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Related Party Transactions (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2023 and 2022, as well as any related amounts payable as of December 31, 2023 and 2022.


	Year Ended December 31, 2022						Year Ended December 31, 2023
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	1,242,655	$	1,260,896	$	68,751	$	1,479,254	$	1,473,005	$	75,000
Additional paid-in capital
Transfer Agent expenses		100,000		100,000		—		—		—		—
Stockholder servicing fee(1)		53,660		209,980		—		—		—		—
Other
Other		—		—		340,979		—		—		340,980
Total	$	1,396,315	$	1,570,876	$	409,730	$	1,479,254	$	1,473,005	$	415,980

(1)

We paid our Dealer Manager 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 sold in the Primary Offering. The amount incurred during the year ended December 31, 2022 represents an adjustment to the estimated stockholder servicing fee recorded at the time of the sale of the Class T Shares, based on the cessation date of such stockholder servicing fee of March 31, 2022.

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the years ended December 31, 2023, 2022, and 2021:


Managed REIT Platform Revenues	Year Ended December 31, 2023			Year Ended December 31, 2022		Year Ended December 31, 2021
Asset Management Fees:
SST IV(1)	$	—		$	—	$	716,278
SSGT II(2)		—			798,395		1,843,769
SST VI		3,420,040			1,348,314		178,282
SSGT III		1,017,194			145,622		—
		4,437,234			2,292,331		2,738,329
Property Management Fees:
SST IV(1)		—			—		346,179
SSGT II(2)		—			407,706		709,533
SST VI		1,243,056			551,493		99,602
SSGT III		358,494			62,426		—
JV Properties		738,408			432,944		116,984
		2,339,958			1,454,569		1,272,298
Tenant Protection Program Fees:
SST IV(1)		—			—		285,959
SSGT II(2)		—			250,156		636,671
SST VI		841,582			396,758		158,662
SSGT III		186,109			8,119		—
JV Properties		271,221			186,658		51,185
		1,298,912			841,691		1,132,477
Acquisition Fees:
SST VI		2,470,497			1,846,168		649,623
SSGT III		837,000			846,000		—
		3,307,497			2,692,168		649,623
Other Managed REIT Fees(3)		556,353			538,457		530,243
Managed REIT Platform Fees		11,939,954			7,819,216		6,322,970
Sponsor funding reduction (4)		(33,643	)		—		—
Total Managed REIT Platform Revenues	$	11,906,311		$	7,819,216	$	6,322,970

(1)

On March 17, 2021, we acquired SST IV and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SST IV is now included in ancillary operating revenue in our consolidated statements of operations.

(2)

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.

(3)

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

(4)

Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return receives Series C Units in SST VI's OP. The excess of the funding over the value of the Series C Units received is accounted for as a reduction of Managed REIT Platform revenues from SST VI over the remaining estimated term of the management contracts with SST VI.

SST VI

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


	As of December 31,
Receivables:	2023		2022
Receivables and advances due	$	5,861,326	$	1,828,990
Debt:
SST VI Mezzanine Loan		-		35,000,000
SST VI Note		15,000,000		-
Equity:
SST VI OP Units and SST VI SLP		1,932,357		3,221,410
SST VI Class C Subordinated Units		3,306,494		-
Total investments in and advances	$	26,100,177	$	40,050,400

SSGT III OP

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


	As of December 31,
Receivables:	2023		2022
Receivables and advances due	$	628,710	$	156,082
Debt:
SSGT III Mezzanine Loan(1)		4,000,000		17,500,000
Equity:
SSGT III OP Units and SSGT III SLP		3,661,978		4,664,687
Total investments in and advances	$	8,290,688	$	22,320,769

(1) As of December 31, 2023, $1.5 million was available to be drawn on the SSGT III Mezzanine Loan.