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Investor Presentaiton

Reconciliation: 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
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