Blue Door Property III DST

Investment Overview

Blue Door Property III, DST (the "Parent Trust") is a newly formed Delaware Statutory Trust managed by an affiliate of Strategic Storage Growth Trust III, Inc. The Parent Trust indirectly owns three self-storage properties (each a "Property" and collectively, the "Properties") totaling 2,281 units, 98 vehicle storage spaces, and more than 300,000 net rentable square feet, located across the Phoenix, Arizona; Dallas, Texas; and Orlando, Florida MSAs. The Properties are operated by a subsidiary of SmartStop® Self Storage REIT ("SmartStop") (NYSE: SMA) under the SmartStop Self Storage brand and operational platform.

Investment Highlights

• Self-storage facilities rent units to individuals and businesses on a short-term, often month-to-month basis for storing personal possessions, business records, and inventory. SmartStop® Self Storage properties are professionally managed and offer value-add amenities including state-of-the-art security, climate control, elevator service, and moving and packing supplies. The sector has several characteristics that differentiate it from other commercial real estate and make it a valuable portfolio diversifier: no reliance on a single large customer whose departure could materially impact revenue, the lowest loan distress rate among commercial property types, no leasing commissions or tenant improvements, relatively low capital expenditures, the ability to build brand recognition at local, regional, and national levels, opportunities for geographic diversification, and a potential hedge against inflation and rising interest rates given that shorter lease terms allow owners to adjust rents frequently.

• The industry is also highly fragmented—according to the 2025 Self-Storage Almanac, the five publicly traded companies own approximately 21% of facilities, with the remaining top 100 owners accounting for roughly 13%. Demographic trends further support demand, as younger renters are expected to represent a growing share of customers; with lower incomes, smaller living spaces, and reduced homeownership driven by rising mortgage rates, elevated home prices, and private equity acquisitions of single-family rentals, these generations increasingly rely on self-storage to supplement limited space.

• Florida Property: Acquired for $10.5 million, this 1988-vintage self-storage property offers 554 units across 65,740 net rentable square feet. As of September 30, 2025, the facility was 90.4% occupied with annualized rent per occupied foot of $15.09. The property is situated in a submarket with a 3-mile population of 76,662 and an average 3-mile household income of $76,345.

• Texas Property: Acquired for $14.25 million, this 2004-vintage self-storage property offers 674 units across 74,121 net rentable square feet. As of September 30, 2025, the facility was 88.3% occupied with annualized rent per occupied foot of $17.71. The property is situated in a submarket with a 3-mile population of 79,925 and an average 3-mile household income of $64,091.

• Arizona Property: Acquired for $19.49 million, this 2006-vintage self-storage property offers 711 units across 82,435 net rentable square feet. As of September 30, 2025, the facility was 91.5% occupied with annualized rent per occupied foot of $16.88. The property is situated in a submarket with a 3-mile population of 182,362 and an average 3-mile household income of $71,842.

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