SELF · Global Self Storage, Inc.

Global Self Storage delivered sector-leading same-store occupancy of 93.1% (up 100 basis points year-over-year) and a record tenant duration of 3.6 years, fueled by superior customer service, high 4.9-star reviews, digital marketing, and proprietary revenue management. These factors drove 1.5% same-store revenue growth to $3.2 million, matching total revenue growth. However, same-store NOI declined 3.9% to $1.8 million as costs rose 10% to $1.3 million, primarily from employment costs due to hiring timing and rising property taxes. Management anticipates employment costs normalizing and plans tax appeals, though success is uncertain. Total operating expenses climbed 8.3% to $2.6 million, including higher G&A from equity plan fees, leading to operating income down 21% to $572,000 and net income to $477,000 ($0.04/share). FFO and AFFO both fell to $0.08/share. A property conversion in Lima, OH added 2,400 sq ft of climate-controlled space, boosting occupancy to 91.1%. With $24.5 million in capital resources, the company is positioned for acquisitions and expansions in low-supply markets, maintaining its $0.0725 quarterly dividend. CEO Winmill emphasized operational excellence and long-term stockholder value through NOI growth and strategic growth.