Segment Disclosures

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024, approximately $278.9 million and $278.2 million, respectively, of our assets relate to our operations in Canada. For the three months ended March 31, 2025 and 2024 approximately $4.0 million and approximately $3.5 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 three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024
Revenues:
Self storage rental revenue	$	7,303,641		$	6,577,587
Ancillary operating revenue		45,717			39,324
Total revenues		7,349,358			6,616,911
Operating expenses:
Property operating expenses
Property taxes		934,540			899,421
Payroll		569,146			627,879
Advertising		243,730			260,526
Repairs & maintenance		312,190			236,149
Utilities		368,135			332,228
Property insurance		139,609			171,236
Administrative and professional		371,730			401,275
Total property operating expenses		2,939,080			2,928,714
Other operating expenses:
Property operating expenses – affiliates		1,240,267			1,280,595
General and administrative		1,703,808			1,554,738
Depreciation		3,118,402			3,175,232
Intangible amortization expense		—			1,039,598
Acquisition expenses		121,896			232,464
Total other operating expenses		6,184,373			7,282,627
Operating loss:		(1,774,095	)		(3,594,430	)
Other income (expense):
Interest expense		(4,107,295	)		(4,710,295	)
Interest expense – debt issuance costs		(488,397	)		(276,258	)
Derivative fair value adjustment		(531,449	)		1,616,316
Other		79,014			187,818
Equity in loss of unconsolidated joint venture		(222,528	)		—
Foreign currency adjustment		(195,936	)		(2,206,103	)
Net loss	$	(7,240,686	)	$	(8,982,952	)