Core Insights - Merrell has launched a limited-edition footwear collaboration with LONELY GHOST, marking the first-ever partnership between the two brands [1] - The new product, Moab Speed 2 Vent 2K, is designed specifically for the next-generation female explorer [1] - The collaboration emphasizes the importance of outdoor activities and encourages consumers to embrace nature [1] Company Overview - Merrell is recognized as a global leader in hiking and outdoor footwear [1] - LONELY GHOST is described as a cult-favorite lifestyle brand, indicating a strong following and brand loyalty [1] Product Details - The Moab Speed 2 Vent 2K is a limited-edition capsule product [1] - The collaboration aims to celebrate the simple power of stepping outside, aligning with current trends in outdoor exploration and lifestyle [1]

Core Viewpoint - Global Self Storage, Inc. (SELF) reported a mixed performance in its second quarter of 2025, with revenue growth but underperformance compared to the S&P 500 Index [1][2]. Financial Performance - Total revenues for the second quarter of 2025 reached $3.2 million, a 2.7% increase from $3.1 million in the same period last year [2]. - Net income rose to $0.7 million, or $0.06 per diluted share, reflecting a 12.3% increase from $0.6 million, or $0.05 per diluted share, in the prior year [2]. - Funds from operations (FFO) increased by 18.9% year over year to $1.1 million, or $0.10 per diluted share, compared to $0.9 million, or $0.08 per diluted share, in the previous year [2]. - Adjusted FFO (AFFO) also rose 17.5% to $1.2 million, or $0.10 per diluted share, from $0.9 million, or $0.09 per diluted share, in the year-ago quarter [2]. Operational Metrics - Same-store revenues increased by 2.7% to $3.2 million, driven by higher occupancy rates [3]. - Same-store net operating income (NOI) improved by 3.9% to $1.99 million from $1.92 million [3]. - Same-store occupancy rose by 170 basis points year over year to 94.7% from 93% [3]. - The average tenant duration reached a record-high of 3.4 years compared to 3.3 years as of June 30, 2024 [3]. Cost Management - Operating expenses decreased by 4.4% year over year to $2.4 million, primarily due to a 12.8% reduction in general and administrative costs [4]. - Property operations expenses increased slightly by 0.7% to $1.18 million [4]. - Interest expense rose marginally by 1.4% to $214,392 [4]. Capital Resources - As of June 30, 2025, total capital resources amounted to $25.2 million, including $7.6 million in cash and cash equivalents, $2.6 million in marketable securities, and full availability under a $15 million revolving credit facility [5]. Management Insights - The CEO attributed growth to targeted marketing and brand recognition, leading to improved same-store revenues, occupancy, NOI, and FFO [6]. - High tenant satisfaction, with an average customer rating exceeding 4.9 out of 5 stars, was noted as a key driver for referrals and brand loyalty [6]. - The company maintains a strong balance sheet and focuses on markets with limited supply growth and lower competition [6]. Revenue Drivers - Revenue growth was primarily driven by higher occupancy rates and a proprietary revenue rate management program [7]. - Expense reductions in general and administrative categories contributed to a 30.4% increase in operating income [7]. - The company maintained pricing discipline while attracting long-term tenants through targeted marketing efforts [7]. Future Outlook - While no explicit forward-looking financial guidance was provided, management indicated that move-in rates were stabilizing and demand remained steady in operating markets [8]. - The strategic focus continues to be on acquisitions, joint ventures, and expansions in markets with favorable supply-demand dynamics [8]. Portfolio Overview - As of June 30, 2025, the portfolio consisted of 12 same-store properties and the management of one third-party-owned property, with no non-same-store assets reported [9].

[Report Overview & Highlights](index=1&type=section&id=Report%20Overview%20%26%20Highlights) [Q2 2025 Highlights](index=1&type=section&id=Q2%202025%20Highlights) Global Self Storage achieved strong growth in Q2 2025 with increased total and net income, significant growth in same-store revenue, NOI, and occupancy, reaching an industry-leading 94.7% same-store occupancy, while FFO and AFFO saw double-digit growth, maintaining a quarterly dividend of $0.0725 per share and possessing ample capital resources of approximately $25.2 million Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :--------- | :--------- | :------- | | Total Revenue | $3.2 Million | - | 2.7% | | Net Income | $664,000 | $592,000 | 12.16% | | Diluted Net Income Per Share | $0.06 | $0.05 | 20.0% | | Same-Store Revenue | $3.2 Million | - | 2.7% | | Same-Store Operating Costs | $1.2 Million | - | 0.7% | | Same-Store Net Operating Income (NOI) | $2.0 Million | - | 4.0% | | FFO | $1.1 Million | $0.9 Million | 18.9% | | Diluted FFO Per Share | $0.10 | $0.08 | 25.0% | | AFFO | $1.2 Million | $1.0 Million | 17.5% | | Diluted AFFO Per Share | $0.10 | $0.09 | 11.11% | | Quarterly Dividend | $0.0725/share | $0.0725/share | 0.0% | | Capital Resources (as of June 30) | $25.2 Million | - | - | - Same-store occupancy reached **94.7%** as of June 30, 2025, an increase of **170 basis points** from 93.0% on June 30, 2024, representing an industry-leading level[4](index=4&type=chunk) - Same-store average tenant tenure reached a record **3.4 years** as of June 30, 2025, up from 3.3 years on June 30, 2024[4](index=4&type=chunk) [First Half 2025 Highlights](index=1&type=section&id=First%20Half%202025%20Highlights) In the first half of 2025, Global Self Storage saw growth in total and net income, strong same-store revenue and NOI performance, significant FFO and AFFO increases, and maintained a semi-annual dividend of $0.145 per share First Half 2025 Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------------------- | :------------- | :------------- | :------- | | Total Revenue | $6.3 Million | - | 2.9% | | Net Income | $1.2 Million | $858,000 | 39.86% | | Diluted Net Income Per Share | $0.11 | $0.08 | 37.5% | | Same-Store Revenue | $6.3 Million | - | 2.9% | | Same-Store Operating Costs | $2.4 Million | - | -0.6% | | Same-Store Net Operating Income (NOI) | $3.9 Million | - | 5.1% | | FFO | $2.1 Million | - | 17.1% | | Diluted FFO Per Share | $0.18 | - | - | | AFFO | $2.2 Million | - | 17.1% | | Diluted AFFO Per Share | $0.20 | - | - | | Semi-Annual Dividend | $0.145/share | - | - | [Company Profile & Strategy](index=3&type=section&id=Company%20Profile%20%26%20Strategy) [Company Objective](index=3&type=section&id=Company%20Objective) Global Self Storage aims to increase long-term shareholder value by executing its strategic business plan, including acquisitions and property expansions, with the board regularly reviewing capital formation, debt-to-equity ratios, dividend policy, FFO, AFFO, and cash levels - The company aims to increase long-term shareholder value through acquisitions and expansion projects[6](index=6&type=chunk) - The strategic business plan encompasses capital formation, debt-to-equity ratios, dividend policy, capital and debt utilization, FFO and AFFO performance, and optimal cash levels[6](index=6&type=chunk) - Management believes the company's sustained operating performance and capital resources position it well to execute its strategic business plan[7](index=7&type=chunk) [About Global Self Storage](index=7&type=section&id=About%20Global%20Self%20Storage) Global Self Storage is a self-managed and self-operated REIT focused on owning, operating, managing, acquiring, and redeveloping self-storage properties, with 13 properties across eight US states providing affordable, accessible, and secure storage - Global Self Storage is a self-managed and self-operated REIT focused on owning, operating, managing, acquiring, and redeveloping self-storage properties[35](index=35&type=chunk) - The company owns and/or manages **13 self-storage properties** across **eight US states** through its wholly-owned subsidiaries, offering affordable, accessible, and secure storage space[35](index=35&type=chunk) [Management Insights](index=3&type=section&id=Management%20Insights) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO Mark C. Winmill highlighted that exceptional Q2 operational performance drove industry-leading growth in same-store revenue, occupancy, NOI, and FFO, attributed to targeted marketing and enhanced brand recognition, achieving high conversion rates and record tenant tenure through customer satisfaction and service excellence, with a robust balance sheet supporting growth strategies in differentiated geographic markets - Q2 operational excellence drove industry-leading growth in same-store revenue, occupancy, NOI, and FFO, attributed to targeted marketing initiatives and enhanced brand recognition[8](index=8&type=chunk)[10](index=10&type=chunk) - The company achieved high customer inquiry conversion rates and a record **3.4-year average tenant tenure** through high customer satisfaction (average rating over **4.9/5 stars**) and exceptional service[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The company possesses strong capital resources of approximately **$25.2 million**, supporting its strategic business plan for growth through acquisitions, joint ventures, and expansion in US and non-US markets with limited supply growth and less competition[14](index=14&type=chunk) - Markets where the company operates exhibit stable demand and limited new supply pressure, with a differentiated geographic strategy, disciplined acquisition approach, and commitment to superior customer experience continuing to create shareholder value[15](index=15&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) [Q2 2025 Financial Summary](index=4&type=section&id=Q2%202025%20Financial%20Summary) In Q2 2025, total revenue grew 2.7% to $3.2 million, driven by increased occupancy and revenue rate management, while total operating expenses decreased 4.4% due to reduced general and administrative costs, leading to a 30.4% increase in operating income to $829,000 and net income rising to $664,000 or $0.06 per share, with capital resources totaling approximately $25.2 million as of June 30 Q2 2025 Financial Summary | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------- | :--------- | :--------- | :------- | | Total Revenue | $3.2 Million | $3.1 Million | 2.7% | | Total Operating Expenses | $2.4 Million | $2.5 Million | -4.4% | | Operating Income | $829,000 | $636,000 | 30.4% | | Net Income | $664,000 | $592,000 | 12.16% | | Diluted Net Income Per Share | $0.06 | $0.05 | 20.0% | | Capital Resources (as of June 30) | $25.2 Million | - | - | [Q2 2025 Same-Store Results](index=4&type=section&id=Q2%202025%20Same-Store%20Results) As of June 30, 2025, the company had 12 same-store properties, with Q2 same-store revenue growing 2.7% to $3.2 million, same-store operating costs slightly increasing 0.7% to $1.18 million, and same-store Net Operating Income (NOI) rising 4.0% to $2.0 million, primarily due to revenue growth, while same-store occupancy improved by 170 basis points to 94.7% and average tenant tenure increased to 3.4 years Q2 2025 Same-Store Key Metrics | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------------------- | :--------- | :--------- | :------- | | Same-Store Revenue | $3.2 Million | - | 2.7% | | Same-Store Operating Costs | $1.18 Million | $1.17 Million | 0.7% | | Same-Store Net Operating Income (NOI) | $2.0 Million | $1.9 Million | 4.0% | | Same-Store Occupancy (as of June 30) | 94.7% | 93.0% | +170 bps | | Same-Store Average Tenant Tenure (as of June 30) | 3.4 Years | 3.3 Years | +0.1 Years | | Number of Same-Store Properties (as of June 30) | 12 | - | - | [Q2 2025 Operating Results](index=5&type=section&id=Q2%202025%20Operating%20Results) Net income for Q2 2025 was $664,000, or $0.06 per diluted share, with property operating expenses slightly increasing to $1.18 million, general and administrative expenses decreasing to $779,000, and business development costs at zero, while interest expense rose to $214,000 primarily due to unused revolving credit facility fees, and FFO grew 18.9% to $1.1 million ($0.10 per diluted share) and AFFO increased 17.5% to $1.2 million ($0.10 per diluted share) Q2 2025 Operating Results | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------- | :--------- | :--------- | :------- | | Net Income | $664,000 | $592,000 | 12.16% | | Diluted Net Income Per Share | $0.06 | $0.05 | 20.0% | | Property Operating Expenses | $1.18 Million | $1.17 Million | 0.85% | | General and Administrative Expenses | $779,000 | $893,000 | -12.77% | | Business Development Costs | $0 | $0 | 0.0% | | Interest Expense | $214,000 | $211,000 | 1.42% | | FFO | $1.1 Million | $0.9 Million | 18.9% | | Diluted FFO Per Share | $0.10 | $0.08 | 25.0% | | AFFO | $1.2 Million | $1.0 Million | 17.5% | | Diluted AFFO Per Share | $0.10 | $0.09 | 11.11% | [First Half 2025 Financial Summary](index=5&type=section&id=First%20Half%202025%20Financial%20Summary) In the first half of 2025, total revenue increased 2.9% to $6.3 million, driven by higher occupancy and existing tenant rate management, while total operating expenses decreased 3.0% to $4.8 million due to reduced store-level and general and administrative costs, resulting in a 26.5% increase in operating income to $1.6 million and net income rising to $1.2 million or $0.11 per diluted share First Half 2025 Financial Summary | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------- | :------------- | :------------- | :------- | | Total Revenue | $6.3 Million | $6.1 Million | 2.9% | | Total Operating Expenses | $4.8 Million | $4.9 Million | -3.0% | | Operating Income | $1.6 Million | $1.2 Million | 26.5% | | Net Income | $1.2 Million | $0.9 Million | 33.33% | | Diluted Net Income Per Share | $0.11 | $0.08 | 37.5% | [First Half 2025 Same-Store Results](index=5&type=section&id=First%20Half%202025%20Same-Store%20Results) In the first half of 2025, same-store revenue grew 2.9% to $6.3 million, primarily due to increased occupancy and existing tenant rate management, while same-store operating costs decreased 0.6% to $2.39 million, mainly due to reduced employment costs and real estate taxes, leading to a 5.1% increase in same-store Net Operating Income (NOI) to $3.9 million, driven by revenue growth First Half 2025 Same-Store Key Metrics | Metric | H1 2025 | H1 2024 | Change (%) | | :----------------------------------- | :------------- | :------------- | :------- | | Same-Store Revenue | $6.3 Million | $6.1 Million | 2.9% | | Same-Store Operating Costs | $2.39 Million | $2.40 Million | -0.6% | | Same-Store Net Operating Income (NOI) | $3.9 Million | $3.7 Million | 5.1% | [First Half 2025 Operating Results](index=6&type=section&id=First%20Half%202025%20Operating%20Results) Net income for the first half of 2025 was $1.2 million, or $0.11 per diluted share, with property operating expenses decreasing to $2.39 million, general and administrative expenses decreasing to $1.6 million, and business development costs falling to zero, while interest expense rose to $438,000 primarily due to unused revolving credit facility fees, and FFO grew 17.1% to $2.1 million ($0.18 per diluted share) and AFFO increased 17.1% to $2.2 million ($0.20 per diluted share) First Half 2025 Operating Results | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------- | :------------- | :------------- | :------- | | Net Income | $1.2 Million | $0.9 Million | 33.33% | | Diluted Net Income Per Share | $0.11 | $0.08 | 37.5% | | Property Operating Expenses | $2.39 Million | $2.40 Million | -0.42% | | General and Administrative Expenses | $1.6 Million | $1.7 Million | -5.88% | | Business Development Costs | $0 | $2,275 | -100.0% | | Interest Expense | $438,000 | $416,000 | 5.29% | | FFO | $2.1 Million | $1.8 Million | 17.1% | | Diluted FFO Per Share | $0.18 | $0.16 | 12.5% | | AFFO | $2.2 Million | $1.9 Million | 17.1% | | Diluted AFFO Per Share | $0.20 | $0.17 | 17.65% | [FFO and AFFO Performance](index=7&type=section&id=FFO%20and%20AFFO%20Performance) In Q2 2025, FFO attributable to common shareholders was $1.1 million ($0.10 per diluted share) and AFFO was $1.17 million ($0.10 per diluted share), while for the first half of 2025, FFO was $2.07 million ($0.18 per diluted share) and AFFO was $2.24 million ($0.20 per diluted share) FFO and AFFO Performance (Unaudited) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :--------- | :--------- | :------------- | :------------- | | Net Income | $664,216 | $591,530 | $1,219,368 | $857,680 | | FFO Attributable to Common Shareholders | $1,095,380 | $921,136 | $2,070,723 | $1,769,092 | | AFFO Attributable to Common Shareholders | $1,167,598 | $994,061 | $2,243,677 | $1,915,296 | | Diluted FFO Per Share | $0.10 | $0.08 | $0.18 | $0.16 | | Diluted AFFO Per Share | $0.10 | $0.09 | $0.20 | $0.17 | | Diluted Weighted Average Shares Outstanding | 11,250,678 | 11,134,894 | 11,212,867 | 11,121,296 | [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $64.996 million, slightly down from $65.515 million on December 31, 2024, with a decrease in net real estate assets but an increase in cash and restricted cash, while total liabilities were $17.807 million and total stockholders' equity was $47.189 million Consolidated Balance Sheets (Unaudited) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :--------------- | | **Assets** | | | | Real Estate Assets, Net | $53,217,941 | $53,925,409 | | Cash and Cash Equivalents | $7,511,571 | $7,180,857 | | Restricted Cash | $67,773 | $29,204 | | Investment Securities | $2,572,195 | $2,608,987 | | Total Assets | $64,996,100 | $65,515,024 | | **Liabilities and Equity** | | | | Notes Payable, Net | $16,074,555 | $16,356,582 | | Accounts Payable and Accrued Expenses | $1,732,281 | $1,720,765 | | Total Liabilities | $17,806,836 | $18,077,347 | | Common Stock | $113,382 | $112,927 | | Additional Paid-in Capital | $49,732,485 | $49,559,986 | | Accumulated Deficit | ($2,656,603) | ($2,235,236) | | Total Stockholders' Equity | $47,189,264 | $47,437,677 | | Total Liabilities and Stockholders' Equity | $64,996,100 | $65,515,024 | [Consolidated Statements of Operations and Comprehensive Income](index=11&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) In Q2 2025, total revenue was $3.194 million, operating income was $829,000, and net income was $664,000, while for the first half of 2025, total revenue was $6.321 million, operating income was $1.553 million, and net income was $1.219 million, showing improvements across various income and operating metrics compared to the prior year Consolidated Statements of Operations and Comprehensive Income (Unaudited) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :--------- | :--------- | :------------- | :------------- | | Rental Income | $3,062,588 | $2,983,039 | $6,062,640 | $5,896,500 | | Other Property Related Income | $113,008 | $108,489 | $220,878 | $212,339 | | Management Fees and Other Income | $18,782 | $17,510 | $37,164 | $34,239 | | **Total Revenue** | **$3,194,378** | **$3,109,038** | **$6,320,682** | **$6,143,078** | | Property Operating Expenses | $1,179,041 | $1,171,169 | $2,387,940 | $2,402,285 | | General and Administrative Expenses | $778,695 | $892,822 | $1,565,587 | $1,695,550 | | Depreciation and Amortization | $407,717 | $409,136 | $814,563 | $816,064 | | Business Development | $0 | $0 | $0 | $2,275 | | **Total Expenses** | **$2,365,453** | **$2,473,127** | **$4,768,090** | **$4,916,174** | | **Operating Income** | **$828,925** | **$635,911** | **$1,552,592** | **$1,226,904** | | Dividend and Interest Income | $73,130 | $87,450 | $141,729 | $142,327 | | Unrealized (Loss) Gain on Marketable Equity Securities | ($23,447) | $79,530 | ($36,792) | ($95,348) | | Interest Expense | ($214,392) | ($211,361) | ($438,161) | ($416,203) | | **Net Income and Comprehensive Income** | **$664,216** | **$591,530** | **$1,219,368** | **$857,680** | | Diluted Earnings Per Share | $0.06 | $0.05 | $0.11 | $0.08 | [Reconciliation of GAAP Net Income to Same-Store Net Operating Income](index=12&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Same-Store%20Net%20Operating%20Income) This reconciliation adjusts GAAP net income to same-store Net Operating Income (NOI) by adding back management fees, general and administrative expenses, depreciation and amortization, business development costs, and interest expense, while subtracting dividend and interest income and adjusting for unrealized gains/losses on marketable equity securities, resulting in same-store NOI of $1.997 million for Q2 2025 and $3.896 million for the first half Reconciliation of GAAP Net Income to Same-Store Net Operating Income (Unaudited) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :--------- | :--------- | :------------- | :------------- | | Net Income | $664,216 | $591,530 | $1,219,368 | $857,680 | | **Adjustments:** | | | | | | Management Fees and Other Income | ($18,782) | ($17,510) | ($37,164) | ($34,239) | | General and Administrative Expenses | $778,695 | $892,822 | $1,565,587 | $1,695,550 | | Depreciation and Amortization | $407,717 | $409,136 | $814,563 | $816,064 | | Business Development | $0 | $0 | $0 | $2,275 | | Dividend and Interest | ($73,130) | ($87,450) | ($141,729) | ($142,327) | | Unrealized Loss (Gain) on Marketable Equity Securities | $23,447 | ($79,530) | $36,792 | $95,348 | | Interest Expense | $214,392 | $211,361 | $438,161 | $416,203 | | **Total Same-Store Net Operating Income** | **$1,996,555** | **$1,920,359** | **$3,895,578** | **$3,706,554** | | Same-Store Revenue | $3,175,596 | $3,091,528 | $6,283,518 | $6,108,839 | | Same-Store Operating Costs | $1,179,041 | $1,171,169 | $2,387,940 | $2,402,285 | | **Total Same-Store Net Operating Income** | **$1,996,555** | **$1,920,359** | **$3,895,578** | **$3,706,554** | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) [Funds from Operations (FFO)](index=7&type=section&id=Funds%20from%20Operations%20(FFO)) FFO, a non-GAAP metric defined by NAREIT, is considered useful by REITs and analysts for measuring REIT performance, calculated by adding back real estate depreciation and amortization to net income and excluding gains/losses from property sales and unrealized gains/losses on marketable equity securities, but it is not a substitute for net income, EPS, liquidity, or dividend-paying ability, and may vary among REITs - FFO, a non-GAAP metric defined by NAREIT, is calculated by adding back real estate depreciation and amortization to net income and excluding gains/losses from property sales and unrealized gains/losses on marketable equity securities[37](index=37&type=chunk) - FFO is considered a useful metric by REITs and analysts for measuring REIT performance, but it is not a substitute for net income, EPS, liquidity, or the ability to pay dividends[37](index=37&type=chunk) [Adjusted FFO (AFFO)](index=8&type=section&id=Adjusted%20FFO%20(AFFO)) AFFO is a non-GAAP adjustment to FFO that excludes equity-based compensation, business development, financing and acquisition-related costs, and non-recurring items, which are considered not representative of the company's ongoing operating results, and it is not a substitute for net income, EPS, liquidity, or dividend-paying ability, and may vary among REITs - AFFO is a non-GAAP adjustment to FFO, excluding equity-based compensation, business development, financing and acquisition-related costs, and non-recurring items[39](index=39&type=chunk) - The company believes AFFO aids in understanding operating results by excluding items not representative of ongoing operations, and it is considered by the analyst community in evaluating the company[39](index=39&type=chunk) [Net Operating Income (NOI)](index=8&type=section&id=Net%20Operating%20Income%20(NOI)) NOI is a key metric for operating performance, defined as net store-level income before general and administrative expenses, interest, taxes, depreciation, and amortization, used by the company for capital allocation, store valuation, performance assessment, and period/market comparisons, but it is not a substitute for net income, net cash flow from operations, or other GAAP financial measures - NOI is defined as net store-level income before general and administrative expenses, interest, taxes, depreciation, and amortization[40](index=40&type=chunk) - The company uses NOI for capital allocation, store valuation, performance assessment, and period and market comparisons, and the investment community also uses it to evaluate operating performance and real estate value[40](index=40&type=chunk) [Same-Store Self Storage Operations Definition](index=8&type=section&id=Same-Store%20Self%20Storage%20Operations%20Definition) The same-store portfolio includes properties consistently owned and operated throughout the reporting period, considered stabilized with market-representative occupancy for at least one year and free from significant damage or redevelopment, with same-store results aiding investors in evaluating store-level operational performance by excluding the impact of acquisitions, dispositions, or new developments, but not serving as an indicator of future performance - The same-store portfolio includes properties consistently owned and operated throughout the reporting period, considered stabilized with market-representative occupancy for at least one year and free from significant damage or redevelopment[42](index=42&type=chunk) - Same-store results help investors evaluate store-level operational performance by excluding the impact of acquisitions, dispositions, or new developments, but they are not indicative of future same-store or overall company performance[42](index=42&type=chunk) [Legal & Contact Information](index=7&type=section&id=Legal%20%26%20Contact%20Information) [Additional Information](index=7&type=section&id=Additional%20Information) Further details on the company's Q2 2025 performance, including financial statements and related notes, are available in its Form 10-Q filing with the SEC and on the company's investor relations website - Detailed information on the company's Q2 2025 performance is available in its Form 10-Q filing and on the company's investor relations website[34](index=34&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward%20Looking%20Statements) This press release contains forward-looking statements as defined by federal securities laws, concerning company plans, objectives, future events, and performance, which are not historical facts and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from expectations, with no obligation to publicly update or revise such statements, and dividend amounts, nature, and frequency are subject to change - This press release contains forward-looking statements, including non-historical information regarding company plans, objectives, future events, and performance[44](index=44&type=chunk) - Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from expectations[44](index=44&type=chunk) - The company undertakes no obligation to publicly update or revise forward-looking statements, and dividend amounts, nature, and frequency are subject to change at any time[44](index=44&type=chunk) [Company Contact](index=9&type=section&id=Company%20Contact) Contact information is provided for Global Self Storage CFO Thomas O'Malley and Investor Relations contact Ron Both, including phone numbers and email - Company contacts include CFO Thomas O'Malley at (212) 785-0900, ext. 267, and Investor Relations contact Ron Both (Encore Investor Relations) at (949) 432-7557[45](index=45&type=chunk)

[Statement on Forward-Looking Information](index=3&type=section&id=STATEMENT%20ON%20FORWARD-LOOKING%20INFORMATION) This statement outlines forward-looking information, subject to risks and uncertainties that may cause actual results to differ materially - This report contains forward-looking statements regarding the company's plans, strategies, and future performance. These statements are based on current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially[9](index=9&type=chunk) - Key risks and uncertainties identified include those associated with real estate ownership (demand changes, environmental liability), economic downturns, competition, acquisition integration, redevelopment projects, litigation, regulatory changes, maintaining REIT status, financing, and general market volatility[11](index=11&type=chunk)[12](index=12&type=chunk) [PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited).) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, with detailed accounting policy notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Summary (as of June 30, 2025) | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Total Assets** | **$64,996,100** | **$65,515,024** | | Real estate assets, net | $53,217,941 | $53,925,409 | | Cash and cash equivalents | $7,511,571 | $7,180,857 | | **Total Liabilities** | **$17,806,836** | **$18,077,347** | | Note payable, net | $16,074,555 | $16,356,582 | | **Total Stockholders' Equity** | **$47,189,264** | **$47,437,677** | [Consolidated Statements of Operations and Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Statement of Operations Summary | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$3,194,378** | **$3,109,038** | **$6,320,682** | **$6,143,078** | | Operating Income | $828,925 | $635,911 | $1,552,592 | $1,226,904 | | **Net Income** | **$664,216** | **$591,530** | **$1,219,368** | **$857,680** | | **Diluted EPS** | **$0.06** | **$0.05** | **$0.11** | **$0.08** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,411,472 | $2,044,481 | | Net cash used in investing activities | ($107,095) | ($62,440) | | Net cash used in financing activities | ($1,935,094) | ($1,908,744) | | **Net increase in cash** | **$369,283** | **$73,297** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's organization as a self-storage REIT, accounting policies, real estate assets, debt instruments, and related party transactions, including its term loan and undrawn revolving credit facility - The company is a self-administered Maryland REIT that owns, operates, and manages thirteen self-storage properties in eight states as of June 30, 2025[28](index=28&type=chunk) - The company has a **$20 million term loan** with a fixed interest rate of **4.192%** per annum, maturing on July 1, 2036. As of June 30, 2025, the outstanding principal balance was approximately **$16.4 million**[68](index=68&type=chunk)[73](index=73&type=chunk) - A revolving line of credit allows borrowing up to **$15 million**, maturing on July 6, 2027. There was no outstanding balance as of June 30, 2025[74](index=74&type=chunk)[77](index=77&type=chunk) - For the three and six months ended June 30, 2025, the company declared and paid dividends of **$0.0725** and **$0.1450 per share**, respectively, consistent with the prior year[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses financial performance, noting increased revenues, operating income, and Net Operating Income (NOI) for Q2 2025, alongside growth in non-GAAP measures like FFO and AFFO [Financial Condition and Liquidity](index=28&type=section&id=Financial%20Condition%20and%20Liquidity) The company's financing strategy aims to maximize stockholder returns, with **$25.2 million** in capital resources as of June 30, 2025, for acquisitions and growth - The company has total capital resources of approximately **$25.2 million**, consisting of **$7.6 million** in cash, **$2.6 million** in marketable securities, and **$15 million** available under its credit facility[120](index=120&type=chunk) - On July 6, 2024, the company amended its revolving credit facility, which provides for borrowing up to **$15 million** and matures in July 2027. As of June 30, 2025, no proceeds were withdrawn[115](index=115&type=chunk) - The company manages one third-party owned property in Edmond, Oklahoma, under its Global MaxManagement platform, which serves as a source for potential future acquisitions[118](index=118&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2025 saw total revenues increase by **2.7%** to **$3.2 million**, operating income rise by **30.4%** to **$829k**, and net income grow to **$664k** Q2 2025 vs Q2 2024 Performance | Metric | Q2 2025 ($) | Q2 2024 ($) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3,194,378 | $3,109,038 | 2.7% | | Total Operating Expenses | $2,365,453 | $2,473,127 | -4.4% | | Operating Income | $828,925 | $635,911 | 30.4% | | Net Income | $664,216 | $591,530 | 12.3% | Six Months 2025 vs 2024 Performance | Metric | H1 2025 ($) | H1 2024 ($) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $6,320,682 | $6,143,078 | 2.9% | | Total Operating Expenses | $4,768,090 | $4,916,174 | -3.0% | | Operating Income | $1,552,592 | $1,226,904 | 26.5% | | Net Income | $1,219,368 | $857,680 | 42.2% | [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures, with Q2 2025 FFO increasing **18.9%** to **$1.1 million** and AFFO rising **17.5%** to **$1.17 million** FFO and AFFO Reconciliation (Three Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | % Change | | :--- | :--- | :--- | :--- | | Net Income | $664,216 | $591,530 | 12.3% | | FFO | $1,095,380 | $921,136 | 18.9% | | AFFO | $1,167,598 | $994,061 | 17.5% | | Diluted FFO per share | $0.10 | $0.08 | 25.0% | | Diluted AFFO per share | $0.10 | $0.09 | 11.1% | [Same-Store Self Storage Operations](index=40&type=section&id=Same-Store%20Self%20Storage%20Operations) The twelve-property same-store portfolio showed strong performance, with Q2 2025 revenues up **2.7%**, costs up **0.7%**, and NOI increasing **4.0%** - Same-store occupancy increased by **1.7 percentage points** to **94.7%** at June 30, 2025, from **93.0%** at June 30, 2024[156](index=156&type=chunk) Same-Store Performance vs. Prior Year | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Revenue Change | +2.7% | +2.9% | | Cost of Operations Change | +0.7% | -0.6% | | **NOI Change** | **+4.0%** | **+5.1%** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) As a smaller reporting company, the company is exempt from providing market risk disclosures - As a smaller reporting company, Global Self Storage, Inc. is exempt from providing quantitative and qualitative disclosures about market risk[196](index=196&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management confirmed the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[200](index=200&type=chunk) - No changes occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[201](index=201&type=chunk) [PART II – OTHER INFORMATION](index=51&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings.) The company reports no material pending legal proceedings as of the reporting date - As of the reporting date, the company is not a party to any material pending legal proceedings[204](index=204&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors have occurred since the 2024 Annual Report on Form 10-K - The company refers to the risk factors disclosed in its 2024 Form 10-K, stating there are no material changes[205](index=205&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=51&type=section&id=Other%20Items) This section confirms no unregistered equity sales, senior security defaults, mine safety disclosures, or Rule 10b5-1 trading arrangement modifications by directors or officers - Items 2 (Unregistered Sales of Equity Securities), 3 (Defaults Upon Senior Securities), and 4 (Mine Safety Disclosures) are not applicable[206](index=206&type=chunk) - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[207](index=207&type=chunk)

Core Insights - Spectrum has launched new digital self-service features that allow TV and Internet customers to upgrade to ad-free streaming services and add apps a la carte to their Internet-only plans [1][2][5] Group 1: New Features and Offerings - The new features are part of Spectrum's Seamless Entertainment experience, which integrates live TV with popular streaming services at no extra cost [2][5] - TV customers can upgrade to ad-free streaming by paying the price difference between ad-supported and ad-free versions, which ranges from $3 to $10 per month [3][6] - Internet-only customers can now add streaming apps to their Spectrum account on an a la carte basis for the first time [2][6] Group 2: Streaming Services Included - The ad-supported streaming apps included with Spectrum TV Select plans are AMC+ with Ads, Disney+ Basic, HBO Max Basic With Ads, Paramount+ Essential, ViX Premium With Ads, and Peacock Premium with Ads, with a retail value exceeding $100 per month [2][3] - Upcoming additions to the streaming options include Hulu (With Ads), ESPN's forthcoming streaming service, BET+ Essential, and discovery+ at no additional cost [3][5] Group 3: Customer Experience and Accessibility - Customers can manage their upgrades and streaming services through the My Spectrum App or Spectrum.net, which are designed for ease of use [6][5] - The My Spectrum App is noted as the highest-rated support app among national telecommunications providers in the U.S. [6] Group 4: Company Overview - Spectrum is a suite of advanced communications services offered by Charter Communications, Inc., serving over 57 million homes and businesses across 41 states [7] - The company provides a full range of residential and business services, including Spectrum Internet®, TV, Mobile, and Voice [7]

[Q1 2025 Highlights](index=1&type=section&id=Q1%202025%20Highlights) Global Self Storage reported strong Q1 2025 growth with 3.0% revenue increase, doubled net income, and double-digit FFO/AFFO gains, supported by $24.9 million in capital resources | Metric | Q1 2025 | Change vs. Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $3.1 million | +3.0% | | Net Income | $555,000 | +108.6% | | Diluted EPS | $0.05 | +150% | | Same-Store Revenues | $3.1 million | +3.0% | | Same-Store NOI | $1.9 million | +6.3% | | FFO (non-GAAP) | $975,000 | +15.0% | | AFFO (non-GAAP) | $1.1 million | +16.8% | | Same-Store Occupancy | 92.1% | +80 bps | - The company declared a quarterly dividend of **$0.0725 per share**, consistent with the prior year and quarter, representing an annualized rate of **$0.29 per share**[3](index=3&type=chunk) - Capital resources at quarter-end totaled approximately **$24.9 million**, consisting of **$7.3 million in cash**, **$2.6 million in marketable securities**, and a fully available **$15 million revolving credit facility**[4](index=4&type=chunk) [Management Commentary and Company Strategy](index=2&type=section&id=Management%20Commentary%20and%20Company%20Strategy) Management highlighted peer-leading same-store growth from operational excellence and marketing, aiming to increase stockholder value through acquisitions and expansions - The company's primary objective is to increase long-term stockholder value by executing its strategic business plan, which includes acquisitions and expansion projects[5](index=5&type=chunk) - Management attributes strong Q1 results, including peer-leading growth in same-store revenues and NOI, to exceptional operational performance, customer-focused management, and a proprietary revenue rate management program[7](index=7&type=chunk) - Innovative marketing strategies have attracted high-quality, long-term tenants, increasing the peer-leading same-store average tenant duration of stay to a record **3.5 years**[9](index=9&type=chunk) - A strong balance sheet with approximately **$24.9 million** in capital resources positions the company to execute its growth strategy through acquisitions, joint ventures, and expansion[12](index=12&type=chunk) [Q1 2025 Financial Performance](index=3&type=section&id=Q1%202025%20Financial%20Performance) Q1 2025 financial performance demonstrated robust revenue growth and cost management, leading to a 22.4% operating income increase and strong double-digit FFO/AFFO growth [Overall Financial Summary](index=3&type=section&id=Overall%20Financial%20Summary) Q1 2025 saw total revenues increase 3.0% to $3.1 million, operating expenses decrease 1.7%, and operating income rise 22.4% to $724,000, with net income more than doubling | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3.1 million | $3.0 million | +3.0% | | Total Operating Expenses | $2.40 million | $2.44 million | -1.7% | | Operating Income | $724,000 | $591,000 | +22.4% | | Net Income | $555,000 | $266,000 | +108.6% | [Same-Store Results](index=3&type=section&id=Same-Store%20Results) Q1 2025 same-store properties showed strong performance with 3.0% revenue growth to $3.1 million, a 1.8% decrease in operating costs, and a 6.3% increase in NOI to $1.9 million | Same-Store Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $3.1 million | $3.0 million | +3.0% | | Cost of Operations | $1.21 million | $1.23 million | -1.8% | | Net Operating Income (NOI) | $1.9 million | $1.8 million | +6.3% | | Occupancy (at March 31) | 92.1% | 91.3% | +80 bps | - The average duration of tenant stay for same-store properties increased to approximately **3.5 years** from **3.3 years** in the prior year[19](index=19&type=chunk) [Operating Results and Non-GAAP Measures (FFO & AFFO)](index=3&type=section&id=Operating%20Results%20and%20Non-GAAP%20Measures%20(FFO%20%26%20AFFO)) The company achieved significant growth in non-GAAP metrics, with FFO increasing 15.0% to $975,000 and AFFO rising 16.8% to $1.1 million, alongside reduced expenses | Metric (per diluted share) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income (EPS) | $0.05 | $0.02 | +150% | | FFO | $0.09 | $0.08 | +12.5% | | AFFO | $0.10 | $0.08 | +25.0% | FFO & AFFO Reconciliation Summary (in thousands) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $555 | $266 | | (+) Depreciation & Amortization | $407 | $407 | | (+) Unrealized loss on securities | $13 | $175 | | **FFO** | **$975** | **$848** | | (+) Stock-based compensation | $101 | $71 | | **AFFO** | **$1,076** | **$921** | [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, including Balance Sheets, Statements of Operations, and GAAP Net Income to Same-Store NOI reconciliation [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, the Consolidated Balance Sheet reported total assets of $65.1 million, total liabilities of $17.9 million, and total stockholders' equity of $47.3 million Consolidated Balance Sheet Summary (as of March 31, 2025) | Category | Amount | | :--- | :--- | | **Assets** | | | Real estate assets, net | $53,564,202 | | Cash and cash equivalents | $7,221,583 | | Total assets | **$65,139,599** | | **Liabilities & Equity** | | | Note payable, net | $16,216,391 | | Total liabilities | $17,864,760 | | Total stockholders' equity | $47,274,839 | | Total liabilities and stockholders' equity | **$65,139,599** | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, the Consolidated Statement of Operations reported total revenues of $3.13 million, total expenses of $2.40 million, operating income of $723,667, and net income of $555,152 Consolidated Statement of Operations Summary (For the Three Months Ended March 31, 2025) | Category | Amount | | :--- | :--- | | Total revenues | $3,126,304 | | Total expenses | $2,402,637 | | **Operating income** | **$723,667** | | Total other expense, net | ($168,515) | | **Net income** | **$555,152** | | **Diluted EPS** | **$0.05** | [Reconciliation of GAAP Net Income to Same-Store NOI](index=10&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Same-Store%20NOI) This table reconciles GAAP Net Income of $555,152 to Total Same-Store NOI, which increased 6.3% to $1,899,024 in Q1 2025 after various adjustments Same-Store NOI Reconciliation | | For the Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | Net income | $555,152 | $266,150 | | Adjustments (G&A, D&A, Interest, etc.) | $1,343,872 | $1,520,045 | | **Total same-store net operating income** | **$1,899,024** | **$1,786,195** | [Definitions and Disclosures](index=5&type=section&id=Definitions%20and%20Disclosures) This section provides crucial context for financial results, defining non-GAAP measures like FFO, AFFO, and NOI, explaining same-store portfolio calculation, and including forward-looking statement disclaimers [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) This section defines key non-GAAP financial measures, including FFO, AFFO, and NOI, used to provide a clearer understanding of the company's operating performance and store-level evaluation - **FFO (Funds from Operations):** Defined by NAREIT as net income, excluding gains/losses from property sales and adding back real estate depreciation and amortization. The company also excludes unrealized gains/losses on marketable equity securities[26](index=26&type=chunk)[27](index=27&type=chunk) - **AFFO (Adjusted FFO):** Represents FFO excluding effects of stock-based compensation, business development, and other non-recurring items not indicative of ongoing operating results[28](index=28&type=chunk) - **NOI (Net Operating Income):** Defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization. It is used to measure operating performance and make capital allocation decisions[29](index=29&type=chunk) [Same-Store Self Storage Operations Definition](index=6&type=section&id=Same-Store%20Self%20Storage%20Operations%20Definition) The same-store portfolio includes stabilized properties owned and operated for comparable periods, with a store considered stabilized after achieving market occupancy for a full year, enabling performance evaluation without acquisition effects - The same-store portfolio includes properties owned and operated on a stabilized basis throughout the entire applicable periods being compared[31](index=31&type=chunk) - A store is considered stabilized after achieving a representative market occupancy for a full year, allowing for performance evaluation without the effects of acquisitions or developments. As of Q1 2025, all **twelve** owned properties were classified as same-store[31](index=31&type=chunk)[32](index=32&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This section provides a standard cautionary note regarding forward-looking statements, highlighting inherent risks and uncertainties that may cause actual results to differ materially from projections - The report contains forward-looking statements about plans, objectives, and future performance which are subject to known and unknown risks and uncertainties. Actual results may differ materially from those expressed[33](index=33&type=chunk)

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](<index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited).>) Unaudited Q1 2025 financial statements show increased net income and operating cash flow year-over-year [Consolidated Balance Sheets](<index=6&type=section&id=Consolidated%20Balance%20Sheets>) Total assets, liabilities, and stockholders' equity all experienced slight reductions as of March 31, 2025 Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$65,140** | **$65,515** | | Real estate assets, net | $53,564 | $53,925 | | Cash and cash equivalents | $7,222 | $7,181 | | **Total Liabilities** | **$17,865** | **$18,077** | | Note payable, net | $16,216 | $16,357 | | **Total Stockholders' Equity** | **$47,275** | **$47,438** | [Consolidated Statements of Operations and Comprehensive Income](<index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income>) Q1 2025 revenues grew to $3.13 million, with net income more than doubling to $555,152 Q1 2025 vs. Q1 2024 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $3,126 | $3,034 | | Total Expenses | $2,403 | $2,443 | | Operating Income | $724 | $591 | | **Net Income** | **$555** | **$266** | | **Diluted EPS** | **$0.05** | **$0.02** | [Consolidated Statements of Cash Flows](<index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows>) Net cash from operating activities increased to $1.07 million in Q1 2025, with a net cash increase of $60,000 Q1 2025 vs. Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,070 | $797 | | Net cash used in investing activities | ($46) | ($10) | | Net cash used in financing activities | ($964) | ($949) | | **Net increase (decrease) in cash** | **$60** | **($162)** | [Notes to Consolidated Financial Statements](<index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements>) Notes detail REIT structure, accounting policies, real estate assets, debt, and a new $15 million At Market Offering Sales Agreement - The company is a self-administered REIT that owned and/or managed **thirteen self-storage properties** in eight states as of March 31, 2025[28](index=28&type=chunk) - The company has a **$20 million term loan** with a principal balance of **$16.5 million** as of March 31, 2025, bearing a fixed interest rate of **4.192%** and maturing in 2036[70](index=70&type=chunk)[75](index=75&type=chunk) - The company has an undrawn revolving line of credit of up to **$15 million**, which matures in July 2027[76](index=76&type=chunk)[79](index=79&type=chunk) - Subsequent to the quarter end, on April 4, 2025, the company entered into a new At Market Offering Sales Agreement to sell up to **$15 million** of its common stock[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](<index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.>) Management discusses Q1 2025 financial performance, highlighting revenue, operating income, same-store NOI growth, and capital resources [Results of Operations](<index=33&type=section&id=Results%20of%20Operations>) Q1 2025 total revenues increased by 3.0% to $3.13 million, expenses decreased, and net income more than doubled Q1 2025 vs. Q1 2024 Performance Summary | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3,126,304 | $3,034,040 | 3.0% | | Total Operating Expenses | $2,402,637 | $2,443,046 | -1.7% | | Operating Income | $723,667 | $590,994 | 22.4% | | Net Income | $555,152 | $266,150 | 108.6% | - The increase in rental income was attributed to higher occupancy and rate increases for existing tenants, partially offset by lower move-in rates[127](index=127&type=chunk) [Non-GAAP Financial Measures](<index=35&type=section&id=Non-GAAP%20Financial%20Measures>) Non-GAAP measures showed strong growth, with FFO up 15.0% and AFFO up 16.8%, reflecting improved operations FFO and AFFO Reconciliation (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $555,152 | $266,150 | | **FFO attributable to common stockholders** | **$975,343** | **$847,953** | | **AFFO attributable to common stockholders** | **$1,076,079** | **$921,232** | | FFO per share - diluted | $0.09 | $0.08 | | AFFO per share - diluted | $0.10 | $0.08 | [Same-Store Self Storage Operations](<index=38&type=section&id=Same-Store%20Self%20Storage%20Operations>) Same-store NOI increased by 6.3% in Q1 2025, driven by revenue growth and cost reduction, with occupancy at 92.1% Same-Store Performance (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $3,107,922 | $3,017,311 | 3.0% | | Cost of operations | $1,208,898 | $1,231,116 | -1.8% | | **Net operating income (NOI)** | **$1,899,024** | **$1,786,195** | **6.3%** | | Overall square foot occupancy | 92.1% | 91.3% | 0.9% | - The decrease in same-store cost of operations was primarily due to lower expenses for employment costs and real estate property taxes[161](index=161&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](<index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.>) As a smaller reporting company, Global Self Storage, Inc. is not required to provide this information - The company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information otherwise required by this item[181](index=181&type=chunk) [Controls and Procedures](<index=44&type=section&id=Item%204.%20Controls%20and%20Procedures.>) Management concluded disclosure controls and procedures were effective, with no material changes to internal control - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by this report[184](index=184&type=chunk) - There were **no changes in internal control** over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, internal controls[185](index=185&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](<index=47&type=section&id=Item%201.%20Legal%20Proceedings.>) The company reports no material pending legal proceedings - The Company currently does not have any material pending legal proceedings to which it or any of its subsidiaries is a party or of which any of their property is the subject[187](index=187&type=chunk) [Risk Factors](<index=47&type=section&id=Item%201A.%20Risk%20Factors.>) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K for FY2024 - There are **no material changes** to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[188](index=188&type=chunk) [Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, and Mine Safety Disclosures](<index=47&type=section&id=Item%202,%203,%204>) These items are not applicable for the reporting period - Items 2, 3, and 4 are noted as 'Not applicable'[189](index=189&type=chunk) [Other Information](<index=47&type=section&id=Item%205.%20Other%20Information.>) No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No directors or officers adopted, terminated, or modified a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended March 31, 2025[190](index=190&type=chunk) [Exhibits](<index=47&type=section&id=Item%206.%20Exhibits.>) Index of exhibits filed with Form 10-Q, including CEO/CFO certifications and an At Market Offering Sales Agreement - The exhibit index lists key filings, including CEO/CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2) and the At Market Offering Sales Agreement with A.G.P./Alliance Global Partners (Exhibit 10.1)[193](index=193&type=chunk)

Core Viewpoint - Dividend-paying stocks are perceived as stable investments, providing passive income through regular payments, with blue-chip companies like Coca-Cola and Procter & Gamble being prime examples [1] Group 1: Global Self Storage - Global Self Storage has a dividend yield of 5.89% and an annual dividend of $0.29, with a 3-year annualized dividend growth of 0.71% [3] - The company has a high dividend payout ratio of 161.11%, indicating potential risks of overpaying dividends [5] - Despite a nearly 7% decline year-to-date, Global Self Storage has outperformed the S&P 500 as of April 11, 2025 [4] Group 2: ACCO Brands - ACCO Brands offers a high dividend yield of 8.21% and an annual dividend of $0.30, with a 3-year annualized dividend growth of 3.57% [7] - The company has faced declining revenues and negative net income due to impairment charges, but generates substantial free cash flows of at least $100 million annually [8] - ACCO's shares are down about 30% year-to-date, resulting in a low price-to-sales ratio of 0.2, making it potentially attractive to investors [9] Group 3: Mativ Holdings - Mativ Holdings has the highest dividend yield among the three companies at 8.27%, with an annual dividend of $0.40, but has experienced a 55% share price decline year-to-date [11][12] - The company faces significant tariff risks and has had negative annualized 3-year dividend growth of -38.97% [11] - Analysts have upgraded Mativ from Hold to Buy, setting a price target of $10, which is more than double its current share price [12]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) Global Self Storage reported record total revenues, same-store revenues, and net operating income for FY2024, despite a full-year FFO/AFFO decline [Q4 2024 Highlights](index=1&type=section&id=Q4%202024%20Highlights) Q4 2024 saw strong growth in total revenues, same-store NOI, and occupancy, with double-digit increases in FFO and AFFO Q4 2024 Key Performance Indicators | Metric | Q4 2024 | Change (YoY) | | :--- | :--- | :--- | | Total Revenues | $3.2 million | +7.1% | | Same-Store Revenues | $3.2 million | +7.0% | | Same-Store NOI | $2.0 million | +11.2% | | Same-Store Occupancy | 92.9% | +360 bps | | FFO | $1.1 million | +14% | | AFFO | $1.2 million | +16% | | Net Income | $84,000 | - | | Diluted EPS | $0.01 | - | - The company maintained its quarterly dividend of **$0.0725** per common share[4](index=4&type=chunk) - Capital resources totaled approximately **$24.8 million** at year-end, including cash, marketable securities, and full availability of a **$15 million** revolving credit facility[4](index=4&type=chunk) [Full Year 2024 Highlights](index=1&type=section&id=Full%20Year%202024%20Highlights) FY2024 saw record total revenues of **$12.5 million** (+2.8%), but FFO decreased by **5.8%** and AFFO by **2.8%**, with net income at **$2.1 million** Full Year 2024 Key Performance Indicators | Metric | Full Year 2024 | Change (YoY) | | :--- | :--- | :--- | | Total Revenues | $12.5 million (Record) | +2.8% | | Same-Store Revenues | $12.5 million (Record) | +2.9% | | Same-Store NOI | $7.7 million (Record) | +2.1% | | FFO | $3.9 million | -5.8% | | AFFO | $4.3 million | -2.8% | | Net Income | $2.1 million | - | | Diluted EPS | $0.19 | - | - The company successfully extended its **$15 million** revolving credit facility with Huntington National Bank for another three years, supporting future growth initiatives[11](index=11&type=chunk) - Maintained and covered four quarterly dividends totaling **$0.29** per common share for the year[11](index=11&type=chunk) [Management Commentary and Strategy](index=2&type=section&id=Management%20Commentary%20and%20Strategy) Management attributes record 2024 performance to operational excellence and digital strategies, with a strong balance sheet supporting growth initiatives and consistent dividends - CEO Mark C. Winmill highlighted that the company achieved record total revenues, same-store revenues, and net operating income in 2024, driven by operational excellence[8](index=8&type=chunk) - The company's strategic business plan focuses on increasing stockholder value through acquisitions, joint ventures, and expansion projects[6](index=6&type=chunk)[12](index=12&type=chunk) - A quarterly dividend of **$0.0725** per share was declared on March 3, 2025, consistent with the prior year and representing an annualized rate of **$0.29** per share[5](index=5&type=chunk) - Key drivers of success include professional management techniques, digital and local marketing, a proprietary revenue rate management program, and a redesigned website[9](index=9&type=chunk)[10](index=10&type=chunk) [Q4 2024 Financial Performance](index=3&type=section&id=Q4%202024%20Financial%20Performance) Q4 2024 saw total revenues grow **7.1%** to **$3.2 million** and operating income rise **16.8%**, despite a net income decrease due to unrealized losses [Q4 2024 Financial Summary](index=3&type=section&id=Q4%202024%20Financial%20Summary) Q4 2024 total revenues increased **7.1%** to **$3.2 million**, with operating income up **16.8%**, but net income significantly decreased to **$84,000** due to unrealized losses Q4 2024 Financial Results | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3.2 million | $3.0 million (approx) | +7.1% | | Operating Income | $794,000 | $680,000 | +16.8% | | Net Income | $84,000 | $1.1 million | Decrease | | Diluted EPS | $0.01 | $0.10 | Decrease | - The decrease in net income was primarily caused by an unrealized loss in marketable equity securities, contrasting with an unrealized gain in the same period last year[15](index=15&type=chunk) [Q4 2024 Same-Store Results](index=3&type=section&id=Q4%202024%20Same-Store%20Results) Q4 2024 same-store properties showed strong performance with revenues up **7.0%** to **$3.2 million**, NOI growing **11.2%**, and occupancy improving **360 bps** to **92.9%** Q4 2024 Same-Store Performance | Metric | Q4 2024 | Change (YoY) | | :--- | :--- | :--- | | Same-Store Revenues | $3.2 million | +7.0% | | Same-Store NOI | $2.0 million | +11.2% | | Same-Store Occupancy | 92.9% | +360 bps | | Avg. Tenant Duration | ~3.4 years | Stable | - Same-store cost of operations saw a minimal increase of **0.8%** to **$1.18 million**[18](index=18&type=chunk) [Q4 2024 Operating Results](index=4&type=section&id=Q4%202024%20Operating%20Results) Q4 2024 FFO increased **14%** to **$1.1 million** and AFFO increased **16%** to **$1.2 million**, driven by higher revenues and lower interest expense Q4 2024 FFO and AFFO | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | FFO | $1.1 million | $933,000 | +14% | | FFO per diluted share | $0.10 | $0.08 | +25% | | AFFO | $1.2 million | $1.0 million | +16% | | AFFO per diluted share | $0.11 | $0.09 | +22% | - General and administrative expenses increased to **$800,000** from **$703,000** in the prior-year period[20](index=20&type=chunk) [Full Year 2024 Financial Performance](index=4&type=section&id=Full%20Year%202024%20Financial%20Performance) FY2024 total revenues reached a record **$12.5 million** (+2.8%), but operating income decreased **7%**, and FFO/AFFO declined due to higher operating expenses [Full Year 2024 Financial Summary](index=4&type=section&id=Full%20Year%202024%20Financial%20Summary) FY2024 revenues grew **2.8%** to a record **$12.5 million**, but operating income fell **7%** to **$2.9 million** due to a **6.1%** rise in total operating expenses Full Year 2024 Financial Results | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $12.5 million | $12.2 million | +2.8% | | Operating Income | $2.9 million | $3.1 million | -7.0% | | Net Income | $2.1 million | $2.9 million | -27.2% | | Diluted EPS | $0.19 | $0.26 | -26.9% | - The increase in total operating expenses was primarily due to higher store level expenses (employment costs, repairs, insurance) and general and administrative expenses[24](index=24&type=chunk) [Full Year 2024 Same-Store Results](index=4&type=section&id=Full%20Year%202024%20Same-Store%20Results) FY2024 same-store operations achieved record revenues of **$12.5 million** (+2.9%) and NOI of **$7.7 million** (+2.1%), with revenue growth outpacing cost increases Full Year 2024 Same-Store Performance | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Same-Store Revenues | $12.5 million | $12.1 million | +2.9% | | Same-Store Cost of Operations | $4.7 million | $4.5 million | +4.2% | | Same-Store NOI | $7.7 million | $7.6 million | +2.1% | - The increase in same-store cost of operations was driven by higher expenses for employment, administrative, repairs, maintenance, and insurance[27](index=27&type=chunk) [Full Year 2024 Operating Results](index=5&type=section&id=Full%20Year%202024%20Operating%20Results) FY2024 FFO decreased **5.8%** to **$3.9 million** and AFFO decreased **2.8%** to **$4.3 million**, reflecting increased property and general administrative expenses Full Year 2024 FFO and AFFO | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | FFO | $3.9 million | $4.2 million | -5.8% | | FFO per diluted share | $0.35 | $0.38 | -7.9% | | AFFO | $4.3 million | $4.4 million | -2.8% | | AFFO per diluted share | $0.38 | $0.40 | -5.0% | - Net income for 2024 was **$2.1 million** (**$0.19** per share), compared to **$2.9 million** (**$0.26** per share) in 2023[29](index=29&type=chunk) [Financial Statements](index=10&type=section&id=Financial%20Statements) Consolidated financial statements show total assets decreased to **$65.5 million** and liabilities to **$18.1 million** as of December 31, 2024, with **$12.5 million** in revenues and **$2.1 million** net income for the year [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, total assets were **$65.5 million** (down from **$66.9 million**), total liabilities **$18.1 million**, and stockholders' equity **$47.4 million** Consolidated Balance Sheet Summary (as of Dec 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Total Assets** | **$65,515,024** | **$66,879,204** | | Cash and cash equivalents | $7,180,857 | $6,921,779 | | Real estate assets, net | $53,925,409 | $55,481,220 | | **Total Liabilities** | **$18,077,347** | **$18,633,177** | | Note payable, net | $16,356,582 | $16,901,219 | | **Total Stockholders' Equity** | **$47,437,677** | **$48,246,027** | [Consolidated Statements of Operations](index=11&type=section&id=Consolidated%20Statements%20of%20Operations) For FY2024, total revenues were **$12.5 million** (up from **$12.2 million**), but operating income decreased to **$2.9 million**, and net income fell to **$2.1 million** due to higher expenses Consolidated Statement of Operations Summary (Year Ended Dec 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$12,530,280** | **$12,190,715** | | Total Expenses | $9,635,952 | $9,079,462 | | **Operating Income** | **$2,894,328** | **$3,111,253** | | **Net Income** | **$2,123,743** | **$2,938,769** | | Diluted EPS | $0.19 | $0.26 | [Non-GAAP Reconciliations and Definitions](index=5&type=section&id=Non-GAAP%20Reconciliations%20and%20Definitions) This section provides detailed reconciliations of non-GAAP measures like FFO, AFFO, and NOI to GAAP equivalents, along with their formal definitions Q4 2024 and Full Year 2024 FFO & AFFO Reconciliation Summary | Metric (per diluted share) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income (EPS) | $0.01 | $0.10 | $0.19 | $0.26 | | FFO | $0.10 | $0.08 | $0.35 | $0.38 | | AFFO | $0.11 | $0.09 | $0.38 | $0.40 | Q4 2024 and Full Year 2024 Same-Store NOI Reconciliation Summary | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $84,406 | $1,097,400 | $2,123,743 | $2,938,769 | | Total Same-Store NOI | $1,984,628 | $1,785,450 | $7,719,724 | $7,562,704 | - The report provides specific definitions for non-GAAP measures: FFO (as defined by NAREIT, adjusted for certain items), AFFO (FFO excluding stock-based compensation and other non-recurring costs), and NOI (net store earnings before G&A, interest, taxes, depreciation, and amortization)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)

Part I [Business](index=8&type=section&id=Item%201.%20Business) Global Self Storage, Inc. is a self-administered REIT owning and operating 13 self-storage properties across eight states, focusing on performance maximization and disciplined acquisitions Company Portfolio Overview (as of Dec 31, 2024) | Metric | Value | | :--- | :--- | | Total Stores | 13 (Owned and Managed) | | States of Operation | 8 | | Net Leasable Square Feet | 967,187 | | Total Storage Units | 7,049 | - The company's core business strategies include implementing proprietary revenue rate management for both new and existing tenants, refining digital and referral marketing programs, and pursuing acquisitions of single stores or small portfolios[26](index=26&type=chunk) - The acquisition strategy targets secondary and tertiary cities in the Mid-West, Northeast, and Mid-Atlantic with high barriers to entry for new competition. The company did not complete any property acquisitions in 2024[34](index=34&type=chunk)[37](index=37&type=chunk) - The company's financing includes a **$20 million** term loan at **4.192%** due in **2036** and a second amended revolving credit facility of up to **$15 million**, which matures in **2027**. As of December 31, 2024, no proceeds were withdrawn from the credit facility[39](index=39&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - The company operates a third-party management platform, managing one **137,318-leasable square foot** property in Edmond, Oklahoma as of year-end 2024[49](index=49&type=chunk) - An ESG committee has been established to oversee sustainability priorities, including initiatives like solar panel installations, LED lighting retrofits, and energy management systems to reduce the company's environmental impact[60](index=60&type=chunk)[61](index=61&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, debt, REIT qualification, and common stock risks, including economic sensitivity, financing dependence, and market volatility [Risks Related to our Self Storage Properties and our Business](index=15&type=section&id=Risks%20Related%20to%20our%20Self%20Storage%20Properties%20and%20our%20Business) - Operating results are highly dependent on occupancy levels and rental rates, which can be negatively affected by adverse economic conditions, competition from other self storage properties, and a general decrease in demand for storage space[67](index=67&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) - The company relies on information technology for its operations. A material failure, interruption, or security breach could disrupt business, compromise sensitive data, and lead to financial losses and reputational harm[101](index=101&type=chunk) - Climate change presents both transition risks (e.g., new regulations, investor sentiment) and physical risks (e.g., extreme weather events) that could increase operating costs and adversely impact properties[91](index=91&type=chunk)[94](index=94&type=chunk) - The company's growth may be impacted by the inability to successfully identify, consummate, and integrate suitable property acquisitions, facing competition and potentially paying higher prices[79](index=79&type=chunk) [Risks Related to Our Debt Financings](index=25&type=section&id=Risks%20Related%20to%20Our%20Debt%20Financings) - The company depends on external financing for acquisitions, debt servicing, and REIT-required distributions. Access to this capital is not guaranteed and may not be available on favorable terms[119](index=119&type=chunk) - Existing debt agreements contain financial covenants, such as minimum net worth and liquidity standards. A failure to comply with these covenants could result in default and require immediate repayment[120](index=120&type=chunk) [Risks Related to Our Qualification as a REIT](index=26&type=section&id=Risks%20Related%20to%20Our%20Qualification%20as%20a%20REIT) - Failure to maintain REIT qualification would subject the company to U.S. federal income tax at corporate rates, significantly reducing cash available for distribution to stockholders[121](index=121&type=chunk)[124](index=124&type=chunk) - To maintain REIT status, the company must distribute at least **90%** of its taxable income annually. This may require borrowing funds during unfavorable market conditions to meet distribution requirements[126](index=126&type=chunk)[127](index=127&type=chunk) - Compliance with REIT asset and income tests may force the company to forgo or liquidate otherwise attractive investments, potentially hindering investment performance[129](index=129&type=chunk)[130](index=130&type=chunk) [Risks Related to Our Common Stock](index=30&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock) - Future sales of a substantial number of common stock shares, or the perception of such sales, could cause the market price of the stock to decline and dilute existing stockholders' ownership[142](index=142&type=chunk) - The market price and trading volume of the company's common stock (NASDAQ: SELF) may be volatile due to factors such as operating results, market interest rate changes, and general economic conditions[144](index=144&type=chunk)[146](index=146&type=chunk) [Unresolved Staff Comments](index=32&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[147](index=147&type=chunk) [Cybersecurity](index=32&type=section&id=Item%201C.%20Cybersecurity) The company maintains a cybersecurity risk management program with third-party support and Board oversight, reporting no material threats to date - The cybersecurity program involves third-party consultants, threat protection software, multi-factor authentication for cloud services, and periodic employee training[150](index=150&type=chunk) - The Board of Directors oversees the company's cybersecurity risk management activities and receives periodic updates[149](index=149&type=chunk) - As of the report date, the company has not identified any risks from cybersecurity threats that have had or are reasonably likely to have a material effect on its operations or financial condition[150](index=150&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties) As of December 31, 2024, the company's 13-store portfolio totaled **967,187** net leasable square feet, with overall occupancy increasing to **93.4%** Property Portfolio Summary (as of Dec 31, 2024) | Category | Number of Units | Net Leasable Sq. Ft. | Occupancy % (2024) | Occupancy % (2023) | | :--- | :--- | :--- | :--- | :--- | | **Owned Stores (Same-Store)** | 6,430 | 829,869 | 92.9% | 89.3% | | **Managed Stores** | 619 | 137,318 | 96.1% | 96.9% | | **Total Owned/Managed** | **7,049** | **967,187** | **93.4%** | **90.4%** | - The portfolio includes a mix of storage types: approximately **33%** climate-controlled, **59%** traditional drive-up, and **8%** outdoor parking for boats, cars, and RVs[154](index=154&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material pending legal proceedings - The Company currently does not have any material pending legal proceedings[155](index=155&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[157](index=157&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ under "SELF", with approximately **7,400** holders as of March 14, 2025 - The Company's common stock is traded on NASDAQ under the symbol "SELF"[159](index=159&type=chunk) - As of March 14, 2025, there were approximately **7,400** holders of the Company's common stock[160](index=160&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues increased **2.8%** to **$12.5 million** in 2024, but rising expenses led to a **27.7%** net income decrease, while same-store NOI grew **2.1%** [Results of Operations (FY 2024 vs. FY 2023)](index=40&type=section&id=Results%20of%20Operations) Consolidated Results of Operations | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $12,530,280 | $12,190,715 | 2.8% | | Total Expenses | $9,635,952 | $9,079,462 | 6.1% | | Operating Income | $2,894,328 | $3,111,253 | (7.0%) | | Net Income | $2,123,743 | $2,938,769 | (27.7%) | | Diluted EPS | $0.19 | $0.26 | (26.9%) | - The increase in total revenues was primarily driven by a **2.6%** increase in rental income, resulting from higher occupancy rates and the company's existing tenant rate management program[185](index=185&type=chunk) - The **6.1%** increase in total expenses was mainly due to higher store operating expenses (up **4.2%**) and a significant rise in general and administrative expenses[187](index=187&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) - The company has total capital resources of approximately **$24.8 million**, consisting of **$7.2 million** in cash, **$2.6 million** in marketable securities, and **$15 million** available under its credit facility[183](index=183&type=chunk) - Management expects to have sufficient cash from current sources to meet liquidity needs for the next twelve months[182](index=182&type=chunk) [Same-Store Self Storage Operations](index=43&type=section&id=Same-Store%20Self%20Storage%20Operations) Same-Store Operating Results (Twelve Months Ended Dec 31) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $12,459,719 | $12,111,742 | 2.9% | | Cost of operations | $4,739,995 | $4,549,038 | 4.2% | | Net operating income (NOI) | $7,719,724 | $7,562,704 | 2.1% | | Overall square foot occupancy | 92.9% | 89.3% | 3.6 bps | - The increase in same-store cost of operations for the year was primarily due to higher expenses for employment, repairs and maintenance, and insurance[218](index=218&type=chunk) - The average tenant duration of stay was approximately **3.4 years** as of December 31, 2024, consistent with the prior year[217](index=217&type=chunk) [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) FFO and AFFO Reconciliation (Twelve Months Ended Dec 31) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Income | $2,123,743 | $2,938,769 | (27.7%) | | FFO | $3,923,932 | $4,163,937 | (5.8%) | | AFFO | $4,259,327 | $4,383,769 | (2.8%) | | FFO per diluted share | $0.35 | $0.38 | (7.9%) | | AFFO per diluted share | $0.38 | $0.40 | (5.0%) | [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable to the company - Not applicable[239](index=239&type=chunk) [Financial Statements and Supplementary Data](index=49&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section references the full consolidated financial statements and supplementary data, beginning on page F-3 - The full financial statements are included in the report starting on page F-3[240](index=240&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=49&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on accounting and financial disclosures - There were no disagreements with accountants on accounting and financial disclosures[241](index=241&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period[244](index=244&type=chunk) - Management assessed the effectiveness of internal control over financial reporting using the COSO framework and concluded it was effective as of December 31, 2024[247](index=247&type=chunk)[248](index=248&type=chunk) - No changes occurred during the fourth fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[249](index=249&type=chunk) [Other Information](index=50&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[250](index=250&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=50&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[251](index=251&type=chunk) Part III [Items 10-14](index=51&type=section&id=Part%20III%20Items) Information for Items 10-14, covering governance, compensation, and ownership, is incorporated by reference from the forthcoming proxy statement - Information for Part III (Items 10, 11, 12, 13, and 14) is incorporated by reference from the company's forthcoming 2025 proxy statement[254](index=254&type=chunk)[257](index=257&type=chunk)[260](index=260&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=52&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits, including governance documents and material contracts, filed with the annual report - This section lists all documents filed as part of the report, including financial statements and exhibits such as articles of incorporation, bylaws, and material loan agreements[263](index=263&type=chunk)[264](index=264&type=chunk) [Form 10-K Summary](index=54&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable[267](index=267&type=chunk) Financial Statements [Report of Independent Registered Public Accounting Firm](index=57&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) RSM US LLP issued an unqualified opinion on the consolidated financial statements for 2024 and 2023, identifying no critical audit matters - Auditor RSM US LLP provided an unqualified opinion on the consolidated financial statements[278](index=278&type=chunk) - The auditor determined there were no critical audit matters arising from the audit[282](index=282&type=chunk) [Consolidated Financial Statements](index=58&type=section&id=Consolidated%20Financial%20Statements) Total assets decreased to **$65.5 million** in 2024, with net income declining to **$2.1 million** from **$2.9 million** in 2023 Consolidated Balance Sheet Summary (as of Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Real estate assets, net | $53,925,409 | $55,481,220 | | Total Assets | $65,515,024 | $66,879,204 | | Note payable, net | $16,356,582 | $16,901,219 | | Total Liabilities | $18,077,347 | $18,633,177 | | Total Stockholders' Equity | $47,437,677 | $48,246,027 | Consolidated Statement of Operations Summary (Year Ended Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenues | $12,530,280 | $12,190,715 | | Total Expenses | $9,635,952 | $9,079,462 | | Net Income | $2,123,743 | $2,938,769 | [Notes to Financial Statements](index=62&type=section&id=Notes%20to%20Financial%20Statements) Notes detail accounting policies, real estate, debt, related party transactions, and subsequent events, including a **$16.7 million** term loan and dividend declaration - The company's debt includes a term loan with a principal balance of **$16,664,125** as of Dec 31, 2024, bearing interest at **4.192%** and maturing in **2036**[340](index=340&type=chunk)[344](index=344&type=chunk) - In July 2024, the company entered into a second amended revolving credit facility for up to **$15 million**, maturing in July **2027**. No balance was outstanding as of year-end[347](index=347&type=chunk)[351](index=351&type=chunk) - The company has transactions with affiliated entities, paying **$3,039,878** for compensation/benefits and **$36,723** for administrative services in 2024[361](index=361&type=chunk) - Subsequent to year-end, on March 3, 2025, the company declared a quarterly cash dividend of **$0.0725 per common share**[378](index=378&type=chunk)