Global Self Storage, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
SELF$4.84-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0000950170-25-105798
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-272274
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 125 previous paragraphs and 125 current paragraphs.
74 unchanged; 47 reworded; 3 added; 3 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Total operating expenses increased from $2,327,186 during the three months ended September 30, 2024 to $2,497,241 during the three months ended September 30, 2025, an increase of 7.3%, or $170,055, which was attributable primarily to an increase to store operating expenses and an increase in one-time general and administrative expenses. Store operating expenses increased from $1,153,947 during the three months ended September 30, 2024 to $1,239,432 during the three months ended September 30, 2025, an increase of 7.4%, or $85,485. We experienced an increase in store operating expenses for the three months ended September 30, 2025, versus the same period in 2024, due primarily to increased expenses for utilities, employment costs, and one-time repairs and maintenance.
Current report
Depreciation and amortization increased from $409,227 during the three months ended September 30, 2024 to $409,303 during the three months ended September 30, 2025.
Current report
Total operating expenses increased from $7,243,360 during the nine months ended September 30, 2024 to $7,265,330 during the nine months ended September 30, 2025, an increase of 0.3%, or $21,970, which was attributable to a increase in store-level operating expenses. Store operating expenses increased from $3,556,232 during the nine months ended September 30, 2024 to $3,627,372 during the nine months ended September 30, 2025, an increase of 2.0%, or $71,140. We experienced an increase in store operating expenses for the nine months ended September 30, 2025, versus the same period in 2024, due primarily to increased expenses for utilities and one-time repairs and maintenance.
Removed paragraphs (3)
Previous report
Total operating expenses decreased from $2,473,127 during the three months ended June 30, 2024 to $2,365,453 during the three months ended June 30, 2025, a decrease of 4.4%, or $107,674, which was attributable primarily to a decrease in general and administrative expenses. Store operating expenses increased from $1,171,169 during the three months ended June 30, 2024 to $1,179,041 during the three months ended June 30, 2025, an increase of 0.7%, or $7,872.
Previous report
Total operating expenses decreased from $4,916,174 during the six months ended June 30, 2024 to $4,768,090 during the six months ended June 30, 2025, a decrease of 3.0%, or $148,084, which was attributable to a decrease in store-level operating expenses and general and administrative expenses. Store operating expenses decreased from $2,402,285 during the six months ended June 30, 2024 to $2,387,940 during the six months ended June 30, 2025, an decrease of 0.6%, or $14,345.
Previous report
Depreciation and amortization decreased from $816,064 during the six months ended June 30, 2024 to $814,563 during the six months ended June 30, 2025.
Reworded paragraphs (47)
Previous wording
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 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 June 30, 2025 and June 30, 2024 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.
Current wording
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 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 nine months ended September 30, 2025 and September 30, 2024 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.
Previous wording
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 in years 2 and 3, 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 June 30, 2025, the effective interest rate was approximately 7.3%. 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 June 30, 2025, 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…
Excerpt shortened here; the source contains the full paragraph.
Current wording
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 September 30, 2025, the effective interest rate was approximately 7.3%. 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 September 30, 2025, 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 Fa…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
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 June 30, 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. As of June 30, 2025, under our third-party management platform, Global MaxManagement SM, 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.
Current wording
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 nine months ended September 30, 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. As of September 30, 2025, under our third-party management platform, Global MaxManagement SM, 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.
Previous wording
The Company currently has capital resources totaling approximately $25.2 million, comprised of $7.6 million of cash, cash equivalents, and restricted cash and $2.6 million of marketable securities as of June 30, 2025, and $15 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 MaxManagement SM, 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.
Current wording
The Company currently has capital resources totaling approximately $24.8 million, comprised of $7.5 million of cash, cash equivalents, and restricted cash and $2.5 million of marketable securities as of September 30, 2025, 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 MaxManagement SM, 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.
Previous wording
Total revenues increased from $3,109,038 during the three months ended June 30, 2024 to $3,194,378 during the three months ended June 30, 2025, an increase of 2.7%, or $85,340. Rental income increased from $2,983,039 during the three months ended June 30, 2024 to $3,062,588 during the three months ended June 30, 2025, an increase of 2.7%, or $79,549. The increase was primarily attributable to increases in occupancy and existing tenant rates under our proprietary revenue rate management program.
Current wording
Total revenues increased from $3,200,276 during the three months ended September 30, 2024 to $3,225,671 during the three months ended September 30, 2025, an increase of 0.8%, or $25,395. Rental income increased from $3,070,871 during the three months ended September 30, 2024 to $3,099,499 during the three months ended September 30, 2025, an increase of 0.9%, or $28,628. The increase was primarily attributable to increases in occupancy and existing tenant rates under our proprietary revenue rate management program.
Previous wording
Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income increased from $212,339 during the six months ended June 30, 2024 to $220,878 during the six months ended June 30, 2025, an increase of 4.0%, or $8,539. The increase was primarily attributable to additional tenants subscribing to tenant insurance.
Current wording
Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income decreased from $111,618 during the three months ended September 30, 2024 to $107,911 during the three months ended September 30, 2025, a decrease of 3.3%, or $3,707. The decrease was primarily attributable to lower merchandise sales as a result of our complimentary high security lock with new rentals marketing promotion.
Previous wording
Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $17,510 during the three months ended June 30, 2024 to $18,782 during the three months ended June 30, 2025. The increase was primarily attributable to an increase in revenues at the third-party managed property.
Current wording
Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $17,787 during the three months ended September 30, 2024 to $18,261 during the three months ended September 30, 2025. The increase was primarily attributable to an increase in revenues at the third-party managed property.
Previous wording
General and administrative expenses decreased from $1,695,550 during the six months ended June 30, 2024 to $1,565,587 during the six months ended June 30, 2025, a decrease of 7.7%, or $129,963. The decrease in general and administrative expenses during this period are primarily attributable to decreased professional fees.
Current wording
General and administrative expenses increased from $762,000 during the three months ended September 30, 2024 to $826,220 during the three months ended September 30, 2025, an increase of 8.4%, or $64,220. The increase in general and administrative expenses during this period are primarily attributable to an increase to one-time professional fees.
Previous wording
Business development which includes capital raising, store acquisition, and third-party management marketing expenses decreased from $2,275 during the six months ended June 30, 2024 to $0 during the six months ended June 30, 2025. These costs primarily consist of costs incurred in connection with business development, capital raising, and future potential store acquisitions, and third-party management marketing expenses. Business development costs are typically non-recurring and fluctuate based on periodic business development and acquisition activity.
Current wording
Business development which includes capital raising, store acquisition, and third-party management marketing expenses, increased from $2,012 during the three months ended September 30, 2024 to $22,286 during the three months ended September 30, 2025. These costs primarily consist of costs incurred in connection with business development, capital raising, and future potential store acquisitions, and third-party management marketing expenses. Business development costs are typically non-recurring and fluctuate based on periodic business development and acquisition activity.
Previous wording
As a result of the operating effects noted above, operating income increased from $1,226,904 during the six months ended June 30, 2024 to $1,552,592 during the six months ended June 30, 2025, an increase of 26.5%, or $325,688.
Current wording
As a result of the operating effects noted above, operating income decreased from $873,090 during the three months ended September 30, 2024 to $728,430 during the three months ended September 30, 2025, a decrease of 16.6%, or $144,660.
Previous wording
Interest expense on debt increased from $416,203 during the six months ended June 30, 2024 to $438,161 during the six months ended June 30, 2025. This increase was primarily attributable to the unused fee on the revolving credit facility. The cash payments for the $20 million Term Loan Agreement remain the same every month until June 2036 and are $107,699 per month.
Current wording
Interest expense on debt decreased from $259,419 during the three months ended September 30, 2024 to $209,142 during the three months ended September 30, 2025. This decrease was primarily attributable to the change in the mark-to-market of the interest rate cap. The cash payments for the $20 million Term Loan Agreement remain the same every month until June 2036 and are $107,699 per month.
Previous wording
Dividend, interest, and other income was $87,450 during the three months ended June 30, 2024 and $73,130 during the three months ended June 30, 2025.
Current wording
Dividend, interest, and other income was $68,703 during the three months ended September 30, 2024 and $75,675 during the three months ended September 30, 2025.
Previous wording
Unrealized gains on marketable equity securities was $79,530 during the three months ended June 30, 2024 and the unrealized losses on marketable equity securities was $23,447 during the three months ended June 30, 2025.
Current wording
Unrealized gains on marketable equity securities was $499,283 during the three months ended September 30, 2024 and the unrealized losses on marketable equity securities was $98,704 during the three months ended September 30, 2025.
Previous wording
For the three months ended June 30, 2024, net income was $591,530, or $0.05 per fully diluted share, and for the three months ended June 30, 2025, net income was $664,216, or $0.06 per fully diluted share.
Current wording
For the three months ended September 30, 2024, net income was $1,181,657, or $0.10 per fully diluted share, and for the three months ended September 30, 2025, net income was $496,259, or $0.04 per fully diluted share.
Previous wording
Distributions for each of the three months ended June 30, 2025 and 2024 were $0.0725 per share. The Company’s closing market price as of June 30, 2025 and June 30, 2024 was $5.34 and $4.86, respectively. Past market price performance and distribution levels do not guarantee similar results in the future.
Current wording
Distributions for each of the three months ended September 30, 2025 and 2024 were $0.0725 per share. The Company’s closing market price as of September 30, 2025 and September 30, 2024 was $5.03 and $5.21, respectively. Past market price performance and distribution levels do not guarantee similar results in the future.
Previous wording
Results of Operations for the Six Months Ended June 30, 2025 Compared with the Six Months Ended June 30, 2024
Current wording
Results of Operations for the Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Previous wording
Total revenues increased from $6,143,078 during the six months ended June 30, 2024 to $6,320,682 during the six months ended June 30, 2025 an increase of 2.9%, or $177,604. Rental income increased from $5,896,500 during the six months ended June 30, 2024 to $6,062,640 during the six months ended June 30, 2025, an increase of 2.8%, or $166,140. The increase was primarily attributable to increases in occupancy and existing tenant rates under our proprietary revenue rate management program.
Current wording
Total revenues increased from $9,343,354 during the nine months ended September 30, 2024 to $9,546,353 during the nine months ended September 30, 2025 an increase of 2.2%, or $202,999. Rental income increased from $8,967,371 during the nine months ended September 30, 2024 to $9,162,139 during the nine months ended September 30, 2025, an increase of 2.2%, or $194,768. The increase was primarily attributable to increases in occupancy and existing tenant rates under our proprietary revenue rate management program.
Previous wording
Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income increased from $108,489 during the three months ended June 30, 2024 to $113,008 during the three months ended June 30, 2025, an increase of 4.2%, or $4,519. The increase was primarily attributable to additional tenants subscribing to tenant insurance.
Current wording
Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income increased from $323,957 during the nine months ended September 30, 2024 to $328,789 during the nine months ended September 30, 2025, an increase of 1.5%, or $4,832. The increase was primarily attributable to additional tenants subscribing to tenant insurance.
Previous wording
Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $34,239 during the six months ended June 30, 2024 to $37,164 during the six months ended June 30, 2025. The increase was primarily attributable to an increase in revenues at the third-party managed property.
Current wording
Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $52,026 during the nine months ended September 30, 2024 to $55,425 during the nine months ended September 30, 2025. The increase was primarily attributable to an increase in revenues at the third-party managed property.
Previous wording
General and administrative expenses decreased from $892,822 during the three months ended June 30, 2024 to $778,695 during the three months ended June 30, 2025, a decrease of 12.8%, or $114,127. The decrease in general and administrative expenses during this period are primarily attributable to decreased professional fees.
Current wording
General and administrative expenses decreased from $2,457,551 during the nine months ended September 30, 2024 to $2,391,807 during the nine months ended September 30, 2025, a decrease of 2.7%, or $65,744. The decrease in general and administrative expenses during this period are primarily attributable to decreased professional fees.
Previous wording
Depreciation and amortization decreased from $409,136 during the three months ended June 30, 2024 to $407,717 during the three months ended June 30, 2025.
Current wording
Depreciation and amortization decreased from $1,225,290 during the nine months ended September 30, 2024 to $1,223,865 during the nine months ended September 30, 2025.
Previous wording
Business development which includes capital raising, store acquisition, and third-party management marketing expenses were $0 during the three months ended June 30, 2024 and 2025, respectively. These costs primarily consist of costs incurred in connection with business development, capital raising, and future potential store acquisitions, and third-party management marketing expenses. Business development costs are typically non-recurring and fluctuate based on periodic business development and acquisition activity.
Current wording
Business development which includes capital raising, store acquisition, and third-party management marketing expenses increased from $4,287 during the nine months ended September 30, 2024 to $22,286 during the nine months ended September 30, 2025. These costs primarily consist of costs incurred in connection with business development, capital raising, and future potential store acquisitions, and third-party management marketing expenses. Business development costs are typically non-recurring and fluctuate based on periodic business development and acquisition activity.
Previous wording
As a result of the operating effects noted above, operating income increased from $635,911 during the three months ended June 30, 2024 to $828,925 during the three months ended June 30, 2025, an increase of 30.4%, or $193,014.
Current wording
As a result of the operating effects noted above, operating income increased from $2,099,994 during the nine months ended September 30, 2024 to $2,281,023 during the nine months ended September 30, 2025, an increase of 8.6%, or $181,029.
Previous wording
Interest expense on debt increased from $211,361 during the three months ended June 30, 2024 to $214,392 during the three months ended June 30, 2025. This increase was primarily attributable to the unused fee on the revolving credit facility partially offset by lower amortization of issuance costs. The cash payments for the $20 million Term Loan Agreement remain the same every month until June 2036 and are $107,699 per month.
Current wording
Interest expense on debt decreased from $675,622 during the nine months ended September 30, 2024 to $647,303 during the nine months ended September 30, 2025. This decrease was primarily attributable to the change in mark-to-market of the interest rate cap and lower amortization of issuance costs which were partially offset by the change in payments under the interest rate cap received in the prior year. The cash payments for the $20 million Term Loan Agreement remain the same every month until June 2036 and are $107,699 per month.
Previous wording
Dividend, interest, and other income was $142,327 during the six months ended June 30, 2024 and $141,729 during the six months ended June 30, 2025.
Current wording
Dividend, interest, and other income was $211,030 during the nine months ended September 30, 2024 and $217,404 during the nine months ended September 30, 2025.
Previous wording
Unrealized losses on marketable equity securities was $95,348 during the six months ended June 30, 2024 and the unrealized losses on marketable equity securities was $36,792 during the six months ended June 30, 2025.
Current wording
Unrealized gains on marketable equity securities was $403,935 during the nine months ended September 30, 2024 and the unrealized losses on marketable equity securities was $135,497 during the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2024, net income was $857,680, or $0.08 per fully diluted share, and for the six months ended June 30, 2025, net income was $1,219,368, or $0.11 per fully diluted share.
Current wording
For the nine months ended September 30, 2024, net income was $2,039,337, or $0.18 per fully diluted share, and for the nine months ended September 30, 2025, net income was $1,715,627, or $0.15 per fully diluted share.
Previous wording
Distributions for each of the six months ended June 30, 2025 and 2024 were $0.1450 per share. The Company’s closing market price as of June 30, 2025 and June 30, 2024 was $5.34 and $4.86, respectively. Past market price performance and distribution levels do not guarantee similar results in the future.
Current wording
Distributions for each of the nine months ended September 30, 2025 and 2024 were $0.2175 per share. The Company’s closing market price as of September 30, 2025 and September 30, 2024 was $5.03 and $5.21, respectively. Past market price performance and distribution levels do not guarantee similar results in the future.
Previous wording
The following discussion and analysis of our same-store self storage operations are presented on a comparative basis for the six months ended June 30, 2025.
Current wording
The following discussion and analysis of our same-store self storage operations are presented on a comparative basis for the nine months ended September 30, 2025.
Previous wording
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. At June 30, 2025, 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.
Current wording
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. At September 30, 2025, we owned twelve same-store properties and zero non same-store properties. The
Previous wording
Same-store occupancy at June 30, 2025 increased by 1.7% to 94.7% from 93.0% at June 30, 2024.
Current wording
Same-store occupancy at September 30, 2025 increased by 1.7% to 93.2% from 91.5% at September 30, 2024.
Previous wording
Same-store revenues increased by 2.7% and 2.9% for the three and six months ended June 30, 2025 versus the same periods in 2024. Same-store cost of operations increased by 0.7% for the three months ended June 30, 2025 versus the same period in 2024 and decreased 0.6% for the six months ended June 30, 2025 versus the same period in 2024. Same-store NOI increased by 4.0% and 5.1% for the three and six months ended June 30, 2025 versus the same periods in 2024. The increase in same-store NOI during the three and six months ended June 30, 2025 was due primarily to an increase in revenues.
Current wording
Same-store revenues increased by 0.8% and 2.1% for the three and nine months ended September 30, 2025 versus the same periods in 2024. Same-store cost of operations increased by 7.4% for the three months ended September 30, 2025 versus the same period in 2024 and increased 2.0% for the nine months ended September 30, 2025 versus the same period in 2024. Same-store NOI decreased by 3.0% for the three months ended September 30, 2025 versus an increase of 2.2% for the nine months ended September 30, 2025. The decrease in same-store NOI during the three months ended September 30, 2025 was due primarily to an increase in store operating expenses. The increase in same-store NOI during the nine months ended September 30, 2025 was due primarily to an increase in revenues.
Previous wording
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 95% as of June 30, 2025. 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 revenue rate management program which helped increase existing tenant rates while optimizing store occupancy.
Current wording
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 September 30, 2025. 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 revenue rate management program which helped increase existing tenant rates while optimizing store occupancy.
Previous wording
For the three and six months ended June 30, 2025, same-store revenue increased 2.7%, or $84,068, and 2.9%, or $174,679 versus the same periods in 2024. Same-store average overall square foot occupancy for all of the Company’s same-store properties increased to 94.7% at June 30, 2025, up from 93.0% at June 30, 2024.
Current wording
For the three and nine months ended September 30, 2025, same-store revenue increased 0.8%, or $24,921, and 2.2%, or $199,600 versus the same periods in 2024. Same-store average overall square foot occupancy for all of the Company’s same-store properties increased to 93.2% at September 30, 2025, up from 91.5% at September 30, 2024.
Previous wording
Importantly, we continue to refine our ongoing 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 June 30, 2025, our average tenant duration of stay was approximately 3.4 years, which was up from approximately 3.3 years as of June 30, 2024.
Current wording
Importantly, we continue to refine our ongoing 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 September 30, 2025, our average tenant duration of stay was approximately 3.5 years, which was up from approximately 3.4 years as of September 30, 2024.
Previous wording
For the three months ended June 30, 2025 same-store cost of operations increased 0.7%, or $7,872, versus the same periods in 2024. This increase in same-store cost of operations for the three months ended June 30, 2025 was due primarily to increased expenses for utilities, lien administration, employment costs and the addition of cloud-based accounting software that is expected to improve efficiency. For the six months ended June 30, 2025 same-store cost of operations decreased 0.6%, or $14,345, versus the same period in 2024. This decrease in same-store cost of operations for the six months ended June 30, 2025 was due primarily to decreased expenses for employment costs and real estate property taxes.
Current wording
For the three months ended September 30, 2025 same-store cost of operations increased 7.4%, or $85,485, versus the same period in 2024. This increase in same-store cost of operations for the three months ended September 30, 2025 was due primarily to increased expenses for utilities, employment costs, and one-time repairs and maintenance. For the nine months ended September 30, 2025 same-store cost of operations increased 2.0%, or $71,140, versus the same period in 2024. This increase in same-store cost of operations for the nine months ended September 30, 2025 was due primarily to increased expenses for utilities and one-time repairs and maintenance.
Previous wording
Employment. On-site store manager, regional manager, and district manager payroll expense increased 1.7%, or $5,841, for the three months ended June 30, 2025 versus the same periods in 2024. The increase was due primarily to routine increases in compensation rates for existing employees. For the six months ended June 30, 2025 those payroll expenses decreased 4.1%, or $30,052 versus the same period in 2024. The decrease was due primarily to timing in employee departures and the hiring of those open positions. We currently expect inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores.
Current wording
Employment. On-site store manager, regional manager, and district manager payroll expense increased 9.5%, or $32,831, for the three months ended September 30, 2025 versus the same period in 2024. The increase was due primarily to timing in routine employee hiring and departures. For the nine months ended September 30, 2025 employment costs increased 0.3%, or $2,779 versus the same period in 2024. We currently expect inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores.
Previous wording
Real Estate Property Tax. Store property tax expense decreased 12.3%, or $50,772, and 11.6%, or $96,196, for the three and six months ended June 30, 2025, versus the same periods in 2024. We currently expect store property tax expense to be consistent during the rest of 2025. See the section titled “Property Tax Expenses at Dolton, IL” for additional detail regarding property tax relief obtained for our Dolton, IL property in 2024.
Current wording
Real Estate Property Tax. Store property tax expense decreased 1.8%, or $7,163, and 8.4%, or $103,360, for the three and nine months ended September 30, 2025, versus the same periods in 2024. We currently expect store property tax expense to be consistent during the rest of 2025. See the section titled “Property Tax Expenses at Dolton, IL” for additional detail regarding property tax relief obtained for our Dolton, IL property in 2024.
Previous wording
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 9.0%, or $19,352, and 15.9%, or $69,221, in the three and six months ended June 30, 2025, versus the same periods in 2024. We experienced an increase in administrative expenses for the due primarily to increased expenses for utilities, repairs and maintenance, and landscaping. We currently expect moderate increases in other direct store costs in 2025.
Current wording
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 25.5%, or $53,293, and 19.0%, or $122,514, in the three and nine months ended September 30, 2025, versus the same periods in 2024. We experienced an increase in administrative expenses for the three and nine months ended September 30, 2025, versus the same periods in 2024, due primarily to increased expenses for utilities and repairs and maintenance. We currently expect moderate increases in other direct store costs in 2025.
Previous wording
Repairs and Maintenance. Repairs and maintenance expense increased 8.7%, or $5,022, and 21.7%, or $19,459 for the three and six months ended June 30, 2025, versus the same periods in 2024. These expenses increased during the three months ended June 30, 2025 versus the same periods in 2024 primarily due to one-off repairs and maintenance.
Current wording
Repairs and Maintenance. Repairs and maintenance expense increased 44.0%, or $19,367, and 29.1%, or $38,826 for the three and nine months ended September 30, 2025, versus the same periods in 2024. These expenses increased during the three and nine months ended September 30, 2025, versus the same periods in 2024 primarily due to one-time repairs and maintenance.
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Current report — wording carried from elsewhere
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.
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Previous report — wording carried elsewhere
2025, versus the same periods in 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 partially offset by lower usage resulting in higher utility costs for the remainder of 2025.