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

)