Morningstar DBRS Assigns Provisional Credit Rating of (P) BBB With Stable Trend to SmartStop OP, L.P.'s Series A Senior Unsecured Notes

DBRS, Inc. (Morningstar DBRS) assigned a provisional rating of (P) BBB with a Stable trend to SmartStop OP, L.P.'s (SmartStop or the Issuer) Series A Senior Unsecured Notes due June 2028 (the Series A Notes). The assigned credit rating is based upon the credit rating of an already-outstanding series of the Senior Unsecured Debt. A provisional rating is not a final rating with respect to the above mentioned security and may change or be different than the final rating assigned or may be discontinued. The assignment of final ratings is subject to receipt by Morningstar DBRS of all information and final documentation that Morningstar DBRS deems necessary to finalize the rating.

The Series A Notes will be direct senior unsecured obligations of SmartStop and will rank equally, ratebly, and pari passu with all other unsecured and unsubordinated indebtedness of SmartStop, except to the extent prescribed by law. The Series A Notes will be guaranteed by SmartStop Self Storage REIT, Inc. and any other Wholly-Owned Subsidiaries of SmartStop. Morningstar DBRS understands that SmartStop intends to use the net proceeds to repay existing indebtedness, fund future acquisitions, and for general corporate purposes.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (May 16, 2025): https://dbrs.morningstar.com/research/454196

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)
A) Weighting of BRA Factors
In the analysis of SmartStop, the BRA factors were considered in the order of importance contemplated in the methodology.

B) Weighting of FRA Factors
In the analysis of SmartStop, the FRA factors were considered in the order of importance contemplated in the methodology.

C) Weighting of the BRA and the FRA
In the analysis of SmartStop, the BRA carries greater weight than the FRA.

Notes:
All figures are in Canadian dollars unless otherwise noted.

Morningstar DBRS applied the following principal methodology:
-- Global Methodology for Rating Entities in the Real Estate Industry (April 15, 2024) https://dbrs.morningstar.com/research/431170

Morningstar DBRS credit ratings may use of one or more sections of the Morningstar DBRS Global Corporate Criteria (February 3, 2025) https://dbrs.morningstar.com/research/447186 which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

The following methodologies have also been applied:
-- Morningstar DBRS Global Corporate Criteria (February 3, 2025) https://dbrs.morningstar.com/research/447186

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/431153.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS trends and credit ratings are under regular surveillance.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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