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
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