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

)