SELF 10-K & 10-Q changes, risk factors and insider trading

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 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 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. The costs associated with these liabilities may adversely impact our operating results.

Climate change and regulatory and other efforts to reduceaddress climate change could adversely affect our business.

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-relatedsustainability-related legislation and regulation, as well as risks arising from climate-related business trends. 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. 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.

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. Additionally, our reputation and investor relationships could be damaged as a result of our involvement with activities perceived to be causing or exacerbating climate change, as well as any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change. Recently, the United States federal government and certain states have enacted or proposed “anti-ESG” executive orders, policies or legislation and certain investors, customers and governmental authorities may oppose ESG initiatives. These increasingly divergent views on ESG matters increase the risk that any action or lack of action taken by the Company with respect to ESG matters may be perceived negatively by at least some investors and customers and adversely impact our reputation and business.

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. While we have taken preventive measures and other precautions, no predictions of specific scenarios can be made with certainty and such measures may not adequately predict the impact on our business from such events.

Even though we believe that we currently qualify for U.S. federal income tax purposes as a REIT, we may face tax liabilities that will reduce our cash flow, including taxes on any undistributed income, state or local income and property and transfer taxes, including real property transfer taxes. In addition, we could, in certain circumstances, be required to pay an excise or penalty tax (which could be significant in amount) in order to utilize one or more relief provisions under the Code to maintain our qualification as a REIT. Any of these taxes would decrease operating cash flow to our stockholders. In addition, in order to meet the REIT qualification requirements, or to avert the imposition of a 100% tax that applies to certain gains derived by a REIT from dealer property or inventory, we hold some of our assets and provide certain services to our tenants through one or more TRSs, or other subsidiary corporations that will be subject to corporate-level income tax at regular corporate rates. Any TRSs or other taxable corporations in which we invest will be subject to U.S. federal, state and local corporate taxes. 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. Payment of these taxes generally could materially and adversely affect our income, cash flow, results of operations, financial condition, liquidity and prospects, and could adversely affect the value of our common stock and the ability to make distributions to stockholders.

On January 14, 2022, the Company entered into an At Market Offering Sales Agreement (the “Prior Sales Agreement”) with B. Riley Securities, Inc. (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. 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. 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, 20242025 under the Prior Sales Agreement.

We expect that the results of our operations will be affected by a number of factors. Many of the factors that will affect our operating results are beyond our control. 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.

Other store related income consists of customer insurance fees, sales of storage supplies, and other ancillary revenues. Other store related income increaseddecreased from $392,577 in the year ended December 31, 2023 to $435,167 in the year ended December 31, 2024,2024 anto increase$434,804 in the year ended December 31, 2025, a decrease of 10.8%0.1% or $42,590. The increase was primarily attributable to an increase in insurance administration fees at our wholly-owned properties.$363.

Total expenses increased from $9,079,462 during the year ended December 31, 2023 to $9,635,952 during the year ended December 31, 2024,2024 to $9,743,894 during the year ended December 31, 2025, an increase of 6.1%1.1% or $556,490,$107,942, which was primarily due to an increase in certain general and administrative expenses and store operating expenses. 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, 2024,2024 to $4,864,402 in the year ended December 31, 2025, an increase of 4.2%2.6% or $190,957,$124,407, which was primarily due to increased expenses in employment, repairsemployment and maintenance, and insurance.utilities.

General and administrative expenses increaseddecreased $382,473$36,047 for the year ended December 31, 20242025 as compared to the year ended December 31, 2023. The change is primarily attributable to an increase in employment expenses and certain non-recurring legal and professional expenses.2024.

Business development, capital raising, and store acquisition expenses decreasedincreased from $20,080$3,037 to $3,037$22,286 during the year ended December 31, 20242025 as compared to the year ended December 31, 2023.2024. 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.

Operating income decreasedincreased from $3,111,253 during the year ended December 31, 2023 to $2,894,328 during the year ended December 31, 2024,2024 ato decrease$2,961,351 during the year ended December 31, 2025, an increase of 7.0%2.3% or $216,925,$67,023, which was primarily due to increased rental income, which was partially offset by increased total expenses.

DividendInterest andexpense intereston incomedebt wasdecreased $276,201from $880,744 during the year ended December 31, 2024 as compared to $265,046$854,052 during the year ended December 31, 2023.2025, Thea increasedecrease of 3.0% or $26,692. This decrease was attributable to interestlower earnedprincipal onbalance increased cash balances.outstanding.

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 $166,042$357,421 for the year ended December 31, 20242025 compared to an unrealized gainloss of $408,876$166,042 during the year ended December 31, 2023.2024.

Same-store revenues increaseddecreased by 7.0%0.9% for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increased by 2.9%1.4% for the yeartwelve months ended December 31, 20242025 versus the yeartwelve months ended December 31, 2023.2024. Same-store cost of operations increased by 0.8%4.5% for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increased by 4.2%2.6% for the twelve months ended December 31, 20242025 versus the twelve months ended December 31, 2023.2024. Same-store NOI increaseddecreased by 11.2%4.1% for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increased by 2.1%0.6% for the twelve months ended December 31, 20242025 versus the twelve months ended December 31, 2023.2024. 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.

For the three and twelve months ended December 31, 2024,2025, revenue increaseddecreased 7.0%0.9% and 2.9%,increased 1.4%, respectively, as compared to the same periods in 2023.2024. The increase in the twelve months ended December 31, 20242025 was attributable to, among other things, increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates. Same store average overall square foot occupancy for all of the Company’s same-stores combined increased by 36010 basis points to 93.0% in the twelve months ended December 31, 2025 from 92.9% in the twelve months ended December 31, 2024 from 89.3% in the twelve months ended December 31, 2023.2024.

Importantly, we continue to refine our proprietary revenue rate management program which includes regular internet data scraping of local competitors’ prices. We do this in seeking to maintain our competitive market price advantage for our various sized storage units at our stores. This program helps us in seeking to maximize each store’s occupancy and our self storage revenue and NOI. 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, 2024,2025, our average tenant duration of stay was approximately 3.43.5 years, which was aboutup thefrom same3.4 years as of December 31, 2023.2024.

Same-store cost of operations increased 0.8%4.5% or $9,105$53,268 for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increased 4.2%2.6% or $190,957$124,407 for the twelve months ended December 31, 20242025 versus the twelve months ended December 31, 2023.2024. This increase in same-store cost of operations for the twelve months ended December 31, 20242025 was due primarily to increased expenses for employment, repairsemployment and maintenance, and insurance.utilities.

Employment. On-site store manager, regional manager and district payroll expense decreasedincreased 1.6%18.1% or $5,325$60,584 for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increased 6.3%4.5% or $84,112$63,363 for the twelve months ended December 31, 20242025 as compared to the same period in 2023.2024. This increase for 20242025 versus 20232024 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. Store property tax expense decreasedincreased 14.2%0.4% or $65,620$1,739 for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and decreased 3.6%6.2% or $60,926$101,621 for the twelve months ended December 31, 20242025 as compared to the same period in 2023.2024. The decrease in property tax expense during the year ended December 31, 20242025 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. We currently expect same-store property tax expenses to increase during 2025,2026, 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. Administrative expenses increaseddecreased 42.7%11.4% or $75,033$28,618 in the three months ended December 31, 20242025 as compared to the same period in 2023,2024, and increased 10.4%10.5% or $84,472$93,896 in the twelve months ended December 31, 20242025 as compared to the same period in 2023.2024. We experienced an increase in administrative expenses for the year ended December 31, 20242025 due primarily to increased repairsutilities and maintenancelandscaping expense. Credit card fees increased for the year ended December 31, 2024 due to an increase in rental payments received through credit cards, which is one of the results of our initiatives in building a higher quality overall tenant base. We currently expect moderate increases in other direct store costs in 2025.2026.

Repairs and maintenance expense increaseddecreased 201%55.6% or $63,464$52,813 for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increaseddecreased 29.1%6.1% or $51,467$13,987 for the twelve months ended December 31, 20242025 as compared to the same period in 2023.2024. We experienced ana increasedecrease in repairs and maintenance expense for the year ended December 31, 20242025 due primarily to ana increaseddecreased number of one-off repairs in 20242025 as compared to 2023.2024.

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. Changes in usage levels are driven primarily by weather and temperature. Also affecting our utilities expenses over time is our ongoing LED light replacement program at all of our stores, which has already resulted in lower electricity usage. Utility expense increaseddecreased 9.4%4.7% or $4,736$2,576 for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and decreasedincreased 2.0%25.7% or $5,296$65,364 for the twelve months ended December 31, 20242025 as compared to the same period in 2023,2024, primarily due to lowerhigher energy usage during the twelve months ended December 31, 20242025 versus the same periods in 2023.2024. 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 2025.2026.

Landscaping expenses, which include snow removal costs, decreasedincreased 1.0%99.9% or $244$24,077 for the three months ended December 31, 20242025 versus the three months ended December 31, 2023,2024, and increased 12.2%28.6% or $12,124$31,810 in the twelve months ended December 31, 20242025 compared to the same period in 2023.2024. The increase in landscaping expense in the twelve months ended December 31, 20242025 versus the same period in 20232024 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. We currently expect inflationary increases in landscaping expense in 2025,2026, excluding snow removal expense, which is primarily weather dependent and unpredictable.

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. General expenses decreasedincreased 2.2%3.1% or $2,377$3,360 in the three months ended December 31, 20242025 as compared to the same period in 2023,2024, and increased 25.7%6.0% or $90,352$26,498 in the twelve months ended December 31, 20242025 as compared to the same period in 2023.2024. The increase in general expense in the twelve months ended December 31, 20242025 versus the same period in 20232024 is primarily due to increasedthe insuranceaddition expense.of cloud-based accounting software that is expected to improve efficiency. We currently expect moderate increases in other direct store costs in 2025.2026.

Lien Administration. Lien administration expenses decreasedincreased 7.6%57.9% or $412$2,888 in the three months ended December 31, 20242025 as compared to the same period in 2023,2024, and increased 2.7%30.0% or $543$6,148 in the twelve months ended December 31, 20242025 as compared to the same period in 2023.2024.

FFO decreased 10.1%, or $107,878 and increased 14.0%,2.7%, or $130,562 and decreased 5.8%, or $240,005,$106,420, for the three and twelve months ended December 31, 2024,2025, respectively, versus the same periods in 2023.2024. FFO per diluted share increaseddecreased from $0.08$0.10 per share to $0.10$0.08 per share, and decreasedincreased from $0.38$0.35 per share to $0.35$0.36 per share, for the three and twelve months ended December 31, 2024,2025, respectively, versus the same periods in 2023.2024. AFFO increaseddecreased 16.0%,9.8%, or $162,532,$115,669, and decreasedincreased 2.8%,3.4%, or $124,442,$143,644, for the three and twelve months ended December 31, 2024,2025, respectively, versus the same periods in 2023.2024. AFFO per diluted share increaseddecreased from $0.09$0.11 per share to $0.11$0.09 per share, and decreasedincreased from $0.40$0.38 per share to $0.38$0.39 per share, for the three and twelve months ended December 31, 2024,2025, respectively, versus the same periods in 2023.2024.

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. In 20212021, 2023 and 2023,2026, we completed conversion projects at our property located in Lima, OH.

The change in the unrealized gainloss on the Company’s investment in marketable equity securities decreasedwas $166,042$357,421 and increased $408,876$166,042 for the years ended December 31, 20242025 and 2023,2024, respectively. 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, 2024,2025, our cumulative unrealized gain on marketable equity securities was $1,853,500.$1,496,079. There were no realized gains or losses for the years ended December 31, 20242025 and 2023.2024.

The Company is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self storage properties (“stores” or “properties”) in the United States. Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. As of MarchJune 31,30, 2026, 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. The Securities and Exchange Commission’s (“SEC”) order approving the Company’s application to deregister from the 1940 Act was granted on January 19, 2016. On January 19, 2016, the Company changed its name to Global Self Storage, Inc. from Self Storage Group, Inc., changed its SEC registration from an investment company to an operating company reporting under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and listed its common stock on Nasdaq under the symbol “SELF”.

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”). Under the Term Loan Agreement, the Term Loan Secured Subsidiaries borrowed from the Term Loan Lender in the principal amount of $20 million pursuant to a promissory note (the “Term Loan Promissory Note”). The Term Loan Promissory Note bears an interest rate equal to 4.192% per annum and is due to mature on July 1, 2036. 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. 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. We have used some of the proceeds from the Term Loan Agreement to acquire four self storage properties in 2016.

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”). 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”). 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. The Amended Credit Facility Loan Agreement provided for a replacement index based on the One Month 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%. The obligations under the Amended Credit Facility Loan Agreement were secured by certain real estate assets owned by the Amended Credit Facility Secured Subsidiaries. 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. 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.

On January 14, 2022, the Company entered into an At the Market Offering Sales Agreement (the “Prior Sales Agreement”) with B. Riley Securities, Inc. (the “Prior Sales Agent”) pursuant to which the Company may sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Prior Sales Agent. 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. There were no shares of common stock sold during the three and six months ended MarchJune 31,30, 2026 and MarchJune 31,30, 2025 under the Prior 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.

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”). 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 on the first and second anniversary, respectively, pursuant to a promissory note (the “Second Amended Credit Facility Promissory Note”). 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 MarchJune 31,30, 2026, the effective interest rate was approximately 6.7%.6.6%. An annual unused facility fee is charged based on the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during the trailing twelve month period ending each June 30. 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. 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. 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. 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 MarchJune 31,30, 2026, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement. 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.

On April 4, 2025, the Company entered into an At the 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.

We continue to actively review a number of store and store portfolio acquisition opportunities and have been working to further develop and expand our current stores. We did not complete any acquisitions in the three and six months ended MarchJune 31,30, 2026. 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. As of MarchJune 31,30, 2026, under our third-party management platform, Global MaxManagementSM, 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.

TheAs of June 30, 2026, the Company currently hashad capital resources totaling approximately $24.5$24.9 million, comprised of $7.4$7.5 million of cash, cash equivalents, and restricted cash and $2.3$2.6 million of marketable securities as of MarchJune 31,30, 2026, and $14.8 million available for withdrawal under the Second Amended Credit Facility Loan Agreement. Capital resources derived from retained cash flow have been and are currently expected to continue to be negligible. Retained operating cash flow represents our expected cash flow provided by operating activities, less stockholder distributions and capital expenditures to maintain stores. These capital resources allow us to continue to execute our strategic business plan, which includes funding acquisitions, either directly or through joint ventures; expansion projects at our existing properties; and broadening our revenue base and pipeline of potential acquisitions through developing Global MaxManagementSM, our third-party management platform. Our board of directors regularly reviews our strategic business plan, including topics and metrices like capital formation, debt versus equity ratios, dividend policy, use of capital and debt, funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) performance, and optimal cash levels. See the section titled "Non-GAAP Financial Measures" for the definition and use of FFO and AFFO.

We expect that the results of our operations will be affected by a number of factors. Many of the factors that will affect our operating results are beyond our control. 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, BelarusIran and Ukraine,the United States, and 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 Iran and Iranian interests, and the ongoing conflict between Israel and Hamas, financial and credit market volatility and disruptions, inflationary pressures, rising interest rate fluctuations, supply chain issues, tariff and international trade, labor shortages and recessionary concerns.

Results of Operations for the Three Months Ended MarchJune 31,30, 2026 Compared with the Three Months Ended MarchJune 31,30, 2025

Total revenues increased from $3,126,304$3,194,378 during the three months ended MarchJune 31,30, 2025 to $3,173,754$3,214,442 during the three months ended MarchJune 31,30, 2026, an increase of 1.5%,0.6%, or $47,450.$20,064. Rental income increased from $3,000,052$3,062,588 during the three months ended MarchJune 31,30, 2025 to $3,050,304$3,088,340 during the three months ended MarchJune 31,30, 2026, an increase of 1.7%,0.8%, or $50,252.$25,752. The increase was primarily attributable to increases in occupancy andto existing tenant rates under our proprietary revenue rate management program.

Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income decreased from $107,870$113,008 during the three months ended MarchJune 31,30, 2025 to $104,831$107,563 during the three months ended MarchJune 31,30, 2026, a decrease of 2.8%,4.8%, or $3,039.$5,445. The decrease was primarily attributable to lower merchandise sales as a result of our complimentary high security lock with new rentals marketing promotion.

Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increaseddecreased from $18,382$18,782 during the three months ended MarchJune 31,30, 2025 to $18,619$18,539 during the three months ended MarchJune 31,30, 2026. The increase was primarily attributable to an increase in revenues at the third-party managed property.

Total operating expenses increased from $2,402,637$2,365,453 during the three months ended MarchJune 31,30, 2025 to $2,601,978$2,520,654 during the three months ended MarchJune 31,30, 2026, an increase of 8.3%,6.6%, or $199,341,$155,201, which was attributable primarily to an increase toin store operating expenses and an increase in general and administrative expenses. Store operating expenses increased from $1,208,898$1,179,041 during the three months ended MarchJune 31,30, 2025 to $1,330,343$1,274,710 during the three months ended MarchJune 31,30, 2026, an increase of 10.0%,8.1%, or $121,445.$95,669. We experienced an increase in store operating expenses for the three months ended MarchJune 31,30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes.

General and administrative expenses increased from $786,893$778,695 during the three months ended MarchJune 31,30, 2025 to $859,220$830,679 during the three months ended MarchJune 31,30, 2026, an increase of 9.2%,6.7%, or $72,327.$51,984. The increase in general and administrative expenses during this period are primarily attributable to an increase toin employment costs, and one-time professional fees related to the amendment and restatement of our equity incentive plan.

Depreciation and amortization increased from $406,846$407,717 during the three months ended MarchJune 31,30, 2025 to $412,415$415,265 during the three months ended MarchJune 31,30, 2026.

As a result of the operating effects noted above, operating income decreased from $723,667$828,925 during the three months ended MarchJune 31,30, 2025 to $571,776$693,788 during the three months ended MarchJune 31,30, 2026, a decrease of 21.0%,16.3%, or $151,891.$135,137.

Interest expense on debt decreased from $223,769$214,392 during the three months ended MarchJune 31,30, 2025 to $203,878$203,038 during the three months ended MarchJune 31,30, 2026. This decrease was attributable to thea lower principal balance outstanding.

UnrealizedDividend, lossesinterest, onand marketableother equity securitiesincome was $13,345$73,130 during the three months ended MarchJune 31,30, 2025 and the unrealized gains on marketable equity securities was $36,871$72,471 during the three months ended MarchJune 31,30, 2026.

For the three months ended MarchJune 31,30, 2025, net income was $555,152,$664,216, or $0.05$0.06 per fully diluted share, and for the three months ended MarchJune 31,30, 2026, net income was $477,019,$829,615, or $0.04$0.07 per fully diluted share.

Distributions for each of the threesix months ended MarchJune 31,30, 2026 and 2025 were $0.0725$0.1450 per share. The Company’s closing market price as of MarchJune 31,30, 2026 and MarchJune 31,30, 2025 was $5.11$5.24 and $5.04,$5.34, respectively. Past market price performance and distribution levels do not guarantee similar results in the future.

The following discussion and analysis of our same-store self storage operations are presented on a comparative basis for the threesix months ended MarchJune 31,30, 2026.

Certain stores’ leasable square feet in the chart above includesinclude outside auto/RV/boat storage space: 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; 3,8003,600 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. For SSG Lima LLC, included is approximately 3,8001,300 square feet of non-storage commercial and student housing space. For SSG Millbrook LLC, included is approximately 1,300 square feet of wine storage and non-storage office space. For SSG Fishers LLC, included is approximately 300 square feet of storage locker space. Approximately 33% of our total available units are climate-controlled, 59% are traditional drive-up storage, and 8% are outdoor parking storage for boats, cars and recreational vehicles.

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. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. 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 MarchJune 31,30, 2026, we owned twelve same-store properties and zero non same-store properties. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, and NOI, stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions, or completed developments. 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 revenues increased by 1.5%0.6% and 1.1% for the three and six months ended MarchJune 31,30, 2026 versus the same periodperiods in 2025. Same-store cost of operations increased by 10.0%8.1% and 9.1% for the three and six months ended MarchJune 31,30, 2026 versus the same periodperiods in 2025. Same-store NOI decreased by 3.9%3.8% for the three and six months ended MarchJune 31,30, 2026 versus the same periodperiods in 2025. The decrease in same-store NOI during the three and six months ended MarchJune 31,30, 2026 was due primarily to an increase in store operating expenses.

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%94.7% as of MarchJune 31,30, 2026. Also, contributing to our results were our customer service efforts which we believe were essential in building local brand loyalty, resulting in strong referral and word-of-mouth market demand for our storage units and services. Another contributing factor to our results was our competitor move-in rate metrics analysis which employs internet data scraping and other methods to help keep our storage unit move-in rates “in the market,” and our proprietary revenue rate management program which helped increase existing tenant rates while optimizing store occupancy.

For the three and six months ended MarchJune 31,30, 2026, same-store revenue increased 1.5%,0.6%, or $47,213$20,307, and 1.1%, or $67,520, versus the same periodperiods in 2025. Same-store average overall square foot occupancy for all of the Company’s same-store properties increasedwas to 93.1%94.7% as of MarchJune 31,30, 2026,2026 upand fromJune 92.1% as of March 31,30, 2025.

As of MarchJune 31,30, 2026, 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.

It is difficult to predict trends in move-in, move-out, in place contractual rents, and occupancy levels. Current trends, when viewed inover the short-term,short term, are volatile and not necessarily predictive of our revenues going forward because they may be subject to many short-term factors. Such factors include, among others, initial move-in rates, seasonal factors, unit size and geographical mix of the specific tenants moving in or moving out, the length of stay of the tenants moving in or moving out, changes in our pricing strategies, and the degree and timing of rate increases previously passed to existing tenants.

Importantly, we continue to refine our proprietary revenue rate management program which includes regular internet data scraping of local competitors’ prices. We do this in seeking to maintain our competitive market price advantage for our various sized storage units at our stores. This program helps us in seeking to optimize each store’s occupancies and maximize our self storage revenue and NOI. 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 MarchJune 31,30, 2026, our average tenant duration of stay was approximately 3.6 years, which was up from approximately 3.53.4 years as of MarchJune 31,30, 2025.

For the three and six months ended MarchJune 31,30, 20262026, same-store cost of operations increased 10.0%,by 8.1%, or $121,445,$95,669, and 9.1%, or $217,113, versus the same periodperiods in 2025. This increase in same-store cost of operations for the three months ended March 31, 2026 was due primarily to increased expenses for employment costs and real estate property taxes.

Employment. On-site store manager, regional manager, and district manager payroll expense increased 21.5%,14.2%, or $74,371,$50,597, and 17.8%, or $124,968 for the three and six months ended MarchJune 31,30, 20262026, versus the same periodperiods in 2025. The increase was due primarily to timing inof routine employee hiring and departures and increased medical insurance expenses. We currently expect growth of store-level employment costs related to employee headcount to return to lower historic levels, which will be partially offset by inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores.

Real Estate Property Tax. Store property tax expense increased 14.7%,21.1%, or $54,694,$76,391, and 17.8%, or $131,085 for the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025. The increase was due primarily to increased property assessment valuations for certain properties in our portfolio. We are taking steps to appeal these reassessments as they arise, but there is no guarantee that these increased assessments will be reduced.

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. Administrative expenses increased 0.8%,0.2%, or $2,087,$433, and 0.5%, or $2,521 in the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025. We currently expect moderateinflationary increases in other direct storeadministrative costs induring the remainder of 2026.

Repairs and Maintenance. Repairs and maintenance expense decreasedincreased 2.8%,17.7%, or $1,317,$11,064, and 8.9%, or $9,747 for the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025. These expenses decreasedincreased during the three and six months ended MarchJune 31,30, 2026, versus the same period in 2025 primarily due to one-time repairs and maintenance.

Utilities. 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. Changes in usage levels are driven primarily by weather and temperature. Also, affecting our utilities expenses over time is our ongoing LED light replacement program at all of our stores which has resulted in lower electricity usage. Utilities expense increaseddecreased 0.5%,7.9%, or $542,$5,100, and 2.7%, or $4,558 for the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods 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 partially offset by lower usage resulting in higher utility costs for the remainder of 2026.

Landscaping. Landscaping expenses, which include snow removal costs, increaseddecreased 10.8%,16.4%, or $4,791,$4,125, and increased 1.0%, or $666, for the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025. The increasedecrease in landscaping expense during the three months ended MarchJune 31,30, 20262026, versus the same period in 2025 was primarily due to one-offone-time snowlandscaping removal costs and inflationary increases during the three months ended March 31, 2026.expenses. 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. We currently expect inflationary increases in landscaping expense for the remainder of 2026, excluding snow removal expense, which is primarily weather dependent and unpredictable.

Marketing. Marketing expense is comprisedconsists 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. Internet advertising, in particular, can increase or decrease significantly inover the short term in response to these factors. Marketing expense increaseddecreased 7.3%,4.0%, or $6,389,$3,363, and increased 1.8%, or $3,026, for the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025. Based upon current trends in move-ins, move-outs, and occupancies, and the successful transition in the second quarter of 2026 from kiosks and a live agent call center to use of a QR code-based quick access page and an artificial intelligence-based virtual agent call center, we currently expect marketing expense to increase at a nominal ratedecrease for the remainder of 2026.

General. Other direct store costs include general and administrative 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. General expenses decreased 16.9%,16.0%, or $21,163,$20,286, and 16.4%, or $41,449, for the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025. The decrease in general expenses during the three and six months ended MarchJune 31,30, 20262026, versus the same periodperiods in 2025 was primarily due to one-off cloud-based software expenses during the threesix months ended MarchJune 31,30, 2025. We currently expect moderate increases in direct store costs during the remainder of 2026.

Lien Administration. Lien administration expenses increased $1,282,36.7%, or $1,990, and 29.0%, or $3,272, in the three and six months ended MarchJune 31,30, 2026, versus the same periodperiods in 2025.