Segment Disclosures

3 Months Ended

Mar. 31, 2026

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, 2026 and December 31, 2025, approximately $287.7 million and $293.4 million, respectively, of our assets relate to our operations in Canada. For the three months ended March 31, 2026 and 2025 approximately $4.3 million and approximately $4.0 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, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025
Revenues:
Self storage rental revenue	$	7,779,946		$	7,303,641
Ancillary operating revenue		44,867			45,717
Total revenues		7,824,813			7,349,358
Operating expenses:
Property operating expenses
Property taxes		985,319			934,540
Payroll		690,644			569,146
Advertising		237,748			243,730
Repairs & maintenance		321,243			312,190
Utilities		416,709			368,135
Property insurance		145,664			139,609
Administrative and professional		440,158			371,730
Total property operating expenses		3,237,485			2,939,080
Other operating expenses:
Property operating expenses – affiliates		1,362,162			1,240,267
General and administrative		1,514,750			1,703,808
Depreciation		3,292,788			3,118,402
Acquisition expenses		239,079			121,896
Total other operating expenses		6,408,779			6,184,373
Operating loss:		(1,821,451	)		(1,774,095	)
Other income (expense):
Interest expense		(4,132,099	)		(4,107,295	)
Interest expense – debt issuance costs		(159,852	)		(488,397	)
Derivative fair value adjustment		—			(531,449	)
Other income (expense)		21,913			79,014
Equity in loss of unconsolidated real estate ventures		(813,829	)		(222,528	)
Foreign currency adjustment		(1,730,274	)		(195,936	)
Net loss	$	(8,635,592	)	$	(7,240,686	)