As reported earlier, on November 15, 2010, the Registrant, through a wholly-owned subsidiary of the Registrant's operating partnership, entered into a purchase and sale agreement with an unaffiliated third party for the acquisition of an industrial building located in Mississauga, Ontario - Canada, which the Registrant intends to convert into a self storage facility (the "Mississauga property"). On March 11, 2011, the Registrant closed on the purchase of the Mississauga property.

        The Registrant purchased the Mississauga property for a purchase price of approximately $5.6 million, plus closing costs and acquisition fees. The Registrant paid its advisor, Strategic Storage Advisor, LLC, a total of approximately $140,000 in acquisition fees in connection with the acquisition of this property. The Registrant funded this acquisition using net proceeds from its initial public offering and debt proceeds from a loan previously obtained from The Citigroup Global Markets Realty Corp.

        The Mississauga property is a conversion project that, when completed, will be an approximately 800-unit self storage facility that sits on approximately 4.8 acres and will contain approximately 101,000 rentable square feet of self storage space. The Mississauga property is located at 3136 Mavis Road, Mississauga, Ontario - Canada. Construction is expected to be completed in the third or fourth quarter of 2011.

        The Registrant's portfolio now includes 56 wholly-owned properties in 16 states and Canada.