XML 25 R4.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:      
Total revenues $ 212,643,094 $ 168,764,571 $ 124,024,363
Operating expenses:      
General and administrative 28,253,905 23,265,196 16,471,199
Depreciation 49,417,679 40,946,406 32,294,627
Intangible amortization expense 15,200,854 12,422,205 9,777,116
Acquisition expenses 888,009 934,838 1,366,092
Contingent earnout adjustment 1,514,447 12,619,744 (2,500,000)
Impairment of goodwill and intangible assets 0 0 36,465,732
Impairment of investments in Managed REITs 0 0 4,376,879
Write-off of equity interest and preexisting relationships upon acquisition of control 2,049,682 8,389,573 0
Total operating expenses 162,875,473 152,435,452 145,164,573
Gain on equity interests upon acquisition 16,101,237   0
Gain on sale of real estate 0 178,631 0
Income (loss) from operations 65,868,858 16,507,750 (21,140,210)
Other income (expense):      
Interest expense (41,511,911) (33,383,604) (36,053,312)
Net loss on extinguishment of debt (2,393,475) (2,444,788) 0
Other, net (848,805) (2,055,351) 160,461
Income tax (expense) benefit 554,785 1,811,275 5,826,258
Net income (loss) 21,669,452 (19,564,718) (51,206,803)
Net (income) loss attributable to noncontrolling interests (2,847,572) 2,663,123 6,901,931
Less: Distributions to preferred stockholders (12,500,000) (12,500,000) (10,049,522)
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders $ 6,321,880 $ (29,401,595) $ (54,354,394)
Net income (loss) per Class A & Class T share - basic $ 0.07 $ (0.37) $ (0.91)
Net income (loss) per Class A & Class T share - diluted $ 0.07 $ (0.37) $ (0.91)
Weighted Average Number of Shares Outstanding, Basic 91,939,172 79,438,374 59,616,407
Weighted Average Number of Shares Outstanding, Diluted 92,056,438 79,438,374 59,616,407
Self Storage Rental Revenue      
Revenues:      
Total revenues $ 191,749,578 $ 150,610,337 $ 104,888,883
Ancillary Operating Revenue      
Revenues:      
Total revenues 8,445,803 7,552,597 5,286,042
Managed REIT Platform Revenue      
Revenues:      
Total revenues 7,819,216 6,322,970 8,048,630
Reimbursable Costs from Managed REITs      
Revenues:      
Total revenues 4,628,497 4,278,667 5,800,808
Operating expenses:      
Operating expenses 4,628,497 4,278,667 5,800,808
Property Operating Expenses      
Operating expenses:      
Operating expenses 58,437,110 48,127,657 38,305,199
Managed REIT Platform Expenses      
Operating expenses:      
Operating expenses $ 2,485,290 $ 1,451,166 $ 2,806,921
Class A Common stock      
Other income (expense):      
Weighted Average Number of Shares Outstanding, Basic 83,857,222 71,454,798 51,813,718
Weighted Average Number of Shares Outstanding, Diluted 83,974,488 71,454,798 51,813,718
Class T Common stock      
Other income (expense):      
Weighted Average Number of Shares Outstanding, Basic 8,081,950 7,983,576 7,802,689
Weighted Average Number of Shares Outstanding, Diluted 8,081,950 7,983,576 7,802,689
Class A and T Common Stock      
Other income (expense):      
Net income (loss) per Class A & Class T share - basic $ 0.07 $ (0.37) $ (0.91)
Net income (loss) per Class A & Class T share - diluted $ 0.07 $ (0.37) $ (0.91)