#1SmartStop Self Storage 888-97-STORAGE SmartStop Self-St 365 IST MONTH RENT FREE The Smart Way to Stow WE SELL BOKES IST MONTH RENT FREE The Smorter oy to Stow QUE SELL BOXES menster Self Storage SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! December 2023 Update Stoney Creek, ONT#2Disclaimer & Risk Factors SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Certain of the matters discussed in this investor presentation constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to: (i) statements about our plans, strategies, initiatives, and prospects; and (ii) statements about our future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self storage properties; (ii) market trends in our industry, interest rates, inflation, the debt and lending markets or the general economy; (iii) failure to realize the benefits from affiliated mergers, acquisitions and other strategic transactions; (iv) the current concentration of our rental income in Florida, California and the Greater Toronto Area of Canada; (v) the effect of competition at our self storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; (vi) the impact of our outstanding Series A Convertible Preferred Stock, which ranks senior to all common stock and grants the holder superior rights compared to common stockholders, and may have the effect of diluting our stockholders' interests in us and discouraging a takeover or other similar transaction; (vii) impacts on our business due to certain of our officers and key personnel facing competing demands relating to their time and conflicts of interest as a result of the positions they hold with affiliated entities; (viii) the impact of investments in or loans to our Managed REITs; (ix) revenue and earnings from the Managed REIT Platform; (x) increases in property taxes; (xi) the impact of and changes in national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts, environmental matters, taxes, insurance, accounting guidance and other aspects of our business; (xii) impacts of changes in the Canadian Dollar/USD exchange rate, which could have a material adverse effect on our operating results; (xiii) the degree to which our hedging strategies may or may not protect us from interest rate volatility; (xiv) risks associated with data breaches, including cybersecurity attacks or other unauthorized access or misuse of information, any of which could adversely affect our business and results; (xv) potential environmental or other liabilities; (xvi) risks related to or a consequence of natural disasters or acts of violence, pandemics, terrorism, insurrection or war that affect the markets in which we operate; (xvii) failure to continue to qualify as a REIT for U.S. federal income tax purposes. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent SmartStop's views as of the date on which such statements were made. SmartStop anticipates that subsequent events and developments may cause its views to change. These forward-looking statements should not be relied upon as representing SmartStop's views as of any date subsequent to the date hereof. Additional factors that may affect the business or financial results of SmartStop are described in the risk factors included in SmartStop's filings with the SEC, including SmartStop's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as supplemented by the risk factors included in Part II, Item 1A of its Quarterly Reports on Form 10-Q, which factors are incorporated herein by reference, all of which are filed with the SEC and available at www.sec.gov. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences. This is neither an offer nor a solicitation to purchase securities. See our most recent Annual Report on Form 10-K and subsequent Form 10-Qs for specific risks associated with an investment in SmartStop Self Storage REIT, Inc. As of September 30, 2023, our accumulated deficit was approximately $166.2 million and it is possible that our operations may not be profitable in 2023. We have paid distributions from sources other than our cash flows from operations, including from the net proceeds of our public offering and our distribution reinvestment plan (DRP offering). We are not prohibited from undertaking such activities by our charter, bylaws or investment policies, and we may use an unlimited amount from any source to pay our distributions. For the twelve months ended December 31, 2021, we funded 92% of our distributions using cash flow from operations and 8% using proceeds from our DRP offering. For the 12 months ended December 31, 2022, we funded 100% of our distributions using cash flow from operations. No public market currently exists for shares of our common stock and there may never be one. Therefore, it will be difficult for our stockholders to sell their shares. Our charter does not require us to pursue a liquidity transaction at anytime. If you sell your shares, it will likely be at a substantial discount. We may only calculate the value per share for our shares annually and, therefore, you may not be able to determine the net asset value of your shares on an ongoing basis. We cannot assure our stockholders that we will be successful in the marketplace. Revenues and earnings from Strategic Storage Trust VI, Inc. and Strategic Storage Growth Trust III, Inc. (the "Managed REITs") are uncertain. Because the revenue streams from the advisory agreements with the Managed REITs are subject to limitation or cancellation, any such termination could adversely affect our financial condition, cash flow and the amount available for distributions to you. We will face conflicts of interest relating to the purchase of properties, including conflicts with the Managed REITs, and such conflicts may not be resolved in our favor, which could adversely affect our investment opportunities. Our trademarks are important to the value of our business, and the ability to protect, and costs associated with protecting, our intellectual property could adversely affect our business and results of operations. We may incur substantial debt, which could hinder our ability to pay distributions to our stockholders or could decrease the value of your investment. Our Series A Preferred Shares rank senior to our common stock, and therefore, any cash we have to pay distributions will be used to pay distributions to the holders of Series A Preferred Shares first, which could have a negative impact on our ability to pay distributions to our common stockholders. We may fail to qualify as a REIT, which could adversely affect our operations and our ability to make distributions. Our board of directors may change any of our investment objectives without your consent. We use market data throughout this presentation that has generally been obtained from publicly available information and industry publications. We have also obtained certain information, where indicated, from the 2022 Self Storage Almanac and the May 2021 Colliers Report. These sources generally state that the information they provide has been obtained from sources believed to be reliable, but the accuracy and completeness of the information are not guaranteed. The market data includes forecasts and projections that are based on industry surveys and the preparers' experiences in the industry, and there is no assurance that any of the projections or forecasts will be achieved. We believe that the surveys and market research others have performed are reliable, but we have not independently verified this information. This presentation may contain trade names, trademarks or service marks of other companies. The Company does not intend the use or display of other parties' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of, these other parties. This presentation includes certain financial information that is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). Such non-GAAP financial measures should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. You should be aware that SmartStop's presentation of these and other non-GAAP financial measures in this presentation may not be comparable to similarly-titled measures used by other companies. Non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. We seek to compensate such limitations by providing a detailed reconciliation for the non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP in this presentation. You are encouraged to review the related GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Investor Presentation |#3SmartStop Platform at a Glance SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! SmartStop Self Storage REIT is the largest public non-traded self storage REIT in the U.S. 10th Largest Self Storage Company in the U.S.(1) -15.4 Million (2) Owned or Managed Rentable Square Feet 194(2) Owned or Managed Self Storage Operating Properties 92.8% Q3 2023 Quarter End Same-Store Occupancy >$5.0 Billion Historical Self Storage Transaction Activity (3) BBB- Investment Grade Credit Rating from KBRA $2.9 Billion Total Capitalization(4) ~500 Employees SmartStep Sel Roope SmartStop Self Storage 13.4% Average 24-Month Same- Store YoY NOI (5) Growth 33(2) Operating Properties Owned or Managed in Canada (1) Per Inside Self Storage Top-Operators list for 2023. Adjusted for the LifeStorage (LSI) and ExtraSpace (EXR) merger completed in July 2023. (2) Includes wholly-owned operating properties, joint venture operating assets and assets owned by the Managed REITS as of 11/30/23. (3) Includes affiliated companies (4) Total capitalization includes debt, preferred equity and equity market cap based on approx. 109.8 million shares and OP Units at 9/30/23 valued at the most recently published Net Asset Value of $15.21. Debt and preferred equity are measured at face value. (5) NOI is a non-GAAP measure. See the Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. The average of the past eight quarters of year-over-year same-store NOI growth from 4Q21 to 3Q23. Investor Presentation | 3#4Awards and Accolades SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! THE IPA/STANGER MONITOR™ SUMMER, FALL AND WINTER 2022 AND SPRING 2023 LIFECYCLE REIT TOP PERFORMERE BACK-TO-BACK-TO-BACK 3-YEAR & 5-YEAR ANNUALIZED TOTAL RETURN SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store!Ⓡ BEST BEST BEST CUSTOMER CUSTOMER SERVICE CUSTOMER SERVICE 喜喜喜 2021 Newsweek statista SERVICE 2023 Newsweek 2024 Newsweek statista statista Reputation The 800 Award Reputation The 800 Award 2022 2023 SILVER 2023 STEVIE WINNER AMERICAN BUSINESS AWARDS TOP KBRA WORK PLACES 2022 THE ORANGE COUNTY REGISTER Investment-Grade Credit Rating from Kroll Bond Rating Agency, Inc. BBB- (2022 + 2023) Investor Presentation | 4#5SmartStop Strategy, Platform & Portfolio SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! SmartStop's focus on high-growth domestic and Canadian markets, combined with unique operating platform initiatives, have created a high quality portfolio with embedded growth opportunities Strategy Platform Focus on high-growth markets in the U.S. and Canada Accretively acquire under-managed facilities while maintaining reasonable leverage Develop and acquire in under-served markets in Canada with low supply and growing demand Leverage Managed REIT platform for additional scale and acquisition opportunities Strong North American brand Long track record with an average of over 15 years of management experience in self storage Utilize advanced proprietary data science technology based models Scalable and fully integrated platform High Quality Portfolio Diversified portfolio with strong rents per square foot and demographics High proportion of non-stabilized assets driving meaningful organic growth Weighted average age of portfolio by rentable square feet is -19.4 years(1) Nearly two thirds of the owned portfolio is in the top 25 MSAs (2) (1) Since initial construction or significant property redevelopment. (2) Includes joint venture assets and excludes Managed REIT assets. Includes Toronto as top 25 MSA. Top 25 MSAS as defined by 2020 U.S. Census Bureau data. Toronto population as defined by Statistics Canada. Investor Presentation | 5#6Investment Highlights SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! to a smarter way to store 1 High Quality, Diversified Portfolio In Key Growth Markets 2 Differentiated Exposure to the Greater Toronto Area ("GTA") 3 Institutional Operator and Proprietary Technology Platform whn Shop SmartStop sta Veme ride Ranc 4 Demonstrated Ability To Grow Externally 7 5 Unique Managed REIT Platform SmartStop Self Stomp 6 Conservative and Diversified Capital Structure 7 Experienced Management Team Investor Presentation | 6#71 Owned Portfolio Overview as of 9/30/23 5 WA ND MT OR ID WY 11 NV CA 18 9 ONT MN ME WI SD VT MI 13 NH NY MA ΙΑ 6 NE CT UT 8 Co KS MO TN OK AR AZ NM SmartStop Self Storage REIT, Inc. Owned Operating Properties 153 Wholly-Owned Operating Properties 8 Joint Venture Operating Properties 11 SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! 161 Operating Properties Owned in U.S. and Canada ~65% Concentration In Top 25 MSAs (1) 12.5 Million Net Rentable Square Feet IN OH PA 2 5 MSA/CMA(2) NRSF WV NJ 2 DE Portfolio % by NRSF Units # of Stores Q3 2023 Q3 2023 Ending Occ. Rent POF(4) Toronto KY VA 16 Miami/Ft. Lauderdale 1,810,600 1,121,500 9.0% 14.5% 18,111 21 89.6% $19.81 9,420 11 93.3% 25.54 3 Las Vegas 865,000 6.9% 7,160 9 92.9% 18.56 Asheville 851,900 6.8% 6,200 14 94.4% 16.85 3 Houston 676,800 5.4% 5,130 9 93.7% 17.98 MS AL GA LA Los Angeles 660,400 5.3% 6,200 10 92.6% 26.18 Tampa 478,100 3.8% 3,890 5 92.7% 19.72 Denver 434,785 3.5% 3,860 7 93.5% 17.3 25 Chicago All Other (3) 429,500 3.4% 3,785 6 92.1% 15.38 5,184,445 41.4% 46,622 69 92.7% 19.61 Total Owned Portfolio 12,513,030 100% 110,378 161 92.2% $19.95 Note: Figures reflect wholly-owned JVs at 100% of NRSF. (1) Toronto included as a top 25 MSA. Top 25 MSA's as defined by 2020 U.S. Census Bureau data. (2) MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada. (3) Other markets include: Baltimore, Charleston, Charlotte, Charlottesville, College Station, Colorado Springs, Dallas, Dayton, Detroit, Jacksonville, Milwaukee, Mobile, Myrtle Beach, Nantucket, Naples, New York - Newark, Orlando, Phoenix, Port St. Lucie, Punta Gorda, Riverside-SB, Sacramento, San Antonio, San Francisco-Oakland, San Diego, Santa Maria-Santa Barbara, Santa Rosa - Petaluma, Sarasota, Seattle-Tacoma, Stockton, Trenton-Princeton and Washington- Arlington. (4) RentPOF defined as annualized rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage. Investor Presentation | 7#81 Major U.S. Markets: Miami/Ft. Lauderdale and LA SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! 27 41 Big Cypress National Preserve Miami/Ft. Lauderdale Jupiter 98 Royal Palm Beach West Palm Beach 27 Coral Springso Los Angeles Lancaster Lake Hughes Quartz Hill Boynton Beach Fillmore 126 Santa Clarita Delray Beach ula 23 Boca Raton Simi Valley 23 118 rillo Pompano Beach Thousand Oaks Fort Lauderdale Hollywood Everglades and Francis S. Taylor Wildlife... Hialeah Doral Miami Kendall Homestead Palmdale 138 Lake Los Angeles Angeles National Forest Mt San Antonio 210 Burbank 101 Pasadena Azusa 21 Operating Properties Owned in Miami/Ft. Lauderdale and Los Angeles 135,000 Average 3-mi Population $82,000 Average 3-mi Household Income 1.78 Million Net Rentable Square Feet Q3 2023 Q3 2023 MSA(1) NRSF Portfolio % by NRSF Units # of Stores Ending Rent Occ. POF(1) Ontario Chino Miami/Ft. Lauderdale 1,121,500 9.0% 9,420 11 93.3% $25.54 Los Angeles 660,400 5.3% 6,200 10 92.6% 26.18 Con Partial Portfolio 1,781,900 14.3% 15,620 21 Totals Los Angeles Inglewood Compton Torrance Anaheim Long Beach Santa Ana 241 Irvine Huntington Beach Lake Forest 73 Mission Viejo Sources: Company internal data as of 9/30/23. (1) RentPOF defined as annualized rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage. Investor Presentation | 8#92 Greater Toronto Area Overview (in millions) 20.1 SmartStop Self Storage ...The Smarter Way to Store! The Greater Toronto Area ("GTA") is one of the largest and fastest growing MSAs in North America supported by strong economic and demographic fundamentals The GTA Would be the 6th Largest MSA in the U.S.... Top MSAs by 2020 U.S. Census Population (1) 13.2 9.6 7.6 7.1 7.1 6.4 6.2 6.1 6.1 4.9 NYC LA Chicago Dallas Houston GTA D.C. Philadelphia Miami Atlanta Boston Strong Economic and Demographic Fundamentals • Home to the Toronto Stock Exchange, leading financial institutions and an array of Canada's largest companies • With accommodative immigration policies and a high-quality education system, the GTA is attracting young, highly skilled workers and quickly emerging as a hotbed for the digital economy o Ranked #4 tech market by CBRE's 2021 Tech Talent Scorecard 8.9% ... And of Those Markets, the Fastest Growing 2022-2027 Claritas/SNL Financial Projected Population Growth 6.0% 5.9% 5.4% 5.2% 4.5% 4.1% 4.0% 3.8% 3.5% 1.3% 1.0% GTA Houston Dallas Atlanta NYC Boston D.C. Miami Top 25 (2) MSA Avg Philadelphia Chicago LA • Increasing population and high housing costs are expected to result in further densification in the GTA 。 Population density of 11,500 per square mile puts the city of Toronto on par with the likes of Chicago, Philadelphia, and Washington, D.C.(3) The average selling price for a home in GTA surpassed $1.3 million in February 2022, up 28% year-over-year, driven primarily by lack of supply(4) Sources: CBRE, Claritas, CoStar, Green Street Advisors, Ontario Ministry of Finance, SNL Financial, Statistics Canada. (1) Population data for U.S. MSAs per U.S. Census bureau and the 2020 Census; population data for GTA per Statistics Canada. (2) Based on top 25 U.S. MSAs. (3) City of Toronto land area per canadapopulation.org and U.S. cities' population density per worldpopulationreview.com. (4) The Toronto Regional Real Estate Board as of February 2022. Investor Presentation | 9#102 GTA Storage Market Overview SmartStop Self Storage ...The Smarter Way to Store! The GTA market exhibits many of the positive market characteristics of the top U.S. MSAs, with far less institutional competition % Population Growth 10% 9% 8% 7% 6% 5% The GTA's Low Supply Ratio and Strong Population Growth Suggests a Long Runway for Absorption Relative to the Top 25 U.S. MSAS Top 10 U.S. MSAs and Toronto Population Growth vs. Supply Per Capita (1) T Toronto Houston Atlanta NYC Boston Dallas • The GTA would be the 6th largest MSA in the U.S. and, of those markets, the fastest growing market supported by strong economic and demographic fundamentals High barriers to entry limit development, including zoning restrictions that prohibit new construction Heavy concentration of non-institutional operators in the GTA self storage market allows for a relatively lower level of operating competition Self Storage Ownership in Canada and GTA is Highly Fragmented Ownership: Canada vs. U.S.(2) Largest Self Storage Owners in the GTA(3) 4% 3% 2% 1% T Philadelphia Top 25 U.S. MSA Avg. Washington D.C. Chicago U.S. National Average >6x LA Below U.S. Average Above U.S. Average 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x Sq. Ft. / Capita 7.0x 8.0x 9.0x 10.0x . Public Storage Canada • U-Haul Non-Institutional Operators 41% 70% Access Storage / SVI SmartStop Institutional Operators 22% Storage Mart Apple U.S. Listed REITS 37% 30% Canada U.S. Sources: Claritas, Colliers, CoStar, Green Street, SNL, and The 2023 Self Storage Almanac. (1) U.S. 2022 - 2027 population growth forecasts per Claritas and sq. ft. per capita per the 2023 Self Storage Almanac; Toronto 2022 - 2027 population growth forecast per Ontario Ministry of Finance and sq. ft. per capita per Colliers. (2) Canada figures per Colliers May 2021 report and based on number of facilities; U.S. ownership per the 2023 Self Storage Almanac and based on rentable square feet. (3) Colliers August 2020 report based on rentable square feet. Investor Presentation | 10#112 SmartStop is a Leading Operator in Toronto SmartStop GTA Highlights 2.9 Million 13 Years of experience in GTA Market Total Owned or Managed Operating Sq. Ft.(1) 27,800 Total Owned or Managed Operating Units(1) 6%+ GTA Market Share(2) 31 Owned or Managed Operating Properties(3) ~70 Employees Toronto, ONT SmartStop Self Storage SmartStop Self Storage Shelburne 89 109 Arthur Einwra SmartStop Self Storage ...The Smarter Way to Store!* SmartStop GTA Owned or Managed Portfolio(3) Eatt Uxbridge Port Perry Gwillimbury Newmarket 400 Moho Aurora Cringeville Grand Valey Bolton EXIB Fergus Kitchener Belwood Halton Hills B Guelph Pusinch Cambridge Trant 400 Brantford Burford Milton, ONT 401 Milton Brampton 422 Mississauga Oakville D Burlington Hamilton Ohsweke Caledonia Gilmsby Richmond Hill Vaughan Markham 401 Toronto 412 Ajax 12 Oshawa D 1467 Face 24 Rort Hope Cobourg 431 Bowmanville SmartStop Self Storage St. Catharin Lincolns OWNED OPERATING PROPERTIES (21) OWNED DEVELOPMENT PROPERTIES (2) MANAGED OPERATING PROPERTIES (10) MANAGED DEVELOPMENT PROPERTIES (3) Albion ED Kant (1) As measured by Net Rentable Square Feet at 11/30/23; Includes joint venture properties and Managed REIT-owned properties. (2) Colliers August 2020 report based on rentable square feet (3) As of 11/30/23; Includes joint venture properties and Managed REIT- owned properties. Investor Presentation | 11#122 SmartStop's Opportunity in Canada SmartStop Self Storage ...The Smarter Way to Store! Self storage is a relatively new and bourgeoning product in Canada with utilization expected to increase going forward Canadian Market Leader Future Canadian Growth 93.5% Avg. Same-Store Occupancy in 3Q'23 $21.05/CAD$28.58 Same-Store RentPOF (1) in 3Q'23 Fifth Largest Owner in Canada Dedicated Canadian Website: Smartstop.ca Supply Ratio British Columbia Saskatchewan Alberta Manitoba Edmonton 2.3x 2.1x 2.3x Calgary Vancouver Supply Per Capita Ratio(2) U.S. National Top 25 U.S. MSA Avg. Selected Canadian CMAs Newfoundland and Labrador Ontario Québec Ottawa 1.6x 2.2x Prince Montreal 6.1x Edward Island Toronto 3.0x New Brunswick Nova Scotia 5.8x 2.3x Burlington, ONT Oakville, ONT Note: As of 9/30/23. (1). RentPOF defined as annualized rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage. (2) Major Canadian city supply ratios per Colliers May 2021 Report. U.S. National and Top 25 U.S. MSA supply ratios provided in the 2023 Self Storage Almanac. Investor Presentation | 12#132 SmartStop's Expansion Beyond the GTA Roberts Creek Langdi Obso SmartStop Self Storage ...The Smarter Way to Store!* SmartStop's expansion into British Columbia, Alberta and Quebec paves the way for growth outside of the GTA Current Owned and Managed Canadian Portfolio Outside of the GTA Victoria North Vancouver Vancouver Coquitlam Golden Ears Burnaby Park Surrey Richmond Femdale E7 Hemlock Hamon Mas SmartStop Self Storage Chilliwack CityLake Abbotsford Lynden Maple Falls, SmartStop Self Storage MANAGED PROPERTY (1) DEVELOPMENT PROPERTY (1) Vermon Centennial Provincial Park MANAGED PROPERTY (1) DOWNS FAUX CLAIRES Mi Bake on 216 216 NORTHWEST EDMONTON SmartStop NORTHEAST EDMONTON Self Storage 216 CLAREVIEW CAMPUS Belvedere 13 NORTH CENTRAL COMONTON Edmonton OTTEWELL JASPER PLACE TERRA LOSA SUMMERITA SOUTH CENTREL EDMONTON WEST 428 EDMONTON GRANVILLE THE GRANGE CALGARY TRAIL SOUTH SOUTHWEST BEVERLY 216 216 14 620 LARKSPUR TAMARACK SOUTHEAST Sherwood Park East Whitecroft Vancouver, BC • One Managed Operating Property (1) • One Owned Development Property (2) Edmonton, AB • One Managed Operating Property (1) Note: As of 11/30/23. (1) Owned by Strategic Storage Trust VI, Inc. (2) This is currently leased as a single tenant industrial lease. The joint venture intends to develop this property into self storage, but development has not yet commenced. Vaudreuil-Dorion 340 A-30 DEVELOPMENT PROPERTY (1) A 640 Sainte-Marthe-sur-le-Lac Llle-Perrot Pincourt lle Bizard Dollard-Des Ormeaux Pointe 335 Laval A 440 Kirkland A 20 Dorval Chateauguay Island of Montreal Terrebonne 01 0 Montréal-Est Montreal Westmount Bross La Prairie Kahnawake Sainte-Catherine Saint-Constant Saint-Philipp Montreal, QC • One Managed Development Property Investor Presentation | 13#142 Case Study: GTA Portfolio Acquisition In 1H23, the Managed REITs (1) acquired an eight-facility portfolio in the GTA for approximately CAD $300 million 758,000 rentable square feet 7,400 units The properties are Class-A facilities located in high- growth areas of the GTA with strong demographics ⚫ The acquisition makes SmartStop the fifth largest operator in Canada 758,000 Total Sq. Ft. Portfolio Highlights 7,400 Units 09 3 27 24 10 50 Vaughan 407 29 7 125 7 D 107 427 410 401 403 407 407 Mississauga 124 34 25 5 407 25 403 1 403 407 409 401 8 Toronto 56.1% Occupancy at Acquisition (2) ~26 Acres of Land 245,000 Average 3-mile Population USD $107,400 Average 3-mile Household Income 8 8 5 Hamilton 403 Burlington Mississauga, ONT (1) One property was acquired in January 2023 by Strategic Storage Trust VI, Inc. One property was acquired in June 2023 by Strategic Growth Trust III, Inc. Six properties were acquired in June 2023 by Strategic Storage Trust VI, Inc.. (2) Weighted average physical occupancy at the time of acquisitions, weighted by net rentable square feet. One property was acquired in January 2023. Seven were acquired in June 2023. rtStop SmartStop Self Storage ...The Smarter Way to Store!* 407 SmartStop Self Storage MANAGED OPERATING PROPERTIES (8) 55 18 Vaughan, ONT 401 Investor Presentation | 14#15SmartStop Self Storage ...The Smarter Way to Store! 2) Case Study: Vaughan, Ontario Ground up four story development opened in February 2021 Built on a 1.6 acre lot adjacent to the SmartCentres Vaughan shopping center, The Home Depot and the Walmart Supercenter 880 climate controlled units • Quickly gained occupancy given strong Toronto storage fundamentals, strong asset quality and desirable location 90.5% physically occupied as of September 30, 2023 50 Cityview Blvd. Vaughan, Ontario (1) BR baskin fobbing AGW Walmart FIVE GUYS CITYVIEW BLVD MAJOR MACKENZIE DR W SmartStop Self Storage 3 (1) This JV interest was initially acquired by an affiliate of ours (SST IV) which we subsequently acquired through the SST IV Merger in March 2021. THE HOME DEPOT Arch's Construction Started: December 2019 Tim N Hortons Property Opened: February 2021 FRESH CO K RBC Investor Presentation | 15#16Introducing: dash IVR LIVE AGENT CALL CENTER TECHNOLOGY DATA SCIENCE REVENUE MANAGE AUTOMATION MANAGEMENT INNOVATION dash LEVW TVLIDIN EMAIL/SMS MOBILE Ɔdd DATA WAREHOUSE DATA ANALYTICS - B SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Custom-built • • Collaborative development with vendor • Designed for real-time data access and availability • Focus on customer-centric and mobile engagement Scalable • • . Built to operate with hundreds of properties Integrates seamlessly with proprietary systems (pricing, call center) Open API architecture and enterprise-level management Enhancements and upgrades flow seamlessly to field Secure • Isolated server cluster built to SmartStop specifications • Data is 100% SmartStop-owned and accessible • Meets SOC I & II data requirements Cloud-based Technology Backbone of Our Platform • Accelerates innovation • Facilitates delivery of strategic objectives Investor Presentation | 16#173 Strong and Valuable Brand Identity Store Branding Recognizable Signage and Colors SmartStop Self Storage 888-97-STORAGE SmartSupplies SmartStop SmartStop Self Storage -4-4-FORAGE Brand Awareness Continued investment in brand and marketing translates to customer awareness 194(¹) https://www⭑ 7-ELEVER SmartStopⓇ Brand Appearances SmartStop 66 7-ELEVEN. Self Storage Pom Website Digital Marketing Special Events / Sponsorships Stores operating under the SmartStop® brand +250 U.S./ Canadian domain names Processes in place to act upon brand infringement Well-Known Brand Name (1) Includes wholly-owned, joint venture assets, assets owned by the Managed REITS and one additional managed asset as of 11/30/23. SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Employee Moving Uniforms Supplies R Registered trademarks in U.S./ Canada Brand Protection Investor Presentation | 17#183 Industry Leader In Customer Experience SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Technology-driven platform gives SmartStop the ability to meet customers' unique service needs SmartStop Self Storage BEST BEST BEST CUSTOMER CUSTOMER CUSTOMER SERVICE 2021 SERVICE 2023 SERVICE 2024 Newsweek statista Newsweek statista Newsweek statista Winner Best Customer Service 2021, 2023 & 2024 Award for Storage Companies Dedicated In- House Call Center Dedicated call center employees streamline the customer experience Agents able to use web- based or SMS text features to complete leasing process to meet customer needs Online Rentals Convenient online access allowing customers to seamlessly browse available units and rent units on the web SmartStop's state-of-the-art website is optimized to reduce barriers in the shopping experience and fast loading times Online 24 Reservations Ability to search for and reserve units at one of SmartStop's 190+ locations Integrated into revenue management system to update pricing and occupancy real time Walk-Ins Highly-trained SmartStop employees on facility premises to accommodate walk-ins Staff trained to utilize SmartStop's management technology and tools to provide high-quality in- person sales experience Investor Presentation | 18#193 Operations & Investment Update 3Q23 Highlights SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Post Quarter-End Operational Updates Same-Store Ending Occupancy (4) Same-Store In-Place Rates(4) YoY same-store results Revenues increased 3.0% September 94.5% • Operating expenses increased 1.2% 3Q23 SmartStop Operational Highlights · NOI increased 3.8% (1) Average physical occupancy decreased 140bps to 93.2% Annualized rent per occupied square foot increased 5.1% to $20.37(2) 3Q23 common dividend coverage: 85.2% (3) In October, Strategic Storage Growth Trust III, External Growth Inc. acquired one operating property. In October, SmartStop opened a storage facility in San Gabriel, California. 92.8% 2022 2023 October 93.8% November 93.2% 92.5% 2022 2023 92.2% 2022 2023 September October November $1.64 $1.63 $1.57 $1.58 $1.60 $1.61 2022 2023 2022 2023 2022 2023 Same-Store Asking Rates (4) September October November $1.65 $1.69 $1.54 $1.31 $1.35 $1.33 2022 2023 2022 2023 2022 2023 Source: Company data and filings. (1) NOI and FFO, as adjusted are non-GAAP measures. See the Appendix for a reconciliation of these measures to their most directly comparable GAAP measures. (2) RentPOF defined as annualized rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage (3) Calculated as 3Q23 FFO, as adjusted per share & unit outstanding - diluted divided by a $0.15 dividend. For the 12 months ended December 31, 2022, we funded 100% of our distributions using cash flow from operations. (4) Based on 2023 Same Store Pool of 137 properties. Rates are on a monthly per square foot basis. Investor Presentation | 19#204 External Growth: Investment Activity 2023 $15 $18 Total Investment Activity Through November 30, 2023 2022 $54 $19 $19 $325 $98 2021 $28 $20 $38 $76 $162 million 2020 $13 2019 $35 2018 2017 $71 2016 $105 $93 $37 $143 million $172 $358 million (1) $172 $362 million (1) $207 million $85 $14 $204 million $41 $112 million $551 $44 $595 million(1) SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! SmartStop Through November 30, 2023 Acquired 66 properties for $857 million since 2016 SmartStop acquired three properties during Q2 2022 Stabilized Acquisitions C of O and Lease-up Acquisitions Acquired 37 properties at Certificate of Occupancy or in early lease-up for $489 million since 2016(2) Ground-up Development • Delivered 10 development properties since 2016 Majority of ground-up development properties are located in Canada Managed REITs Through November 30, 2023 Acquired five properties for $98 million since 2021 Stabilized Acquisitions C of O and Lease-up Acquisitions • Acquired 26 properties at Certificate of Occupancy or in early lease-up for $573 million since 2021 Note: All acquisition and development prices for SmartStop reflect the original purchase price executed by SmartStop, including Strategic Storage Growth Trust, Inc., Strategic Storage Trust IV, Inc., and Strategic Storage Growth Trust II, Inc.; Original purchase price (converted, as applicable, into USD) executed by (1) Acquisitions collapsed for illustrative purposes. (2) Includes one property that the Company acquired in development that received a certificate of occupancy in October 2023. Investor Presentation | 20#215 SmartStop Managed REIT Platform SSTVI STRATEGIC STORAGE TRUST $534M AUM Assets Under Management on a cost basis (1) Strategic Storage Trust VI, Inc. Portfolio Stats(1) SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! STRATEGIC $167M AUM Assets Under Management on a cost basis(1) Strategic Storage Growth Trust III, Inc. Portfolio Stats (1) STORAGE GROWTH TRUST III Operating Properties 24 Net Rentable SQFT 2,100,000 Canadian Development 4 Properties Under Construction Operational Properties NRSF Allocation Units States/Provinces 18,500 10 Operating Properties 6 Net Rentable SQFT 570,000 WA, 5% AB, 2% PA, 4% OR, 3% AZ, 18% ON, 47% (1) As of 9/30/23. Includes all rentable units and rentable square feet, consisting of storage units and parking units NRSF 2,100,000 BC, 2% DE, 4% Operational Properties NRSF Allocation NJ, 12% NV, 2% FL, 13% Units 5,200 States / Provinces 4 ON, 14% CA, 19% NRSF 570,000 FL, 55% Investor Presentation | 21#226 Updated Net Asset Value Per Share SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! • Declared Net Asset Value ("NAV") of $15.21/share as of September 30, 2022 Represents an increase of approximately 1% from previous declared NAV as of June 30, 2021 Valuation range between $14.15 - $16.38 Independent, 3rd Party Valuation by Robert A. Stanger & Co, Inc. Asset-by-Asset valuation of Real Estate (no portfolio premium) In accordance with IPA NAV Guideline See our Form 8-K filed with the SEC on December 6, 2022 for a description of the methodologies and assumptions used to determine, and limitations of, the estimated value per share SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store!® Jan 2014 Apr 2016 Apr 2017 Apr 2018 Jun 2019 Apr 2020 Oct 2021 Dec 2022 $10.00 (1) $10.09" (2) $10.22 (2) (2) (2) $10.65 $10.66 $10.40 (2) (2) (2) $15.08 $15.21 (1) Offering and customer account statement price. As applicable, all values shown reference class A shares. (2) The revised prices were in connection with the approvals by the board of directors of an estimated value per share based on the estimated value of its assets less the estimated value of its liabilities, or net asset value, divided by the number of shares outstanding on an adjusted fully diluted basis, calculated as of the prior year end, except as to the June 2019 value, which was calculated as of March 31, 2019, October 2021 value, which was calculated as of June 30, 2021, and December 2022 value, which was calculated as of September 30, 2022. See SmartStop's Form 8-Ks filed with the SEC on April 11, 2016, April 18, 2017, April 20, 2018, June 27, 2019, April 22, 2020, October 20, 2021 and December 6, 2022, respectively, for a description of the methodologies and assumptions used to determine, and the limitations of, the estimated value per share. Investor Presentation | 22#236) Investment Grade Rated Balance Sheet Debt Private Placement SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! 3.2 Years Avg. Debt Maturity(1) 6.1% Wtd. Avg. Interest Rate (4) Capital Structure(7) 35.0% Leverage w/o Preferred(2) 41.8% Leverage w/ Preferred(5) 81.8% Fixed Rate Debt(3) 1.8x Fixed Charge Coverage(6) Debt Maturity Schedule (millions) (8) SmartStop Self Storage REIT, Inc. $150M Debt Private Placement April/May 2022 SmartStop OP, L.P. BBB- Investment Grade Rating Issuer Parent Guarantor SmartStop Self Storage REIT, Inc. Format 4(a)(2) US Private Placement Offering Size $150 million Issuance Rating Kroll: BBB- (Stable) - Affirmed March 2023 Use of Proceeds Refinancing of existing debt and general corporate purposes 7% $300 $95 $200 ■ Debt $368 36% $2.9 Billion Total Capitalization $250 $100 ■ Preferred Equity $191 $104 $51 $0 50% 2023 2024 2025 2026 2027 2028 2029 2030+ ■ Common Stock 7% ■ OP Unit Equity ■Variable Rate Debt ■Fixed Rate Debt (1) Does not take into account potential extension options. (2) Leverage as measured by debt less cash to total capitalization (total capitalization includes debt, preferred equity and equity market cap) (3) Includes the impact of interest rate derivatives, including $425 million of interest rate caps. (4) Excludes the impact of interest rate derivatives as of 9/30/23 (5) Leverage as measured by debt less cash on hand plus Preferred Stock at face value to total capitalization (6) Defined as Adjusted EBITDA divided by total interest and principal payments and preferred stock dividends. Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure as well as a breakout of fixed charges, which includes cash interest expense (including JV), cash principal payments and cash preferred stock dividends. (7) Total capitalization includes debt, preferred equity and equity market cap based on approx. 109.8 million shares and OP Units at 9/30/23 valued at the most recently published Net Asset Value of $15.21. Debt and preferred equity are measured at face value. (8) Assumes full contractual balance. Investor Presentation | 23#247 Experienced Senior Management Team SmartStop Team Highlights 500+ 10% 68% One Total Employees Executive Management Ownership in the Company (1) NEO Management Comp is Risk Performance 15+ Years Centralized Corporate Headquarters Based Average Leadership Team Experience Additional Executive Team SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! SmartStop Executive Management Team H. Michael Schwartz Chairman & Chief Executive Officer 19 Years of Storage Experience 19 Years at SmartStop and Affiliates Wayne Johnson President & CIO 37 Years of Storage Experience 17 Years at SmartStop and Affiliates James Barry CFO & Treasurer 11 Years of Storage Experience 11 Years at SmartStop and Affiliates Joe Robinson Chief Operations Officer 14 Years of Storage Experience 4 Years at SmartStop and Affiliates Additional Senior Management Team Members Gerald Valle SVP Storage Operations 35 Years of Storage Experience 6 Years at SmartStop Nicholas Look General Counsel & Secretary 6 Years of Storage Experience 6 Years at SmartStop Mike Terjung Chief Accounting Officer 14 Years of Storage Experience 14 Years at SmartStop and Affiliates Bliss Edwards EVP Canada - 10 Years of Storage Experience 4 Years at SmartStop David Corak VP Corporate Finance 10 Years of Storage Experience 3 Years at SmartStop Jaclyn Groendyke VP People & Culture 3 Years of Storage Experience 3 Years at SmartStop (1) Represents approximate ownership as of 9/30/23. Investor Presentation | 24#257) ESG Commitment: Solar Initiative $536K Existing Est. Annual Savings $1.1M Expected Est. Annual Savings Highlights(1) $4.5M $10.7M 34 Existing Investment Expected Investment Live Solar Sites 29 Pipeline Sites 34 Live PTO Sites SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! 63 Expected Solar Sites Actual GWh Production 4.4GWh Cumulative Production 7.4 GWh Expected Production Kilowatts 1,830 25 25 14 532 11 460 Western U.S. Central U.S. 781 807 5 31 Eastern U.S. 2020 2021 2022 1Q23 2Q23 3Q23 (1) Includes wholly-owned and joint venture operating assets of 9/30/23. Western U.S. includes Arizona and California. Central U.S. includes Colorado, Illinois, Indiana, Michigan and Texas. Eastern U.S. includes Florida, Maryland, Massachusetts, North Carolina, South Carolina, New Jersey and Virginia. Investor Presentation | 25#26MO SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store!® SmartStop Self Storane Appendix Investor Presentation | 26#27MSA Exposure - Same-Store Same-Store Portfolio at 9/30/23 SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Net Rent / Occupied Sq. Ft. for the Three Months Ended (2) MSA/CMA) % of NOI # of Stores Miami Fort Lauderdale Toronto (4) 12.9% 10 Net Rentable Sq. Ft. 1,025,300 September 30, Avg. Occupancy for the Three Months Ended September 30, Revenue for the Three Months Ended September 30, Expenses for the Three Months Ended September 30, NOI for the Three Months Ended September 30, (3) Units 2023 2022 2023 2022 Change 2023 2022 % Change 2023 2022 % Change 2023 2022 % Change 8,620 $26.05 $24.35 93.2% 94.4% -1.2% $5,789,013 $5,573,864 3.9% $1,542,427 $1,464,711 5.3% $4,246,586 $4,109,153 3.3% 12.3% 13 1,110,655 10,610 21.05 20.40 93.5% 92.9% 0.6% 5,580,171 5,332,318 Los Angeles Las Vegas 8.8% 10 660,400 6,200 26.18 23.57 92.8% 95.2% -2.4% 3,892,435 3,632,750 6.7% 8 757,100 6,210 18.60 19.25 93.2% 94.6% -1.4% 2,979,963 3,154,315 4.6% 7.1% -5.5% 1,532,071 991,713 761,258 1,580,268 -3.0% 4,048,100 3,752,050 1,088,624 -8.9% 2,900,722 2,544,126 7.9% 14.0% 687,048 10.8% 2,218,705 2,467,267 -10.1% Asheville 6.6% 14. 851,900 6,200 16.85 15.71 94.9% 94.8% 0.1% 3,026,019 2,899,736 4.4% 853,978 774,724 10.2% 2,172,041 2,125,012 2.2% Houston 4.3% 8 602,100 4,490 17.94 16.51 94.0% 94.9% -0.9% 2,317,027 2,172,759 6.6% 899,119 800,101 12.4% 1,417,908 1,372,658 3.3% San Francisco - Oakland 3.6% 4 322,600 2,920 23.92 23.79 90.9% 93.9% -3.0% 1,754,522 1,822,537 -3.7% 565,256 553,723 2.1% 1,189,266 1,268,814 -6.3% Riverside - SB 3.4% 5 306,700 2,690 21.75 20.98 93.0% 94.6% -1.6% 1,511,542 1,485,078 1.8% 388,080 407,513 -4.8% 1,123,462 1,077,565 4.3% Denver 2.7% 6 379,785 3,320 17.50 16.54 94.5% 94.6% -0.1% 1,549,171 1,467,532 5.6% 673,390 576,994 16.7% 875,781 890,538 -1.7% Port St. Lucie 2.6% 4 318,900 2,610 20.48 20.02 93.7% 93.2% 0.5% 1,304,416 1,295,790 0.7% 455,846 448,060 1.7% 848,570 847,730 0.1% Phoenix 2.3% 3 265,000 2,540 16.92 17.05 93.4% 94.4% -1.0% 1,044,205 1,067,732 -2.2% 293,479 284,725 3.1% 750,726 783,007 -4.1% Dayton 2.2% 7 392,400 3,340 12.73 12.25 93.9% 94.2% -0.3% 1,148,125 1,098,920 4.5% 415,826 366,114 13.6% 732,299 732,806 -0.1% Tampa 2.1% 3 316,400 2,310 17.37 16.68 92.5% 93.6% -1.1% 1,049,174 1,044,609 0.4% 372,847 344,430 8.3% 676,327 700,179 -3.4% Seattle Tacoma 2.0% 3 196,600 1,680 21.67 20.74 92.0% Detroit 2.0% 4 266,100 2,220 15.30 15.44 94.4% Chicago 2.0% 5 315,600 2,880 15.74 14.92 92.4% Other 23.5% 30 Total Same-Store 100.0% 137 2,297,400 20,430 10,384,940 21.21 19.85 92.6% 94.1% -2.1% 95.3% -0.9% 94.6% -2.2% 94.8% -2.2% 938,222 920,258 2.0% 280,124 253,567 10.5% 658,098 666,691 -1.3% 89,270 $20.37 $19.39 93.2% 94.6% -1.4% 925,768 1,175,834 11,012,362 $46,997,969 938,134 -1.3% 257,907 245,071 5.2% 667,861 693,063 -3.6% 1,125,841 10,603,518 $45,635,691 4.4% 3.9% 510,462 540,723 3,262,195 3,473,290 -5.6% -6.1% 665,372 585,118 13.7% 3.0% $14,055,977 $13,889,686 1.2% 7,750,167 $32,941,992 7,130,228 8.7% $31,746,005 3.8% Note: Data presented represents SmartStop's existing owned same-store portfolio only MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada. RentPOF defined as rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage. (1) (2) (3) NOI is a non-GAAP measure. See Appendix for a reconciliation of this measure to the most directly comparable GAAP measure. (4) Presented in US Dollars (USD) as translated on average for the quarter. The average USD/CAD exchange rate for the three months ending September 30, 2023 and September 30, 2022 was 0.75x and 0.77x, respectively. For the three months ended September 30, 2023, RentPOF, Revenue growth, Expense growth and NOI growth was $21.64, 7.6%, -0.3%, and 10.9%, respectively, on a constant currency (CAD) basis. For further detail, see our 3Q23 Financial Supplement. Investor Presentation | 27#28MSA Exposure - Total Portfolio Wholly-Owned Total Portfolio at 9/30/23 MSA/CMA (¹) Miami Fort Lauderdale Toronto Las Vegas % of Portfolio % of Portfolio Net Rentable by NRSF by NOI Sq. Ft. # of Stores Units 9.5% 12.4% 1,121,500 11 9,420 9.3% 10.7% 1,110,700 13 10,610 7.3% 7.3% 865,000 9 7,160 Asheville 7.2% 5.9% 851,900 14 6,200 Houston 5.7% 4.5% 676,800 9 5,130 Los Angeles 5.6% 7.5% 660,400 10 6,200 Tampa 4.1% 3.4% 478,100 5 3,890 Denver 3.7% 2.6% 434,800 7 3,860 Chicago 3.6% 2.7% 429,500 6 3,790 Dayton 3.3% 2.0% 392,400 7 3,340 Seattle-Tacoma 3.3% 3.3% 390,500 5 3,430 Phoenix 2.8% 2.6% 329,100 4 3,130 San Francisco - Oakland 2.7% 3.5% 322,600 4 2,920 Port St. Lucie 2.7% 2.3% 318,900 4 2,610 Sacramento 2.6% 1.6% 308,100 4 2,900 Riverside - SB 2.6% 3.0% 306,700 5 2,690 Detroit Myrtle Beach San Diego Charlotte Other(2) Total Stores 2.3% 1.8% 266,100 4 2,220 1.7% 1.3% 197,800 2 1,450 1.5% 2.0% 181,400 2 2,020 1.5% 1.7% 176,700 2 1,900 17.0% 17.9% 1,994,085 26 18,007 100.0% 100.0% 11,813,085 153 102,877 Note: The San Gabriel Property was excluded from these statistics, as it only began formal operations in October of 2023. (1) (2) MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada. Other markets include: Baltimore, Charleston, Charlottesville, College Station, Colorado Springs, Dallas, Mobile, Milwaukee, Nantucket, Naples, New York - Newark, Orlando, Punta Gorda, Raleigh - Cary, San Antonio, Santa Maria-Santa Barbara, Santa Rosa - Petaluma, Sarasota, Stockton, Trenton-Princeton and Washington- Arlington. None of these markets represent more than 1.5% of the total portfolio by NRSF. SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Investor Presentation | 28#29MSA Exposure - Owned & Managed Portfolio Owned and Managed Total Portfolio at 9/30/23 SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! MSA/CMA (1) % of Portfolio by NRSF Net Rentable Sq. Ft. # of Stores Units Toronto 18.7% 2,900,355 31 27,955 Miami-Fort Lauderdale 7.4% 1,121,500 11 9,420 Las Vegas 6.0% 916,900 10 7,495 Asheville 5.6% 851,900 14 6,200 Los Angeles 5.0% 757,700 11 7,130 Phoenix 4.6% 707,800 8 5,985 Houston 4.4% 676,800 9 5,130 Tampa 3.1% 478,100 5 3,890 Orlando 3.0% 450,400 5 3,515 Denver 2.9% 434,785 7 3,860 Chicago 2.8% 429,500 6 3,785 Dayton 2.6% 392,400 7 3,340 Seattle Tacoma 2.6% 390,545 5 3,427 San Francisco - Oakland 2.1% 322,600 4 2,920 Port St. Lucie 2.1% 318,900 4 2,610 Sacramento 2.0% 308,100 4 2,895 Riverside - SB 2.0% 306,700 5 2,690 San Diego 1.9% 291,100 3 3,025 Detroit 1.7% 266,100 4 2,220 New York - Newark 1.5% 223,900 2 2,630 Other(2) 17.9% 2,755,180 37 24,878 Total Stores 100.0% 15,301,265 192 135,000 Note: The San Gabriel Property was excluded from these statistics, as it only began formal operations in October of 2023. MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. Toronto CMA (Census Metropolitan Area) as defined by Statistics Canada. Other markets include: Baltimore, Cape Coral - Fort Meyers, Charleston, Charlotte, Charlottesville, College Station, Colorado Springs, Dallas, Edmonton (Canada), Jacksonville, Milwaukee, Mobile, Myrtle Beach, Nantucket, Naples, Philadelphia, Portland, Punta Gorda, Raleigh - Cary, San Antonio, Santa Maria - Santa Barbara, Santa Rosa - Petaluma, Sarasota, Stockton, Trenton - Princeton, Vancouver (Canada), Washington - Arlington. None of these markets represent more than 1.5% of the total owned or operated portfolio by NRSF. (1) (2) Investor Presentation | 29#30Reconciliation: Net Income (Loss) to Net Operating Income Net income Adjusted to exclude: Tenant protection program revenues Managed REIT Platform revenue Managed REIT Platform expenses General and administrative Depreciation Intangible amortization expense 2023 Q3 $2,978,726 2023 Q2 $4,279,354 2023 Q1 2022 Q4 $2,032,600 $2,140,347 2022 Q3 $2,246,524 (1,986,542) (1,910,375) (1,929,505) (1,922,281) (1,942,462) (2,517,853) (4,320,705) (2,276,535) (1,941,762) (2,055,224) 1,307,006 6,277,252 Acquisition expenses 13,427,138 1,731,791 75,933 681,131 7,181,892 13,375,922 1,835,691 11,106 549,936 752,580 725,599 6,536,626 7,139,430 7,330,245 13,272,271 13,262,671 13,220,916 1,919,705 31,190 1,978,063 4,849,934 107,325 Contingent earnout adjustment Interest expense 15,925,440 14,904,549 14,703,897 13,330,885 77,813 200,626 11,752,656 Equity in earnings of unconsolidated joint venture properties 274,236 Equity in earnings (losses) of investments in Managed REITS 444,043 535,767 216,725 405,111 233,025 148,479 187,123 282,653 340,164 Income tax (expense) benefit (1,050,050) Other (432,645) Net operating income $36,454,475 (133,794) (1,192,515) $35,464,748 277,220 (152,543) 102,233 (750,978) $35,004,563 602,660 $35,728,507 (1,729,957) $35,306,190 SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Investor Presentation | 30#31Non-GAAP Reconciliations (continued) Net income (loss) Add: Depreciation of real estate (attributable to common stockholders) Amortization of real estate related intangible assets Depreciation and amortization of real estate and intangible assets from unconsolidated entities Deduct: Gain on equity interests upon acquisition (1) Adjustment for noncontrolling interests (2) FFO (attributable to common stockholders) Other Adjustments: Intangible amortization expense - contracts (3) Acquisition expenses (4) Acquisition expenses and foreign currency losses, net from unconsolidated entities Casualty loss due to hurricane Contingent earnout adjustment (5) Write-off of equity interest and preexisting relationships upon acquisition of control Accretion of fair market value of secured debt Net loss on extinguishment of debt (6) Foreign currency and interest rate derivative (gains) losses, net (7) Adjustment to deferred tax assets and liabilities (3) Offering related expenses (8) Adjustment for noncontrolling interests in our Operating Partnership (2) FFO, as adjusted (attributable to common stockholders) FFO (attributable to common stockholders) Net income attributable to the noncontrolling interests in our Operating Partnership Adjustment for noncontrolling interests in our Operating Partnership(2) FFO (attributable to common stockholders and OP unit holders) FFO, as adjusted (attributable to common stockholders) Net income attributable to the noncontrolling SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (1) $ (635,803) $ (1,270,207) $ 13,164,070 1,658,610 12,938,956 4,776,068 (1,632,362) $ 39,331,373 5,267,854 7,651,780 This gain relates to the mark up in fair value of our preexisting equity interests in SSGT II as a result of our acquisition of control in the SSGT II Merger. (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. 35,420,113 12,722,904 (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. 648,974 411,257 1,748,233 1,069,986 (5) 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. (16,101,237) (6) (1,812,157) (1,973,133) (5,411,372) (3,514,091) $ 13,023,694 $ 14,882,941 $ 39,303,726 $ 37,249,455 (7) 73,181 75,933 73,866 77,813 219,333. 118,229 499,887 780,684 (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. 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. 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. (26,568) 70,634 93,606 122,590 350,000 350,000 200,626 1,514,447 2,049,682 3,230 3,230 9,689 (38,968) 2,393,475 95,852 (1,342,137) (808,077) (116,213) 95.243 (226,507) (731,805) (1,527,275) (915,336) 1,483,003 131,366 30,953 154,553 (845,727) $ 12,034,551 $ $ 13,023,694 $ 14,861,016 $ 38,145,354 $ 14,882,941 $ 39,303,726 $ 43,911,387 37,249,455 359,862 128,223 1,097,021 2,290,186 1,812,157 1,973,133 5,411,372 3,514,091 $ 15,195,713 $ 16,984,297 $ 45,812,119 $ 43,053,732 $ 12,034,551 $ 14,861,016 $ 38,145,354 $ 43,911,387 359,862 128,223 1,097,021 2,290,186 1,680,791 1,942,180 5,256,819 4,359,818 interests in our Operating Partnership Adjustment for noncontrolling interests in our Operating Partnership(2) FFO, as adjusted (attributable to common stockholders and OP unit holders) $ 14,075,204 $ 16,931,419 $ 44,499,194 $ 50,561,391 Investor Presentation | 31#32Non-GAAP Reconciliations (continued) Three Months Ended September 30, (Unaudited) 2023 2022 Nine Months Ended September 30, (Unaudited) 2023 (1) 2022 (2) FFO (attributable to common stockholders and OP unit holders) Calculation: FFO (attributable to common stockholders) Net income attributable to the noncontrolling interests in our Operating Partnership Adjustment for noncontrolling interests in our Operating Partnership (1) FFO (attributable to common stockholders and OP unit holders) FFO, as adjusted (attributable to common stockholders and OP unit holders) Calculation: FFO, as adjusted (attributable to common stockholders) Net income attributable to the noncontrolling interests in our Operating Partnership Adjustment for noncontrolling interests in our Operating Partnership (1) FFO, as adjusted (attributable to common stockholders and OP unit holders) Weighted average Class A & T shares outstanding basic - Weighted average OP units outstanding Weighted average other dilutive securities Weighted average shares & OP units outstanding-diluted (2) FFO, as adjusted per share & OP unit outstanding - diluted $ 13,023,694 $ 14,882,941 $ 39,303,726 $ 37,249,455 359,862 128,223 1,097,021 2,290,186 1,812,157 1,973,133 5,411,372 3,514,091 $ 15,195,713 $ 16,984,297 $ 45,812,119 $ 43,053,732 $ 12,034,551 $ 14,861,016 $ 38,145,354 $ 43,911,387 359,862 128,223 1,097,021 2,290,186 1,680,791 1,942,180 5,256,819 4,359,818 $ 14,075,204 $ 16,931,419 $ 44,499,194 $ 50,561,391 96,837,584 96,786,669 96,824,500 90,305,337 12,864,174 12,131,585 11,354,513 490,646 102,150,496 479,855 110,181,613 514,316 109,432,570 12,831,077 443,786 110,099,363 $ 0.13 $ 0.15 $ 0.40 $ 0.49 SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our non-controlling interests. Includes all Class A Shares, Class T Shares and OP Units, as well as the dilutive effect on FFO and FFO, as adjusted of both unvested restricted stock and long term incentive plan units (both time-based units and performance based-units), and is calculated using the two- class, treasury stock or if-converted method, as applicable. The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive to FFO and FFO, as adjusted. This excludes Class A-2 OP Units, the conversion of which is contingent on growth in assets under management or other contingent events before being converted to a class of OP Units equivalent to a common share. Investor Presentation | 32#33Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 5 Quarters Net income Adjustments: 2023 Q3 $2,978,726 2023 Q2 $4,279,354 2023 Q1 $2,032,600 2022 Q4 $2,140,347 2022 Q3 $2,246,524 Interest expense and net loss on extinguishment of debt 15,925,440 14,904,549 Tax related expense (1) (835,017) Depreciation and amortization 15,158,929 Adjustments to reflect EBITDA related to our 1,674,624 69,877 15,211,613 1,563,384 14,703,897 416,032 15,191,976 1,374,803 13,330,885 211,533 15,240,734 1,110,745 11,752,656 16,766 18,070,850 1,014,257 unconsolidated entities Contingent earnout expense (2) 200,626 Acquisition expenses (3 Equity based compensation expense 75,933 1,459,176 11,106 1,513,235 31,190 1,106,113 107,325 77,813 925,619 925,620 Offering related expenses 319,942 95,243 Casualty loss due to hurricane Adjusted EBITDA 311,326 350,000 $36,437,811 $37,553,118 $34,856,611 $33,698,456 $34,750,355 SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! (1) Tax related expense consists primarily of adjustments to deferred tax liabilities, state, federal, and Canadian income tax, as well as state franchise taxes. (2) The contingent earnout adjustment represents the adjustment to the fair value of the Class A-2 Units issued in connection with the self administration transaction. (3) 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. Investor Presentation | 33#34Additional Information Regarding FFO & FFO, as adjusted and NOI Funds from Operations ("FFO") and FFO, as adjusted SmartStop Self Storage REIT, Inc. ...The Smarter Way to Store! Funds from operations ("FFO") is an industry wide metric promulgated by the National Association of Real Estate Investment Trusts, or NAREIT, which SmartStop believes to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. SmartStop defines FFO, a non-GAAP measure, 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 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. SmartStop's FFO calculation complies with NAREIT's policy described above. SmartStop uses FFO, as adjusted, as an additional non-GAAP financial measure to evaluate its operating performance. SmartStop previously used Modified Funds from Operations ("MFFO") (as defined by the Institute for Portfolio Alternatives) as a non-GAAP measure of operating performance. Management replaced the MFFO measure with FFO, as adjusted, because 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 among SmartStop's peer group, which includes publicly traded REITs. Further, SmartStop believes FFO, as adjusted, is useful in comparing the sustainability of its operating performance with the sustainability of the operating performance of other real estate companies. In determining FFO, as adjusted, SmartStop makes 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, adjustments 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, and gains/losses on foreign exchange and interest rate derivatives not designated for hedge accounting, which SmartStop believes are not indicative of the Company's overall long-term operating performance. SmartStop excludes these items from GAAP net income to arrive at FFO, as adjusted, as they are not the primary drivers in its decision-making process and excluding these items provides investors a view of its continuing operating portfolio performance over time and makes its results more comparable period to period and to other REITs, 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. SmartStop uses FFO, as adjusted, as one measure of operating performance when SmartStop formulates corporate goals and evaluate the effectiveness of its 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, although it should be noted that 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) or income (loss) from continuing operations as an indication of SmartStop's performance, as an alternative to cash flows from operations, which is an indication of liquidity, or indicative of funds available to fund SmartStop's cash needs including SmartStop's ability to make distributions to its stockholders. FFO and FFO, as adjusted, should not be considered as an alternative to net income (determined in accordance with GAAP) and should be reviewed in conjunction with other measurements as an indication of SmartStop's performance. Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments that SmartStop uses to calculate FFO or FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the publicly registered, non-traded REIT industry and SmartStop would have to adjust its calculation and characterization of FFO or FFO, as adjusted. Net Operating Income or ("NO!") NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI (also referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Investor Presentation | 34