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Summary of Significant Accounting Policies (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
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
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 September 30, 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 September 30, 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.
 
    
September 30, 2023
     
December 31, 2022
  
    
Fair Value
     
Carrying Value
     
Fair Value
     
Carrying Value
  
Fixed Rate Secured Debt
   
$
398,500,000
     
$
440,716,667
     
$
410,600,000
     
$
442,672,020
  
The table below summarizes the carrying amounts and fair values of financial instruments that are not carried at fair value as of
December 31, 2022
and
2021
. 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, 2022
and
2021
, 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, 2022
     
December 31, 2021
  
    
Fair Value
     
Carrying Value
     
Fair Value
     
Carrying Value
  
Fixed Rate Secured Debt
   
$
 410,600,000     
$
 442,672,020     
$
 353,600,000     
$
 340,967,113  
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
September 30,
    
For the Nine Months Ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
Net income
  
$
2,978,726
    
$
2,246,524
    
$
9,290,680
    
$
19,529,105
  
Net income attributable to noncontrolling interests
    
(463,844
) 
    
(366,047
) 
    
(1,573,727
) 
    
(2,528,010
) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income attributable to SmartStop Self Storage REIT, Inc.
  
 
2,514,882
 
  
 
1,880,477
 
  
 
7,716,953
 
  
 
17,001,095
 
Less: Distributions to preferred stockholders
    
(3,150,685
) 
    
(3,150,684
) 
    
(9,349,315
) 
    
(9,349,315
) 
Less: Distributions to participating securities
    
(92,813
) 
    
(72,260
) 
    
(276,041
) 
    
(213,535
) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to common stockholders for basic computations:
  
 
(728,616
) 
  
 
(1,342,467
) 
  
 
(1,908,403
) 
  
 
7,438,245
 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to common stockholders for diluted computations:
  
$
(728,616
) 
  
$
(1,342,467
) 
  
$
(1,908,403
) 
  
$
7,438,245
 
 
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average Class A and Class T shares outstanding:
        
Average number of Class A and Class T shares outstanding- basic
  
 
96,837,584
 
  
 
96,786,669
 
  
 
96,824,500
 
  
 
90,305,337
 
Unvested LTIP Units
    
—  
      
—  
      
—  
      
—  
  
Unvested restricted stock awards
    
—  
      
—  
      
—  
      
120,328
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Average number of Class A and Class T shares outstanding- diluted
  
 
96,837,584
 
  
 
96,786,669
 
  
 
96,824,500
 
  
 
90,425,665
 
Earnings per common share:
        
Basic
  
$
(0.01
) 
  
$
(0.01
) 
  
$
(0.02
) 
  
$
0.08
  
Diluted
  
$
(0.01
) 
  
$
(0.01
) 
  
$
(0.02
) 
  
$
0.08
  
The computation of earnings per common share is as follows for the periods presented:
 
    
For the Year Ended December 31,
  
    
2022
    
2021
    
2020
  
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
  
  
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to SmartStop Self Storage REIT, Inc.
   
 
18,821,880
 
  
 
(16,901,595
) 
  
 
(44,304,872
) 
Less: Distributions to preferred stockholders
     
(12,500,000
) 
    
(12,500,000
) 
    
(10,049,522
) 
Less: Distributions to participating securities
     
(285,796
) 
    
(246,109
) 
    
(135,836
) 
Net income (loss) attributable to common stockholders - basic:
   
 
6,036,084
 
  
 
(29,647,704
) 
  
 
(54,490,230
) 
  
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to common stockholders - diluted:
   
$
6,036,084
 
  
$
(29,647,704
) 
  
$
(54,490,230
) 
  
 
 
    
 
 
    
 
 
  
Weighted average common shares outstanding:
       
Average number of common shares outstanding-basic
   
 
91,939,172
 
  
 
79,438,374
 
  
 
59,616,407
 
Unvested LTIP Units
     
—  
      
—  
      
—  
  
Unvested restricted stock awards
     
117,266
      
—  
      
—  
  
  
 
 
    
 
 
    
 
 
  
Average number of common shares outstanding - diluted
   
 
92,056,438
 
  
 
79,438,374
 
  
 
59,616,407
 
Earnings per common share:
       
Basic
   
$
0.07
    
$
(0.37
) 
  
$
(0.91
) 
Diluted
   
$
0.07
    
$
(0.37
) 
  
$
(0.91
) 
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
September 30,
     
For the Nine Months Ended
September 30,
  
    
2023
     
2022
     
2023
     
2022
  
    
Equivalent
Shares
(if converted)
     
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
       
18,761,726
  
Class A and Class
A-1
OP Units
     
12,864,174
       
12,131,585
       
12,831,077
       
11,354,513
  
Unvested LTIP Units
     
443,655
       
425,126
       
378,665
       
370,318
  
Unvested restricted stock awards
     
36,200
       
89,190
       
65,121
       
—  
  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
32,105,755
       
31,407,627
       
32,036,589
       
30,486,557
  
  
 
 
     
 
 
     
 
 
     
 
 
  
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,
  
  
 
 
     
 
 
     
 
 
  
  
2022
     
2021
     
2020
  
    
Equivalent Shares
(if converted)
     
Equivalent Shares
(if converted)
     
Equivalent Shares
(if converted)
  
Class A and
Class A-1
OP Units
     
11,667,696
       
10,097,549
       
9,095,029
  
Series A Convertible Preferred Stock
     
18,761,726
       
18,761,726
       
14,917,110
  
LTIP Units
     
392,856
       
179,344
       
46,449
  
Restricted Stock Awards
     
—  
       
105,476
       
81,290
  
  
 
 
     
 
 
     
 
 
  
    
30,822,278
       
29,144,095
       
24,139,878