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Investor Presentaiton

Non-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
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