UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________________ to ____________________ FORM 10-Q Commission File Number: 001-12681 (Mark One) GLOBAL SELF STORAGE, INC. ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exact name of registrant as specified in its charter) For the quarterly period ended March 31, 202 ...

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, 2019 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 ...

[Statement on Forward Looking Information](index=4&type=section&id=STATEMENT%20ON%20FORWARD%20LOOKING%20INFORMATION) This section outlines the nature of forward-looking statements, emphasizing that actual results may differ materially due to various known and unknown risks and uncertainties [Forward-Looking Statements and Risks](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risks) This section outlines the nature of forward-looking statements, emphasizing that actual results may differ materially due to various known and unknown risks and uncertainties. It advises readers to consider these statements in light of the risk factors detailed in the company's Form 10-K and other SEC filings - Forward-looking statements involve known and unknown risks, uncertainties, and other factors beyond the Company's control, which may cause actual results to differ materially from those expressed or implied[9](index=9&type=chunk) - Key risks include general real estate ownership and operation risks (demand changes, environmental liability, natural disasters, tax/zoning law changes), economic downturns, competition, acquisition/development difficulties, litigation, regulatory environment, REIT qualification risks, tax increases, security breaches, financing challenges, market trends, asset value changes, interest rate volatility, personnel availability, capital raising difficulties, fiscal policies, distribution estimates, and economic uncertainty[12](index=12&type=chunk)[13](index=13&type=chunk) - The Company undertakes no obligation to publicly update or revise forward-looking statements, except as required by law[10](index=10&type=chunk) [Part I – Financial Information](index=6&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This part presents the unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29%2E) This section presents the unaudited consolidated financial statements for Global Self Storage, Inc., including the balance sheets, statements of operations, comprehensive income, stockholders' equity, and cash flows, along with detailed notes explaining the company's organization, significant accounting policies, and specific financial line items [Consolidated Balance Sheets](index=6&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) This section provides a snapshot of the Company's financial position, detailing assets, liabilities, and equity at specific points in time | Metric | September 30, 2019 | December 31, 2018 | Change | % Change | | :-------------------------- | :------------------- | :------------------ | :----- | :------- | | **Assets** | | | | | | Real estate assets, net | $53,233,742 | $53,811,737 | $(577,995) | -1.07% | | Cash and cash equivalents | $1,116,000 | $1,526,203 | $(410,203) | -26.88% | | Total assets | $58,121,444 | $58,588,298 | $(466,854) | -0.80% | | **Liabilities** | | | | | | Note payable, net | $18,949,101 | $19,269,250 | $(320,149) | -1.66% | | Line of credit borrowing | $380,000 | — | $380,000 | N/A | | Total liabilities | $21,714,433 | $21,382,422 | $332,011 | 1.55% | | **Equity** | | | | | | Total equity | $36,407,011 | $37,205,876 | $(798,865) | -2.15% | [Consolidated Statements of Operations](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section presents the Company's revenues, expenses, and net income over specific periods, highlighting operational performance | Metric | Three Months Ended Sep 30, 2019 | Three Months Ended Sep 30, 2018 | Change (3M) | % Change (3M) | | :----------------------------------- | :------------------------------ | :------------------------------ | :---------- | :-------------- | | Total revenues | $2,187,247 | $2,058,153 | $129,094 | 6.3% | | Total expenses | $1,827,051 | $1,586,637 | $240,414 | 15.2% | | Operating income | $360,196 | $471,516 | $(111,320) | -23.6% | | Net income | $249,233 | $89,368 | $159,865 | 178.9% | | Basic EPS | $0.03 | $0.01 | $0.02 | 200.0% | | Diluted EPS | $0.03 | $0.01 | $0.02 | 200.0% | | Metric | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | Change (9M) | % Change (9M) | | :----------------------------------- | :----------------------------- | :----------------------------- | :---------- | :-------------- | | Total revenues | $6,442,445 | $6,039,768 | $402,677 | 6.7% | | Total expenses | $5,502,238 | $4,889,801 | $612,437 | 12.5% | | Operating income | $940,207 | $1,149,967 | $(209,760) | -18.2% | | Net income | $573,901 | $543,969 | $29,932 | 5.5% | | Basic EPS | $0.08 | $0.07 | $0.01 | 14.3% | | Diluted EPS | $0.08 | $0.07 | $0.01 | 14.3% | [Consolidated Statements of Comprehensive Income (Loss)](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME%20%28LOSS%29) This section details the Company's comprehensive income, which includes net income and other comprehensive income (loss) components | Metric | Three Months Ended Sep 30, 2019 | Three Months Ended Sep 30, 2018 | Change (3M) | % Change (3M) | | :------------------- | :------------------------------ | :------------------------------ | :---------- | :-------------- | | Net income | $249,233 | $89,368 | $159,865 | 178.9% | | Other comprehensive income | — | — | — | N/A | | Comprehensive income | $249,233 | $89,368 | $159,865 | 178.9% | | Metric | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | Change (9M) | % Change (9M) | | :------------------- | :----------------------------- | :----------------------------- | :---------- | :-------------- | | Net income | $573,901 | $543,969 | $29,932 | 5.5% | | Other comprehensive income | — | — | — | N/A | | Comprehensive income | $573,901 | $543,969 | $29,932 | 5.5% | [Consolidated Statement of Stockholders' Equity](index=9&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20STOCKHOLDERS%27%20EQUITY) This section outlines the changes in the Company's equity over time, reflecting net income, stock transactions, and dividends | Metric | December 31, 2018 | September 30, 2019 | Change | | :-------------------------- | :------------------ | :------------------- | :----- | | Common Stock Shares | 7,692,624 | 7,729,006 | 36,382 | | Common Stock Par Value | $76,926 | $77,290 | $364 | | Additional Paid in Capital | $33,961,903 | $34,096,859 | $134,956 | | Retained Earnings | $3,167,047 | $2,232,862 | $(934,185) | | Total Stockholders' Equity | $37,205,876 | $36,407,011 | $(798,865) | - Changes in stockholders' equity for the nine months ended September 30, 2019, include net income of **$573,901**, stock-based compensation of **$135,320**, and dividends of **$(1,508,086)**[23](index=23&type=chunk)[75](index=75&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section details the cash inflows and outflows from operating, investing, and financing activities, providing insight into liquidity | Cash Flow Activity | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | Change | | :----------------------------------- | :----------------------------- | :----------------------------- | :----- | | Net cash provided by operating activities | $1,599,130 | $1,469,242 | $129,888 | | Net cash used in investing activities | $(478,092) | $(111,150) | $(366,942) | | Net cash used in financing activities | $(1,473,245) | $(1,569,151) | $95,906 | | Net decrease in cash and cash equivalents | $(352,207) | $(211,059) | $(141,148) | | Cash, cash equivalents, and restricted cash, end of period | $1,360,059 | $2,045,356 | $(685,297) | - The increase in cash used in investing activities was primarily due to higher construction costs (**$424,382** in 2019 vs. **$74,808** in 2018) and improvements/equipment additions[28](index=28&type=chunk) [Notes to Consolidated Financial Statements (Unaudited)](index=12&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20%28Unaudited%29) This section provides detailed explanations and additional information supporting the consolidated financial statements [1. Organization](index=12&type=section&id=1.%20ORGANIZATION) This section describes the Company's legal structure, business activities, and REIT status - Global Self Storage, Inc. is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops, and redevelops self-storage properties in the Northeast, Mid-Atlantic, and Mid-West regions of the United States[29](index=29&type=chunk) - The Company operates primarily in one segment: rental operations, owning and operating **eleven self-storage properties** as of September 30, 2019[31](index=31&type=chunk) - The Company elected to be treated as a REIT under the IRC, which exempts it from federal income tax on distributed taxable income, provided it meets certain requirements[30](index=30&type=chunk) [2. Summary of Significant Accounting Policies](index=12&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the key accounting principles and methods used in preparing the financial statements - The financial statements are prepared on an accrual basis in accordance with GAAP for interim financial information, and management's estimates and assumptions are used[33](index=33&type=chunk)[56](index=56&type=chunk) - The Company maintains its REIT qualification by distributing at least **90%** of its taxable income and meeting income/asset tests, thus avoiding federal income tax on distributed income[37](index=37&type=chunk) - Real estate assets are carried at appreciated value as of January 19, 2016 (change to operating company status) or at cost for subsequent purchases, less accumulated depreciation[42](index=42&type=chunk) - Revenue from month-to-month self-storage leases, late charges, and administrative fees is recognized as earned, with promotional discounts reducing income over the promotional period[48](index=48&type=chunk) - The adoption of ASU No. 2017-12 (Hedging Activities) and ASU No. 2016-02 (Leases) did not have a material impact on the Company's consolidated financial statements or operating results[57](index=57&type=chunk)[58](index=58&type=chunk) [3. Real Estate Assets](index=15&type=section&id=3.%20REAL%20ESTATE%20ASSETS) This section provides a detailed breakdown of the Company's real estate holdings and related depreciation | Asset Category | September 30, 2019 | December 31, 2018 | | :----------------------------- | :------------------- | :------------------ | | Land | $5,493,814 | $5,493,814 | | Buildings, improvements, and equipment | $51,933,037 | $51,879,327 | | Construction in progress | $519,198 | $94,816 | | Self storage properties | $57,946,049 | $57,467,957 | | Less: Accumulated depreciation | $(4,712,307) | $(3,656,220) | | Real estate assets, net | $53,233,742 | $53,811,737 | - Construction began on the Millbrook, NY expansion in Q2 2019, which will add approximately **16,500 gross square feet** of climate-controlled units, with completion anticipated in 9-12 months[59](index=59&type=chunk) [4. Marketable Equity Securities](index=16&type=section&id=4.%20MARKETABLE%20EQUITY%20SECURITIES) This section details the Company's investments in marketable equity securities, including cost basis and unrealized gains | Metric | September 30, 2019 | December 31, 2018 | | :--------------------------------- | :------------------- | :------------------ | | Cost Basis | $755,487 | $755,487 | | Gross Unrealized Gains | $1,167,222 | $812,120 | | Value | $1,922,709 | $1,567,607 | - The Company's investment in marketable equity securities consists solely of common stocks, with a significant increase in gross unrealized gains from **$812,120** at December 31, 2018, to **$1,167,222** at September 30, 2019[60](index=60&type=chunk) [5. Fair Value Measurements](index=16&type=section&id=5.%20FAIR%20VALUE%20MEASUREMENTS) This section provides information on the fair value of financial instruments, categorized by valuation inputs | Asset | September 30, 2019 (Total) | December 31, 2018 (Total) | | :------------------------ | :------------------------- | :------------------------ | | Marketable equity securities | $1,922,709 (Level 1) | $1,567,607 (Level 1) | | Interest rate cap derivative | $118 (Level 2) | $4,889 (Level 2) | | Total assets at fair value | $1,922,827 | $1,572,496 | - The fair value of the Company's debt was approximately **$20,100,000** as of September 30, 2019, compared to a carrying value of **$19,838,149**, classified as Level 2 in the fair value hierarchy[63](index=63&type=chunk) [6. Derivatives](index=17&type=section&id=6.%20DERIVATIVES) This section describes the Company's use of derivative instruments to manage financial risks - The Company uses an interest rate cap agreement to manage interest rate risk and stabilize interest expense, carrying the premium paid as an asset at fair value[64](index=64&type=chunk) | Product | Notional Amount (Sep 30, 2019) | Notional Amount (Dec 31, 2018) | Strike | Effective Date | Maturity Date | | :-------------- | :----------------------------- | :----------------------------- | :----- | :------------- | :------------ | | Cap Agreement | $7,500,000 | $7,500,000 | 3.50% - 4.00% | 12/24/2018 | 12/20/2021 | [7. Note Payable](index=17&type=section&id=7.%20NOTE%20PAYABLE) This section details the Company's outstanding debt obligations, including terms and maturity schedules - The Company has a **$20 million** promissory note with an interest rate of **4.192%** per annum, maturing on July 1, 2036, secured by certain real estate assets[66](index=66&type=chunk) - A revolving credit loan agreement for up to **$10 million** was entered into on December 20, 2018, bearing interest at **3.00%** over One Month LIBOR (effective rate **6.46%**) and maturing on December 20, 2021. As of September 30, 2019, **$380,000** was drawn[71](index=71&type=chunk)[74](index=74&type=chunk) | Year | Principal Payment Requirements | | :----------------- | :----------------------------- | | 2019 (remaining) | $159,736 | | 2020 | $492,797 | | 2021 | $513,857 | | 2022 | $535,816 | | 2023 | $558,714 | | 2024 and thereafter | $17,197,229 | | Total | $19,458,149 | [8. Earnings Per Share](index=18&type=section&id=8.%20EARNINGS%20PER%20SHARE) This section provides a breakdown of basic and diluted earnings per share, along with weighted average shares outstanding | Metric | Three Months Ended Sep 30, 2019 | Three Months Ended Sep 30, 2018 | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :----------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net income | $249,233 | $89,368 | $573,901 | $543,969 | | Basic EPS | $0.03 | $0.01 | $0.08 | $0.07 | | Diluted EPS | $0.03 | $0.01 | $0.08 | $0.07 | | Weighted average shares outstanding - basic | 7,646,875 | 7,623,182 | 7,639,588 | 7,620,747 | | Weighted average shares outstanding - diluted | 7,652,257 | 7,626,286 | 7,640,874 | 7,621,769 | - Common stock dividends totaled **$0.065 per share** for both the three months ended September 30, 2019 and 2018, and **$0.13 per share** for both the nine months ended September 30, 2019 and 2018[75](index=75&type=chunk) [9. Related Party Transactions](index=19&type=section&id=9.%20RELATED%20PARTY%20TRANSACTIONS) This section discloses transactions and relationships with affiliated entities and individuals - The Company shares officers and directors with Winmill & Co. Incorporated and its affiliates, which collectively owned approximately **7.2%** of the Company's common stock as of September 30, 2019[76](index=76&type=chunk) - The Company incurred **$21,115** and **$57,798** in aggregate rent and overhead expenses paid to Winco for the three and nine months ended September 30, 2019, respectively, representing increases from the prior year[76](index=76&type=chunk) - The Company leases office space to Tuxis Corporation, an affiliate, for **$667 per month**, totaling **$2,001** and **$6,003** for the three and nine months ended September 30, 2019, respectively[78](index=78&type=chunk) [10. Capital Stock](index=19&type=section&id=10.%20CAPITAL%20STOCK) This section provides information on the Company's authorized and outstanding shares of common and preferred stock - As of September 30, 2019, the Company was authorized to issue **450,000,000 shares** of common stock (**$0.01 par value**), with **7,729,006 shares** issued and outstanding. No preferred stock was issued[79](index=79&type=chunk) [11. Stock-Based Compensation](index=19&type=section&id=11.%20STOCK-BASED%20COMPENSATION) This section details the Company's equity incentive plans and the associated compensation expense - The Company's 2017 Equity Incentive Plan reserved **760,000 shares** for equity-based incentives. In March 2019, **28,755 restricted stock awards** were approved (**15,025 performance-based**, **13,730 time-based**)[80](index=80&type=chunk)[81](index=81&type=chunk) - Stock-based compensation expense recorded was **$29,430** for the three months and **$135,320** for the nine months ended September 30, 2019, an increase from the prior year[81](index=81&type=chunk) - As of September 30, 2019, unrecognized compensation expense related to unvested awards totaled **$189,630** for Time-Based and **$127,829** for Performance-Based awards, expected to be recognized over weighted-average periods of **2.69** and **2.91 years**, respectively[81](index=81&type=chunk) [12. Commitments and Contingencies](index=20&type=section&id=12.%20COMMITMENTS%20AND%20CONTINGENCIES) This section outlines the Company's contractual obligations and potential liabilities - The Company is subject to potential future claims under general indemnifications and legal actions, but currently has no material pending legal proceedings[86](index=86&type=chunk)[181](index=181&type=chunk) - A contingent cash payment of **$900,000** is due to Tuxis upon breaking ground and commencing construction for the Millbrook, NY expansion, which began in Q2 2019[88](index=88&type=chunk) - Future minimum lease payments for an automobile lease expiring January 3, 2020, are **$15,288** for the year ending December 31, 2019[87](index=87&type=chunk) [13. Subsequent Events](index=20&type=section&id=13.%20SUBSEQUENT%20EVENTS) This section reports significant events that occurred after the reporting period but before the financial statements were issued - On October 4, 2019, the Company entered into an agreement to acquire the West Henrietta Property in New York for approximately **$6.2 million**, with **458 units** and **46,850 net leasable square feet**, and **74.4% occupancy** as of September 30, 2019[89](index=89&type=chunk)[90](index=90&type=chunk) - On October 23, 2019, the Company launched its third-party management platform by signing its first client, a **134,318-leasable square foot property** in Edmond, Oklahoma, which will be rebranded as 'Global Self Storage'[92](index=92&type=chunk) - On October 25, 2019, the Company announced a planned rights offering to purchase up to approximately **$11.6 million** of newly issued common stock, with proceeds intended to fund the West Henrietta acquisition, repay revolving credit, and for other corporate purposes[94](index=94&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) This section provides management's perspective on the Company's financial performance, liquidity, and capital resources, analyzing the results of operations for the three and nine months ended September 30, 2019, compared to the prior year. It also discusses critical accounting policies, non-GAAP financial measures, and operational aspects of the self-storage portfolio, including same-store performance and expansion initiatives [Cautionary Language](index=22&type=section&id=CAUTIONARY%20LANGUAGE) This section advises readers that the discussion and analysis contain forward-looking statements and refers to the "Statement on Forward Looking Information" for further context - The discussion and analysis contain forward-looking statements, which should be read in conjunction with the 'Statement on Forward Looking Information' section of this report[97](index=97&type=chunk) [Critical Accounting Policies](index=22&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES) This section highlights the accounting policies that require significant judgment and estimation by management - The preparation of financial statements requires management to make estimates, judgments, and assumptions, which are believed to be appropriate and correct based on available information, but actual results could materially differ[98](index=98&type=chunk) [Management's Discussion and Analysis Overview](index=22&type=section&id=Management%27s%20Discussion%20and%20Analysis%20Overview) This section provides a high-level overview of the Company's business model, operational focus, and strategic plans - Global Self Storage, Inc. is a self-administered and self-managed REIT focused on owning, operating, managing, acquiring, developing, and redeveloping self-storage properties[100](index=100&type=chunk) - The Company currently owns and operates, or manages, **twelve stores** across various states and expects store operations to continue generating the majority of its net income[100](index=100&type=chunk)[101](index=101&type=chunk) - The Company plans to divest its investment securities portfolio to fund additional store acquisitions, development, and operations, expecting income from investment securities to decrease[101](index=101&type=chunk) [Financial Condition and Results of Operations](index=22&type=section&id=Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the Company's financial position, capital resources, and strategic initiatives to enhance stockholder returns - The Company's financing strategy aims to minimize capital costs to maximize stockholder returns, utilizing debt/equity offerings, credit facilities, mortgage financing, and joint ventures for future acquisitions[102](index=102&type=chunk) - As of September 30, 2019, capital resources totaled approximately **$3.0 million**, comprising **$1.1 million** in cash and cash equivalents and **$1.9 million** in marketable securities[106](index=106&type=chunk) - The Company launched a new third-party management platform on October 23, 2019, with its first client in Edmond, Oklahoma, aiming to generate additional revenue, expand brand awareness, and build an acquisition pipeline[108](index=108&type=chunk) [Results of Operations (Three Months Ended September 30, 2019 vs. 2018)](index=23&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20September%2030%2C%202019%20Compared%20with%20the%20Three%20Months%20Ended%20September%2030%2C%202018) This section analyzes the Company's financial performance for the three months ended September 30, 2019, compared to the same period in 2018 Key Financial Highlights (Three Months Ended September 30) | Metric | 2019 | 2018 | Change | % Change | | :----------------------------------- | :--------- | :--------- | :------- | :------- | | Total Revenues | $2,187,247 | $2,058,153 | $129,094 | 6.3% | | Rental Income | $2,115,053 | $1,988,133 | $126,920 | 6.4% | | Total Expenses | $1,827,051 | $1,586,637 | $240,414 | 15.2% | | Operating Income | $360,196 | $471,516 | $(111,320) | -23.6% | | Net Income | $249,233 | $89,368 | $159,865 | 178.9% | | Diluted EPS | $0.03 | $0.01 | $0.02 | 200.0% | - The increase in total revenues was primarily driven by additional income from the Merrillville expansion and increases in rental rates[109](index=109&type=chunk) - Operating income decreased due to a **15.2% increase** in total operating expenses, mainly from higher store property tax expenses and increased general and administrative expenses (including employee compensation and legal fees for acquisitions)[112](index=112&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk) - Net income significantly increased due to an unrealized gain on marketable equity securities of **$127,820** in 2019, compared to an unrealized loss of **$180,021** in 2018[118](index=118&type=chunk)[119](index=119&type=chunk) [Results of Operations (Nine Months Ended September 30, 2019 vs. 2018)](index=24&type=section&id=Results%20of%20Operations%20for%20the%20Nine%20Months%20Ended%20September%2030%2C%202019%20Compared%20with%20the%20Nine%20Months%20Ended%20September%2030%2C%202018) This section analyzes the Company's financial performance for the nine months ended September 30, 2019, compared to the same period in 2018 Key Financial Highlights (Nine Months Ended September 30) | Metric | 2019 | 2018 | Change | % Change | | :----------------------------------- | :--------- | :--------- | :------- | :------- | | Total Revenues | $6,442,445 | $6,039,768 | $402,677 | 6.7% | | Rental Income | $6,231,190 | $5,844,286 | $386,904 | 6.6% | | Total Expenses | $5,502,238 | $4,889,801 | $612,437 | 12.5% | | Operating Income | $940,207 | $1,149,967 | $(209,760) | -18.2% | | Net Income | $573,901 | $543,969 | $29,932 | 5.5% | | Diluted EPS | $0.08 | $0.07 | $0.01 | 14.3% | - Revenue growth was primarily due to the Merrillville expansion and increased rental rates, while other store-related income also increased due to higher insurance participation[120](index=120&type=chunk)[121](index=121&type=chunk) - Operating income declined by **18.2%** due to a **12.5% increase** in total operating expenses, mainly from higher store property taxes and general and administrative expenses, including increased employee and stock-based compensation, and legal expenses for acquisitions[122](index=122&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) - Net income increased slightly, benefiting from a significant unrealized gain on marketable equity securities (**$355,102** in 2019 vs. a **$4,579 loss** in 2018), despite higher interest expense[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [Distributions and Closing Market Prices](index=25&type=section&id=Distributions%20and%20Closing%20Market%20Prices) This section provides information on shareholder distributions and the Company's common stock market performance - Distributions for the three months ended September 30, 2019 and 2018, each totaled **$0.065 per share**[132](index=132&type=chunk) - The Company's common stock closing market price was **$4.76** as of September 30, 2019, an increase from **$4.19** at September 30, 2018[132](index=132&type=chunk) [Non-GAAP Financial Measures (FFO, AFFO, NOI)](index=26&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and explains the non-GAAP financial measures used by management to evaluate performance - Funds from Operations (FFO) is defined by NAREIT as net income, excluding gains/losses from property sales and adding back real estate depreciation/amortization, used as a helpful measure of REIT performance[133](index=133&type=chunk) - Adjusted FFO (AFFO) represents FFO excluding business development, capital raising, store acquisition, and third-party management marketing expenses, and non-recurring items, to better reflect ongoing operating results[134](index=134&type=chunk) - Net Operating Income (NOI) is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization, used for evaluating store performance and capital allocations[135](index=135&type=chunk) [Self Storage Portfolio Overview](index=26&type=section&id=Self%20Storage%20Portfolio) This section provides an overview of the Company's self-storage property portfolio, including occupancy rates and unit types Self Storage Portfolio Occupancy (September 30) | Property | Net Leasable Square Feet | 2019 Occupancy % | 2018 Occupancy % | | :---------------------- | :----------------------- | :--------------- | :--------------- | | SSG BOLINGBROOK LLC | 113,700 | 94.5% | 92.9% | | SSG CLINTON LLC | 30,408 | 88.1% | 93.7% | | SSG DOLTON LLC | 86,590 | 94.2% | 92.2% | | SSG FISHERS LLC | 82,011 | 94.5% | 94.1% | | SSG LIMA LLC | 98,265 | 91.2% | 94.4% | | SSG MERRILLVILLE LLC | 80,570 | 92.6% | 94.8% | | SSG MILLBROOK LLC | 12,676 | 92.8% | 94.5% | | SSG ROCHESTER LLC | 68,096 | 95.4% | 93.4% | | SSG SADSBURY LLC | 78,847 | 95.3% | 92.7% | | SSG SUMMERVILLE I LLC | 73,300 | 87.3% | 92.0% | | SSG SUMMERVILLE II LLC | 43,210 | 90.8% | 88.3% | | **TOTAL/AVERAGE SAME-STORES** | **767,672** | **92.8%** | **93.1%** | - Approximately **33%** of total available units are climate-controlled, **59%** are traditional, and **8%** are parking[140](index=140&type=chunk) [Self Storage Operations](index=27&type=section&id=Self%20Storage%20Operations) This section provides a detailed analysis of the Company's self-storage operational performance, including same-store metrics and expansion initiatives [Same-Store Self Storage Operations](index=27&type=section&id=Same-Store%20Self%20Storage%20Operations) This section focuses on the performance of properties owned and operated for comparable periods, providing insights into organic growth - Same-store occupancy decreased by **0.3%** to **92.8%** at September 30, 2019, from **93.1%** at September 30, 2018, including the impact of the Merrillville, IN expansion[143](index=143&type=chunk) Same-Store Performance (YoY Change) | Metric | 3 Months Ended Sep 30, 2019 | 9 Months Ended Sep 30, 2019 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Same-store revenues increase | 6.3% | 6.7% | | Same-store cost of operations increase | 10.6% | 10.0% | | Same-store NOI increase | 3.6% | 4.3% | - The increase in same-store NOI was primarily due to higher rental and occupancy rates and the successful lease-up of the Merrillville store expansion, supported by internet/digital marketing, customer service, and competitor move-in rate analysis[144](index=144&type=chunk)[145](index=145&type=chunk) [Analysis of Same-Store Revenue](index=29&type=section&id=Analysis%20of%20Same-Store%20Revenue) This section analyzes the factors contributing to changes in revenue from comparable self-storage properties - Same-store revenue increased by **6.3%** for the three months and **6.7%** for the nine months ended September 30, 2019, driven by rental income growth, the Merrillville expansion lease-up, and increased insurance participation[152](index=152&type=chunk) - The Company aims to maintain average square foot occupancy at or above **90%** through dynamic rental rate adjustments, promotions, and online marketing efforts[153](index=153&type=chunk) - Future rental income growth is expected from continued existing tenant rent increases, higher rates for new tenants, lower promotional discounts, and higher occupancies, with existing tenant rent increases in late 2019 expected to be slightly less than the prior year[154](index=154&type=chunk) - The average tenant duration of stay increased to approximately **3.1 years** as of September 30, 2019, up from **2.9 years** in the prior year[157](index=157&type=chunk) [Analysis of Same-Store Cost of Operations](index=30&type=section&id=Analysis%20of%20Same-Store%20Cost%20of%20Operations) This section examines the factors influencing changes in operating expenses for comparable self-storage properties - Same-store cost of operations increased by **10.6%** for the three months and **10.0%** for the nine months ended September 30, 2019, primarily due to increased store property taxes, store-level employment costs, and advertising/marketing expenses[158](index=158&type=chunk) - Store property tax expense increased significantly by **37.5%** (3 months) and **34.1%** (9 months) due to higher assessed values and the loss of the Class 8 tax incentive at SSG Dolton LLC[160](index=160&type=chunk) - Repairs and maintenance expense increased by **55.7%** (3 months) and **22.6%** (9 months), mainly due to one-off maintenance expenses like sealcoating at the Merrillville, IN property[161](index=161&type=chunk) - Utilities expense decreased by **0.8%** (3 months) and **4.7%** (9 months) due to lower energy usage and the ongoing LED light replacement program[162](index=162&type=chunk) [Property Tax Expenses at Dolton, IL](index=31&type=section&id=Property%20Tax%20Expenses%20at%20Dolton%2C%20IL) This section specifically addresses the significant increase in property tax expenses for the Dolton, IL property - The Dolton, IL property was reassessed **52% higher** and lost its Class 8 tax incentive, effective January 1, 2017, leading to an expected **25% increase** in property tax expenses in 2019 compared to 2018[168](index=168&type=chunk) - Both the property tax reassessment and the Class 8 tax incentive renewal status are currently under appeal, but there is no guarantee of reduction or reinstatement[168](index=168&type=chunk) [Analysis of FFO and AFFO](index=31&type=section&id=Analysis%20of%20Global%20Self%20Storage%20FFO%20and%20AFFO) This section provides a reconciliation and analysis of Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) FFO and AFFO Reconciliation (YoY) | Metric | 3 Months Ended Sep 30, 2019 | 3 Months Ended Sep 30, 2018 | 9 Months Ended Sep 30, 2019 | 9 Months Ended Sep 30, 2018 | | :-------------------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income | $249,233 | $89,368 | $573,901 | $543,969 | | FFO attributable to common stockholders | $473,124 | $618,896 | $1,274,886 | $1,596,101 | | AFFO attributable to common stockholders | $575,245 | $660,625 | $1,506,191 | $1,675,142 | | FFO per share - diluted | $0.06 | $0.08 | $0.17 | $0.21 | | AFFO per share - diluted | $0.08 | $0.09 | $0.20 | $0.22 | - FFO and AFFO per share decreased for both the three and nine months ended September 30, 2019, compared to the prior year, despite an increase in net income for the nine-month period[169](index=169&type=chunk) [Analysis of Store Expansions and Redevelopment](index=31&type=section&id=Analysis%20of%20Global%20Self%20Storage%20Store%20Expansions%20and%20Redevelopment%20Operations) This section reviews the progress and impact of the Company's property expansion and redevelopment projects - The Merrillville, IN expansion project, completed in January 2018, added **13,300 leasable square feet** at a cost of approximately **$400,000**. As of September 30, 2019, **95%** of this expansion was leased, bringing total store occupancy to **92.6%**[171](index=171&type=chunk) - Construction on the Millbrook, NY expansion began in Q2 2019, aiming to add approximately **16,500 gross square feet** of climate-controlled units, with anticipated completion in nine to twelve months[172](index=172&type=chunk) [Analysis of Realized and Unrealized Gains (Losses)](index=32&type=section&id=Analysis%20of%20Realized%20and%20Unrealized%20Gains%20%28Losses%29) This section discusses the gains and losses from the Company's investment activities, particularly marketable equity securities - The Company reported an unrealized gain of **$355,102** on marketable equity securities for the nine months ended September 30, 2019, a significant improvement from a **$4,579 loss** in the prior year[173](index=173&type=chunk) - As of September 30, 2019, the unrealized gain on marketable equity securities was **$1,167,222**. The Company may liquidate these investments to fund future store acquisitions and development[173](index=173&type=chunk) - There were no realized gains or losses for the nine months ended September 30, 2019[173](index=173&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) This section states that there are no quantitative and qualitative disclosures about market risk applicable to the Company for the reported period - This item is not applicable to the Company for the period[174](index=174&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures%2E) This section details the Company's disclosure controls and procedures, confirming their effectiveness as of the end of the reporting period, and reports no material changes in internal control over financial reporting [Disclosure Controls and Procedures](index=32&type=section&id=Disclosure%20Controls%20and%20Procedures%2E) This section describes the Company's controls and procedures designed to ensure timely and accurate disclosure of financial information - The Company maintains disclosure controls and procedures designed to ensure timely and accurate reporting of information required by the Exchange Act[175](index=175&type=chunk) - A disclosure controls and procedures committee, comprising the CEO and CFO, is responsible for evaluating materiality and disclosure obligations[176](index=176&type=chunk) - Based on an evaluation, the CEO and CFO concluded that the disclosure controls and procedures were effective as of September 30, 2019[177](index=177&type=chunk) [Changes in Internal Control Over Financial Reporting](index=32&type=section&id=Changes%20in%20internal%20control%20over%20financial%20reporting%2E) This section reports on any material changes in the Company's internal control over financial reporting during the quarter - There were no changes in internal control over financial reporting during the most recent quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[178](index=178&type=chunk) [Part II – Other Information](index=33&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This part contains additional information not covered in Part I, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings%2E) This section states that the Company is not currently involved in any 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[181](index=181&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors%2E) This section refers to the Company's most recent Form 10-K for a comprehensive discussion of risk factors and confirms no material changes or newly identified risks - 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, 2018, nor have any previously undisclosed risks been identified[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%2E) This section indicates that there were no unregistered sales of equity securities or use of proceeds to report for the period - None to report[183](index=183&type=chunk) [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities%2E) This section states that there were no defaults upon senior securities during the reporting period - None to report[184](index=184&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures%2E) This section states that mine safety disclosures are not applicable to the Company - Not applicable[185](index=185&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information%2E) This section indicates that there is no other information to report for the period - None to report[186](index=186&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits%2E) This section refers to the Exhibit Index for a list of all exhibits filed with the report - See Exhibit Index for a list of exhibits[187](index=187&type=chunk) [Exhibit Index](index=34&type=section&id=Exhibit%20Index) This section provides a comprehensive list of all exhibits filed as part of the report [Filed Exhibits](index=34&type=section&id=Filed%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the Chief Executive Officer and Chief Financial Officer, and XBRL formatted financial statements - Exhibits include certifications of the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[189](index=189&type=chunk) - The consolidated financial statements (Balance Sheets, Statements of Operations, Comprehensive Income, Stockholders' Equity, Cash Flows, and Notes) are formatted in XBRL (eXtensible Business Reporting Language)[189](index=189&type=chunk) [Signatures](index=35&type=section&id=SIGNATURES) This section contains the official signatures of the Company's authorized officers, certifying the accuracy and completeness of the report [Report Signatures](index=35&type=section&id=Report%20Signatures) This section contains the official signatures of the Company's President (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer), certifying the filing of the report - The report was signed on November 14, 2019, by Mark C. Winmill, President (Principal Executive Officer), and Thomas O'Malley, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)[193](index=193&type=chunk)

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, 2019 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) ...

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 March 31, 2019 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 ...

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, 2018 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) Maryland 13-3926714 (State or other jurisdict ...