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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2023
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 as follows:
Description |  | Standard Depreciable Life
Land |  | Not Depreciated
Buildings |  | 30-40 years
Site Improvements |  | 7-10 years
Summary of Fixed Rate Notes Payable | The table below summarizes the carrying amounts and fair values of financial instruments that are not carried at fair value as of March 31, 2023 and December 31, 2022. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable rate debt 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 (categorized within Level 2 of 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 March 31, 2023 and December 31, 2022, we believe the carrying amounts 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.
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Fair Value |  |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |
Fixed Rate Secured Debt |  | $ | 424,500,000 |  |  | $ | 442,004,515 |  |  | $ | 410,600,000 |  |  | $ | 442,672,020 |
Schedule of Computation of Earnings Per Common Share | The computation of earnings per common share is as follows for the periods presented:
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Net income |  | $ | 2,032,600 |  |  | $ | 3,269,459 |
Net income attributable to noncontrolling interests |  |  | (340,365 | ) |  |  | (403,822 | )
Net income attributable to SmartStop Self Storage REIT, Inc. |  |  | 1,692,235 |  |  |  | 2,865,637 |
Less: Distributions to preferred stockholders |  |  | (3,082,192 | ) |  |  | (3,082,192 | )
Less: Distributions to participating securities |  |  | (92,343 | ) |  |  | (71,368 | )
Net loss attributable to common stockholders - basic: |  |  | (1,482,300 | ) |  |  | (287,923 | )
Net loss attributable to common stockholders - diluted: |  | $ | (1,482,300 | ) |  | $ | (287,923 | )
Weighted average common shares outstanding: |  |  |  |  |  |
Average number of common shares outstanding- basic |  |  | 96,820,723 |  |  |  | 85,017,745 |
Average number of common shares outstanding - diluted |  |  | 96,820,723 |  |  |  | 85,017,745 |
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | (0.02 | ) |  | $ | (0.00 | )
Diluted |  | $ | (0.02 | ) |  | $ | (0.00 | )
Summary of Antidilutive Shares Excluded from Computation of Earnings per Share | The following table presents the weighted average Series A Convertible Preferred Stock, Class A and Class A-1 OP Units, unvested LTIP Units, 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 two-class, treasury stock or if-converted method, as applicable:
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | Equivalent Shares (if converted) |  |  | Equivalent Shares (if converted) |
Series A Convertible Preferred Stock |  |  | 18,761,726 |  |  |  | 18,761,726 |
Class A and Class A-1 OP Units |  |  | 12,773,507 |  |  |  | 10,416,211 |
Unvested LTIP Units |  |  | 333,106 |  |  |  | 304,762 |
Unvested restricted stock awards |  |  | 81,554 |  |  |  | 126,037 |
|  |  | 31,949,893 |  |  |  | 29,608,736 |

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