As reported earlier, on October 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 a self storage facility located in Las Vegas, Nevada (the "Las Vegas IV property"). On December 21, 2010, the Registrant closed on the purchase of the Las Vegas IV property.

        The Registrant purchased the Las Vegas IV property for a purchase price of $6.875 million, plus closing costs and acquisition fees. The Registrant's advisor, Strategic Storage Advisor, LLC, earned a total of $171,875 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 New York Mortgage Trust, Inc. that is secured by a deed of trust on one of the properties in the Registrant's existing portfolio.

        The Las Vegas IV property is an approximately 540-unit self storage facility that sits on approximately 1.7 acres and contains approximately 81,600 rentable square feet and approximately 108,000 gross square feet. The Las Vegas IV property is located at 1120 South Las Vegas Boulevard, Las Vegas, Nevada. It was constructed in 1996.