Segment Disclosures

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024, approximately $294.6 million and $278.2 million, respectively, of our assets relate to our operations in Canada. For the three and six months ended June 30, 2025, approximately $4.3 million and $8.3 million, respectively, of our revenues in the self storage segment related to our operations in Canada.

For the three and six months ended June 30, 2024 approximately $3.8 million and approximately $7.3 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 and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues:
Self storage rental revenue	$	7,612,852		$	6,946,834		$	14,916,493		$	13,524,421
Ancillary operating revenue		57,788			49,554			103,505			88,878
Total revenues		7,670,640			6,996,388			15,019,998			13,613,299
Operating expenses:
Property operating expenses
Property taxes		959,318			932,401			1,893,858			1,831,821
Payroll		602,968			555,507			1,172,115			1,183,387
Advertising		247,138			279,884			490,868			540,409
Repairs & maintenance		243,786			248,469			555,976			484,618
Utilities		235,784			229,076			603,919			561,305
Property insurance		139,600			133,857			279,208			305,093
Administrative and professional		402,857			386,231			774,587			787,506
Total property operating expenses		2,831,451			2,765,425			5,770,531			5,694,139
Other operating expenses:
Property operating expenses – affiliates		1,331,452			1,287,048			2,571,719			2,567,643
General and administrative		1,678,129			1,593,060			3,381,937			3,147,798
Depreciation		3,280,079			3,172,390			6,398,481			6,347,622
Intangible amortization expense		—			838,548			—			1,878,146
Acquisition expenses		147,714			185,431			269,610			417,895
Total other operating expenses		6,437,374			7,076,477			12,621,747			14,359,104
Operating loss:		(1,598,185	)		(2,845,514	)		(3,372,280	)		(6,439,944	)
Other income (expense):
Interest expense		(4,176,197	)		(4,532,579	)		(8,283,492	)		(9,242,874	)
Interest expense – debt issuance costs		(180,518	)		(277,667	)		(668,915	)		(553,925	)
Derivative fair value adjustment		—			147,357			(531,449	)		1,763,673
Other income (expense)		(9,829	)		157,331			69,183			345,149
Equity in loss of unconsolidated joint venture		(385,074	)		—			(607,602	)		—
Foreign currency adjustment		3,304,699			(1,151,535	)		3,108,763			(3,357,638	)
Net loss	$	(3,045,104	)	$	(8,502,607	)	$	(10,285,792	)	$	(17,485,559	)