Proxy Statement (definitive) (def 14a)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

Check the appropriate box:


☐		Preliminary Proxy Statement

☐		Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒		Definitive Proxy Statement

☐		Definitive Additional Materials

☐		Soliciting Material Pursuant to §240.14a-12

SmartStop Self Storage REIT, Inc.
(Name of Registrant as Specified In Its Charter)


(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒		No fee required.

☐		Fee paid previously with preliminary materials.

☐		Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

LOGO

SMARTSTOP SELF STORAGE REIT, INC.

10 Terrace Road

Ladera Ranch, California 92694

PROXY STATEMENT AND NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Be Held On

Wednesday, June 21, 2023 at 9:00 a.m. (PDT)

To the Stockholders of SmartStop Self Storage REIT, Inc.:

We invite you to attend the annual meeting of stockholders of SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company,” “we,” “our” or “us”). As this meeting will be held virtually, you will be able to attend the annual meeting and vote and submit your questions during the annual meeting via live webcast by visiting https://meetnow.global/M7R9FV5. At the annual meeting, stockholders will be asked to consider and vote upon:

the election of five directors, each to serve until the 2024 annual meeting of stockholders and until his or her successor is elected and qualifies;

the ratification of the appointment of BDO USA, LLP as our independent registered public accounting firm for the year ending December 31, 2023; and

the transaction of such other business as may properly come before the annual meeting or any postponement or adjournment thereof.

Our board of directors has fixed the close of business on March 31, 2023 as the record date for the determination of stockholders entitled to notice of and to vote at the annual meeting or any postponement or adjournment thereof. Only record holders of common stock, consisting of either Class A shares or Class T shares, at the close of business on the record date are entitled to notice of and to vote at the annual meeting.

For further information regarding the matters to be acted upon at the annual meeting, I urge you to carefully read the accompanying proxy statement. If you have questions about these proposals or would like additional copies of the proxy statement, please contact Nicholas Look, our General Counsel and Secretary, via mail at 10 Terrace Road, Ladera Ranch, California 92694 or via telephone at (877) 327-3485.

Whether you own a few or many shares and whether you plan to attend the live webcast or not, it is important that your shares be voted on matters that come before the annual meeting. None of our stockholders own more than 10% of our outstanding shares, so every stockholder’s vote is important to us. To make voting easier for you, you may authorize a proxy to vote your shares in one of three ways: (1) by marking your votes on the enclosed proxy card, signing and dating it, and mailing it in the envelope provided; (2) by completing a proxy card at www.proxy-direct.com; or (3) by telephone at (800) 337-3503. If you sign and return your proxy card without specifying your choices, it will be understood that you wish to have your shares voted in accordance with the recommendations of our board of directors.

You are cordially invited to attend the annual meeting by participating in the live webcast. Whether or not you plan to attend the live webcast, please authorize a proxy to vote your shares using one of the three prescribed methods. Your vote is very important.


				By Order of the Board of Directors,

				/s/ Nicholas M. Look
				Nicholas M. Look
				General Counsel and Secretary

Ladera Ranch, California

April 12, 2023

SMARTSTOP SELF STORAGE REIT, INC.

10 Terrace Road

Ladera Ranch, California 92694

PROXY STATEMENT

Introduction

The accompanying proxy, mailed together with this proxy statement, is solicited by and on behalf of the board of directors of SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”) for use at the annual meeting of our stockholders and at any postponement or adjournment thereof. References in this proxy statement to “we,” “us,” “our,” or like terms also refer to the Company. The mailing address of our principal executive offices is 10 Terrace Road, Ladera Ranch, California 92694. We expect to mail this proxy statement and the accompanying proxy to our stockholders on or about April 14, 2023. Our Annual Report to Stockholders will be mailed on the same date.

QUESTIONS AND ANSWERS

Q:	When and where will the annual meeting be held?

Our 2023 annual meeting of stockholders will be a completely virtual meeting of stockholders, which will be conducted exclusively by webcast. You are entitled to participate in the meeting only if you were a stockholder of the Company as of the close of business on the Record Date (defined below), or if you hold a valid proxy for the meeting. No physical meeting will be held.

You will be able to attend the meeting online and submit your questions during the meeting by visiting https://meetnow.global/M7R9FV5. You also will be able to vote your shares online by attending the meeting by webcast. To participate in the meeting, you will need to log on using the control number from your proxy card or meeting notice. The control number can be found in the shaded box.

The online meeting will begin promptly on June 21, 2023 at 9:00 a.m. (PDT). We encourage you to access the meeting prior to the start time leaving ample time for the check in. Please follow the access instructions as outlined in this proxy statement.

Q:	What if I have trouble accessing the Annual Meeting virtually?

The virtual meeting platform is fully supported across MS Edge, Firefox, Chrome and Safari browsers and devices (desktops, laptops, tablets and cell phones) running the most up-to-date version of applicable software and plugins. Please note that Internet Explorer is no longer supported. Participants should ensure that they have a strong internet connection wherever they intend to participate in the meeting. We encourage you to access the meeting prior to the start time. A link on the meeting page will provide further assistance should you need it or you may call 1-888-724-2416 or 1-781-575-2748.

Q:	What is the purpose of the meeting?

A:	At the meeting, you will be asked to consider and vote upon:

•

the election of five directors, each to serve until the 2024 annual meeting of stockholders and until his or her successor is elected and qualifies;

•

the ratification of the appointment of BDO USA, LLP (“BDO”) as our independent registered public accounting firm for the year ending December 31, 2023; and

•

the transaction of such other business as may properly come before the annual meeting or any postponement or adjournment thereof.

Our board of directors is not aware of any matters that may be acted upon at the meeting other than the matters set forth in the bullet points listed above.

Q:	Who can vote at the meeting?

Stockholders of record, consisting of holders of either Class A shares or Class T shares of our common stock, as of the close of business on March 31, 2023, or the record date (the “Record Date”), are entitled to receive notice of the annual meeting and to vote the shares of common stock that they hold on that date. As of the close of business on the record date, we had approximately 96.8 million shares of common stock issued, outstanding and eligible to vote.

Q:	How many votes do I have?

A:	Each outstanding Class A share and Class T share of common stock entitles its holder to cast one vote with respect to each matter to be voted upon at the annual meeting.

Q:	How can I vote?

A:	If you were a stockholder of record at the close of business on the Record Date, you may vote in person via webcast at the meeting or by proxy. Stockholders have the following three options for submitting their votes by proxy:

•

via mail, by completing, signing, dating and returning your proxy card in the enclosed envelope;

•

via the Internet at www.proxy-direct.com; or

•

via telephone at (800) 337-3503.

Regardless of whether you plan to attend the annual meeting, we encourage you to authorize a proxy to vote your shares in accordance with one of the methods described above. None of our stockholders own more than 10% of our outstanding shares, so every stockholder’s vote is important to us. If you authorize a proxy to vote your shares, you may still attend the annual meeting and vote in person via webcast. If you do so, any previous votes that you submitted, whether by mail, the Internet or telephone, will be superseded by the vote that you cast at the annual meeting.

Q:	How will my proxy be voted?

Shares represented by valid proxies will be voted in accordance with the directions given on the relevant proxy card. If a proxy card is signed and returned without any directions given, the individuals named on the card as proxy holders will vote in accordance with the recommendations of our board of directors as to: (1) the election of directors; and (2) the ratification of the appointment of BDO as our independent registered public accounting firm for the year ending December 31, 2023.

If other matters requiring the vote of our stockholders come before the meeting, the persons named in the proxy card will vote the proxies held by them in their discretion.

Q:	What are the board of directors’ voting recommendations?

A:	Our board of directors recommends that you vote:

(1)

“FOR” each of the nominees to our board of directors;

(2)

“FOR” the ratification of BDO as our independent registered public accounting firm for the year ending December 31, 2023.

Q:	What vote is required to approve each proposal?

A:	Election of Directors. Each director is elected by the affirmative vote of a plurality of all votes cast at the annual meeting, if a quorum is present. Votes are cast either in person via webcast or by proxy. There is no

cumulative voting in the election of our directors. Any shares present but not voted (whether by abstention, broker non-vote, or otherwise) will not count as votes cast on this proposal, and thus will have no effect on the result of the vote on this proposal.

Ratification of Appointment of Independent Accounting Firm. The appointment of BDO as our independent registered public accounting firm for the year ending December 31, 2023 is ratified by the affirmative vote of a majority of the votes cast on the proposal at the annual meeting, if a quorum is present. Votes are cast either in person via webcast or by proxy. Any shares present but not voted (whether by abstention, broker non-vote, or otherwise) will not count as votes cast on this proposal, and thus will have no effect on the result of the vote on this proposal. In the event this matter is not ratified by our stockholders, the Audit Committee will take that fact into consideration, together with such other factors it deems relevant, in determining its next selection of our independent registered public accounting firm.

Q:	What constitutes a “quorum”?

The presence at the annual meeting, in person via webcast or represented by proxy, of stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting constitutes a quorum. There must be a quorum for a meeting to be held. Abstentions and broker non-votes will be counted as present for the purpose of establishing a quorum; however, abstentions and broker non-votes will not be counted as votes cast.

Q:	How can I change my vote or revoke my proxy?

You have the unconditional right to revoke your proxy at any time prior to the voting thereof by submitting a properly executed, later-dated proxy (via mail, the Internet, or telephone), by attending the annual meeting and voting in person via webcast or by written notice addressed to: SmartStop Self Storage REIT, Inc., Attention: Nicholas Look, Secretary, 10 Terrace Road, Ladera Ranch, California 92694.

To be effective, a proxy revocation must be received by us at or prior to the annual meeting.

Q:	Who will bear the costs of soliciting votes for the meeting?

We will bear the entire cost of the solicitation of proxies from our stockholders. We have retained Computershare to assist us in connection with the solicitation of proxies for the annual meeting. We expect to pay Computershare fees of approximately $190,000, plus out-of-pocket expenses, for its basic solicitation services, which include review of proxy materials, dissemination of broker search cards, distribution of proxy materials, solicitation of brokers, banks, and institutional holders, and delivery of executed proxies. In addition to the mailing of these proxy materials, the solicitation of proxies or votes may be made in person via webcast, by telephone or by electronic communication by our directors and officers who will not receive any additional compensation for such solicitation activities. We also expect to incur approximately $41,000 in expenses related to printing of these proxy materials and our annual report. We will also reimburse brokerage houses and other custodians, nominees and fiduciaries for their reasonable out-of-pocket expenses for forwarding proxy solicitation materials to our stockholders.

Q:	What if I receive only one set of proxy materials although there are multiple stockholders at my address?

The SEC has adopted a rule concerning the delivery of documents filed by us with the SEC, including proxy statements and annual reports, which allows us to send a single proxy statement or annual report to any household at which two or more stockholders reside if they share the same last name or we reasonably believe they are members of the same family. This procedure is referred to as “householding.” This rule benefits both you and us. It reduces the volume of duplicate information received at your household and helps us reduce expenses. Each stockholder subject to householding will continue to receive a separate proxy card or voting instruction card.

We will promptly deliver, upon written or oral request, a separate copy of our annual report or proxy statement, as applicable, to a stockholder at a shared address to which a single copy was previously delivered. If you received a single set of disclosure documents this year, but you would prefer to receive your own copy, you may direct requests for separate copies to SmartStop Self Storage REIT, Inc., Attention: Nicholas Look, Secretary, 10 Terrace Road, Ladera Ranch, California 92694, or call us at (877) 327-3485. Also, if your household currently receives multiple copies of disclosure documents and you would like to receive just one set, please contact us at the same address and phone number.

Q:	How do I submit a stockholder proposal for next year’s annual meeting or proxy materials, and what is the deadline for submitting a proposal?

In order for a stockholder proposal to be properly submitted for presentation at our 2024 annual meeting, we must receive written notice of the proposal at our executive offices during the period beginning on November 16, 2023 and ending at 5:00 p.m., local time, on December 15, 2023. If you wish to present a proposal for inclusion in the proxy materials for next year’s annual meeting, we must receive written notice of your proposal at our executive offices no later than December 15, 2023. All proposals must contain the information specified in, and otherwise comply with, our bylaws. Proposals should be sent via registered, certified or express mail to: SmartStop Self Storage REIT, Inc., Attention: Nicholas Look, Secretary, 10 Terrace Road, Ladera Ranch, California 92694. For additional information, see the “Stockholder Proposals” section in this proxy statement.

Q:	Who do I call if I have questions about the meeting?

We have retained Computershare to assist with the proxy process. If you have any questions related to the annual meeting (including the new virtual format) or voting your proxy, you can call Computershare and talk to a live proxy representative toll free at (877) 632-0899 with any proxy related questions.

CERTAIN INFORMATION ABOUT MANAGEMENT

Board of Directors

General

We operate under the direction of our board of directors. Our board of directors is responsible for the management and control of our affairs. Our board of directors consists of H. Michael Schwartz, our Founder, Chief Executive Officer and Chairman of our board of directors, Paula Mathews, and three independent directors, Harold “Skip” Perry (our lead independent director), Timothy S. Morris, and David J. Mueller, each of whom has been nominated by our board of directors for re-election to serve until our 2024 annual meeting of stockholders and until his or her successor is elected and qualifies. For more detailed information on our directors, see the “Executive Officers and Directors” section below. Our board of directors has formed the following three committees: the Audit Committee, the Nominating and Corporate Governance Committee, and the Compensation Committee.

Leadership Structure

We do not currently have a policy to separate the roles of CEO and Chairman of the Board, or Chairman. Rather, our board of directors makes this determination based on relevant facts and circumstances in order to establish a structure that meets our needs at the given time, including, but not limited to, our current size, the size of our board of directors, the participation of our independent directors in the oversight of our operations and strategy, and our position and direction. However, our board of directors established the position of lead independent director to provide for an independent leadership role on the board of directors when the roles of CEO and Chairman are combined. The role of the lead independent director includes, among other things: (i) presiding over executive sessions of the independent directors; (ii) calling meetings of the independent directors as appropriate and setting the agenda; (iii) acting as liaison between the independent directors and the Chairman and CEO; (iv) leading the evaluation of our Chairman and CEO; and (v) responding to and communicating with stockholders on inquiries when appropriate, following consultation with the Chairman and CEO. Our lead independent director is Harold “Skip” Perry, who was appointed as such in April 2022.

Meetings of our Board of Directors

During 2022, our board of directors held nine meetings. Each of our directors attended at least 75% of the meetings of the board of directors and committees on which he or she served.

Director Independence

While our shares are not listed for trading on any national securities exchange, as required by our charter, a majority of the members of our board of directors and each committee of our board of directors are “independent” as determined by our board of directors by applying the definition of “independent” adopted by the NYSE and applicable rules and regulations of the SEC. Our board of directors has determined that Messrs. Morris, Mueller, and Perry each meet the relevant definition of “independent.”

Stockholder Communications with Directors

We have established several means for stockholders to communicate concerns to our board of directors. If the concern relates to our financial statements, accounting practices or internal controls, the concerns should be submitted in writing to the Chairman of the Audit Committee of our board of directors in care of our Secretary at our headquarters address. If the concern relates to our governance practices, business ethics, or corporate conduct, the concern should be submitted in writing to our lead independent director in care of our Secretary at our headquarters address. If a stockholder is uncertain as to which category his or her concern relates, he or she may communicate it in writing to the lead independent director in care of our Secretary. All concerns submitted in care of our Secretary will be delivered to the appropriate individual for handling.

Though we have no formal policy on the matter, we encourage all of the members of our board of directors to attend our annual meeting of stockholders.

Risk Management Role

As part of its oversight role, our board of directors actively supervises the members of our management that are directly responsible for our day-to-day risk management. The board’s risk management role has no impact on its leadership structure. The Audit Committee of our board of directors, which consists of our three independent directors, annually reviews with management our policies with respect to risk assessment and risk management.

Code of Ethics

Our board of directors adopted an amended Code of Ethics and Business Conduct on September 16, 2019 (the “Code of Ethics”), which contains general guidelines applicable to our executive officers, including our principal executive officer, principal financial officer and principal accounting officer, our directors and our employees. We adopted our Code of Ethics with the purpose of promoting the following: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that we file with or submit to the SEC and in other public communications made by us; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting of violations of the Code of Ethics to our Code of Ethics Compliance Officer; and (5) accountability for adherence to the Code of Ethics. A copy of the Code of Ethics is available on our website www.smartstopselfstorage.com under About Us—Investor Relations—Governance.

Audit Committee

General

Our board of directors adopted an amended charter for the Audit Committee on June 26, 2020 (the “Audit Committee Charter”). A copy of the Audit Committee’s charter is available on our website www.smartstopselfstorage.com under About Us—Investor Relations—Governance. The Audit Committee assists our board of directors by: (1) selecting an independent registered public accounting firm to audit our annual financial statements; (2) reviewing with the independent registered public accounting firm the plans and results of the audit engagement; (3) approving the audit and non-audit services provided by the independent registered public accounting firm; (4) reviewing the independence of the independent registered public accounting firm; and (5) considering the range of audit and non-audit fees and reviewing the adequacy of our internal accounting controls. The Audit Committee fulfills these responsibilities primarily by carrying out the activities enumerated in the Audit Committee Charter and in accordance with current laws, rules and regulations.

The members of the Audit Committee are our three independent directors, Messrs. Mueller, Morris and Perry, with Mr. Mueller currently serving as Chairman of the Audit Committee. Our board of directors has determined that Mr. Mueller satisfies the requirements for an “Audit Committee financial expert” and has designated Mr. Mueller as the audit committee financial expert in accordance with applicable SEC rules. The Audit Committee held five meetings during 2022.

Relationship with Principal Auditor

Overview

On the recommendation of the Audit Committee, our board of directors has appointed BDO as our independent registered public accounting firm (“independent auditor”), for the year ending December 31, 2023. Although stockholder ratification of the appointment of our independent auditor is not required by our bylaws or otherwise, we are submitting the selection of BDO to our stockholders for ratification as a matter of good

corporate governance practice. Even if the selection is ratified, the Audit Committee reserves the right to select a new independent auditor at any time in the future in its discretion if it deems such decision to be in the best interests of the Company. Any such decision would be disclosed to our stockholders in accordance with applicable securities laws. If our stockholders do not ratify the Audit Committee’s selection, the Audit Committee will take that fact into consideration, together with such other factors it deems relevant, in determining its next selection of our independent registered public accounting firm.

Representatives of BDO are expected to be present via webcast at the annual meeting and will have an opportunity to make a statement if they desire. The representatives will also be available to respond to appropriate questions from our stockholders.

Pre-Approval Policies

The Audit Committee Charter requires that the Audit Committee pre-approve all auditing services performed for the Company by our independent auditor, as well as all permitted non-audit services (including the fees and terms thereof) in order to ensure that the provision of such services does not impair the auditor’s independence. In determining whether or not to pre-approve services, the Audit Committee considers whether the service is permissible under applicable SEC rules. The Audit Committee may, in its discretion, delegate one or more of its members the authority to pre-approve any services to be performed by our independent auditor, provided such pre-approval is presented to the full Audit Committee at its next scheduled meeting.

All services rendered by BDO for the years ended December 31, 2022 and 2021 were pre-approved in accordance with the policies set forth above.

Fees to Principal Auditor

The Audit Committee reviewed the audit and non-audit services performed by BDO, as well as the fees charged by BDO for such services. The aggregate fees for professional accounting services provided by BDO, including the audit of our annual financial statements, for the years ended December 31, 2022 and 2021, respectively, are set forth in the table below.


	BDO USA, LLP for the Year Ended December 31, 2022		BDO USA, LLP for the Year Ended December 31, 2021
Audit Fees	$	876,308	$	437,306
Audit-Related Fees		—		—
Tax Fees		—		—
All Other Fees		—		—

Total	$	876,308	$	437,306

For purposes of the preceding table, the professional fees are classified as follows:

•

Audit Fees – These are fees for professional services performed for the audit of our annual financial statements and the required review of our quarterly financial statements and other procedures performed by the independent auditors to be able to form an opinion on our financial statements. These fees also cover services that are normally provided by independent auditors in connection with statutory and regulatory filings or engagements, and services that generally only an independent auditor reasonably can provide, such as services associated with filing registration statements, periodic reports and other filings with the SEC.

•

Audit-Related Fees – These are fees for assurance and related services that traditionally are performed by an independent auditor, such as due diligence related to acquisitions and dispositions, audits related to acquisitions, attestation services that are not required by statute or regulation, internal control reviews and consultation concerning financial accounting and reporting standards.

•

Tax Fees – These are fees for all professional services performed by professional staff in our independent auditor’s tax division, except those services related to the audit of our financial statements. These include fees for tax compliance, tax planning and tax advice, including federal, state and local issues. Such services may also include assistance with tax audits and appeals before the Internal Revenue Service (IRS) and similar state and local agencies, as well as federal, state and local tax issues related to due diligence.

•

All Other Fees – These are fees for other permissible work performed that do not meet one of the above-described categories.

Audit Committee Report

Pursuant to the Audit Committee Charter adopted by the board of directors of the Company, the Audit Committee’s primary function is to assist the board of directors in fulfilling its oversight responsibilities by overseeing the independent auditors, the audit and financial reporting process and the system of internal control over financial reporting that management has established and by reviewing the financial information to be provided to the Company’s stockholders and others. The Audit Committee is composed of three independent directors and met five times during the year ended December 31, 2022. Management of the Company has the primary responsibility for the financial statements and the reporting process, including the system of internal control over financial reporting. Membership on the Audit Committee does not call for the professional training and technical skills generally associated with career professionals in the field of accounting and auditing. In addition, the independent auditors devote more time and have access to more information than does the Audit Committee. Accordingly, the Audit Committee’s role does not provide any special assurances with regard to the financial statements of the Company, nor does it involve a professional evaluation of the quality of the audits performed by the independent auditors.

In this context, in fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed the audited financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K with management, including a discussion of the quality and acceptability of the financial reporting and controls of the Company, the reasonableness of significant judgments and the clarity of disclosures in the financial statements.

The Audit Committee discussed with the Company’s independent auditors, who are responsible for expressing an opinion on the conformity of those audited financial statements with U.S. generally accepted accounting principles, their judgments as to the quality and acceptability of the financial reporting and such other matters as are required to be discussed with the Audit Committee under Public Company Accounting Oversight Board (“PCAOB”) Auditing Standard No. 1301, “Communications with Audit Committees.” The Audit Committee also received the written disclosures and the letter from the Company’s independent auditor required by applicable requirements of the PCAOB regarding the independent auditor’s communications with the Audit Committee concerning independence, and has discussed with the independent auditor the independent auditor’s independence.

The Audit Committee discussed with the independent auditors the overall scope and plans for their audit. The Audit Committee meets periodically with the independent auditors, with and without management present, to discuss the results of their examinations and the overall quality of the financial reporting of the Company.

In reliance on these reviews and discussions, the Audit Committee recommended to our board of directors that the audited financial statements of the Company be included in its Annual Report on Form 10-K for the year ended December 31, 2022 for filing with the SEC. Our board of directors subsequently accepted the Audit Committee’s recommendation and approved the Annual Report on Form 10-K for the year ended December 31, 2022 for filing with the SEC.

David J. Mueller (Chairman)

Timothy S. Morris

Harold “Skip” Perry

The preceding Audit Committee Report to stockholders is not “soliciting material” and is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

Nominating and Corporate Governance Committee

General

Our board of directors adopted an amended charter for the Nominating and Corporate Governance Committee on June 26, 2020 (the “Nominating and Corporate Governance Committee Charter”). A copy of the Nominating and Corporate Governance Committee Charter is available on our website www.smartstopselfstorage.com under About Us—Investor Relations—Governance. The Nominating and Corporate Governance Committee’s primary focus is to assist our board of directors in fulfilling its responsibilities with respect to director nominations, corporate governance, board of directors and committee evaluations and conflict resolutions. The Nominating and Corporate Governance Committee assists our board of directors in this regard by: (1) identifying individuals qualified to serve on our board of directors, consistent with criteria approved by our board of directors, and recommending that our board of directors select a slate of director nominees for election by our stockholders at the annual meeting of our stockholders; (2) developing and implementing the process necessary to identify prospective members of our board of directors; (3) determining the advisability of retaining any search firm or consultant to assist in the identification and evaluation of candidates for membership on our board of directors; (4) overseeing an annual evaluation of our board of directors, each of the committees of our board of directors and management; (5) developing and recommending to our board of directors a set of corporate governance principles and policies; (6) periodically reviewing our corporate governance principles and policies and suggesting improvements thereto to our board of directors; and (7) reviewing and approving all transactions between us and any other party that may give rise to a conflict of interest in accordance with Maryland law, except where our charter or Maryland law would require the approval of the board of directors. The Nominating and Corporate Governance Committee fulfills these responsibilities primarily by carrying out the activities enumerated in the Nominating and Corporate Governance Committee Charter and in accordance with current laws, rules, and regulations.

The members of the Nominating and Corporate Governance Committee are our three independent directors, Messrs. Perry, Mueller and Morris, with Mr. Perry serving as Chairman of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee held nine meetings during 2022, which included five meetings of the Nominating and Corporate Governance Committee members as a special committee in connection with the SSGT II merger.

Board of Directors Membership Criteria and Director Selection

The Nominating and Corporate Governance Committee annually reviews with our board of directors the appropriate experience, skills and characteristics required of our directors in the context of the current membership of our board of directors. This assessment includes, in the context of the perceived needs of our board of directors at the time, issues of knowledge, experience, judgment and skills such as an understanding of the real estate industry or brokerage industry or accounting or financial management expertise. Other considerations include the candidate’s independence from conflict with the Company and the ability of the candidate to attend board of directors meetings regularly and to devote an appropriate amount of effort in preparation for those meetings. It also is expected that independent directors nominated by our board of directors shall be individuals who possess a reputation and hold or have held positions or affiliations befitting a director of a publicly held company and are or have been actively engaged in their occupations or professions or are otherwise regularly involved in the business, professional, or academic community.

Though we do not have a formal policy regarding diversity with respect to identifying nominees and overall board composition, our Nominating and Corporate Governance Committee considers the impact of diverse backgrounds and experiences of potential nominees on the effectiveness and quality of our board of directors. As part of its annual review process discussed below, the Nominating and Corporate Governance Committee reviews its own effectiveness in recommending director nominees with diverse backgrounds and experiences relative to any perceived needs in the composition of our board of directors.

While our full board of directors remains responsible for selecting its own nominees and recommending them for election by our stockholders, our board of directors has delegated the screening process necessary to identify qualified candidates to the Nominating and Corporate Governance Committee. Pursuant to our bylaws, however, vacancies in the board may be filled only by a majority of the remaining directors.

The Nominating and Corporate Governance Committee annually reviews director suitability and the continuing composition of our board of directors; it then recommends director nominees who are voted on by our full board of directors. In recommending director nominees to our board of directors, the Nominating and Corporate Governance Committee solicits candidate recommendations from its own members, other directors, and management of the Company. The Committee will also consider suggestions made by stockholders and other interested persons for director nominees who meet the established director criteria. In order for a stockholder to make a nomination, the stockholder must satisfy the procedural requirements for such nomination as provided in our bylaws, which include, among other things, providing the nominee’s name, age, address, and ownership of the Company’s stock. Such nominations must also be accompanied by the written consent of the proposed nominee to be named as a nominee and to serve as a director if elected.

In evaluating the persons nominated as potential directors, the Nominating and Corporate Governance Committee will consider each candidate without regard to the source of the recommendation and take into account those factors that the Nominating and Corporate Governance Committee determines are relevant.

With respect to the current nominees to our board of directors, whose backgrounds and experience are described in greater detail on pages 40-44, our Nominating and Corporate Governance Committee considered all of the factors set forth above in its determination to recommend them for nomination. In particular, our Nominating and Corporate Governance Committee considered (1) H. Michael Schwartz’s active participation in the management of our operations and his experience in the self storage industry, (2) Paula Mathews’s extensive real estate management experience, and particularly self storage experience, across multiple organizations, including our Company and Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor (“SAM”), (3) Timothy S. Morris’s extensive financial and management experience across multiple organizations over more than 30 years, (4) David J. Mueller’s more than 25 years of financial management experience, and (5) Harold “Skip” Perry’s more than 45 years of financial accounting, management and consulting experience in the real estate industry. In addition, the Nominating and Corporate Governance Committee considered these particular aspects of the backgrounds of Messrs. Morris, Mueller and Perry relative to the needs of the committees of our board of directors in determining to recommend them for nomination.

Corporate Governance

Pursuant to the Nominating and Corporate Governance Committee Charter, the Nominating and Corporate Governance Committee developed and recommended a set of formal, written guidelines for corporate governance, which were previously adopted by our full board of directors and amended on June 26, 2020.

The Nominating and Corporate Governance Committee also, from time to time, reviews the governance structures and procedures of the Company and suggests improvements thereto to our full board of directors. Such improvements, if adopted by the full board of directors, will be incorporated into the written guidelines.

Periodic Evaluations

The Nominating and Corporate Governance Committee conducts an annual evaluation of its own performance and oversees the annual evaluations of our directors, each of the other committees of our board of directors, and management.

Conflicts of Interest

The Nominating and Corporate Governance Committee considers and acts upon any conflicts of interest-related matter to the extent permitted by Maryland law. The Nominating and Corporate Governance Committee will evaluate such transactions based upon standards set forth in our Code of Ethics, as well as applicable laws, rules and regulations.

Compensation Committee

General

Our board of directors adopted an amended charter for the Compensation Committee on June 26, 2020 (the “Compensation Committee Charter”). A copy of the Compensation Committee Charter is available on our website www.smartstopselfstorage.com under About Us—Investor Relations—Governance. The Compensation Committee’s primary focus is to assist our board of directors in fulfilling its responsibilities with respect to officer and director compensation. The Compensation Committee assists our board of directors in this regard when necessary by: (1) reviewing and approving our corporate goals with respect to compensation of officers and directors; (2) recommending to our board of directors compensation for all non-employee directors, including board of directors and committee retainers, meeting fees and equity-based compensation; (3) administering and granting equity-based compensation to our employees; and (4) setting the terms and conditions of such equity-based compensation in accordance with our 2022 Long-Term Incentive Plan (the “Equity Incentive Plan”). The Compensation Committee fulfills these responsibilities in accordance with current laws, rules and regulations.

The members of our Compensation Committee are Messrs. Morris, Mueller, and Perry, with Mr. Morris serving as Chairman of the Compensation Committee. The Compensation Committee held five meetings during 2022.

Compensation Committee Interlocks and Insider Participation

For the year ended December 31, 2022, decisions regarding director compensation were made by our Compensation Committee.

No member of the Compensation Committee served as an officer or employee of us or any of our affiliates during 2022, and none had any relationship requiring disclosure by us under Item 404 of Regulation S-K under the Exchange Act. None of our executive officers has served on the board of directors or compensation committee of any other entity that has or has had one or more executive officers who served as a member of our board of directors or our Compensation Committee during the fiscal year ended December 31, 2022.

Compensation Discussion and Analysis

This Compensation Discussion and Analysis describes our compensation program as it relates to our named executive officers (“NEOs”). Our NEOs for 2022 and their titles were:


NAME		TITLE
H. Michael Schwartz		Chief Executive Officer
James R. Barry		Chief Financial Officer
Joe Robinson		Chief Operations Officer
Wayne Johnson		President and Chief Investment Officer
Michael O. Terjung		Chief Accounting Officer

2022 Operational and Financial Highlights to Date

LOGO

⁽¹⁾

Same-store NOI and FFO, as adjusted, are non-GAAP measures and a reconciliation of those measures to the most directly comparable GAAP financial measure is attached to this proxy statement as Appendix A.

Philosophy and Objectives of Our Executive Compensation Program

The philosophy underlying our executive compensation program is to provide an attractive, flexible and market-based total compensation program tied to performance and aligned with the interests of our stockholders. Our objective is to recruit and retain the caliber of executive officers and other key employees necessary to deliver sustained high performance for our stockholders. Our compensation system has been designed to accomplish the following:

•

Retain and hire top-caliber executives: Executives will have market competitive compensation that will allow us to both hire and retain high-caliber individuals.

•

Reward growth and profitability: Executives will be rewarded for achieving both short- and long-term results, particularly focused on sustained growth and profitability that culminates in longer-term value creation for our stockholders.

•

Align compensation with stockholder interests: Fostering an ownership mentality, a meaningful portion of the interests of our executives will be linked with those of our stockholders through the risks and rewards of ownership of our stock.

The following is an overview of the highlights of our compensation structure, and the fundamental compensation policies and practices we do and do not use.

WHAT WE DO

Pay for Performance. We provide alignment between pay and performance by linking a meaningful portion of total compensation to the achievement of multiple operational and strategic goals through our short-term incentive program, as well as relative performance against our direct self storage peers through our long-term incentive program.

Balanced Compensation. We balance overall compensation by linking portions of pay to both annual performance goals as well as multi-year performance goals.

Forward-Looking Long-Term Incentive Compensation Structure. We have implemented a long-term incentive compensation structure that includes forward-looking performance over a multi-year performance period.

Executive Severance Policy. In light of market best practices, we adopted an Executive Severance and Change of Control Plan covering our executives which is overseen by our Compensation Committee.

Independent Compensation Consultant. Our Compensation Committee retained Ferguson Partners Consulting (“FPC”), a nationally recognized compensation consulting firm, to review and provide recommendations regarding our executive compensation program.

Compensation Risk Assessments. With the assistance of FPC, we conduct annual compensation risk assessments to ensure our compensation program does not encourage excessively risky behaviors.

WHAT WE DON’T DO

No Guaranteed Annual Salary Increases or Minimum Bonuses. We do not guarantee annual salary increases (salary increases are made only in the discretion of the Compensation Committee), nor do we pay guaranteed minimum bonuses.

No Excessive Perquisites. We provide limited perquisites to our NEOs that we believe are reasonable and consistent with the philosophy and objectives of our executive compensation program.

No Guaranteed Employment. We do not guarantee terms of employment or base salaries for our NEOs.

Compensation Methodology and Process

Independent Review and Approval of Executive Compensation

Our Compensation Committee is responsible for reviewing and approving corporate goals and objectives related to compensation for our NEOs. The Compensation Committee does not delegate any substantive responsibility related to the compensation of our NEOs and exercises its independent judgment when approving executive compensation. No member of the Compensation Committee is a former or current officer of us or any of our subsidiaries, and all members are independent under current NYSE listing standards.

Our Compensation Committee annually reviews compensation to ensure its alignment with our business strategy, performance, and the interests of our employees and stockholders. In addition, the Compensation Committee reviews market practices for all elements of executive compensation and approves necessary adjustments to remain competitive.

Our Compensation Committee takes into account the aggregate amount and mix of all components of compensation when considering compensation decisions affecting the CEO and the other NEOs. The Compensation Committee considers whether any components of executive compensation might lead to excessive risk taking by management and whether features of the executive compensation program appropriately mitigate risks.

The Role of the Compensation Committee’s Consultant

Our Compensation Committee has sole authority under its committee charter to retain advisors and consultants as it deems appropriate. The Compensation Committee has retained FPC, which specializes in the REIT industry, as its compensation consultant.

FPC attends meetings of the Compensation Committee, reviews compensation data with the committee, and participates in general discussions regarding executive compensation issues. Management works with FPC, at the Compensation Committee’s direction, to develop materials and analysis essential to the committee’s compensation evaluations and determination. FPC regularly participates in executive sessions with the Compensation Committee (without any of our personnel or executives present) to discuss compensation matters.

Role of the Chief Executive Officer

Each year our Chief Executive Officer meets with the Compensation Committee to discuss specific recommendations regarding the base salary, short-term incentive compensation and long-term incentive compensation of each of our NEOs (other than the Chief Executive Officer) and provides further insight into and details of each executive officer’s performance. The other NEOs are not present during these discussions. The Compensation Committee believes it is valuable to consider the recommendations of the Chief Executive Officer with respect to these matters because, given his knowledge of our operations and the day-to-day responsibilities of such NEOs, he is in a unique position to provide the Compensation Committee with added perspective into the most appropriate measures and goals in light of our business at a given point in time. However, the Compensation Committee has the discretion to accept, reject, or modify these recommendations and makes all final determinations on issues within the scope of its authority, including with respect to executive officer compensation. The Chief Executive Officer does not provide his recommendations to the Compensation Committee regarding his own compensation.

Use of Peer Group

To ensure that our executive compensation programs are reasonable and competitive in the marketplace, we compare our compensation programs to the compensation programs of two distinct sets of peers. We examine pay practices across a peer set of public REITs that are (i) similarly sized to us and operate across a range of property types (Size-Based Peer Group) as well as (ii) a smaller peer set of direct competitors focused in the self storage industry of which there are only five (Direct Competitor Peer Group).

PEER GROUP

DESCRIPTION

PURPOSE

Size-Based Peer Group

(13 companies)

Represents public real estate investment trusts of similar size in terms of total capitalization that also have active operations.

To periodically reference and compare our overall compensation practices and amounts against a broader mix of companies to ensure that our compensation practices are reasonable in light of the size of the organization.

PEER GROUP

DESCRIPTION

PURPOSE

Direct Competitor Peer Group

(5 companies)

Represents public real estate investment trusts within the self storage sector with operations that most nearly approximate our business.

To understand how each NEO’s total compensation compares with the total compensation for reasonably similar positions at our most direct competitors in the self storage industry and to assess and calculate performance for certain relative metrics.

The Size-Based Peer Group currently consists of the following companies (sorted by capitalization):


Peer	Ticker	2022 Total Capitalization ($M)
National Storage Affiliates Trust	NSA	$	9,617
Independence Realty Trust, Inc.	IRT	$	6,515
Essential Properties Realty Trust, Inc.	EPRT	$	4,784
Brandywine Realty Trust	BDN	$	3,042
Easterly Government Properties, Inc.	DEA	$	2,724
Armada Hoffler Properties, Inc.	AHH	$	2,357
InvenTrust Properties Corp.	IVT	$	2,355
Centerspace	CSR	$	2,060
UMH Properties, Inc.	UMH	$	1,920
SmartStop Self Storage REIT, Inc.	n/a	$	3,009

Note that both Bluerock Residential Growth REIT, Inc. and Resource REIT, Inc. were part of the size-based peer group that was used for setting compensation in 2022; however, both companies have been acquired, and we have not included them in the table above. Additionally, we utilized American Healthcare REIT, Inc. and Sila Realty Trust, Inc. in our peer group, though as both are non-traded REITs, they have been excluded from the table above. Our 2022 total capitalization is based on the most recent estimated Net Asset Value calculated as of September 30, 2022. The Direct Competitor Peer Group currently consists of the following companies (sorted by capitalization):


Peer	Ticker		2022 Total Capitalization ($M)
Public Storage		PSA	$	60,562
Extra Space Storage Inc.		EXR	$	28,741
CubeSmart		CUBE	$	12,222
Life Storage, Inc.		LSI	$	11,971
National Storage Affiliates Trust		NSA	$	9,617
SmartStop Self Storage REIT, Inc.		n/a	$	3,009

Our Compensation Committee evaluates the median levels of the size-based peer group for compensation as an initial point of reference for setting pay and thereafter considers various qualitative factors for each NEO, such as years of experience, tenure, and historical performance, in arriving at a competitive pay package. Actual compensation paid may fluctuate above or below the median of the peer group based on our performance and the achievement of the goals established by the Compensation Committee for the NEO. The Compensation Committee reviews the peer group annually and make changes as warranted and deemed appropriate by the Compensation Committee.

Alignment of Pay

Our executive compensation program provides significant alignment between pay and performance by linking a meaningful portion of total target compensation to the achievement of financial, operational and strategic goals through our short-term incentive program, as well as rigorous relative portfolio goals through our long-term incentive program. Approximately 80% of the total target compensation delivered to our CEO and 54% delivered to our other NEOs is at risk. The following charts present the allocation of 2022 total target compensation among different components for our Chief Executive Officer and the weighted average of each component for our other NEOs as a group.

CEO Total Target Compensation

Other NEOs Total Target Compensation

Overview of Compensation

On June 28, 2019, we acquired the self storage advisory, asset management, property management and certain joint venture interests of SAM, which included the self storage management team and self storage employees (the “Self Administration Transaction”). During the first full fiscal year following the Self Administration Transaction, we formally adopted our executive compensation program for our executive officers, which was later immaterially revised in connection with fiscal years 2021 and 2022 (the “Executive Compensation Program”). The following table summarizes the specific elements in our Executive Compensation Program, along with the primary objectives of each element. A more detailed discussion of these elements follows this table.

LOGO

⁽¹⁾	NOI is defined as rental and related revenues, less property level operating expenses.

⁽²⁾

Funds from operations, or FFO, is widely used as a key measure of financial performance by REITs. The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write-downs, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In determining FFO, as adjusted, we make further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout

expenses, accretion of fair value of debt adjustments, gains or losses from extinguishment of debt, accretion of deferred tax liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, and to reflect adjustments for unconsolidated partnerships and jointly owned investments. For a reconciliation of FFO and FFO, as adjusted, to net loss, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the year ended December 31, 2022. Management FFO, as adjusted, is defined as FFO, as adjusted, plus adjustments for amortization of debt issuance costs.

Base Salary

Base salary is a portion of the overall compensation package and determined by considering the relative importance of the position, the competitive marketplace and the individual’s performance and contributions based on responsibilities, skills and experience. Base salaries are reviewed annually in light of market practices and changes in responsibilities. Base salaries were established for our executives at the time of the Self Administration Transaction in June 2019 and were maintained in 2020. Base salaries for 2021 and 2022 were updated based on the results of a peer analysis and the approval of the Compensation Committee, which were further updated subsequent to fiscal year end by the Compensation Committee. This Compensation Discussion and Analysis section focuses on the compensation in place during fiscal year 2022.


NEO	TITLE	2020 BASE SALARY ($)		2021 BASE SALARY ($)		2022 BASE SALARY ($)
H. Michael Schwartz	Chief Executive Officer		625,000		625,000		625,000
James R. Barry	Chief Financial Officer		225,000		275,000		300,000
Joe Robinson	Chief Operations Officer		350,000		350,000		375,000
Wayne Johnson	President and Chief Investment Officer		250,000		250,000		290,000
Michael O. Terjung	Chief Accounting Officer		225,000		250,000		275,000

Annual Cash Incentive Awards

The goal of our variable cash incentive program (the “Short-Term Incentive Program”) is to motivate executive officers to achieve strong performance across various financial, operating and strategic goals with the ultimate objective of contributing to longer-term stockholder value based on our annual performance. The Short-Term Incentive Program includes an objective portion that comprises the majority of the overall program and is based on three performance-based metrics with pre-defined hurdles. For purposes of the 2022 Short-Term Incentive Program, same-store NOI (excluding property taxes) and a measure of Management Funds From Operations were included as quantitative metrics. During fiscal year 2020, Managed REIT Assets Under Management (“AUM”) was included as another quantitative metric, but the Compensation Committee eliminated this metric in 2021 in an effort to more focus the incentive around only two key financial metrics. Subsequent to fiscal year end 2022, our Compensation Committee added G&A Expense as a third metric.

While it is important for the majority of the NEO’s annual cash compensation to be determined objectively, we also believe that it is important to have a degree of flexibility and assess performance against goals that may not be precise or quantifiable in nature. Therefore, a relatively smaller portion of the Short-Term Incentive Program is subjectively assessed based on various strategic and individual goals. We provide a range of performance outcomes across each metric. In fiscal year 2022, the performance-based metrics had the potential to be paid at 50%, 100% and 150% of target for the threshold, target and maximum criteria for each metric, which was the same as fiscal year 2021. For fiscal year 2020, performance-based metrics had the potential to be paid at 75%, 100% and 125% of target for the threshold, target and maximum, respectively. For strategic and individual goals, the threshold, target, and maximum levels were set at 75%, 100%, and 125% of target, respectively, for each of fiscal years 2022, 2021 and 2020. To the extent that the level of actual achievement for

strategic and individual goals as well as performance goals falls between the established Threshold, Target and Maximum levels, calculation of the amount of the award is interpolated on a straight-line basis.


2022		2022
Short-Term Incentive Program CEO		Short-Term Incentive Program Other NEOs

The actual bonuses awarded reflect the following components for the CEO and other NEOs:


	METRICS & WEIGHTINGS⁽¹⁾
NAME	SAME-STORE NOI GROWTH, EXCLUDING PROPERTY TAX			MANAGEMENT FFO, AS ADJUSTED			STRATEGIC/ INDIVIDUAL GOALS
H. Michael Schwartz		35	%		35	%		30	%
James R. Barry		30	%		30	%		40	%
Joe Robinson		40	%		20	%		40	%
Wayne Johnson		30	%		30	%		40	%
Michael O. Terjung		30	%		30	%		40	%

⁽¹⁾

The metrics and weightings included in the table above were updated subsequent to fiscal year end 2022, applicable for 2023, as follows: (A) Management FFO, As Adjusted was replaced with FFO, As Adjusted; (B) a new metric called G&A Expense was added: and (B) the weightings were adjusted as follows: Same-Store NOI Growth (25-30%); FFO, As Adjusted (20-30%); and G&A Expense (10%).

Based on the weightings of each criteria, and each NEO’s respective allocations, the threshold, target, and maximum potential bonuses for 2022 were as follows:


NAME	THRESHOLD ($)		TARGET ($)		MAXIMUM ($)
H. Michael Schwartz		388,125		675,000		961,875
James R. Barry		90,000		150,000		210,000
Joe Robinson		105,000		175,000		245,000
Wayne Johnson		90,000		150,000		210,000
Michael O. Terjung		69,000		115,000		161,000

Financial Goals

As shown and noted above, the financial goals component of the 2022 Short-Term Incentive Program included two categories of performance goals. The financial goals established for 2022, the Compensation Committee’s rationale for establishing them, and the performance level approved for each goal are described below:


Financial Goals	Threshold			Target			Maximum			Actual
Same-Store NOI Growth, Excluding Property Tax		7.00	%		7.70	%		8.50	%		14.2	%
Management FFO, as adjusted (per share)	$	0.54		$	0.57		$	0.60		$	0.63

Same-store NOI growth, excluding property tax on an absolute basis was set at:


Threshold	7.00	%
Target	7.70	%
Maximum	8.50	%

Actual	14.2	%

Rationale: The Compensation Committee considers same-store NOI to be an important driver of real estate property values and stockholder value. It also is a metric typically evaluated by investors and analysts and is used by many of our peers to evaluate operating performance. This goal was established by our board of directors based on our budget for 2022 and was discussed with management.

Management FFO, as adjusted (per share) was set at:


Threshold	$	0.54
Target	$	0.57
Maximum	$	0.60

Actual	$	0.63

Rationale: The Compensation Committee considers Management Funds from Operations (“Management FFO”), as adjusted, to be an important indicator of the Company’s overall financial performance. FFO, as adjusted, is a metric typically evaluated by investors and analysts and is used by many of our peers to evaluate performance. Management FFO, as adjusted, is defined as FFO, as adjusted, as disclosed in the Company’s Annual Report on Form 10-K, plus adjustments for amortization of debt issuance costs. This goal was established by our board of directors at the beginning of 2022 based on management’s forecast for 2022 and was discussed with management.

Strategic Goals

Strategic goals are collective operational goals which were recommended by the Chief Executive Officer for approval by the Compensation Committee and the full board of directors. These goals are developed in connection with the annual strategic planning process and represent key plans and initiatives that the Chief Executive Officer believes will drive short-term performance while adding long-term value. The goals and achievement levels are qualitative by nature and are subjectively evaluated by the Compensation Committee at the end of the performance period.

For 2022, the strategic goals for the Company were to maintain internal growth through institutional management of the portfolio, execute on strategic transactions, implement technology across the storage platform, continued expansion in the Canadian market, and Managed REIT growth.

Individual Goals

The Chief Executive Officer recommended individual goals for 2022, which were then submitted for approval by the Compensation Committee and the full board of directors. Individual goals for the NEOs were set at the beginning of 2022 and included the following:

•

H. Michael Schwartz: Explore and evaluate liquidity strategies for stockholders; oversee development and implementation of technology across the Company; Canadian platform expansion; executive team development; Managed REIT Platform equity raise and asset growth

•

James R. Barry, Joe Robinson, Wayne Johnson and Michael O. Terjung: Execute on the Company’s business plan; maintain operational performance across the portfolio; individual team development and succession planning; oversee implementation of technology; and facilitate external growth strategies of the Company.

The following table sets forth the Target annual bonus levels established in February 2022, along with the final determination for fiscal year 2022 actual bonus payments.


NAME	TARGET ($)		ACTUAL CASH BONUS ($)		% OF TARGET
H. Michael Schwartz		675,000		961,875		143	%
James R. Barry		150,000		210,000		140	%
Joe Robinson		175,000		245,000		140	%
Wayne Johnson		150,000		210,000		140	%
Michael O. Terjung		115,000		161,000		140	%

Long-Term Stock Based Compensation

We adopted our long-term incentive program (the “Long-Term Incentive Program”) with the goal of both retaining and motivating our executive officers over a longer-term period. We provide equity incentive awards in order to foster ownership and alignment with stockholders, which is intended to motivate our executive officers to enhance the long-term value of the Company. At the election of each individual executive, such equity awards may come in the form of either long-term incentive plan units (“LTIP Units”) of SmartStop OP, L.P., our operating partnership (our “Operating Partnership”) or restricted stock awards consisting of shares of our common stock (“RSAs”). Although the Compensation Committee does not target a specific mix of equity versus cash compensation when setting awards each year, it does strive to deliver a relatively large portion of the executive officer’s overall compensation in the form of equity.

Key highlights of the Long-Term Incentive Program are as follows:

•

Forward-looking program containing a multi-year performance period and to be awarded on a rolling basis.

•

Awards are determined based upon a fixed dollar amount that is then converted to equity based upon a fair value determination of such equity.

•

Introduces a performance-based element with an award that ranges from 0% to a maximum of 200% of target, with such percentage being determined based upon our relative same-store revenue growth versus our direct self storage competitors over a three-year period.

•

Includes a time-based component, otherwise known as service-vested and subject to continued employment with the Company, which vests pro-rata over four years.

•

For fiscal year 2022 and prior years, awards under the Long-Term Incentive Program were granted with 75% of such award being time-based and 25% being performance-based. Subsequent to fiscal year

end 2022, our Compensation Committee approved changes to the Long-Term Incentive Program such that awards were granted with two-thirds of such award being time-based and one-third being performance-based.

LOGO

The approved grant levels for the NEOs for the 2022-2024 performance period are as follows:


NAME	TIME- BASED AWARDS (75%) ($)		2022-2024 PERFORMANCE-BASED AWARDS (25%)								TOTAL LTIP AWARD AT TARGET ($)
NAME	TIME- BASED AWARDS (75%) ($)		Last Place ($)		5^th Place (Threshold) ($)		3^rd Place (Target) ($)		1^st Place (Maximum) ($)		TOTAL LTIP AWARD AT TARGET ($)
H. Michael Schwartz		1,425,000		0		118,750		475,000		950,000		1,900,000
James R. Barry		150,000		0		12,500		50,000		100,000		200,000
Joe Robinson		150,000		0		12,500		50,000		100,000		200,000
Wayne Johnson		206,250		0		17,188		68,750		137,500		275,000
Michael O. Terjung		131,250		0		10,938		43,750		87,500		175,000

These approved grant levels were updated subsequent to fiscal year end by the Compensation Committee for fiscal year 2023. However, this Compensation Discussion and Analysis section focuses on the compensation in place during fiscal year 2022. NEOs can elect to receive their Long-Term Incentive Program awards as restricted stock or LTIP Units. During 2022, all NEOs elected to receive all of their awards in LTIP Units.

Performance Portion of Our 2022-2024 Long-Term Incentive Awards

The metric approved for the 2022-2024 performance period was a relative 3-year average same-store revenue growth when ranked against a peer group, as follows:

METRIC

0%
PAYOUT

25%
PAYOUT
(THRESHOLD)

65%
PAYOUT

100%
PAYOUT
(TARGET)

150%
PAYOUT

200%
PAYOUT
(MAXIMUM)

Relative 3-Year Average Same-Store Revenue Growth vs. Peer Group

Last Place

5^th Place

4^th Place

3^rd Place

2^nd Place

1^st Place

In order to be counted in the ranking calculation above, a company must be publicly traded for the entire performance period. In the event that one or more of the peer group companies ceases to exist as a separate company or fails to report same store revenues during the performance period, our Compensation Committee may adjust the ranking tiers and/or measure the average annual same store revenue growth for such companies for a period shorter than the performance period in its sole discretion. The peers by which we shall be compared against are: CubeSmart, Extra Space Storage Inc., Life Storage, Inc., National Storage Affiliates Trust, and Public Storage.

Other Elements of Compensation

Our Compensation Committee does not view benefits and perquisites for the NEOs as a key component of our executive compensation program. Accordingly, we do not provide any significant perquisites to our NEOs. We provide the following benefits to all employees: medical, dental, vision and disability insurance, employer contributions toward medical insurance premiums, 401(k) employer match and group life insurance premiums. The NEOs participate in benefit plans on similar terms as our other participating employees, although we pay a larger percentage of NEOs’ medical insurance premiums. However, the total value of these benefit plan premiums remains a small percentage of each NEO’s total compensation package. Under our tax-qualified 401(k) plan, we make a matching contribution on behalf of each participant equal to 100% match on the first 4% of compensation contributed to the plan by the participant up to the federally mandated maximum. The NEOs may participate in the plan on substantially the same terms as our other participating employees. We do not maintain any defined benefit or supplemental retirement plans.

Our Compensation Committee periodically reviews the levels of perquisites and other personal benefits provided to the NEOs and may revise, amend or add to the benefits and perquisites made available to the NEOs in the future if it deems advisable.

Severance Benefits

In order to achieve our compensation objective of attracting, retaining and motivating qualified executives, we believe that we need to provide the NEOs with severance protection. Furthermore, we seek to utilize best practices in developing appropriate protection. As such, in connection with the Self Administration Transaction in June 2019, we adopted an Executive Severance and Change of Control Plan (the “Severance Plan”), rather than using individual employment agreements. Pursuant to the plan, each NEO is entitled to certain severance benefits based on the nature of their termination. See “—Executive Compensation—Severance Plan and Potential Payments Upon Termination or a Change of Control” below for complete details of severance benefits payable to the NEOs upon termination or change of control.

Evaluation of the Risk in Compensation Program

Our Compensation Committee oversees the design of our executive compensation program to ensure that the program does not incentivize our NEOs, either individually or as a group, to make excessively risky business decisions that could maximize short-term results at the expense of long-term value. The Compensation Committee assesses our executive and other compensation and benefits programs to determine if the programs’

provisions and operations promote or create material risks. The Compensation Committee, in consultation with its independent compensation consultant, has established a number of protective features including but not limited to: (1) we do not have uncapped bonus potential, (2) we use multiple metrics in evaluating performance, (3) performance includes both absolute and relative performance, (4) the Compensation Committee retains flexibility and subjectivity in evaluating performance, (5) a meaningful portion of compensation is delivered in equity that vests over time, and (6) the performance portion of our Long-Term Incentive Program is measured on a multi-year basis.

Based on the foregoing, we do not believe that our compensation policies and practices create risks that are reasonably likely to have a material adverse effect on us.

Tax Limits on Executive Compensation

In general, Section 162(m) of the Code places a limit on the amount of compensation that may be deducted annually by a publicly traded entity with respect to certain of its executive officers. The IRS has previously issued private letter rulings holding that Section 162(m) does not apply to compensation paid to employees of a REIT’s operating partnership. We have therefore determined that compensation paid to our executive officers by our Operating Partnership or a subsidiary of our Operating Partnership for services to it should not be subject to the deduction limit. Since we operate as a REIT under the Code and are generally not subject to U.S. federal income tax on our taxable income to the extent that we annually distribute all of our taxable income to stockholders and maintain our qualification as a REIT, if compensation were required to (but did not) qualify for deduction under Section 162(m), the payment of compensation that fails to satisfy the requirements of Section 162(m) would not have a material adverse consequence to us, provided we continue to distribute 100% of our taxable income without taking into account the disallowed deduction. However, if we make compensation payments subject to Section 162(m) limitations on deductibility, we may be required to make additional distributions to stockholders to comply with its REIT annual distribution requirement and eliminate our U.S. federal income tax liability. As a consequence of additional taxable income, a larger portion of stockholder distributions that would otherwise have been treated as return of capital may be subject to U.S. federal income tax as dividend income. Any such compensation allocated to our taxable REIT subsidiaries, whose income is subject to U.S. federal income tax, would result in an increase in income taxes due to the inability to deduct such compensation.

Compensation Committee Report

The Compensation Committee has reviewed and discussed the foregoing “Compensation Discussion and Analysis” with management and, based on such review and discussions, the Compensation Committee recommended to the board of directors that the “Compensation Discussion and Analysis” set forth above be included in this proxy statement.

Timothy S. Morris (Chairman)

David J. Mueller

Harold “Skip” Perry

The preceding Compensation Committee Report to stockholders is not “soliciting material” and is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

Executive Compensation

The following tables and narrative summarize the compensation for the years ended December 31, 2020, 2021 and 2022 paid to or earned by our named executive officers (“NEOs”).

Summary Compensation Table


Name and Principal Position	Year		Salary		Bonus⁽¹⁾		Non-Equity Incentive Plan Compensation		Stock Awards⁽²⁾		All Other Compensation⁽³⁾		Total
H. Michael Schwartz,		2022	$	625,000	$	—	$	961,875	$	1,900,000	$	12,997	$	3,499,872
Chief Executive Officer		2021	$	625,000	$	—	$	961,875	$	1,850,000	$	17,395	$	3,454,270
		2020	$	625,000	$	—	$	686,094	$	1,250,000	$	26,643	$	2,587,737

James R. Barry,		2022	$	300,000	$	—	$	210,000	$	200,000	$	32,317	$	742,317
Chief Financial Officer		2021	$	275,000	$	25,000	$	175,000	$	150,000	$	25,684	$	650,684
		2020	$	225,000	$	—	$	118,475	$	100,000	$	22,991	$	466,466

Joe Robinson,⁽⁴⁾		2022	$	375,000	$	—	$	245,000	$	200,000	$	42,426	$	862,426
Chief Operations Officer		2021	$	350,000	$	25,000	$	210,000	$	160,000	$	33,038	$	778,038
		2020	$	350,000	$	—	$	180,975	$	125,000	$	12,299	$	668,274

Wayne Johnson,		2022	$	290,000	$	—	$	210,000	$	275,000	$	34,021	$	809,021
President and Chief Investment Officer		2021	$	250,000	$	—	$	196,000	$	250,000	$	32,961	$	728,961
		2020	$	250,000	$	—	$	114,938	$	250,000	$	25,394	$	640,332

Michael Terjung, Chief Accounting Officer		2022	$	275,000	$	—	$	161,000	$	175,000	$	42,385	$	653,385
		2021	$	250,000	$	25,000	$	140,000	$	150,000	$	31,758	$	596,758

⁽¹⁾

Amounts shown in the “Bonus” column for 2021 reflect special non-plan bonuses that were awarded to certain individuals in recognition of their significant contributions to certain strategic projects undertaken by the Company in 2021. Annual bonuses are payable pursuant to our incentive plan and are included in the “Non-Equity Incentive Plan Compensation” column above.

⁽²⁾

Represents the aggregate grant date fair value of each share of restricted stock and each LTIP Unit computed in accordance with FASB ASC Topic 718. The grant date fair values of performance-based awards included in this table were calculated based on the outcome of performance measured at target levels since that was the probable outcome at the time of grant. The assumptions used in calculating these amounts are discussed in Note 11, Equity Based Compensation, to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Assuming achievement of the maximum performance level, the grant date fair value for awards granted in 2022 would have been $2,375,000, $250,000, $250,000, $343,750, and $218,750 for Messrs. Schwartz, Barry, Robinson, Johnson, and Terjung, respectively.

⁽³⁾	The table below sets forth the components of the “All Other Compensation” column for 2022:


Name	Incremental Cost of Medical Insurance Premiums		401(k) Company Match		Life/AD&D/ Short Term Disability Insurance Premiums		Total
H. Michael Schwartz	$	—	$	12,200	$	797	$	12,997
James R. Barry	$	19,320	$	12,200	$	797	$	32,317
Joe Robinson	$	29,399	$	12,200	$	826	$	42,425
Wayne Johnson	$	19,320	$	12,200	$	2,501	$	34,021
Michael Terjung	$	29,399	$	12,200	$	786	$	42,385

⁽⁴⁾	Mr. Robinson became a NEO in 2020; Mr. Terjung became a NEO in 2021.

Grants of Plan-Based Awards

The following table sets forth information with respect to plan-based awards granted to the NEOs in 2022.


			Estimated future payouts under non- equity incentive plan awards⁽¹⁾						Estimated future payouts under equity incentive plan awards⁽²⁾
Name	Grant Date		Threshold ($)		Target ($)		Maximum ($)		Threshold (#)		Target (#)		Maximum (#)		All Other Share Awards: Number of Shares/ Units⁽³⁾		Grant Date Fair Value⁽⁴⁾
H. Michael Schwartz
Annual Cash Incentive Bonus			$	388,125	$	675,000	$	961,875
Time-Based Equity		2/2/2022														108,118	$	1,425,000
Performance-Based Equity		2/2/2022								9,010		36,039		72,079			$	475,000
James R. Barry
Annual Cash Incentive Bonus			$	90,000	$	150,000	$	210,000
Time-Based Equity		2/2/2022														11,381	$	150,000
Performance-Based Equity		2/2/2022								948		3,794		7,587			$	50,000
Joe Robinson
Annual Cash Incentive Bonus			$	105,000	$	175,000	$	245,000
Time-Based Equity		2/2/2022														11,381	$	150,000
Performance-Based Equity		2/2/2022								948		3,794		7,587			$	50,000
Wayne Johnson
Annual Cash Incentive Bonus			$	90,000	$	150,000	$	210,000
Time-Based Equity		2/2/2022														15,649	$	206,250
Performance-Based Equity		2/2/2022								1,304		5,216		10,432			$	68,750
Michael Terjung
Annual Cash Incentive Bonus			$	69,000	$	115,000	$	161,000
Time-Based Equity		2/2/2022														9,958	$	131,250
Performance-Based Equity		2/2/2022								830		3,319		6,639			$	43,750

⁽¹⁾	Represents annual incentive awards at the threshold, target and maximum amounts. See the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table above for additional discussion regarding bonuses based on 2022 performance.

⁽²⁾

Represents performance-based awards, consisting of LTIP Units in SmartStop OP, awarded in 2022 to our NEOs. Indicated threshold, target and maximum amounts correspond to the number of LTIP Units that would be earned in the event that specified threshold, target and maximum performance levels, respectively, were achieved. In the event that our performance does not meet the threshold requirements for a performance measure, no payment will be made on the quantitative portion of the award based on that performance measure. Performance-based awards vest following the conclusion of a three-year performance period, based on our performance ranked amongst a peer group of companies, conducted using a performance measure of average annual same-store revenue growth, analyzed over the performance period.

⁽³⁾

Represents time-based awards, consisting of LTIP Units in SmartStop OP, awarded in 2022 to our NEOs. Time-based awards vest ratably over four years with the first tranche vesting on December 31st of the year of grant, subject to the recipient’s continued employment or service through the applicable vesting date.

⁽⁴⁾	Calculated in accordance with FASB ASC Topic 718. The grant date fair values of performance-based awards were calculated based on the probable outcome of performance measured at target levels at the time of the grant.

Narrative Explanation of Certain Aspects of Summary Compensation Table and Grants of Plan-Based Awards Table

Our executive compensation program consists of the following elements: (1) base salaries, (2) a Short-Term Incentive Program, pursuant to which executive officers are entitled to a performance-based cash bonus, and (3) a Long-Term Incentive Program, pursuant to which executive officers are entitled to equity awards, which will be both time-based and performance-based. See “Certain Information About Management – Compensation Discussion and Analysis – Overview of Compensation,” above, for more detail.

Amounts shown in the “Stock Awards” column of the Summary Compensation Table and awards disclosed in the Grants of Plan-Based Awards table may consist of RSAs or LTIP Units, depending on the executive’s election.

Recipients of time-based RSAs granted prior to 2020 are entitled to distributions paid on the underlying shares of restricted stock but only as and when the restricted shares to which the dividends or other distributions are attributable become vested. Dividends or distributions made prior to such date will be held by us and transferred to the recipient on the date that the restricted shares become vested. Recipients of time-based RSAs granted in or subsequent to 2020 are entitled to distributions paid on the underlying shares of restricted stock effective as of the effective date of the award. Recipients of performance-based RSAs will accrue distributions during the performance period, and such distributions will only be payable on the date that any such shares of restricted stock vest, based upon the performance level attained.

Recipients of time-based LTIP Units are entitled to distributions and allocations of profits and losses effective as of the effective date of the award. Recipients of performance-based LTIP Units will be entitled to receive distributions and allocations of profits and losses with respect to the performance-based LTIP Units as of the effective date of January 1 of the year of grant, in an amount equal to 10% of the distributions and allocations available on the maximum amount of LTIP Units that may be issued under an award, until the Distribution Participation Date (as defined in the partnership agreement of SmartStop OP). The remaining 90% of distributions will accrue and will be payable on the Distribution Participation Date based upon the performance level attained and number of performance-based LTIP Units that vest. Following the Distribution Participation Date, recipients will be entitled to receive the full amount of distributions and allocations of profits and losses with respect to the vested performance-based LTIP Units. LTIP Units are designed to qualify as “profits interests” in SmartStop OP for federal income tax purposes, and as a result, initially they will not be treated as economically equivalent in value to a common unit, and the issuance of LTIP Units will not be a taxable event to SmartStop OP or the recipient. If and when certain events occur pursuant to applicable tax regulations and in accordance with the partnership agreement of SmartStop OP, LTIP Units may become equivalent to common units of SmartStop OP on a one-for-one basis.

Outstanding Equity Awards at Fiscal Year-End

The following table sets forth information regarding outstanding RSAs and LTIP Units held by each of our NEOs as of December 31, 2022. The applicable vesting provisions are described in the footnote following the table. For a description of the acceleration of vesting provisions applicable to the RSAs and LTIP Units held by our NEOs, please see the subsection titled “Severance Plan and Potential Payments Upon Termination or a Change of Control” below.


	Stock Awards
Name	Grant Date	Number of Shares or Units of Stock that Have Not Vested			Market Value of Shares or Units of Stock that Have Not Vested⁽⁵⁾		Number of Unearned Shares, Units or Other Rights that Have Not Vested			Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested⁽⁵⁾
H. Michael Schwartz	6/28/2019		29,315	⁽¹⁾	$	445,884		—			—
	4/22/2020		25,784	⁽²⁾	$	392,172		68,757	⁽⁶⁾	$	1,045,792
	4/16/2021		74,597	⁽³⁾	$	1,134,617		49,731	⁽⁸⁾	$	756,411
	2/2/2022		81,089	⁽⁴⁾	$	1,233,360		36,039	⁽⁹⁾	$	548,160
James R. Barry	6/28/2019		2,345	⁽¹⁾	$	35,671		—			—
	4/22/2020		2,063	⁽²⁾	$	31,374		5,112	⁽⁷⁾	$	77,761
	4/16/2021		6,048	⁽³⁾	$	91,996		4,032	⁽⁸⁾	$	61,331
	2/2/2022		8,536	⁽⁴⁾	$	129,827		3,794	⁽⁹⁾	$	57,701
Joe Robinson	10/1/2019		733	⁽¹⁾	$	11,147		—			—
	4/22/2020		2,578	⁽²⁾	$	39,217		6,391	⁽⁷⁾	$	97,201
	4/16/2021		6,452	⁽³⁾	$	98,129		4,301	⁽⁸⁾	$	65,419
	2/2/2022		8,536	⁽⁴⁾	$	129,827		3,794	⁽⁹⁾	$	57,701
Wayne Johnson	6/28/2019		5,863	⁽¹⁾	$	89,177		—			—
	4/22/2020		5,157	⁽²⁾	$	78,434		13,751	⁽⁶⁾	$	209,158
	4/16/2021		10,081	⁽³⁾	$	153,327		6,720	⁽⁸⁾	$	102,218
	2/2/2022		11,737	⁽⁴⁾	$	178,513		5,216	⁽⁹⁾	$	79,339
Michael Terjung	6/28/2019		2,345	⁽¹⁾	$	35,671		—			—
	4/22/2020		2,063	⁽²⁾	$	31,374		5,501	⁽⁶⁾	$	83,663
	4/16/2021		6,048	⁽³⁾	$	91,996		4,032	⁽⁸⁾	$	61,331
	2/2/2022		7,469	⁽⁴⁾	$	113,599		3,319	⁽⁹⁾	$	50,488

⁽¹⁾	Represents restricted stock which vests ratably over a period of four years from grant date.

⁽²⁾	Represents LTIP Units which vest ratably over a period of four years, with the first vesting occurring on December 31, 2020.

⁽³⁾	Represents LTIP Units which vest ratably over a period of four years, with the first vesting occurring on December 31, 2021.

⁽⁴⁾	Represents LTIP Units which vest ratably over a period of four years, with the first vesting occurring on December 31, 2022.

⁽⁵⁾	There is no public market for our shares. Amount is calculated as the net asset value of a share of our common stock at the end of the last completed fiscal year (calculated as of September 30, 2022) multiplied by the number of shares of stock or LTIP units, as applicable.

⁽⁶⁾	Represents unvested performance-based LTIP units as of December 31, 2022, at maximum, the amount actually earned and vested on March 2, 2023.

⁽⁷⁾	Represents unvested performance-based restricted stock as of December 31, 2022, at maximum, the amount actually earned and vested on March 2, 2023.

⁽⁸⁾	Represents unearned performance-based LTIP units as of December 31, 2022, based on estimated current performance as of December 31, 2022, i.e., target. Awards shown will vest no later than March 31, 2024.

⁽⁹⁾	Represents unearned performance-based LTIP units as of December 31, 2022, based on estimated current performance as of December 31, 2022, i.e., target. Awards shown will vest no later than March 31, 2025.

Option Exercises and Stock Vested

The following table summarizes vesting of stock and LTIP units applicable to our NEOs during the year ended December 31, 2022. None of the NEOs held any options during 2022:


	Stock Based Awards
Name	Number of Shares or LTIP Units Acquired on Vesting		Value Realized on Vesting⁽¹⁾
H. Michael Schwartz		119,427	$	1,816,485
James R. Barry		10,277	$	156,318
Joe Robinson		9,382	$	142,705
Wayne Johnson		19,972	$	303,779
Michael Terjung		9,922	$	150,909

⁽¹⁾	Amount is calculated as the net asset value of a share/LTIP unit (calculated as of September 30, 2022) of our common stock multiplied by the number of shares of stock/LTIP units that vested.

Severance Plan and Potential Payments Upon Termination or a Change of Control

On June 28, 2019, our Compensation Committee adopted and approved the Severance Plan and designated certain of our executives, including its NEOs, as participants (each, a “Participant” and together, the “Participants”) in the Severance Plan. Assuming a termination of employment occurred on December 31, 2022 and a price per share of our common stock on the date of termination of $15.21 (the estimated net asset value per share of our Class A common stock as of the end of the last completed fiscal year, calculated as of September 30, 2022), the amount of compensation that would have been payable to each NEO in each situation is listed in the table below. The amounts shown in the table below are for illustrative purposes only. Actual amounts that would be paid on any termination of employment can only be determined at the time of any actual separation from the Company.


	Estimated Potential Payments Upon Termination
Name	Severance Payment⁽¹⁾		Healthcare Continuation Coverage⁽²⁾		Equity Awards Subject to Vesting⁽³⁾			Other Compensation⁽⁴⁾			Excise Tax Gross-Up⁽⁹⁾		Total⁽¹⁰⁾
H. Michael Schwartz
• Without Cause or For Good Reason	$	2,989,896	$	—	$	3,752,952	⁽⁵⁾	$	72,115		$	—	$	6,814,963
• Following Change of Control	$	4,484,844	$	—	$	5,142,500	⁽⁶⁾	$	72,115		$	3,366,342	$	13,065,801
• Death or Disability⁽⁷⁾	$	961,875	$	—	$	5,142,500		$	272,115	⁽⁸⁾	$	—	$	6,376,490
• Cause or Resignation	$	—	$	—		—		$	72,115		$	—	$	72,115

James R. Barry
• Without Cause or For Good Reason	$	476,158	$	23,838	$	310,889	⁽⁵⁾	$	34,615		$	—	$	845,500
• Following Change of Control	$	952,317	$	47,676	$	443,438	⁽⁶⁾	$	34,615		$	—	$	1,478,0476
• Death or Disability⁽⁷⁾	$	210,000	$	—	$	443,438		$	34,615		$	—	$	688,053
• Cause or Resignation	$	—	$	—	$	—		$	34,615		$	—	$	34,615

Joe Robinson
• Without Cause or For Good Reason	$	595,325	$	33,917	$	318,506	⁽⁵⁾	$	30,294		$	—	$	978,042
• Following Change of Control	$	1,190,650	$	67,835	$	454,122	⁽⁶⁾	$	30,294		$	—	$	1,742,901
• Death or Disability⁽⁷⁾	$	245,000	$	—	$	454,122		$	30,294		$	—	$	729,416
• Cause or Resignation	$	—	$	—	$	—		$	30,294		$	—	$	30,294


	Estimated Potential Payments Upon Termination
Name	Severance Payment⁽¹⁾		Healthcare Continuation Coverage⁽²⁾		Equity Awards Subject to Vesting⁽³⁾			Other Compensation⁽⁴⁾		Excise Tax Gross-Up⁽⁹⁾		Total⁽¹⁰⁾
Wayne Johnson
• Without Cause or For Good Reason	$	695,469	$	35,757	$	646,299	⁽⁵⁾	$	33,462	$	—	$	1,410,987
• Following Change of Control	$	927,292	$	47,676	$	841,971	⁽⁶⁾	$	33,462	$	—	$	1,850,401
• Death or Disability⁽⁷⁾	$	210,000	$	—	$	841,971		$	33,462	$	—	$	1,085,433
• Cause or Resignation	$	—	$	—	$	—		$	33,462	$	—	$	33,462

Michael Terjung
• Without Cause or For Good Reason	$	625,500	$	50,876	$	308,648	⁽⁵⁾	$	30,098	$	—	$	1,015,122
• Following Change of Control	$	834,000	$	67,835	$	430,379	⁽⁶⁾	$	30,098	$	—	$	1,362,312
• Death or Disability⁽⁷⁾	$	161,000	$	—	$	430,379		$	30,098	$	—	$	621,477
• Cause or Resignation	$	—	$	—	$	—		$	30,098	$	—	$	30,098

⁽¹⁾

The Severance Payment will be due in the event that the NEO’s employment is terminated (i) by the NEO for Good Reason or (ii) by us or any of our subsidiaries without Cause. The Severance Payment is based upon a multiple of the sum of such NEO’s (i) highest annual salary within the prior two years and (ii) the average annual cash performance bonus earned for the prior three years. The multiple is equal to 2.0x for the Chief Executive Officer, 1.5x for the Chief Investment Officer and Chief Accounting Officer and 1.0x for all other executive officers. Such Severance Payments are paid in equal installments over an annual period equal to the multiple (i.e., 2 years, 1.5 years, 1 year). If a NEO is terminated without Cause or resigns for Good Reason and this occurs during the 12-month period following a Change of Control, then the multiple increases to 3.0x for the Chief Executive Officer and 2.0x for all other executive officers, and such Severance Payment is paid in a lump sum. All cash bonuses reflected in the above table have been annualized for the full year.

⁽²⁾

Represents the cost of medical insurance coverage for each NEO at the same annual level as in effect immediately preceding December 31, 2022 for a period of time equal to the applicable multiple set forth in footnote 1, above. Such amounts are paid in equal installments over an annual period equal to the respective severance multiple (i.e., 2 years, 1.5 years, 1 year). A lesser amount may be due if the NEO becomes eligible to receive healthcare coverage from a subsequent employer.

⁽³⁾

For purposes of this table, the market value per restricted share and LTIP Unit is assumed to be $15.21 (the estimated net asset value per share of our Class A common stock as of the end of the last completed fiscal year, calculated as of September 30, 2022). Such amounts include accrued and unpaid distributions due upon vesting. For performance based awards such amounts were determined assuming targeted (100%) performance was achieved for the 2021 and 2022 grants and at maximum (200%) for the 2020 grant.

⁽⁴⁾	Consists of accrued and unused paid time off, pursuant to the definition of “Accrued Obligations” contained in the Severance Plan.

⁽⁵⁾

With respect to the treatment of equity awards upon termination not involving a Change of Control: (i) any unvested time-based equity awards that would have otherwise vested over the 12-month period following the date of termination will immediately vest; and (ii) any unvested performance-based equity awards that remain outstanding on the date of termination shall remain outstanding and eligible to be earned following the completion of the performance period based on achievement of performance goals, vesting pro rata if such award becomes earned based on days employed during the performance period. For such performance -based awards, the table above assumes that performance-based awards for 2022 and 2021, performance goals were achieved at target, and all 2020 performance goals were achieved at maximum.

⁽⁶⁾

With respect to the treatment of equity awards in the case of termination following a Change of Control: (i) all unvested time-based equity awards vest and become exercisable immediately prior to the Change of Control; and (ii) any performance-based awards that were assumed in connection with the Change of

Control and remain unvested on a termination date that occurs within 12 months following the Change of Control shall (a) to the extent only subject to time-based vesting as of the termination date, immediately vest on the termination date, or (b) to the extent subject to performance-based vesting as of the termination date, remain outstanding and eligible to be earned following completion of the performance period based on achievement of performance goals, and to the extent earned (if at all) shall vest on a pro rata basis based on days employed during the performance period through the termination date. The table above assumes that performance-based awards for 2022 and 2021, performance goals were achieved at target, and all 2020 performance goals were achieved at maximum.

⁽⁷⁾

In the event of a termination due to death or disability, such NEO is entitled to: (i) a pro rata portion of his annual cash performance bonus, as determined by the Compensation Committee based on actual performance for the performance period and number of days employed during such period, (ii) the immediate vesting of all unvested time-based equity awards, and (iii) any unvested performance awards that remain outstanding on the date of termination shall remain outstanding and eligible to be earned following the completion of the performance period based on achievement of performance goals, vesting pro rata if such award becomes earned based on days employed during the performance period. The amounts herein make the following assumptions: (i) the performance components of the cash bonuses are based on the actual amount achieved for 2022, (ii) the performance goals for the performance-based equity awards for 2022 and 2021 were achieved at target, and (iii) the performance goals for the performance-based equity awards for 2020 were achieved at maximum.

⁽⁸⁾	Includes $200,000 in proceeds from a life insurance policy purchased by us, which benefits are payable to Mr. Schwartz’s beneficiary upon his death.

⁽⁹⁾

Under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, a 20% excise tax is imposed upon certain individuals who receive payments in connection with a “change in control” if the payments received by them equal or exceed an amount generally approximating 3x their average annual compensation. The excise tax may be imposed on all such payments generally exceeding 1x an individual’s average annual compensation. The SmartStop Severance Plan provides that for certain “change in control” events, the participant will be entitled to an associated tax “gross-up” payment to cover the cost of this excise tax and related income taxes. The table above assumes that such a “change in control” event occurred.

⁽¹⁰⁾

A NEO will not be entitled to receive any of these payments or benefits, other than the Accrued Obligations, unless the NEO has entered into a general release in favor of us and our affiliates, and the NEO will be entitled to receive such payments or benefits only so long as such NEO has not materially breached any of the provisions of the general release or the non-competition, non-solicitation, non-disclosure, non-disparagement and other similar restrictive covenants set forth in the NEO’s letter agreement entered into pursuant to the Severance Plan, which contains various obligations by the NEO to us such as (a) a confidentiality covenant that extends indefinitely, (b) a non-compete provision while the executive is employed by us, (c) certain employee, investor and customer non-solicitation covenants that extend during the executive’s employment and for a period of time after separation (18 months for CEO, or President, 12 months for Chief Investment Officer or Chief Accounting Officer, or 9 months for all other NEOs), and (d) a non-disparagement provision.

The terms “Cause,” “Good Reason,” and “Change of Control” have the following definitions as set forth in the Severance Plan:

•

“Cause” is generally defined to mean: (i) willful fraud or material dishonesty in the performance of the executive’s duties; (ii) deliberate or intentional failure by the executive to substantially perform his duties (other than due to incapacity) after a written notice is delivered describing such failures; (iii) willful misconduct by the executive that is materially detrimental to the reputation, goodwill or business operations of us or our affiliates; (iv) willful disclosure of our confidential information or trade secrets; (v) a breach of any restrictive covenants contained within the Participant’s letter agreement entered into pursuant to the Severance Plan, which contains various obligations by the executive to us such as (a) a confidentiality covenant that extends indefinitely, (b) a non-compete

provision while the executive is employed by us, (c) certain employee, investor and customer non-solicitation covenants that extend during the executives employment and for a period of time after separation (18 months for CEO, or President, 12 months for Chief Investment Officer or Chief Accounting Officer, or 9 months for all other NEOs), and (d) a non-disparagement provision; or (vi) the conviction of, or a plea of no contest to a charge of, a felony or crime of moral turpitude.

•

“Good Reason” is generally defined to mean, without the Participant’s consent: (i) a material diminution of base salary, target bonus, target annual equity compensation opportunity, or other annual incentive opportunity; (ii) a material reduction in authority, title, duties or responsibilities; (iii) relocation of principal place of employment greater than thirty (30) miles; or (iv) failure of any successor to the Company following a Change of Control to assume the Severance Plan and its obligations.

•

“Change of Control” is generally defined to mean: (i) any person acquiring securities of the Company representing at least 50% of the voting power; (ii) certain mergers (unless our stockholders continue to own at least 50% of the combined voting power of the resulting entity at the time of the merger); (iii) a change in the majority of our board of directors during any 12-month period that is not approved by a majority of directors; (iv) a sale of all or substantially all of our assets; or (v) adoption of a plan of liquidation.

The Severance Plan provides the following payments upon the occurrence of a Change of Control:

•

All unvested time-based equity awards vest and become exercisable immediately prior to the Change of Control; and

•

All unvested performance-based equity awards that are not continued or assumed by the successor entity in connection with the Change of Control vest and become exercisable immediately prior to the Change of Control based on actual achievement of the applicable performance goals through the date of the Change of Control, as determined in the sole discretion of the Compensation Committee.


Name	Time-Based Equity Awards		Performance-Based Equity Awards		Dividends		Total
Name	Time-Based Equity Awards		Performance-Based Equity Awards		Dividends		Total
H. Michael Schwartz	$	3,206,033	$	1,732,786	$	203,681	$	5,142,500
James Barry	$	288,868	$	137,881	$	16,689	$	443,438
Wayne Johnson	$	499,451	$	303,750	$	38,770	$	841,971
Joe Robinson	$	278,321	$	160,048	$	15,754	$	454,123
Michael Terjung	$	272,639	$	141,380	$	16,359	$	430,378

The above table assumes a change of control as of December 31, 2022 and a price per share of our common stock of $15.21 (the estimated net asset value per share of our Class A common stock as of the end of the last completed fiscal year, calculated as of September 30, 2022). This table also assumes that (i) no performance-based awards were continued or assumed by the successor entity in connection with the Change of Control, and (ii) all applicable performance goals were achieved at target. Included in the table above are the accrued distributions due based on the assumed achievement of the performance based equity awards, as applicable.

Pay Versus Performance

Compensation Actually Paid

The table below sets forth information concerning the “compensation actually paid,” as

determined

under SEC

rules

, to our principal executive officer (including separate disclosure for our principal executive officer in 2021, in accordance with SEC rules) and to our other NEOs (our

“Non-PEO

NEOs”) (on an average basis) compared to certain measures of company performance for the fiscal years ended December 2022, 2021, and 2020 (“PVP Table”):


	Summary Compensation Table Total for Current CEO		Summary Compensation Table Total for Prior CEO		Compensation Actually Paid to Current CEO (3)		Compensation Actually Paid to Prior CEO (3)		Average Summary Compensation Table Total for Non-PEO NEOs (2)		Average Compensation Actually Paid to Non-PEO NEOs (2)(3)		Value of Initial Fixed $100 Investment Based On:				Company Net Income (Loss) (6)			Company Same-Store NOI Growth (7)
Year	Summary Compensation Table Total for Current CEO		Summary Compensation Table Total for Prior CEO		Compensation Actually Paid to Current CEO (3)		Compensation Actually Paid to Prior CEO (3)				Average Compensation Actually Paid to Non-PEO NEOs (2)(3)		Company Total Shareholder Return (4)		Peer Group Total Shareholder Return (4)(5)		Company Net Income (Loss) (6)			Company Same-Store NOI Growth (7)
2022	$	3,499,872		N/A	$	3,797,556		N/A	$	766,787	$	797,477	$	164.97	$	100.62	$	21,669,452			16.5	%
2021 (1)	$	3,454,270	$	536,443	$	5,390,178	$	831,624	$	688,610	$	884,798	$	157.73	$	134.06	$	(19,564,718	)		24.5	%
2020		N/A	$	1,510,151		N/A	$	1,628,937	$	1,090,702	$	1,167,535	$	103.30	$	94.88	$	(51,206,803	)		7.8	%

(1)	For the fiscal year ended December 31, 2021, Michael S. McClure (our “Prior CEO”) was our principal executive officer until April 15, 2021, at which time H. Michael Schwartz (our “Current CEO”) became our principal executive officer.

(2)	For the fiscal years ended December 31, 2022 and 2021, our Non-PEO NEOs consisted of: James Barry, Joe Robinson, Wayne Johnson, and Michael Terjung. For the fiscal year ended December 31, 2020, our Non-PEO NEOs consisted of: H. Michael Schwartz, James Barry, Joe Robinson, and Wayne Johnson.

(3)	See tables below for the calculation of Compensation Actually Paid for each year presented.

(4)	Total Shareholder Return and Peer Group Total Shareholder Return assume $100 invested on December 31, 2019, including reinvestment of dividends.

(5)	The Peer Group referenced for Peer Group Total Shareholder Return consists of the FTSE NAREIT All Equity Index.

(6)	Net Income (Loss) represents the net income or loss generated in each calendar year for the Company and all of its consolidated subsidiaries, calculated in accordance with GAAP.

(7)	We have identified Same-Store NOI Growth as our most important financial measure used by us to link compensation paid to our NEOs to company performance. Same-Store NOI is a non-GAAP measure. See Appendix A for a reconciliation to the most directly comparable GAAP financial measure.

Table of Contents

Calculation of Compensation

Actuall

Paid


	2022
	Current CEO		Prior CEO		Average for Non-PEO NEOs
Summary Compensation Table Total	$	3,499,872	$	N/A	$	766,787
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table	$	1,900,000	$	N/A	$	212,500
Increase for fair value of awards granted during year presented that remain unvested as of year end presented	$	1,557,805	$	N/A	$	174,228
Increase for fair value of awards granted during year presented that vested during the year presented	$	359,494	$	N/A	$	40,207
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented	$	29,782	$	N/A	$	3,049
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented	$	20,469	$	N/A	$	2,027
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented	$	—	$	N/A	$	—
Increase based upon incremental fair value of awards modified during year presented	$	—	$	N/A	$	—
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award	$	230,134	$	N/A	$	23,679

Compensation Actually Paid	$	3,797,556	$	N/A	$	797,477

	2021
	Current CEO		Prior CEO		Average for Non-PEO NEOs
Summary Compensation Table Total	$	3,454,270	$	536,443	$	688,610
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table	$	1,850,000	$	—	$	177,500
Increase for fair value of awards granted during year presented that remain unvested as of year end presented	$	2,291,862	$	—	$	219,895
Increase for fair value of awards granted during year presented that vested during the year presented	$	528,891	$	—	$	50,745
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented	$	676,181	$	314,251	$	72,481
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented	$	107,776	$	56,044	$	12,394
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented	$	—	$	119,179	$	—
Increase based upon incremental fair value of awards modified during year presented	$	—	$	—	$	—
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award	$	181,198	$	44,065	$	18,173

Compensation Actually Paid	$	5,390,178	$	831,624	$	884,798

Table of Contents


	2020
	Current CEO		Prior CEO		Average for Non-PEO NEOs
Summary Compensation Table Total	$	N/A	$	1,510,151	$	1,090,702
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table	$	N/A	$	650,000	$	431,250
Increase for fair value of awards granted during year presented that remain unvested as of year end presented	$	N/A	$	580,996	$	384,377
Increase for fair value of awards granted during year presented that vested during the year presented	$	N/A	$	134,076	$	88,954
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented	$	N/A	$	10,244	$	6,427
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented	$	N/A	$	—	$	—
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented	$	N/A	$	—	$	—
Increase based upon incremental fair value of awards modified during year presented	$	N/A	$	—	$	—
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award	$	N/A	$	43,470	$	28,325

Compensation Actually Paid	$	N/A	$	1,628,937	$	1,167,535

Relationship between Compensation Actually Paid and Company Performance

Metrics

When determining the com

ensation of o

executives, we consider

certain

financial and

non

-fi

nancial

metrics. The following is an unranked list of the most important financial and

non-financial

measures we used to link “compensation actually paid” to our NEOs for the fiscal year ended December 31, 2022 to company performance:

•

Same-store NOI growth

•

MFFO, as adjusted per share

•

Same-store revenue growth

As reflected in the PVP Table above, the difference between the Compensation Actually Paid and the corresponding summary compensation number for each of our Current CEO and our Non-PEO NEOs for the year ended December 31, 2021 was largely influenced by the 45% increase in the net asset value of our common stock during such year. Compensation Actually Paid to our Current CEO decreased year-over-year from 2021 to 2022 due in part to a smaller percentage increase in the net asset value of our common stock during such time period. In addition, Compensation Actually Paid to our

Non-PEO

NEOs decreased from the year ended December 31, 2020 to the year ended December 31, 2021 due to H. Michael Schwartz being included in 2020 as a

Non-PEO,

and being included as PEO in 2021 as a result of becoming our Chief Executive Officer.

Table of Contents

The graphs below illustrate, for each of the years

presented

in the PVP

table

above, the relationship between (i) (A) Compensation Actually Paid to our Current CEO and our Prior CEO and (B) Compensation Actually Paid to our

Non-PEO

NEOs and (ii) (W) our cumulative total shareholder return (“TSR”), (X) the cumulative TSR of the FTSE NAREIT All Equity Index (the “Peer Group”), (Y) our net income, and (Z) our Same-Store NOI Growth, which we consider to be the most important financial performance measure we use for purposes of determining NEO compensation. Same-Store NOI Growth was chosen as the most important financial metric due to its representative nature of overall portfolio performance and its impact to overall portfolio valuation.

Table of Contents

CEO Pay Ratio

Pursuant to the rules of the Securities and Exchange Commission (“SEC”), we are disclosing the ratio of the annual total compensation of our Chief Executive Officer, which as of December 31, 2022 was H. Michael Schwartz, to the annual total compensation of our median employee.

To identify our median employee, we examined annual total compensation consisting of all cash compensation, including bonus for all of our employees for 2022. We did not make any assumptions, adjustments (including cost of living adjustments), or estimates with respect to such total compensation, and we did not annualize the compensation for any full-time employees who were not employed by us for all of 2022.

The 2022 annual total compensation for our median employee as determined based on SEC rules was $34,593. The 2022 annual total compensation for our Chief Executive Officer as determined based on SEC rules was $3,499,872. Based on this information, the ratio of our Chief Executive Officer’s annual total compensation to our median employee’s annual total compensation for fiscal year 2022 is 101 to 1.

Director Compensation for the Year Ended December 31, 2022

Summary

The following table provides a summary of the compensation earned by or paid to our directors for the year ended December 31, 2022:


Name	Fees Earned or Paid in Cash			Stock Awards⁽¹⁾		Option Awards		Non-Equity Incentive Plan Compensation		Change in Pension Value and Nonqualified Deferred Compensation		All Other Compensation⁽²⁾		Total
H. Michael Schwartz	$	—		$	—	$	—	$	—	$	—	$	982	$	982
Paula M. Mathews	$	164,500	⁽³⁾	$	80,000	$	—	$	—	$	—	$	393	$	244,893
Timothy S. Morris	$	95,000	⁽⁴⁾	$	80,000	$	—	$	—	$	—	$	982	$	175,982
David J. Mueller	$	97,500	⁽⁴⁾	$	80,000	$	—	$	—	$	—	$	547	$	178,047
Harold “Skip” Perry	$	105,000	⁽⁴⁾	$	80,000	$	—	$	—	$	—	$	245	$	185,245

⁽¹⁾	This column represents the full grant date fair value in accordance with FASB ASC Topic 718.

⁽²⁾	Represents payment of life insurance premiums covering each of the members of the board of directors for the benefit of such director’s beneficiaries.

⁽³⁾	Amount includes $102,000 in fees paid to Ms. Mathews as a consultant to the Company with respect to the management of its insurance policies, claims and insurance broker relationships.

⁽⁴⁾	Amount includes total fees earned or paid during the year ended December 31, 2022.

Terms of Director Compensation

Each of our non-employee directors is entitled to receive a cash retainer of $62,500 per year and an equity award with a market value of $80,000, which vests one year from the date of the director’s re-election, for membership on the board of directors. Our lead independent director receives additional annual cash compensation of $10,000 for such role. In addition, the chairperson of the Audit Committee receives an annual retainer of $20,000, the chairperson of the Nominating and Corporate Governance Committee receives an annual retainer of $15,000, and the chairperson of the Compensation Committee receives an annual retainer of $15,000. The other members of the Audit Committee receive an annual retainer of $10,000 for membership on the Audit Committee and the other members of the Nominating and Corporate Governance Committee and the Compensation Committee receive an annual retainer of $7,500 for membership on the Nominating and Corporate Governance Committee and the Compensation Committee, respectively. In the event that the board of directors

or any committee thereof meets more than 10 times per year, a per meeting fee of $1,500 will be paid for each meeting thereafter. Membership on our committees is comprised solely of independent directors.

2022 Long-Term Incentive Plan Awards to Independent Directors

In March 2022, following the recommendation of the Compensation Committee, our board of directors approved the Equity Incentive Plan, which was approved by our stockholders at our 2022 annual meeting of stockholders. The Equity Incentive Plan became effective when it was approved by our stockholders, and it replaced our prior incentive plan, known as the Employee and Director Long-Term Incentive Plan (the “Prior Plan”). From and after the effective date of the Equity Incentive Plan, no further awards have been or will be made under the Prior Plan.

The purpose of the Equity Incentive Plan is to encourage and enable our and our subsidiaries’ eligible employees, directors, consultants, and other key persons, upon whose judgment, initiative, and efforts we largely depend for the successful conduct of our business, to acquire a proprietary interest in us. Pursuant to the Equity Incentive Plan, we may issue stock options, stock appreciation rights, restricted stock unit awards, restricted stock awards, restricted stock unit awards, unrestricted stock awards, dividend equivalent rights, LTIP units, other equity-based awards, and cash-based awards.

The total number of shares of our Class A common stock and our Class T common stock, in the aggregate, authorized and reserved for issuance under the Equity Incentive Plan is equal to 10,000,000 shares. As of December 31, 2022, there were approximately 9.9 million shares available for issuance under the Equity Incentive Plan. The term of the Equity Incentive Plan is 10 years. In the event of a consolidation or merger in which we are not the surviving corporation, or a sale of all or substantially all of our assets, in which outstanding shares of our stock are exchanged for securities, cash, or other property of an unrelated corporation or business entity, or in the event of our liquidation, the board of directors of any corporation assuming our obligations, may, in its discretion, take any one or more of the following actions as to outstanding awards under the Equity Incentive Plan: (i) provide that the awards may be assumed or substituted or (ii) upon written notice to participants, provide that all awards will terminate upon consummation of such a transaction. In the event that awards are not assumed or substituted, except as otherwise provided by the Compensation Committee in the award agreement or other agreement between the holder of an award and us, upon the effective time of such transaction, all awards will become vested and exercisable and vested awards, other than stock options, shall be fully settled in cash or in kind at such appropriate consideration as determined by the Compensation Committee in its sole discretion after taking into account the consideration payable per share pursuant to such transaction, or the “merger price,” and all stock options shall be fully settled in cash or in kind in an amount equal to the difference between the merger price and the exercise price of the options; provided that each participant may be permitted to exercise all outstanding options within a specified period determined by the Compensation Committee prior to such.

In the event the board of directors or the Compensation Committee determines that any distribution, recapitalization, stock split, reorganization, merger, liquidation, dissolution or sale, transfer, exchange or other disposition of all or substantially all of our assets, or other similar corporate transaction or event, affects our stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Equity Incentive Plan or with respect to an award, then our board of directors or Compensation Committee shall, in such manner as it may deem equitable, adjust the number and kind of shares or the exercise price with respect to any award.

As of December 31, 2022, (i) Mr. Mueller has received a total of 34,523 shares of restricted stock or LTIP Units, of which 28,763 shares or LTIP Units have vested, and (ii) Messrs. Morris and Perry have each individually received a total of 32,868 shares of restricted stock of which 27,513 shares have vested and (iii) Ms. Mathews has received a total of 23,523 shares of restricted stock or LTIP Units, of which 17,763 shares or LTIP Units have vested.

Director Life Insurance Policies

We purchased life insurance policies covering each of the members of our board of directors for the benefit of such director’s beneficiaries. For the year ended December 31, 2022, we paid total premiums of $3,149 on such life insurance policies. Of this amount, $982 was attributed to the policy covering H. Michael Schwartz, $393 was attributed to the policy covering Paula M. Mathews, $982 was attributed to the policy covering Timothy S. Morris, $547 was attributed to the policy covering David J. Mueller, and $245 was attributed to the policy covering Harold “Skip” Perry.

Executive Officers and Directors

Included below is certain information regarding our current executive officers and directors. All of our directors, including our three independent directors, have been nominated for re-election at the 2023 annual meeting of stockholders. All of our executive officers serve at the pleasure of our board of directors.


Name	Age	Position(s)
H. Michael Schwartz	56	Chairman of the Board of Directors and Chief Executive Officer
Wayne Johnson	65	President and Chief Investment Officer
Joe Robinson	49	Chief Operations Officer
James R. Barry	34	Chief Financial Officer and Treasurer
Michael O. Terjung	46	Chief Accounting Officer
Nicholas M. Look	40	General Counsel and Secretary
Gerald Valle	54	Senior Vice President – Self Storage Operations
Paula Mathews	71	Director
Timothy S. Morris	62	Independent Director
David J. Mueller	70	Independent Director
Harold “Skip” Perry	76	Independent Director

H. Michael Schwartz. Mr. Schwartz is the Chairman of our board of directors and our Chief Executive Officer. Mr. Schwartz has been an officer and director since our initial formation in January 2013; he served as our Chief Executive Officer from January 2013 to June 2019, our Executive Chairman from June 2019 to April 2021, and again as our Chief Executive Officer starting in April 2021. Mr. Schwartz is also the Chief Executive Officer of Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), our former sponsor (“SAM”), our former sponsor. He also serves as Chief Executive Officer, President and Chairman of the board of directors of each of the following self storage REITs sponsored by our subsidiary: Strategic Storage Growth Trust III, Inc., or SSGT III, and Strategic Storage Trust VI, Inc., or SST VI. He also serves as the Chief Executive Officer and President of the sponsor, advisor and property manager entities for SSGT III and SST VI. In addition, Mr. Schwartz serves as Chairman of the Board of Strategic Student & Senior Housing Trust, Inc., or SSSHT, a public non-traded student and senior housing REIT sponsored by SAM. Previously, Mr. Schwartz served as Chief Executive Officer and Chairman of the board of directors of each of Strategic Storage Growth Trust, Inc., or SSGT, and Strategic Storage Trust IV, Inc., or SST IV, each a public non-traded self storage REIT, as well as Chief Executive Officer, President, and Chairman of the board of directors of Strategic Storage Growth Trust II, Inc., or SSGT II, a private REIT. We acquired each of SSGT, SST IV, and SSGT II by way of a merger into subsidiaries of ours on January 24, 2019, March 17, 2021, and June 1, 2022, respectively. Mr. Schwartz also served as Chief Executive Officer, President, and Chairman of the board of directors of SmartStop Self Storage, Inc., or SST I, from August 2007 until the merger of SST I with Extra Space Storage, Inc., or Extra Space, on October 1, 2015. Since February 2008, Mr. Schwartz has also served as Chief Executive Officer and President of Strategic Storage Holdings, LLC, or SSH, the sponsor of SST I. Prior to this time, Mr. Schwartz held various roles in the real estate and financial services industry, which includes more than 30 years of real estate, securities and corporate financial management experience. Mr. Schwartz holds a B.S. in Business Administration with an emphasis in Finance from the University of Southern California.

Wayne Johnson. Mr. Johnson is our President and Chief Investment Officer. He has served as one of our executive officers since our initial formation in January 2013. Since June 2015, he has served as our Chief Investment Officer, and since June 2019 he has also served as our President. In addition, Mr. Johnson serves as the Chief Investment Officer of SSGT III and SST VI, as well as President and Chief Investment Officer of the sponsor, advisor and property management entities for SSGT III and SST VI. Mr. Johnson also served in various roles at SSGT, SST IV, and SSGT II, including most recently as Chief Investment Officer until their respective mergers with us on January 24, 2019, March 17, 2021, and June 1, 2022, respectively. Mr. Johnson served as Senior Vice President—Acquisitions for SST I from August 2007 until January 2015 when he was elected Chief Investment Officer until the merger of SST I with Extra Space on October 1, 2015. Mr. Johnson’s prior experience involved all aspects of commercial development and leasing, including office, office warehouse, retail and self storage facilities. Mr. Johnson served on the board and is the past President of the Texas Self Storage Association (TSSA), which is the trade organization for self-storage developers, owners, and management groups. Mr. Johnson entered the commercial real estate business in 1979 after graduating from Southern Methodist University with a B.B.A. in Finance and Real Estate.

Joe Robinson. Mr. Robinson is our Chief Operations Officer, a position he has held since October 2019. Mr. Robinson also serves as Chief Operations Officer of the sponsor, advisors and property managers of our sponsored real estate programs. Prior to joining SmartStop, Mr. Robinson served as Chief Marketing Officer and Executive Vice President of Simply Self Storage Management LLC from April 2016 until September 2019. At Simply, Mr. Robinson led various functions including all marketing, pricing, information technology, and training. From 2010 to 2016, Mr. Robinson served in several pricing and marketing capacities at Extra Space. Most recently, he was Vice President, Marketing where he led revenue management, data analytics, and the call center. Prior to that, Mr. Robinson served as Director of Revenue Management, where he led the development of multiple industry first centralized pricing models for self storage. Mr. Robinson is a respected authority on Revenue Management in the self storage industry. He has delivered multiple speaking engagements on pricing and has had multiple articles distributed in several industry trade publications. Mr. Robinson holds a B.S. in Computer Science with a Business Minor from Brigham Young University, and a Masters of Business Administration from Rice University.

James R. Barry. Mr. Barry is our Chief Financial Officer and Treasurer, positions he has held since June 2019. Mr. Barry also serves as Chief Financial Officer and Treasurer of the sponsor, advisors and property managers of our sponsored real estate programs. Mr. Barry served as our Senior Vice President – Finance from August 2018 to June 2019. Prior to being our Senior Vice President – Finance, Mr. Barry served in various positions for SAM, including Senior Vice President – Finance from August 2018 to July 2019 and Director of Finance from October 2015 to August 2018. Mr. Barry was also a director on the board of directors of Strategic Storage Growth Trust II, Inc. from March 2021 until its merger with a subsidiary ours in June 2022. From 2012 to 2015, Mr. Barry held the title of Financial Analyst at SmartStop Self Storage Inc., and was highly involved in the negotiations, calculations, and communications for the merger with Extra Space on October 1, 2015. From 2009 to 2012, Mr. Barry served as a Corporate Accountant and Senior Financial Analyst at Thompson National Properties, LLC, a sponsor of commercial real estate offerings. From 2007 to 2009, Mr. Barry worked in various accounting functions at Grubb & Ellis Co. Mr. Barry holds a B.S. in Business Administration with an emphasis in Finance from California State University, Fullerton, and a Masters of Business Administration with an emphasis in Finance from Chapman University, where he graduated with honors.

Michael O. Terjung. Mr. Terjung is our Chief Accounting Officer, a position he has held since June 2019. Mr. Terjung also serves as Chief Accounting Officer of the sponsor, advisors and property managers of our sponsored real estate programs. From January 2017 until December 2019, Mr. Terjung served as the Chief Financial Officer and Treasurer for SSSHT. Mr. Terjung was also the Chief Financial Officer and Treasurer of SSGT until that company merged with and into a wholly-owned subsidiary of SST II in January 2019. Mr. Terjung was Chief Financial Officer and Treasurer of SSGT II from July 2018 until June 2019. Mr. Terjung also served as the Chief Financial Officer and Treasurer of SAM from January 2017 until April 2022. Previously, from October 2015 to January 2017, Mr. Terjung served as a Controller for SAM. He also served as the

Controller of SST I from September 2014 until its merger with Extra Space on October 1, 2015 and served as a Controller of SSH assigned to SST I from September 2009 to September 2014. From July 2004 to September 2009, Mr. Terjung held various positions with NYSE listed Fleetwood Enterprises, Inc., including Corporate Controller responsible for financial reporting and corporate accounting. Mr. Terjung gained public accounting and auditing experience while employed with PricewaterhouseCoopers LLP and Arthur Andersen LLP from September 2000 to July 2004, where he worked on the audits of a variety of both public and private entities, registration statements and public offerings. Mr. Terjung is a Certified Public Accountant, licensed in California, and graduated cum laude with a B.S.B.A. degree from California State University, Fullerton.

Nicholas M. Look. Mr. Look is our General Counsel and Secretary, positions he has held since June 2019. Mr. Look also serves as General Counsel and Secretary of the sponsor, advisors and property managers of our sponsored real estate programs. He also serves as the Secretary of each of SSGT III and SST VI since their formation. Mr. Look also served as the Secretary of SST IV and SSGT II, positions he held until their respective mergers with us in March 2021 and June 2022, respectively. Mr. Look was previously Senior Corporate Counsel of SAM, a position he held from June 2017 until June 2019. From September 2017 to June 2019, Mr. Look served as Assistant Secretary of SSSHT. Prior to that, Mr. Look worked with the law firms of K&L Gates LLP, from April 2014 to June 2017, and Latham & Watkins LLP, from October 2010 to April 2014, where he served as corporate counsel to a variety of public and private companies, and where his practice focused on securities matters, capital markets transactions, mergers and acquisitions and general corporate governance and compliance. Mr. Look holds a B.S. in Computer Science from the University of California, Irvine and a J.D. from the Pepperdine University School of Law. He is a member of the State Bar of California.

Gerald Valle. Mr. Valle has served our Senior Vice President – Self Storage Operations since June 2019. Mr. Valle also serves as Senior Vice President – Self Storage Operations of the sponsor, advisors and property managers of our sponsored real estate programs. Mr. Valle also served as Senior Vice President – Operations at SAM from June 2018 to July 2019, and served as Vice President of Operations at SAM from joining SAM in 2017 to June 2018. Prior to joining SAM in 2017, Mr. Valle served as VP of Operations with The William Warren Group from 2012 to 2017. From 2003 to 2012, Mr. Valle held various positions with Extra Space, including nine years as Divisional VP of Operations and VP of Sales Center, where he was instrumental in the creation of that company’s 100-agent sales center. Mr. Valle also worked for 15 years at Public Storage where he held multiple roles ranging from District Manager to Regional VP of Operations.

Paula Mathews. Ms. Mathews has been a member of our board of directors since January 2016. Previously, Ms. Mathews served as our Secretary and an Executive Vice President from our formation until June 2018. She previously served as an Executive Vice President of SSSHT until April 2020 and as Secretary of SSSHT until June 2018. In addition, she served as an Executive Vice President and Secretary of SSGT and SST IV until June 2018. Ms. Mathews was an Executive Vice President of SAM from January 2013 through April 2020. Ms. Mathews served as an Executive Vice President and Assistant Secretary for SST I, positions she held from August 2007 and June 2011, respectively, until the merger of SST I with Extra Space on October 1, 2015. Ms. Mathews has also served as Executive Vice President for SSH from February 2008 through April 2020. Ms. Mathews was a private consultant from 2003 to 2005 providing due diligence services on the acquisition and disposition of assets for real estate firms. Prior to that, Ms. Mathews held senior level executive positions with several pension investment advisors, including the following: a real estate company specializing in 1031 transactions from 2002 to 2003 where she was the Director of Operations; KBS Realty Advisors from 1995 to 2001 where she was responsible for the management of $600 million in “value added” commercial assets in seven states; TCW Realty Advisors (now CBRE Investors) from 1985 to 1992 as a Senior Vice President where her focus was retail assets within closed end equity funds; and PMRealty Advisors from 1983 to 1985 in a portfolio management role. She began her real estate career in 1977 with The Irvine Company, the largest land holder in Orange County, California, where she held several positions within the Commercial/Industrial Division structuring industrial build-to-suits, ground leases and land sales. Ms. Mathews holds a B.S. degree from the University of North Carolina, Chapel Hill.

Timothy S. Morris. Mr. Morris is one of our independent directors and is a member and Chairman of the Compensation Committee and a member of the Audit Committee and the Nominating and Corporate Governance Committee. Mr. Morris previously served as an independent director of SmartStop Self Storage, Inc. from February 2008 until the merger of SmartStop Self Storage, Inc. with Extra Space on October 1, 2015. Mr. Morris has more than 30 years of financial and management experience with several international organizations. In 2008, Mr. Morris founded AMDG Worldwide Ltd., a consultancy business for the philanthropic sector. Through this entity, Mr. Morris continues to serve an eclectic range of philanthropic clients. From March 2019 until July 2021, Mr. Morris served as the finance director of the English-Speaking Union, a global charity which helps underprivileged children with speaking and listening skills. From 2014 to 2017, Mr. Morris assumed a part-time executive position as finance director of Tomorrow’s Company, a London-based global think tank focusing on business leadership. From June 2007 to April 2008, Mr. Morris was the Chief Financial Officer for Geneva Global, Inc., a philanthropic advisor and broker which invests funds into developing countries. Prior to joining Geneva Global, Inc., from 2002 to 2007, Mr. Morris was the director of corporate services for Care International UK Ltd., where he was responsible for the finance, internal audit, risk management, human resources, legal insurance and information technology functions during the financial turnaround of that organization. From 2000 to 2002, Mr. Morris was the Controller for Royal Society Mencap, a learning disability charity. From 1996 to 1999, Mr. Morris was the head of global management reporting for Adidas Group AG in Germany and was later the International Controller for Taylor Made Golf Company, Inc., in Carlsbad, California, a subsidiary of Adidas Group AG. Prior to 1996, Mr. Morris held various management and senior finance roles within organizations such as the International Leisure Group, Halliburton/KBR and the Bank for International Settlements in Basel, Switzerland. Mr. Morris has his Bachelor of Science in Economics from Bristol University in the United Kingdom, his MBA from the Cranfield School of Management in the United Kingdom, and he is a Chartered Management Accountant (CIMA, CGMA).

David J. Mueller. Mr. Mueller is one of our independent directors and is a member and Chairman of the Audit Committee and a member of the Compensation Committee and Nominating and Corporate Governance Committee. Mr. Mueller has more than 35 years of financial management experience with several firms in the financial services industry. In June 2009, Mr. Mueller founded his own CPA firm, specializing in consulting, audit, and tax services for small businesses and non-profits, where he continues to serve as Managing Partner. From June 2001 to May 2009, he worked for Manulife Financial Corporation, serving in several capacities including Controller of Annuities and Chief Financial Officer of Distribution for Manulife Wood Logan, where he was heavily involved in the company’s due diligence and subsequent integration with John Hancock Financial Services. Prior to his time with Manulife Financial Corporation, Mr. Mueller served as Chief Financial Officer of Allmerica Financial Services, the insurance and investment arm of Allmerica Financial Corporation. He began his career in the Boston office of Coopers and Lybrand, specializing in financial services, real estate, and non-profits. Mr. Mueller is a CPA and graduated from the University of Wisconsin-Green Bay with a degree in Finance.

Harold “Skip” Perry. Mr. Perry is one of our independent directors and, since April 2022, he has served as our lead independent director. Mr. Perry is a member and Chairman of the Nominating and Corporate Governance Committee and a member of the Audit Committee and Compensation Committee. Mr. Perry previously served as one of our independent directors from October 2013 until June 2014 and served as an independent director of SmartStop Self Storage, Inc. from February 2008 until the merger of SmartStop Self Storage, Inc. with Extra Space on October 1, 2015. Mr. Perry has over 45 years of financial accounting, management and consulting experience for domestic and international organizations in the real estate industry. He is currently the Executive Managing Director of Real Globe Advisors, LLC, a commercial real estate advisory firm which he founded. Mr. Perry also held the same position with Real Globe Advisors, LLC from July 2007 to June 2009. From June 2009 to March 2011, he was the Managing Director of Alvarez & Marsal Real Estate Advisory Services. From 1995 to June 2007, Mr. Perry was a national partner in Ernst & Young LLP’s Transactional Real Estate Advisory Services Group and held a number of leadership positions within Ernst & Young. While at Ernst & Young, he handled complex acquisition and disposition due diligence matters for private equity funds and corporate clients, complex real estate portfolio optimization studies, and monetization

strategies within the capital markets arena, including valuation of self storage facilities. Prior to 1995, Mr. Perry headed the Real Estate Consulting Practice of the Chicago office of Kenneth Leventhal & Co. Prior to his time with Kenneth Leventhal & Co., Mr. Perry was a senior principal with Pannell Kerr Forester, a national accounting and consulting firm specializing in the hospitality industry. He is a CPA and holds an MAI designation with the Appraisal Institute and a CRE designation with the Counselors of Real Estate. He graduated with a Bachelor of Arts in Russian and Economics from the University of Illinois, and has a Masters of Business Administration with a concentration in finance from Loyola University in Illinois.

STOCK OWNERSHIP

Beneficial Ownership of the Company’s Stock

The following table sets forth, as of March 31, 2023, the amount of our common stock beneficially owned by: (1) each of our directors and executive officers; (2) our directors and executive officers as a group; and (3) any person who is known by us to be the beneficial owner of more than 5% of any class of our common stock. There were a total of approximately 96.8 million shares of common stock issued and outstanding as of March 31, 2023.


Name and Address⁽¹⁾ of Beneficial Owner⁽²⁾	Common Stock Beneficially Owned			Common Stock Issuable Upon Conversion or Exchange of Other Securities			Total		Percent of Ownership⁽³⁾
Directors and Executive Officers
H. Michael Schwartz, Chairman of the Board of Directors and Chief Executive Officer		571,169	⁽⁴⁾		9,130,372	⁽⁵⁾		9,701,541		9.1	%
Wayne Johnson, President and Chief Investment Officer		17,589			538,278			555,867		*
Joe Robinson, Chief Operations Officer		8,589			17,032			25,621		*
James Barry, Chief Financial Officer and Treasurer		9,569			138,848			148,417		*
Michael O. Terjung, Chief Accounting Officer		7,035			143,993			151,028		*
Nicholas M. Look, General Counsel and Secretary		3,518			61,161			64,679		*
Gerald Valle, SVP – Self Storage Operations		5,277			14,435			19,712		*
Paula Mathews, Director		28,610			108,672			137,282		*
Timothy S. Morris, Independent Director		30,640			—			30,640		*
David J. Mueller, Independent Director		28,763			—			28,763		*
Harold “Skip” Perry, Independent Director		30,640			—			30,640		*

All directors and executive officers as a group		741,399			10,152,791			10,894,190		10.1	%

5% or Greater Stockholders
Extra Space Storage LP		—			18,761,726	⁽⁶⁾		18,761,726		16.2	%

*	Represents less than 1%.

⁽¹⁾	The address of each director and executive officer is 10 Terrace Road, Ladera Ranch, California 92694. The address of Extra Space Storage LP is 2795 East Cottonwood Parkway, Suite 300, Salt Lake City, Utah 84121.

⁽²⁾

Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities and shares issuable pursuant to options, warrants and similar rights held by the respective person or group that may be exercised within 60 days following March 31, 2023. Except as otherwise indicated by footnote, and subject to community property laws where applicable, the persons named in the table above have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them.

⁽³⁾

For each person included in the table, percent of ownership is calculated by dividing the number of shares of our common stock beneficially owned by that person by the sum of (a) the number of shares of our common stock outstanding as of March 31, 2023 plus (b) the number of shares of common stock beneficially owned by such person, including those shares that are attributable to OP Units that can be exchanged, restricted stock or LTIP Units that will vest, or Series A Convertible Preferred Stock that can convert, within 60 days

following March 31, 2023. OP Units may be redeemed for cash, or at the Company’s option, an equal number of shares of common stock, subject to certain restrictions. Once vested, LTIP units are exchangeable into OP Units.

⁽⁴⁾	Includes 483,224 Class A shares owned by SmartStop OP Holdings, LLC, which is indirectly owned and controlled by Mr. Schwartz. This also includes 87,945 shares of Class A Common Stock held by a family trust, as to which Mr. Schwartz has shared voting and dispositive power.

⁽⁵⁾

Includes 8,882,448 Operating Partnership units owned by SmartStop OP Holdings, LLC, and 73 units owned by SS Toronto REIT Advisors, Inc., which are indirectly owned and controlled by Mr. Schwartz. This table does not include 1,094,434 operating partnership units held by SmartStop OP Holdings, LLC which are precluded from being exchanged into shares until August 9, 2023.

⁽⁶⁾

This information is based solely on Extra Space Storage LP’s ownership of our Series A Convertible Preferred Stock. The holders of the Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock into shares of our common stock. As of March 31, 2023, we had $200 million of Series A Convertible Preferred Stock outstanding which are convertible using a conversion price of $10.66; such conversion price may be adjusted in connection with stock splits, stock dividends and other similar transactions.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

General

Certain of our executive officers and two of our directors hold ownership interests in and/or are officers of SAM, our Former Dealer Manager (as defined below), and other affiliated entities. Accordingly, any agreements or transactions we have entered into with such entities may present a conflict of interest. For example, in the past, we have been a party to and are currently a party to agreements giving rise to material transactions between us and our affiliates, including our Dealer Manager Agreement, our Transfer Agent Agreement, and an Administrative Services Agreement. Our independent directors reviewed and approved the material transactions between us and our affiliates arising out of these agreements. Set forth below is a description of the relevant transactions with our affiliates.

Dealer Manager Agreement

During fiscal year 2022, SAM indirectly owned a 15% beneficial non-voting equity interest in Select Capital Corporation, our former dealer manager (our “Former Dealer Manager”). Our Former Dealer Manager served as our dealer manager pursuant to our Dealer Manager Agreement. The Dealer Manager Agreement terminated upon the termination of our Offering. Pursuant to our Dealer Manager Agreement, our Former Dealer Manager continued to receive an ongoing stockholder servicing fee that was payable monthly and accrued daily in an amount equal to 1/365^th of 1% of the purchase price per Class T share sold in the primary offering portion of the Offering (the “Primary Offering”). However, our Former Dealer Manager was no longer entitled to such stockholder servicing fee after March 31, 2022.

Our Former Dealer Manager entered into participating dealer agreements with certain other broker-dealers authorizing them to sell our shares. Our Former Dealer Manager generally re-allowed 100% of the stockholder servicing fee to participating broker-dealers, provided, however, that our Former Dealer Manager does not re-allow the stockholder servicing fee to any registered representative of a participating broker-dealer if such registered representative ceased to serve as the representative for an investor in our Offering.

Transfer Agent Agreement

SAM is the manager and sole member of Strategic Transfer Agent Services, LLC (our “Transfer Agent”). Pursuant to our Transfer Agent Agreement, which was approved by a majority of our independent directors, our

Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: providing customer service to our stockholders, processing the distributions and any servicing fees with respect to our shares, and issuing regular reports to our stockholders. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. Our Transfer Agent conducts transfer agent and registrar services for other non-traded REITs sponsored by us and by SAM.

The initial term of the Transfer Agent Agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the Transfer Agent Agreement upon 90 days’ prior written notice. In the event that we terminate the Transfer Agent Agreement, other than for cause, we will pay our Transfer Agent all amounts that would have otherwise accrued during the remaining term of the Transfer Agent Agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.

Fees to be paid to our Transfer Agent are based on a fixed quarterly fee, one-time account setup fees, fees for investor inquiries and monthly open account fees. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it. In connection with the SSGT II merger, we paid our Transfer Agent a one-time fee equal to $100,000.

Self Administration Transaction and Earn-Out

On June 28, 2019, we, along with our Operating Partnership, entered into the Self Administration Transaction with SAM and SS OP Holdings, pursuant to which, effective as of June 28, 2019, we acquired the self storage advisory, asset management, property management and certain joint venture interests of SAM, along with certain other assets of SAM. In connection with the Self Administration Transaction, SS OP Holdings was issued Class A-1 Units and Class A-2 Units of our Operating Partnership.

The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership. The Class A-2 Units will convert into Class A-1 Units as earn-out consideration, as described below, in connection with the Self Administration Transaction. The Class A-2 Units were not entitled to cash distributions or the allocation of any profits or losses in the Operating Partnership until the Class A-2 Units were converted into Class A-1 Units.

The conversion features of the Class A-2 Units were as follows: (A) the first time the aggregate incremental AUM (as defined in the Operating Partnership Agreement) of the Operating Partnership equaled or exceeded $300,000,000, one-third of the Class A-2 Units automatically converted into Class A-1 Units (the “First Tier”), (B) the first time the incremental AUM equaled or exceeded $500,000,000, an additional one-third of the Class A-2 Units automatically converted into Class A-1 Units (the “Second Tier”), and (C) the first time the incremental AUM equaled or exceeded $700,000,000, the remaining one-third of the Class A-2 Units automatically converted into Class A-1 Units (the “Third Tier”) (each an “Earn-Out Achievement Date”). On each Earn-Out Achievement Date, the Class A-2 Units will automatically convert into Class A-1 Units based on an earn-out unit exchange ratio, which was equal to $10.66 divided by the then-current value of our Class A common stock. On October 19, 2021, the Nominating and Corporate Governance Committee and board of directors approved resolutions providing that the denominator in the calculation of the earn-out unit exchange ratio will be $10.66 (the value of the Class A common stock at the time of the Self Administration Transaction, pursuant to which the earn-out was established) until October 19, 2022. Thereafter, the denominator in the calculation of the earn-out exchange ratio would be as provided in the operating partnership agreement. All three tiers of earn-out consideration were achieved and the respective Class A-2 Units converted into Class A-1 Units,

as follows: on March 24, 2021, 1,094,434 Class A-2 Units were converted into 1,121,795 Class A-1 Units pursuant to the achievement of the First Tier, on March 29, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the Second Tier and on August 9, 2022, 1,094,434 Class A-2 Units were converted into 1,094,434 Class A-1 Units pursuant to the achievement of the Third Tier.

The Operating Partnership Agreement also provides for a vote on “Extraordinary Matters” which includes any merger, sale of all or substantially all of the assets, share exchange, conversion, dissolution or charter amendment, in each case where the vote of our stockholders is required under Maryland law. We, as general partner of the Operating Partnership, agreed that the consent of the Operating Partnership would be required (the “OP Consent”) in connection with any Extraordinary Matter. The OP Consent will be determined by a vote of the partners of the Operating Partnership, with our vote as a limited partner being voted in proportion to the votes cast by our stockholders on the Extraordinary Matter.

Administrative Services Agreement

On June 28, 2019, we, along with our Operating Partnership and certain other subsidiaries of ours (collectively, the “Company Parties”), entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), pursuant to which the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. SAM will receive a monthly administrative service fee for providing its services and the Company Parties will receive monthly reimbursement based on the amount of services provided under the Administrative Services Agreement. SAM also paid the Company Parties an allocation of rent and overhead for the portion ofthe Ladera Office that it occupied during 2022. Such agreement had an initial term of three years, with automatic one-year renewals, and is subject to certain adjustments as defined in the agreement.

For the year ended December 31, 2022, we incurred fees and reimbursements payable to SAM under the Administrative Services Agreement of approximately $0.3 million. We also recorded reimbursements from SAM of approximately $0.7 million during the year ended December 31, 2022 related to services provided to SAM as well as reimbursements of rent and overhead for the portion of the Ladera Office occupied by SAM during 2022. As of December 31, 2022, a receivable of approximately $15,000 was due from SAM related to the Administrative Services Agreement.

Fees Paid to our Affiliates

Pursuant to the terms of the agreements described above, the following table summarizes certain related party costs incurred and paid by us for the years ended December 31, 2021 and 2022, and any related amounts payable as of December 31, 2021 and 2022:


	Year Ended December 31, 2021						Year Ended December 31, 2022
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	967,341	$	916,349	$	86,992	$	1,242,655	$	1,260,896	$	68,751
Additional paid-in capital
Transfer Agent expenses		150,000		150,000		—		100,000		100,000		—
Stockholder servicing fee⁽¹⁾		161,545		636,654		156,320		53,660		209,980		—
Other
Other		1,155,887		814,908		340,979		—		—		340,979

Total	$	2,434,773	$	2,517,911	$	584,291	$	1,396,315	$	1,570,876	$	409,730

⁽¹⁾

We paid the Former Dealer Manager an ongoing stockholder servicing fee that was payable monthly and accrued daily in an amount equal to 1/365^th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. The amount incurred during the years ended December 31, 2021 and 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 then estimated cessation date of such stockholder servicing fee of March 31, 2022.

WHETHER YOU PLAN TO ATTEND THE ANNUAL MEETING AND VOTE IN PERSON VIA WEBCAST OR NOT, WE URGE YOU TO HAVE YOUR VOTE RECORDED. STOCKHOLDERS MAY SUBMIT THEIR PROXIES VIA MAIL USING THE ENCLOSED PROXY CARD AND ENVELOPE, VIA THE INTERNET AT WWW.PROXY-DIRECT.COM OR VIA TELEPHONE AT (800) 337-3503.

YOUR VOTE IS VERY IMPORTANT AND YOUR IMMEDIATE RESPONSE WILL HELP AVOID POTENTIAL DELAYS AND MAY SAVE US SIGNIFICANT ADDITIONAL EXPENSES ASSOCIATED WITH SOLICITING STOCKHOLDER VOTES.

DETAILS REGARDING THE VIRTUAL ANNUAL MEETING

The annual meeting will be held online on Wednesday, June 21, 2023, at 9:00 a.m. (PDT), via live webcast. Stockholders of record as of the close of business on March 31, 2023 will be able to attend, participate in, and vote at the annual meeting online by accessing https://meetnow.global/M7R9FV5 and following the log in instructions below. Even if you plan to attend the annual meeting online, we recommend that you also authorize a proxy to vote your shares, as described herein, so that your vote will be counted if you decide not to attend the annual meeting.

Access to the Audio Webcast of the Annual Meeting. The live audio webcast of the annual meeting will begin promptly at 9:00 a.m. (PDT). Online access to the audio webcast will open approximately 15 minutes prior to the start of the annual meeting to allow time for our stockholders to log in and test the computer audio system. We encourage our stockholders to access the annual meeting prior to the start time.

Log in Instructions. To attend the annual meeting, log in at https://meetnow.global/M7R9FV5. Stockholders will need their unique 14-digit control number, which appears on the front of your proxy card in the shaded box. In the event that you do not have a control number, please contact Computershare as soon as possible and no later than June 19, 2023, so that you can be provided with a control number and gain access to the annual meeting.

Submitting Questions at the Annual Meeting. As part of the annual meeting, stockholders will be able to submit questions during the meeting that are pertinent to the Company and the annual meeting matters, and, time permitting, we intend to answer such questions. Questions and answers will be grouped by topic and substantially similar questions will be grouped and answered once.

PROPOSALS ON WHICH YOU MAY VOTE

PROPOSAL 1. ELECTION OF DIRECTORS

At the annual meeting, you and the other stockholders will vote on the election of all five members of our board of directors. Each person elected will serve as a director until our 2024 annual meeting of stockholders and until his or her successor is elected and qualifies. Our board of directors has nominated the following people for re-election as directors:

•

H. Michael Schwartz

•

Paula Mathews

•

Timothy S. Morris

•

David J. Mueller

•

Harold “Skip” Perry

Each of the nominees is a current member of our board of directors. Detailed information on each nominee is provided on pages [37-40].

If any nominee becomes unable or unwilling to stand for re-election, our board of directors may designate a substitute. If a substitute is designated, proxies voting on the original nominee will be cast for the substituted nominee.

Vote Required

Each director is elected by the affirmative vote of a plurality of all votes cast at the annual meeting, if a quorum is present. Votes are cast either in person via webcast or by proxy. There is no cumulative voting in the election of our directors. Any shares present but not voted (whether by abstention, broker non-vote, or otherwise) will not count as votes cast on this proposal, and thus will have no effect on the result of the vote on this proposal.

Recommendation

Each of the five nominees for re-election as a director will be elected at the annual meeting if a quorum is present at the annual meeting and a plurality of all votes cast at such meeting vote in favor of such director for re-election. A properly executed proxy marked “FOR ALL” will be considered a vote in favor of all nominees for re-election as director. A properly executed proxy marked “FOR ALL EXCEPT” will be considered a vote in favor of all nominees EXCEPT those nominees you specifically list in the space provided. A properly executed proxy marked “WITHHOLD ALL” will be considered a vote against all director nominees.

Our board of directors unanimously recommends a vote “FOR” each of the nominees listed for re-election as directors.

PROPOSAL 2. RATIFICATION OF THE APPOINTMENT OF BDO USA, LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 2023

The Audit Committee of our board of directors has appointed BDO USA, LLP to be our independent registered public accounting firm for the year ending December 31, 2023. Representatives of BDO USA, LLP are expected to be present via webcast at the annual meeting and will have an opportunity to make a statement if they so desire. The representatives also will be available to respond to appropriate questions from the stockholders.

Although it is not required to do so, our board of directors is submitting the Audit Committee’s appointment of our independent registered public accounting firm for ratification by our stockholders at the annual meeting as a matter of good corporate governance and in order to ascertain the view of the stockholders regarding such appointment.

Vote Required

The affirmative vote of a majority of votes cast on the proposal at the annual meeting, if a quorum is present, will be required to approve this proposal. Votes are cast either in person via webcast or by proxy. Any shares present but not voted (whether by abstention, broker non-vote, or otherwise) will not count as votes cast on this proposal, and thus will have no effect on the result of the vote on this proposal. In the event this matter is not ratified by our stockholders, the Audit Committee will take that fact into consideration, together with such other factors it deems relevant, in determining its next selection of our independent registered public accounting firm.

Recommendation

Our board of directors unanimously recommends a vote “FOR” ratification of the appointment of BDO USA, LLP as our independent registered public accounting firm for the year ending December 31, 2023.

STOCKHOLDER PROPOSALS

Any proposal by a stockholder for inclusion in proxy solicitation materials for the next annual meeting of stockholders must be received by our Secretary, Nicholas Look, at our offices no later than December 15, 2023 and must comply with the requirements of Rule 14a-8 of the Securities Exchange Act of 1934, as amended. If a stockholder desires to nominate a director or present a proposal at the 2024 annual meeting, whether or not the nomination or proposal is intended to be included in the 2024 proxy materials, our bylaws currently require that the stockholder give advance written notice to our Secretary, Nicholas Look, no earlier than November 16, 2023 and no later than 5:00 p.m., local time, on December 15, 2023. Stockholders desiring to nominate a director or submit a proposal are advised to examine the Company’s bylaws, as they contain additional submission requirements.

OTHER MATTERS

As of the date of this proxy statement, we know of no business that will be presented for consideration at the annual meeting other than the items referred to above. If any other matter is properly brought before the meeting for action by stockholders, proxies in the enclosed form returned to us will be voted in accordance with the recommendation of our board of directors or, in the absence of such a recommendation, in the discretion of the proxy holder.

Appendix A

Reconciliation of Non-GAAP Financial Measures

Same-Store Information

The following table sets forth operating data for our same-store facilities (those properties included in the consolidated results of operations since January 1, 2021, excluding nine lease-up properties we owned as of January 1, 2021) for the years ended December 31, 2022 and 2021. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity.


	Same-Store Facilities									Non Same-Store Facilities						Total
	2022			2021			% Change			2022 ⁽⁶⁾		2021		% Change		2022			2021			% Change
Revenue ⁽¹⁾	$	139,627,497		$	123,648,929			12.9	%	$	53,111,936	$	27,993,360		N/M	$	192,739,433		$	151,642,289			27.1	%
Property operating expenses ⁽²⁾		40,085,421			38,195,089			4.9	%		18,351,689		9,932,568		N/M		58,437,110			48,127,657			21.4	%

Net operating income	$	99,452,076		$	85,453,840			16.5	%	$	34,760,247	$	18,060,792		N/M	$	134,302,323		$	103,514,632			29.7	%

Number of facilities		109			109						44		30				153			139
Rentable square feet ⁽³⁾		8,036,285			8,034,200						3,758,445		2,630,800				11,794,730			10,665,000
Average physical occupancy ⁽⁴⁾		94.6	%		95.1	%		-0.5	%		N/M		N/M				94.0	%		94.3	%
Annualized rent per occupied square foot ⁽⁵⁾	$	18.79		$	16.46			14.2	%		N/M		N/M			$	18.58		$	16.30

N/M Not meaningful

⁽¹⁾	Revenue includes rental revenue, Tenant Protection Programs revenue, ancillary revenue, and administrative and late fees.

⁽²⁾	Property operating expenses excludes corporate general and administrative expenses, interest expense, depreciation, amortization expense, and acquisition expenses.

⁽³⁾	Of the total rentable square feet, parking represented approximately 1,016,000 square feet and 937,000 square feet as of December 31, 2022 and 2021, respectively. On a same-store basis, for the same periods, parking represented approximately 680,000 square feet.

⁽⁴⁾	Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period.

⁽⁵⁾

Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot.

⁽⁶⁾	Included in the non same-store data is a self storage facility consisting of approximately 84,000 square feet owned by SST VI OP, which was consolidated for approximately three months in 2021.

A-1

The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods indicated:


	For the Year Ended December 31,
	2022			2021
Net income (loss)		$ 21,669,452			$(19,564,718)
Adjusted to exclude:
Tenant Protection Program revenue ⁽¹⁾		(7,455,948	)		(6,520,645	)
Managed REIT Platform revenue		(7,819,216	)		(6,322,970	)
Managed REIT Platform expenses		2,485,290			1,451,166
General and administrative		28,253,905			23,265,196
Depreciation		49,417,679			40,946,406
Intangible amortization expense		15,200,854			12,422,205
Acquisition expenses		888,009			934,838
Contingent earnout adjustment		1,514,447			12,619,744
Write-off of equity interest and preexisting relationships upon acquisition of control		2,049,682			8,389,573
Gain on equity interest upon consolidation		(16,101,237	)		—
Gain on sale of real estate		—			(178,631	)
Interest expense		41,511,911			33,383,604
Net loss on extinguishment of debt		2,393,475			2,444,788
Income tax expense (benefit)		(554,785	)		(1,811,275	)
Other		848,805			2,055,351

Total net operating income	$	134,302,323		$	103,514,632

⁽¹⁾

Approximately $5.4 million and $5.3 million of Tenant Protection Program revenue was earned at same store facilities during the years ended December 31, 2022 and 2021, respectively, with the remaining approximately $2.1 million and $1.2 million earned at non same-store facilities during the years ended December 31, 2022 and 2021, respectively.

Funds from Operations

Funds from operations (“FFO”) is a non-GAAP financial metric promulgated by the National Association of Real Estate Investment Trusts (NAREIT), that we believe is an appropriate supplemental measure to reflect our operating performance.

We define FFO, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Our FFO calculation complies with NAREIT’s policy described above.

FFO, as Adjusted

We use FFO, as adjusted, as an additional non-GAAP financial measure to evaluate our operating performance. FFO, as adjusted, provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. In addition, FFO, as adjusted, is a measure used

A-2

among our peer group, which includes publicly traded REITs. Further, we believe FFO, as adjusted, is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies.

In determining FFO, as adjusted, we make further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, gains or losses from extinguishment of debt, adjustments of deferred tax liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, and other select non-recurring income or expense items which we believe are not indicative of our overall long-term operating performance. We exclude these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use FFO, as adjusted, as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies.

Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs. However, not all REITs calculate FFO and FFO, as adjusted, the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations, as an indication of our liquidity or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance.

A-3

The following is a reconciliation of net income (loss), which is the most directly comparable GAAP financial measure, to FFO and FFO, as adjusted (attributable to common stockholders), and FFO and FFO, as adjusted (attributable to common stockholders and OP unit holders) for each of the periods presented below:


	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Net income (loss) (attributable to common stockholders)	$	6,321,880		$	(29,401,595	)	$	(54,354,394	)
Add:
Depreciation of real estate		48,400,073			40,158,233			31,711,102
Amortization of real estate related intangible assets		14,628,068			11,030,316			5,110,207
Depreciation and amortization of real estate and intangible assets from unconsolidated entities		1,535,416			754,831			—
Deduct:
Gain on deconsolidation		—			(169,533	)		—
Gain on sale of real estate		—			(178,631	)		—
Gain on equity interests upon acquisition ⁽¹⁾		(16,101,237	)		—			—
Adjustment for noncontrolling interests in our Operating Partnership ⁽²⁾		(5,279,214	)		(5,727,520	)		(4,756,580	)

FFO (attributable to common stockholders)		49,504,986			16,466,101			(22,289,665	)
Other Adjustments:
Intangible amortization expense - contracts ⁽³⁾		572,786			1,391,889			4,666,909
Acquisition expenses⁽⁴⁾		888,009			934,838			1,366,092
Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities		149,094			210,377			—
Casualty loss due to hurricane⁽⁵⁾		661,326			—			—
Contingent earnout adjustment⁽⁶⁾		1,514,447			12,619,744			(2,500,000	)
Write-off of equity interest and preexisting relationships upon acquisition of control		2,049,682			8,389,573			—
Impairment of goodwill and intangible assets⁽⁷⁾		—			—			36,465,732
Impairment of investments in Managed REITs⁽⁷⁾		—			—			4,376,879
Accretion of fair market value of secured debt		(35,738	)		(110,942	)		(130,682	)
Net loss on extinguishment of debt⁽⁸⁾		2,393,475			2,444,788			—
Foreign currency and interest rate derivative (gains) losses, net⁽⁹⁾		75,030			366,849			203,995
Offering related expenses⁽¹⁰⁾		1,802,945			—			—
Adjustment of deferred tax liabilities⁽²⁾		(1,073,317	)		(2,025,869	)		(5,926,732	)
Adjustment for noncontrolling interests in our Operating Partnership		(1,017,068	)		(2,720,691	)		(5,321,725	)

FFO, as adjusted (attributable to common stockholders)	$	57,485,657		$	37,966,657		$	10,910,803

FFO (attributable to common stockholders)	$	49,504,986		$	16,466,101		$	(22,289,665	)
Net income (loss) attributable to the noncontrolling interests in our Operating Partnership		2,536,297			(2,663,123	)		(6,901,931	)
Adjustment for noncontrolling interests in our Operating Partnership⁽²⁾		5,279,214			5,727,520			4,756,580

FFO (attributable to common stockholders and OP unit holders)	$	57,320,497		$	19,530,498		$	(24,435,016	)

FFO, as adjusted (attributable to common stockholders)	$	57,485,657		$	37,966,657		$	10,910,803
Net income (loss) attributable to the noncontrolling interests in our Operating Partnership		2,536,297			(2,663,123	)		(6,901,931	)
Adjustment for noncontrolling interests in our Operating Partnership⁽²⁾		6,296,282			8,448,211			10,078,305

FFO, as adjusted (attributable to common stockholders and OP unit holders)	$	66,318,236		$	43,751,745		$	14,087,177

⁽¹⁾	This gain relates to recording the fair value of our preexisting equity interests in SSGT II as a result of our acquisition of control in the SSGT II Merger.

A-4

⁽²⁾	This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests.

⁽³⁾	These items represent the amortization, accretion, or adjustment of intangible assets or deferred tax liabilities.

⁽⁴⁾	This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy.

⁽⁵⁾	Such casualty losses relate to Hurricane Ian, which occurred in September 2022.

⁽⁶⁾	The contingent earnout adjustment represents the adjustment to the fair value during the period of the Class A-2 Units issued in connection with the Self Administration Transaction.

⁽⁷⁾

The impairment charges relate to our goodwill, intangible assets and investments in the Managed REIT Platform acquired in the Self Administration Transaction. We believe that adjusting for such non-recurring items provides useful supplemental information because such expenses may not be reflective of on-going operations and is consistent with management’s analysis of our operating performance and provides for a means of determining a comparable sustainable operating performance metric.

⁽⁸⁾	The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred.

⁽⁹⁾

This represents the mark-to-market adjustment for our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings, as well as changes in foreign currency related to our foreign equity investments not classified as long term.

⁽¹⁰⁾

Such costs relate to our filing of an S-11 registration statement and our pursuit of a potential offering of our common stock. As this item is non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.

A-5

LOGO

SmartStop Self Storage …The Smarter Way to Storel® PO Box 43131 Providence, RI 02940-3131 EVERY STOCKHOLDER’S VOTE IS IMPORTANT VOTING OPTIONS: VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours VOTE BY PHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours VOTE BY MAIL Vote, sign and date this Proxy Card and return in the postage-paid envelope VIRTUAL MEETING at the following website meetnow.global/M7R9FV5 on June 21, 2023 at 9:00 a.m. Pacific Time. To Participate in the Virtual Meeting, enter the 14-digit control number from the shaded box on this card. Please detach at perforation before mailing. SMARTSTOP SELF STORAGE REIT, INC. PROXY FOR THE VIRTUAL ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 21, 2023 This proxy is solicited on behalf of the SmartStop Self Storage REIT, Inc. Board of Directors. The undersigned stockholder of SmartStop Self Storage REIT, Inc., a Maryland corporation, hereby appoints James R. Barry and Nicholas M. Look, and each of them as proxies, for the undersigned with full power of substitution in each of them, for the 2023 Virtual Annual Meeting of Stockholders of SmartStop Self Storage REIT, Inc., to be held on June 21, 2023 at 9:00 a.m. (PDT), and any and all adjournments and postponements thereof, to cast on behalf of the undersigned all votes that the undersigned is entitled to cast at such meeting and otherwise to represent the undersigned at the meeting with all power possessed by the undersigned as if personally present. To participate in the Virtual Annual Meeting of Stockholders connect via webcast by visiting meetnow.global/M7R9FV5, enter the 14-digit control number from the shaded box on this card. The undersigned hereby acknowledges receipt of the Notice of Annual Meeting of Stockholders and of the accompanying proxy statement, each of which is hereby incorporated by reference, and revokes any proxy heretofore given with respect to such meeting. When properly executed, this proxy will be voted as specified by the undersigned stockholder. If no voting instruction is given as to any item, this proxy will be voted “FOR” each of the nominees in Item 1 and “FOR” Item 2. In their discretion, the proxies are authorized to vote upon such other business as may properly come before the Virtual Annual Meeting, including matters incident to its conduct. VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1 - 800-337 - 3503 SSS_33209_033023 PLEASE SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE xxxxxxxxxxxxxx code

LOGO

EVERY STOCKHOLDER’S VOTE IS IMPORTANT Important Notice Regarding the Availability of Proxy Materials for the SmartStop Self Storage REIT, Inc. Virtual Annual Meeting of Stockholders to be held June 21, 2023. The Annual Report and Proxy Statement for this meeting are available at: https://www.proxy-direct.com/sma-33209 Please detach at perforation before mailing. TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: X THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” EACH OF THE NOMINEES NAMED IN ITEM 1 AND “FOR” ITEM 2. IF NO SPECIFICATION IS MADE, SUCH PROXY WILL BE VOTED IN ACCORDANCE WITH THESE RECOMMENDATIONS. A Proposals 1. The election of five directors, each to serve until the 2024 annual meeting of stockholders and until his or her successor is elected and qualifies. Nominees: FOR WITHHOLD FOR WITHHOLD FOR WITHHOLD 01. H. Michael Schwartz 02. Paula Mathews 03. Timothy S. Morris 04. David J. Mueller 05. Harold “Skip” Perry FOR AGAINST ABSTAIN 2. The ratification of the appointment of BDO USA, LLP as our independent registered public accounting firm for the year ending December 31, 2023. B Authorized Signatures — This section must be completed for your vote to be counted.— Sign and Date Below Note: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. Date (mm/dd/yyyy) — Please print date below Signature 1 — Please keep signature within the box Signature 2 — Please keep signature within the box Scanner bar code xxxxxxxxxxxxxx SSS 33209 xxxxxxxx

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STSFF Smartstop Self Storage REIT Inc (PK)

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