Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Revenues:

Self storage rental revenue

$

7,870,022

$

7,236,715

$

22,786,515

$

20,761,136

Ancillary operating revenue

47,797

47,287

151,302

136,165

Total revenues

7,917,819

7,284,002

22,937,817

20,897,301

Operating expenses:

Property operating expenses

Property taxes

693,881

898,865

2,587,739

2,730,686

Payroll

645,428

589,379

1,817,542

1,772,766

Advertising

239,134

251,199

730,002

791,608

Repairs & maintenance

320,702

240,064

876,678

724,682

Utilities

339,190

237,779

943,109

799,082

Property insurance

144,293

157,949

423,501

463,042

Administrative and professional

438,376

386,886

1,212,964

1,174,394

Total property operating expenses

2,821,004

2,762,121

8,591,535

8,456,260

Other operating expenses:

Property operating expenses – affiliates

1,332,529

1,303,465

3,904,248

3,871,108

General and administrative

1,450,036

1,470,060

4,831,973

4,617,858

Depreciation

3,236,492

3,196,083

9,634,973

9,543,705

Intangible amortization expense

—

654,050

—

2,532,196

Acquisition expenses

82,536

197,752

352,146

615,647

Total other operating expenses

6,101,593

6,821,410

18,723,340

21,180,514

Operating loss:

(1,004,778

)

(2,299,529

)

(4,377,058

)

(8,739,473

)

Other income (expense):

Interest expense

(4,281,079

)

(4,458,658

)

(12,564,571

)

(13,701,532

)

Interest expense – debt issuance costs

(190,331

)

(272,173

)

(859,246

)

(826,098

)

Derivative fair value adjustment

—

(1,849,878

)

(531,449

)

(86,205

)

Other income (expense)

28,770

85,233

97,953

430,381

Equity in loss of unconsolidated joint venture

(604,294

)

—

(1,211,896

)

—

Foreign currency adjustment

(2,206,593

)

818,394

902,170

(2,539,244

)

Net loss

$

(8,258,305

)

$

(7,976,611

)

$

(18,544,097

)

$

(25,462,171

)