INCREASE AGREEMENT

Exhibit 10.35

INCREASE AGREEMENT

This Increase Agreement (this “Agreement”) is made as of February 3, 2025, by and among SMARTSTOP OP, L.P., a Delaware limited partnership (“Borrower”), the Lenders party hereto, and KEYBANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent (the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Administrative Agent and the Lenders named therein have entered into that certain ▇▇▇▇▇▇▇ and Restated Credit Agreement dated as of February 22, 2024, with respect to certain financial accommodations to be provided by the Administrative Agent and the Lenders to the Borrower (as amended, the “Credit Agreement”; unless otherwise defined herein, capitalized terms utilized herein which are defined in the Credit Agreement shall have the same meaning herein);

WHEREAS, the Borrower has requested that the aggregate amount of the Revolving Commitments evidenced by the Credit Agreement be increased to Seven Hundred Million and 00/100 Dollars ($700,000,000.00) pursuant to an exercise of its accordion rights as provided in Section 2.08(d) of the Credit Agreement and;

WHEREAS, in connection with the increase of the aggregate Revolving Commitments evidenced by the Credit Agreement, (a) KeyBank, National Association is increasing the amount of its Revolving Commitment to Eighty-Five Million and 00/100 Dollars ($85,000,000.00), (b) ▇▇▇▇▇ Fargo Bank, National Association is increasing the amount of its Revolving Commitment to Eighty Million and 00/100 Dollars ($80,000,000.00), and (c) JPMorgan Chase Bank, N.A. is increasing the amount of its Revolving Commitment to Eighty Million and 00/100 Dollars ($80,000,000.00).

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed by and among the Borrower, the Administrative Agent and KeyBank, as follows:

1.Effective upon the date hereof, the aggregate of the Revolving Commitments of the Lenders under the Credit Agreement is hereby increased to Seven Hundred Million and 00/100 Dollars ($700,000,000.00).

2.Schedule 2.01 of the Credit Agreement is hereby deleted in its entirety and shall be replaced by Schedule 2.01 annexed hereto.

3.The parties hereto acknowledge and agree that all of the terms and conditions of the Loan Documents shall remain in full force and effect, except as expressly provided in this Agreement or in any other document executed in connection with this Agreement.

4.Borrower hereby ratifies, confirms and reaffirms all of the terms and conditions of the Loan Documents, and that the obligations of Borrower under the Loan Documents, as amended as provided for herein, are evidenced by the Loan Documents.

5.▇▇▇▇▇▇▇▇ acknowledges, confirms and agrees that to ▇▇▇▇▇▇▇▇’s actual knowledge, Borrower does not have any offsets, defenses, claims or counterclaims against Administrative Agent and/or the Lenders with respect to any of Borrower's liabilities and obligations to Administrative Agent and the Lenders under the Loan Documents.

6.Borrower hereby represents and warrants that as of the date hereof all conditions to the increase of the Revolving Commitments set forth in Section 2.08(d) of the Credit Agreement have been met, including, without limitation, that no Default or Event of Default has occurred that is continuing or would result therefrom.

7.The execution of this Agreement and acceptance of any documents related hereto shall not be deemed to be a waiver of any breach, Default or Event of Default under the Loan Documents, whether or not known to Administrative Agent or the Lenders and whether or not existing on the date of this Agreement.

8.This Agreement, and all other documents, instruments and agreements relating thereto, as same may be amended hereby, constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as such may be limited by the application of bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditor’s rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

9.Borrower warrants and represents that Borrower has consulted with independent legal counsel of Borrower's selection in connection with this Agreement and is not relying on any representations or warranties of Administrative Agent and/or Lenders or its counsel in entering into this Agreement.

10.This Agreement shall constitute a Loan Document.

11.Any determination that any provision of this Agreement or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Agreement.

12.This Agreement shall be binding upon ▇▇▇▇▇▇▇▇, Administrative Agent, the Lenders and their respective successors and assigns and shall inure to the benefit of Borrower, Administrative Agent, the Lenders and their respective successors and assigns.

13.This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and performed in such State (without regard to principles of conflict laws) and any applicable law of the United States of America.

14.This Agreement may be executed in multiple counterparts, each of which shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging transmission (e.g. pdf by email) shall be effective as delivery of a manually executed counterpart of this Agreement. Said counterparts shall constitute but one and the same instrument and shall be binding upon each of the undersigned individually as fully and completely as if all had signed but one instrument and shall be unaffected by the failure of any of the undersigned to execute any or all of said counterparts.

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[REMAINDER OF PAGE INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Increase Agreement to be executed by their authorized officers all as of the day and year first above written.

BORROWER:

SMARTSTOP OP, L.P.

a Delaware limited partnership

By: SmartStop Self Storage REIT, Inc.,

a Maryland corporation, its General Partner

By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Name: H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: Chairman and CEO

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

[Signature Page to Increase Agreement]

KEYBANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and as a Lender

By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇

Title: Senior Banker

[Signature Page to Increase Agreement]

▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By: /s/ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇

Name: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇

Title: Vice President

[Signature Page to Increase Agreement]

JPMORGAN CHASE BANK, N.A.,

as a Lender

By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇

Name: ▇▇▇▇▇▇ ▇▇▇▇▇

Title: Executive Director

[Signature Page to Increase Agreement]

Exhibit 10.35

GUARANTOR CONFIRMATION

The undersigned hereby acknowledge and consent to the foregoing Increase Agreement and acknowledge and agree that they remain obligated for all obligations and liabilities of the Borrower to the Administrative Agent and the Lenders under the Credit Agreement as provided for under the Guaranty provided by the undersigned dated March 17, 2021, as amended, including, without limitation, repayment of the principal sum of Seven Hundred Million and 00/100 Dollars ($700,000,000.00) (subject to increase to an aggregate principal sum of up to One Billion Five Hundred Million and 00/100 Dollars ($1,500,000,000.00) in accordance with Section 2.08 of the Credit Agreement) or so much thereof as may be due and owing under any Note or any of the other Loan Documents, together with interest and any other sums payable under any Note or any of the other Loan Documents.

SMARTSTOP SELF STORAGE REIT, INC.,

a Maryland corporation

By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇_______________

Name: H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: Chief Executive Officer

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇ ▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇, LLC,

SSGT ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, LLC,

SSGT ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

SSGT ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, LLC,

SSGT ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, LLC, and

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

each a Delaware limited liability company

By: SmartStop Self Storage REIT, Inc.,

a Maryland corporation, as Manager

By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇_______________

Name: H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: Chief Executive Officer

[Signatures Continue on the Following Page]

Guarantor Confirmation

SSGT ▇▇▇▇ ▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇, LLC,

SSGT ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇, LLC,

SST II ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

SST II 120 CENTREWEST CT, LLC,

SST II ▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇, LLC,

SST II ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇, LLC,

SST II ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, LLC,

SST II ▇▇▇ ▇▇▇▇▇▇▇ ▇▇, LLC,

SST II ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇, LLC,

SST II ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇, LLC,

SST II ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC,

SST II 1880 WILLIAMSBURG PIKE, LLC,

SST II ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇, LLC,

SST II ▇▇▇ ▇▇▇▇▇▇ ▇▇▇, LLC,

SST II ▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, LLC,

SST II ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ ▇, LLC,

SST II ▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇, LLC,

SST II ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC,

SST II ROSSVILLE BLVD, LLC,

SST II 1597 MARKET ST, LLC,

SST II 5200 COLISEUM WAY, LLC,

SST II ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇, LLC,

SSGT ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇, LLC,

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, LLC,

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇, LLC,

SSGT ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇, LLC,

SSGT 1302 MARQUETTE DR, LLC,

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC, and

SSGT ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC,

each a Delaware limited liability company

By: SmartStop Self Storage REIT, Inc.,

a Maryland corporation, as Manager

By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇_______________

Name: H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: Chairman and CEO

[Signatures Continue on the Following Page]

Subsidiary Guarantor Confirmation

SSGT 1671 NORTHPARK DR, LLC,

SST IV ▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇, LLC,

SST IV ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇, LLC,

SST IV 3750 FM 1488, LLC,

SST IV ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇, LLC,

SST IV ▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

SST IV ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇, LLC,

SST IV 856-▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇, LLC,

SST IV ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

SST IV ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇, LLC,

SST IV ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, LLC,

SST IV 2307 HYDRAULIC RD, LLC,

SST IV ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

SST II ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇, LLC,

SST II ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇, LLC,

SST IV ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC,

SST IV ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,

SST IV ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇, LLC,

SST IV 852 ▇▇▇▇▇▇▇ ST, LLC,

SST IV 3811 TAMIAMI TRL, LLC,

SMST ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,
SMST ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,
SMST ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇, LLC,
SMST ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇, LLC,
SMST ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,
SMST ▇▇▇ ▇▇▇▇▇▇ ▇▇▇, LLC,
SMST ▇▇▇ ▇▇▇▇▇▇ ▇▇, LLC,
SMST ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, LLC,

SMST 21 SARDIS RD, LLC,
SMST ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,

SMST ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇, LLC,

SST II 3970 PELL CIR, LLC, and

SST II ▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇, LLC

each a Delaware limited liability company

By: SmartStop Self Storage REIT, Inc.,

a Maryland corporation, as Manager

By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇_______________

Name: H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: Chairman and CEO

[Signatures Continue on the Following Page]

Subsidiary Guarantor Confirmation

SSGT II 9950 ▇▇▇▇▇ STATION RD LLC,
SSGT II ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇ LLC,
SSGT II ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ LLC,

SSGT II ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, LLC,
SSGT II ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇, LLC,

SSGT II ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇, LLC,
SSGT II DURANGO ▇▇▇▇▇▇▇ LLC,
SSGT II 16900 STATE RD 54, LLC,
SSGT II ▇▇▇ ▇▇▇▇ ▇▇ ▇, LLC,
SSGT II ▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇ LLC,

SST II 6637 VAN BUREN BLVD, LLC,
SMST ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇, LLC,
SMST ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇, LLC,
SSGT II WALNUT GROVE AVE, LLC
SMST ▇▇▇▇ ▇ ▇▇▇▇ ▇▇, LLC,
SMST ▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇, LLC,

each a Delaware limited liability company

By: SmartStop Self Storage REIT, Inc.,

a Maryland corporation, as Manager

By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇_______________

Name: H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: Chief Executive Officer

Subsidiary Guarantor Confirmation