Argus Professional Storage Management to Combine with SmartStop REIT

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced a significant milestone in its growth strategy with the signing of a contribution agreement for Argus Professional Storage Management (“APSM”), the sixth largest (and second largest independent) self-storage third-party management company in the U.S., according to Inside Self Storage, to combine with SmartStop. Together, SmartStop and APSM will own or manage over 460 self-storage properties in North America. The transaction is expected to close in October 2025, subject to customary closing conditions.

“We are very excited to announce this strategic combination, which expedites SmartStop’s expansion into third-party management in a manner that we believe will be immediately accretive to SmartStop’s FFO as Adjusted,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “Perhaps more importantly, we are doing so with an absolutely top-notch entrepreneurial partner managing a portfolio with sizeable geographic overlap to our existing portfolio. APSM has earned a strong reputation for integrity and performance within the self-storage industry, and we are proud to join our two great companies. By combining Argus’ presence in the property management space with our innovative technology-driven platform, we can provide storage owners with a differentiated offering that is both flexible and powerful. Likewise, we believe that our entrepreneurial roots make us a terrific partner for owners both in the U.S. and Canada.”

“This is a game-changing deal for the self-storage industry,” said Ben Vestal, Chief Executive Officer of APSM. “This merger will create a best-in-class operating and management platform. SmartStop’s entrepreneurial approach along with its robust technology will allow APSM to continue to provide its clients with the flexibility they value while tapping into an industry-leading platform. The two companies’ cultures are very similar, with an emphasis on putting the client’s investment goals and objectives first. This merger will create the first entrepreneurial-minded, industry leading operating platform in self-storage.”

SmartStop will continue to embrace APSM’s entrepreneurial and collaborative approach to third-party management designed to meet the needs of independent storage owners and will be expanding that offering to three distinct partnership options:

1. 1. SmartStop – a traditional SmartStop-branded strategy,
   2. SmartStop Legacy – an option in which partners maintain their existing brand, but operate on SmartStop’s website and the SmartStop Platform, and
   3. Full Private Label – a fully white label solution that fully preserves the existing brand identity from top to bottom, while running on the SmartStop Platform.

This flexible model empowers storage entrepreneurs to engage with SmartStop on their own terms, while gaining the advantages of SmartStop’s industry-leading technology, that drives operational efficiency, dynamic pricing, and comprehensive marketing. Additionally, SmartStop will offer customized bridge lending opportunities, providing further flexibility and liquidity to its partners. SmartStop’s collaborative approach to third-party management emphasizes independence and flexibility, tailoring solutions to each partner’s goals.

Advisors:

BMO Capital Markets Corp. is acting as SmartStop's exclusive financial advisor in connection with the transaction. Nelson Mullins Riley & Scarborough LLP is providing legal counsel to SmartStop, and Fennemore Craig, P.C. is providing legal counsel to APSM.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of September 24, 2025, SmartStop has an owned or managed portfolio of 236 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 170,500 units and 19.1 million rentable square feet. SmartStop and its affiliates own or manage 49 operating self-storage properties in Canada, which total approximately 41,800 units and 4.2 million rentable square feet.

About Argus Professional Storage Management (APSM):

Argus Professional Storage Management (APSM) is the second largest exclusively third-party management company in the self-storage industry. APSM manages 227 stores across 26 states (as of September 24, 2025), encompassing approximately 16.6 million rental square feet, 102,000 units. APSM generates more than $150 million of revenue per year for its third-party management stores and annually completes more than $10 million in capital improvements for its clients. Founded in 2012, APSM is headquartered in Tucson, Arizona, with corporate offices in Phoenix, Arizona; Denver, Colorado; and Dallas, Texas.