Year Ended December 31,

2025

2024

2023

Revenues:

Self storage rental revenue

$

30,524,132

$

28,054,695

$

20,990,999

Ancillary operating revenue

194,469

183,838

169,065

Total revenues

30,718,601

28,238,533

21,160,064

Operating expenses:

Property operating expenses

Property taxes

3,532,786

3,458,318

2,843,844

Payroll

2,438,782

2,374,917

1,982,882

Advertising

959,936

1,037,162

1,014,680

Repairs & maintenance

1,113,320

924,355

702,136

Utilities

1,209,426

1,063,451

911,251

Property insurance

568,846

598,131

394,272

Administrative and professional

1,682,571

1,560,260

1,341,823

Total property operating expenses

11,505,667

11,016,594

9,190,888

Other operating expenses:

Property operating expenses – affiliates

5,236,834

5,130,574

4,625,560

General and administrative

6,192,386

5,832,673

5,290,049

Depreciation

12,853,148

12,762,435

10,542,315

Intangible amortization expense

—

3,038,119

4,437,083

Acquisition expenses

739,585

777,255

1,601,971

Total other operating expenses

25,021,953

27,541,056

26,496,978

Operating loss:

(5,809,019

)

(10,319,117

)

(14,527,802

)

Other income (expense):

Interest expense

(16,787,056

)

(18,049,353

)

(16,104,501

)

Interest expense – debt issuance costs

(1,050,329

)

(1,278,578

)

(1,499,924

)

Derivative fair value adjustment

(531,449

)

184,425

(1,881,402

)

Other income (expense)

117,258

397,743

546,615

Equity in loss of unconsolidated real estate ventures

(2,114,897

)

—

—

Foreign currency adjustment

2,175,698

(6,513,187

)

528,949

Net loss

$

(23,999,794

)

$

(35,578,067

)

$

(32,938,065

)