Note 11. Segment Disclosures

We operate in two reportable business segments: (i) self storage operations and (ii) our Managed Platform business. Our self storage operations consist of our wholly-owned self storage facilities, primarily consisting of month-to-month rental revenue and related ancillary revenue that these self storage facilities produce. Our Managed Platform business consists of the various management services we perform for the Managed REITs and the services we perform through our Third Party Platform, including the services performed related to property management, asset management, and construction and development management. The reportable segments offer different products and services to different customers and are therefore managed separately.

The chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM and other management regularly evaluate performance based upon segment operating income (“SOI”). For our self storage operations, SOI is defined as leasing and related revenues, less property level operating expenses. SOI for the Company’s Managed Platform business represents Managed Platform revenues less Managed Platform expenses. Our CODM uses SOI when making decisions about allocating capital and personnel to the various segments. Property operating expenses represents a significant segment expense for purposes of evaluating performance of our self storage operations. Managed Platform expense represents a significant segment expense for purposes of evaluating performance of the Company's Managed Platform. Such income statement amounts are reflected below in the calculation of SOI. On a quarterly basis, our CODM considers budget-to-actual and period-to-period variances when evaluating company and segment performance in addition to other interim reviews.

The following tables summarize information for the reportable segments for the periods presented (in thousands):


	Year Ended December 31, 2025
				Managed			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	238,501		$	—		$	—		$	238,501
Ancillary operating revenue		11,014			—			—			11,014
Managed Platform revenue (1)		—			19,166			—			19,166
Reimbursable costs from Managed Platform (2)		—			12,460			—			12,460
Total revenues		249,515			31,626			—			281,141
Operating expenses:
Property operating expenses
Property taxes		26,381			—			—			26,381
Payroll (3)		22,630			—			—			22,630
Advertising		6,211			—			—			6,211
Repairs & Maintenance		6,558			—			—			6,558
Utilities		5,966			—			—			5,966
Property Insurance		6,330			—			—			6,330
Administrative and professional		12,288			—			—			12,288
Total property operating expenses		86,364			—			—			86,364
Managed Platform expense (3) (4)		—			9,843			—			9,843
Reimbursable costs from Managed Platform(2)		—			12,460			—			12,460
Segment operating income (5)		163,151			9,323			—			172,474
Other operating expenses:
General and administrative (3)		—			—			38,211			38,211
Depreciation		62,232			—			994			63,226
Intangible amortization expense		9,649			325			—			9,974
Acquisition expenses		1,048			982			—			2,030
Contingent earnout adjustment		—			221			—			221
Total other operating expenses		72,929			1,528			39,205			113,662
Gain on disposition of real estate		284			—			—			284
Income (loss) from operations		90,506			7,795			(39,205	)		59,096
Other income (expense):
Equity in losses from investments in unconsolidated real estate ventures		—			—			(407	)		(407	)
Equity in losses from investments in Managed REITs		—			(444	)		—			(444	)
Other, net		(610	)		—			589			(21	)
Interest income		529			3,839			—			4,368
Interest expense		(59,734	)		—			(161	)		(59,895	)
Loss on debt extinguishment		(2,533	)		—			—			(2,533	)
Income tax (expense) benefit		(1,374	)		(403	)		(124	)		(1,901	)
Net income (loss)	$	26,784		$	10,787		$	(39,308	)	$	(1,737	)

(1)

Included within Managed Platform revenue was approximately $2.9 million of revenue related to our Third Party Platform acquired on October 1, 2025.

(2)

Included within Reimbursable costs from Managed Platform was approximately $3.8 million related to our Third Party Platform acquired on October 1, 2025.

(3)

Included within Payroll, Managed Platform expense, and General and administrative was approximately $3.6 million, $2.1 million, and $3.8 million, respectively, of stock and related compensation expense related to our IPO Grant (as defined in Note 13 – Equity Based Compensation).

(4)

Included within Managed Platform expense was approximately $2.5 million of expense related to our Third Party Platform acquired on October 1, 2025.

(5)

Included within Managed Platform segment operating income was approximately $0.4 million related to our Third Party Platform acquired on October 1, 2025.


	Year Ended December 31, 2024
				Managed			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	209,579		$	—		$	—		$	209,579
Ancillary operating revenue		9,397			—			—			9,397
Managed Platform revenue		—			11,383			—			11,383
Reimbursable costs from Managed Platform		—			6,647			—			6,647
Total revenues		218,976			18,030			—			237,006
Operating expenses:
Property operating expenses
Property taxes		21,070			—			—			21,070
Payroll		16,731			—			—			16,731
Advertising		5,664			—			—			5,664
Repairs & Maintenance		5,483			—			—			5,483
Utilities		5,090			—			—			5,090
Property Insurance		5,407			—			—			5,407
Administrative and professional		11,239			—			—			11,239
Total property operating expenses		70,684			—			—			70,684
Managed Platform expense		—			3,982			—			3,982
Reimbursable costs from Managed Platform		—			6,647			—			6,647
Segment operating income		148,292			7,401			—			155,693
Other operating expenses:
General and administrative		—			—			29,948			29,948
Depreciation		54,218			—			957			55,175
Intangible amortization expense		810			125			—			935
Acquisition expenses		413			—			—			413
Total other operating expenses		55,441			125			30,905			86,471
Income (loss) from operations		92,851			7,276			(30,905	)		69,222
Other income (expense):
Equity in losses from investments in unconsolidated real estate ventures		—			—			(1,380	)		(1,380	)
Equity in losses from investments in Managed REITs		—			(1,414	)		—			(1,414	)
Other, net		(1,204	)		—			(78	)		(1,282	)
Interest income		942			2,305			—			3,247
Interest expense		(71,868	)		(292	)		(165	)		(72,325	)
Loss on debt extinguishment		(471	)		—			—			(471	)
Income tax expense		(1,175	)		(265	)		(44	)		(1,484	)
Net income (loss)	$	19,075		$	7,610		$	(32,572	)	$	(5,887	)


	Year Ended December 31, 2023
				Managed			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	206,494		$	—		$	—		$	206,494
Ancillary operating revenue		8,827			—			—			8,827
Managed Platform revenue		—			11,906			—			11,906
Reimbursable costs from Managed Platform		—			5,765			—			5,765
Total revenues		215,321			17,671			—			232,992
Operating expenses:
Property operating expenses
Property taxes		19,940			—			—			19,940
Payroll		15,775			—			—			15,775
Advertising		5,145			—			—			5,145
Repairs & Maintenance		4,749			—			—			4,749
Utilities		5,070			—			—			5,070
Property Insurance		4,297			—			—			4,297
Administrative and professional		10,387			—			—			10,387
Total property operating expenses		65,363			—			—			65,363
Managed Platform expense		—			3,365			—			3,365
Reimbursable costs from Managed Platform		—			5,764			—			5,764
Segment operating income		149,958			8,542			—			158,500
Other operating expenses:
General and administrative		—			—			27,452			27,452
Depreciation		52,754			—			882			53,636
Intangible amortization expense		6,398			196			—			6,594
Acquisition expenses		193			—			—			193
Total other operating expenses		59,345			196			28,334			87,875
Income (loss) from operations		90,613			8,346			(28,334	)		70,625
Other income (expense):
Equity in losses from investments in unconsolidated real estate ventures		—			—			(1,625	)		(1,625	)
Equity in losses from investments in Managed REITs		—			(1,273	)		—			(1,273	)
Other, net		(149	)		367			(449	)		(231	)
Interest income		367			2,993			—			3,360
Interest expense		(61,636	)		—			(169	)		(61,805	)
Income tax benefit (expense)		2,401			(197	)		392			2,596
Net income (loss)	$	31,596		$	10,236		$	(30,185	)	$	11,647

The following table summarizes our total assets by segment (in thousands):


	December 31,
Segments	2025		2024
Self Storage (1)	$	2,204,897	$	1,915,303
Managed Platform (2)		164,508		63,700
Corporate and Other		62,767		63,064
Total assets (3)	$	2,432,172	$	2,042,067

(1)

Included in the assets of the Self Storage segment as of December 31, 2025 and 2024 were approximately $52.2 million of goodwill. Additionally, as of December 31, 2025 and 2024 there were no accumulated impairment charges to goodwill within the Self Storage segment.

(2)

Included in the assets of the Managed Platform segment as of December 31, 2025 and 2024, was approximately $1.4 million of goodwill related to our Self Administration Transaction (as defined in Note 12 – Related Party Transactions). Such goodwill is net of accumulated impairment charges in the Managed Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the year ended December 31, 2020. Additionally, as of December 31, 2025, there was approximately $16.3 million of goodwill related to the Third Party Platform Acquisition, bringing the total amount of goodwill therein to approximately $17.7 million. Also included in the assets of the

Management Platform segment as of December 31, 2025 was approximately $7.7 million of net intangible asset related to the acquisition of our Third Party Platform. See Note 4 – Third Party Platform Acquisition for further information.

(3)

Other than our investments in and advances to Managed REITs, investments in unconsolidated real estate ventures and investment in the Third Party Platform, substantially all of our investments in real estate facilities and intangible assets, as well as our capital expenditures, for the years ended and as of December 31, 2025 and 2024, were associated with our self storage platform. See Note 3 – Real Estate Facilities for additional detail.

As of December 31, 2025 and 2024, approximately $255 million and $155 million, respectively, of our assets in the self storage segment related to our operations in Canada. For the years ended December 31, 2025, 2024, and 2023, approximately $25.7 million, $22.6 million, and $22.1 million, respectively, of our revenues in the self storage segment related to our operations in Canada. Substantially all of our operations related to the management fees we generate through our management contracts with the Managed REITs and all of the fees from our Third Party Platform are performed in the U.S.; accordingly substantially all of our assets and revenues related to our Managed Platform segment are based in the U.S. as well.

As of December 31, 2025 and 2024, approximately $29.7 million and $32.8 million, respectively, of our assets in the Corporate and Other segment table above relate to our Canadian JV Properties which operate in Canada. For the years ended December 31, 2025, 2024, and 2023, approximately $0.4 million, $1.4 million, and $1.6 million of losses, respectively, relate to these Canadian JV Properties' operations in Canada.

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Mar 12, 2025

2023	Mar 18, 2024

2022	Mar 3, 2023

2021	Mar 23, 2022

2020	Mar 26, 2021

2019	Mar 27, 2020

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

SmartStop Self Storage REIT, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures