Here are 1-3 brief analogies for Global Self Storage (SELF):

• It's like Marriott for storage units.
• Think of it as U-Haul, but focused purely on storage facilities.
• It's an apartment building owner, but for your belongings instead of people.

• Self-Storage Unit Rentals: Global Self Storage provides secure, accessible, and affordable self-storage units for rent to residential and commercial customers across its portfolio of properties.

Global Self Storage (SELF) primarily serves a diverse base of residential and commercial customers rather than a few major corporate clients. The company does not have major named customers. Its customer base can be categorized as:

1. Residential Customers: Individuals and families requiring storage space during life events such as moving, home renovations, downsizing, or for decluttering their homes. This category also includes storing seasonal items, college student belongings, or personal possessions.

2. Commercial Customers: Businesses of various sizes that utilize self-storage for purposes such as inventory overflow, equipment and tool storage for tradespeople, document archiving, sales samples, or as a flexible and cost-effective solution for small businesses, including e-commerce operations.

Mark C. Winmill Chief Executive Officer, President and Chairman of Board of Directors

Mark C. Winmill manages all aspects of Global Self Storage's self-storage facility businesses, including business objectives, strategies, acquisitions, development, employee retention, compensation, negotiations, zoning approvals, construction oversight, and leasing. He has over 36 years of real estate investing experience and has led the acquisition, development, and management of over 50 projects valued at over $300 million since 1982, including over $65 million of self-storage properties since 2012. Prior to Global Self Storage, Inc., he was the founder and CEO of Bull & Bear Securities, Inc., a nationwide discount broker, from 1987 until its sale to the Royal Bank of Canada in 1999. Mr. Winmill was the key figure who led the transformation to the self-storage REIT in 2016. He is also a trustee of two charitable foundations, numerous family trusts, and a director of two other companies.

Thomas O'Malley Chief Financial Officer, Chief Accounting Officer, Treasurer, and Senior Vice President

Thomas O'Malley oversees financial reporting for the Company and assists the CEO in acquiring, developing, managing, and operating the Company's self-storage facility businesses. He has over 30 years of financial and operating experience in the real estate, financial services, and investment management sectors. Mr. O'Malley previously served as assistant controller of the investment advisory, Reich & Tang, and prior to that was an audit manager at RSM. He is a certified public accountant.

Donald Klimoski II, Esq. Senior Vice President – Operations, General Counsel, Secretary and Chief Compliance Officer

Donald Klimoski II oversees Company legal and compliance matters, and assists the CEO in acquiring, developing, managing, and operating the Company's self-storage facility businesses. He previously served as the associate general counsel of NASDAQ-listed Commvault Systems from 2014 to 2017.

Russell Kamerman, Esq. Vice President, Assistant General Counsel, Assistant Secretary and Assistant Chief Compliance Officer

Russell Kamerman assists the General Counsel with Company legal and compliance matters. He was previously an associate at Fried, Frank, Harris, Shriver & Jacobson LLP and Kleinberg, Kaplan, Wolff & Cohen, where his practice focused on asset management, securities law, compliance, and other corporate matters from 2008 to 2014. He is a member of the New York State Bar.

Angelito Sarabia Controller

Angelito Sarabia reports to the Chief Financial Officer and is responsible for managing and controlling the Company's accounting and financial records, including accounts payable. He has over 15 years of combined experience in financial and management services and oversees the company's accounting department, ensuring the accuracy and timeliness of financial records and reports.

The key risks to Global Self Storage (SELF) are primarily tied to the inherent nature of its real estate operations, the competitive landscape of the self-storage industry, and broader macroeconomic factors.

1. General Risks Associated with Real Estate Ownership and Operation: As a real estate investment trust (REIT) focused on self-storage properties, Global Self Storage is exposed to a range of risks inherent in owning, operating, and redeveloping real estate. These include fluctuations in demand for self-storage units, potential liability for environmental contamination, the impact of natural disasters, and adverse changes in tax, real estate, and zoning laws and regulations. Furthermore, downturns in the national and local economies where the company operates can negatively affect occupancy levels and rental rates, thereby impacting operating results.

2. Competition and Market Saturation: Global Self Storage faces significant competition, both in acquiring new properties and from other self-storage operators within its local markets. This competition can lead to increased purchase prices for desirable properties, reduced occupancy rates, and pressure on rental rates. Some markets may also experience oversaturation, making it more challenging for the company to maintain or increase its market share and profitability.

3. Interest Rate and Inflation Fluctuations: The company's financial performance can be adversely affected by changes in interest rates, which impact borrowing costs for acquisitions and operations. Rising inflation can also increase operating expenses, such as property maintenance, utilities, and labor costs, potentially eroding profit margins if rental rates do not keep pace.

Emergence of on-demand or valet storage services (e.g., MakeSpace, Clutter) which pick up, store, and deliver items, offering a higher convenience model that could disrupt traditional self-storage demand.

The addressable market for Global Self Storage's main product and service, self-storage properties, is primarily the United States.

The United States self-storage market was valued at approximately USD 45.34 billion in 2025 and is projected to reach USD 47.28 billion in 2026. This market is forecast to grow to USD 57.79 billion by 2031, at a compound annual growth rate (CAGR) of 4.10% from 2026 to 2031.

In terms of physical space, the U.S. self-storage industry contains more than 2.1 billion square feet of total self-storage space as of 2026.

Global Self Storage (NASDAQ: SELF) is expected to drive future revenue growth over the next two to three years through a combination of maximizing performance from its existing portfolio, strategic expansion, and leveraging technology.

Here are the key drivers:

1. Increasing Occupancy and Optimizing Rental Rates: The company consistently focuses on maximizing occupancy and rental revenue at its existing properties. This is achieved through a balanced approach of digital and local marketing campaigns designed to attract high-quality, less price-sensitive tenants who tend to stay longer. Global Self Storage utilizes a proprietary revenue management platform that enables dynamic pricing and close monitoring of local competitor rates to optimize rental revenue. For example, same-store occupancy increased from 87.9% at March 31, 2023, to 91.3% at March 31, 2024, and further to 93.2% by September 30, 2025.
2. Strategic Acquisitions and Property Expansions: Global Self Storage has a stated intention and the capital resources to pursue growth through acquisitions, joint ventures, and strategic expansions of its existing properties. This disciplined acquisition strategy focuses on properties in existing and target markets with strong fundamentals and competitive barriers to entry. The company extended its $15 million revolving credit facility, supporting its pursuit of potential acquisitions and property expansions.
3. Growth of Third-Party Management Services: The company is actively pursuing growth initiatives that include third-party management in both existing and target markets. As of September 30, 2025, Global Self Storage managed one third-party owned property. Expanding this service allows the company to generate revenue without direct capital investment in property ownership.
4. Leveraging Technology for Enhanced Customer Experience and Operational Efficiency: While integrated with revenue management, specific technological advancements and improvements in customer experience are emerging drivers. Global Self Storage's proprietary revenue management platform facilitates dynamic pricing and competitor rate monitoring. Broader industry trends indicate that the adoption of smart technologies like contactless rentals, automated access control, AI-based pricing, and remote monitoring can enhance customer convenience and operational efficiency, thereby increasing revenue per unit. The company’s focus on customer satisfaction, as evidenced by high customer review ratings, also supports attracting and retaining tenants.

Capital Allocation Decisions (Last 3-5 Years) for Global Self Storage (SELF)

Share Repurchases

• Global Self Storage has not reported any share repurchase programs or activities in its recent annual filings (2021-2024).

Share Issuance

• In 2022, the company issued 373,833 shares of common stock under an At Market Offering Sales Agreement, generating approximately $2,008,436 in net proceeds.
• No shares were sold under this Sales Agreement during 2023 or 2024.
• Between December 31, 2020, and December 31, 2021, the number of shares issued and outstanding increased from 9,343,100 to 10,708,613, with additional paid-in capital increasing by approximately $6.4 million.
• The number of shares outstanding increased from 11,292,772 at December 31, 2024, to 11,337,720 at September 30, 2025.

Inbound Investments

• In early 2024, Global Self Storage received an unsolicited takeover offer from Etude Storage Partners, with the third offer valuing the company at $6.15 per share, or approximately $68 million excluding debt. The board unanimously rejected this offer, stating it significantly undervalued the company and its growth prospects.

Outbound Investments

• Global Self Storage did not complete any self-storage property acquisitions in 2022, 2023, or 2024.
• The company consistently reviews acquisition opportunities and plans to fund future acquisitions directly or through joint ventures, as well as property expansions.

Capital Expenditures

• In 2024, property operations expense, which can include capital expenditures for repairs and maintenance, increased to $4.7 million from $4.5 million in 2023, primarily due to increased expenses for employment, administrative, repairs and maintenance, and insurance.
• Adjusted capital expenditures were reported as -$78.34K in 2024, -$231.10K in 2023, and -$113.33K in 2022.
• The company's strategic business plan emphasizes funding expansion projects at existing properties to maximize financial performance and stockholder value.