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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
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 (in thousands):
Balance as of December 31, 2022 |  | $ | — |
Amounts incurred |  |  | 3,527 |
Recorded sponsor funding reduction |  |  | (34 | )
Balance as of December 31, 2023 |  | $ | 3,493 |
Amounts incurred |  |  | 1,210 |
Recorded sponsor funding reduction |  |  | (844 | )
Balance as of December 31, 2024 |  | $ | 3,859 |
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 our fixed rate debt which are not carried at fair value as of December 31, 2024 and 2023 (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Fair Value |  |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |
Fixed Rate Secured Debt |  | $ | 531,400 |  |  | $ | 554,348 |  |  | $ | 505,700 |  |  | $ | 523,019 |
Schedule of Assets and Liabilities Measured at Fair Value | The tables below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, and 2023, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):
|  | Fair Value Measurements at December 31, 2024 Using |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant unobservable Inputs (Level 3) |
Interest Rate Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | 1,523 |  |  | $ | — |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 6,591 |  |  | $ | — |
Foreign Currency Hedges |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | 4,667 |  |  | $ | — |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 39 |  |  | $ | — |
|  | Fair Value Measurements at December 31, 2023 Using |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant unobservable Inputs (Level 3) |
Interest Rate Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | 3,485 |  |  | $ | — |
Foreign Currency Hedges |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 985 |  |  | $ | — |
Schedule of Computation of Earnings Per Common Share | The computation of earnings per common share is as follows for the periods presented (amounts presented in thousands, except share and per share data):
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net income (loss) |  | $ | (5,887 | ) |  | $ | 11,647 |  |  | $ | 21,669 |
Net (income) loss attributable to noncontrolling interests |  |  | 266 |  |  |  | (1,893 | ) |  |  | (2,847 | )
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. |  |  | (5,621 | ) |  |  | 9,754 |  |  |  | 18,822 |
Less: Distributions to preferred stockholders |  |  | (12,758 | ) |  |  | (12,500 | ) |  |  | (12,500 | )
Less: Distributions to participating securities |  |  | (451 | ) |  |  | (369 | ) |  |  | (286 | )
Net income (loss) attributable to common stockholders for basic computations: |  |  | (18,830 | ) |  |  | (3,115 | ) |  |  | 6,036 |
Net income (loss) attributable to common stockholders for diluted computations: |  | $ | (18,830 | ) |  | $ | (3,115 | ) |  | $ | 6,036 |
Weighted average Class A and Class T shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Average number of Class A and Class T shares outstanding- basic |  |  | 24,139,414 |  |  |  | 24,201,985 |  |  |  | 22,984,794 |
Unvested LTIP Units |  |  | — |  |  |  | — |  |  |  | — |
Unvested restricted stock awards |  |  | — |  |  |  | — |  |  |  | 29,317 |
Average number of Class A and Class T shares outstanding - diluted |  |  | 24,139,414 |  |  |  | 24,201,985 |  |  |  | 23,014,111 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.78 | ) |  | $ | (0.13 | ) |  | $ | 0.26 |
Diluted |  | $ | (0.78 | ) |  | $ | (0.13 | ) |  | $ | 0.26 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Equivalent Shares (if converted) |  |  | Equivalent Shares (if converted) |  |  | Equivalent Shares (if converted) |
Series A Convertible Preferred Stock |  |  | 4,690,432 |  |  |  | 4,690,432 |  |  |  | 4,690,432 |
Class A and Class A-1 OP Units |  |  | 3,303,204 |  |  |  | 3,210,002 |  |  |  | 2,916,924 |
Unvested LTIP Units |  |  | 97,341 |  |  |  | 103,385 |  |  |  | 98,214 |
Unvested restricted stock awards |  |  | 6,779 |  |  |  | 14,993 |  |  |  | — |
|  |  | 8,097,756 |  |  |  | 8,018,812 |  |  |  | 7,705,570 |

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