Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Self storage rental revenue

$

7,988,252

$

7,612,852

$

15,768,198

$

14,916,493

Ancillary operating revenue

55,025

57,788

99,892

103,505

Total revenues

8,043,277

7,670,640

15,868,090

15,019,998

Operating expenses:

Property operating expenses

Property taxes

1,064,383

959,318

2,049,703

1,893,858

Payroll

630,935

602,968

1,321,579

1,172,115

Advertising

261,115

247,138

498,863

490,868

Repairs & maintenance

229,148

243,786

550,391

555,976

Utilities

227,050

235,784

643,759

603,919

Property insurance

146,417

139,600

292,081

279,208

Administrative and professional

482,296

402,857

922,453

774,587

Total property operating expenses

3,041,344

2,831,451

6,278,829

5,770,531

Other operating expenses:

Property operating expenses – affiliates

1,373,546

1,331,452

2,735,708

2,571,719

General and administrative

1,738,455

1,678,129

3,253,205

3,381,937

Depreciation

3,368,222

3,280,079

6,661,010

6,398,481

Acquisition expenses

624,762

147,714

863,841

269,610

Total other operating expenses

7,104,985

6,437,374

13,513,764

12,621,747

Operating loss:

(2,103,052

)

(1,598,185

)

(3,924,503

)

(3,372,280

)

Other income (expense):

Interest expense

(4,329,714

)

(4,176,197

)

(8,461,813

)

(8,283,492

)

Interest expense – debt issuance costs

(161,698

)

(180,518

)

(321,550

)

(668,915

)

Derivative fair value adjustment

—

—

—

(531,449

)

Other income (expense)

19,212

(9,829

)

41,122

69,183

Equity in loss of unconsolidated real estate ventures

(747,544

)

(385,074

)

(1,561,373

)

(607,602

)

Foreign currency adjustment

(2,143,430

)

3,304,699

(3,873,704

)

3,108,763

Net loss

$

(9,466,226

)

$

(3,045,104

)

$

(18,101,821

)

$

(10,285,792

)