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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Summary of sponsorship funding payments | Below is a summary of the portion of sponsorship funding payments which exceeds the fair value of the Series C Units received, and is recorded pursuant to ASC 606 as described above:
Balance as of December 31, 2022 |  | $ | — |
Amounts incurred |  |  | 3,526,927 |
Recorded sponsor funding reduction |  |  | (33,643 | )
Balance as of December 31, 2023 |  | $ | 3,493,284 |
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 December 31, 2023 and 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 December 31, 2023 and 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.
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Fair Value |  |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |
Fixed Rate Secured Debt |  | $ | 505,700,000 |  |  | $ | 523,018,512 |  |  | $ | 410,600,000 |  |  | $ | 442,672,020 |
Schedule of Assets and Liabilities Measured at Fair Value | The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, 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 Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant unobservable Inputs (Level 3) |
Other assets - interest rate derivatives |  | $ | — |  |  | $ | 3,485,281 |  |  | $ | — |
Accounts payable and accrued liabilities - foreign currency hedges |  | $ | — |  |  | $ | 985,412 |  |  | $ | — |
Schedule of Computation of Earnings Per Common Share | The computation of earnings per common share is as follows for the periods presented:
| For the Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Net income (loss) | $ | 11,646,760 |  |  | $ | 21,669,452 |  |  | $ | (19,564,718 | )
Net (income) loss attributable to noncontrolling interests |  | (1,892,458 | ) |  |  | (2,847,572 | ) |  |  | 2,663,123 |
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. |  | 9,754,302 |  |  |  | 18,821,880 |  |  |  | (16,901,595 | )
Less: Distributions to preferred stockholders |  | (12,500,000 | ) |  |  | (12,500,000 | ) |  |  | (12,500,000 | )
Less: Distributions to participating securities |  | (368,854 | ) |  |  | (285,796 | ) |  |  | (246,109 | )
Net income (loss) attributable to common stockholders for basic computations: |  | (3,114,552 | ) |  |  | 6,036,084 |  |  |  | (29,647,704 | )
Net income (loss) attributable to common stockholders for diluted computations: | $ | (3,114,552 | ) |  | $ | 6,036,084 |  |  | $ | (29,647,704 | )
Weighted average Class A and Class T shares outstanding: |  |  |  |  |  |  |  |
Average number of Class A and Class T shares outstanding- basic |  | 96,807,939 |  |  |  | 91,939,172 |  |  |  | 79,438,374 |
Unvested LTIP Units |  | — |  |  |  | — |  |  |  | — |
Unvested restricted stock awards |  | — |  |  |  | 117,266 |  |  |  | — |
Average number of Class A and Class T shares outstanding - diluted |  | 96,807,939 |  |  |  | 92,056,438 |  |  |  | 79,438,374 |
Earnings per common share: |  |  |  |  |  |  |  |
Basic | $ | (0.03 | ) |  | $ | 0.07 |  |  | $ | (0.37 | )
Diluted | $ | (0.03 | ) |  | $ | 0.07 |  |  | $ | (0.37 | )
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 Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
| Equivalent Shares (if converted) |  |  | Equivalent Shares (if converted) |  |  | Equivalent Shares (if converted) |
Series A Convertible Preferred Stock |  | 18,761,726 |  |  |  | 18,761,726 |  |  |  | 18,761,726 |
Class A and Class A-1 OP Units |  | 12,840,007 |  |  |  | 11,667,696 |  |  |  | 10,097,549 |
Unvested LTIP Units |  | 413,538 |  |  |  | 392,856 |  |  |  | 179,344 |
Unvested restricted stock awards |  | 59,973 |  |  |  | — |  |  |  | 105,476 |
|  | 32,075,244 |  |  |  | 30,822,278 |  |  |  | 29,144,095 |

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