SSSSR Annual Report

Self Storage REIT, Inc.

f/k/a Strategic Storage Trust II, Inc.

2018 Annual Report

Self Storage REIT, Inc.

“Our goal is to provide investors a vehicle to capitalize on alternative real estate asset classes that are brand-based and fragmented, and also have recessionresistant traits. The self storage sector meets these objectives.�

H. Michael Schwartz Executive Chairman

Brampton, Ontario

Delray Beach, Florida

Letter to Our Stockholders It is my pleasure to present the SmartStop Self Storage REIT, Inc. (f/k/a Strategic Storage Trust II, Inc.) annual report for 2018. Last year provided solid growth for the company, and we are excited for the recent closing of the Strategic Storage Growth Trust, Inc. (“SSGT”) merger, which adds a growth portfolio to our existing core holdings, as well as the recent closing of the Self Administration Transaction, pursuant to which we became a fully self-managed REIT and renamed the company SmartStop Self Storage REIT, Inc. Operating Results. We increased total revenue in 2018 by approximately $4.3 million, or 5.7%, when compared to 2017. In addition, our modified funds from operations grew by approximately $1.4 million or 7.8% during 2018. Our same-store operating results were strong for 2018, with revenues and net operating income growing by 4.0% and 4.8%, respectively, across the 76 same-store facilities. These results were primarily driven by an increase in same-store annualized revenue per occupied square foot of approximately 9.5%. Our same-store results reflect the quality of the assets acquired in the portfolio and our ability to drive performance through the SmartStop® Self Storage management platform.

Portfolio Overview. As of December 31, 2018, we owned 83 self storage properties located in 14 states and the Greater Toronto Area, comprising approximately 51,300 self storage units and approximately 6.0 million rentable square feet. Our portfolio continues to be well positioned for revenue and occupancy growth, with the strategic geographic clustering needed for additional economies of scale.

SSGT Merger. On January 24, 2019, we completed a merger with SSGT. As a result of the SSGT merger, we acquired 28 operating self storage facilities located in 10 states and in the Greater Toronto Area and one development property in the Greater Toronto Area, together comprising approximately 19,000 self storage units and approximately 2.1 million net rentable square feet of storage space. We also obtained the right to acquire an additional self storage facility, which we subsequently closed in the first part of July 2019. As a result of the merger, we now have a portfolio consisting of 113 self storage facilities located in 17 states and Ontario, Canada, comprising approximately 72,000 self storage units and approximately 8.3 million net rentable square feet of storage space.

While we have historically focused on stabilized properties, the SSGT merger adds growth properties to our portfolio, providing us with opportunities to recognize value in the development, redevelopment, and lease-up of self storage properties. Moreover, the addition of SSGT’s portfolio expands our geographic reach into three new states (Arizona, Massachusetts, and Texas) and grows our existing presence in seven other states and Ontario, Canada. These economies of scale, coupled with a high-quality portfolio of properties valued at over $1.4 billion, provide the foundation for the future of the company.

We believe this merger exemplifies the continued execution of our strategy of acquiring quality assets in strategically important markets, while recognizing revenue growth and operational efficiencies as the properties mature.

Self Administration Transaction. As described more fully in our letter to you dated July 1, 2019, we recently completed a Self Administration Transaction with SmartStop Asset Management, LLC, our prior sponsor (“SAM”), pursuant to which we acquired the self storage platform of SAM and renamed the company SmartStop Self Storage REIT, Inc. As a result, we became a fully selfmanaged REIT complete with a fully integrated operations team of approximately 350 self storage professionals. In addition, we obtained the ability to sponsor other self storage real estate programs, such as the current offerings for Strategic Storage Trust IV, Inc., a public non-traded REIT, and Strategic Storage Growth Trust II, Inc., a private REIT, with such sponsorships being conducted through SmartStop REIT Advisors, LLC, an indirect subsidiary of the company. For more detail on this transaction and the associated benefits, please refer to the aforementioned letter.

It is our belief that the Self Administration Transaction, together with the recently completed merger with SSGT, brings us immeasurably closer to our goal of providing long term value and liquidity to our stockholders. We are grateful for your continued confidence in SmartStop Self Storage REIT, Inc., and look forward to future opportunities.

Continued successes,

H. Michael Schwartz Executive Chairman

Portfolio Stats as of 7/15/19 PROPERTIES PER STATE 1 2 24 6 17 5 2 2 1 4 1 6 17 5 3 4 1 12

STATE Alabama Arizona California Colorado Florida Illinois Indiana Maryland Massachusetts Michigan New Jersey Nevada North Carolina Ohio South Carolina Texas Washington Ontario, Canada

APPROX. NRSF 159,000 190,700 1,588,000 348,500 1,512,300 305,800 112,100 172,900 93,000 261,000 51,000 623,500 1,019,300 272,300 242,600 314,200 48,100 1,006,700

APPROX. UNITS 1,080 1,815 15,160 3,260 13,260 2,920 1,000 1,610 840 2,180 460 5,040 7,230 2,210 1,920 2,130 490 9,540

UNIT %

BY STATE 1.5% 2.5% 21.0% 4.5% 18.4% 4.0% 1.4% 1.2% 2.2% 3.0% 0.6% 7.0% 10.0% 3.0% 2.7% 2.9% 0.7% 13.4%

12

4 5 2

6

9

2

6

15

5

14 13

3

2

3

SSSSR 113 properties

2 17

PORTFOLIO TOTALS

Total Properties:

113

Total Purchased:

Approximately

$1,205,000,000

Total NRSF:

8,321,000

Total Units:

72,145

NAV HISTORY Jan 2014

Apr 2016

Apr 2017

Apr 2018

Jun 2019

$10.001

$10.092

$10.222

$10.652

$10.662

1. Offering and customer account statement price. As applicable, all values shown reference class A shares.

2. Offering and customer account statement price. 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 year-end. See SmartStop Self Storage REIT's Current Reports on Form 8-K filed with the SEC on April 11, 2016, April 18, 2017, April 20, 2018, and July 2, 2019, respectively, for a description of the methodologies and assumptions used to determine, and the limitations of, the estimated value per share.

Mississauga, Ontario

Replace with Form 10-K

For More Information MAIN OFFICE: 10 Terrace Road Ladera Ranch, CA 92694 INVESTOR SERVICES: 866.418.5144 DEALER MANAGER: Select Capital Corporation Member FINRA | SIPC Tel: 866.699.5338

Ladera Ranch, California

Self Storage REIT, Inc.

10 Terrace Road Ladera Ranch, CA 92694 877.327.3485 StrategicREIT.com

SMARTSTOP 2018 ANNUAL REPORT