Exhibit 10.3

RECORDING REQUESTED BY AND

WHEN RECORDED MAIL TO:

RIEMER & BRAUNSTEIN LLP

THREE CENTER PLAZA

BOSTON, MASSACHUSETTS 02108

ATTENTION: KEVIN J. LYONS, ESQUIRE

THIS DOCUMENT TO BE RECORDED BOTH AS A

DEED OF TRUST AND A FIXTURE FILING

THIS DOCUMENT SECURES OBLIGATIONS WHICH CONTAIN A PROVISION FOR A

VARIABLE RATE OF INTEREST

DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY

AGREEMENT, AND FIXTURE FILING

DEED OF TRUST,

ASSIGNMENT OF LEASES AND RENTS,

SECURITY AGREEMENT, AND FIXTURE FILING

THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT, AND FIXTURE FILING (“Deed of Trust”) is made as of the 1^st day of July, 2011, by SSTI 12714 S LA CIENEGA BLVD, LLC, a Delaware limited liability company having an address at c/o Strategic Storage Holdings, LLC, 111 Corporate Drive, Suite 120, Ladera Ranch, CA 92694 (the “Trustor”) in favor of Commonwealth Land Title Company, a California corporation, having a place of business at 801 S. Figueroa St., Suite 870, Los Angeles, CA 90017, as trustee (“Trustee”), for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association, as agent under a Credit Agreement (hereinafter called the “Credit Agreement”) dated July 1, 2011 among the Trustor, Strategic Storage Operating Partnership, L.P., and its Subsidiaries party to the Credit Agreement as “Borrower”, KeyBank National Association and the other lending institutions which become parties to the Credit Agreement (KeyBank National Association and the other lending institutions which become parties to the Credit Agreement are collectively referred to as the “Lenders” and individually as the “Lender”), and KeyBank National Association, as Agent, having a place of business at 225 Franklin Street, Boston, Massachusetts 02110 (hereinafter, “Agent”) (hereinafter, the Agent and the Lenders are called “Beneficiary”).

The term Trustor shall include wherever the context permits its successors and assigns. The term Beneficiary shall include, wherever the context permits, its successors and assigns as the beneficiary for the time being of this Deed of Trust and the holder of the Note and other Obligations hereby secured.

This Deed of Trust is granted pursuant to the terms, provisions and conditions the Credit Agreement. Further, this Deed of Trust is intended to constitute: (i) a deed of trust under California law, (ii) a fixture filing under Section 9334 of the Uniform Commercial Code of California, and (iii) a security agreement and financing statement under the Uniform Commercial Code of California. This Deed of Trust is also intended to operate and be construed as an absolute present assignment of the rents, issues and profits of the Property, in accordance with the provisions of California Civil Code §2938, as the same may be amended from time to time, Trustor hereby agreeing that Beneficiary is entitled to receive the rents, issues and profits of the Property prior to an Event of Default and without entering upon or taking possession of the Property, all as more particularly described in and subject to the Credit Agreement. Capitalized terms used herein which are not otherwise specifically defined shall have the same meaning herein as in the Credit Agreement.

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WITNESSETH

TRUSTOR HEREBY IRREVOCABLY GRANTS, BARGAINS, SELLS, CONVEYS, TRANSFERS AND ASSIGNS:

To Trustee, in trust, with power of sale and right of entry and possession, all of its present and future estate, right, title and interest in and to that certain real property located in the County of Los Angeles, State of California, as more particularly described in Exhibit A attached hereto and made a part hereof, including all easements and rights used in connection therewith or as a means of access thereto, together with all right, title and interest that Trustor now has or may hereafter acquire in:

A. Real Estate. The fee simple interest of the Trustor in and to that certain parcel of land located in Los Angeles County, California more particularly described on Exhibit A which is annexed hereto and made a part hereof (“Land”), together with the improvements and other structures now or hereafter situated thereon (such improvements and other structures being sometimes collectively called the “Improvements”) commonly known as and numbered 12714 S. La Cienega Blvd, Hawthorne, Los Angeles County, California, together with all rights, privileges, tenements, hereditaments, appurtenances, easements, including, but not limited to, rights and easements for access and egress and utility connections, and other rights now or hereafter appurtenant thereto (hereinafter, collectively the “Real Estate”);

B. Fixtures. All real estate fixtures or items which by agreement of the parties may be deemed to be such fixtures, now or hereafter owned by Trustor, or in which Trustor has or hereafter obtains an interest, and now or hereafter located in or upon the Real Estate, or now or hereafter attached to, installed in, or used in connection with any of the Real Estate, including, but not limited to, any and all portable or sectional buildings, bathroom, plumbing, heating, lighting, refrigerating, ventilating and air-conditioning apparatus and equipment, garbage incinerators and receptacles, elevators and elevator machinery, boilers, furnaces, stoves, tanks, motors, sprinkler and fire detection and extinguishing systems, doorbell and alarm systems, window shades, screens, awnings, screen doors, storm and other detachable windows and doors, mantels, partitions, built-in cases, counters and other fixtures whether or not included in the foregoing enumeration (“Fixtures”);

C. Additional Appurtenances. All bridges, easements, rights of way, licenses, privileges, hereditaments, permits and appurtenances hereafter belonging to or enuring to the benefit of the Real Estate and all right, title and interest of Trustor in and to the land lying within any street or roadway adjoining any of the Real Estate and all right, title and interest of Trustor in and to any vacated or hereafter vacated streets or roads adjoining any of the Real Estate and any and all reversionary or remainder rights (“Additional Appurtenances”);

D. Awards. All of the right, title and interest of Trustor in and to any award or awards heretofore made or hereafter to be made by any municipal, county, state or federal authorities to the present or any subsequent owners of any of the Real Estate or the Land, or the Improvements, or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal Property, including, without limitation, any award or awards, or settlements or payments, or other compensation hereafter made resulting from (x) condemnation proceedings or the taking of the Real Estate, or the Land, or the Improvements, or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal Property, or any part thereof, under the power of eminent domain, or (y) the alteration of grade or the location or discontinuance of any street adjoining the Land or any portion thereof, or (z) any other injury to or decrease in value of the Mortgaged Property (as hereinafter defined)(“Awards”);

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E. Leases. All leases or subleases now or hereafter entered into of the Real Estate, or any portion thereof, and all rents, issues, profits, revenues, earnings and royalties therefrom, and all right, title and interest of Trustor thereunder, including, without limitation, cash, letters of credit, or securities deposited thereunder to secure performance by the tenants or occupants of their obligations thereunder, whether such cash, letters of credit, or securities are to be held until the expiration of the terms of such leases, subleases or occupancy agreements or applied to one or more of the installments of rent coming due prior to the expiration of such terms including, without limitation, the right to receive and collect the rents thereunder (“Leases”); and

F. Personal Property. All tangible and intangible personal property now owned or at any time hereafter acquired by Trustor of every nature and description, and used in any way in connection with the Real Estate, the Fixtures, the Additional Appurtenances, or any other portion of the Mortgaged Property, including, without limitation express or implied upon the generality of the foregoing, all Equipment, Goods, Inventory, Fixtures, Accounts, Instruments, Documents and General Intangibles (as each such capitalized term is defined in the Uniform Commercial Code in effect in the state where the Real Estate is situated) and further including, without any such limitation, the following whether or not included in the foregoing: materials; supplies; furnishings; chattel paper; money; bank accounts; security deposits; utility deposits; any insurance or tax reserves deposited with Agent; any cash collateral deposited with Agent; claims to rebates, refunds or abatements of real estate taxes or any other taxes; contract rights; plans and specifications; licenses, permits, approvals and other rights; the rights of Trustor under contracts with respect to the Real Estate or any other portion of the Mortgaged Property, or the Project; signs, brochures, advertising, the name by which the Mortgaged Property is known and any variation of the words thereof, and good will; copyrights, service marks, and all goodwill associated therewith; and trademarks; all proceeds paid for any damage or loss to all or any portion of the Real Estate, the Fixtures, the Additional Appurtenances, any other Personal Property or any other portion of the Mortgaged Property (“Insurance Proceeds”); all Awards; all Leases; all books and records; and all proceeds, products, additions, accessions, substitutions and replacements to any one or more of the foregoing (collectively, the “Personal Property”).

All of the Real Estate, Fixtures, Additional Appurtenances, Awards, Leases, Rents and Personal Property is hereinafter referred to collectively as the “Mortgaged Property.” The Trustor and the Agent and the Lenders hereby acknowledge that the Mortgaged Property does not, and shall not, consist of any Fixtures or Personal Property of any of the tenants of the Trustor, except to the extent that the Trustor has any rights, title, or interest in and to said Fixtures and Personal Property.

Notwithstanding the forgoing, to the extent that the Credit Agreement provides for particular rights in favor of Borrower related to the handling, processing or treatment of specific portions of the Mortgaged Property, including but not limited to use of proceeds of any Awards, rights of receipt and collection of rents in connection with Leases and rights related to particular portions of the Personal Property, the definition of Mortgaged Property shall include and the Mortgaged Property shall be subject to any such particular rights as are expressly provided to Borrower in the Credit Agreement.

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TO HAVE AND TO HOLD said Mortgaged Property bargained and described, together with all and singular the lands, tenements, privileges, water rights, hereditaments and appurtenances thereto belonging or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all of the estate, right, title, claim and demands whatsoever of Trustor, either in law or in equity, of, in and to the above-bargained Mortgaged Property forever, as security for the faithful performance of the Obligations under the Note secured hereby and as security for the faithful performance of each and all of the covenants, agreements, terms and conditions of this Deed of Trust, FOR THE PURPOSE OF SECURING THE OBLIGATIONS:

The term “Obligations” shall mean and include:

A. The payment of the principal sum, interest at variable rates as may be adjusted from time to time, charges and indebtedness evidenced by certain promissory notes (hereinafter individually and collectively referred to as the “Note”) issued under and in accordance with the Credit Agreement, including any extensions, renewals, replacements, increases, modifications and amendments thereof, in the original aggregate amount of up to TWENTY-TWO MILLION DOLLARS ($22,000,000.00) given by Borrower to the order of the respective Lenders;

B. The payment, performance, discharge and satisfaction of each covenant, warranty, representation, undertaking and condition to be paid, performed, satisfied and complied with by Trustor under and pursuant to this Deed of Trust or the Credit Agreement and also by Borrower under and pursuant to each of the other Loan Documents referred to in, or executed in connection with, the Credit Agreement;

C. The payment of all reasonable costs, expenses, legal fees, including those incurred in proceedings under 11 U.S.C., and liabilities incurred by Agent and the Lenders in connection with the enforcement of any of Agent’s or any Lender’s rights or remedies under this Deed of Trust, the other Loan Documents, or any other instrument, agreement or document which evidences or secures any other obligations or collateral therefor, whether now in effect or hereafter executed; and

D. The payment, performance, discharge and satisfaction of all other liabilities and obligations of Trustor to Agent or any Lender, whether now existing or hereafter arising, direct or indirect, absolute or contingent, and including, without limitation express or implied upon the generality of the foregoing, each liability and obligation of Borrower under any one or more of the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred to herein or therein or executed in connection with the transactions contemplated hereby or thereby, including, without limitation, those arising in connection with any Hedging Obligations.

This instrument is sometimes referred to as “this Deed of Trust”.

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Trustor hereby grants to Agent, on behalf of the Lenders, a continuing security interest in all of the Mortgaged Property in which a security interest may be granted under the Uniform Commercial Code as such is in effect in the State of California including, without limitation, the Fixtures and the Personal Property, together with all proceeds and products, whether now or at any time hereafter acquired and used in any way in connection with the development, construction, marketing or operation of the Real Estate, or in connection with the Project, to secure all Obligations.

This Deed of Trust creates a lien on the Mortgaged Property, and to the extent the Mortgaged Property is not real property under applicable law this Deed of Trust constitutes a security agreement under the California Uniform Commercial Code and any other applicable law and is filed as a fixture filing. If required by Agent, at any time during the term of this Deed of Trust, Trustor will execute and deliver to Agent, in form satisfactory to Agent, additional security agreements, financing statements and/or other instruments covering all Personal Property or Fixtures of Trustor which may at any time be furnished, placed on, or annexed or made appurtenant to the Real Estate or used, useful or held for use, in the operation of the Improvements.

Trustor covenants, warrants, represents and agrees with Agent, its successors and assigns, that:

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21.1 Enter and Perform. Trustor authorizes Agent, in addition to all other rights granted by law or by this Deed of Trust, or by any of the other Loan Documents, whenever and as long as any Default hereunder or under the Credit Agreement shall exist and remain uncured beyond the applicable grace period, if any, and without notice beyond the notice, if any, required to be given by the terms of the Note or the Credit Agreement, or upon the occurrence of an Event of Default under the Credit Agreement, to enter and take possession of all or any part of the Mortgaged Property and to use, lease, operate, manage and control the same and conduct the business thereof, and perform lessor’s obligations under any lease or Trustor’s obligations under any other agreement affecting all or any part of the Mortgaged Property, and collect the rents, profits and all receipts of every nature therefrom as Agent shall deem best.

21.2 Repairs and Improvements. Upon every such entry as contemplated in Section 21.1 hereof, Agent may from time to time at the expense of Trustor make all such repairs, replacements, alterations, additions and improvements to the Mortgaged Property as Agent may deem proper, but in no event shall Agent be obligated to do so, and may, but shall not be obligated to, exercise all rights and powers of Trustor, either in the name of Trustor, or otherwise as Agent shall determine. Without limitation express or implied upon the generality of the foregoing, Agent shall have the right to do all things necessary or desirable in order to keep in full force and effect all applicable licenses, permits and authorizations and any amendments thereto.

21.3 Pay Costs and Expenses. Upon such entry as contemplated in Section 21.1 hereof, Agent may, at its option, but without any obligation to do so, do any one or more of the following: pay and incur all expenses necessary or deemed by it appropriate for the holding and operating of the Mortgaged Property, the conduct of any business thereon, the maintenance, repair, replacement, alteration, addition and improvement of the Mortgaged Property, including without limitation payments of taxes, assessments, insurance, wages of employees connected with the Mortgaged Property or any business conducted thereon, charges and reasonable compensation for services of Agent, its attorneys and accountants and all other persons engaged or employed in connection with the Mortgaged Property or of any business conducted thereon and, in addition, Agent, at its option, may, but shall not be obligated to, make payments or incur liability with respect to obligations arising prior to the date it takes possession.

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21.4 Add to Secured Indebtedness. All obligations so paid or incurred by Agent shall be reimbursed or paid for by Trustor upon demand and prior to the repayment thereof shall be added to the debt secured hereby and shall bear interest at the Default Rate provided for in the Note or the Credit Agreement, and shall be secured hereby equally and ratably. Agent may also reimburse itself therefor from the income or receipts of the Mortgaged Property or any business conducted thereon, or from the sale of all or any portion of the Mortgaged Property. Agent may also apply toward any of the Obligations any tax or insurance reserve account, deposit or any sum credited or due from Agent to Trustor without first enforcing any other rights of Agent against Trustor or the against any endorser or guarantor of any of the Obligations or against the Mortgaged Property.

21.5 Attorney-In-Fact. Trustor hereby irrevocably constitutes and appoints Agent, or any agent designated by Agent, for so long as this Deed of Trust remains undischarged of record, as attorney-in-fact of Trustor to execute, acknowledge, seal and deliver all instruments, agreements, deeds, certificates and other documents of every nature and description in order to carry out or implement the exercise of Agent’s rights hereunder and under the other Loan Documents.

21.6 Power of Sale. Upon the occurrence of an Event of Default under the Note, the Loan Agreement, this Deed of Trust, or any of the Loan Documents which remains uncured beyond the applicable grace period, if any, then in any such event, Agent, at its option, may:

(i) Institute a foreclosure action in accordance with the law of the State of California or take any other action as may be allowed, at law or in equity, for the enforcement of the Loan Documents and realization on the Mortgaged Property or any other security afforded by the Loan Documents. In the case of a judicial proceeding, Agent may proceed to final judgment and execution for the amount of the Obligations owed as of the date of the judgment, together with all costs of suit, reasonable attorneys’ fees (including those incurred pursuant to proceedings under 11 U.S.C.) and interest on the judgment at the maximum rate permitted by law from the date of the judgment until paid;

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(ii) Institute a non-judicial foreclosure proceeding in compliance with applicable law in effect on the date foreclosure is commenced for the Trustee to sell the Mortgaged Property either as a whole or in separate parcels as Agent may determine at public sale or sales to the highest bidder for cash, in order to pay the Obligations. If the Mortgaged Property is sold as separate parcels, Agent may direct the order in which the parcels are sold. Trustee shall deliver to the purchaser a Trustee’s deed or deeds without covenant or warranty, express or implied. Trustee may postpone the sale of all or any portion of the Property by public announcement at the time and place of sale, and from time to time may further postpone the sale by public announcement in accordance with applicable law.

21.7 Receivership. Upon the occurrence of an Event of Default under the Note, the Loan Agreement, this Deed of Trust, or any of the Loan Documents, Agent, at its option, may have a receiver appointed to enter into possession of the Mortgaged Property, lease the Mortgaged Property, collect the revenues from any Leases (“Revenue”) and apply them as the appropriate court may direct. Agent shall be entitled to the appointment of a receiver without the necessity of proving either the inadequacy of the security or the insolvency of Trustor. Trustor shall be deemed to have consented to the appointment of the receiver. The collections or receipt of any of the Revenue by Agent or any receiver shall not affect or cure and Event of Default. Agent’s rights hereunder are in addition to its rights under California Code of Civil Procedure Section 564, as such Section may be amended from time to time.

21.8 Action for Breach of Contract. In accordance with California Code of Civil Procedure Section 736, as such Section may be amended from time to time, Agent may bring an action for breach of contract against Trustor, for breach of any “environmental provision” (as such term is defined in such Section 736) made by Trustor herein or in any other Loan Document, for the recovery of damages and/or for the enforcement of the environmental provision.

21.9 Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5, as such Section may be amended from time to time, Agent may waive the security of this Deed of Trust as to any parcel of the land that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such Section 726.5), and as to any Tangible Property attached to such parcel, and thereafter exercise against Trustor, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of Agent’s claim against Trustor to judgment, and any other rights and remedies permitted by law. Trustor and Agent acknowledge that pursuant to California Code of Civil Procedure Section 726.5, Agent’s rights under this Section 21.9 are limited to instances in which Trustor or any affiliate, agent, cotenant, partner or joint venture or Trustor either (i) caused, contributed to, permitted or acquiesced in the release (as defined in such Section 726.5) or threatened release of hazardous materials, or (ii) had actual knowledge or notice of such release or threatened release prior to the execution and delivery of this Deed of Trust and failed to disclose such release or

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threatened release to Agent in writing after Agent’s written request for information concerning the environmental condition of the Mortgaged Property, unless Agent otherwise obtained actual knowledge of such release or threatened release prior to the execution and delivery of the Deed of Trust.

In the event Agent elects, in accordance with California Code of Civil Procedure Section 726.5, to waive all or part of the security of this Deed of Trust and proceed against Trustor on an unsecured basis, the valuation of the land, the determination of the environmentally impaired status of such security and any cause of action for a money judgment shall, at the request of Agent, be referred to a referee in accordance with California Code of Civil Procedure Sections 638 et seq. Such referee shall be an M.A.I. appraiser selected by Agent and approved by Trustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Trustor and Agent, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Trustor shall pay all reasonable costs and expenses incurred by Agent in connection with any proceeding under California Code of Civil Procedure Section 726.5, as such Section may be amended from time to time.

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32.1 Substantial Relationship. It is understood and agreed that all of the Loan Documents were delivered in the State of New York, which State the parties agree has a substantial relationship to the parties and to the underlying transactions embodied by the Loan Documents.

32.2 Place of Delivery. Trustor agrees to furnish to Agent at Agent’s office in New York, New York all further instruments, certifications and documents to be furnished hereunder, if any.

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32.3 Governing Law. This Deed of Trust, except as otherwise provided in Section 32.4, and each of the other Loan Documents shall in all respects be governed, construed, applied and enforced in accordance with the internal laws of the State of New York without regard to principles of conflicts of law.

32.4 Exceptions. Notwithstanding the foregoing choice of law:

(a) The creation and perfection of the lien and any assignment of rents and security interest hereunder and the procedures governing the enforcement by Agent or any Lender of its foreclosure and other remedies against Trustor under this Deed of Trust and under the other Loan Documents with respect to the Mortgaged Property or other assets situated in the State of California, including by way of illustration, but not in limitation, non-judicial foreclosure and actions for foreclosure, for injunctive relief, or for the appointment of a receiver, shall be governed by the laws of the State of California; and

(b) Agent or any Lender shall comply with applicable law in the State of California to the extent required in connection with the foreclosure of the security interests and liens created under this Deed of Trust and the other Loan Documents with respect to the Mortgaged Property or other assets situated in the State of California.

Nothing contained herein or any other provisions of the Loan Documents shall be construed to provide that the substantive laws of the State of California shall apply to any parties’ rights and obligations under any of the Loan Documents, which are and shall continue to be governed by the substantive law of the State of New York, except as expressly set forth in clauses (a) and (b) of this Section 32.4. In addition, the fact that portions of the Loan Documents may include provisions drafted to conform to the law of the State of California is not intended, nor shall it be deemed, in any way, to derogate the parties’ choice of law as set forth or referred to in this Deed of Trust, the Loan Agreement or in the other Loan Documents. The parties further agree that Agent or any Lender may enforce its rights under the Loan Documents including, but not limited to, its rights to sue Trustor or to collect any outstanding indebtedness in accordance with applicable law.

32.5 Consent to Jurisdiction. Trustor hereby consents to the nonexclusive personal jurisdiction in any state or Federal court located within the State of New York and the State of California.

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IN WITNESS WHEREOF, Trustor has caused this Deed of Trust to be duly executed and delivered as of the date first written above.

(Notary)