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)

[Global Self Storage First Quarter 2024 Results](index=1&type=section&id=Global%20Self%20Storage%20First%20Quarter%202024%20Results) [Q1 2024 Financial & Operational Highlights](index=1&type=section&id=Q1%202024%20Financial%20%26%20Operational%20Highlights) Q1 2024 saw stable revenues, a sharp net income and FFO decline, yet a strong 3.4 p.p. increase in same-store occupancy Key Financial and Operational Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3.0 million | $3.0 million | Unchanged | | Net Income | $266,000 | $993,000 | -73.2% | | Diluted EPS | $0.02 | $0.09 | -77.8% | | FFO | $0.8 million | $1.0 million | -18.3% | | AFFO | $0.9 million | $1.1 million | -14.7% | | Same-Store NOI | $1.8 million | $1.9 million | -5.7% | | Same-Store Occupancy (End of Period) | 91.3% | 87.9% | +3.4 p.p. | - The company declared and maintained a quarterly dividend of **$0.0725 per share**, consistent with the prior year and previous quarter, representing an annualized rate of **$0.29 per share**[3](index=3&type=chunk) - Capital resources as of March 31, 2024, totaled approximately **$24.0 million**, consisting of **$6.9 million** in cash, **$2.6 million** in marketable securities, and **$14.5 million** available under its revolving credit facility[4](index=4&type=chunk)[17](index=17&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) Management cited economic headwinds for flat revenues, but highlighted successful marketing driving occupancy gains despite rising IT and inflationary operating costs - Flat revenue is attributed to general economic headwinds, high inflation, and lower move-in rental rates across the industry[7](index=7&type=chunk) - Effective digital and local marketing initiatives helped increase average same-store occupancy to **91.3%** at the end of Q1, up from **87.9%** in the prior year, with occupancy continuing to improve to **92.8%** as of May 1, 2024[7](index=7&type=chunk)[8](index=8&type=chunk) - Operating expenses increased due to a one-time IT investment, additional digital advertising spending, and industry-wide inflationary increases in property insurance and real estate taxes[10](index=10&type=chunk) - The company continues to evaluate property expansion opportunities and pursue potential acquisitions, supported by capital resources of approximately **$24.0 million**[12](index=12&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) This section analyzes consolidated and same-store financial results, detailing revenue, expense, and non-GAAP metric performance for Q1 2024 [Consolidated Financial Results](index=4&type=section&id=Consolidated%20Financial%20Results) Q1 2024 saw flat revenues, a 10.4% rise in operating expenses, leading to a 28.3% operating income drop and a sharp 73.2% net income decline Consolidated Financial Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3.0 million | $3.0 million | -0.1% | | Total Operating Expenses | $2.4 million | $2.2 million | +10.4% | | Operating Income | $591,000 | $825,000 | -28.3% | | Net Income | $266,000 | $993,000 | -73.2% | - The increase in total operating expenses was attributable to higher store level expenses (marketing, employment, property taxes) and general and administrative expenses[15](index=15&type=chunk) - The significant decrease in net income was partly due to an unrealized loss in marketable equity securities in Q1 2024, compared to an unrealized gain in Q1 2023[16](index=16&type=chunk) [Same-Store Results](index=4&type=section&id=Same-Store%20Results) Same-store revenues were flat in Q1 2024, but a 9.8% cost increase led to a 5.7% NOI decrease, despite a 3.4 p.p. occupancy rise Same-Store Financial Performance | Same-Store Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $3.0 million | $3.0 million | 0.0% | | Cost of Operations | $1.2 million | $1.1 million | +9.8% | | Net Operating Income (NOI) | $1.8 million | $1.9 million | -5.7% | Same-Store Operational Metrics | Same-Store Operational Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Occupancy | 91.3% | 87.9% | | Average Tenant Duration | ~3.3 years | ~3.4 years | [Operating Results and Non-GAAP Measures](index=5&type=section&id=Operating%20Results%20and%20Non-GAAP%20Measures) Q1 2024 saw FFO decrease 18.3% to $0.8 million and AFFO decrease 14.7% to $0.9 million, reflecting increased operating and G&A expenses Non-GAAP Financial Performance | Non-GAAP Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | FFO | $0.8 million | $1.0 million | -18.3% | | FFO per diluted share | $0.08 | $0.09 | -11.1% | | AFFO | $0.9 million | $1.1 million | -14.7% | | AFFO per diluted share | $0.08 | $0.10 | -20.0% | - General and administrative expenses increased to **$803,000** from **$680,000** in the same period last year[22](index=22&type=chunk) - Interest expense decreased to **$205,000** from **$236,000**, primarily due to changes in the fair value of the company's interest rate cap[23](index=23&type=chunk) [Company Strategy and Outlook](index=3&type=section&id=Company%20Strategy%20and%20Outlook) The company aims to increase stockholder value through strategic acquisitions, joint ventures, and property expansions, guided by board review of key metrics and capital structure - The company's main objective is to increase stockholder value over time by executing its strategic business plan[5](index=5&type=chunk) - The strategic plan includes funding acquisitions, either directly or through joint ventures, and pursuing expansion projects at existing properties[5](index=5&type=chunk) - The report contains forward-looking statements concerning the company's plans, objectives, and future performance, which are subject to risks and uncertainties[35](index=35&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents the consolidated balance sheets, statements of operations, and reconciliation of GAAP net income to same-store net operating income for Q1 2024 [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were $66.1 million, slightly down from year-end 2023, with net real estate assets at $55.1 million, and total stockholders' equity at $47.8 million Consolidated Balance Sheet Summary | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $66,083,519 | $66,879,204 | | Total Liabilities | $18,308,906 | $18,633,177 | | Total Stockholders' Equity | $47,774,613 | $48,246,027 | [Consolidated Statements of Operations and Comprehensive Income](index=9&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q1 2024 saw flat revenues of $3.03 million, rising expenses to $2.44 million, and a significant net income decrease to $266,150, largely due to an unrealized securities loss Consolidated Income Statement Summary | Income Statement Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $3,034,040 | $3,037,952 | | Total Expenses | $2,443,046 | $2,213,139 | | Operating Income | $590,994 | $824,813 | | Net Income | $266,150 | $992,541 | | Diluted EPS | $0.02 | $0.09 | [Reconciliation of GAAP Net Income to Same-Store Net Operating Income](index=9&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Same-Store%20Net%20Operating%20Income) This section reconciles GAAP Net Income to Same-Store NOI, showing a Q1 2024 Same-Store NOI of **$1,786,195**, a decrease from Q1 2023, derived from same-store revenues and costs GAAP Net Income to Same-Store NOI Reconciliation | Reconciliation Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $266,150 | $992,541 | | Adjustments (G&A, D&A, Interest, etc.) | $1,519,045 | $902,263 | | **Total Same-Store NOI** | **$1,786,195** | **$1,894,804** | [Appendix: Non-GAAP Financial Measures and Definitions](index=6&type=section&id=Appendix%3A%20Non-GAAP%20Financial%20Measures%20and%20Definitions) This appendix defines key non-GAAP measures: FFO (per NAREIT, excluding unrealized gains/losses), AFFO (FFO adjusted for non-recurring items), and NOI (store-level performance), clarifying the same-store portfolio - Funds from Operations (FFO) is a non-GAAP measure defined by NAREIT as net income, excluding gains/losses from property sales and adding back real estate depreciation, with the company also excluding unrealized gains/losses on marketable equity securities[29](index=29&type=chunk) - Adjusted FFO (AFFO) is FFO excluding effects of stock-based compensation, business development, and other non-recurring items to better reflect ongoing operating results[30](index=30&type=chunk) - Net Operating Income (NOI) is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization, and is used to evaluate property-level performance[31](index=31&type=chunk) - The same-store portfolio consists of stabilized properties owned and operated throughout the entire comparable periods, with all twelve owned properties classified as same-store as of March 31, 2024[33](index=33&type=chunk)

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited).) Unaudited Q1 2024 statements show decreased assets, equity, and net income, primarily due to unrealized losses and higher operating expenses Consolidated Balance Sheet Summary (Unaudited) | Account | March 31, 2024 ($) | December 31, 2023 ($) | | :--- | :--- | :--- | | Total Assets | $66,083,519 | $66,879,204 | | Total Liabilities | $18,308,906 | $18,633,177 | | Total Stockholders' Equity | $47,774,613 | $48,246,027 | Consolidated Statement of Operations Summary (Unaudited) | Account | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Total Revenues | $3,034,040 | $3,037,952 | | Total Expenses | $2,443,046 | $2,213,139 | | Operating Income | $590,994 | $824,813 | | Net Income | $266,150 | $992,541 | | Diluted EPS | $0.02 | $0.09 | Consolidated Statement of Cash Flows Summary (Unaudited) | Account | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $797,013 | $1,003,745 | | Net cash used in investing activities | ($10,071) | ($109,609) | | Net cash used in financing activities | ($949,248) | ($940,870) | - As of March 31, 2024, the company owned and/or managed **13 self-storage properties** across **eight states**: Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma[27](index=27&type=chunk) - The company maintained a quarterly dividend of **$0.0725 per share** for the three months ended March 31, 2024, consistent with the same period in 2023[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses flat revenues, a 10.4% rise in operating expenses, a 28.3% drop in operating income, and a 5.7% decrease in same-store NOI, with the revolving credit line maturing in July 2024 - Total revenues for Q1 2024 were **$3,034,040**, a slight **0.1% decrease** from Q1 2023, mainly due to a **0.4% drop** in rental income, partially offset by increased occupancy and existing tenant rate hikes[120](index=120&type=chunk) - Total operating expenses rose **10.4% year-over-year** to **$2,443,046**, driven by a **9.8% increase** in store operating expenses and an **18.1% increase** in general and administrative expenses[124](index=124&type=chunk)[126](index=126&type=chunk) - As of March 31, 2024, the company had approximately **$24.0 million** in capital resources, consisting of **$6.9 million** in cash, **$2.6 million** in marketable securities, and **$14.5 million** available on its revolving line of credit, which matures on **July 6, 2024**[118](index=118&type=chunk) Same-Store Operating Results (Q1 2024 vs Q1 2023) | Metric | Q1 2024 ($) | Q1 2023 ($) | % Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $3,017,311 | $3,016,141 | 0.0% | | Cost of operations | $1,231,116 | $1,121,337 | 9.8% | | Net operating income (NOI) | $1,786,195 | $1,894,804 | -5.7% | | Occupancy at period end | 91.3% | 87.9% | 3.9% | FFO and AFFO Reconciliation (Q1 2024 vs Q1 2023) | Metric | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | Net Income | $266,150 | $992,541 | | FFO attributable to common stockholders | $847,953 | $1,037,332 | | AFFO attributable to common stockholders | $921,232 | $1,080,368 | | FFO per share - diluted | $0.08 | $0.09 | | AFFO per share - diluted | $0.08 | $0.10 | [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company reports no applicable quantitative or qualitative disclosures regarding market risk for this period - The company stated that there are no quantitative and qualitative disclosures about market risk to report for this period[181](index=181&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation as of the end of the period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[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, these controls[186](index=186&type=chunk) [PART II – OTHER INFORMATION](index=32&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings.) The company reports no material pending legal proceedings involving itself or its subsidiaries - The Company currently does not have any material pending legal proceedings[188](index=188&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors have occurred since the December 31, 2023, Annual Report on Form 10-K - There are no material changes to the risk factors previously disclosed in the company's annual report on Form 10-K for the fiscal year ended December 31, 2023[189](index=189&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reported no unregistered sales of equity securities during the period - None reported for the period[190](index=190&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities during the period - None reported for the period[191](index=191&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[192](index=192&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information.) The company reported no other information for the period - None reported for the period[193](index=193&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits.) This section lists exhibits, including CEO/CFO certifications and Inline XBRL data files, filed with Form 10-Q - The report includes certifications from the CEO and CFO as required by the Sarbanes-Oxley Act of 2002, as well as financial statements formatted in Inline XBRL[196](index=196&type=chunk)

Financial Performance - Total revenues for the full year 2023 increased 2.1% to $12.2 million from $11.9 million in 2022, primarily due to the company's revenue rate management program[27] - Net income for the full year 2023 increased to $2.9 million or $0.26 per diluted share, up from $2.1 million or $0.19 per diluted share in 2022[29] - Same-store revenues for the full year 2023 increased 2.1% to $12.1 million from $11.9 million in 2022, driven by increased existing tenant rates[30] - Net income for Q4 2023 was $1,097,400, compared to $440,451 in Q4 2022, representing a significant increase of 149.4%[38] - Total revenues for the year ended December 31, 2023, were $12,190,715, an increase from $11,944,850 in 2022, marking a growth of 2.1%[52] - Basic earnings per share for Q4 2023 were $0.10, up from $0.04 in Q4 2022[53] Occupancy and Tenant Metrics - Same-store occupancy at December 31, 2023 was 89.3%, a slight decrease from 89.6% at December 31, 2022, but increased to 92.1% as of March 15, 2024[22] - Same-store average tenant duration of stay increased to approximately 3.4 years at December 31, 2023, up from approximately 3.3 years at December 31, 2022[22] Funds from Operations - Funds from operations (FFO) for the full year 2023 decreased 7.2% to $4.2 million or $0.38 per diluted share from $4.5 million or $0.41 per diluted share in 2022[35] - Adjusted funds from operations (AFFO) for the full year 2023 decreased 6.9% to $4.4 million or $0.40 per diluted share from $4.7 million or $0.43 per diluted share in 2022[36] - Funds from Operations (FFO) attributable to common stockholders for Q4 2023 was $932,678, down from $1,072,492 in Q4 2022, a decrease of 13.0%[38] - Adjusted Funds from Operations (AFFO) attributable to common stockholders for Q4 2023 was $1,014,930, compared to $1,116,933 in Q4 2022, reflecting a decrease of 9.1%[38] Operating Expenses - Total operating expenses for the full year 2023 increased 7.9% to $9.1 million compared to $8.4 million in 2022, primarily due to increased store level expenses and general and administrative expenses[28] - Total expenses for the year increased to $9,079,462 in 2023 from $8,417,660 in 2022, marking an increase of approximately 7.8%[53] - General and administrative expenses for the year ended December 31, 2023, were $2,876,300, up from $2,580,899 in 2022, an increase of 11.5%[52] Asset and Shareholder Information - The company reported total assets of $66,879,204 as of December 31, 2023, a decrease from $67,382,752 in 2022, representing a decline of 0.7%[51] - The weighted average shares outstanding - diluted increased to 11,096,619 in Q4 2023 from 11,071,042 in Q4 2022, an increase of 0.2%[38] - The company’s accumulated deficit increased to $(1,094,528) as of December 31, 2023, compared to $(801,689) in 2022, indicating a worsening of 36.5%[51] Dividend Information - The company maintained a quarterly dividend of $0.0725 per common share, consistent with the previous year and quarter[5] Strategic Initiatives - The company is actively pursuing potential self-storage property acquisitions in select regions across the United States, supported by its robust financial position[14] Market Performance - Rental income for Q4 2023 was $2,861,319, slightly down from $2,943,291 in Q4 2022, a decrease of 2.8%[52] - Total same-store net operating income for Q4 2023 was $1,785,450, down from $1,921,458 in Q4 2022, indicating a decline of approximately 7.1%[54] - Same-store revenues for Q4 2023 were $2,960,108, a decrease from $3,037,160 in Q4 2022, reflecting a decline of about 2.5%[54] - Operating income for the year was $3,111,253, down from $3,527,190 in 2022, representing a decrease of around 11.8%[53] - Dividend and interest income rose to $265,046 in 2023 from $120,575 in 2022, showing an increase of approximately 120%[53] - Unrealized gains on marketable equity securities improved to $408,876 in 2023, compared to a loss of $(1,117,029) in 2022[53] - The company operates 13 self-storage properties across multiple states, focusing on affordable and secure storage solutions for customers[40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-12681 GLOBAL SELF STORAGE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-12681 GLOBAL SELF STORAGE, INC. (State or other jurisdiction of incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-12681 GLOBAL SELF STORAGE, INC. (Exact name of registrant as specified in its charter) ...