Global Self Storage, Inc.
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 25, 2026
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-K
Period ended 2024-12-31; filed 2025-03-26.
0000950170-25-045186
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-25.
0001193125-26-124051
Item 7. 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 92 previous paragraphs and 95 current paragraphs.
60 unchanged; 30 reworded; 3 added; 2 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 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
General and administrative expenses decreased $36,047 for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
Current report
Interest expense on debt decreased from $880,744 during the year ended December 31, 2024 to $854,052 during the year ended December 31, 2025, a decrease of 3.0% or $26,692. This decrease was attributable to lower principal balance outstanding.
Current report
In 2025, the Company began reviewing plans to convert certain student housing space to approximately 2,400 leasable square feet of all-climate-controlled units at the Lima, OH property. In January 2026, the Company completed such conversion, resulting in a new total of 763 units and 94,931 leasable square feet at the Lima, OH property. Upon completion, total area occupancy was approximately 90.6%. This conversion did not constitute a significant renovation or expansion because it only added approximately 2,400 leasable square feet of self storage to the property. As such, our Lima, OH property remained a same store property.
Removed paragraphs (2)
Previous report
General and administrative expenses increased $382,473 for the year ended December 31, 2024 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.
Previous report
Interest expense on loans increased from $846,406 during the year ended December 31, 2023 to $880,744 during the year ended December 31, 2024, an increase of 4.1% or $34,338. This increase was attributable to a decrease in cash settlements under the interest rate cap.
Reworded paragraphs (30)
Previous wording
On January 14, 2022, the Company entered into an At Market Offering Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Agent. During the twelve months ended December 31, 2022, under the Sales Agreement, the Company sold and issued an aggregate of 373,833 shares of common stock and raised aggregate gross proceeds of approximately $2,272,628, less sales commissions of approximately $45,491 and other offering costs resulting in net proceeds of $2,008,436. There were no shares of common stock sold during the three and twelve months ended December 31, 2024 under the Sales Agreement.
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 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, 2025 under the Prior Sales Agreement.
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 December 31, 2024, the effective interest rate was approximately 7.56%. 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 December 31, 2024, 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 Agreemen…
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 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 December 31, 2025, the effective interest rate was approximately 6.8%. 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 December 31, 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
Previous wording
The Company currently has capital resources totaling approximately $24.8 million, comprised of $7.2 million of cash, cash equivalents, and restricted cash, and $2.6 million of marketable securities as of December 31, 2024, and $15 million available for withdrawal under the Second Amended Credit Facility Loan Agreement. 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. The Company's 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, with emphasis on 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 $24.5 million, comprised of $7.5 million of cash, cash equivalents, and restricted cash, and $2.3 million of marketable securities as of December 31, 2025, and $14.7 million available for withdrawal under the Second Amended Credit Facility Loan Agreement. 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. The Company's 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, with emphasis on 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
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, financial and credit market volatility and disruptions, inflationary pressures, interest rate fluctuations, supply chain issues, labor shortages and recessionary concerns.
Current wording
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.
Previous wording
Total revenues increased from $12,190,715 during the year ended December 31, 2023 to $12,530,280 during the year ended December 31, 2024, an increase of 2.8% or $339,565. Rental income increased from $11,719,165 during the year ended December 31, 2023 to $12,024,552 during the year ended December 31, 2024, an increase of 2.6% or $305,387. The increase in total revenues was due primarily to increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates.
Current wording
Total revenues increased from $12,530,280 during the year ended December 31, 2024 to $12,705,245 during the year ended December 31, 2025, an increase of 1.4% or $174,965. Rental income increased from $12,024,552 during the year ended December 31, 2024 to $12,196,698 during the year ended December 31, 2025, an increase of 1.4% or $172,146. The increase in total revenues was due primarily to increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates.
Previous wording
Other store related income consists of customer insurance fees, sales of storage supplies, and other ancillary revenues. Other store related income increased from $392,577 in the year ended December 31, 2023 to $435,167 in the year ended December 31, 2024, an increase of 10.8% or $42,590. The increase was primarily attributable to an increase in insurance administration fees at our wholly-owned properties.
Current wording
Other store related income consists of customer insurance fees, sales of storage supplies, and other ancillary revenues. Other store related income decreased from $435,167 in the year ended December 31, 2024 to $434,804 in the year ended December 31, 2025, a decrease of 0.1% or $363.
Previous wording
Total expenses increased from $9,079,462 during the year ended December 31, 2023 to $9,635,952 during the year ended December 31, 2024, an increase of 6.1% or $556,490, which was primarily due to an increase in certain general and administrative expenses and store operating expenses. Store operating expenses increased from $4,549,038 in the year ended December 31, 2023 to $4,739,995 in the year ended December 31, 2024, an increase of 4.2% or $190,957, which was primarily due to increased expenses in employment, repairs and maintenance, and insurance.
Current wording
Total expenses increased from $9,635,952 during the year ended December 31, 2024 to $9,743,894 during the year ended December 31, 2025, an increase of 1.1% or $107,942, which was primarily due to an increase in certain store operating expenses. Store operating expenses increased from $4,739,995 in the year ended December 31, 2024 to $4,864,402 in the year ended December 31, 2025, an increase of 2.6% or $124,407, which was primarily due to increased expenses in employment and utilities.
Previous wording
Depreciation and amortization increased from $1,634,044 in the year ended December 31, 2023 to $1,634,147 in the year ended December 31, 2024.
Current wording
Depreciation and amortization increased from $1,634,147 in the year ended December 31, 2024 to $1,634,480 in the year ended December 31, 2025.
Previous wording
Business development, capital raising, and store acquisition expenses decreased from $20,080 to $3,037 during the year ended December 31, 2024 as compared to the year ended December 31, 2023. 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.
Current wording
Business development, capital raising, and store acquisition expenses increased from $3,037 to $22,286 during the year ended December 31, 2025 as compared to the year ended December 31, 2024. These costs primarily consisted of consulting costs in connection with business development, capital raising, and future potential store acquisitions, and expenses related to our third party management platform marketing initiatives. The majority of these expenses are non-recurring and fluctuate based on business development activity during the time period.
Previous wording
Operating income decreased from $3,111,253 during the year ended December 31, 2023 to $2,894,328 during the year ended December 31, 2024, a decrease of 7.0% or $216,925, which was primarily due to increased total expenses.
Current wording
Operating income increased from $2,894,328 during the year ended December 31, 2024 to $2,961,351 during the year ended December 31, 2025, an increase of 2.3% or $67,023, which was primarily due to increased rental income, which was partially offset by increased total expenses.
Previous wording
Dividend and interest income was $276,201 during the year ended December 31, 2024 as compared to $265,046 during the year ended December 31, 2023. The increase was attributable to interest earned on increased cash balances.
Current wording
Dividend and interest income was $288,573 during the year ended December 31, 2025 as compared to $276,201 during the year ended December 31, 2024. The increase was attributable to interest earned on increased cash balances.
Previous wording
The Company recognizes changes in the fair value of its investments in equity securities with readily determinable fair values in net income and, as such, recorded an unrealized loss of $166,042 for the year ended December 31, 2024 compared to an unrealized gain of $408,876 during the year ended December 31, 2023.
Current wording
The Company recognizes changes in the fair value of its investments in equity securities with readily determinable fair values in net income and comprehensive income and, as such, recorded an unrealized loss of $357,421 for the year ended December 31, 2025 compared to an unrealized loss of $166,042 during the year ended December 31, 2024.
Previous wording
For the year ended December 31, 2024, net income was $2,123,743 or $0.19 per fully diluted share. For the year ended December 31, 2023, net income was $2,938,769 or $0.26 per fully diluted share.
Current wording
For the year ended December 31, 2025, net income was $2,038,451 or $0.18 per fully diluted share. For the year ended December 31, 2024, net income was $2,123,743 or $0.19 per fully diluted share.
Previous wording
Same-store occupancy as of the end of the three months and year ended December 31, 2024 increased by 360 basis points to 92.9% from 89.3% for the same period in 2023.
Current wording
Same-store occupancy as of the end of the three months and year ended December 31, 2025 increased by 10 basis points to 93.0% from 92.9% for the same period in 2024.
Previous wording
Same-store revenues increased by 7.0% for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased by 2.9% for the year ended December 31, 2024 versus the year ended December 31, 2023. Same-store cost of operations increased by 0.8% for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased by 4.2% for the twelve months ended December 31, 2024 versus the twelve months ended December 31, 2023. Same-store NOI increased by 11.2% for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased by 2.1% for the twelve months ended December 31, 2024 versus the twelve months ended December 31, 2023. The increase in same-store NOI was due primarily to an increase in same-store revenues.
Current wording
Same-store revenues decreased by 0.9% for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased by 1.4% for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024. Same-store cost of operations increased by 4.5% for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased by 2.6% for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024. Same-store NOI decreased by 4.1% for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased by 0.6% for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 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.
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 90% as of December 31, 2024. Also contributing to our results were our customer service efforts which we believe were essential in building local brand loyalty resulting in powerful referral and word-of-mouth market demand for our storage units and services.
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 December 31, 2025. Also contributing to our results were our customer service efforts which we believe were essential in building local brand loyalty resulting in powerful referral and word-of-mouth market demand for our storage units and services.
Previous wording
For the three and twelve months ended December 31, 2024, revenue increased 7.0% and 2.9%, respectively, as compared to the same periods in 2023. The increase in the twelve months ended December 31, 2024 was attributable to, among other things, increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates. Same store average overall square foot occupancy for all of the Company’s same-stores combined increased by 360 basis points to 92.9% in the twelve months ended December 31, 2024 from 89.3% in the twelve months ended December 31, 2023.
Current wording
For the three and twelve months ended December 31, 2025, revenue decreased 0.9% and increased 1.4%, respectively, as compared to the same periods in 2024. The increase in the twelve months ended December 31, 2025 was attributable to, among other things, increased occupancy rates, and the results of our proprietary revenue rate management program of raising existing tenant rates. Same store average overall square foot occupancy for all of the Company’s same-stores combined increased by 10 basis points to 93.0% in the twelve months ended December 31, 2025 from 92.9% in the twelve months ended December 31, 2024.
Previous wording
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, our average tenant duration of stay was approximately 3.4 years, which was about the same as of December 31, 2023.
Current wording
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, 2025, our average tenant duration of stay was approximately 3.5 years, which was up from 3.4 years as of December 31, 2024.
Previous wording
Same-store cost of operations increased 0.8% or $9,105 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 4.2% or $190,957 for the twelve months ended December 31, 2024 versus the twelve months ended December 31, 2023. This increase in same-store cost of operations for the twelve months ended December 31, 2024 was due primarily to increased expenses for employment, repairs and maintenance, and insurance.
Current wording
Same-store cost of operations increased 4.5% or $53,268 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 2.6% or $124,407 for the twelve months ended December 31, 2025 versus the twelve months ended December 31, 2024. This increase in same-store cost of operations for the twelve months ended December 31, 2025 was due primarily to increased expenses for employment and utilities.
Previous wording
Employment. On-site store manager, regional manager and district payroll expense decreased 1.6% or $5,325 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 6.3% or $84,112 for the twelve months ended December 31, 2024 as compared to the same period in 2023. This increase for 2024 versus 2023 was due primarily to routine employee additions and departures, and inflationary increases in compensation rates for existing employees. We currently expect inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores as well as district, regional, and store managers.
Current wording
Employment. On-site store manager, regional manager and district payroll expense increased 18.1% or $60,584 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 4.5% or $63,363 for the twelve months ended December 31, 2025 as compared to the same period in 2024. This increase for 2025 versus 2024 was due primarily to routine employee additions and departures, and inflationary increases in compensation rates for existing employees. We currently expect inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores as well as district, regional, and store managers.
Previous wording
Real Estate Property Tax. Store property tax expense decreased 14.2% or $65,620 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and decreased 3.6% or $60,926 for the twelve months ended December 31, 2024 as compared to the same period in 2023. The decrease in property tax expense during the year ended December 31, 2024 is primarily due to property tax relief obtained for our Dolton, IL property in 2024, which was partially offset by our increased property assessment valuations. See the section titled “Property Tax Expenses at Dolton, IL” for additional detail. We currently expect same-store property tax expenses to increase during 2025, primarily due to increased property assessment valuations.
Current wording
Real Estate Property Tax. Store property tax expense increased 0.4% or $1,739 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and decreased 6.2% or $101,621 for the twelve months ended December 31, 2025 as compared to the same period in 2024. The decrease in property tax expense during the year ended December 31, 2025 is primarily due to property tax relief obtained for our Dolton, IL property in 2024, which was partially offset by our increased property assessment valuations. See the section titled “Property Tax Expenses at Dolton, IL” for additional detail. We currently expect same-store property tax expenses to increase during 2026, primarily due to increased property assessment valuations.
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 42.7% or $75,033 in the three months ended December 31, 2024 as compared to the same period in 2023, and increased 10.4% or $84,472 in the twelve months ended December 31, 2024 as compared to the same period in 2023. We experienced an increase in administrative expenses for the year ended December 31, 2024 due primarily to increased repairs and maintenance 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.
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 decreased 11.4% or $28,618 in the three months ended December 31, 2025 as compared to the same period in 2024, and increased 10.5% or $93,896 in the twelve months ended December 31, 2025 as compared to the same period in 2024. We experienced an increase in administrative expenses for the year ended December 31, 2025 due primarily to increased utilities and landscaping expense. We currently expect moderate increases in other direct store costs in 2026.
Previous wording
Repairs and maintenance expense increased 201% or $63,464 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 29.1% or $51,467 for the twelve months ended December 31, 2024 as compared to the same period in 2023. We experienced an increase in repairs and maintenance expense for the year ended December 31, 2024 due primarily to an increased number of one-off repairs in 2024 as compared to 2023.
Current wording
Repairs and maintenance expense decreased 55.6% or $52,813 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and decreased 6.1% or $13,987 for the twelve months ended December 31, 2025 as compared to the same period in 2024. We experienced a decrease in repairs and maintenance expense for the year ended December 31, 2025 due primarily to a decreased number of one-off repairs in 2025 as compared to 2024.
Previous wording
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 increased 9.4% or $4,736 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and decreased 2.0% or $5,296 for the twelve months ended December 31, 2024 as compared to the same period in 2023, primarily due to lower energy usage during the twelve months ended December 31, 2024 versus the same periods in 2023. 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.
Current wording
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 decreased 4.7% or $2,576 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 25.7% or $65,364 for the twelve months ended December 31, 2025 as compared to the same period in 2024, primarily due to higher energy usage during the twelve months ended December 31, 2025 versus the same periods in 2024. It is difficult to estimate future utility costs because weather, temperature, and energy prices are volatile and unpredictable. However, based upon current trends and expectations regarding commercial electricity rates, we currently expect inflationary increases in rates resulting in higher net utility costs in 2026.
Previous wording
Landscaping expenses, which include snow removal costs, decreased 1.0% or $244 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 12.2% or $12,124 in the twelve months ended December 31, 2024 compared to the same period in 2023. The increase in landscaping expense in the twelve months ended December 31, 2024 versus the same period in 2023 is primarily due to higher snow removal costs. Landscaping expense levels are dependent upon many factors such as weather conditions, which can impact landscaping needs including, among other things, snow removal, inflation in material and labor costs, and random events. We currently expect inflationary increases in landscaping expense in 2025, excluding snow removal expense, which is primarily weather dependent and unpredictable.
Current wording
Landscaping expenses, which include snow removal costs, increased 99.9% or $24,077 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 28.6% or $31,810 in the twelve months ended December 31, 2025 compared to the same period in 2024. The increase in landscaping expense in the twelve months ended December 31, 2025 versus the same period in 2024 is primarily due to higher snow removal costs. Landscaping expense levels are dependent upon many factors such as weather conditions, which can impact landscaping needs including, among other things, snow removal, inflation in material and labor costs, and random events. We currently expect inflationary increases in landscaping expense in 2026, excluding snow removal expense, which is primarily weather dependent and unpredictable.
Previous wording
Marketing. Marketing expense is comprised principally of internet advertising and the operating costs of our 24/7 kiosk and telephone call and reservation center. Marketing expense varies based upon demand, occupancy levels, and other factors. Internet advertising, in particular, can increase or decrease significantly in the short term in response to these factors. Marketing expense increased 5.2% or $4,206 for the three months ended December 31, 2024 versus the three months ended December 31, 2023, and increased 0.2% or $786 for the twelve months ended December 31, 2024 as compared to the same period in 2023. Based upon current trends in move-ins, move-outs, and occupancies, we currently expect marketing expense to increase in 2025.
Current wording
Marketing. Marketing expense is comprised principally of internet advertising and the operating costs of our 24/7 kiosk and telephone call and reservation center. Marketing expense varies based upon demand, occupancy levels, and other factors. Internet advertising, in particular, can increase or decrease significantly in the short term in response to these factors. Marketing expense increased 13.1% or $11,272 for the three months ended December 31, 2025 versus the three months ended December 31, 2024, and increased 6.9% or $23,497 for the twelve months ended December 31, 2025 as compared to the same period in 2024. Based upon current trends in move-ins, move-outs, and occupancies, we currently expect marketing expense to increase in 2026.
Previous wording
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 decreased 2.2% or $2,377 in the three months ended December 31, 2024 as compared to the same period in 2023, and increased 25.7% or $90,352 in the twelve months ended December 31, 2024 as compared to the same period in 2023. The increase in general expense in the twelve months ended December 31, 2024 versus the same period in 2023 is primarily due to increased insurance expense. We currently expect moderate increases in other direct store costs in 2025.
Current wording
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 increased 3.1% or $3,360 in the three months ended December 31, 2025 as compared to the same period in 2024, and increased 6.0% or $26,498 in the twelve months ended December 31, 2025 as compared to the same period in 2024. The increase in general expense in the twelve months ended December 31, 2025 versus the same period in 2024 is primarily due to the addition of cloud-based accounting software that is expected to improve efficiency. We currently expect moderate increases in other direct store costs in 2026.
Previous wording
Lien Administration. Lien administration expenses decreased 7.6% or $412 in the three months ended December 31, 2024 as compared to the same period in 2023, and increased 2.7% or $543 in the twelve months ended December 31, 2024 as compared to the same period in 2023.
Current wording
Lien Administration. Lien administration expenses increased 57.9% or $2,888 in the three months ended December 31, 2025 as compared to the same period in 2024, and increased 30.0% or $6,148 in the twelve months ended December 31, 2025 as compared to the same period in 2024.
Previous wording
FFO increased 14.0%, or $130,562 and decreased 5.8%, or $240,005, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023. FFO per diluted share increased from $0.08 per share to $0.10 per share, and decreased from $0.38 per share to $0.35 per share, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023. AFFO increased 16.0%, or $162,532, and decreased 2.8%, or $124,442, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023. AFFO per diluted share increased from $0.09 per share to $0.11 per share, and decreased from $0.40 per share to $0.38 per share, for the three and twelve months ended December 31, 2024, respectively, versus the same periods in 2023.
Current wording
FFO decreased 10.1%, or $107,878 and increased 2.7%, or $106,420, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024. FFO per diluted share decreased from $0.10 per share to $0.08 per share, and increased from $0.35 per share to $0.36 per share, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024. AFFO decreased 9.8%, or $115,669, and increased 3.4%, or $143,644, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024. AFFO per diluted share decreased from $0.11 per share to $0.09 per share, and increased from $0.38 per share to $0.39 per share, for the three and twelve months ended December 31, 2025, respectively, versus the same periods in 2024.
Previous wording
The change in the unrealized gain on the Company’s investment in marketable equity securities decreased $166,042 and increased $408,876 for the years ended December 31, 2024 and 2023, respectively. As we continue to acquire and/or redevelop additional stores, as part of the funding for such activities, we may liquidate our investment in marketable equity securities and potentially realize gains or losses. As of December 31, 2024, our cumulative unrealized gain on marketable equity securities was $1,853,500. There were no realized gains or losses for the years ended December 31, 2024 and 2023.
Current wording
The unrealized loss on the Company’s investment in marketable equity securities was $357,421 and $166,042 for the years ended December 31, 2025 and 2024, respectively. As we continue to acquire and/or redevelop additional stores, as part of the funding for such activities, we may liquidate our investment in marketable equity securities and potentially realize gains or losses. As of December 31, 2025, our cumulative unrealized gain on marketable equity securities was $1,496,079. There were no realized gains or losses for the years ended December 31, 2025 and 2024.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
On April 4, 2025, the Company entered into an At Market Offering Sales Agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners (the “Agent”) pursuant to which the Company may sell through the Agent, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000. There were no shares of common stock sold during the three and twelve months ended December 31, 2025 under the Sales Agreement.