National Loan 6,513,939 6,641,612 8.60 % (7) 6/1/2025 National Bank of Canada - Ontario Loan 92,847,859 95,946,960 7.20 % (8) 6/15/2025 SmartStop Bridge Loan 23,000,000 15,000,000 8.96 % 12/31/2025 Debt issuance costs, net ( 1,022,796 ) ( 1,783,488 ) Total Debt $ 284,527,425 $ 286,484,421 (1) This variable rate loan encumbers 12 properties (Phoenix I, Phoenix II, Surprise, Bradenton, Apopka, Vancouver WA, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into interest rate swap agreements and an interest rate cap that fixes Secured Overnight Financing Rate ("SOFR") at 0 .77 % until the maturity of the loan. (2) On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. (3) This variable rate loan encumbers our Burlington, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.02 % until the maturity of the loan. (4) This variable rate loan encumbers our Cambridge, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.52 % until the maturity of the loan. (5) This variable rate loan encumbers our North York, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.79 % until the maturity of the loan. (6) This variable rate loan encumbers our Vancouver, BC property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.47 % until the maturity of the loan. (7) This variable rate loan encumbers our Edmonton, AB property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. (8) This variable rate loan encumbers our Ontario Portfolio and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.73 % until the maturity of the loan.
Schedule of Secured Debt Future Principal Payments	The following table presents the future principal payment requirements on our outstanding secured debt as of September 30, 2024: 2024 $ 1,355,466 2025 284,194,755 Thereafter — Total payments 285,550,221 Debt issuance costs, net ( 1,022,796 ) Total $ 284,527,425

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024: Notional Strike Effective Maturity Interest Rate Derivatives: CORRA Swap - Burlington Loan (1) $ 15,180,000 4.02 % September 27, 2022 September 20, 2025 CORRA Swap - Cambridge Loan (1) $ 14,036,610 3.52 % April 30, 2024 December 22, 2025 CORRA Swap - North York Loan (1) $ 24,333,333 3.79 % January 31, 2023 February 2, 2026 SOFR Swap - Huntington Credit Facility V (2) $ 38,000,000 0.50 % September 3, 2024 November 28, 2025 SOFR Swap - Huntington Credit Facility VI (2) $ 22,000,000 0.50 % September 3, 2024 November 28, 2025 CDOR Swap - Bank of Montreal Loan (1) $ 21,625,000 4.47 % May 4, 2023 May 4, 2026 CORRA Swap - Ontario Loan (3) $ 125,504,000 4.73 % June 15, 2023 June 15, 2026 SOFR Cap - Huntington Credit Facility (4) $ 47,574,000 1.10 % September 28, 2023 November 28, 2025 Foreign Currency Hedge: CAD Put (5) $ 200,000,000 1.39 % December 22, 2023 December 20, 2024 (1) Notional amounts are denominated in CAD and have been designated as a cash flow hedge. (2) Notional amounts are denominated in USD and have been designated as a cash flow hedge. (3) Notional amount is denominated in CAD and we have elected not to apply hedge accounting. (4) Notional amount is denominated in USD and we have elected not to apply hedge accounting. (5) Notional amount is denominated in CAD and was partially designated for hedge accounting. The following table summarizes the terms of our derivative financial instruments as of December 31, 2023: Notional Strike Effective Maturity Interest Rate Derivatives: CDOR Swap - Burlington Loan (1) $ 15,675,000 4.02 % September 27, 2022 September 20, 2025 CDOR Swap - Cambridge Loan (1) $ 15,044,683 3.83 % December 20, 2022 December 22, 2025 CDOR Swap - North York Loan (1) $ 25,000,000 3.79 % January 31, 2023 February 2, 2026 SOFR Swap - Huntington Credit Facility I (2) $ 38,000,000 4.01 % April 12, 2023 November 28, 2025 SOFR Swap - Huntington Credit Facility II (2) $ 22,000,000 4.01 % April 12, 2023 November 28, 2025 CDOR Swap - Bank of Montreal Loan (1) $ 21,625,000 4.47 % May 4, 2023 May 4, 2026 CDOR Swap - Ontario Loan (3) $ 127,200,000 4.73 % June 15, 2023 June 15, 2026 SOFR Cap - Huntington Credit Facility (4) $ 47,574,000 1.10 % September 28, 2023 November 28, 2025 Foreign Currency Hedge: CAD Put (5) $ 200,000,000 1.39 % December 22, 2023 December 20, 2024 (1) Notional amounts are denominated in CAD and have been designated as a cash flow hedge. (2) Notional amounts are denominated in USD and have been designated as a cash flow hedge. (3) Notional amount is denominated in CAD and we have elected not to apply hedge accounting. (4) Notional amount is denominated in USD and we have elected not to apply hedge accounting. (5) Notional amount is denominated in CAD and was partially designated for hedge accounting.
Summary of Derivatives Financial Instruments in Statement of Consolidated Balance Sheet	The following table presents a gross presentation of the fair value of our derivatives financial instruments as well as their classification on our consolidated balance sheets as of September 30, 2024 and December 31, 2023: Asset/Liability Derivatives September 30, December 31, Interest Rate Hedges: Other assets $ 3,599,183 $ 2,920,664 Accounts payable and accrued liabilities $ 2,783,709 $ 1,760,292 Foreign Currency Hedges: Other assets $ 242,954 $ 1,074,185
Summary of Effects of Derivative Financial Instruments on Consolidated Statements of Operations	The following table presents the effects of our derivative financial instruments on our consolidated statements of operations for the periods presented: Gain (loss) recognized in OCI for the three months ended September 30, Location of Gain (loss) reclassified from OCI for the three months ended September 30, Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Type 2024 2023 2024 2023 2024 2023 Interest Rate Swaps $ ( 1,263,331 ) $ 1,029,762 Interest Expense $ 316,876 $ 405,788 Interest Expense $ — $ — Interest Rate Caps — 330,495 Interest Expense 87,957 139,992 Interest Expense — — Foreign Currency Put ( 321,975 ) — N/A — — N/A — — $ ( 1,585,306 ) $ 1,360,257 $ 404,833 $ 545,780 $ — $ — Gain (loss) recognized in OCI for Location of Gain (loss) reclassified from OCI for the nine months ended September 30, Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Type 2024 2023 2024 2023 2024 2023 Interest Rate Swaps $ 211,651 $ 2,940,703 Interest Expense $ 1,085,868 $ 729,105 Interest Expense $ 2,530 $ — Interest Rate Caps — 994,111 Interest Expense 261,957 238,832 Interest Expense — — Foreign Currency Put ( 310,063 ) — N/A — — N/A — — $ ( 98,412 ) $ 3,934,814 $ 1,347,825 $ 967,937 $ 2,530 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 and the nine months ended September 30, 2024, as well as any related amounts payable as of December 31, 2023 and September 30, 2024: Year Ended December 31, 2023 For the Nine Months Ended September 30, 2024 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses $ 6,784,515 $ 3,586,399 $ 4,145,602 $ 9,932,011 $ 2,324,453 $ 11,753,160 Asset management fees 3,420,040 2,767,112 652,928 3,208,471 1,400,858 2,460,541 Property management fees 1,243,056 982,355 260,701 1,243,786 397,911 1,106,576 Transfer Agent expenses 319,426 326,613 — — — — Acquisition expenses (1) 710,892 179,263 535,303 444,364 — 979,667 Capitalized Acquisition related (2) 5,589,549 6,001,574 339,435 113,259 — 452,694 Additional Paid-in Capital Offering costs 5,610 5,610 — — — — Total $ 18,073,088 $ 13,848,926 $ 5,933,969 $ 14,941,891 $ 4,123,222 $ 16,752,638 (1) Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company. (2) Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company.

Organization - Additional Infor

Organization - Additional Information (Detail1)				9 Months Ended
	May 28, 2021 USD ($) shares	Feb. 26, 2021 USD ($)	Jan. 15, 2021 USD ($) $ / shares shares	Sep. 30, 2024 Employee $ / shares shares	Dec. 31, 2023 $ / shares shares
Organization And Nature Of Operations [Line Items]
Date of formation of company				Oct. 14, 2020
Number of employees | Employee				0
Preferred Stock, shares authorized			200,000,000	200,000,000	200,000,000
Preferred Stock, par value | $ / shares			$ 0.001	$ 0.001	$ 0.001
Shares issuable pursuant to distribution reinvestment plan | $		$ 20,000,000
Maximum
Organization And Nature Of Operations [Line Items]
Common stock, value authorized | $		$ 200,000,000
Class A Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized				230,000,000	230,000,000
Common Stock, par value | $ / shares				$ 0.001	$ 0.001
Class A Common Stock | Primary Offering | Maximum
Organization And Nature Of Operations [Line Items]
Common stock, value authorized | $	$ 1,000,000,000
Class A Common Stock | Pubic Offering
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized	300,000,000
Shares issuable pursuant to distribution reinvestment plan | $	$ 95,000,000
Class P Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized				30,000,000	30,000,000
Common Stock, par value | $ / shares				$ 0.001	$ 0.001
Class P Common Stock | Pubic Offering
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized	30,000,000
Class T Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized				100,000,000	100,000,000
Common Stock, par value | $ / shares				$ 0.001	$ 0.001
Class T Common Stock | Primary Offering | Maximum
Organization And Nature Of Operations [Line Items]
Common stock, value authorized | $	$ 1,000,000,000
Class T Common Stock | Pubic Offering
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized	300,000,000
Shares issuable pursuant to distribution reinvestment plan | $	$ 95,000,000
Class W Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized				70,000,000	70,000,000
Common Stock, par value | $ / shares				$ 0.001	$ 0.001
Class W Common Stock | Primary Offering | Maximum
Organization And Nature Of Operations [Line Items]
Common stock, value authorized | $	$ 1,000,000,000
Class W Common Stock | Pubic Offering
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized	70,000,000
Shares issuable pursuant to distribution reinvestment plan | $	$ 95,000,000
Class Y Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized				200,000,000	200,000,000
Common Stock, par value | $ / shares				$ 0.001	$ 0.001
Class Z Common Stock
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized				70,000,000	70,000,000
Common Stock, par value | $ / shares				$ 0.001	$ 0.001
Articles of Incorporation
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized			30,000
Common Stock, par value | $ / shares			$ 0.001
Articles of Amendment and Restatement
Organization And Nature Of Operations [Line Items]
Common Stock, shares authorized			700,000,000
Common Stock, par value | $ / shares			$ 0.001
Strategic Storage Advisor IV, LLC
Organization And Nature Of Operations [Line Items]
Sale of common shares to advisor | $			$ 1,000
Strategic Storage Advisor IV, LLC | Class A Common Stock
Organization And Nature Of Operations [Line Items]
Number of shares sold to advisor			110
SmartStop REIT Advisors, LLC | Strategic Storage Advisor IV, LLC
Organization And Nature Of Operations [Line Items]
Percentage of economic interests owned by sponsor				82.50%
Percentage of voting membership interests owned by sponsor				100%
SmartStop REIT Advisors, LLC | Strategic Storage Property Management VI, LLC
Organization And Nature Of Operations [Line Items]
Percentage of Property Management owned by sponsor				100%

Organization - Additional Inf_2

Organization - Additional Information (Detail2) - $ / shares	Nov. 01, 2023	Sep. 30, 2024
Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	$ 10
Class A Common Stock | Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	10
Class A Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Price per share	9.3
Class P Common Stock | Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	10
Class P Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Price per share	9.3
Class T Common Stock | Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	10
Class T Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Price per share	9.3
Class W Common Stock | Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	10
Class W Common Stock | Distribution Reinvestment Plan
Organization And Nature Of Operations [Line Items]
Price per share	$ 9.3
Class Y Common Stock
Organization And Nature Of Operations [Line Items]
Reclassification of shares	200,000,000
Price per share	$ 9.3
Class Y Common Stock | Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	$ 10
Class Y Common Stock | Sponsor Funding Agreement
Organization And Nature Of Operations [Line Items]
Percentage of upfront sales commission	3%
Percentage of upfront dealer manager fee	3%
Class Z Common Stock
Organization And Nature Of Operations [Line Items]
Reclassification of shares	70,000,000
Price per share	$ 9.3
Class Z Common Stock | Series C Unit
Organization And Nature Of Operations [Line Items]
Conversion of units	10
Class Y Shares and Class Z Shares | Sponsor Funding Agreement
Organization And Nature Of Operations [Line Items]
Price per share	$ 9.3	$ 10
Percentage of organization and offering expenses	1%

Organization - Additional Inf_3

Organization - Additional Information (Detail)

3 Months Ended

9 Months Ended

Nov. 07, 2024 shares

Aug. 07, 2024 $ / shares shares

Nov. 01, 2023 $ / shares shares

May 01, 2023 USD ($) shares

Jan. 30, 2023 USD ($) $ / shares shares

Mar. 10, 2021 USD ($) shares

Feb. 26, 2021 USD ($)

Jan. 15, 2021 USD ($)

Sep. 30, 2024 UnconsolidatedRealEstateVenture OperatingSelfStorageProperty $ / shares shares

Jun. 30, 2024 shares

Mar. 31, 2024 shares

Sep. 30, 2023 shares

Jun. 30, 2023 shares

Mar. 31, 2023 shares

Sep. 30, 2024 USD ($) UnconsolidatedRealEstateVenture OperatingSelfStorageProperty $ / shares shares

Sep. 30, 2023 USD ($)

May 02, 2023 USD ($)

Organization And Nature Of Operations [Line Items]

Units converted

0

Number of operating self storage properties owned | OperatingSelfStorageProperty

24

24

Percentage of non-voting economic interest owned by affiliates

10%

17.50%

Number of unconsolidated real estate ventures | UnconsolidatedRealEstateVenture

5

5

Advisor purchased initial investment in operating partnership | $

$ 202,000

Sale of Stock, Consideration Received on Transaction | $

$ 150,000,000

Issuance costs | $

2,699,312

$ 2,989,811

Purchase Agreement

Organization And Nature Of Operations [Line Items]

Aggregate value of shares committed to purchase | $

$ 150,000,000

Sponsor Funding Agreement

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

$ 10

Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 11,500,000

Class A Common Stock

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

$ 10

Units converted

0

0

One time stock dividend | $ / shares

$ 0.11075

Class A Common Stock | Sponsor Funding Agreement

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

10

Class A Common Stock | Subsequent Event

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

3,400,000

Class A Common Stock | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

179,988

270,715

294,558

Class A Common Stock | Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

100,000

Price per share | $ / shares

9.3

Class A Common Stock | Pubic Offering | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

2,900,000

Class A Common Stock | Private Offering

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 30,300,000

Class P Common Stock

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 100,700,000

Estimated per share NAV | $ / shares

$ 10

Class P Common Stock | Subsequent Event

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

11,200,000

Class P Common Stock | Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

800,000

Price per share | $ / shares

9.3

Class P Common Stock | Private Offering | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

10,600,000

Class T Common Stock

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

10

One time stock dividend | $ / shares

0.07526

Class T Common Stock | Subsequent Event

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

5,400,000

Class T Common Stock | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

442,210

481,581

673,565

Class T Common Stock | Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

200,000

Price per share | $ / shares

9.3

Class T Common Stock | Private Offering

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 48,100,000

Class T Common Stock | Private Offering | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

4,800,000

Class W Common Stock

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

10

One time stock dividend | $ / shares

0.01075

Class W Common Stock | Subsequent Event

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

700,000

Class W Common Stock | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

59,574

126,596

140,638

Class W Common Stock | Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

31,000

Price per share | $ / shares

9.3

Class W Common Stock | Private Offering

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 6,300,000

Class W Common Stock | Private Offering | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

700,000

Series A Cumulative Redeemable Preferred Units

Organization And Nature Of Operations [Line Items]

Issuance of preferred units

600,000

Series A Cumulative Redeemable Preferred Units | Preferred Unit Purchase Agreement

Organization And Nature Of Operations [Line Items]

Issuance of preferred units

600,000

Preferred units, liquidation preference | $ / shares

$ 25

Capital contribution to operating partnership | $

$ 15,000,000

Preferred stock redemption amount | $

$ 15,000,000

Series B Convertible Preferred Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

150,000,000

Series B Convertible Preferred Stock | Purchase Agreement

Organization And Nature Of Operations [Line Items]

Issuance costs | $

$ 1,400,000

Class Y Common Stock

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

10

Price per share | $ / shares

9.3

Class Y Common Stock | Subsequent Event

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

3,500,000

Class Y Common Stock | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

837,836

856,277

1,054,322

Class Y Common Stock | Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

38,000

Class Y Common Stock | Private Offering

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 29,400,000

Class Y Common Stock | Private Offering | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

3,100,000

Class Z Common Stock

Organization And Nature Of Operations [Line Items]

Estimated per share NAV | $ / shares

$ 10

Price per share | $ / shares

9.3

Class Z Common Stock | Subsequent Event

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

300,000

Class Z Common Stock | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

86,933

35,806

83,978

Class Z Common Stock | Distribution Reinvestment Plan

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

2,100

Class Z Common Stock | Private Offering

Organization And Nature Of Operations [Line Items]

Gross proceeds from issuance of common stock | $

$ 2,300,000

Class Z Common Stock | Private Offering | Common Stock

Organization And Nature Of Operations [Line Items]

Common stock issued in connection with offering

300,000

Class Y Shares and Class Z Shares | Sponsor Funding Agreement

Organization And Nature Of Operations [Line Items]

Price per share | $ / shares

$ 9.3

$ 10

$ 10

Strategic Storage Advisor IV, LLC

Organization And Nature Of Operations [Line Items]

Sale of common shares to advisor | $

$ 1,000

Advisor purchased initial investment in operating partnership | $

$ 1,000

Smartstop Storage Advisors LLC.

Organization And Nature Of Operations [Line Items]

Investment by affiliate in exchange for additional limited partnership interests | $

$ 1,000

Smartstop OP, L.P

Organization And Nature Of Operations [Line Items]

Equity ownership percentage

2%

2%

Advisor purchased a limited partnership interest in Operating Partnership, number of partnership units

549,451

Initial capital contribution | $

$ 5,000,000

Strategic Storage Operating Partnership VI, L.P.

Organization And Nature Of Operations [Line Items]

Equity ownership percentage

98%

98%

SmartCentres

Organization And Nature Of Operations [Line Items]

Equity ownership percentage

50%

50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)						1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2024 USD ($)	Aug. 07, 2024 $ / shares shares	Nov. 01, 2023 $ / shares shares	Oct. 31, 2023 USD ($)	May 02, 2023 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) Contract $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Contract Segment $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of contracts deemed to be in VIEs | Contract							0		0
Payments to acquire intangible assets									$ 0	$ 4,500,000
Property acquisitions									0
Asset acquisition, capitalized transaction related costs									0	9,200,000
Business acquisition, transaction costs							$ 200,000	$ 300,000	600,000	1,400,000
Impairment losses recognized									0	0
Advertising costs							600,000	600,000	$ 1,800,000	1,700,000
Estimated average rental period									18 months
Gross amounts of lease intangibles							9,900,000		$ 9,900,000		$ 10,000,000
Accumulated amortization of lease intangibles							9,400,000		9,400,000		6,900,000
Debt issuance cost expense							300,000	400,000	800,000	1,200,000
Total estimated future amortization expense of intangible assets, year 2024							500,000		500,000
Accumulated amortization of debt issuance costs							1,600,000		$ 1,600,000		800,000
Maximum period for reimbursement of offering cost									60 days
Maximum offering cost rate									15%
Fixed rate notes payable							0		$ 0
Fixed rate notes payable outstanding							0		$ 0
Preferred units and unpaid preferred distributions					$ 15,000,000
Minimum percentage of ordinary taxable income to be distributed to stockholders									90%
Allowance for doubtful accounts							50,000		$ 50,000		25,000
Uncertain tax positions							0		0		0
Income tax penalties and interest expense									$ 0		0
Open tax year									2021 2022 2023
Number of reportable segments | Segment									1
Assets							551,838,108		$ 551,838,108		560,916,606
Revenues							7,284,002	6,288,476	20,897,301	14,742,233
Current tax provision									0		0
Units converted | shares		0
Intangible assets net book value							$ 521,997		$ 521,997		3,127,231
Weighted-average amortization period on remaining intangible assets							2 months 12 days		2 months 12 days
Reclassification from other assets to investments in unconsolidated real estate ventures											500,000
CA | Self Storage
Summary Of Significant Accounting Policies [Line Items]
Assets							$ 296,600,000		$ 296,600,000		304,800,000
Revenues									$ 11,400,000	5,500,000
Geographic Concentration Risk | Rental Income | AZ
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage									15%
Geographic Concentration Risk | Rental Income | FL
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage									11%
Geographic Concentration Risk | Rental Income | ONT
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage									50%
Distribution
Summary Of Significant Accounting Policies [Line Items]
Redemption total							$ 1,700,000	$ 400,000	$ 1,700,000	400,000
Redemption fulfilled						$ 200,000			1,200,000	200,000
Distribution | Accounts Payable and Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
Redemption fulfilled				$ 200,000						200,000
Redemption payable									$ 500,000	$ 200,000
Sponsor Funding Agreement
Summary Of Significant Accounting Policies [Line Items]
Net asset value per share | $ / shares		$ 10
Private Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from private offering									6%
Maximum dealer manager commission fees percentage of proceed from private offering									3%
Underwriting compensation									10%
Maximum percentage other non-accountable expenses									3%
Class W Common Stock
Summary Of Significant Accounting Policies [Line Items]
Percentage of offering cost without reimbursement									1%
Net asset value per share | $ / shares		10
Class W Common Stock | Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from Primary Offering									1.50%
Percentage of gross proceeds from sale of shares									10%
Class W Common Stock | Private Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from Primary Offering									9%
Percentage of gross proceeds from sale of shares									10%
Class W Common Stock | Stockholder Servicing Fees
Summary Of Significant Accounting Policies [Line Items]
Servicing Fees Accrual Description									accrues daily in an amount equal to 1/365th of 0.5% of the purchase price per share
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Net asset value per share | $ / shares		$ 10
Units converted | shares		0	0
Class A Common Stock | Sponsor Funding Agreement
Summary Of Significant Accounting Policies [Line Items]
Net asset value per share | $ / shares			$ 10
Class A Common Stock | Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from Primary Offering									6%
Maximum dealer manager commission fee percentage of proceeds from Primary Offering									3%
Percentage of gross proceeds from sale of shares									10%
Class A Common Stock | Private Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares									10%
Class Z Common Stock
Summary Of Significant Accounting Policies [Line Items]
Price per share | $ / shares			9.3
Net asset value per share | $ / shares		$ 10
Class Z Common Stock | Private Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from Primary Offering									9%
Percentage of gross proceeds from sale of shares									10%
Class Z Common Stock | Stockholder Servicing Fees
Summary Of Significant Accounting Policies [Line Items]
Servicing Fees Accrual Description									accrues daily in an amount equal to 1/365th of 0.5% of the purchase price per share
Class T Common Stock
Summary Of Significant Accounting Policies [Line Items]
Net asset value per share | $ / shares		10
Class T Common Stock | Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from Primary Offering									3%
Maximum dealer manager commission fee percentage of proceeds from Primary Offering									3%
Percentage of gross proceeds from sale of shares									10%
Class T Common Stock | Private Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares									10%
Class T Common Stock | Stockholder Servicing Fees
Summary Of Significant Accounting Policies [Line Items]
Servicing Fees Accrual Description									accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Class Y Common Stock
Summary Of Significant Accounting Policies [Line Items]
Price per share | $ / shares			$ 9.3
Net asset value per share | $ / shares		$ 10
Class Y Common Stock | Sponsor Funding Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of upfront dealer manager fee			3%
Percentage of upfront sales commission			3%
Class Y Common Stock | Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Maximum sale commission fees percentage of proceed from Primary Offering									3%
Maximum dealer manager commission fee percentage of proceeds from Primary Offering									3%
Percentage of gross proceeds from sale of shares									10%
Class Y Common Stock | Private Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares									10%
Class Y Common Stock | Stockholder Servicing Fees
Summary Of Significant Accounting Policies [Line Items]
Servicing Fees Accrual Description									accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Class Y Shares and Class Z Shares | Sponsor Funding Agreement
Summary Of Significant Accounting Policies [Line Items]
Price per share | $ / shares			$ 9.3				$ 10		$ 10
Percentage of organization and offering expenses			1%
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
Subsequent Event | Distribution | Accounts Payable and Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
Redemption fulfilled	$ 500,000
Carry Forward of Non-capital Losses
Summary Of Significant Accounting Policies [Line Items]
Uncertain tax positions							$ 6,600,000		$ 6,600,000		$ 2,900,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Portion of Sponsor Funding Received (Detail) - USD ($)		9 Months Ended
	May 01, 2023	Sep. 30, 2024
Summary Of Significant Accounting Policies [Line Items]
Total consideration received	$ 150,000,000
Series C Unit
Summary Of Significant Accounting Policies [Line Items]
Balance at December 31, 2023		$ 3,372,686
Total consideration received		965,403
Reduction of Property operating expense - affiliates		(581,150)
Balance at March 31, 2024		$ 3,756,939

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives Used to Depreciate Real Property Assets (Detail)	Sep. 30, 2024
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:NoDepreciationMethodMember
Buildings
Property, Plant and Equipment [Line Items]
Standard Depreciable Life	35 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 Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Fixed Rate Notes Payable (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 284,527,425	$ 286,484,421
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Fair Value	0	4,600,000
Carrying Value	$ 0	$ 4,764,241

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value On Recurring Basis (Detail) - Fair Value on Recurring Basis	Sep. 30, 2024 USD ($)
Interest Rate Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	$ 3,599,183
Accounts Payable and Accrued Liabilities, Fair Value Disclosure	2,783,709
Significant Other Observable Inputs (Level 2) | Foreign Currency Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	$ 242,954

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Deferred Tax Asset (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Deferred tax asset:
Canadian real estate and non-capital losses	$ 9,318,742	$ 2,853,603
Total deferred tax asset	9,318,742	2,853,603
Deferred tax liabilities:
Canadian real estate	(2,696,208)
Total deferred tax liabilities	(2,696,208)
Valuation allowance	$ (6,622,534)	$ (2,853,603)

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	13,644,384	7,648,583
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	13,636,364	7,642,358
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	8,020	6,225

Real Estate Facilities - Summar

Real Estate Facilities - Summary of Activity in Real Estate Facilities (Detail)	9 Months Ended
	Sep. 30, 2024 USD ($)
Real estate facilities
Real estate facilities, beginning balance	$ 514,006,885
Improvements and additions	7,568,263
Impact of foreign exchange rate changes	(5,823,384)
Real estate facilities, ending balance	515,751,764
Accumulated depreciation
Accumulated depreciation, beginning balance	(15,660,337)
Depreciation expense	(9,483,983)
Impact of foreign exchange rate changes	63,096
Accumulated depreciation, ending balance	$ (25,081,224)

Real Estate Facilities - Additi

Real Estate Facilities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
Real estate acquisitions	$ 0

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Investments in Unconsolidated Real Estate Ventures (Detail) - USD ($)		9 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Carrying Value of Investment		$ 18,076,626	$ 17,526,713
Toronto | Ontario
Schedule Of Equity Method Investments [Line Items]
Date Real Estate Venture Acquired Land	[1]	April 2021
Real Estate Venture Status	[1]	Under development
Carrying Value of Investment	[1]	$ 3,879,397	4,446,804
Toronto II | Ontario
Schedule Of Equity Method Investments [Line Items]
Date Real Estate Venture Acquired Land	[1]	December 2021
Real Estate Venture Status	[1]	Under development
Carrying Value of Investment	[1]	$ 5,663,421	7,232,806
Dorval | QUEBEC
Schedule Of Equity Method Investments [Line Items]
Date Real Estate Venture Acquired Land	[1]	February 2023
Real Estate Venture Status	[1]	Under development
Carrying Value of Investment	[1]	$ 2,488,433	2,722,149
Hamilton | Ontario
Schedule Of Equity Method Investments [Line Items]
Date Real Estate Venture Acquired Land	[1]	November 2023
Real Estate Venture Status	[1],[2]	Under development
Carrying Value of Investment	[1]	$ 2,225,571	$ 3,124,954
Montreal | QUEBEC
Schedule Of Equity Method Investments [Line Items]
Date Real Estate Venture Acquired Land		January 2024
Real Estate Venture Status		Under development
Carrying Value of Investment		$ 3,819,804
SmartCentres
Schedule Of Equity Method Investments [Line Items]
Equity ownership percentage		50%
SmartCentres | Toronto | Ontario
Schedule Of Equity Method Investments [Line Items]
Equity ownership percentage	[1]	50%
SmartCentres | Toronto II | Ontario
Schedule Of Equity Method Investments [Line Items]
Equity ownership percentage	[1]	50%
SmartCentres | Dorval | QUEBEC
Schedule Of Equity Method Investments [Line Items]
Equity ownership percentage	[1]	50%
SmartCentres | Hamilton | Ontario
Schedule Of Equity Method Investments [Line Items]
Equity ownership percentage	[1]	50%
SmartCentres | Montreal | QUEBEC
Schedule Of Equity Method Investments [Line Items]
Equity ownership percentage		50%
[1] As of September 30, 2024, these properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below). On October 24, 2024, we commenced operations on the Hamilton JV property.

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Ventures - Additional Information (Detail) - CAD ($) $ in Millions			9 Months Ended
	Aug. 30, 2024	Jan. 09, 2024	Sep. 30, 2024	Sep. 03, 2024
Montreal
Schedule Of Equity Method Investments [Line Items]
Percentage of units subscribed at closing in limited partnership		50%
Subscription price of units in limited partnership		$ 4.5
Subscription price as percentage of agreed upon fair market value of land to be contributed to the limited partnership		50%
Percentage of units to be subscribed at closing in limited partnership		50%
SmartCentres Financing | Master Mortgage Commitment Agreement
Schedule Of Equity Method Investments [Line Items]
Debt instrument face amount	$ 95.5
Line of credit facility, increase (decrease)	120
Initial drawn amount	$ 21.8			$ 46.3
Debt instrument, description of variable rate basis			(i) the Adjusted Daily Compounded Canadian Overnight Repo Rate Average ("CORRA"), plus: (ii) an adjusted Daily Compounded CORRA adjustment of approximately 0.30%, plus (iii) a margin based on the External Credit Rating, plus (iv) a margin under the Senior Credit Facility, each as defined and described further in the MMCA.
Total interest rate			7.30%
Maximum loan to value ratio with respect to each JV property	70%
Percentage of guaranteed debt	50%

Debt - Summary of Secured Debt

Debt - Summary of Secured Debt (Detail) - USD ($)		Sep. 30, 2024	Dec. 31, 2023	Jul. 08, 2021
Line Of Credit Facility [Line Items]
Total Debt		$ 284,527,425	$ 286,484,421
Huntington Credit Facility
Line Of Credit Facility [Line Items]
Total Debt		$ 107,574,000	107,574,000
Interest Rate	[1]	7.46%
Maturity Date		Nov. 30, 2025
Skymar Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 0	4,764,241
Interest Rate				4.125%
Maturity Date				Aug. 01, 2024
National Bank of Canada | Burlington Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 11,230,164	11,823,653
Interest Rate	[2]	6.85%
Maturity Date		Sep. 20, 2025
National Bank of Canada | Cambridge Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 10,384,284	11,348,205
Interest Rate	[3]	6.85%
Maturity Date		Dec. 20, 2025
National Bank of Canada | North York Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 18,001,800	18,857,500
Interest Rate	[4]	7%
Maturity Date		Jan. 31, 2025
National Bank of Canada | Ontario Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 92,847,859	95,946,960
Interest Rate	[5]	7.20%
Maturity Date		Jun. 15, 2025
Bank of Montreal Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 15,998,175	16,311,738
Interest Rate	[6]	7.10%
Maturity Date		May 04, 2025
First National Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 6,513,939	6,641,612
Interest Rate	[7]	8.60%
Maturity Date		Jun. 01, 2025
SmartStop Bridge Loan
Line Of Credit Facility [Line Items]
Total Debt		$ 23,000,000	15,000,000
Interest Rate		8.96%
Maturity Date		Dec. 31, 2025
Secured Debt
Line Of Credit Facility [Line Items]
Total Debt		$ 0	4,764,241
Debt issuance costs, net		$ (1,022,796)	$ (1,783,488)
[1] This variable rate loan encumbers 12 properties (Phoenix I, Phoenix II, Surprise, Bradenton, Apopka, Vancouver WA, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into interest rate swap agreements and an interest rate cap that fixes Secured Overnight Financing Rate ("SOFR") at 0 .77 % until the maturity of the loan. This variable rate loan encumbers our Burlington, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.02 % until the maturity of the loan. This variable rate loan encumbers our Cambridge, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.52 % until the maturity of the loan. This variable rate loan encumbers our North York, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.79 % until the maturity of the loan. This variable rate loan encumbers our Ontario Portfolio and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.73 % until the maturity of the loan. This variable rate loan encumbers our Vancouver, BC property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.47 % until the maturity of the loan. This variable rate loan encumbers our Edmonton, AB property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively.

Debt - Summary of Secured Deb_2

Debt - Summary of Secured Debt (Parenthetical) (Detail) - Property	Sep. 30, 2024	Mar. 28, 2024	Dec. 31, 2023	Apr. 13, 2023
National Bank of Canada | CORRA | Burlington
Line of Credit Facility [Line Items]
Interest rate swap rate	4.02%		4.02%
National Bank of Canada | CORRA | Cambridge
Line of Credit Facility [Line Items]
Interest rate swap rate	3.52%		3.52%
National Bank of Canada | CORRA | North York
Line of Credit Facility [Line Items]
Interest rate swap rate	3.79%		3.79%
National Bank of Canada | CORRA | Ontario Portfolio
Line of Credit Facility [Line Items]
Interest rate swap rate	4.73%		4.73%
Bank of Montreal | CORRA | Vancouver
Line of Credit Facility [Line Items]
Interest rate swap rate	4.47%		4.47%
Huntington Credit Facility
Line of Credit Facility [Line Items]
Interest rate swap rate	7.46%
Huntington Credit Facility | SOFR
Line of Credit Facility [Line Items]
Number of properties encumbered in loan	12
Interest rate swap rate	0.77%	0.50%		2.92%

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions

1 Months Ended

9 Months Ended

Sep. 27, 2024 CAD ($)

Aug. 30, 2024 CAD ($)

Jul. 29, 2024 USD ($)

May 31, 2024

May 24, 2024

May 22, 2024

May 03, 2024 CAD ($)

Jan. 01, 2024

Sep. 28, 2023 USD ($)

Jun. 15, 2023 CAD ($)

May 19, 2023 CAD ($)

May 10, 2023 CAD ($)

May 04, 2023 CAD ($)

Apr. 13, 2023 USD ($)

Jan. 31, 2023 CAD ($)

Dec. 20, 2022 CAD ($)

Sep. 20, 2022 CAD ($)

May 26, 2022 USD ($)

May 17, 2022 USD ($)

Apr. 26, 2022 USD ($)

Dec. 30, 2021 USD ($)

Nov. 30, 2021 USD ($) SpecialEntity

May 31, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 25, 2024 USD ($)

Jun. 28, 2024 USD ($)

Mar. 28, 2024 USD ($)

Jun. 15, 2023 USD ($)

Dec. 20, 2022 USD ($)

Dec. 19, 2022 USD ($)

Jul. 08, 2021 USD ($)

Line Of Credit Facility [Line Items]

Weighted average interest rate

7.42%

SmartStop Delayed Draw Mezzanine Loan Agreement

Line Of Credit Facility [Line Items]

Repaid outstanding balance

$ 50,000,000

Huntington Credit Facility

Line Of Credit Facility [Line Items]

Number of Special Purpose Entities | SpecialEntity

3

Line of credit facility, maximum borrowing capacity

$ 107,600,000

$ 50,000,000

Term loan maturity date

Nov. 30, 2025

Applicable interest rate

[1]

7.46%

Line of credit facility, amount borrowed

$ 12,500,000

$ 12,900,000

$ 14,700,000

$ 22,400,000

Debt Instrument, Interest Rate, Effective Percentage

7.46%

Huntington Credit Facility | Floor

Line Of Credit Facility [Line Items]

Applicable interest rate

3.25%

Huntington Credit Facility | Secured Overnight Financing Rate

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.61%

Interest rate term

one month

Huntington Credit Facility | SOFR

Line Of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

2.92%

0.77%

0.50%

Huntington Credit Facility | Second Amendment

Line Of Credit Facility [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

Line of credit facility, amount borrowed

$ 30,600,000

14,500,000

Line of credit, additional borrowing capacity

$ 50,000,000

Huntington Credit Facility | Interest Rate Swap Agreement | Secured Overnight Financing Rate

Line Of Credit Facility [Line Items]

Applicable interest rate

4.01%

Huntington Credit Facility | Interest Rate Cap

Line Of Credit Facility [Line Items]

Notional amount

$ 47,600,000

$ 47,600,000

Huntington Credit Facility | Interest Rate Cap | Secured Overnight Financing Rate

Line Of Credit Facility [Line Items]

Applicable interest rate

1.10%

2.60%

Huntington Credit Facility | Interest Rate Swap Agreement One

Line Of Credit Facility [Line Items]

Notional amount

$ 38,000,000

$ 38,000,000

$ 38,000,000

Huntington Credit Facility | Interest Rate Swap Agreement Two

Line Of Credit Facility [Line Items]

Notional amount

$ 22,000,000

$ 22,000,000

$ 22,000,000

Skymar Loan

Line Of Credit Facility [Line Items]

Term loan maturity date

Aug. 01, 2024

Applicable interest rate

4.125%

Mortgage loan, amount

$ 4,800,000

Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Cambridge Property

Line Of Credit Facility [Line Items]

Line of credit facility, maximum borrowing capacity

$ 55,000,000

$ 45,000,000

Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Secured Overnight Financing Rate | Cambridge Property

Line Of Credit Facility [Line Items]

Debt instrument, description of variable rate basis

SOFR plus 3%

Loans from SmartStop OP, L.P. | SmartStop Bridge Loan Agreement

Line Of Credit Facility [Line Items]

Line of credit facility, maximum borrowing capacity

$ 15,000,000

Commitment fee percentage

1%

Applicable interest rate

8.96%

Line of credit facility, amount borrowed

$ 8,000,000

Debt instrument, maturity date, description

On December 8, 2023, we exercised the option to extend the maturity date for an additional year, through December 31, 2024.

Line of credit facility, available capacity

$ 2,000,000

Loans from SmartStop OP, L.P. | SmartStop Bridge Loan Agreement | Secured Overnight Financing Rate

Line Of Credit Facility [Line Items]

Debt instrument, description of variable rate basis

SOFR plus 4.00%

SOFR plus 3.00%

Debt instrument variable interest rate

4%

3%

Loans from SmartStop OP, L.P. | Minimum | SmartStop Bridge Loan Agreement

Line Of Credit Facility [Line Items]

Line of credit facility, maximum borrowing capacity

$ 15,000,000

Loans from SmartStop OP, L.P. | Maximum | SmartStop Delayed Draw Mezzanine Loan Agreement | Bradenton Property and Apopka Property

Line Of Credit Facility [Line Items]

Loan in connection with acquisition of Bradenton Property and Apopka Property

$ 45,000,000

Loans from SmartStop OP, L.P. | Maximum | SmartStop Bridge Loan Agreement

Line Of Credit Facility [Line Items]

Line of credit facility, maximum borrowing capacity

$ 25,000,000

National Bank of Canada Loan | Acquisition of North York Property

Line Of Credit Facility [Line Items]

Debt instrument carrying amount

$ 25

National Bank of Canada Loan | CDOR | Acquisition of North York Property

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.40%

Interest rate term

one month

National Bank of Canada Loan | Interest Rate Swap Agreement | Acquisition of North York Property

Line Of Credit Facility [Line Items]

Notional amount

$ 25

Debt instrument maturity date

Jan. 31, 2025

Debt instrument, frequency of payment

monthly

Debt instrument amortization period

25 years

National Bank of Canada Loan | Interest Rate Swap Agreement | CDOR | Acquisition of North York Property

Line Of Credit Facility [Line Items]

Applicable interest rate

3.79%

National Bank of Canada | Burlington Property

Line Of Credit Facility [Line Items]

Term loan

$ 16.5

National Bank of Canada | Cambridge Property

Line Of Credit Facility [Line Items]

Repaid outstanding balance

$ 0.1

$ 0.1

$ 0.4

$ 0.4

Term loan

$ 15.5

National Bank of Canada | CDOR | Burlington Property

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.25%

Interest rate term

one month

National Bank of Canada | CDOR | Cambridge Property

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.25%

Interest rate term

one month

National Bank of Canada | CORRA | Burlington Property

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.25%

National Bank of Canada | CORRA | Cambridge Property

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.25%

National Bank of Canada | CORRA | Acquisition of North York Property

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.40%

National Bank of Canada | Interest Rate Swap Agreement | Burlington Property

Line Of Credit Facility [Line Items]

Notional amount

$ 16.5

Debt instrument maturity date

Sep. 20, 2025

Debt instrument, frequency of payment

monthly

Debt instrument amortization period

25 years

National Bank of Canada | Interest Rate Swap Agreement | Cambridge Property

Line Of Credit Facility [Line Items]

Notional amount

$ 15.5

Debt instrument maturity date

Dec. 20, 2025

Debt instrument, frequency of payment

monthly

Debt instrument amortization period

25 years

National Bank of Canada | Interest Rate Swap Agreement | CDOR | Burlington Property

Line Of Credit Facility [Line Items]

Applicable interest rate

4.02%

National Bank of Canada | Interest Rate Swap Agreement | CDOR | Cambridge Property

Line Of Credit Facility [Line Items]

Applicable interest rate

3.83%

3.83%

National Bank of Canada | Interest Rate Swap Agreement | CORRA | Burlington Property

Line Of Credit Facility [Line Items]

Applicable interest rate

0.30%

National Bank of Canada | Interest Rate Swap Agreement | CORRA | Cambridge Property

Line Of Credit Facility [Line Items]

Applicable interest rate

0.30%

National Bank of Canada | Interest Rate Swap Agreement | CORRA | Acquisition of North York Property

Line Of Credit Facility [Line Items]

Applicable interest rate

0.30%

Bank of Montreal Loan

Line Of Credit Facility [Line Items]

Debt instrument, initial term

2 years

Debt instrument carrying amount

$ 21.6

Debt instrument maturity date

May 04, 2025

Extension option period

1 year

Bank of Montreal Loan | CDOR

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.50%

Interest rate term

one-month

Bank of Montreal Loan | CORRA

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.50%

Bank of Montreal Loan | Interest Rate Swap Agreement

Line Of Credit Facility [Line Items]

Notional amount

$ 21.6

Bank of Montreal Loan | Interest Rate Swap Agreement | CDOR

Line Of Credit Facility [Line Items]

Applicable interest rate

4.47%

Bank of Montreal Loan | Interest Rate Swap Agreement | CORRA

Line Of Credit Facility [Line Items]

Applicable interest rate

0.30%

First National Loan

Line Of Credit Facility [Line Items]

Term loan maturity date

Jun. 01, 2025

Applicable interest rate

[2]

8.60%

Debt instrument, initial term

2 years

Debt instrument carrying amount

$ 8.8

Debt instrument maturity date

Jun. 01, 2025

First National Loan | Royal Bank of Canada Prime Rate

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

1.90%

National Bank of Canada - Ontario Loan

Line Of Credit Facility [Line Items]

Debt instrument carrying amount

$ 127.2

Debt instrument maturity date

Jun. 15, 2025

Debt instrument, frequency of payment

monthly

Debt instrument amortization period

25 years

National Bank of Canada - Ontario Loan | CDOR

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.60%

Interest rate term

one month

National Bank of Canada - Ontario Loan | CORRA

Line Of Credit Facility [Line Items]

Debt instrument variable interest rate

2.60%

National Bank of Canada - Ontario Loan | Interest Rate Swap Agreement

Line Of Credit Facility [Line Items]

Notional amount

$ 127.2

National Bank of Canada - Ontario Loan | Interest Rate Swap Agreement | CDOR

Line Of Credit Facility [Line Items]

Applicable interest rate

4.73%

4.73%

National Bank of Canada - Ontario Loan | Interest Rate Swap Agreement | CORRA

Line Of Credit Facility [Line Items]

Applicable interest rate

0.30%

Extended Maturity | Huntington Credit Facility

Line Of Credit Facility [Line Items]

Term loan maturity date

Nov. 30, 2027

Extended Maturity | Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Cambridge Property

Line Of Credit Facility [Line Items]

Debt instrument maturity date

Dec. 30, 2023

Extended Maturity | Loans from SmartStop OP, L.P. | SmartStop Bridge Loan Agreement

Line Of Credit Facility [Line Items]

Term loan maturity date

Dec. 31, 2025

[1] This variable rate loan encumbers 12 properties (Phoenix I, Phoenix II, Surprise, Bradenton, Apopka, Vancouver WA, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into interest rate swap agreements and an interest rate cap that fixes Secured Overnight Financing Rate ("SOFR") at 0 .77 % until the maturity of the loan. This variable rate loan encumbers our Edmonton, AB property and the amount shown above is in USD based on the foreign exchange rate in effect as of September 30, 2024 and December 31, 2023, respectively.

Debt - Schedule of Secured Debt

Debt - Schedule of Secured Debt Future Principal Payments (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 284,527,425	$ 286,484,421
Secured Debt
Debt Instrument [Line Items]
2024	1,355,466
2025	284,194,755
Thereafter	0
Total payments	285,550,221
Debt issuance costs, net	(1,022,796)	(1,783,488)
Total	$ 0	$ 4,764,241

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Qualifying cash flow hedge reclassified to increase interest expense	$ 0.1
Foreign Currency Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency adjustment	$ 0.5	$ 0

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Financial Instruments (Detail)		9 Months Ended		12 Months Ended
		Sep. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)		Sep. 30, 2024 CAD ($)		Dec. 31, 2023 CAD ($)
Bank of Montreal Loan
Derivative [Line Items]
Notional amount						$ 21,625,000	[1]	$ 21,625,000	[2]
Strike		4.47%	[1]	4.47%	[2]	4.47%	[1]	4.47%	[2]
Effective Date		May 04, 2023	[1]	May 04, 2023	[2]
Maturity Date		May 04, 2026	[1]	May 04, 2026	[2]
Ontario Loan
Derivative [Line Items]
Notional amount						$ 125,504,000	[3]	$ 127,200,000	[4]
Strike		4.73%	[3]	4.73%	[4]	4.73%	[3]	4.73%	[4]
Effective Date		Jun. 15, 2023	[3]	Jun. 15, 2023	[4]
Maturity Date		Jun. 15, 2026	[3]	Jun. 15, 2026	[4]
Foreign Currency Hedges
Derivative [Line Items]
Notional amount						$ 200,000,000	[5]	$ 200,000,000	[6]
Strike		1.39%	[5]	1.39%	[6]	1.39%	[5]	1.39%	[6]
Effective Date		Dec. 22, 2023	[5]	Dec. 22, 2023	[6]
Maturity Date		Dec. 20, 2024	[5]	Dec. 20, 2024	[6]
CORRA | Burlington Loan
Derivative [Line Items]
Notional amount	[1]					$ 15,180,000
Strike	[1]	4.02%				4.02%
Effective Date	[1]	Sep. 27, 2022
Maturity Date	[1]	Sep. 20, 2025
CORRA | Cambridge Loan
Derivative [Line Items]
Notional amount	[1]					$ 14,036,610
Strike	[1]	3.52%				3.52%
Effective Date	[1]	Apr. 30, 2024
Maturity Date	[1]	Dec. 22, 2025
CORRA | North York Loan
Derivative [Line Items]
Notional amount	[1]					$ 24,333,333
Strike	[1]	3.79%				3.79%
Effective Date	[1]	Jan. 31, 2023
Maturity Date	[1]	Feb. 02, 2026
CDOR | Burlington Loan
Derivative [Line Items]
Notional amount	[2]							$ 15,675,000
Strike	[2]			4.02%				4.02%
Effective Date	[2]			Sep. 27, 2022
Maturity Date	[2]			Sep. 20, 2025
CDOR | Cambridge Loan
Derivative [Line Items]
Notional amount	[2]							$ 15,044,683
Strike	[2]			3.83%				3.83%
Effective Date	[2]			Dec. 20, 2022
Maturity Date	[2]			Dec. 22, 2025
CDOR | North York Loan
Derivative [Line Items]
Notional amount	[2]							$ 25,000,000
Strike	[2]			3.79%				3.79%
Effective Date	[2]			Jan. 31, 2023
Maturity Date	[2]			Feb. 02, 2026
SOFR | Huntington Credit Facility I
Derivative [Line Items]
Notional amount	[7]			$ 38,000,000
Strike	[7]			4.01%				4.01%
Effective Date	[7]			Apr. 12, 2023
Maturity Date	[7]			Nov. 28, 2025
SOFR | Huntington Credit Facility II
Derivative [Line Items]
Notional amount	[7]			$ 22,000,000
Strike	[7]			4.01%				4.01%
Effective Date	[7]			Apr. 12, 2023
Maturity Date	[7]			Nov. 28, 2025
SOFR | Huntington Credit Facility V
Derivative [Line Items]
Notional amount	[8]	$ 38,000,000
Strike	[8]	0.50%				0.50%
Effective Date	[8]	Sep. 03, 2024
Maturity Date	[8]	Nov. 28, 2025
SOFR | Huntington Credit Facility VI
Derivative [Line Items]
Notional amount	[8]	$ 22,000,000
Strike	[8]	0.50%				0.50%
Effective Date	[8]	Sep. 03, 2024
Maturity Date	[8]	Nov. 28, 2025
SOFR Cap | Huntington Credit Facility
Derivative [Line Items]
Notional amount		$ 47,574,000	[9]	$ 47,574,000	[10]
Strike		1.10%	[9]	1.10%	[10]	1.10%	[9]	1.10%	[10]
Effective Date		Sep. 28, 2023	[9]	Sep. 28, 2023	[10]
Maturity Date		Nov. 28, 2025	[9]	Nov. 28, 2025	[10]
[1] Notional amounts are denominated in CAD and have been designated as a cash flow hedge. Notional amounts are denominated in CAD and have been designated as a cash flow hedge. Notional amount is denominated in CAD and we have elected not to apply hedge accounting. Notional amount is denominated in CAD and we have elected not to apply hedge accounting. Notional amount is denominated in CAD and was partially designated for hedge accounting. Notional amount is denominated in CAD and was partially designated for hedge accounting. Notional amounts are denominated in USD and have been designated as a cash flow hedge. Notional amounts are denominated in USD and have been designated as a cash flow hedge. Notional amount is denominated in USD and we have elected not to apply hedge accounting. Notional amount is denominated in USD and we have elected not to apply hedge accounting.

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Derivative Financial Instruments in Statement of Consolidated Balance Sheet (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Other Assets | Interest Rate Swap
Derivative [Line Items]
Asset/Liability Derivatives Fair Value	$ 3,599,183	$ 2,920,664
Other Assets | Foreign Currency Hedges
Derivative [Line Items]
Asset/Liability Derivatives Fair Value	242,954	1,074,185
Accounts Payable and Accrued Liabilities | Interest Rate Swap
Derivative [Line Items]
Asset/Liability Derivatives Fair Value	$ 2,783,709	$ 1,760,292

Derivative Instruments - Summ_3

Derivative Instruments - Summary of Effects of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income	$ (1,585,306)	$ 1,360,257	$ (98,412)	$ 3,934,814
Gain (loss) reclassified from other comprehensive income	404,833	545,780	1,347,825	967,937
Amount of Gain or (Loss) Recognized in Income on Derivative			2,530
Interest Rate Swap
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income	(1,263,331)	1,029,762	211,651	2,940,703
Gain (loss) reclassified from other comprehensive income	$ 316,876	$ 405,788	1,085,868	$ 729,105
Amount of Gain or (Loss) Recognized in Income on Derivative			$ 2,530
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating		Interest Expense, Operating and Nonoperating
Interest Rate Cap
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income		$ 330,495		$ 994,111
Gain (loss) reclassified from other comprehensive income	$ 87,957	$ 139,992	$ 261,957	$ 238,832
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Foreign Currency Put
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income	$ (321,975)		$ (310,063)

Preferred Equity - Additional I

Preferred Equity - Additional Information (Detail) - USD ($)				9 Months Ended
	May 02, 2023	May 01, 2023	Jan. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Jan. 15, 2021
Class of Stock [Line Items]
Preferred units and unpaid preferred distributions	$ 15,000,000
Preferred Stock, par value				$ 0.001	$ 0.001	$ 0.001
Preferred Stock, shares authorized				200,000,000	200,000,000	200,000,000
Investor request amout after first anniversary of share issuance	15,000,000
Preferred Stock, shares outstanding				0	0
Series A Cumulative Redeemable Preferred Units
Class of Stock [Line Items]
Issuance of preferred units			600,000
Percentage of preferred units distribution rate, until second anniversary date of issuance			7%
Percentage of preferred units distribution rate, until third anniversary date of issuance			8%
Percentage of preferred units distribution rate until fourth anniversary date of issuance			9%
Percentage of preferred units distribution rate, thereafter			10%
Preferred units and unpaid preferred distributions	$ 15,000,000
Series A Cumulative Redeemable Preferred Units | Preferred Investor [Member]
Class of Stock [Line Items]
Preferred units, liquidation preference			$ 25
Capital contribution to operating partnership			$ 15,000,000
Payment of preferred investor investment fees			$ 150,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, par value		$ 1,000
Series B Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred stock dividend rate if not redeemed, Percentage		11%
Series B Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Preferred stock dividend rate if not redeemed, Percentage		0.75%
Series B Convertible Preferred Units [Member]
Class of Stock [Line Items]
Preferred stock voting right description				In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series B 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 Chief Executive Officer as of the date of the Purchase Agreement, or any entities in which such person has a controlling interest (excluding certain self-storage real estate programs sponsored by our sponsor or us), (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related, (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 the our revenues for our last fiscal year and (v) permitting any individual other than H. Michael Schwartz to (A) serve as our Chairman or any similar role or (B) otherwise perform any of the duties typically performed by Mr. Schwartz in his capacity as Chairman as of the date of the Series B Preferred Stock Purchase Agreement.
Convertible preferred stock distribution rate		8.35%
Convertible preferred stock distribution rate yearly increase		0.75%
Convertible preferred stock distribution rate maximum yearly increase rate until year ten		11%
Convertible preferred stock distribution rate yearly increase rate after year ten		0.75%
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Aggregate liquidation preference				$ 153,100,000
Gross proceeds from issuance of common stock (in shares)		150,000,000
Investment fee paid to investor percentage		0.50%
Preferred Stock, shares authorized		150,000
Dividend rate percentage		8.35%
Conversion value limitation premium		$ 40,000,000
Shares issued or outstanding if converted value limited equal to premium		150,000
Preferred Stock, Convertible, Conversion Price		$ 11
Loan to value leverage ratio		60
Preferred Stock, shares outstanding				150,000
Aggregate liquidation preference from initial closing				$ 150,000,000
Accumulated and unpaid distributions				$ 3,100,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)				3 Months Ended	9 Months Ended
	Aug. 07, 2024 $ / shares shares	Nov. 01, 2023 $ / shares shares	Mar. 08, 2021	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Employee $ / shares	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Maximum period for reimbursement of offering cost					60 days
Maximum offering cost rate					15%
Number of employees | Employee					0
Units converted | shares	0
Sponsor Funding Agreement
Related Party Transaction [Line Items]
Net asset value per share	$ 10
Storage Auction Program
Related Party Transaction [Line Items]
Auction fees | $					$ 7,000	$ 21,000
Ownership percentage					50%
Tenant Programs
Related Party Transaction [Line Items]
Threshold percentage to purchase triggering member ownership interest in joint venture at fair market value			95%
Tenant Programs | TRS subsidiary
Related Party Transaction [Line Items]
Percentage of ownership interest in joint venture			0.10%
Percentage of net revenue generated from tenant insurance to be received under terms of joint venture agreement			0.10%
Class W Common Stock
Related Party Transaction [Line Items]
Percentage of offering cost without reimbursement					1%
Net asset value per share	10
Class A Common Stock
Related Party Transaction [Line Items]
Net asset value per share	$ 10
Units converted | shares	0	0
Class A Common Stock | Sponsor Funding Agreement
Related Party Transaction [Line Items]
Net asset value per share		$ 10
Class T Common Stock
Related Party Transaction [Line Items]
Net asset value per share	$ 10
Class Y Common Stock
Related Party Transaction [Line Items]
Price per share		$ 9.3
Net asset value per share	10
Class Y Common Stock | Sponsor Funding Agreement
Related Party Transaction [Line Items]
Percentage of upfront sales commission		3%
Percentage of upfront dealer manager fee		3%
Class P Common Stock
Related Party Transaction [Line Items]
Net asset value per share	10
Class Z Common Stock
Related Party Transaction [Line Items]
Price per share		$ 9.3
Net asset value per share	$ 10
Class Y Shares and Class Z Shares | Sponsor Funding Agreement
Related Party Transaction [Line Items]
Percentage of organization and offering expenses		1%
Price per share		$ 9.3			$ 10
Series C Unit
Related Party Transaction [Line Items]
Conversion of units		10
Series C Unit | Class W Common Stock
Related Party Transaction [Line Items]
Conversion of units		10
Series C Unit | Class A Common Stock
Related Party Transaction [Line Items]
Conversion of units		10
Series C Unit | Class T Common Stock
Related Party Transaction [Line Items]
Conversion of units		10
Series C Unit | Class Y Common Stock
Related Party Transaction [Line Items]
Conversion of units		10
Series C Unit | Class P Common Stock
Related Party Transaction [Line Items]
Conversion of units		10
Series C Unit | Class Z Common Stock
Related Party Transaction [Line Items]
Conversion of units		$ 10
Advisory Agreement
Related Party Transaction [Line Items]
Maximum period for reimbursement of offering cost					60 days
Maximum offering cost rate					15%
Number of employees | Employee					0
Gross proceeds from Public Offering, threshold percentage of expenses for reimbursement					15%
Acquisition fees as percentage of contract purchase price					1%
Monthly asset management fee					0.0625%
Monthly asset management fee one twelfth of less than zero point seven five percentage of asset value payable					one-twelfth of 0.75%
Operating expenses reimbursement percentage of average investment in assets					2%
Percentage of competitive commission rate					50%
Operating expenses reimbursement percentage of net income					25%
Operating expenses exceed limitation					12 months
Maximum days for disclosure fact					60 days
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Percentage of contract sales price of each property sold					1%
Advisory Agreement | Class W Common Stock
Related Party Transaction [Line Items]
Percentage of offering cost without reimbursement					1%
Amended Property Management Agreement
Related Party Transaction [Line Items]
Percentage of fee of Property Manager					6%
Property management agreement termination description					The property management agreements have a three-year term and automatically renew for successive three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days’ prior written notice. With respect to each new property we acquire for which we enter into a property management agreement with our Property Manager we also pay our Property Manager a one-time start-up fee in the amount of $3,750.
Term of property management agreement					3 years
Renewal term of property management agreement					3 years
Notice period for property management agreement by property manager					60 days
Period of prior written notice for termination of property management agreement					90 days
Property manager one-time start-up fees | $					$ 3,750
Amended Property Management Agreement | Minimum
Related Party Transaction [Line Items]
Property Manager receives fee for services | $					3,000
Affiliate of Property Manager | Tenant Programs
Related Party Transaction [Line Items]
Percentage of ownership interest in joint venture			99.90%
Percentage of net revenue generated from tenant insurance to be received under terms of joint venture agreement			99.90%
Tenant insurance revenue | $					$ 900,000	$ 600,000
Former Transfer Agent
Related Party Transaction [Line Items]
Payment of transition fees | $				$ 150,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Costs (Detail) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 2,762,121	$ 2,575,424	$ 8,456,260	$ 6,444,257
Related party costs, Payable		16,752,638		16,752,638		$ 5,933,969
Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred				14,941,891		18,073,088
Related party costs, Paid				4,123,222		13,848,926
Related party costs, Payable		16,752,638		16,752,638		5,933,969
Operating Expenses (Including Organizational Costs) | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred				9,932,011		6,784,515
Related party costs, Paid				2,324,453		3,586,399
Related party costs, Payable		11,753,160		11,753,160		4,145,602
Asset Management Fees | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred				3,208,471		3,420,040
Related party costs, Paid				1,400,858		2,767,112
Related party costs, Payable		2,460,541		2,460,541		652,928
Property Management Fees | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred				1,243,786		1,243,056
Related party costs, Paid				397,911		982,355
Related party costs, Payable		1,106,576		1,106,576		260,701
Transfer Agent Expenses | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred						319,426
Related party costs, Paid						326,613
Acquisition Expenses | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred	[1]			444,364		710,892
Related party costs, Paid	[1]					179,263
Related party costs, Payable	[1]	979,667		979,667		535,303
Acquisition Related | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred	[2]			113,259		5,589,549
Related party costs, Paid	[2]					6,001,574
Related party costs, Payable	[2]	$ 452,694		$ 452,694		339,435
Offering Costs | Related Party
Related Party Transaction [Line Items]
Related party costs, Incurred						5,610
Related party costs, Paid						$ 5,610
[1] Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company. Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)				1 Months Ended	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 02, 2023	Oct. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 07, 2024	Nov. 01, 2023
Commitments And Contingencies [Line Items]
Advisor purchased initial investment in operating partnership					$ 202,000
Distribution
Commitments And Contingencies [Line Items]
Redemption total					1,700,000	$ 400,000
Redemption fulfilled				$ 200,000	1,200,000	200,000
Distribution | Accounts Payable and Accrued Liabilities
Commitments And Contingencies [Line Items]
Redemption fulfilled		$ 200,000				200,000
Redemption payable					$ 500,000	$ 200,000
After One Year
Commitments And Contingencies [Line Items]
Redemption percentage					90%
After Two Years Purchase Date
Commitments And Contingencies [Line Items]
Redemption percentage					92.50%
After Three Years Purchase Date
Commitments And Contingencies [Line Items]
Redemption percentage					95%
After Four Years Purchase Date
Commitments And Contingencies [Line Items]
Redemption percentage					100%
Class Y Common Stock
Commitments And Contingencies [Line Items]
Price per share								$ 9.3
Class Z Common Stock
Commitments And Contingencies [Line Items]
Price per share								9.3
Class A Shares, Class P Shares, Class T Shares, Class W Shares, Class Y Shares, and Class Z Shares
Commitments And Contingencies [Line Items]
Estimated value per share under distribution reinvestment plan							$ 10
Subsequent Event | Distribution | Accounts Payable and Accrued Liabilities
Commitments And Contingencies [Line Items]
Redemption fulfilled	$ 500,000
Distribution Reinvestment Plan
Commitments And Contingencies [Line Items]
Gross proceeds through distribution reinvestment plan offering					$ 11,500,000
Amendment, suspension or termination period for distribution reinvestment plan					10 days
Distribution Reinvestment Plan | Class P Common Stock
Commitments And Contingencies [Line Items]
Price per share								9.3
Issuance of shares for distribution reinvestment plan (in shares)					800,000
Distribution Reinvestment Plan | Class A Common Stock
Commitments And Contingencies [Line Items]
Price per share								9.3
Issuance of shares for distribution reinvestment plan (in shares)					100,000
Distribution Reinvestment Plan | Class T Common Stock
Commitments And Contingencies [Line Items]
Price per share								9.3
Issuance of shares for distribution reinvestment plan (in shares)					200,000
Distribution Reinvestment Plan | Class W Common Stock
Commitments And Contingencies [Line Items]
Price per share								$ 9.3
Issuance of shares for distribution reinvestment plan (in shares)					31,000
Distribution Reinvestment Plan | Class Y Common Stock
Commitments And Contingencies [Line Items]
Issuance of shares for distribution reinvestment plan (in shares)					38,000
Distribution Reinvestment Plan | Class Z Common Stock
Commitments And Contingencies [Line Items]
Issuance of shares for distribution reinvestment plan (in shares)					2,100
Share Redemption Program
Commitments And Contingencies [Line Items]
Amendment, suspension or termination period of share					30 days
Maximum weighted average number of shares outstanding percentage					5%
Share issued					0
Shares issued under distribution reinvestment plan					0
Conversion of units							$ 10
Share Redemption Program | Minimum
Commitments And Contingencies [Line Items]
Shareholders share holding period					1 year
Share Redemption Program | Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z Shares in Primary Offering
Commitments And Contingencies [Line Items]
Redemption percentage			93%
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
Advisor purchased initial investment in operating partnership					$ 202,000
Pursuant to Second Amended and Restated DRP
Commitments And Contingencies [Line Items]
Sales commission or dealer manager fee payable					$ 0
Pursuant to Second Amended and Restated DRP | Class A Shares, Class P Shares, Class T Shares, Class W Shares, Class Y Shares, and Class Z Shares
Commitments And Contingencies [Line Items]
Purchase price for shares					$ 9.3

Declaration of Distributions -

Declaration of Distributions - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares
Class A Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock daily distribution declared	$ 0.001693
Common stock daily distribution declared date	Sep. 27, 2024
Cash distribution record date start	Oct. 01, 2024
Cash distribution, description	On September 27, 2024, our board of directors declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024.
Cash distribution record date end	Dec. 31, 2024
Class T Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock daily distribution declared	$ 0.001693
Common stock daily distribution declared date	Sep. 27, 2024
Cash distribution record date start	Oct. 01, 2024
Cash distribution, description	On September 27, 2024, our board of directors declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024.
Cash distribution record date end	Dec. 31, 2024
Class T shares, net of stockholder servicing fee	$ 0.001439
Class W Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock daily distribution declared	$ 0.001693
Common stock daily distribution declared date	Sep. 27, 2024
Cash distribution record date start	Oct. 01, 2024
Cash distribution, description	On September 27, 2024, our board of directors declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024.
Cash distribution record date end	Dec. 31, 2024
Class W shares, net of dealer manager servicing fee	$ 0.001566
Class P Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock daily distribution declared	$ 0.001693
Common stock daily distribution declared date	Sep. 27, 2024
Cash distribution record date start	Oct. 01, 2024
Cash distribution, description	On September 27, 2024, our board of directors declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024.
Cash distribution record date end	Dec. 31, 2024
Class Y Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock daily distribution declared	$ 0.001693
Common stock daily distribution declared date	Sep. 27, 2024
Cash distribution record date start	Oct. 01, 2024
Cash distribution, description	On September 27, 2024, our board of directors declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024.
Cash distribution record date end	Dec. 31, 2024
Class T shares, net of stockholder servicing fee	$ 0.001439
Class Z Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock daily distribution declared	$ 0.001693
Common stock daily distribution declared date	Sep. 27, 2024
Cash distribution record date start	Oct. 01, 2024
Cash distribution, description	On September 27, 2024, our board of directors declared a daily distribution rate of approximately $0.001693 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on October 1, 2024 and ending December 31, 2024.
Cash distribution record date end	Dec. 31, 2024
Class W shares, net of dealer manager servicing fee	$ 0.001566

Potential Acquisitions - Additi

Potential Acquisitions - Additional Information (Detail) - Potential Acquisition of Scarborough Property - CAD ($)		9 Months Ended
	Jul. 15, 2021	Sep. 30, 2024
Business Acquisition [Line Items]
Purchase and sale agreement execution date		Jul. 15, 2021
Purchase price for potential business acquisition	$ 3,000,000
Potential business acquisition description		We expect to fund the acquisition of the Scarborough Property with a combination of net proceeds from our Primary Offering and/or potential future debt financing. If we fail to complete the acquisition, we may forfeit CAD $450,000 in earnest money deposits.
Earnest money may be forfeited upon failure of acquisition	$ 450,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) shares in Millions		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Gross proceeds from issuance of common stock		$ 27,817,484	$ 26,556,995
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with offering	11.2
Gross proceeds from issuance of common stock	$ 107,200,000
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with offering	3.4
Gross proceeds from issuance of common stock	$ 34,300,000
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with offering	5.4
Gross proceeds from issuance of common stock	$ 53,200,000
Subsequent Event | Class W Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with offering	0.7
Gross proceeds from issuance of common stock	$ 6,600,000
Subsequent Event | Class Y Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with offering	3.5
Gross proceeds from issuance of common stock	$ 33,200,000
Subsequent Event | Class Z Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with offering	0.3
Gross proceeds from issuance of common stock	$ 3,000,000