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
|