Offering Overview

Offering Objectives / Highlights

Real estate investment trust (REIT) structure
Focus on income-producing and growth-oriented self storage properties
Allows capitalization in a fragmented industry
Intended acquisition leverage less than 50%
Provides regional diversification
Structured as a long-term investment strategy
Allows distribution reinvestment plan
Inflation hedge(1)
Goal of capital preservation (2)

Investment Strategy

We will use the net proceeds we raise in this offering to primarily invest in income-producing and growth-oriented self storage properties in the United States and Canada that are expected to support sustainable stockholder distributions over the long term while also achieving appreciation in the value of our properties and, hence, appreciation in stockholder value. At the end of our acquisition phase, we anticipate that our portfolio will consist of approximately 75% income-producing properties and 25% growth properties, though the specific allocations may vary at any point in time. In executing our income-producing investment strategy, we will seek to purchase self storage facilities located in primary and secondary markets with stabilized occupancy rates greater than 75%, but we will have the opportunity for higher economic occupancy due to the property management capabilities of our property manager. In executing our growth investment strategy, we will seek to invest in assets that we believe may be developed, repositioned, or redeveloped so that they will reach an optimum value within three to five years from the termination of this offering. We may acquire properties with lower quality construction or management or low occupancy rates and reposition them by seeking to improve the property, management quality, and occupancy rates and thereby increase lease revenues and overall property value. We may also acquire properties in markets that are depressed or overbuilt with the anticipation that, within our targeted holding period, the markets will recover and favorably impact the value of these properties. We may also acquire properties from sellers who are distressed or face time-sensitive deadlines with the expectation that we can achieve better success with the properties. Many of the markets where we will acquire properties may have high growth potential in lease rates and sale prices. We may also invest in self storage facilities in other countries, as well as mortgage loans and other real estate-related investments.

REIT Investment

Maximum offering size: $1 billion in shares of our common stock in our primary offering, consisting of three classes of shares; plus an additional $95 million in shares in the distribution reinvestment plan:

Class A share: $25.00 per share

Class T share: $24.21 per share

Class W share: $22.75 per share

$23.75 per share for Class A, $23.00 per share for Class T shares and $22.75 per share for class W shares for the distribution reinvestment plan

Minimum investment: $5,000. $1,500 for IRAs

Certain states may require different minimums – see prospectus for details

Asset Class: self storage

Properties that offer do-it-yourself, month-to-month storage space rental for personal or business use

Distribution payment schedule: monthly(3) Exit Strategy: list, liquidate or merge(4)

Distribution Reinvestment Plan

Under our distribution reinvestment plan, you may reinvest the distributions you receive in additional shares of our common stock. Distributions on Class A shares will be reinvested in Class A shares, distributions on Class T shares will be reinvested in Class T shares and distributions on Class W shares will be reinvested in Class W shares. The purchase price per share under our distribution reinvestment plan is $23.75 per share for Class A shares, $23.00 per share for Class T shares and $22.75 per share for Class W shares during this offering. No sales commissions or dealer manager fees will be paid on shares sold under the distribution reinvestment plan. If you participate in the distribution reinvestment plan, you will not receive the cash from your distributions, other than special distributions that are designated by our board of directors. As a result, you may have a tax liability with respect to your share of our taxable income, but you will not receive cash distributions to pay such liability. We may terminate the distribution reinvestment plan at our discretion at any time upon 10 days’ prior written notice to you.

Share Redemption Program

Our board of directors adopted a share redemption program that enables you to sell your shares back to us in limited circumstances. Our share redemption program generally permits you to submit your shares for redemption after you have held them for at least one year, subject to the significant restrictions and limitations described below.

There are several restrictions on your ability to sell your shares to us under our share redemption program. You generally have to hold your shares for one year before submitting your shares for redemption under the program; however, we may waive the one-year holding period in the event of the death, disability or bankruptcy of a stockholder. In addition, we will limit the number of shares redeemed pursuant to our share redemption program as follows: (1) during any calendar year, we will not redeem in excess of 5% of the weighted average number of shares outstanding during the prior calendar year; and (2) funding for the redemption of shares will be limited to the amount of net proceeds we receive from the sale of shares under our distribution reinvestment plan. These limits may prevent us from accommodating all requests made in any year.

During the term of this offering, and subject to certain provisions described in “Description of Shares — Share Redemption Program,” the redemption price per share will equal the net investment amount of our shares, which will be based on the “amount available for investment” percentage, assuming the maximum amount of our public offering is raised, shown in the estimated use of proceeds table in our prospectus in effect as of the investor’s purchase date. Once our board of directors approves an estimated net asset value per share, the per share price for the repurchase of a given class of shares shall be equal to the then-current estimated net asset value per share for such class of shares.

Our board of directors may choose to amend, suspend, or terminate our share redemption program upon 30 days’ written notice at any time.