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What changed in Global Self Storage, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Global Self Storage, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+156 added−181 removedSource: 10-K (2026-03-25) vs 10-K (2025-03-26)

Top changes in Global Self Storage, Inc.'s 2025 10-K

156 paragraphs added · 181 removed · 140 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWe value the safety of our employees and provide regular training for our employees to increase safety at our properties. Environmental, Social, and Governance We are focused on building our Company for the long-term to generate sustainable growth.
Biggest changeWe value the safety of our employees and provide regular training for our employees to increase safety at our properties. Sustainability We are focused on building our Company for the long-term to generate sustainable growth. To that end, we have established a cross-functional Sustainability committee (the "Sustainability Committee"), comprised of management, responsible for establishing our sustainability priorities and objectives.
Available Information The SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Additional information about 14 the Company, not contained in this annual report or made a part hereof, may be found at www.GlobalSelfStorage.us.
Available Information The SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Additional information about the Company, not contained in this annual report or made a part hereof, may be found at www.GlobalSelfStorage.us.
Our ESG committee reports annually to our board of directors on the status of our ESG program, our progress against the goals we have set, and provides updates on the various initiatives we have undertaken to improve our sustainability. A key area of focus from a sustainability perspective is minimizing the impact we make on the environment.
Our Sustainability Committee reports annually to our board of directors on the status of our sustainability program, our progress against the goals we have set, and provides updates on the various initiatives we have undertaken to improve our sustainability. A key area of focus from a sustainability perspective is minimizing the impact we make on the environment.
Our ESG committee guides our commitment to sustainability and has primary responsibility for climate-related activities. Our ESG committee reports annually to our board of directors, which oversees all of our sustainability initiatives. We consider potential environmental impacts—both positive and negative—into our decision making across the business.
Our Sustainability Committee guides our commitment to sustainability and has primary responsibility for climate-related activities. Our Sustainability Committee reports annually to our board of directors, which oversees all of our sustainability initiatives. We consider potential environmental impacts—both positive and negative—into our decision making across the business.
Risk Factors—Risks Related to Our Business—Costs associated with complying with the ADA may result in unanticipated expenses.” Insurance activities are subject to state insurance laws and regulations as determined by the particular insurance commissioner for each state in accordance with the McCarran-Ferguson Act, as well as subject to the Gramm-Leach-Bliley Act and the privacy regulations promulgated by the Federal Trade Commission pursuant thereto. 12 Under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended (“CERCLA”), and comparable state laws, we may be required to investigate and remediate regulated hazardous materials at one or more of our properties.
Risk Factors—Risks Related to Our Business—Costs associated with complying with the ADA may result in unanticipated expenses.” Insurance activities are subject to state insurance laws and regulations as determined by the particular insurance commissioner for each state in accordance with the McCarran-Ferguson Act, as well as subject to the Gramm-Leach-Bliley Act and the privacy regulations promulgated by the Federal Trade Commission pursuant thereto. 10 Under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended (“CERCLA”), and comparable state laws, we may be required to investigate and remediate regulated hazardous materials at one or more of our properties.
As of December 31, 2024, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a non-diversified, closed end management investment company.
As of December 31, 2025, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a non-diversified, closed end management investment company.
We seek to increase employee retention and well-being and our employees enjoy an attractive benefit package that includes medical, dental, vision, life insurance, 401(k) with matching employer contribution, cash bonuses, and long-term equity compensation. We offer competitive health benefits and encourage our employees to participate in employee health 13 and wellness programs.
We seek to increase employee retention and well-being and our employees enjoy an attractive benefit package that includes medical, dental, vision, life insurance, 401(k) with matching employer contribution, cash bonuses, and long-term equity compensation. We offer competitive health benefits and encourage our employees to participate in employee health 11 and wellness programs.
The information on our website is not intended to form a part of or be incorporated by reference into this annual report.
The information on our website is not intended to form a part of or be incorporated by reference into this annual report. 12
In 2024, we continued to explore the installation of solar panels at our properties, which we expect would reduce energy consumption and costs at such locations. Climate Change and Environmental Stewardship We are committed to managing climate-related risks and opportunities in relation to our business.
In 2025, we continued to explore the installation of solar panels at our properties, which we expect would reduce energy consumption and costs at such locations. Climate Change and Environmental Stewardship We are committed to managing climate-related risks and opportunities in relation to our business.
We also offer individualized counseling to our employees to assist them with their journeys towards better health. In order to attract and retain top talent, we offer training and development opportunities for our employees. In 2024, this included anti-harassment training, cybersecurity training, and store manager training.
We also offer individualized counseling to our employees to assist them with their journeys towards better health. In order to attract and retain top talent, we offer training and development opportunities for our employees. In 2025, this included anti-harassment training, cybersecurity training, and store manager training.
We continue to actively review a number of store and store portfolio acquisition opportunities and have been working to further redevelop and expand our current stores. We did not complete any self storage property acquisitions in 2024.
We continue to actively review a number of store and store portfolio acquisition opportunities and have been working to further redevelop and expand our current stores. We did not complete any self storage property acquisitions in 2025.
As of December 31, 2024, the property, which was previously rebranded as “Global Self Storage,” had 137,318-leasable square feet and was comprised of 619 climate-controlled and non-climate-controlled units located in Edmond, Oklahoma.
As of December 31, 2025, the property, which was previously rebranded as “Global Self Storage,” had 137,318-leasable square feet and was comprised of 619 climate-controlled and non-climate-controlled units located in Edmond, Oklahoma.
Our Financing Strategy Our financing strategy is to minimize the cost of our capital in order to maximize the returns generated for our stockholders. For future acquisitions, the Company may employ various financing and capital raising alternatives including, but not limited to, debt and/or equity offerings, credit facilities, mortgage financing, and joint ventures with third parties.
Our Financing Strategy Our financing strategy is to seek to minimize the cost of our capital to maximize the returns generated for our stockholders. For future acquisitions, the Company may employ various financing and capital raising alternatives including, but not limited to, debt and/or equity offerings, credit facilities, mortgage financing, and joint ventures with third parties.
Business Activities As of December 31, 2024, the Company had 33 total employees and owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores. As of December 31, 2024, these properties totaled 967,187 net leasable square feet and offered 7,049‬ storage units.
Business Activities As of December 31, 2025, the Company had 36 total employees and owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores. As of December 31, 2025, these properties totaled 966,567 net leasable square feet and offered 7,044‬ storage units.
To that end, we have established a cross-functional Environmental, Social, and Governance (“ESG”) committee, comprised of management, responsible for establishing our sustainability priorities and objectives. Management regularly evaluates sustainability risks faced by our portfolio and believe the low obsolescence, geographic diversification, and low emissions of our portfolio help to mitigate those risks.
Management regularly evaluates sustainability risks faced by our real estate portfolio and believe the low obsolescence, geographic diversification, and low emissions of our portfolio help to mitigate those risks.
Removed
On June 24, 2016, certain wholly owned subsidiaries of the Company (“Term Loan Secured Subsidiaries”) entered into a loan agreement and certain other related agreements (collectively, the “Term Loan Agreement”) between the Term Loan Secured Subsidiaries and Insurance Strategy Funding IV, LLC (the “Term Loan Lender”).
Added
For a history of our financing transactions, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our Third-Party Management Platform On October 23, 2019, we signed our first self storage client under our third-party management platform.
Removed
Under the Term Loan Agreement, the Term Loan Secured Subsidiaries borrowed from Term Loan Lender the principal amount of $20 million pursuant to a promissory note (the “Term Loan Promissory Note”). The Term Loan Promissory Note bears interest at a rate equal to 4.192% per annum and is due to mature on July 1, 2036.
Removed
Pursuant to a security agreement (the “Term Loan Security Agreement”), the obligations under the Term Loan Agreement are secured by certain real estate assets owned by the Term Loan Secured Subsidiaries. J.P. Morgan Investment Management, Inc. acted as Special Purpose Vehicle Agent of the Term Loan Lender.
Removed
The Company entered into a non-recourse guaranty (the “Term Loan Guaranty” and together with the Term Loan Agreement, the Term Loan Promissory Note and the Term Loan Security Agreement, the “Term Loan Documents”) to guarantee the payment to the Term Loan Lender of certain obligations of the Term Loan Secured Subsidiaries under the Term Loan Agreement.
Removed
We have used some of the proceeds from the Term Loan Agreement to acquire four self storage properties in 2016. On December 20, 2018, certain of our wholly owned subsidiaries (“Credit Facility Secured Subsidiaries”) entered into a revolving credit loan agreement (collectively, the “Credit Facility Loan Agreement”) between the Credit Facility Secured Subsidiaries and TCF National Bank (“Credit Facility Lender”).
Removed
Under the Credit Facility Loan Agreement, the Credit Facility Secured Subsidiaries may borrow from the Credit Facility Lender in the principal amount of up to $10 million pursuant to a promissory note (the “Credit Facility Promissory Note”). The Credit Facility Promissory Note bears an interest rate equal to 3.00% over the One Month U.S.
Removed
Dollar London Inter-Bank Offered Rate and was due to mature on December 20, 2021. The obligations under the Credit Facility Loan Agreement are secured by certain real estate assets owned by the Credit Facility Secured Subsidiaries.
Removed
We entered into a guaranty of payment on December 20, 2018 (the “Credit Facility Guaranty,” and together with the Credit Facility Loan Agreement, the Credit Facility Promissory Note and related instruments, the “Credit Facility Loan Documents”) to guarantee the payment to the Credit Facility Lender of certain obligations of the Credit Facility Secured Subsidiaries under the Credit Facility Loan Agreement.
Removed
As described in more detail below, the Credit Facility Loan Agreement has been replaced in its entirety by the Amended Credit Facility Loan Agreement (as defined below) on July 6, 2021.
Removed
On December 18, 2019, we completed a rights offering whereby we sold and issued an aggregate of 1,601,291 shares of our common stock, par value $0.01 per share (“common stock”), at the subscription price of $4.18 per whole share of common stock, pursuant to the exercise of subscriptions and oversubscriptions from our stockholders.
Removed
We raised aggregate gross proceeds of approximately $6.7 million in the rights offering. 10 On May 19, 2020, an affiliate of the Company (the “Borrower”) entered into a Paycheck Protection Program Term Note (“PPP Note”) with Customers Bank on behalf of itself, the Company, and certain other affiliates under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S.
Removed
Small Business Administration (the “SBA”). The Borrower received total proceeds of $486,602 from the PPP Note. On April 5, 2022, the Borrower was granted forgiveness of the entire PPP Note and any accrued interest.
Removed
Upon forgiveness, the Company received $307,210 in cash from the Borrower, which was the amount attributable to the Company under the SBA's loan determination formula, and recorded a gain for such amount in its consolidated statements of operations and comprehensive income.
Removed
On June 25, 2021, we completed an underwritten public offering whereby we sold and issued an aggregate of 1,121,496 shares of our common stock at the price of $5.35 per share. Subsequently, the over-allotment option was exercised increasing the total number of shares sold and issued to 1,289,720.
Removed
We raised aggregate gross proceeds of approximately $6.9 million in the public offering after giving effect to the exercise of the over-allotment option.
Removed
On July 6, 2021, certain wholly owned subsidiaries (“Amended Credit Facility Secured Subsidiaries”) of the Company entered into a first amendment to the Credit Facility Loan Agreement (collectively, the “Amended Credit Facility Loan Agreement”) between the Amended Credit Facility Secured Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank (“Amended Credit Facility Lender”).
Removed
Under the Amended Credit Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries were able to borrow from the Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the “Amended Credit Facility Promissory Note”).
Removed
The Amended Credit Facility Promissory Note bore an interest rate equal to 3% plus the greater of the One Month U.S. Dollar London Inter-Bank Offered Rate or 0.25% and was due to mature on July 6, 2024. The publication of LIBOR ceased after June 30, 2023.
Removed
The Amended Credit Facility Loan Agreement provided for a replacement index based on the Secured Overnight Financing Rate (“SOFR”). The interest rate on the Amended Credit Facility Promissory Note subsequent to June 30, 2023, was equal to 3% plus the greater of SOFR plus 0.11448% or 0.25%.
Removed
The obligations under the Amended Credit Facility Loan Agreement were secured by certain real estate assets owned by the Amended Credit Facility Secured Subsidiaries.
Removed
The Company entered into an amended and restated guaranty of payment on July 6, 2021 (“Amended Credit Facility Guaranty,” and together with the Amended Credit Facility Loan Agreement, the Amended Credit Facility Promissory Note and related instruments, the “Amended Credit Facility Loan Documents”) to guarantee the payment to the Amended Credit Facility Lender of certain obligations of the Amended Credit Facility Secured Subsidiaries under the Amended Credit Facility Loan Agreement.
Removed
The Company and the Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Amended Credit Facility Loan Documents. As described in more detail below, the Amended Credit Facility Loan Agreement has been replaced in its entirety by the Second Amended Credit Facility Loan Agreement on July 6, 2024.
Removed
On January 14, 2022, the Company entered into an At Market Offering Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Agent.
Removed
During the twelve months ended December 31, 2022, under the Sales Agreement, the Company sold and issued an aggregate of 373,833 shares of common stock and raised aggregate gross proceeds of approximately $2,272,628, less sales commissions of approximately $45,491 and other offering costs resulting in net proceeds of $2,008,436.
Removed
There were no shares of common stock sold during the three and twelve months ended December 31, 2024 under the Sales Agreement.
Removed
On July 6, 2024, certain wholly owned subsidiaries (“Second Amended Credit Facility Secured Subsidiaries”) of the Company entered into a second amendment to the Credit Facility Loan Agreement (collectively, the “Second Amended Credit Facility Loan Agreement”) between the Second Amended Credit Facility Secured Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank (“Second Amended Credit Facility Lender”).
Removed
Under the Second Amended Credit Facility Loan Agreement, the Second Amended Credit Facility Secured Subsidiaries may borrow from the Second Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the “Second Amended Credit Facility Promissory Note”).
Removed
The Second Amended Credit Facility Promissory Note bears an interest rate equal to 3% plus the greater of the One Month SOFR or 0.25% and is due to mature on July 6, 2027, with an option to extend the maturity to July 6, 2028. As of December 31, 2024, the effective interest rate was approximately 7.56%.
Removed
An annual unused facility fee is charged based on the daily average of the unadvanced amount 11 of the Second Amended Credit Facility Loan Agreement during the trailing twelve month period ending each June 30.
Removed
The fee will be calculated at 0.25% per annum if the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during such trailing twelve month period was greater than fifty percent, and will be calculated at 0.15% if the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during such trailing twelve month period was less than or equal to fifty percent.
Removed
The obligations under the Second Amended Credit Facility Loan Agreement are secured by certain real estate assets owned by the Second Amended Credit Facility Secured Subsidiaries.
Removed
The Company entered into a second amended and restated guaranty of payment as of July 6, 2024 (“Second Amended Credit Facility Guaranty,” and together with the Second Amended Credit Facility Loan Agreement, the Second Amended Credit Facility Promissory Note and related instruments, the “Second Amended Credit Facility Loan Documents”) to guarantee the payment to the Second Amended Credit Facility Lender of certain obligations of the Second Amended Credit Facility Secured Subsidiaries under the Second Amended Credit Facility Loan Agreement.
Removed
The Company and the Second Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Second Amended Credit Facility Loan Documents. The Company also maintains a bank account at the Second Amended Credit Facility Lender. As of December 31, 2024, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement.
Removed
We currently intend to strategically withdraw proceeds available under the Second Amended Credit Facility Loan Agreement to fund: (i) the acquisition of additional self storage properties, (ii) expansions at existing self storage properties in our portfolio, and/or (iii) joint ventures with third parties for the acquisition and expansion of self storage properties.
Removed
On July 8, 2024, in connection with the Second Amended Credit Facility Loan Agreement, the Company entered into a swap transaction for an interest rate derivative with Huntington (the "Cap Rate Agreement") effective July 10, 2024. The notional amount and strike is $7,500,000 and 5.25%, respectively.
Removed
The cost of the initial premium was $57,000 and will be carried as an asset on the balance sheet at fair value. The Cap Rate Agreement terminates on July 6, 2027. Our Third-Party Management Platform On October 23, 2019, we signed our first self storage client under our third-party management platform.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeMoreover, we are subject to risks stemming from the physical impacts of climate change. 19 New climate change-related regulations or interpretations of existing laws may result in enhanced disclosure obligations that could negatively affect us and materially increase our regulatory burden.
Biggest changeNew climate change-related regulations or interpretations of existing laws may result in enhanced disclosure obligations that could negatively affect us and materially increase our regulatory burden. Increased regulations generally increase the costs to us, and those higher costs may continue to increase if new laws require additional resources, including spending more time, hiring additional personnel or investing in new technologies.
Furthermore, if we acquire appreciated assets from a corporation that is or has been a subchapter C corporation in a transaction in which the adjusted tax basis of such assets in the our hands is less than the fair market value of the assets, determined at the time we acquired such assets, and if we subsequently dispose of any such assets during the 5-year period following the acquisition of the assets from the C corporation, we will be subject to tax at the highest corporate tax rates on any gain from the disposition of such assets to the extent of the excess of the fair market value of the assets on the date that we acquired such assets over the basis of such assets on such date, which are referred to as built-in gains.
Furthermore, if we acquire appreciated assets from a corporation that is or has been a subchapter C corporation in a transaction in which the adjusted tax basis of such assets in our hands is less than the fair market value of the assets, determined at the time we acquired such assets, and if we subsequently dispose of any such assets during the 5-year period following the acquisition of the assets from the C corporation, we will be subject to tax at the highest corporate tax rates on any gain from the disposition of such assets to the extent of the excess of the fair market value of the assets on the date that we acquired such assets over the basis of such assets on such date, which are referred to as built-in gains.
We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock.
We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail investment 24 activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock.
REIT prices also may drop because of the failure of borrowers to pay their loans and poor management. In addition, there 20 are specific risks associated with particular sectors of real estate investments such as self storage, retail, office, hotel, healthcare, and multi-family properties.
REIT prices also may drop because of the failure of borrowers to pay their loans and poor management. In addition, there are specific risks associated with particular sectors of real estate investments such as self storage, retail, office, hotel, healthcare, and multi-family properties.
We may acquire properties subject to liabilities without any recourse, or with only limited recourse, with respect to unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, claims by persons dealing with the former owners of the properties and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
We may acquire properties subject to liabilities without any recourse, or with only limited recourse, with respect to known or unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, claims by persons dealing with the former owners of the properties and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
Although we intend to distribute our net taxable income to our stockholders in a manner intended to satisfy the REIT 90% distribution requirement and to avoid the 4% 26 non-deductible excise tax, it is possible that we, from time to time, may not have sufficient cash to distribute 100% of our net taxable income.
Although we intend to distribute our net taxable income to our stockholders in a manner intended to satisfy the REIT 90% distribution requirement and to avoid the 4% non-deductible excise tax, it is possible that we, from time to time, may not have sufficient cash to distribute 100% of our net taxable income.
We do not generally maintain key person life insurance. The loss of services of one or more members of our senior management could harm our business. There may be conflicts of interest resulting from the relationships among us, our affiliates, and other related parties.
We do not generally maintain key person life insurance. The loss of services of one or more members of our senior management could harm our business. 20 There may be conflicts of interest resulting from the relationships among us, our affiliates, and other related parties.
However, if other self storage companies restructure their 23 holdings to become REITs, this competitive advantage will disappear. In addition, new legislation may be enacted or new interpretations of existing legislation may be issued by the Internal Revenue Service (the “IRS”), or the U.S.
However, if other self storage companies restructure their holdings to become REITs, this competitive advantage will disappear. In addition, new legislation may be enacted or new interpretations of existing legislation may be issued by the Internal Revenue Service (the “IRS”), or the U.S.
In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing.
In addition, these factors may make it more 22 difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing.
We believe that our level of business activity and the profitability of our business, as well as the values of, and the cash flows from, the assets we may own could in the future be impacted by a pandemic or other major public health issue.
We believe that our level of business activity and the profitability of our business, as well as the values of, and the cash flows from, the assets we own could in the future be impacted by a pandemic or other major public health issue.
We have sold items such as locks, boxes, and packing materials to tenants and third parties directly rather than through a TRS, and as a result could be liable for this tax with respect to these sales.
We have sold items such as locks, boxes, and packing materials to tenants and third parties directly rather 25 than through a TRS, and as a result could be liable for this tax with respect to these sales.
Many REITs utilize leverage, which increases investment risk and could adversely affect a REIT’s operations and market value in periods of rising interest rates as well as risks normally associated with debt financing.
Many REITs utilize leverage, which increases investment risk and could 18 adversely affect a REIT’s operations and market value in periods of rising interest rates as well as risks normally associated with debt financing.
As the effects of climate change increase, we expect the frequency and impact of weather and climate related events and conditions to increase as well. These risks may adversely impact our business, financial condition and results of operations.
As the effects of climate change increase, we expect the frequency and impact of weather and 17 climate related events and conditions to increase as well. These risks may adversely impact our business, financial condition and results of operations.
Some of the factors that could negatively affect the market price of our common stock include: • our actual or projected operating results, financial condition, cash flows and liquidity or changes in business strategy or prospects; • actual or perceived conflicts of interest with our directors, officers and employees; • equity issuances by us, or share resales by our stockholders, or the perception that such issuances or resales may occur; • the impact of accounting principles and policies on our financial positions and results; • publication of research reports about us or the real estate industry; • changes in market valuations of similar companies; • adverse market reaction to any increased indebtedness we may incur in the future; • additions to or departures of our key personnel; • speculation in the press or investment community; • our failure to meet, or the lowering of, our earnings estimates or those of any securities analysts; • increases in market interest rates, which may lead investors to demand a higher distribution yield for our common stock and would result in increased interest expenses on our debt; • failure to maintain our REIT qualification or exclusion from registration under the 1940 Act, as amended; • price and volume fluctuations in the stock market generally; and • general market and economic conditions, including the current state of the credit and capital markets. 30 Market factors unrelated to our performance could also negatively impact the market price of our common stock.
Some of the factors that could negatively affect the market price of our common stock include: • our actual or projected operating results, financial condition, cash flows and liquidity or changes in business strategy or prospects; • actual or perceived conflicts of interest with our directors, officers and employees; • equity issuances by us, or share resales by our stockholders, or the perception that such issuances or resales may occur; • the impact of accounting principles and policies on our financial positions and results; • publication of research reports about us or the real estate industry; • changes in market valuations of similar companies; • adverse market reaction to any increased indebtedness we may incur in the future; • additions to or departures of our key personnel; • speculation in the press or investment community; • our failure to meet, or the lowering of, our earnings estimates or those of any securities analysts; 28 • increases in market interest rates, which may lead investors to demand a higher distribution yield for our common stock and would result in increased interest expenses on our debt; • failure to maintain our REIT qualification or exclusion from registration under the 1940 Act, as amended; • price and volume fluctuations in the stock market generally; and • general market and economic conditions, including the current state of the credit and capital markets.
Changes to the laws or regulations affecting privacy, if applicable to our business, could impose additional costs and liability on us and could limit our use and disclosure of such information. 21 Major public health issues and related disruptions in the U.S. and global economy and financial markets could adversely impact or disrupt our financial condition and results of operations.
Changes to the laws or regulations affecting privacy, if applicable to our business, could impose additional costs and liability on us and could limit our use and disclosure of such information. 19 Major public health issues and related disruptions in the U.S. and global economy and financial markets could adversely impact or disrupt our financial condition and results of operations.
Any of the following events could result in substantial impact to our business, financial condition, results of operations and cash flows: • changes in global, national, regional or local economic, demographic or capital market conditions; • a recession, slowdown or sustained downturn in the U.S. market, and to a lesser extent, the global economy (or any particular segment thereof); • overall weakening of, or disruptions in, the financial markets; • perceived or actual economic distress or failures of financial institutions; • increases in interest rates, inflationary pressures; • supply chain related disruptions, such as those caused by the COVID-19 pandemic; 15 • geopolitical challenges and uncertainties (including wars and other forms of conflict, terrorist acts and security operations), such as the ongoing conflict between Russia and Ukraine and the severe economic sanctions and export controls imposed by the U.S. and other governments against Russia and Russian interests, and the ongoing conflict between Israel and Hamas; and • changes in government rules, regulations and fiscal policies, including increases in taxes, changes in zoning laws and increasing costs to comply with environmental laws.
Any of the following events could result in substantial impact to our business, financial condition, results of operations and cash flows: • changes in global, national, regional or local economic, demographic or capital market conditions; • a recession, slowdown or sustained downturn in the U.S. market, and to a lesser extent, the global economy (or any particular segment thereof); • overall weakening of, or disruptions in, the financial markets; • perceived or actual economic distress or failures of financial institutions; • increases in interest rates, inflationary pressures; • supply chain related disruptions, such as those caused by the COVID-19 pandemic; • geopolitical challenges and uncertainties (including wars and other forms of conflict, terrorist acts and security operations), such as the ongoing conflict between Iran and the United States, and Russia and Ukraine and the severe economic sanctions and export controls imposed by the U.S. and 13 other governments against Russia and Russian interests, and Iran and Iranian interests, and the ongoing conflict between Israel and Hamas; and • changes in government rules, regulations and fiscal policies, including increases in taxes, changes in zoning laws and increasing costs to comply with environmental laws.
We face a number of risks associated with climate change including both transition and physical risks. The transition risks that could impact the Company include those risks related to the impact of U.S. and foreign climate- and ESG-related legislation and regulation, as well as risks arising from climate-related business trends.
We face a number of risks associated with climate change including both transition and physical risks. The transition risks that could impact the Company include those risks related to the impact of U.S. and foreign climate- and sustainability-related legislation and regulation, as well as risks arising from climate-related business trends.
The presence of such substances or materials, or the failure to properly remediate such substances, may adversely affect the owner’s or operator’s ability to lease, sell or rent such property or to borrow using such property as collateral. Climate change and regulatory and other efforts to reduce climate change could adversely affect our business.
The presence of such substances or materials, or the failure to properly remediate such substances, may adversely affect the owner’s or operator’s ability to lease, sell or rent such property or to borrow using such property as collateral. Climate change and regulatory and other efforts to address climate change could adversely affect our business.
Prevailing economic conditions affecting the real estate industry may adversely affect our business, financial condition and results of operations. 18 Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.
Prevailing economic conditions affecting the real estate industry may adversely affect our business, financial condition and results of operations. 16 Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.
Certain provisions of Maryland law could inhibit changes in control of our company. 22 Certain “business combination” and “control share acquisition” provisions of the Maryland General Corporation Law (“MGCL”), may have the effect of deterring a third party from making a proposal to acquire us or of impeding a change in control under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-prevailing market price of our common stock.
Certain “business combination” and “control share acquisition” provisions of the Maryland General Corporation Law (“MGCL”), may have the effect of deterring a third party from making a proposal to acquire us or of impeding a change in control under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-prevailing market price of our common stock.
In addition, future issuances of our common stock may be dilutive to existing stockholders. 29 Any future offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities which may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
Any future offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities which may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
If we are unable to obtain external sources of financing, we may not be able to acquire properties when strategic opportunities exist, satisfy our debt obligations or make cash distributions to our stockholders that would permit us to qualify as a REIT or avoid paying U.S. federal income tax on all of our net taxable income. 24 The terms and covenants relating to our indebtedness could adversely impact our economic performance.
If we are unable to obtain external sources of financing, we may not be able to acquire properties when strategic opportunities exist, satisfy our debt obligations or make cash distributions to our stockholders that would permit us to qualify as a REIT or avoid paying U.S. federal income tax on all of our net taxable income.
Any sales of a substantial number of shares of our common stock in the public market or the perception that such sales might occur, may cause the market price of our common stock to decline.
Any sales of a substantial number of shares of our common stock in the public market or the perception that such sales might occur, may cause the market price of our common stock to decline. In addition, future issuances of our common stock may be dilutive to existing stockholders.
In order to qualify as a REIT, among other requirements, we must ensure that at least 75% of our gross income for each taxable year, excluding certain amounts, is derived from certain real property-related sources, and at least 95% of our gross income for each taxable year, excluding certain amounts, is derived from certain real property-related sources and passive income such as dividends and interest.
We have not requested and do not plan to request a ruling from the IRS regarding our qualification as a REIT. 23 In order to qualify as a REIT, among other requirements, we must ensure that at least 75% of our gross income for each taxable year, excluding certain amounts, is derived from certain real property-related sources, and at least 95% of our gross income for each taxable year, excluding certain amounts, is derived from certain real property-related sources and passive income such as dividends and interest.
Further, significant physical effects of climate change including extreme weather events can also have an adverse impact on our properties. Additionally, both transition and physical risks associated with climate change could result in increased operating costs for our properties.
Moreover, we are subject to risks stemming from the physical impacts of climate change. In particular, significant physical effects of climate change including extreme weather events can also have an adverse impact on our properties. Additionally, both transition and physical risks associated with climate change could result in increased operating costs for our properties.
However, if it is determined that we have accumulated earnings and profits from the Pre-REIT period, we could be required to pay a deficiency dividend to stockholders after the relevant determination in order to maintain our qualification as a REIT, or we could fail to qualify as a REIT. 28 We may not have satisfied requirements related to the ownership of our outstanding stock, which could cause us to fail to qualify as a REIT.
However, if it is determined that we have accumulated earnings and profits from the Pre-REIT period, we could be required to pay a deficiency dividend to stockholders after the relevant determination in order to maintain our qualification as a REIT, or we could fail to qualify as a REIT.
Other than some activities relating to lodging and health care properties, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT.
Other than some activities relating to lodging and health care properties, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. A TRS is subject to U.S. federal income tax as a regular C corporation.
No assurance can be given as to whether, when, or in what form, the U.S. federal income tax laws applicable to us and our stockholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in our common stock.
No assurance can be given as to whether, when, or in what form, the U.S. federal income tax laws applicable to us and our stockholders may be enacted.
As a result, interest rate fluctuations and conditions in capital markets can affect the market value of our common stock. For instance, if interest rates rise, it is likely that the market price of our common stock will decrease as market rates on interest-bearing securities increase. Item 1B. Unresolved Sta ff Comments. None.
For instance, if interest rates rise, it is likely that the market price of our common stock will decrease as market rates on interest-bearing securities increase. Item 1B. Unresolved Sta ff Comments. None.
In addition, where we have provided services that may generate nonqualifying income, we believe the income attributable to these services and the costs of providing these services are sufficiently small so as not to cause us to 25 fail to satisfy the REIT gross income tests.
In addition, where we have provided services that may generate nonqualifying income, we believe the income attributable to these services and the costs of providing these services are sufficiently small so as not to cause us to fail to satisfy the REIT gross income tests. However, there is limited guidance regarding what costs are taken into account for this purpose.
A corporation does not qualify as a REIT for a given taxable year if, as of the final day of the taxable year, the corporation has any undistributed earnings and profits that accumulated during a period that the corporation was not treated as a REIT.
We could fail to qualify as a REIT if we have not distributed any earnings and profits attributable to a taxable year before we elected to be taxed as a REIT. 26 A corporation does not qualify as a REIT for a given taxable year if, as of the final day of the taxable year, the corporation has any undistributed earnings and profits that accumulated during a period that the corporation was not treated as a REIT.
A TRS is subject to U.S. federal income tax as a regular C corporation. 27 No more than 20% of the value of a REIT’s total assets may consist of stock or securities of one or more TRSs. This requirement limits the extent to which we can conduct our activities through TRSs.
No more than 20% of the value of a REIT’s total assets may consist of stock or securities of one or more TRSs. This requirement limits the extent to which we can conduct our activities through TRSs.
However, there is limited guidance regarding what costs are taken into account for this purpose. If the IRS were to successfully assert that our income from these services or the costs of providing these services exceeded certain thresholds, we could fail to qualify as a REIT.
If the IRS were to successfully assert that our income from these services or the costs of providing these services exceeded certain thresholds, we could fail to qualify as a REIT.
Rental revenues are significantly influenced by demand for self storage space generally, and a decrease in such demand would likely have a greater adverse effect on our rental revenues than if we owned a more diversified real estate portfolio or if we owned a larger number of self storage properties.
While some markets may be able to absorb an increase in self storage properties due to superior demographics and density, other markets may not be able to absorb additional properties and may not perform as well. 14 Rental revenues are significantly influenced by demand for self storage space generally, and a decrease in such demand would likely have a greater adverse effect on our rental revenues than if we owned a more diversified real estate portfolio or if we owned a larger number of self storage properties.
One of the factors that investors may consider in deciding whether to buy or sell our common stock is our distribution rate as a percentage of our stock price relative to market interest rates. If market interest rates increase, prospective investors may demand a higher distribution rate or seek alternative investments paying higher dividends or interest.
Market factors unrelated to our performance could also negatively impact the market price of our common stock. One of the factors that investors may consider in deciding whether to buy or sell our common stock is our distribution rate as a percentage of our stock price relative to market interest rates.
If we are unable to raise the capital necessary to consummate such acquisitions we may be forced to abandon all or some of 17 the acquisitions and forfeit any non-refundable deposits. If this occurs, it could adversely impact our operating results and our ability to pay any expected dividends to our stockholders.
If we are unable to raise the capital necessary to consummate such acquisitions we may be forced to abandon all or some of the acquisitions and forfeit any non-refundable deposits.
Similarly, if we hold an interest in a publicly traded REIT in the future that fails to qualify as a REIT, such failure could adversely impact our REIT qualification. We could fail to qualify as a REIT if we have not distributed any earnings and profits attributable to a taxable year before we elected to be taxed as a REIT.
Similarly, if we hold an interest in a publicly traded REIT in the future that fails to qualify as a REIT, such failure could adversely impact our REIT qualification.
Notwithstanding the foregoing, our officers or directors are encouraged to notify our affiliates of such an opportunity.
Notwithstanding the foregoing, our officers or directors are encouraged to notify our affiliates of such an opportunity. Certain provisions of Maryland law could inhibit changes in control of our company.
Risks Related to Our Common Stock The future sales of shares of our common stock may depress the price of our common stock and dilute stockholders’ beneficial ownership.
Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in our common stock. 27 Risks Related to Our Common Stock The future sales of shares of our common stock may depress the price of our common stock and dilute stockholders’ beneficial ownership.
Vacancies on our board of directors generally may be filled only by a majority of the remaining directors in office, even if less than a quorum. These requirements make it more difficult to change our management by removing and replacing directors and may prevent a change in our control that is in the best interests of our stockholders.
Vacancies on our board of directors generally may be filled only by a majority of the remaining directors in office, even if less than a quorum.
These considerations also might restrict the types of assets that we can acquire or services that we can provide in the future. We have not requested and do not plan to request a ruling from the IRS regarding our qualification as a REIT.
These considerations also might restrict the types of assets that we can acquire or services that we can provide in the future.
We may change our investment and financing strategies and enter into new lines of business without stockholder consent, which may subject us to different risks.
These requirements make it more difficult to change our management by removing and replacing directors and may prevent a change in our control that is in the best interests of our stockholders. 21 We may change our investment and financing strategies and enter into new lines of business without stockholder consent, which may subject us to different risks.
We may acquire properties subject to liabilities which may adversely impact our operating results.
If this occurs, it could adversely impact our operating results and our ability to pay any expected dividends to our stockholders. 15 We may acquire properties subject to liabilities which may adversely impact our operating results.
Increased regulations generally increase the costs to us, and those higher costs may continue to increase if new laws require additional resources, including spending more time, hiring additional personnel or investing in new technologies. We also face business trend-related climate risks. Certain investors are increasingly taking into account ESG factors, including climate risks, in determining whether to invest in companies.
We also face business trend-related climate risks. Certain investors are increasingly taking into account environmental, social, and governance ("ESG") factors, including climate risks, in determining whether to invest in companies.
Removed
While some 16 markets may be able to absorb an increase in self storage properties due to superior demographics and density, other markets may not be able to absorb additional properties and may not perform as well.
Added
Our use of or failure to adopt advancements in information technology, such as artificial intelligence, may hinder or prevent us from achieving strategic objectives or otherwise harm our business.
Added
Our use of or inability to safely and effectively adopt and deliver new technological capabilities and enhancements in line with strategic objectives, including artificial intelligence and machine learning, may put us at a competitive disadvantage; cause us to miss opportunities to innovate, achieve efficiencies, or improve the customer experience; or adversely impact our business, reputation, results of operations, and financial condition.
Added
Legislative and regulatory activity related to information technology, including related to privacy, may also result in new laws that are applicable to us and that may hinder our business, including by restricting our use of customer data or otherwise regulating the use of algorithms and automated processing in ways that could materially affect our business or lead to significant increases in the cost of compliance.
Added
The terms and covenants relating to our indebtedness could adversely impact our economic performance.
Added
We may not have satisfied requirements related to the ownership of our outstanding stock, which could cause us to fail to qualify as a REIT.
Added
If market interest rates increase, prospective investors may demand a higher distribution rate or seek alternative investments paying higher dividends or interest. As a result, interest rate fluctuations and conditions in capital markets can affect the market value of our common stock.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeFor more information, see the section titled "Risks 31 Related to our Self Storage Properties and our Business - We rely on information technology in our operations, and any material failure, inadequacy, interruption or security breach through cyber-attacks, cyber-intrusions, or other methods could disrupt our information technology networks and related systems and harm our business." 32
Biggest changeFor more information, see the section titled "Risks Related to our Self Storage Properties and our Business - We rely on information technology in our operations, and any material failure, inadequacy, interruption or security breach through cyber-attacks, cyber-intrusions, or other methods could disrupt our information technology networks and related systems and harm our business." 30
We also foster a culture of cybersecurity awareness and have incorporated cybersecurity considerations into our decision-making processes. Our management team works closely with our third-party service providers to identify, evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our collaboration with third-party service providers includes threat assessments and consultation on security enhancements .
We also foster a culture of cybersecurity awareness and have incorporated cybersecurity considerations into our decision-making processes. Our management team works closely with our third-party service providers to identify, evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our collaboration with third-party service providers includes threat 29 assessments and consultation on security enhancements .

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeGLOBAL SELF STORAGE STORES (As of December 31, 2024) Year Store Number Net Leasable December 31, 2024 December 31, 2023 Property (1) Address Opened / Acquired-Managed of Units Square Feet % Square Foot Occupancy % Square Foot Occupancy OWNED STORES SSG BOLINGBROOK LLC 296 North Weber Road, Bolingbrook, IL 60440 1997 / 2013 809 114,000 93.0 % 89.9 % SSG CLINTON LLC 6 Heritage Park Road, Clinton, CT 06413 1996 / 2016 180 29,283 93.0 % 86.8 % SSG DOLTON LLC 14900 Woodlawn Avenue, Dolton, IL 60419 2007 / 2013 652 86,590 91.2 % 87.6 % SSG FISHERS LLC 13942 East 96th Street, McCordsville, IN 46055 2007 / 2016 546 76,385 94.4 % 91.7 % SSG LIMA LLC 1910 West Robb Avenue, Lima, OH 60419 1996 / 2016 768 94,953 90.7 % 87.5 % SSG MERRILLVILLE LLC 6590 Broadway, Merrillville, IN 46410 2005 / 2013 570 81,270 93.4 % 92.2 % SSG MILLBROOK LLC 3814 Route 44, Millbrook, NY 12545 2008 / 2016 260 24,482 90.0 % 92.4 % SSG ROCHESTER LLC 2255 Buffalo Road, Rochester, NY 14624 2010 / 2012 650 68,311 96.4 % 92.5 % SSG SADSBURY LLC 21 Aim Boulevard, Sadsburyville, PA 19369 2006 / 2012 694 78,875 92.3 % 89.5 % SSG SUMMERVILLE I LLC 1713 Old Trolley Road, Summerville, SC 29485 1990 / 2013 569 76,460 92.1 % 85.3 % SSG SUMMERVILLE II LLC 900 North Gum Street, Summerville, SC 29483 1997 / 2013 250 43,710 94.6 % 88.0 % SSG WEST HENRIETTA LLC 70 Erie Station Road, West Henrietta, NY 14586 2016 / 2019 482 55,550 94.3 % 88.6 % TOTAL/AVERAGE SAME-STORES 6,430 829,869 92.9 % 89.3 % MANAGED STORES TPM EDMOND LLC 14000 N I 35 Service Rd, Edmond, OK 73013 2015 / 2019 619 137,318 96.1 % 96.9 % TOTAL/AVERAGE MANAGED STORES 619 137,318 96.1 % 96.9 % TOTAL/AVERAGE ALL OWNED/MANAGED STORES 7,049 967,187 93.4 % 90.4 % (1) Each property is directly owned or managed by the Company’s wholly owned subsidiary listed in the table.
Biggest changeGLOBAL SELF STORAGE STORES (As of December 31, 2025) Year Store Number Net Leasable December 31, 2025 December 31, 2024 Property (1) Address Opened / Acquired-Managed of Units Square Feet % Square Foot Occupancy % Square Foot Occupancy OWNED STORES SSG BOLINGBROOK LLC 296 North Weber Road, Bolingbrook, IL 60440 1997 / 2013 809 114,000 93.5 % 93.0 % SSG CLINTON LLC 6 Heritage Park Road, Clinton, CT 06413 1996 / 2016 180 29,283 90.5 % 93.0 % SSG DOLTON LLC 14900 Woodlawn Avenue, Dolton, IL 60419 2007 / 2013 652 86,590 93.4 % 91.2 % SSG FISHERS LLC 13942 East 96th Street, McCordsville, IN 46055 2007 / 2016 546 76,385 93.7 % 94.4 % SSG LIMA LLC 1910 West Robb Avenue, Lima, OH 60419 1996 / 2016 762 94,953 89.9 % 90.7 % SSG MERRILLVILLE LLC 6590 Broadway, Merrillville, IN 46410 2005 / 2013 570 81,270 93.1 % 93.4 % SSG MILLBROOK LLC 3814 Route 44, Millbrook, NY 12545 2008 / 2016 258 24,462 94.8 % 90.0 % SSG ROCHESTER LLC 2255 Buffalo Road, Rochester, NY 14624 2010 / 2012 649 68,311 98.5 % 96.4 % SSG SADSBURY LLC 21 Aim Boulevard, Sadsburyville, PA 19369 2006 / 2012 696 78,875 92.0 % 92.3 % SSG SUMMERVILLE I LLC 1713 Old Trolley Road, Summerville, SC 29485 1990 / 2013 571 76,360 95.3 % 92.1 % SSG SUMMERVILLE II LLC 900 North Gum Street, Summerville, SC 29483 1997 / 2013 248 43,210 89.7 % 94.6 % SSG WEST HENRIETTA LLC 70 Erie Station Road, West Henrietta, NY 14586 2016 / 2019 484 55,550 89.9 % 94.3 % TOTAL/AVERAGE SAME-STORES 6,425 829,249 93.0 % 92.9 % MANAGED STORES TPM EDMOND LLC 14000 N I 35 Service Rd, Edmond, OK 73013 2015 / 2019 619 137,318 99.1 % 96.1 % TOTAL/AVERAGE MANAGED STORES 619 137,318 99.1 % 96.1 % TOTAL/AVERAGE ALL OWNED/MANAGED STORES 7,044 966,567 93.9 % 93.4 % (1) Each property is directly owned or managed by the Company’s wholly owned subsidiary listed in the table.
Certain stores’ leasable square feet in the chart above includes outside auto/RV/boat storage space: specifically, approximately 12,800 square feet at SSG Sadsbury LLC; 6,300 square feet at SSG Fishers LLC; 16,000 square feet at SSG Bolingbrook LLC; 8,900 square feet at SSG Dolton LLC; 2,100 square feet at SSG Merrillville LLC; 3,800 square feet at SSG Summerville I LLC; 8,000 square feet at SSG Summerville II LLC and 7,600 square feet at SSG Clinton LLC.
Certain stores’ leasable square feet in the chart above includes outside auto/RV/boat storage space: specifically, approximately 12,800 square feet at SSG Sadsbury LLC; 6,300 square feet at SSG Fishers LLC; 16,000 square feet at SSG Bolingbrook LLC; 8,900 square feet at SSG Dolton LLC; 2,100 square feet at SSG Merrillville LLC; 3,800 square feet at SSG Summerville I LLC; 7,500 square feet at SSG Summerville II LLC and 7,600 square feet at SSG Clinton LLC.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeHolders As of March 14, 2025, there were approximately 7,400 record and beneficial holders of the Company’s common stock. Item 6. [ Reserved]. 35
Biggest changeHolders As of March 16, 2026, there were approximately 7,300 record and beneficial holders of the Company’s common stock. Item 6. [ Reserved]. 33
Furthermore, the Company will seek to evaluate whether there exist losses which may be reasonably possible and, if material, make the necessary disclosures. The Company currently does not have any material pending 33 legal proceedings to which the Company or any of its subsidiaries is a party or of which any of their property is the subject. Item 4.
Furthermore, the Company will seek to evaluate whether there exist losses which may be reasonably possible and, if material, make the necessary disclosures. The Company currently does not have any material pending 31 legal proceedings to which the Company or any of its subsidiaries is a party or of which any of their property is the subject. Item 4.
Mine Saf ety Disclosures. Not applicable. 34 PART II Item 5. Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities. Market Information The Company’s shares of common stock are listed on NASDAQ under the ticker symbol SELF.
Mine Saf ety Disclosures. Not applicable. 32 PART II Item 5. Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities. Market Information The Company’s shares of common stock are listed on NASDAQ under the ticker symbol SELF.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThese results are summarized as follows: SAME - STORE PROPERTIES Twelve Months Ended December 31, 2024 2023 Variance % Change Revenues $ 12,459,719 $ 12,111,742 $ 347,977 2.9 % Cost of operations $ 4,739,995 $ 4,549,038 $ 190,957 4.2 % Net operating income $ 7,719,724 $ 7,562,704 $ 157,020 2.1 % Depreciation and amortization $ 1,449,564 $ 1,449,571 $ (7 ) 0.0 % Net leasable square footage at period end* 829,869 830,019 (150 ) 0.0 % Net leased square footage at period end* 771,283 741,248 30,035 4.1 % Overall square foot occupancy at period end 92.9 % 89.3 % 3.6 % 4.0 % Total annualized revenue per leased square foot $ 16.15 $ 16.34 $ (0.19 ) -1.1 % Total available leasable storage units* 6,430 6,420 10 0.2 % Number of leased storage units 5,810 5,589 221 4.0 % SAME - STORE PROPERTIES Three Months Ended December 31, 2024 2023 Variance % Change Revenues $ 3,168,391 $ 2,960,108 $ 208,283 7.0 % Cost of operations $ 1,183,763 $ 1,174,658 $ 9,105 0.8 % Net operating income $ 1,984,628 $ 1,785,450 $ 199,178 11.2 % Depreciation and amortization $ 362,639 $ 363,262 $ (623 ) -0.2 % Net leasable square footage at period end* 829,869 830,019 (150 ) 0.0 % Net leased square footage at period end* 771,283 741,248 30,035 4.1 % Overall square foot occupancy at period end 92.9 % 89.3 % 3.6 % 4.0 % Total annualized revenue per leased square foot $ 16.43 $ 15.97 $ 0.46 2.9 % Total available leasable storage units* 6,430 6,420 10 0.2 % Number of leased storage units 5,810 5,589 221 4.0 % * From time to time, as guided by market conditions, net leasable square footage, net leased square footage and total available storage units at our properties may increase or decrease as a result of consolidation, division or reconfiguration of storage units.
Biggest changeThese results are summarized as follows: SAME - STORE PROPERTIES Twelve Months Ended December 31, 2025 2024 Variance % Change Revenues $ 12,631,502 $ 12,459,719 $ 171,783 1.4 % Cost of operations $ 4,864,402 $ 4,739,995 $ 124,407 2.6 % Net operating income $ 7,767,100 $ 7,719,724 $ 47,376 0.6 % Depreciation and amortization $ 1,449,362 $ 1,449,564 $ (202 ) 0.0 % Net leasable square footage at period end* 829,249 829,869 (620 ) -0.1 % Net leased square footage at period end* 771,089 771,283 (194 ) 0.0 % Overall square foot occupancy at period end 93.0 % 92.9 % 0.1 % 0.1 % Total annualized revenue per leased square foot $ 16.38 $ 16.15 $ 0.23 1.4 % Total available leasable storage units* 6,425 6,430 (5 ) -0.1 % Number of leased storage units 5,837 5,810 27 0.5 % 40 SAME - STORE PROPERTIES Three Months Ended December 31, 2025 2024 Variance % Change Revenues $ 3,140,574 $ 3,168,391 $ (27,817 ) -0.9 % Cost of operations $ 1,237,031 $ 1,183,763 $ 53,268 4.5 % Net operating income $ 1,903,543 $ 1,984,628 $ (81,085 ) -4.1 % Depreciation and amortization $ 364,323 $ 362,639 $ 1,684 0.5 % Net leasable square footage at period end* 829,249 829,869 (620 ) -0.1 % Net leased square footage at period end* 771,089 771,283 (194 ) 0.0 % Overall square foot occupancy at period end 93.0 % 92.9 % 0.1 % 0.1 % Total annualized revenue per leased square foot $ 16.29 $ 16.43 $ (0.14 ) -0.9 % Total available leasable storage units* 6,425 6,430 (5 ) -0.1 % Number of leased storage units 5,837 5,810 27 0.5 % * From time to time, as guided by market conditions, net leasable square footage, net leased square footage and total available storage units at our properties may increase or decrease as a result of consolidation, division or reconfiguration of storage units.
In 2021 and 2023, we completed conversion projects at our property located in Lima, OH. In 2019, the Company broke ground on the Millbrook, NY expansion, which added approximately 11,800 leasable square feet of all-climate-controlled units. Upon completion in February 2020, the Millbrook, NY store's area occupancy dropped from approximately 88.6% to approximately 45.5%.
In 2021, 2023 and 2026, we completed conversion projects at our property located in Lima, OH. In 2019, the Company broke ground on the Millbrook, NY expansion, which added approximately 11,800 leasable square feet of all-climate-controlled units. Upon completion in February 2020, the Millbrook, NY store's area occupancy dropped from approximately 88.6% to approximately 45.5%.
NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures in evaluating our operating results. Same-Store Self Storage Operations We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented.
NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures in evaluating our operating results. 39 Same-Store Self Storage Operations We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented.
As of June 30, 2021, the McCordsville, IN store’s total area occupancy was approximately 94.7%. 46 Our West Henrietta, NY store expansion project, completed in August 2020, added approximately 7,300 leasable square feet of drive-up storage units. Upon completion of the expansion project, West Henrietta, NY’s total area occupancy dropped from approximately 89.6% to approximately 77.9%.
As of June 30, 2021, the McCordsville, IN store’s total area occupancy was approximately 94.7%. Our West Henrietta, NY store expansion project, completed in August 2020, added approximately 7,300 leasable square feet of drive-up storage units. Upon completion of the expansion project, West Henrietta, NY’s total area occupancy dropped from approximately 89.6% to approximately 77.9%.
During the twelve months ended December 31, 2022, under the Sales Agreement, the Company sold and issued an aggregate of 373,833 shares of common stock and raised aggregate gross proceeds of approximately $2,272,628, less sales commissions of approximately $45,491 and other offering costs resulting in net proceeds of $2,008,436.
During the twelve months ended December 31, 2022, under the Prior Sales Agreement, the Company sold and issued an aggregate of 373,833 shares of common stock and raised aggregate gross proceeds of approximately $2,272,628, less sales commissions of approximately $45,491 and other offering costs resulting in net proceeds of $2,008,436.
FFO is not a substitute for GAAP net cash flow in evaluating our 40 liquidity or ability to pay dividends because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.
FFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.
Analysis of Global Self Storage Store Expansions In addition to actively reviewing a number of store and portfolio acquisition candidates, we have been working to further redevelop and expand our current stores. In 2020, we completed three expansion/conversion projects at our properties located in Millbrook, NY, McCordsville, IN, and West Henrietta, NY.
Analysis of Global Self Storage Store Expansions In addition to actively reviewing a number of store and portfolio acquisition candidates, we have been working to further redevelop and expand our current stores. In 2020, we completed three expansion/conversion projects at our 44 properties located in Millbrook, NY, McCordsville, IN, and West Henrietta, NY.
We seek to maintain an average square foot occupancy level at or above 90% by regularly adjusting the rental rates and promotions offered to attract new tenants as well as adjusting our online marketing efforts in seeking to generate sufficient move-in volume to replace tenants that vacate.
We seek to maintain an average square foot occupancy level at or above 90% by regularly adjusting the rental rates and promotions offered to attract new tenants as well as adjusting our online marketing efforts in seeking to generate 41 sufficient move-in volume to replace tenants that vacate.
The decrease in property tax expense during the year ended December 31, 2024 is primarily due to property tax relief obtained for our Dolton, IL property in 2024, which was partially offset by our increased property assessment valuations. See the section titled “Property Tax Expenses at Dolton, IL” for additional detail.
The decrease in property tax expense during the year ended December 31, 2025 is primarily due to property tax relief obtained for our Dolton, IL property in 2024, which was partially offset by our increased property assessment valuations. See the section titled “Property Tax Expenses at Dolton, IL” for additional detail.
Increasing existing tenant rental rates, generally 43 on an annual basis, is a key component of our revenue growth. We typically determine the level of rental increases based upon our expectations regarding the impact of existing tenant rate increases on incremental move-outs.
Increasing existing tenant rental rates, generally on an annual basis, is a key component of our revenue growth. We typically determine the level of rental increases based upon our expectations regarding the impact of existing tenant rate increases on incremental move-outs.
Based upon current trends in move-ins, move-outs, and occupancies, we currently expect marketing expense to increase in 2025. General. Other direct store costs include general expenses incurred at the stores. General expenses include items such as store insurance, business license costs, and the cost of operating each store’s rental office including supplies and telephone and data communication lines.
Based upon current trends in move-ins, move-outs, and occupancies, we currently expect marketing expense to increase in 2026. General. Other direct store costs include general expenses incurred at the stores. General expenses include items such as store insurance, business license costs, and the cost of operating each store’s rental office including supplies and telephone and data communication lines.
The increase in landscaping expense in the twelve months ended December 31, 2024 versus the same period in 2023 is primarily due to higher snow removal costs. Landscaping expense levels are dependent upon many factors such as weather conditions, which can impact landscaping needs including, among other things, snow removal, inflation in material and labor costs, and random events.
The increase in landscaping expense in the twelve months ended December 31, 2025 versus the same period in 2024 is primarily due to higher snow removal costs. Landscaping expense levels are dependent upon many factors such as weather conditions, which can impact landscaping needs including, among other things, snow removal, inflation in material and labor costs, and random events.
As of December 31, 2024, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a non-diversified, closed end management investment company.
As of December 31, 2025, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a non-diversified, closed end management investment company.
We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions or new ground-up developments. As of December 31, 2024, we owned twelve same-store properties and zero non-same-store properties.
We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions or new ground-up developments. As of December 31, 2025, we owned twelve same-store properties and zero non-same-store properties.
As of December 31, 2024, we observed no material degradation in rent collections. However, we believe that our bad debt losses could increase from historical levels due to (i) cumulative stress (such as inflation, recession fears, etc.) on our customers’ financial capacity and (ii) reduced rent recoveries from auctioned units.
As of December 31, 2025, we observed no material degradation in rent collections. However, we believe that our bad debt losses could increase from historical levels due to (i) cumulative stress (such as inflation, recession fears, etc.) on our customers’ financial capacity and (ii) reduced rent recoveries from auctioned units.
We currently expect inflationary increases in landscaping expense in 2025, excluding snow removal expense, which is primarily weather dependent and unpredictable. Marketing. Marketing expense is comprised principally of internet advertising and the operating costs of our 24/7 kiosk and telephone call and reservation center. Marketing expense varies based upon demand, occupancy levels, and other factors.
We currently expect inflationary increases in landscaping expense in 2026, excluding snow removal expense, which is primarily weather dependent and unpredictable. Marketing. Marketing expense is comprised principally of internet advertising and the operating costs of our 24/7 kiosk and telephone call and reservation center. Marketing expense varies based upon demand, occupancy levels, and other factors.
We did not make any acquisitions in the year ended December 31, 2024. In addition, we may pursue third-party management opportunities of properties owned by certain affiliates or joint venture partners for a fee, and utilize such relationships with third-party owners as a source for future acquisitions and investment opportunities.
We did not make any acquisitions in the year ended December 31, 2025. In addition, we may pursue third-party management opportunities of properties owned by certain affiliates or joint venture partners for a fee, and utilize such relationships with third-party owners as a source for future acquisitions and investment opportunities.
We currently intend to strategically withdraw proceeds available under the Second Amended Credit Facility Loan Agreement to fund: (i) the acquisition of additional self storage properties, (ii) expansions at existing 38 self storage properties in our portfolio, and/or (iii) joint ventures with third parties for the acquisition and expansion of self storage properties.
We currently intend to strategically withdraw proceeds available under the Second Amended Credit 36 Facility Loan Agreement to fund: (i) the acquisition of additional self storage properties, (ii) expansions at existing self storage properties in our portfolio, and/or (iii) joint ventures with third parties for the acquisition and expansion of self storage properties.
This increase for 2024 versus 2023 was due primarily to routine employee additions and departures, and inflationary increases in compensation rates for existing employees. We currently expect inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores as well as district, regional, and store managers. Real Estate Property Tax.
This increase for 2025 versus 2024 was due primarily to routine employee additions and departures, and inflationary increases in compensation rates for existing employees. We currently expect inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores as well as district, regional, and store managers. Real Estate Property Tax.
The Company and the Second Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Second Amended Credit Facility Loan Documents. The Company also maintains a bank account at the Second Amended Credit Facility Lender. As of December 31, 2024, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement.
The Company and the Second Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Second Amended Credit Facility Loan Documents. The Company also maintains a bank account at the Second Amended Credit Facility Lender. As of December 31, 2025, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement.
We currently expect same-store property tax expenses to increase during 2025, primarily due to increased property assessment valuations. Administrative. We classify administrative expenses as bank charges related to processing the stores’ cash receipts, credit card fees, repairs and maintenance, utilities, landscaping, alarm monitoring and trash removal.
We currently expect same-store property tax expenses to increase during 2026, primarily due to increased property assessment valuations. Administrative. We classify administrative expenses as bank charges related to processing the stores’ cash receipts, credit card fees, repairs and maintenance, utilities, landscaping, alarm monitoring and trash removal.
Under the Amended Credit 37 Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries were able to borrow from the Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the “Amended Credit Facility Promissory Note”).
Under the Amended Credit 35 Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries were able to borrow from the Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the “Amended Credit Facility Promissory Note”).
The Company expects its income from investment securities to continue to decrease as it continues to divest its holdings of investment securities. 36 Financial Condition and Results of Operations Our financing strategy is to minimize the cost of our capital in order to maximize the returns generated for our stockholders.
The Company expects its income from investment securities to continue to decrease as it continues to divest its holdings of investment securities. 34 Financial Condition and Results of Operations Our financing strategy is to minimize the cost of our capital in order to maximize the returns generated for our stockholders.
As of December 31, 2024, we managed one third-party owned property, which was previously rebranded as “Global Self Storage,” had 137,318-leasable square feet and was comprised of 619 climate-controlled and non-climate-controlled units located in Edmond, Oklahoma.
As of December 31, 2025, we managed one third-party owned property, which was previously rebranded as “Global Self Storage,” had 137,318-leasable square feet and was comprised of 619 climate-controlled and non-climate-controlled units located in Edmond, Oklahoma.
It is difficult to estimate future utility costs because weather, temperature, and energy prices are volatile and unpredictable. However, based upon current trends and expectations regarding commercial electricity rates, we currently expect inflationary increases in rates resulting in higher net utility costs in 2025.
It is difficult to estimate future utility costs because weather, temperature, and energy prices are volatile and unpredictable. However, based upon current trends and expectations regarding commercial electricity rates, we currently expect inflationary increases in rates resulting in higher net utility costs in 2026.
The Company and its properties could be materially and adversely affected by the risks, or the public perception of the risks, related to, among other things, public health crises, natural disasters and geopolitical events, including the ongoing conflict between Russia, Belarus and Ukraine, the ongoing conflict between Israel and Hamas, financial and credit market volatility and disruptions, inflationary pressures, interest rate fluctuations, supply chain issues, labor shortages and recessionary concerns.
The Company and its properties could be materially and adversely affected by the risks, or the public perception of the risks, related to, among other things, public health crises, natural disasters and geopolitical events, including the ongoing conflict between Russia, Belarus and Ukraine, the ongoing conflict between Israel and Hamas, the ongoing conflict between Iran and the United States, financial and credit market volatility and disruptions, inflationary pressures, interest rate fluctuations, supply chain issues, labor shortages and recessionary concerns.
We currently expect existing tenant rent increases for 2025, if any, to be similar to, those for the year ended December 31, 2024. It is difficult to predict trends in move-in, move-out, in place contractual rents, and occupancy levels.
We currently expect existing tenant rent increases for 2026, if any, to be similar to, those for the year ended December 31, 2025. It is difficult to predict trends in move-in, move-out, in place contractual rents, and occupancy levels.
There were no realized gains or losses for the years ended December 31, 2024 and 2023. Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk. Not applicable. Item 8. Financial Statement s and Supplementary Data. The financial statements are included in this annual report beginning on page F-3. Item 9.
There were no realized gains or losses for the years ended December 31, 2025 and 2024. Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk. Not applicable. 45 Item 8. Financial Statement s and Supplementary Data. The financial statements are included in this annual report beginning on page F-3. Item 9.
The increase in the twelve months ended December 31, 2024 was attributable to, among other things, increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates.
The increase in the twelve months ended December 31, 2025 was attributable to, among other things, increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates.
The Second Amended Credit Facility Promissory Note bears an interest rate equal to 3% plus the greater of the One Month SOFR or 0.25% and is due to mature on July 6, 2027, with an option to extend the maturity to July 6, 2028. As of December 31, 2024, the effective interest rate was approximately 7.56%.
The Second Amended Credit Facility Promissory Note bears an interest rate equal to 3% plus the greater of the One Month SOFR or 0.25% and is due to mature on July 6, 2027, with an option to extend the maturity to July 6, 2028. As of December 31, 2025, the effective interest rate was approximately 6.8%.
We believe that our results were driven by, among other things, our internet and digital marketing initiatives which helped maintain our overall average same-store occupancy of approximately 90% as of December 31, 2024.
We believe that our results were driven by, among other things, our internet and digital marketing initiatives which helped maintain our overall average same-store occupancy of approximately 93% as of December 31, 2025.
FFO per diluted share increased from $0.08 per share to $0.10 per share, and decreased from $0.38 per share to $0.35 per share, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023.
FFO per diluted share decreased from $0.10 per share to $0.08 per share, and increased from $0.35 per share to $0.36 per share, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024.
AFFO per diluted share increased from $0.09 per share to $0.11 per share, and decreased from $0.40 per share to $0.38 per share, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023.
AFFO per diluted share decreased from $0.11 per share to $0.09 per share, and increased from $0.38 per share to $0.39 per share, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024.
As we continue to acquire and/or redevelop additional stores, as part of the funding for such activities, we may liquidate our investment in marketable equity securities and potentially realize gains or losses. As of December 31, 2024, our cumulative unrealized gain on marketable equity securities was $1,853,500.
As we continue to acquire and/or redevelop additional stores, as part of the funding for such activities, we may liquidate our investment in marketable equity securities and potentially realize gains or losses. As of December 31, 2025, our cumulative unrealized gain on marketable equity securities was $1,496,079.
Same store average overall square foot occupancy for all of the Company’s same-stores combined increased by 360 basis points to 92.9% in the twelve months ended December 31, 2024 from 89.3% in the twelve months ended December 31, 2023. We believe that our focus on maintaining high occupancy helps us to maximize rental income at our properties.
Same store average overall square foot occupancy for all of the Company’s same-stores combined increased by 10 basis points to 93.0% in the twelve months ended December 31, 2025 from 92.9% in the twelve months ended December 31, 2024. We believe that our focus on maintaining high occupancy helps us to maximize rental income at our properties.
We believe that, through our various marketing initiatives, we can continue to attract high quality, long term tenants who we expect will be storing with us for years. As of December 31, 2024, our average tenant duration of stay was approximately 3.4 years, which was about the same as of December 31, 2023.
We believe that, through our various marketing initiatives, we can continue to attract high quality, long term tenants who we expect will be storing with us for years. As of December 31, 2025, our average tenant duration of stay was approximately 3.5 years, which was up from 3.4 years as of December 31, 2024.
We experienced an increase in repairs and maintenance 44 expense for the year ended December 31, 2024 due primarily to an increased number of one-off repairs in 2024 as compared to 2023. Our utility expenses are currently comprised of electricity, oil, and gas costs, which vary by store and are dependent upon energy prices and usage levels.
We experienced a decrease in repairs and maintenance expense for the year ended December 31, 2025 due primarily to a decreased number of one-off repairs in 2025 as compared to 2024. Our utility expenses are currently comprised of electricity, oil, and gas costs, which vary by store and are dependent upon energy prices and usage levels.
Same-store results should not be used as a basis for future same-store performance or for the performance of the Company’s stores as a whole. Same-store occupancy as of the end of the three months and year ended December 31, 2024 increased by 360 basis points to 92.9% from 89.3% for the same period in 2023.
Same-store results should not be used as a basis for future same-store performance or for the performance of the Company’s stores as a whole. Same-store occupancy as of the end of the three months and year ended December 31, 2025 increased by 10 basis points to 93.0% from 92.9% for the same period in 2024.
The Company recognizes changes in the fair value of its investments in equity securities with readily determinable fair values in net income and, as such, recorded an unrealized loss of $166,042 for the year ended December 31, 2024 compared to an unrealized gain of $408,876 during the year ended December 31, 2023.
The Company recognizes changes in the fair value of its investments in equity securities with readily determinable fair values in net income and comprehensive income and, as such, recorded an unrealized loss of $357,421 for the year ended December 31, 2025 compared to an unrealized loss of $166,042 during the year ended December 31, 2024.
The Company currently has capital resources totaling approximately $24.8 million, comprised of $7.2 million of cash, cash equivalents, and restricted cash, and $2.6 million of marketable securities as of December 31, 2024, and $15 million available for withdrawal under the Second Amended Credit Facility Loan Agreement.
The Company currently has capital resources totaling approximately $24.5 million, comprised of $7.5 million of cash, cash equivalents, and restricted cash, and $2.3 million of marketable securities as of December 31, 2025, and $14.7 million available for withdrawal under the Second Amended Credit Facility Loan Agreement.
Dividend and interest income was $276,201 during the year ended December 31, 2024 as compared to $265,046 during the year ended December 31, 2023. The increase was attributable to interest earned on increased cash balances.
Dividend and interest income was $288,573 during the year ended December 31, 2025 as compared to $276,201 during the year ended December 31, 2024. The increase was attributable to interest earned on increased cash balances.
This increase in same-store cost of operations for the twelve months ended December 31, 2024 was due primarily to increased expenses for employment, repairs and maintenance, and insurance. Employment.
This increase in same-store cost of operations for the twelve months ended December 31, 2025 was due primarily to increased expenses for employment and utilities. Employment.
Same-store cost of operations increased by 0.8% for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased by 4.2% for the twelve months ended December 31, 2024 versus the twelve months ended December 31, 2023.
Same-store cost of operations increased by 4.5% for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased by 2.6% for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024.
As such, our Lima, OH property remained a same store property. Analysis of Realized and Unrealized Gains (Losses) The change in the unrealized gain on the Company’s investment in marketable equity securities decreased $166,042 and increased $408,876 for the years ended December 31, 2024 and 2023, respectively.
As such, our Lima, OH property remained a same store property. Analysis of Realized and Unrealized Gains (Losses) The unrealized loss on the Company’s investment in marketable equity securities was $357,421 and $166,042 for the years ended December 31, 2025 and 2024, respectively.
Depreciation and amortization increased from $1,634,044 in the year ended December 31, 2023 to $1,634,147 in the year ended December 31, 2024. General and administrative expenses increased $382,473 for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
Depreciation and amortization increased from $1,634,147 in the year ended December 31, 2024 to $1,634,480 in the year ended December 31, 2025. General and administrative expenses decreased $36,047 for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
On January 14, 2022, the Company entered into an At Market Offering Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Agent.
On April 4, 2025, the Company entered into an At Market Offering Sales Agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners (the “Agent”) pursuant to which the Company may sell through the Agent, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000.
Utility expense increased 9.4% or $4,736 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and decreased 2.0% or $5,296 for the twelve months ended December 31, 2024 as compared to the same period in 2023, primarily due to lower energy usage during the twelve months ended December 31, 2024 versus the same periods in 2023.
Utility expense decreased 4.7% or $2,576 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 25.7% or $65,364 for the twelve months ended December 31, 2025 as compared to the same period in 2024, primarily due to higher energy usage during the twelve months ended December 31, 2025 versus the same periods in 2024.
On-site store manager, regional manager and district payroll expense decreased 1.6% or $5,325 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 6.3% or $84,112 for the twelve months ended December 31, 2024 as compared to the same period in 2023.
On-site store manager, regional manager and district payroll expense increased 18.1% or $60,584 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 4.5% or $63,363 for the twelve months ended December 31, 2025 as compared to the same period in 2024.
Operating Expenses Total expenses increased from $9,079,462 during the year ended December 31, 2023 to $9,635,952 during the year ended December 31, 2024, an increase of 6.1% or $556,490, which was primarily due to an increase in certain general and administrative expenses and store operating expenses.
Operating Expenses Total expenses increased from $9,635,952 during the year ended December 31, 2024 to $9,743,894 during the year ended December 31, 2025, an increase of 1.1% or $107,942, which was primarily due to an increase in certain store operating expenses.
Same-store NOI increased by 11.2% for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased by 2.1% for the twelve 41 months ended December 31, 2024 versus the twelve months ended December 31, 2023. The increase in same-store NOI was due primarily to an increase in same-store revenues.
The increase in same-store NOI for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024 was due primarily to an increase in same-store revenues.
The increase in general expense in the twelve months ended December 31, 2024 versus the same period in 2023 is primarily due to increased insurance expense. We currently expect moderate increases in other direct store costs in 2025. Lien Administration.
The increase in general expense in the twelve months ended December 31, 2025 versus the same period in 2024 is primarily due to the addition of cloud-based accounting software that is expected to improve efficiency. We currently expect moderate increases in other direct store costs in 2026. 43 Lien Administration.
Same-store revenues increased by 7.0% for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased by 2.9% for the year ended December 31, 2024 versus the year ended December 31, 2023.
Same-store revenues decreased by 0.9% for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased by 1.4% for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024.
Lien administration expenses decreased 7.6% or $412 in the three months ended December 31, 2024 as compared to the same period in 2023, and increased 2.7% or $543 in the twelve months ended December 31, 2024 as compared to the same period in 2023.
Lien administration expenses increased 57.9% or $2,888 in the three months ended December 31, 2025 as compared to the same period in 2024, and increased 30.0% or $6,148 in the twelve months ended December 31, 2025 as compared to the same period in 2024.
Store operating expenses increased from $4,549,038 in the year ended December 31, 2023 to $4,739,995 in the year ended December 31, 2024, an increase of 4.2% or $190,957, which was primarily due to increased expenses in employment, repairs and maintenance, and insurance.
Store operating expenses increased from $4,739,995 in the year ended December 31, 2024 to $4,864,402 in the year ended December 31, 2025, an increase of 2.6% or $124,407, which was primarily due to increased expenses in employment and utilities.
Non-GAAP Financial Measures Funds from Operations (“FFO”) and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and are considered helpful measures of REIT performance by REITs and many REIT analysts.
For the year ended December 31, 2024, net income was $2,123,743 or $0.19 per fully diluted share. 38 Non-GAAP Financial Measures Funds from Operations (“FFO”) and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and are considered helpful measures of REIT performance by REITs and many REIT analysts.
Results of Operations for the Year Ended December 31, 2024 Compared with the Year Ended December 31, 2023 Revenues Total revenues increased from $12,190,715 during the year ended December 31, 2023 to $12,530,280 during the year ended December 31, 2024, an increase of 2.8% or $339,565.
Results of Operations for the Year Ended December 31, 2025 Compared with the Year Ended December 31, 2024 37 Revenues Total revenues increased from $12,530,280 during the year ended December 31, 2024 to $12,705,245 during the year ended December 31, 2025, an increase of 1.4% or $174,965.
Store property tax expense decreased 14.2% or $65,620 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and decreased 3.6% or $60,926 for the twelve months ended December 31, 2024 as compared to the same period in 2023.
Store property tax expense increased 0.4% or $1,739 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and decreased 6.2% or $101,621 for the twelve 42 months ended December 31, 2025 as compared to the same period in 2024.
Landscaping expenses, which include snow removal costs, decreased 1.0% or $244 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 12.2% or $12,124 in the twelve months ended December 31, 2024 compared to the same period in 2023.
Landscaping expenses, which include snow removal costs, increased 99.9% or $24,077 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 28.6% or $31,810 in the twelve months ended December 31, 2025 compared to the same period in 2024.
Analysis of Same-Store Cost of Operations Same-store cost of operations increased 0.8% or $9,105 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 4.2% or $190,957 for the twelve months ended December 31, 2024 versus the twelve months ended December 31, 2023.
Analysis of Same-Store Cost of Operations Same-store cost of operations increased 4.5% or $53,268 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 2.6% or $124,407 for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024.
Analysis of Global Self Storage FFO and AFFO 45 The following tables present a reconciliation and computation of net income to funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) and earnings per share to FFO and AFFO per share (unaudited): Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income $ 84,406 $ 1,097,400 $ 2,123,743 $ 2,938,769 Eliminate items excluded from FFO: Unrealized loss (gain) on marketable equity securities 569,977 (574,142 ) 166,042 (408,876 ) Depreciation and amortization 408,857 409,420 1,634,147 1,634,044 FFO attributable to common stockholders 1,063,240 932,678 3,923,932 4,163,937 Adjustments: Compensation expense related to stock-based awards 114,222 73,324 332,358 199,752 Business development — 8,928 3,037 20,080 AFFO attributable to common stockholders $ 1,177,462 $ 1,014,930 $ 4,259,327 $ 4,383,769 Earnings per share attributable to common stockholders - basic $ 0.01 $ 0.10 $ 0.19 $ 0.26 Earnings per share attributable to common stockholders - diluted $ 0.01 $ 0.10 $ 0.19 $ 0.26 FFO per share - diluted $ 0.10 $ 0.08 $ 0.35 $ 0.38 AFFO per share - diluted $ 0.11 $ 0.09 $ 0.38 $ 0.40 Weighted average shares outstanding - basic 11,116,664 11,057,928 11,094,915 11,045,699 Weighted average shares outstanding - diluted 11,175,035 11,096,619 11,143,831 11,087,217 FFO increased 14.0%, or $130,562 and decreased 5.8%, or $240,005, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023.
Analysis of Global Self Storage FFO and AFFO The following tables present a reconciliation and computation of net income to funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) and earnings per share to FFO and AFFO per share (unaudited): Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $ 322,824 $ 84,406 $ 2,038,451 $ 2,123,743 Eliminate items excluded from FFO: Unrealized loss on marketable equity securities 221,924 569,977 357,421 166,042 Depreciation and amortization 410,614 408,857 1,634,480 1,634,147 FFO attributable to common stockholders 955,362 1,063,240 4,030,352 3,923,932 Adjustments: Compensation expense related to stock-based awards 106,431 114,222 350,333 332,358 Business development — — 22,286 3,037 AFFO attributable to common stockholders $ 1,061,793 $ 1,177,462 $ 4,402,971 $ 4,259,327 Earnings per share attributable to common stockholders - basic $ 0.03 $ 0.01 $ 0.18 $ 0.19 Earnings per share attributable to common stockholders - diluted $ 0.03 $ 0.01 $ 0.18 $ 0.19 FFO per share - diluted $ 0.08 $ 0.10 $ 0.36 $ 0.35 AFFO per share - diluted $ 0.09 $ 0.11 $ 0.39 $ 0.38 Weighted average shares outstanding - basic 11,189,445 11,116,664 11,166,641 11,094,915 Weighted average shares outstanding - diluted 11,243,353 11,175,035 11,224,476 11,143,831 FFO decreased 10.1%, or $107,878 and increased 2.7%, or $106,420, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024.
The cost of the initial premium was $57,000 and will be carried as an asset on the balance sheet at fair value. The Cap Rate Agreement terminates on July 6, 2027. We continue to actively review a number of store and store portfolio acquisition opportunities and have been working to further redevelop and expand our current stores.
The cost of the initial premium was $57,000 and will be carried as an asset on the balance sheet at fair value. The Cap Rate Agreement terminates on July 6, 2027.
Administrative expenses increased 42.7% or $75,033 in the three months ended December 31, 2024 as compared to the same period in 2023, and increased 10.4% or $84,472 in the twelve months ended December 31, 2024 as compared to the same period in 2023.
Administrative expenses decreased 11.4% or $28,618 in the three months ended December 31, 2025 as compared to the same period in 2024, and increased 10.5% or $93,896 in the twelve months ended December 31, 2025 as compared to the same period in 2024.
Repairs and maintenance expense increased 201% or $63,464 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 29.1% or $51,467 for the twelve months ended December 31, 2024 as compared to the same period in 2023.
Repairs and maintenance expense decreased 55.6% or $52,813 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and decreased 6.1% or $13,987 for the twelve months ended December 31, 2025 as compared to the same period in 2024.
Net income For the year ended December 31, 2024, net income was $2,123,743 or $0.19 per fully diluted share. For the year ended December 31, 2023, net income was $2,938,769 or $0.26 per fully diluted share.
Net Income For the year ended December 31, 2025, net income was $2,038,451 or $0.18 per fully diluted share.
Marketing expense increased 5.2% or $4,206 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 0.2% or $786 for the twelve months ended December 31, 2024 as compared to the same period in 2023.
Marketing expense increased 13.1% or $11,272 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 6.9% or $23,497 for the twelve months ended December 31, 2025 as compared to the same period in 2024.
We experienced an increase in administrative expenses for the year ended December 31, 2024 due primarily to increased repairs and maintenance expense.
We experienced an increase in administrative expenses for the year ended December 31, 2025 due primarily to increased utilities and landscaping expense. We currently expect moderate increases in other direct store costs in 2026.
AFFO increased 16.0%, or $162,532, and decreased 2.8%, or $124,442, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023.
AFFO decreased 9.8%, or $115,669, and increased 3.4%, or $143,644, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024.
These costs primarily consisted of consulting costs in connection with business development, capital raising, and future potential store acquisitions, and expenses related to our third party management platform marketing initiatives. The majority of these expenses are non-recurring and fluctuate based on business development activity during the time period.
Business development, capital raising, and store acquisition expenses increased from $3,037 to $22,286 during the year ended December 31, 2025 as compared to the year ended December 31, 2024. These costs primarily consisted of consulting costs in connection with business development, capital raising, and future potential store acquisitions, and expenses related to our third party management platform marketing initiatives.
General expenses decreased 2.2% or $2,377 in the three months ended December 31, 2024 as compared to the same period in 2023, and increased 25.7% or $90,352 in the twelve months ended December 31, 2024 as compared to the same period in 2023.
General expenses increased 3.1% or $3,360 in the three months ended December 31, 2025 as compared to the same period in 2024, and increased 6.0% or $26,498 in the twelve months ended December 31, 2025 as compared to the same period in 2024.
Operating Income Operating income decreased from $3,111,253 during the year ended December 31, 2023 to $2,894,328 during the year ended December 31, 2024, a decrease of 7.0% or $216,925, which was primarily due to increased total expenses.
Operating Income Operating income increased from $2,894,328 during the year ended December 31, 2024 to $2,961,351 during the year ended December 31, 2025, an increase of 2.3% or $67,023, which was primarily due to increased rental income, which was partially offset by increased total expenses.
Similarly, leasable square footage may increase or decrease due to expansion or redevelopment of our properties. 42 The following table presents a reconciliation of same-store net operating income to net income as presented on our consolidated statements of operations for the periods indicated (unaudited): For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Net income $ 84,406 $ 1,097,400 $ 2,123,743 $ 2,938,769 Adjustments: Management fees and other income (18,535 ) (16,262 ) (70,561 ) (78,973 ) General and administrative 799,972 703,335 3,258,773 2,876,300 Depreciation and amortization 408,857 409,420 1,634,147 1,634,044 Business development — 8,928 3,037 20,080 Dividend and interest income (45,171 ) (70,085 ) (276,201 ) (265,046 ) Unrealized (gain) loss on marketable equity securities 569,977 (574,142 ) 166,042 (408,876 ) Interest expense 185,122 226,856 880,744 846,406 Total same-store net operating income $ 1,984,628 $ 1,785,450 $ 7,719,724 $ 7,562,704 For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Same-store revenues $ 3,168,391 $ 2,960,108 $ 12,459,719 $ 12,111,742 Same-store cost of operations $ 1,183,763 $ 1,174,658 $ 4,739,995 $ 4,549,038 Total same-store net operating income $ 1,984,628 $ 1,785,450 $ 7,719,724 $ 7,562,704 Analysis of Same-Store Revenue For the three and twelve months ended December 31, 2024, revenue increased 7.0% and 2.9%, respectively, as compared to the same periods in 2023.
The following table presents a reconciliation of same-store net operating income to net income as presented on our consolidated statements of operations for the periods indicated (unaudited): For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $ 322,824 $ 84,406 $ 2,038,451 $ 2,123,743 Adjustments: Management fees and other income (18,318 ) (18,535 ) (73,743 ) (70,561 ) General and administrative 830,919 799,972 3,222,726 3,258,773 Depreciation and amortization 410,614 408,857 1,634,480 1,634,147 Business development — — 22,286 3,037 Dividend and interest income (71,169 ) (65,171 ) (288,573 ) (276,201 ) Unrealized loss on marketable equity securities 221,924 569,977 357,421 166,042 Interest expense 206,749 205,122 854,052 880,744 Total same-store net operating income $ 1,903,543 $ 1,984,628 $ 7,767,100 $ 7,719,724 For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Same-store revenues $ 3,140,574 $ 3,168,391 $ 12,631,502 $ 12,459,719 Same-store cost of operations $ 1,237,031 $ 1,183,763 $ 4,864,402 $ 4,739,995 Total same-store net operating income $ 1,903,543 $ 1,984,628 $ 7,767,100 $ 7,719,724 Analysis of Same-Store Revenue For the three and twelve months ended December 31, 2025, revenue decreased 0.9% and increased 1.4%, respectively, as compared to the same periods in 2024.
There were no shares of common stock sold during the three and twelve months ended December 31, 2024 under the Sales Agreement.
Effective April 4, 2025, the Company delivered written notice to the Prior Sales Agent terminating the Prior Sales Agreement and entered into a new at market offering sales agreement with another sales agent. There were no shares of common stock sold during the three and twelve months ended December 31, 2025 under the Prior Sales Agreement.
The increase in total revenues was due primarily to increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates. 39 Other store related income consists of customer insurance fees, sales of storage supplies, and other ancillary revenues.
Rental income increased from $12,024,552 during the year ended December 31, 2024 to $12,196,698 during the year ended December 31, 2025, an increase of 1.4% or $172,146‬. The increase in total revenues was due primarily to increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates.
Other income (expense) Interest expense on loans increased from $846,406 during the year ended December 31, 2023 to $880,744 during the year ended December 31, 2024, an increase of 4.1% or $34,338. This increase was attributable to a decrease in cash settlements under the interest rate cap.
Other Income (expense) Interest expense on debt decreased from $880,744 during the year ended December 31, 2024 to $854,052 during the year ended December 31, 2025, a decrease of 3.0% or $26,692. This decrease was attributable to lower principal balance outstanding.
Removed
Rental income increased from $11,719,165 during the year ended December 31, 2023 to $12,024,552 during the year ended December 31, 2024, an increase of 2.6% or $305,387‬.
Added
On January 14, 2022, the Company entered into an At Market Offering Sales Agreement (the “Prior Sales Agreement”) with B. Riley Securities, Inc.
Removed
Other store related income increased from $392,577 in the year ended December 31, 2023 to $435,167 in the year ended December 31, 2024, an increase of 10.8% or $42,590. The increase was primarily attributable to an increase in insurance administration fees at our wholly-owned properties.
Added
(the “Prior Sales Agent”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Prior Sales Agent.
Removed
The change is primarily attributable to an increase in employment expenses and certain non-recurring legal and professional expenses. Business development, capital raising, and store acquisition expenses decreased from $20,080 to $3,037 during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
Added
There were no shares of common stock sold during the three and twelve months ended December 31, 2025 under the Sales Agreement. We continue to actively review a number of store and store portfolio acquisition opportunities and have been working to further redevelop and expand our current stores.

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