Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Total revenues $ 31,363,122 $ 29,588,014 $ 91,130,790 $ 79,451,856
Operating expenses:        
General and administrative 4,012,072 3,519,557 11,829,732 7,000,627
Depreciation 8,003,587 7,639,190 23,562,701 21,928,108
Intangible amortization expense 1,587,899 3,741,046 8,475,682 7,822,354
Self administration transaction expenses 0 107,100 0 1,595,371
Acquisition expenses – affiliates 0 0 0 84,061
Other acquisition expenses 468,577 25,529 593,903 109,765
Contingent earnout adjustment 1,600,000 300,000 (5,100,000) 300,000
Impairment of goodwill and intangible assets 0 0 36,465,732 0
Impairment of investments in Managed REITs 0 0 4,376,879 0
Total operating expenses 26,992,137 27,773,486 115,857,438 74,919,300
Operating income (loss) 4,370,985 1,814,528 (24,726,648) 4,532,556
Other income (expense):        
Interest expense (8,093,476) (10,260,936) (24,717,208) (28,584,740)
Interest expense – accretion of fair market value of secured debt 32,788 33,191 98,337 98,850
Interest expense – debt issuance costs (952,479) (1,082,543) (2,832,240) (2,997,801)
Net loss on extinguishment of debt 0 0 0 (1,487,867)
Gain resulting from acquisition of unconsolidated affiliates 0 0 0 8,017,353
Other 185,685 (45,819) 2,914,840 (352,219)
Net loss (4,456,497) (9,541,579) (49,262,919) (20,773,868)
Net loss attributable to the noncontrolling interests in our Operating Partnership 585,360 1,326,753 6,550,455 1,455,039
Less: Distributions to preferred stockholders (2,387,977) 0 (7,112,022) 0
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders (6,259,114) (8,214,826) (49,824,486) (19,318,829)
Self Storage Rental Revenue        
Revenues:        
Total revenues 26,706,201 25,669,615 77,221,013 74,056,235
Ancillary Operating Revenue        
Revenues:        
Total revenues 1,431,952 1,188,934 3,768,213 2,589,985
Managed REIT Platform Revenue        
Revenues:        
Total revenues 2,051,021 1,192,665 5,687,701 1,221,727
Reimbursable Costs from Managed REITs        
Revenues:        
Total revenues 1,173,948 1,536,800 4,453,863 1,583,909
Operating expenses:        
Operating expenses 1,173,948 1,536,800 4,453,863 1,583,909
Property Operating Expenses        
Operating expenses:        
Operating expenses 9,816,774 9,655,599 28,686,843 26,630,201
Property operating expenses – Affiliates        
Operating expenses:        
Operating expenses 0 0 0 6,605,670
Managed REIT Platform Expenses        
Operating expenses:        
Operating expenses $ 329,280 $ 1,248,665 $ 2,512,103 $ 1,259,234
Class A Common stock        
Other income (expense):        
Net loss per share-basic and diluted $ (0.10) $ (0.14) $ (0.84) $ (0.33)
Weighted average shares outstanding-basic and diluted 52,019,749 50,789,174 51,654,459 50,650,524
Class T Common stock        
Other income (expense):        
Net loss per share-basic and diluted $ (0.10) $ (0.14) $ (0.84) $ (0.33)
Weighted average shares outstanding-basic and diluted 7,827,572 7,626,158 7,776,909 7,584,645