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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 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, 2022 and the three months ended March 31, 2023, as well as any related amounts payable as of December 31, 2022 and March 31, 2023:


	Year Ended December 31, 2022						Three Months Ended March 31, 2023
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	1,242,655	$	1,260,896	$	68,751	$	365,330	$	353,080	$	81,001
Additional paid-in capital
Transfer Agent expenses		100,000		100,000		—		—		—		—
Stockholder servicing fee		53,660		209,980		—		—		—		—
Other
Other		—		—		340,979		—		—		340,979
Total	$	1,396,315	$	1,570,876	$	409,730	$	365,330	$	353,080	$	421,980

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three months ended March 31, 2023 and 2022:


	Three Months Ended
	March 31,
Managed REIT Platform Revenues	2023		2022
Asset Management:
SSGT II(1)	$	—	$	471,526
SST VI		592,122		155,332
SSGT III		171,407		—
		763,529		626,858
Property Management:
SSGT II(1)		—		190,402
SST VI		231,222		79,050
SSGT III		54,315		—
JV Properties		171,895		103,163
		457,432		372,615
Tenant Protection Program:
SSGT II(1)		—		160,205
SST VI		142,596		49,444
SSGT III		14,708		—
JV Properties		58,329		44,228
		215,633		253,877
Acquisition Fees:
SST VI		542,681		400,000
SSGT III		157,000		—
		699,681		400,000
Other Managed REIT revenue(2)		140,260		155,746
Total Managed REIT Platform Revenue	$	2,276,535	$	1,809,096

(1)

On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

(2)

Such revenue primarily includes other property management related fees, construction management fees, development fees, and other miscellaneous revenues.

SST VI

The following table summarizes the carrying value of our investments in and advances to SST VI as of March 31, 2023 and December 31, 2022:



Receivables:	As of March 31, 2023		As of December 31, 2022
Receivables and advances due	$	5,736,245	$	1,828,989
Debt:
SST VI Mezzanine Loan(1)		50,000,000		35,000,000
Equity:
SST VI OP Units and SST VI SLP		2,784,604		3,221,410
Preferred Units in SST VI OP(2)		15,000,000		—
Total investments in and advances	$	73,520,849	$	40,050,399

(1) As of March 31, 2023 and December 31, 2022, $5.0 million and $20.0 million, respectively, was available to be drawn on the SST VI Mezzanine Loan. On May 2, 2023, SST VI fully repaid the outstanding principal, plus all applicable accrued interest due on the SST VI Mezzanine Loan as of such date for a total amount of approximately $51.7 million.

(2) On May 2, 2023, SST VI fully redeemed SmartStop's preferred investment of 600,000 Series A Cumulative Redeemable Preferred units of limited partnership interest in SST VI OP, and repaid accrued distributions due as of the date of redemption for a total amount of approximately $15.1 million.

SSGT III OP

The following table summarizes the carrying value of our investments in and advances to SSGT III OP as of March 31, 2023 and December 31, 2022:



Receivables:	As of March 31, 2023		As of December 31, 2022
Receivables and advances due	$	299,156	$	156,081
Debt:
SSGT III Mezzanine Loan(1)		-		17,500,000
Equity:
SSGT III OP Units and SSGT III SLP		4,402,344		4,664,687
Total investments in and advances	$	4,701,500	$	22,320,768

(1) As of March 31, 2023 and December 31, 2022, $17.5 million was available to be drawn on the SSGT III Mezzanine Loan.