As reported earlier, on November 8, 2010, the Registrant, through a wholly-owned subsidiary of the Registrant's operating partnership, entered into a purchase and sale agreement with unaffiliated third parties for the acquisition of two self storage facilities located in Hawthorne, California (the "La Cienega - LA property") and Long Beach, California (the "Long Beach property"), respectively (together, the "Los Angeles properties"). On December 16, 2010, the Registrant closed on the purchase of the Los Angeles properties.

        The Registrant purchased the Los Angeles properties for an aggregate purchase price of $26.0 million, plus closing costs and acquisition fees. The Registrant's advisor, Strategic Storage Advisor, LLC, earned a total of $650,000 in acquisition fees in connection with the acquisition of the Los Angeles properties. The Registrant funded this acquisition using net proceeds from its initial public offering.

        The La Cienega - LA property is an approximately 770-unit self storage facility that sits on approximately 1.7 acres and contains approximately 87,000 rentable square feet of self storage space. The La Cienega - LA property is located at 12714 S. La Cienega Blvd., Hawthorne, California. It was constructed in 2004.

        The Long Beach property is an approximately 830-unit self storage facility that sits on approximately 3.7 acres and contains approximately 87,000 rentable square feet of self storage space. The Long Beach property is located at 8150 E. Wardlow Road, Long Beach, California. It was constructed in 1999.

        The Registrant's use of the La Cienega - LA property as a self storage facility is subject to a Conditional Use Permit granted by the Los Angeles County Department of Regional Planning which must be renewed six months prior to the current termination date in 2012. The Registrant and the seller of the La Cienega - LA property have entered into agreements whereby it is the seller's responsibility to apply for and obtain approval of the permit renewal. If the renewal application is not approved, the Registrant may force the seller to repurchase the property from the Registrant on certain terms and conditions. As part of the permit renewal process and right to purchase, the seller has put $500,000 into an escrow account, which amounts may be withdrawn subject to certain conditions.

        The Registrant's portfolio now includes 43 wholly-owned properties in 15 states and Canada.

        On November 24, 2010, Strategic Storage Trust, Inc. (the "Registrant"), through a wholly-owned subsidiary of the Registrant's operating partnership, executed a purchase and sale agreement with an unaffiliated third party (the "Las Vegas VI Purchase Agreement") for the acquisition of a self storage facility located in Las Vegas, Nevada (the "Las Vegas VI property"). The purchase price for the Las Vegas VI property is $4.0 million, plus closing costs and acquisition fees. The Registrant expects this acquisition to close in the fourth quarter of 2010 or the first quarter of 2011 and to fund such acquisition with net proceeds from its initial public offering.

        The Las Vegas VI property is an approximately 740-unit self storage facility that sits on approximately 3.2 acres and contains approximately 94,000 rentable square feet of self storage space. The Las Vegas VI property is located at 2025 N. Rancho Drive, Las Vegas, Nevada. It was constructed in 2006.

        Pursuant to the Las Vegas VI Purchase Agreement, the Registrant would be obligated to purchase the Las Vegas VI property only after satisfactory completion of agreed upon closing conditions. The Registrant will decide whether to acquire the Las Vegas VI property generally based upon:

    - satisfactory completion of due diligence on the property and the seller of the property;

        There can be no assurance that the Registrant will complete the acquisition of the Las Vegas VI property. In some circumstances, if the Registrant fails to complete the acquisition, it may forfeit up to $200,000 in earnest money on the Las Vegas VI property ($75,000 initially and an additional $125,000 upon completion of due diligence).