Segment Disclosures

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Disclosures

Note 8. Segment Disclosures

Our business is composed of one reportable segment: self storage operations. Within our self storage operations segment, as of December 31, 2024 and 2023, approximately $278.2 million and $304.8 million, respectively, of our assets relate to our operations in Canada. For the years ended December 31, 2024, 2023 and 2022 approximately $15.4 million, approximately $8.8 million and $0.5 million, respectively, of our revenues in the self storage segment related to our operations in Canada.

The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. Our CODM and other management regularly evaluate performance based upon consolidated net income (loss). Our CODM uses consolidated net income (loss) when making decisions about allocating capital and personnel. On a quarterly basis, our CODM considers budget-to-actual and period-to-period variances when evaluating company and segment performance in addition to other interim reviews. The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.

The following tables summarize information for the reportable segments for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024			2023			2022
Revenues:
Self storage rental revenue	$	28,054,695		$	20,990,999		$	8,698,972
Ancillary operating revenue		183,838			169,065			91,035
Total revenues		28,238,533			21,160,064			8,790,007
Operating expenses:
Property operating expenses
Property taxes		3,458,318			2,843,844			1,123,672
Payroll		2,374,917			1,982,882			776,213
Advertising		1,037,162			1,014,680			539,330
Repairs & maintenance		924,355			702,136			257,943
Utilities		1,063,451			911,251			367,628
Property insurance		598,131			394,272			199,680
Administrative and professional		1,560,260			1,341,823			571,090
Total property operating expenses		11,016,594			9,190,888			3,835,556
Other operating expenses:
Property operating expenses – affiliates		5,130,574			4,625,560			1,899,807
General and administrative		5,832,673			5,290,049			2,289,610
Depreciation		12,762,435			10,542,315			4,526,912
Intangible amortization expense		3,038,119			4,437,083			2,064,048
Acquisition expenses		777,255			1,601,971			1,448,578
Total other operating expenses		27,541,056			26,496,978			12,228,955
Operating loss:		(10,319,117	)		(14,527,802	)		(7,274,504	)
Other income (expense):
Interest expense		(18,049,353	)		(16,104,501	)		(4,865,029	)
Interest expense – debt issuance costs		(1,278,578	)		(1,499,924	)		(1,097,941	)
Derivative fair value adjustment		184,425			(1,881,402	)		—
Other		397,743			546,615			2
Foreign currency adjustment		(6,513,187	)		528,949			(1,142,611	)
Net loss	$	(35,578,067	)	$	(32,938,065	)	$	(14,380,083	)