Financial Analysis

4. INVESTMENT ACTIVITY The Company did not acquire or dispose of any wholly-owned stores during the three or six months ended June 30, 2026. 2025 Acquisitions On February 20, 2025, the Company acquired the remaining 80% ownership interest in HVP IV, an unconsolidated real estate venture in which, prior to such acquisition, the Company owned a 20% noncontrolling interest that was accounted for under the equity method of accounting. As of the date of acquisition, HVP IV owned 28 stores located in Arizona (2) , Connecticut (3) , Florida (4) , Georgia (2) , Illinois (5) , Maryland (2) , Minnesota (1) , Pennsylvania (1) and Texas (8) (the HVP IV Assets). The purchase price for the 80% ownership interest was $452.8 million, which included $44.4 million to repay the Companys portion of the ventures existing indebtedness. The HVP IV Assets were recorded by the Company at $466.9 million, which consisted of the $452.8 million purchase price plus the Company's $14.1 million carryover basis of its previously held equity interest in HVP IV. As a result of the transaction, the HVP IV Assets became wholly owned by the Company and are now consolidated within its financial statements. No gain or loss was recognized as a result of the transaction. In connection with the transaction, which was accounted for as an asset acquisition, the Company allocated the value of the HVP IV Assets and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intan …

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15. COMMITMENTS AND CONTINGENCIES Development Commitments As of June 30, 2026, the Company had an agreement with a developer for the construction of one new self-storage property (see note 4), with remaining payments anticipated to approximate $19.3 million. These amounts are due in installments upon completion of certain construction milestones. Litigation From time to time, the Company is involved in claims which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Companys consolidated balance sheets. …

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12. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

9. MORTGAGE LOANS AND NOTES PAYABLE The Companys mortgage loans and notes payable are summarized as follows: Carrying Value as of June 30, December 31, Effective Maturity Mortgage Loans and Notes Payable 2026 2025 Interest Rate Date (in thousands) Long Island City II, NY $ 16,627 $ 16,880 2.25 % Jul-26 Long Island City III, NY 16,626 16,880 2.25 % Aug-26 Allen, TX (1) 7,122 7,226 6.29 % Aug-26 Flushing II, NY 54,300 54,300 2.15 % Jul-29 Principal balance outstanding 94,675 95,286 Plus: Unamortized fair value adjustment 3,255 3,969 Less: Loan procurement costs, net (293) (396) Total mortgage loans and notes payable, net $ 97,637 $ 98,859 (1) The Company owns an 85% interest in a consolidated joint venture that is the borrower on this mortgage loan. As of June 30, 2026 and December 31, 2025, the Companys mortgage loans and notes payable were secured by certain of its self-storage properties with aggregate net book values of approximately $237.4 million and $240.0 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2026 (in thousands): 2026 $ 40,375 2027 2028 2029 54,300 2030 2031 and thereafter Total principal payments $ 94,675 …

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Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The amended guidance requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. ASU 2024-03, as clarified by ASU 2025-01, is required to be adopted prospectively for annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. …

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16. RELATED PARTY TRANSACTIONS The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest totaled $0.7 million and $1.3 million for the three and six months ended June 30, 2026, respectively, compared to $0.6 million and $1.5 million, respectively, during the same periods in 2025. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These reimbursements consist of amounts due for management fees, payroll, and other store expenses. The amounts due to the Company were $26.5 million and $19.2 million as of June 30, 2026 and December 31, 2025, respectively, and are included in Other assets, net on the Companys consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $259.0 million and $232.5 million as of June 30, 2026 and December 31, 2025, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party amounts are fully collectible. The CBPR, HVP V, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees …

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14. SEGMENT INFORMATION Overview The Company has one operating segment: the ownership, operation, development, management, and acquisition of self-storage properties (the self-storage segment). Accordingly, the self-storage segment is the Companys only reportable segment. The self-storage segment derives substantially all of its revenue from customers who lease self-storage space at the Companys self-storage properties and fees earned from managing self-storage properties. Expenses incurred by the segment are directly related to the revenue-generating activities, the depreciation and amortization of the Companys assets, and other expenses incurred for the administration and financing of the Companys operations. The accounting policies applicable to the self-storage segment are the same as those described in the summary of significant accounting policies included in note 2 to the consolidated financial statements included in the Parent Companys and Operating Partnerships combined Annual Report on Form 10-K for the year ended December 31, 2025 . The Company does not have intra-entity sales or transfers. The Companys chief operating decision maker (CODM) is its Chief Executive Officer. In determining the Companys operating segment, management considered the reports and information that the CODM reviews, the Companys organizational structure, the basis of the Companys incentive compensation, and the information discussed on the Companys earnings calls and presented on its website …

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18. SUBSEQUENT EVENTS Subsequent to June 30, 2026, the Company entered into an agreement to contribute 15 wholly-owned stores to a newly-formed joint venture with an affiliate of Heitman Capital Management (Heitman) for an agreed-upon value of $197.0 million. The Company will receive cash and own a 20% interest in the joint venture, while Heitman will contribute cash and own the remaining 80% interest. The stores subject to the agreement contain approximately 0.9 million square feet and are located in Connecticut (3), Georgia (1), North Carolina (2), Ohio (1), Texas (2), Utah (4) and Virginia (2). The transaction is expected to close in the fourth quarter of 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing