Global Self Storage, Inc.

Previous wording

On July 6, 2021, certain wholly owned subsidiaries (“Amended Credit Facility Secured Subsidiaries”) of the Company entered into a first amendment to the Credit Facility Loan Agreement (collectively, the “Amended Credit Facility Loan Agreement”) between the Amended Credit Facility Secured Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank (“Amended Credit Facility Lender”). Under the Amended Credit Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries were able to borrow from the Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the “Amended Credit Facility Promissory Note”). The Amended Credit Facility Promissory Note bore an interest rate equal to 3% plus the greater of the One Month U.S. Dollar London Inter-Bank Offered Rate or 0.25% and was due to mature on July 6, 2024. The publication of LIBOR ceased after June 30, 2023. The Amended Credit Facility Loan Agreement provided for a replacement index based on the One Month Secured Overnight Financing Rate (“SOFR”). The interest rate on the Amended Credit Facility Promissory Note subsequent to June 30, 2023, was equal to 3% plus the greater of SOFR plus 0.11448% or 0.25%. The obligations under the Amended Credit Facility Loan Agreement were secured by certain real estate assets owned by the Amended Credit Facility Secured Subsidiaries. The Company entered into an amended and restated guaranty of payment on July 6, 2021 (“Amended Credit Facility Guaranty,” and together with the Amended Credit Facility Loan Agreement, the Amended Credit Facility Promissory Note and related instruments, the “Amended Credit Facility Loan Documents”) to guarantee the payment to the Amended Credit Facility Lender of certain obligations of the Amended Credit Facility

Current wording

On July 6, 2021, certain wholly owned subsidiaries (“Amended Credit Facility Secured Subsidiaries”) of the Company entered into a first amendment to the Credit Facility Loan Agreement (collectively, the “Amended Credit Facility Loan Agreement”) between the Amended Credit Facility Secured Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank (“Amended Credit Facility Lender”). Under the Amended Credit Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries were able to borrow from the Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the “Amended Credit Facility Promissory Note”). The Amended Credit Facility Promissory Note bore an interest rate equal to 3% plus the greater of the One Month U.S. Dollar London Inter-Bank Offered Rate or 0.25% and was due to mature on July 6, 2024. The publication of LIBOR ceased after June 30, 2023. The Amended Credit Facility Loan Agreement provided for a replacement index based on the One Month Secured Overnight Financing Rate (“SOFR”). The interest rate on the Amended Credit Facility Promissory Note subsequent to June 30, 2023, was equal to 3% plus the greater of SOFR plus 0.11448% or 0.25%. The obligations under the Amended Credit Facility Loan Agreement were secured by certain real estate assets owned by the Amended Credit Facility Secured Subsidiaries. The Company entered into an amended and restated guaranty of payment on July 6, 2021 (“Amended Credit Facility Guaranty,” and together with the Amended Credit Facility Loan Agreement, the Amended Credit Facility Promissory Note and related instruments, the “Amended Credit Facility Loan Documents”) to guarantee the payment to the Amended Credit Facility Lender of certain obligations of the Amended Credit Facility Secured Subsidiaries under the Amended Credit Facility Loan Agreement. The Company and the Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Amended Credit Facility Loan Documents. As described in more detail below, the Amended Credit Facility Loan Agreement has been replaced in its entirety by the Second Amended Credit Facility Loan Agreement on July 6, 2024.

Previous wording

On January 14, 2022, the Company entered into an At the Market Offering Sales Agreement (the “Prior Sales Agreement”) with B. Riley Securities, Inc. (the “Prior Sales Agent”) pursuant to which the Company may sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Prior Sales Agent. During the twelve months ended December 31, 2022, under the Prior Sales Agreement, the Company sold and issued an aggregate of 373,833 shares of common stock and raised aggregate gross proceeds of approximately $2,272,628, less sales commissions of approximately $45,491 and other offering costs resulting in net proceeds of $2,008,436. There were no shares of common stock sold during the three and six months ended June 30, 2026 and June 30, 2025 under the Prior Sales Agreement. Effective April 4, 2025, the Company delivered written notice to the Prior Sales Agent terminating the Prior Sales Agreement and entered into a new at market offering sales agreement with another sales agent.

Current wording

On January 14, 2022, the Company entered into an At the Market Offering Sales Agreement (the “Prior Sales Agreement”) with B. Riley Securities, Inc. (the “Prior Sales Agent”) pursuant to which the Company could 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. 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 the 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 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 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, 2026, the effective interest rate was approximately 6.6%. An annual unused facility fee is charged based on the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during the trailing twelve month period ending each June 30. The fee will be calculated at 0.25% per annum if the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during such trailing twelve month period was greater than fifty percent, and will be calculated at 0.15% if the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during such trailing twelve month period was less than or equal to fifty percent. The obligations under the Second Amended Credit Facility Loan Agreement are secured by certain real estate assets owned by the Second Amended Credit Facility Secured Subsidiaries. The Company entered into a second amended and restated guaranty of payment as of July 6, 2024 (“Second Amended Credit Facility Guaranty,” and together with the Second Amended Credit Facility Loan Agreement, the Second Amended Credit Facility Promissory Note and related instruments, the “Second Amended Credit Facility Loan Documents”) to guarantee the payment to the Second Amended Credit Facility Lender of certain obligations of the Second Amended Credit Facility Secured Subsidiaries under the Second Amended Credit Facility Loan Agreement. The Company and the Second Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Second Amended Credit Facility Loan Documents. The Company also maintains a bank account at the Second Amended Credit Facility Lender. As of June 30, 2026, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement. We currently intend to strategically withdraw proceeds available under the Second Amended Credit Facility Loan 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 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 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, 2026, the effective interest rate was approximately 6.9%. 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, 2026, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement. We currently intend to strategically withdraw proceeds available under the Second Amended Credit Facility Loa…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

On July 8, 2024, in connection with the Second Amended Credit Facility Loan Agreement, the Company entered into a swap transaction for an interest rate derivative with Huntington (the "Cap Rate Agreement") effective July 10, 2024. The notional amount and strike is $7,500,000 and 5.25%, respectively. The cost of the initial premium was $57,000 and will be carried as an asset on the balance sheet at fair value. The Cap Rate Agreement terminates on July 6, 2027.

Current wording

On July 8, 2024, in connection with the Second Amended Credit Facility Loan Agreement, the Company entered into a swap transaction for an interest rate derivative with Huntington (the "Cap Rate Agreement") effective July 10, 2024. The notional amount and strike rate are $7,500,000 and 5.25%, respectively. The cost of the initial premium was $57,000 and will be carried as an asset on the balance sheet at fair value. The Cap Rate Agreement terminates on July 6, 2027.

Previous wording

On April 4, 2025, the Company entered into an At the Market Offering Sales Agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners (the “Agent”) pursuant to which the Company may sell through the Agent, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000.

Current wording

On April 4, 2025, the Company entered into an At the Market Offering Sales Agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners (the “Agent”) pursuant to which the Company could 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 nine months ended September 30, 2026 under the Sales Agreement.

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, 2026. In addition, we may pursue third-party management opportunities of properties owned by certain affiliates or joint venture partners for a fee, and utilize such relationships with third-party owners as a source for future acquisitions and investment opportunities. As of June 30, 2026, 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, 2026. In addition, we may pursue third-party management opportunities of properties owned by certain affiliates or joint venture partners for a fee, and utilize such relationships with third-party owners as a source for future acquisitions and investment opportunities. As of September 30, 2026, 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

As of June 30, 2026, the Company had capital resources totaling approximately $24.9 million, comprised of $7.5 million of cash, cash equivalents, and restricted cash and $2.6 million of marketable securities as of June 30, 2026, and $14.8 million available for withdrawal under the Second Amended Credit Facility Loan Agreement. Capital resources derived from retained cash flow have been and are currently expected to continue to be negligible. Retained operating cash flow represents our expected cash flow provided by operating activities, less stockholder distributions and capital expenditures to maintain stores. These capital resources allow us to continue to execute our strategic business plan, which includes funding acquisitions, either directly or through joint ventures; expansion projects at our existing properties; and broadening our revenue base and pipeline of potential acquisitions through developing Global 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

As of September 30, 2026, the Company had capital resources totaling approximately $24.3 million, comprised of $7.5 million of cash, cash equivalents, and restricted cash and $2.3 million of marketable securities as of September 30, 2026, and $14.5 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

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 Iran and the United States, and Russia and Ukraine and the severe economic sanctions and export controls imposed by the U.S. and other governments against Russia and Russian interests, and Iran and Iranian interests, and the ongoing conflict between Israel and Hamas, financial and credit market volatility and disruptions, inflationary pressures, rising interest rate fluctuations, supply chain issues, tariff and international trade, labor shortages and recessionary concerns.

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 Iran and the United States, and Russia and Ukraine and the severe economic sanctions and export controls imposed by the U.S. and other governments against Russia and Russian interests, and Iran and Iranian interests, and the ongoing conflict between Israel and Hamas, financial and credit market volatility and disruptions, inflationary pressures, rising interest rates, supply chain issues, tariff and international trade disruptions, labor shortages and recessionary concerns.

Previous wording

Total revenues increased from $3,194,378 during the three months ended June 30, 2025 to $3,214,442 during the three months ended June 30, 2026, an increase of 0.6%, or $20,064. Rental income increased from $3,062,588 during the three months ended June 30, 2025 to $3,088,340 during the three months ended June 30, 2026, an increase of 0.8%, or $25,752. The increase was primarily attributable to increases to existing tenant rates under our proprietary revenue rate management program.

Current wording

Total revenues increased from $3,225,671 during the three months ended September 30, 2025 to $3,244,515 during the three months ended September 30, 2026, an increase of 0.6%, or $18,844. Rental income increased from $3,099,499 during the three months ended September 30, 2025 to $3,117,927 during the three months ended September 30, 2026, an increase of 0.6%, or $18,428. The increase was primarily attributable to increases to 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 decreased from $220,878 during the six months ended June 30, 2025 to $212,394 during the six months ended June 30, 2026, a decrease of 3.8%, or $8,484. The decrease was primarily attributable to lower merchandise sales as a result of our complimentary high security lock with new rentals marketing promotion.

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 $107,911 during the three months ended September 30, 2025 to $108,013 during the three months ended September 30, 2026, an increase of 0.1%, or $102.

Previous wording

Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income decreased from $18,782 during the three months ended June 30, 2025 to $18,539 during the three months ended June 30, 2026.

Current wording

Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $18,261 during the three months ended September 30, 2025 to $18,575 during the three months ended September 30, 2026.

Previous wording

Total operating expenses increased from $2,365,453 during the three months ended June 30, 2025 to $2,520,654 during the three months ended June 30, 2026, an increase of 6.6%, or $155,201, which was attributable primarily to an increase in store operating expenses and an increase in general and administrative expenses. Store operating expenses increased from $1,179,041 during the three months ended June 30, 2025 to $1,274,710 during the three months ended June 30, 2026, an increase of 8.1%, or $95,669. We experienced an increase in store operating expenses for the three months ended June 30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes.

Current wording

Total operating expenses decreased from $2,497,241 during the three months ended September 30, 2025 to $2,467,301 during the three months ended September 30, 2026, a decrease of 1.2%, or $29,940, which was attributable primarily to a decrease in general and administrative expenses, partially offset by an increase in store operating expenses. Store operating expenses increased from $1,239,432 during the three months ended September 30, 2025 to $1,270,485 during the three months ended September 30, 2026, an increase of 2.5%, or $31,053. We experienced an increase in store operating expenses for the three months ended September 30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes, partially offset by a decrease in marketing expenses.

Previous wording

Depreciation and amortization increased from $407,717 during the three months ended June 30, 2025 to $415,265 during the three months ended June 30, 2026.

Current wording

Depreciation and amortization increased from $409,303 during the three months ended September 30, 2025 to $416,324 during the three months ended September 30, 2026.

Previous wording

As a result of the operating effects noted above, operating income decreased from $1,552,592 during the six months ended June 30, 2025 to $1,265,565 during the six months ended June 30, 2026, a decrease of 18.5%, or $287,027.

Current wording

As a result of the operating effects noted above, operating income increased from $728,430 during the three months ended September 30, 2025 to $777,214 during the three months ended September 30, 2026, an increase of 6.7%, or $48,784.

Previous wording

Interest expense on debt decreased from $214,392 during the three months ended June 30, 2025 to $203,038 during the three months ended June 30, 2026. This decrease was attributable to a lower principal balance outstanding.

Current wording

Interest expense on debt decreased from $209,142 during the three months ended September 30, 2025 to $200,286 during the three months ended September 30, 2026. This decrease was attributable to a lower principal balance outstanding.

Previous wording

Dividend, interest, and other income was $73,130 during the three months ended June 30, 2025 and $72,471 during the three months ended June 30, 2026.

Current wording

Dividend, interest, and other income was $75,675 during the three months ended September 30, 2025 and $68,995 during the three months ended September 30, 2026.

Previous wording

The change in unrealized gains and losses on marketable equity securities was an unrealized loss of $23,447 during the three months ended June 30, 2025 and an unrealized gain of $266,394 during the three months ended June 30, 2026.

Current wording

The change in unrealized gains and losses on marketable equity securities was an unrealized loss of $98,704 during the three months ended September 30, 2025 and an unrealized loss of $229,231 during the three months ended September 30, 2026.

Previous wording

For the three months ended June 30, 2025, net income was $664,216, or $0.06 per fully diluted share, and for the three months ended June 30, 2026, net income was $829,615, or $0.07 per fully diluted share.

Current wording

For the three months ended September 30, 2025, net income was $496,259, or $0.04 per fully diluted share, and for the three months ended September 30, 2026, net income was $416,692, or $0.04 per fully diluted share.

Previous wording

Results of Operations for the Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025

Current wording

Results of Operations for the Nine Months Ended September 30, 2026 Compared with the Nine Months Ended September 30, 2025

Previous wording

Total revenues increased from $6,320,682 during the six months ended June 30, 2025 to $6,388,196 during the six months ended June 30, 2026 an increase of 1.1%, or $67,514. Rental income increased from $6,062,640 during the six months ended June 30, 2025 to $6,138,644 during the six months ended June 30, 2026, an increase of 1.3%, or $76,004. The increase was primarily attributable to increases in existing tenant rates under our proprietary revenue rate management program.

Current wording

Total revenues increased from $9,546,353 during the nine months ended September 30, 2025 to $9,632,710 during the nine months ended September 30, 2026, an increase of 0.9%, or $86,357. Rental income increased from $9,162,139 during the nine months ended September 30, 2025 to $9,256,571 during the nine months ended September 30, 2026, an increase of 1.0%, or $94,432. The increase was primarily attributable to increases in 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 decreased from $113,008 during the three months ended June 30, 2025 to $107,563 during the three months ended June 30, 2026, a decrease of 4.8%, or $5,445. The decrease was primarily attributable to lower merchandise sales as a result of our complimentary high security lock with new rentals marketing promotion.

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 $328,789 during the nine months ended September 30, 2025 to $320,407 during the nine months ended September 30, 2026, a decrease of 2.5%, or $8,382. 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 decreased from $37,164 during the six months ended June 30, 2025 to $37,158 during the six months ended June 30, 2026.

Current wording

Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $55,425 during the nine months ended September 30, 2025 to $55,732 during the nine months ended September 30, 2026.

Previous wording

Total operating expenses increased from $4,768,090 during the six months ended June 30, 2025 to $5,122,631 during the six months ended June 30, 2026, an increase of 7.4%, or $354,541, which was attributable to an increase in store-level operating expenses and an increase in general and administrative expenses. Store operating expenses increased from $2,387,940 during the six months ended June 30, 2025 to $2,605,053 during the six months ended June 30, 2026, an increase of 9.1%, or $217,113. We experienced an increase in store operating expenses for the six months ended June 30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes.

Current wording

Total operating expenses increased from $7,265,330 during the nine months ended September 30, 2025 to $7,589,932 during the nine months ended September 30, 2026, an increase of 4.5%, or $324,602, which was attributable to an increase in store-level operating expenses and an increase in general and administrative expenses. Store operating expenses increased from $3,627,372 during the nine months ended September 30, 2025 to $3,875,538 during the nine months ended September 30, 2026, an increase of 6.8%, or $248,166. We experienced an increase in store operating expenses for the nine months ended September 30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes, partially offset by decreases in marketing expenses, property insurance, and information technology.

Previous wording

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

Current wording

General and administrative expenses increased from $2,391,807 during the nine months ended September 30, 2025 to $2,470,390 during the nine months ended September 30, 2026, an increase of 3.3%, or $78,583. The increase in general and administrative expenses during this period is primarily attributable to an increase in employment costs.

Previous wording

Depreciation and amortization increased from $814,563 during the six months ended June 30, 2025 to $827,680 during the six months ended June 30, 2026.

Current wording

Depreciation and amortization increased from $1,223,865 during the nine months ended September 30, 2025 to $1,244,004 during the nine months ended September 30, 2026.

Previous wording

As a result of the operating effects noted above, operating income decreased from $828,925 during the three months ended June 30, 2025 to $693,788 during the three months ended June 30, 2026, a decrease of 16.3%, or $135,137.

Current wording

As a result of the operating effects noted above, operating income decreased from $2,281,023 during the nine months ended September 30, 2025 to $2,042,778 during the nine months ended September 30, 2026, a decrease of 10.4%, or $238,245.

Previous wording

Interest expense on debt decreased from $438,161 during the six months ended June 30, 2025 to $406,916 during the six months ended June 30, 2026. This decrease was attributable to a lower principal balance outstanding.

Current wording

Interest expense on debt decreased from $647,303 during the nine months ended September 30, 2025 to $607,201 during the nine months ended September 30, 2026. This decrease was attributable to a lower principal balance outstanding and an increase in the mark-to-market gain on the interest rate cap.

Previous wording

Dividend, interest, and other income was $141,729 during the six months ended June 30, 2025 and $144,721 during the six months ended June 30, 2026.

Current wording

Dividend, interest, and other income was $217,404 during the nine months ended September 30, 2025 and $213,716 during the nine months ended September 30, 2026.

Previous wording

The change in unrealized gains and losses on marketable equity securities was an unrealized loss of $36,792 during the six months ended June 30, 2025 and an unrealized gain of $303,264 during the six months ended June 30, 2026.

Current wording

The change in unrealized gains and losses on marketable equity securities was an unrealized loss of $135,497 during the nine months ended September 30, 2025 and an unrealized gain of $74,033 during the nine months ended September 30, 2026.

Previous wording

For the six months ended June 30, 2025, net income was $1,219,368, or $0.11 per fully diluted share, and for the six months ended June 30, 2026, net income was $1,306,634, or $0.11 per fully diluted share.

Current wording

For the nine months ended September 30, 2025, net income was $ 1,715,627, or $0.15 per fully diluted share, and for the nine months ended September 30, 2026, net income was $1,723,326, or $0.15 per fully diluted share.

Previous wording

Distributions for each of the six months ended June 30, 2026 and 2025 were $0.1450 per share. The Company’s closing market price as of June 30, 2026 and June 30, 2025 was $5.24 and $5.34, 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, 2026 and 2025 were $0.2175 per share. The Company’s closing market price as of September 30, 2026 and September 30, 2025 was $4.91 and $5.03, 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, 2026.

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, 2026.

Previous wording

Same-store revenues increased by 0.6% and 1.1% for the three and six months ended June 30, 2026 versus the same periods in 2025. Same-store cost of operations increased by 8.1% and 9.1% for the three and six months ended June 30, 2026 versus the same periods in 2025. Same-store NOI decreased by 3.8% for the three and six months ended June 30, 2026 versus the same periods in 2025. The decrease in same-store NOI during the three and six months ended June 30, 2026 was due primarily to an increase in store operating expenses.

Current wording

Same-store revenues increased by 0.6% and 0.9% for the three and nine months ended September 30, 2026 versus the same periods in 2025. Same-store cost of operations increased by 2.5% and 6.8% for the three and nine months ended September 30, 2026 versus the same periods in 2025. Same-store NOI decreased by 0.6% and 2.8% for the three and nine months ended September 30, 2026 versus the same periods in 2025. The decrease in same-store NOI during the three and nine months ended September 30, 2026 was due primarily to an increase in store operating expenses.

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

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 92.9% as of September 30, 2026. Also, contributing to our results were our customer service efforts which we believe were essential in building local brand loyalty, resulting in strong referral and word-of-mouth market demand for our storage units and services. Another contributing factor to our results was our competitor move-in rate metrics analysis which employs internet data scraping and other methods to help keep our storage unit move-in rates “in the market,” and our proprietary revenue rate management program which helped increase existing tenant rates while optimizing store occupancy.

Previous wording

For the three and six months ended June 30, 2026, same-store revenue increased 0.6%, or $20,307, and 1.1%, or $67,520, versus the same periods in 2025. Same-store average overall square foot occupancy for all of the Company’s same-store properties was 94.7% as of June 30, 2026 and June 30, 2025.

Current wording

For the three and nine months ended September 30, 2026, same-store revenue increased 0.6%, or $18,530, and 0.9%, or $86,050, versus the same periods in 2025. Same-store average overall square foot occupancy for all of the Company’s same-store properties decreased to 92.9% as of September 30, 2026, down from 93.2% as of September 30, 2025.

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 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, 2026, our average tenant duration of stay was approximately 3.6 years, which was up from approximately 3.4 years as of June 30, 2025.

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 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, 2026, our average tenant duration of stay was approximately 3.7 years, which was up from approximately 3.5 years as of September 30, 2025.

Previous wording

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

Current wording

For the three and nine months ended September 30, 2026, same-store cost of operations increased by 2.5%, or $31,053, and 6.8%, or $248,166, versus the same periods in 2025. This increase in same-store cost of operations was due primarily to increased expenses for employment costs and real estate property taxes, partially offset by a decrease in marketing expenses.

Previous wording

Employment. On-site store manager, regional manager, and district manager payroll expense increased 14.2%, or $50,597, and 17.8%, or $124,968 for the three and six months ended June 30, 2026, versus the same periods in 2025. The increase was due primarily to timing of routine employee hiring and departures and increased medical insurance expenses. We currently expect growth of store-level employment costs related to employee headcount to return to lower historic levels, which will be partially offset by inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores.

Current wording

*Employment.*On-site store manager, regional manager, and district manager payroll expense increased 5.8%, or $22,025, and 13.6%, or $146,993 for the three and nine months ended September 30, 2026, versus the same periods in 2025. The increase was due primarily to timing of routine employee hiring and departures and increased medical insurance expenses. We currently expect growth of store-level employment costs related to employee headcount to return to lower historic levels, which will be partially offset by inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores.

Previous wording

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

Current wording

Real Estate Property Tax. Store property tax expense increased 13.2%, or $51,707, and 16.2%, or $182,792 for the three and nine months ended September 30, 2026, versus the same periods in 2025. The increase was due primarily to increased property assessment valuations for certain properties in our portfolio. We are taking steps to appeal these reassessments as they arise, but there is no guarantee that these increased assessments will be reduced.

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 0.2%, or $433, and 0.5%, or $2,521 in the three and six months ended June 30, 2026, versus the same periods in 2025. We currently expect inflationary increases in administrative costs during the remainder of 2026.

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 3.7%, or $9,790, and 1.0%, or $7,269 in the three and nine months ended September 30, 2026, versus the same periods in 2025. We currently expect inflationary increases in administrative costs during the remainder of 2026.