Blue Door Property III, DST owns, through three Operating Trusts, three stabilized self-storage facilities operated under the SmartStop Self Storage brand in Phoenix, AZ, Longwood (Orlando MSA), FL and Dallas, TX: 1,927 storage units on 222,296 rentable square feet, about 90% occupied at 9/30/2025. Each Property is master leased to a Sponsor-affiliated Master Tenant and managed by a SmartStop affiliate. The objectives are monthly distributions from Master Lease rent, maintaining long-term value, and a sale before the 11/13/2032 Loan maturity, with an optional Section 721 contribution to the SSGT III Operating Partnership.