SELF on Nasdaq

Global Self Storage, Inc.

American real estate investment trust, incorporated in Maryland1

In its 2026 annual report the company says: “Global Self Storage, Inc. is a self-administered and self-managed real estate investment trust that owns, operates, manages, acquires, and redevelops self storage properties in the United States. Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. The Company was formerly registered under the Investment Company Act of 1940, as amended as a non-diversified, closed end management investment company.”4 It is headquartered in Millbrook, New York.1

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Last updated Oct 20, 2026.

Overview

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  • TickerSELF on Nasdaq1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersMillbrook, New York1
  • Incorporated inMD2
  • Business address3814 Route 44, Millbrook, Ny 125452

Global Self Storage, Inc. (the “Company”) is a self-administered and self-managed real estate investment trust (“REIT”) that owns, operates, manages, acquires, and redevelops self storage properties (“stores” or “properties”) in the United States. Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. As of December 31, 2025, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a non-diversified, closed end management investment company. The Securities and Exchange Commission’s (“SEC”) order approving the Company’s application to deregister from the 1940 Act w…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.3%Operating margin5
16.0%Net margin5
1.4%Revenue growth, 20255
4.4%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Real Estate, Other brought in 85% of the revenue Global Self Storage, Inc. broke down this way in fiscal 2025.

  1. Real Estate, Other$434.8K585%down 0% from 2024
  2. Management Fees And Other Income$73.7K515%up 5% from 2024
Products and services by year
Products and services20242025
Real Estate, Other$435.2K$434.8K
Management Fees And Other Income$70.6K$73.7K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs77¢$9.8M
  • Interest7¢$854.1K
  • Profit16¢$2.0M

Out of $12.7M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid73¢$3.3M
  • Kept or used elsewhere27¢$1.2M

Out of $4.5M of cash from operations.5

Financial statements

Revenue6789105$12.7M in 2025+47% since 2019
0$5.0M$10.0M$15.0M2019: $8.7M$8.7M20192020: $9.2M$9.2M2020+6%2021: $10.5M$10.5M2021+14%2022: $11.9M$11.9M2022+14%2023: $12.2M$12.2M2023+2%2024: $12.5M$12.5M2024+3%2025: $12.7M$12.7M2025+1%
Operating income6789105$3.0M in 2025+111% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $1.4M$1.4M20192020: $1.2M$1.2M2020−13%2021: $2.7M$2.7M2021+120%2022: $3.5M$3.5M2022+31%2023: $3.1M$3.1M2023−12%2024: $2.9M$2.9M2024−7%2025: $3.0M$3.0M2025+2%
Net income6789105$2.0M in 2025+245% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $590.6K$590.6K20192020: $274.3K$274.3K2020−54%2021: $3.3M$3.3M2021+1096%2022: $2.1M$2.1M2022−37%2023: $2.9M$2.9M2023+43%2024: $2.1M$2.1M2024−28%2025: $2.0M$2.0M2025−4%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Rental income$12.2M$12.0M
Total revenues$12.7M$12.5M
Property operations$4.9M$4.7M
General and administrative$3.2M$3.3M
Depreciation and amortization$1.6M$1.6M
Business development$22.3K$3.0K
Total expenses$9.7M$9.6M
Operating income$3.0M$2.9M
Dividend and interest income$288.6K$276.2K
Unrealized loss on marketable equity securities-$357.4K-$166.0K
Interest expense-$854.1K-$880.7K
Total other expense, net-$922.9K-$770.6K
Net income and comprehensive income$2.0M$2.1M
Basic$0.18$0.19
Diluted$0.18$0.19
Basic11.2M shares11.1M shares
Diluted11.2M shares11.1M shares

Compare Global Self Storage, Inc. with another company

Corporate structure

Global Self Storage, Inc. sits at the top of its group. 18 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Global Self Storage, Inc.

  • Mark Campbell Winmill Filed SCHEDULE 13D/A on Global Self Storage, Inc., latest Dec 5, 2025 (2 filings since May 21, 2025)
  • BARD ASSOCIATES INC Filed SCHEDULE 13G/A on Global Self Storage, Inc., latest Nov 12, 2025 (4 filings since Feb 14, 2022)
  • Global Self Storage, Inc. Millbrook, New York
    • SSG Bolingbrook LLC Subsidiary · Delaware, United States
    • SSG Clinton LLC Subsidiary · New York, United States
    • SSG Dolton LLC Subsidiary · Delaware, United States
    • SSG Fishers LLC Subsidiary · Delaware, United States
    • SSG Lima LLC Subsidiary · Delaware, United States
    • SSG Merrillville LLC Subsidiary · Delaware, United States
    • SSG Millbrook LLC Subsidiary · New York, United States
    • SSG Operations LLC Subsidiary · Delaware, United States
    • SSG Rochester LLC Subsidiary · Delaware, United States
    • SSG Sadsbury LLC Subsidiary · Delaware, United States
    • SSG Summerville I LLC Subsidiary · Delaware, United States
    • SSG Summerville II LLC Subsidiary · Delaware, United States
    • SSG TRS LLC Subsidiary · Delaware, United States
    • SSG West Henrietta LLC Subsidiary · Delaware, United States
    • TPM Edmond LLC Subsidiary · Delaware, United States
    • TPM Lima LLC Subsidiary · Delaware, United States
    • TPM Oklahoma LLC Subsidiary · Oklahoma, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Global Self Storage, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$6.1M5 Dec 31, 2025$6.1M5 Dec 31, 20240%
Operating-lease assets (leased space)$59.0K5 Dec 31, 2025$16.5K5 Dec 31, 2024+256.9%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$52.6M5 Dec 31, 2025$53.9M5 Dec 31, 2024−2.4%
Real estate investments, at cost$67.4M5 Dec 31, 2025$67.1M5 Dec 31, 2024+0.5%
Real estate accumulated depreciation$14.8M5 Dec 31, 2025$13.2M5 Dec 31, 2024+12.4%
Area of real estate829,249 sq ft5 Dec 31, 2025829,870 sq ft10 Dec 31, 2024−0.1%
Stores135 Dec 31, 20251310 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$7.4M5 Dec 31, 2025$7.2M5 Dec 31, 2024+2.6%
Equity securities at fair value$2.3M5 Dec 31, 2025$2.6M5 Dec 31, 2024−13.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$694.1K5 Dec 31, 2025$694.1K5 Dec 31, 20240%

Properties, in its own words

GLOBAL SELF STORAGE STORES

(As of December 31, 2025)

The rest of Item 2

Year Store · Number · Net Leasable · December 31, 2025 · December 31, 2024

Property(1) · Address · Opened / Acquired-Managed · of Units · Square Feet · % Square FootOccupancy · % Square FootOccupancy

OWNED STORES

SSG BOLINGBROOK LLC · 296 North Weber Road, Bolingbrook, IL 60440 · 1997 / 2013 · 809 · 114,000 · 93.5 · 93.0

SSG CLINTON LLC · 6 Heritage Park Road, Clinton, CT 06413 · 1996 / 2016 · 180 · 29,283 · 90.5 · 93.0

SSG DOLTON LLC · 14900 Woodlawn Avenue, Dolton, IL 60419 · 2007 / 2013 · 652 · 86,590 · 93.4 · 91.2

SSG FISHERS LLC · 13942 East 96th Street, McCordsville, IN 46055 · 2007 / 2016 · 546 · 76,385 · 93.7 · 94.4

SSG LIMA LLC · 1910 West Robb Avenue, Lima, OH 60419 · 1996 / 2016 · 762 · 94,953 · 89.9 · 90.7

SSG MERRILLVILLE LLC · 6590 Broadway, Merrillville, IN 46410 · 2005 / 2013 · 570 · 81,270 · 93.1 · 93.4

SSG MILLBROOK LLC · 3814 Route 44, Millbrook, NY 12545 · 2008 / 2016 · 258 · 24,462 · 94.8 · 90.0

SSG ROCHESTER LLC · 2255 Buffalo Road, Rochester, NY 14624 · 2010 / 2012 · 649 · 68,311 · 98.5 · 96.4

SSG SADSBURY LLC · 21 Aim Boulevard, Sadsburyville, PA 19369 · 2006 / 2012 · 696 · 78,875 · 92.0 · 92.3

SSG SUMMERVILLE I LLC · 1713 Old Trolley Road, Summerville, SC 29485 · 1990 / 2013 · 571 · 76,360 · 95.3 · 92.1

SSG SUMMERVILLE II LLC · 900 North Gum Street, Summerville, SC 29483 · 1997 / 2013 · 248 · 43,210 · 89.7 · 94.6

SSG WEST HENRIETTA LLC · 70 Erie Station Road, West Henrietta, NY 14586 · 2016 / 2019 · 484 · 55,550 · 89.9 · 94.3

TOTAL/AVERAGE SAME-STORES · 6,425 · 829,249 · 93.0 · 92.9

MANAGED STORES

TPM EDMOND LLC · 14000 N I 35 Service Rd, Edmond, OK 73013 · 2015 / 2019 · 619 · 137,318 · 99.1 · 96.1

TOTAL/AVERAGE MANAGED STORES · 619 · 137,318 · 99.1 · 96.1

TOTAL/AVERAGE ALL OWNED/MANAGED STORES · 7,044 · 966,567 · 93.9 · 93.4

Each property is directly owned or managed by the Company’s wholly owned subsidiary listed in the table.

Certain stores’ leasable square feet in the chart above includes outside auto/RV/boat storage space: specifically, approximately 12,800 square feet at SSG Sadsbury LLC; 6,300 square feet at SSG Fishers LLC; 16,000 square feet at SSG Bolingbrook LLC; 8,900 square feet at SSG Dolton LLC; 2,100 square feet at SSG Merrillville LLC; 3,800 square feet at SSG Summerville I LLC; 7,500 square feet at SSG Summerville II LLC and 7,600 square feet at SSG Clinton LLC. For SSG Lima LLC, included is approximately 3,800 square feet of non-storage commercial and student housing space. For SSG Millbrook LLC, included is approximately 1,300 square feet of wine storage and non-storage office space. For SSG Fishers LLC, included is approximately 300 square feet of storage locker space. Approximately 33% of our total available units are climate-controlled, 59% are traditional drive-up storage, and 8% are outdoor parking storage for boats, cars and recreational vehicles.

Item 2 of the 10-K filed Mar 25, 2026.4

Leadership

Who has led Global Self Storage, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • SSG Bolingbrook LLC Delaware3
  • SSG Clinton LLC New York3
  • SSG Dolton LLC Delaware3
  • SSG Fishers LLC Delaware3
  • SSG Lima LLC Delaware3
  • SSG Merrillville LLC Delaware3
  • SSG Millbrook LLC New York3
  • SSG Operations LLC Delaware3
  • SSG Rochester LLC Delaware3
  • SSG Sadsbury LLC Delaware3
  • SSG Summerville I LLC Delaware3
  • SSG Summerville II LLC Delaware3
  • SSG TRS LLC Delaware3
  • SSG West Henrietta LLC Delaware3
  • TPM Edmond LLC Delaware3
  • TPM Lima LLC Delaware3
  • TPM Oklahoma LLC Oklahoma3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Self Storage Group, Inc.Nov 19, 2013 to Feb 9, 20162
  • GLOBAL INCOME FUND, INC.Feb 28, 2006 to Oct 25, 20132
  • GLOBAL INCOME FUND INCSep 17, 1999 to Feb 10, 20062
  • BULL & BEAR GLOBAL INCOME FUND INC/Jan 23, 1997 to Aug 13, 19992

Timeline

  1. Aug 7, 20268-K Results of operations; Regulation FD disclosure28
  2. Jun 16, 20268-K Shareholder vote29
  3. May 8, 20268-K Results of operations; Regulation FD disclosure30
  4. Mar 25, 20268-K Results of operations; Regulation FD disclosure31
  5. Dec 29, 20258-K Executive or director change32
  6. Nov 7, 20258-K Results of operations; Regulation FD disclosure33
  7. Aug 8, 20258-K Results of operations; Regulation FD disclosure34
  8. Jun 9, 20258-K Shareholder vote35
  9. May 9, 20258-K Results of operations; Regulation FD disclosure36
  10. Apr 4, 20258-K Entered a material agreement; Ended a material agreement37
  11. Mar 26, 20258-K Results of operations; Regulation FD disclosure38
  12. Nov 8, 20248-K Results of operations; Regulation FD disclosure39
  13. May 25, 2016New chief executive Mark Campbell Winmill becomes CEO13

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/202640

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results28
  2. May 8, 2026Reported quarterly or annual results30
  3. Mar 25, 2026Reported quarterly or annual results31
  4. Nov 7, 2025Reported quarterly or annual results33
  5. Aug 8, 2025Reported quarterly or annual results34
  6. May 9, 2025Reported quarterly or annual results36
  7. Mar 26, 2025Reported quarterly or annual results38
  8. Nov 8, 2024Reported quarterly or annual results39

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

177 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 95 insider forms, 6 large holders, 25 other. The latest 20:

  1. Sep 11, 20264 EDGAR
  2. Aug 26, 20264 EDGAR
  3. Aug 24, 20264 EDGAR
  4. Aug 20, 20264 EDGAR
  5. Aug 18, 20264 EDGAR
  6. Aug 14, 20264 EDGAR
  7. Aug 14, 20264 EDGAR
  8. Aug 13, 20264 EDGAR
  9. Aug 13, 20264 EDGAR
  10. Aug 12, 20264 EDGAR
  11. Aug 7, 20268-K EDGAR
  12. Aug 7, 202610-Q EDGAR
  13. Jun 29, 2026S-8 EDGAR
  14. Jun 16, 20268-K EDGAR
  15. May 15, 20264 PRIMARY DOCUMENT EDGAR
  16. May 14, 20264 PRIMARY DOCUMENT EDGAR
  17. May 14, 20264 PRIMARY DOCUMENT EDGAR
  18. May 8, 20268-K EDGAR
  19. May 8, 202610-Q EDGAR
  20. Apr 29, 2026ARS EDGAR

The 177 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

78 open-market trades by officers, directors and large owners since October 2021: 76 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026WINMILL MARK CAMPBELLPresident and CEOBuy342$5.16$1.8KForm 4
Sep 9, 2026WINMILL MARK CAMPBELLPresident and CEOBuy3,658$5.16$18.9KForm 4
Aug 26, 2026WINMILL & CO. INCBuy7,761$5.64$43.8KForm 4
Aug 25, 2026WINMILL & CO. INCBuy7,547$5.66$42.7KForm 4
Aug 24, 2026WINMILL & CO. INCBuy8,022$5.62$45.1KForm 4
Aug 21, 2026WINMILL & CO. INCBuy7,117$5.45$38.8KForm 4
Aug 20, 2026WINMILL & CO. INCBuy6,901$5.42$37.4KForm 4
Aug 19, 2026WINMILL & CO. INCBuy6,877$5.40$37.1KForm 4
Aug 18, 2026WINMILL & CO. INCBuy5,736$5.32$30.5KForm 4
Aug 17, 2026WINMILL & CO. INCBuy7,117$5.33$37.9KForm 4
Aug 14, 2026WINMILL & CO. INCBuy6,029$5.23$31.5KForm 4
Aug 13, 2026BURKE RUSSELL E IIIDirectorBuy1,625$5.21$8.5KForm 4
Aug 13, 2026WINMILL & CO. INCBuy5,629$5.20$29.3KForm 4
Aug 12, 2026WINMILL & CO. INCBuy6,248$5.15$32.2KForm 4
Aug 11, 2026WINMILL & CO. INCBuy5,887$5.17$30.4KForm 4
May 14, 2026WINMILL MARK CAMPBELLPresident and CEOBuy4,000$5.33$21.3KForm 4
Dec 5, 2025WINMILL MARK CAMPBELLPresident and CEOBuy4,400$5.08$22.4KForm 4
Dec 4, 2025WINMILL MARK CAMPBELLPresident and CEOBuy6,000$5.14$30.8KForm 4
Dec 3, 2025WINMILL MARK CAMPBELLPresident and CEOBuy6,000$5.13$30.8KForm 4
Dec 2, 2025Klimoski Donald IIGeneral CounselBuy446$5.05$2.3KForm 4

All 78 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 50. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Winmill & Co. Inc586,500$3.1M0.7%No change
Vanguard Capital Management LLC434,491$2.3M0.0%+4,488
BlackRock, Inc.397,495$2.1M0.0%+102,855
Marathon Capital Management260,784$1.4M0.3%+1,157
Private Capital Management, LLC223,337$1.2M0.1%+119,788
Renaissance Technologies LLC198,075$1.0M0.0%−18,100
Geode Capital Management, LLC143,249$750.8K0.0%−1,013
Wells Fargo & Company/mn130,918$686.0K0.0%−1
Morgan Stanley77,803$407.7K0.0%+4,689
Kestra Advisory Services, LLC67,167$352.0K0.0%+4,047
Vanguard Fiduciary Trust Co60,689$318.0K0.0%+458
Dimensional Fund Advisors LP57,896$303.4K0.0%−3,233
Towneley Capital Management, Inc / DE49,047$257.0K0.1%+672
Raymond James Financial Inc46,029$241.2K0.0%+5,091
Baker Ellis Asset Management LLC37,000$193.9K0.0%+2,000
Goldman Sachs Group Inc36,271$190.1K0.0%+9,730
PFG Investments, LLC35,511$186.1K0.0%+109
WealthTrust Axiom LLC32,000$167.7K0.0%+1,000
State Street Corp31,580$165.5K0.0%No change
Crossingbridge Advisors, LLC30,000$157.2K0.0%−5,271
AlphaCentric Advisors LLC30,000$157.2K0.1%−5,271
Cetera Investment Advisers28,452$149.1K0.0%−14,983
LPL Financial LLC28,172$147.6K0.0%+203
Citadel Advisors LLC27,614$144.7K0.0%New
Man Group plc26,730$140.1K0.0%+1,771

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Global Self Storage, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGlobal Self Storage, Inc.1
  • CIK0001031235
  • Employer ID (EIN)13-39267144
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address3814 Route 44, Millbrook, NY 125451
  • Phone21278509001
  • Shares outstanding11,421,420 as of Aug 6, 202612
  • Public float$55.0M as of Jun 30, 20254
  • AuditorRSM US LLP, Dallas, Texas, United States PCAOB ID 49; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJan 23, 19971
  • Filings766 in all: 4 (189), SC 13G (80), 8-K (77), 3 (46), 5 (43), 10-Q (32), N-Q (23), DEF 14A (22)1
    All 59 form types

    DEFA14A (21), NSAR-A (19), NSAR-B (19), 40-17G (15), N-30D (13), N-CSR (13), N-CSRS (13), N-PX (13), 10-K (10), 3/A (10), SC 13G/A (10), CORRESP (9), PRE 14A (7), UPLOAD (7), 10-12B/A (5), 424B5 (5), N-2/A (5), ARS (4), N-2 (4), 40-17G/A (3), EFFECT (3), N-30D/A (3), S-3 (3), 10-12B (2), 4/A (2), 40-8F-2/A (2), 497 (2), 8-K/A (2), DEFR14A (2), N-CSR/A (2), N-PX/A (2), S-8 (2), SC 13D (2), SC 13D/A (2), SCHEDULE 13D/A (2), 10-K/A (1), 10-Q/A (1), 25 (1), 40-8F-2 (1), 424B3 (1), 8-A12B (1), 8-A12B/A (1), 8F-2 NTC (1), 8F-2 ORDR (1), AW (1), CERTNAS (1), N-8A (1), NSAR-A/A (1), NSAR-BT (1), S-3/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Aug 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueSELFThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Global Self Storage, Inc. names in Item 1A of its 10-K filed Mar 25, 2026: 57 risks under these headings, as written.4

  • Risks Related to our Self Storage Properties and our Business
  • Adverse economic or other conditions in the markets in which we do business and more broadly could negatively affect our occupancy levels and rental rates and therefore our operating results.
  • Our operations may be affected by general economic, political and market conditions.
  • Our storage leases are relatively short-term in nature, which exposes us to the risk that we may have to re-lease our units and we may be unable to do so on attractive terms, on a timely basis or at all.
  • Increases in taxes and regulatory compliance costs may reduce our income and adversely impact our cash flows.
  • Our property taxes could increase due to various reasons, including a reassessment, which could adversely impact our operating results and cash flow.
  • Increases in operating costs may adversely affect our results of operation and cash flow.
  • We depend upon our on-site personnel to maximize tenant satisfaction at each of our properties, and any difficulties we encounter in hiring, training, and maintaining skilled field personnel may harm our operating performance.
  • We face competition from other self storage properties, which may adversely impact the markets in which we invest and in which our self storage properties operate.
  • Rental revenues are significantly influenced by demand for self storage space generally, and a decrease in such demand would likely have a greater adverse effect on our rental revenues than if we owned a more diversified real estate portfolio or if we owned a larger number of self storage properties.
  • We may not be successful in identifying and consummating suitable acquisitions, or integrating and operating acquired properties, which may adversely impact our growth.
  • We may not be able to develop a captive pipeline of acquisition targets without the use of non-refundable deposits.
The other 46 risks
  • We may acquire properties subject to liabilities which may adversely impact our operating results.
  • Our investments in redevelopment projects may not yield anticipated returns which could adversely impact our economic performance.
  • Store ownership through joint ventures may limit our ability to act exclusively in our interest.
  • Our performance is subject to risks associated with the real estate industry.
  • Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.
  • Any negative perceptions of the self storage industry generally may result in a decline in our stock price.
  • Costs associated with complying with various federal, state and local laws, regulations and governmental policies including the ADA may result in unanticipated expenses.
  • Extensive environmental regulation to which we are subject creates uncertainty regarding future environmental expenditures and liabilities.
  • Climate change and regulatory and other efforts to address climate change could adversely affect our business.
  • We may become subject to litigation or threatened litigation or other claims that may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business.
  • Uninsured losses or losses in excess of our insurance coverage could adversely affect our financial condition and cash flow.
  • To the extent that we invest in publicly traded REITs, our performance may be subject to the risks of investment in such securities.
  • We may be unable to make distributions in the future, maintain our current level of distributions or increase distributions over time.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption or security breach through cyber-attacks, cyber-intrusions, or other methods could disrupt our information technology networks and related systems and harm our business.
  • Privacy concerns could result in regulatory changes that may harm our business.
  • Major public health issues and related disruptions in the U.S. and global economy and financial markets could adversely impact or disrupt our financial condition and results of operations.
  • Our use of or failure to adopt advancements in information technology, such as artificial intelligence, may hinder or prevent us from achieving strategic objectives or otherwise harm our business.
  • Risks Related to Our Organization and Structure
  • The ability of our board of directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders.
  • Our business could be harmed if key personnel with business experience in the self storage industry terminate their employment with us.
  • There may be conflicts of interest resulting from the relationships among us, our affiliates, and other related parties.
  • Certain provisions of Maryland law could inhibit changes in control of our company.
  • Our rights and the rights of our stockholders to take action against our directors and officers are limited, which could limit your recourse in the event of actions not in your best interest.
  • Our charter contains provisions that make removal of our directors difficult, which could make it difficult for our stockholders to effect changes to our management.
  • We may change our investment and financing strategies and enter into new lines of business without stockholder consent, which may subject us to different risks.
  • If other self storage companies convert to a REIT structure or if tax laws change, we may no longer have an advantage in competing for potential acquisitions.
  • Our board of directors has the power to issue additional shares of our stock in a manner that may not be in the best interest of our stockholders.
  • Restrictions on ownership and transfer of our shares may restrict change of control or business combination opportunities in which our stockholders might receive a premium for their shares.
  • Risks Related to Our Debt Financings
  • Disruptions in the financial markets could affect our ability to obtain debt financing on reasonable terms or at all and have other adverse effects.
  • We depend on external sources of financing that are outside of our control, which could adversely affect our ability to acquire or redevelop properties, satisfy our debt obligations and/or make distributions to stockholders.
  • The terms and covenants relating to our indebtedness could adversely impact our economic performance.
  • Risks Related to Our Qualification as a REIT
  • Our failure to qualify or remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of operating cash flow available for distribution to stockholders.
  • Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
  • To maintain our REIT qualification, we may be forced to borrow funds during unfavorable market conditions.
  • Failure to make required distributions would subject us to tax, which would reduce the operating cash flow available for distribution to stockholders.
  • Complying with the REIT requirements may cause us to forgo and/or liquidate otherwise attractive investments.
  • We may be subject to a 100% tax on income from “prohibited transactions,” and this tax may limit our ability to sell assets or require us to restructure certain of our activities in order to avoid being subject to the tax.
  • Our TRSs will be subject to U.S. federal income tax and will be required to pay a 100% penalty tax on certain income or deductions if transactions with such TRSs are not conducted on arm’s length terms.
  • We may not have cash available to make distributions.
  • Our REIT qualification could be adversely affected by the REIT qualification of any REIT in which we hold an interest.
  • We could fail to qualify as a REIT if we have not distributed any earnings and profits attributable to a taxable year before we elected to be taxed as a REIT.
  • We may not have satisfied requirements related to the ownership of our outstanding stock, which could cause us to fail to qualify as a REIT.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Legislative or regulatory tax changes related to REITs could materially and adversely affect our business.
  • Risks Related to Our Common Stock
  • The future sales of shares of our common stock may depress the price of our common stock and dilute stockholders’ beneficial ownership.
  • Any future offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities which may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
  • The market price and trading volume of our common stock may vary substantially.

Legal proceedings

From time to time, the Company or its subsidiaries may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. Examinations or investigations can result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the Company will seek to include in its financial statements the necessary provisions for losses that it believes are probable and estimable. Furthermore, the Company will seek to evaluate whether there exist losses which may be reasonably possible and, if material, make the necessary disclosures. The Company currently does not have any material pending

legal proceedings to which the Company or any of its subsidiaries is a party or of which any of their property is the subject.

The opening of Item 3, Legal Proceedings.4

Sources

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