Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SELF | ||
Entity Registrant Name | GLOBAL SELF STORAGE, INC. | ||
Entity Central Index Key | 0001031235 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
ICFR Auditor Attestation Flag | false | ||
Entity Common Stock, Shares Outstanding | 10,774,456 | ||
Entity Public Float | $ 52,041,490 | ||
Entity File Number | 001-12681 | ||
Entity Tax Identification Number | 13-3926714 | ||
Entity Address, Address Line One | 3814 Route 44 | ||
Entity Address, City or Town | Millbrook | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 12545 | ||
City Area Code | 212 | ||
Local Phone Number | 785-0900 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be issued in connection with the registrant’s annual stockholders’ meeting to be held in 2022 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Auditor Name | RSM US LLP | ||
Auditor Firm ID | 49 | ||
Auditor Location | Blue Bell, Pennsylvania, United States |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Real estate assets, net | $ 58,390,066 | $ 59,768,533 |
Cash and cash equivalents | 2,899,701 | 1,614,771 |
Restricted cash | 163,998 | 340,672 |
Investments in securities | 3,483,182 | 1,916,451 |
Accounts receivable | 120,641 | 106,521 |
Prepaid expenses and other assets | 543,528 | 351,764 |
Line of credit issuance costs, net | 254,004 | 152,542 |
Goodwill | 694,121 | 694,121 |
Total assets | 66,549,241 | 64,945,375 |
Liabilities and stockholders' equity | ||
Note payable, net | 17,916,513 | 18,389,176 |
Accounts payable and accrued expenses | 1,514,631 | 1,373,308 |
Line of credit borrowing | 5,144,000 | |
Total liabilities | 19,431,144 | 24,906,484 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding | ||
Common stock, $0.01 par value: 450,000,000 shares authorized; 10,708,613 shares and 9,343,118 shares issued and outstanding at December 31, 2021 and 2020, respectively | 107,086 | 93,431 |
Additional paid in capital | 46,851,360 | 40,455,409 |
Retained earnings (accumulated deficit) | 159,651 | (509,949) |
Total stockholders' equity | 47,118,097 | 40,038,891 |
Total liabilities and stockholders' equity | $ 66,549,241 | $ 64,945,375 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 10,708,613 | 9,343,118 |
Common stock, shares outstanding | 10,708,613 | 9,343,118 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | ||
Rental income | $ 10,051,371 | $ 8,789,548 |
Total revenues | 10,508,830 | 9,196,524 |
Expenses | ||
Property operations | 3,776,770 | 3,586,593 |
General and administrative | 2,369,960 | 2,388,960 |
Depreciation and amortization | 1,631,609 | 1,989,761 |
Business development | 45,531 | 10,998 |
Total expenses | 7,823,870 | 7,976,312 |
Operating income | 2,684,960 | 1,220,212 |
Other income (expense) | ||
Dividend and interest income | 76,021 | 79,331 |
Unrealized gain on marketable equity securities | 1,566,731 | 155,139 |
Interest expense | (1,046,461) | (1,180,341) |
Total other income (expense), net | 596,291 | (945,871) |
Net income and comprehensive income | $ 3,281,251 | $ 274,341 |
Earnings per share | ||
Basic | $ 0.33 | $ 0.03 |
Diluted | $ 0.33 | $ 0.03 |
Weighted average shares outstanding | ||
Basic | 9,973,113 | 9,273,554 |
Diluted | 10,004,061 | 9,282,687 |
Other property related income | ||
Revenues | ||
Revenues | $ 381,534 | $ 337,166 |
Management fees and other income | ||
Revenues | ||
Revenues | $ 75,925 | $ 69,810 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Paid in Capital | Retained Earnings (Accumulated Deficit) |
Beginning Balance at Dec. 31, 2019 | $ 42,065,916 | $ 93,303 | $ 40,329,502 | $ 1,643,111 |
Beginning Balance, shares at Dec. 31, 2019 | 9,330,297 | |||
Restricted stock grants issued | $ 128 | (128) | ||
Restricted stock grants issued, Shares | 12,821 | |||
Stock-based compensation | 126,035 | 126,035 | ||
Net income | 274,341 | 274,341 | ||
Dividends | (2,427,401) | (2,427,401) | ||
Ending Balance at Dec. 31, 2020 | $ 40,038,891 | $ 93,431 | 40,455,409 | (509,949) |
Ending Balance, shares at Dec. 31, 2020 | 9,343,118 | 9,343,118 | ||
Restricted stock grants issued | $ 758 | (758) | ||
Restricted stock grants issued, Shares | 75,775 | |||
Issuance of common stock, net of expenses | $ 6,215,234 | $ 12,897 | 6,202,337 | |
Issuance of common stock, net of expenses, Shares | 1,289,720 | |||
Stock-based compensation | 194,372 | 194,372 | ||
Net income | 3,281,251 | 3,281,251 | ||
Dividends | (2,611,651) | (2,611,651) | ||
Ending Balance at Dec. 31, 2021 | $ 47,118,097 | $ 107,086 | $ 46,851,360 | $ 159,651 |
Ending Balance, shares at Dec. 31, 2021 | 10,708,613 | 10,708,613 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 3,281,251 | $ 274,341 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,631,609 | 1,989,761 |
Unrealized gain on marketable equity securities | (1,566,731) | (155,139) |
Amortization of loan procurement costs | 169,868 | 199,797 |
Stock-based compensation | 194,372 | 126,035 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (14,120) | 57,557 |
Prepaid expenses and other assets | (191,764) | (26,314) |
Accounts payable and accrued expenses | 138,267 | (468,710) |
Net cash provided by operating activities | 3,642,752 | 1,997,328 |
Cash flows from investing activities | ||
Improvements and equipment additions | (253,142) | (203,077) |
Construction | (1,404,269) | |
Net cash used in investing activities | (253,142) | (1,607,346) |
Cash flows from financing activities | ||
Issuance of common stock, net of expenses | 6,215,234 | |
Line of credit (repayment) borrowing | (5,144,000) | 230,000 |
Principal payments on note payable | (512,067) | (491,081) |
Line of credit issuance costs | (231,926) | |
Dividends paid | (2,608,595) | (2,427,023) |
Net cash used in financing activities | (2,281,354) | (2,688,104) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,108,256 | (2,298,122) |
Cash, cash equivalents, and restricted cash, beginning of period | 1,955,443 | 4,253,565 |
Cash, cash equivalents, and restricted cash, end of period | 3,063,699 | 1,955,443 |
Supplemental cash flow and noncash information | ||
Cash paid for interest | 881,759 | 996,904 |
Supplemental disclosure of noncash activities: | ||
Dividends payable | $ 3,056 | $ 358 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION Global Self Storage, Inc. (the “Company,” “we,” “our,” “us”) is a self-administered and self-managed Maryland real estate investment trust (“REIT”) that owns, operates, manages, acquires, and redevelops self storage properties (“stores” or “properties”) in the United States. Through its wholly owned subsidiaries, the Company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company operates primarily in one segment: rental operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Upon deregistration as an investment company, effective January 19, 2016, the Company’s status changed to an operating company from an investment company since it no longer met the assessment of an investment company in accordance with U.S. generally accepted accounting principles ("GAAP") under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC Topic 946”). The Company discontinued applying the guidance in ASC Topic 946 and began to account for the change in status prospectively by accounting for its investments in accordance with other GAAP topics as of the date of the change in status. The consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation Cash, Cash Equivalents, and Restricted Cash The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid investments, which may include money market fund shares, with a maturity of three months or less at the time of purchase to be cash equivalents. Restricted cash is comprised of escrowed funds deposited with a bank relating to capital expenditures. The carrying amount reported on the balance sheet for cash, cash equivalents, and restricted cash approximates fair value The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows: December 31, 2021 December 31, 2020 Cash and cash equivalents $ 2,899,701 $ 1,614,771 Restricted cash 163,998 340,672 Total cash, cash equivalents, and restricted cash as shown in our consolidated statements of cash flows $ 3,063,699 $ 1,955,443 Income Taxes The Company has elected to be treated as a REIT under the Internal Revenue Code ("IRC"). In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90 % of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it would be subject to federal income tax. In management’s opinion, the requirements to maintain these elections are being met. The Company is subject to certain state and local taxes. The Company has elected to treat its corporate subsidiary, SSG TRS LLC, as a taxable REIT subsidiary (“TRS”). In general, the Company’s TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to federal and state and local corporate income tax. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Company has reviewed its tax positions and has concluded that no liability for unrecognized tax benefits should be recorded or disclosed related to uncertain tax positions taken on federal, state, and local income tax returns for open tax years (2018 – 2020), or is expected to be taken in the Company’s 2021 tax returns. Marketable Equity Securities Investments in equity securities that have readily determinable fair values are measured at fair value. Gains or losses from changes in the fair value of equity securities are recorded in net income, until the investment is sold or otherwise disposed. The specific identification method is used to determine the realized gain or loss on investments sold or otherwise disposed. Fair value is determined using a valuation hierarchy generally by reference to an active trading market, using quoted closing or bid prices. Judgment is used to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. Real Estate Assets Real estate assets are carried at the appreciated value as of January 19, 2016, the effective date of the Company’s change in status to an operating company, less accumulated depreciation from that date. Purchases subsequent to the effective date of the change in status are carried at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Property taxes and other costs associated with development incurred during a construction period are capitalized. A construction period begins when expenditures for a real estate asset have been made and activities that are necessary to prepare the asset for its intended use are in progress. A construction period ends when an asset is substantially complete and ready for its intended use. Acquisition costs are accounted for in accordance with Accounting Standard Update ("ASU") No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business , which was adopted on January 1, 2018 and are generally capitalized for acquisitions that qualify as asset acquisitions. When properties are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. Repairs and maintenance costs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between 5 and 39 years. Derivative Financial Instruments The Company carries all derivative financial instruments on the balance sheet at fair value under prepaid expenses and other assets. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company’s use of derivative instruments has been limited to an interest rate cap agreement. The fair values of derivative instruments are included in prepaid expenses and other assets in the accompanying balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other comprehensive income (loss) in the Company’s balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings. The valuation analysis of the interest rate cap reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses primarily consist of property tax accruals, unearned rental income, and trade payables. Revenue and Expense Recognition Revenues from stores, which are primarily composed of rental income earned pursuant to month-to-month leases for storage space, as well as associated late charges and administrative fees, ancillary revenues from sales of merchandise and tenant insurance and other income are recognized as earned in accordance with ASC Topic 842, Leases . Promotional discounts reduce rental income over the promotional period. The Company's management fees are earned subject to the terms of the related property management services agreements (“PSAs”). These PSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties. PSAs generally have original terms of three years , after which management services are provided on a month-to-month basis unless terminated. Management fees are due on the last day of each calendar month that management services are provided. The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month in accordance with ASC Topic 606, Revenue from Contracts with Customers . The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. No disaggregated information relating to PSAs is presented as the Company currently has only one contract. General and administrative expenses and property operations expenses, which may include among other expenses, property taxes, utilities, repairs and maintenance, and other expenses, are expensed as incurred. The Company accrues for property tax expense based upon actual amounts billed and, in some circumstances, estimates and historical trends when bills or assessments have not been received from the taxing authorities or such bills and assessments are in dispute. Evaluation of Asset Impairment The Company evaluates its real estate assets and intangible assets consisting of in-place leases for indicators of impairment. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. The Company evaluates goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that fair value may be less that carrying amounts. If it is determined that the carrying amount of goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value, an impairment charge is recorded. There were no indicators of impairment to goodwill, real estate assets, and intangible assets and no impairment charges were recorded during 2021 or 2020 . Stock-based Compensation The measurement and recognition of compensation expense for all stock-based compensation awards to employees are based on estimated fair values. Awards granted are measured at fair value and any compensation expense is recognized over the service periods of each award. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved. The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. Loan Procurement Costs Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company's revolving credit facility remain in line of credit issuance costs, net of amortization on the Company's consolidated balance sheets. The costs are amortized using the straight-line method, which approximates the effective interest method, over the estimated life of the related debt. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from management’s estimates. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Real Estate Assets
Real Estate Assets | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Assets | 3. REAL ESTATE ASSETS The carrying value of the Company’s real estate assets is summarized as follows: December 31, December 31, Land $ 6,122,065 $ 6,122,065 Buildings, improvements, and equipment 60,571,060 60,317,918 Self storage properties 66,693,125 66,439,983 Less: accumulated depreciation ( 8,303,059 ) ( 6,671,450 ) Real estate assets, net $ 58,390,066 $ 59,768,533 During 2020, the Company completed the following conversion and expansions: • completed the conversion of certain commercially-leased space to all-climate-controlled units at McCordsville, IN which added approximately 13,713 leasable square feet to the property; • completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property; and • completed the expansion at West Henrietta, NY, which added approximately 7,300 leasable square feet of drive-up storage units to the property. There were no expansion or conversion activities during 2021. |
Marketable Equity Securities
Marketable Equity Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Equity Securities | 4. MARKETABLE EQUITY SECURITIES Investments in marketable equity securities consisted of the following: Gross Unrealized December 31, 2021 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 2,727,695 $ — $ 3,483,182 Total investment in marketable equity securities $ 755,487 $ 2,727,695 $ — $ 3,483,182 Gross Unrealized December 31, 2020 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 1,160,964 $ — $ 1,916,451 Total investment in marketable equity securities $ 755,487 $ 1,160,964 $ — $ 1,916,451 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value to value its financial assets and liabilities. The application of fair value measurements may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability or whether management has elected to carry the item at its estimated fair value. The hierarchy of valuation techniques is based on whether the inputs to those techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 — Quoted prices in active markets for identical instruments or liabilities. Level 2 — Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, and market-corroborated inputs. Level 3 — Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability and are based on the best information available in the circumstances. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when estimating fair value. The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such loans or investments existed, or had such loans or investments been liquidated, and those differences could be material to the financial statements. Fair valued assets consist of shares of marketable equity securities and an interest rate cap. The value of the equity securities is based on a traded market price and is considered to be a level 1 measurement, and the value of the interest rate cap is based on its maturity, observable market-based inputs including interest rate curves and is considered to be a level 2 measurement. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2021 and December 31, 2020: December 31, 2021 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 3,483,182 $ — $ — $ 3,483,182 Interest rate cap — 9,408 — 9,408 Total assets at fair value $ 3,483,182 $ 9,408 $ — $ 3,492,590 December 31, 2020 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 1,916,451 $ — $ — $ 1,916,451 Interest rate cap — 4 — 4 Total assets at fair value $ 1,916,451 $ 4 $ — $ 1,916,455 There were no assets transferred from level 1 to level 2 as of December 31, 2021 or December 31, 2020 . The Company did no t have any level 3 assets or liabilities as of December 31, 2021 or December 31, 2020. The fair values of financial instruments including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their respective carrying values as of December 31, 2021 and 2020 . The aggregate estimated fair value of the Company’s debt was $ 17,596,733 and $ 24,596,649 as of December 31, 2021 and 2020 , respectively. These estimates were based on market interest rates for comparable obligations, general market conditions and maturity. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 6. DERIVATIVES The Company’s objective in using an interest rate derivative is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses an interest rate cap to manage interest rate risk. The Company carries the premium paid for the interest rate cap as an asset on the balance sheet at fair value. The change in the unrealized gain or loss of the premium is recorded as an increase or decrease to interest expense. The following table summarizes the terms of the Company’s derivative financial instrument as of December 31, 2021: Notional Amount Effective Maturity Product December 31, 2021 December 31, 2020 Strike Date Date Cap Agreement $ 7,500,000 $ 7,500,000 3.75 % 12/20/2021 7/6/2024 |
Note Payable and Revolving Line
Note Payable and Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable [Abstract] | |
Note Payable and Revolving Line of Credit | 7. NOTE PAYABLE AND REVOLVING LINE OF CREDIT Note Payable On June 24, 2016, certain wholly owned subsidiaries (the “Secured Subsidiaries”) of the Company entered into a loan agreement (the “Loan Agreement”) borrowing the principal amount of $ 20 million pursuant to a promissory note (the “Promissory Note”). The Promissory Note bears an interest rate equal to 4.192 % per annum and is due to mature on July 1, 2036 . Pursuant to a security agreement (the “Security Agreement”), the obligations under the Loan Agreement are secured by certain real estate assets owned by the Secured Subsidiaries. The Company entered into a non-recourse guaranty on June 24, 2016 (the “Guaranty,” and together with the Loan Agreement, the Promissory Note and the Security Agreement, the “Loan Documents”) to guarantee the payment to the Lender of certain obligations of the Secured Subsidiaries under the Loan Agreement. The Loan Documents require the Secured Subsidiaries and the Company to comply with certain covenants, including, among others, a minimum net worth test and other customary covenants. The Lender may accelerate amounts outstanding under the Loan Documents upon the occurrence of an Event of Default (as defined in the Loan Agreement) including, but not limited to, the failure to pay amounts due or commencement of bankruptcy proceedings. As of December 31, 2021 and 2020, the Company was in compliance with these covenants. The Company incurred loan procurement costs of $ 646,246 and such costs have been recorded net of the note payable on the consolidated balance sheets. The costs are amortized over the term of the loan using the effective interest method and are recorded as an adjustment to interest expense. The Company recorded amortization expense of $ 39,404 and $ 40,470 for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020 the carrying value of the Company’s note payable is summarized as follows: Note Payable December 31, December 31, 2020 Principal balance outstanding $ 18,335,407 $ 18,847,475 Less: Loan procurement costs, net ( 418,894 ) ( 458,299 ) Total note payable, net $ 17,916,513 $ 18,389,176 As of December 31, 2021 , the note payable was secured by certain of its self storage properties with an aggregate net book value of approximately $ 25.3 million. The following table represents the future principal payment requirements on the note payable as of December 31, 2021: 2022 $ 535,816 2023 558,714 2024 582,591 2025 607,488 2026 633,449 2026 and thereafter 15,417,349 Total principal payments $ 18,335,407 Revolving Line of Credit On July 6, 2021, certain wholly owned subsidiaries (“Amended Credit Facility Secured Subsidiaries”) of the Company entered into a first amendment to the Credit Facility Loan Agreement (collectively, the “Amended Credit Facility Loan Agreement”) between the Amended Credit Facility Secured Subsidiaries and The Huntington National Bank , successor by merger to TCF National Bank (“Amended Credit Facility Lender”). Under the Amended Credit Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries may borrow from the Amended Credit Facility Lender in the principal amount of up to $ 15 million pursuant to a promissory note (the “Amended Credit Facility Promissory Note”). The Amended Credit Facility Promissory Note bears an interest rate equal to 3 % plus the greater of the One Month U.S. Dollar London Inter-Bank Offered Rate or one-quarter of one percent ( 0.25 %) and is due to mature on July 6, 2024 . As of December 31, 2021, the effective interest rate was 3.25 %. The obligations under the Amended Credit Facility Loan Agreement are secured by certain real estate assets owned by the Amended Credit Facility Secured Subsidiaries. The Company entered into an amended and restated guaranty of payment on July 6, 2021 (“Amended Credit Facility Guaranty,” and together with the Amended Credit Facility Loan Agreement, the Amended Credit Facility Promissory Note and related instruments, the “Amended Credit Facility Loan Documents” or the “Revolver”) to guarantee the payment to the Amended Credit Facility Lender of certain obligations of the Amended Credit Facility Secured Subsidiaries under the Amended Credit Facility Loan Agreement. The Company and the Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Amended Credit Facility Loan Documents. The Revolver requires the Subsidiaries and the Company to comply with certain covenants, including, among others, customary financial covenants. The Lender may accelerate amounts outstanding under the Loan Documents upon the occurrence of an Event of Default (as defined in the Agreement) including, but not limited to, the failure to pay amounts due to the Lender or commencement of bankruptcy proceedings. The Company incurred issuance costs of $ 231,926 and $ 477,981 for the July 6, 2021 Revolver extension and entry into the Revolver in December 18, 2018, respectively, and such costs are amortized as an adjustment to interest expense using the straight-line method, which approximates the effective interest method, over the term of the loan. The Company recorded amortization expense of $ 130,464 and $ 159,327 for the years ended December 31, 2021 and 2020 , respectively. The outstanding loan balance under the Revolver was $ 0 and $ 5,144,000 as of December 31, 2021 and 2020 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 8. LEASES Global Self Storage as Lessor The Company's property rental revenue is primarily related to rents received from tenants at its operating stores. The Company's leases with its self storage tenants are generally on month-to-month terms, include automatic monthly renewals, allow flexibility to increase rental rates over time as market conditions permit, and provide for the collection of contingent fees such as late fees. These leases do not include any terms or conditions that allow the tenants to purchase the leased space. All self-storage leases for which the Company acts as lessor have been classified as operating leases. The real estate assets related to the Company's stores are included in "Real estate assets, net" on the Company's consolidated balance sheets and are presented at historical cost less accumulated depreciation and impairment, if any. Rental income related to these operating leases is included in property rental revenue on the Company's consolidated statements of operations, and is recognized each month during the month-to-month terms at the rental rate in place during each month. Global Self Storage as Lessee The Company is a lessee in a lease agreement for an automobile entered into November 2019 with a lease term of 3 years. The lease agreement does not contain any material residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC Topic 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements have been classified as operating leases. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s secured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. The Company had right-of-use assets and lease liabilities related to its operating leases of $ 11,622 and $ 11,622 and $ 24,972 and $ 24,972 , respectively, as of December 31, 2021 and 2020 . Such amounts are amortized using a straight-line method over the term of the lease and are included in prepaid expenses and other assets and accounts payable and accrued expenses on the Company’s consolidated balance sheets, respectively. Amortization expense for the years ended December 31, 2021 and 2020 was $13,350 and $12,728, respectively. As of December 31, 2021 , the Company’s weighted average remaining lease term and weighted average discount rate related to its operating leases were approximately 0.8 years and 4.78 %, respectively. The future minimum lease payments under the automobile lease are $ 11,878 for the year ending December 31, 2022. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to potentially diluted securities. The following table sets forth the computation of basic and diluted earnings per share: For the Year Ended December 31, 2021 2020 Net income $ 3,281,251 $ 274,341 Weighted average common shares outstanding: Average number of common shares outstanding - basic 9,973,113 9,273,554 Net effect of dilutive unvested restricted stock awards included for treasury stock method 30,948 9,133 Average number of common shares outstanding - diluted 10,004,061 9,282,687 Earnings per common share Basic $ 0.33 $ 0.03 Diluted $ 0.33 $ 0.03 Common stock dividends totaled $ 2,611,651 ($ 0.26 per share) and $ 2,427,401 ($ 0.26 per share) for the years ended December 31, 2021 and 2020 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS Certain officers and directors of the Company also serve as officers and directors of Winmill & Co. Incorporated (“Winco”), Bexil Corporation (“Bexil”), Tuxis Corporation (“Tuxis”), and their affiliates (collectively with the Company, the “Affiliates”). As of December 31, 2021 , certain of the Affiliates and the Company's directors and employees may be deemed to own, in aggregate, approximately 7.7 % of the Company’s outstanding common stock. Pursuant to an arrangement between a professional employer organization (“PEO”) and the Affiliates, the PEO provides payroll, benefits, compliance, and related services for employees of the Affiliates in accordance with applicable rules and regulations under the IRC and, in connection therewith, Midas Management Corporation (“MMC”), a subsidiary of Winco, acts as a conduit payer of compensation and benefits to the Affiliates’ employees including those who are concurrently employed by the Company and its Affiliates. The aggregate compensation and benefits accrued and paid by the Company to MMC for the years ended December 31, 2021 and 2020 were $ 2,258,024 and $ 2,239,483 , respectively. Rent expense of concurrently used office space and overhead expenses for various concurrently used administrative and support functions incurred by the Affiliates are allocated at cost among them. The Affiliates participate in a 401(k) retirement savings plan for substantially all qualified employees. A matching expense based upon a percentage of contributions to the plan by eligible employees is incurred and allocated among the Affiliates. The matching expense is accrued and funded on a current basis and may not exceed the amount permitted as a deductible expense under the IRC. The aggregate rent and overhead accrued and paid by the Company to Winco for the years ended December 31, 2021 and 2020 was $ 58,584 and $ 73,823 , respectively. The Company had reimbursements payable to MMC and Winco for compensation and benefits and rent and overhead of $ 33,981 and $ 18,906 as of December 31, 2021 and 2020, respectively. The Company currently reimburses monthly automobile expenses of $ 1,000 per month to its President, Mark C. Winmill. To the extent that the monthly payment under the Company’s automobile lease exceeds the current monthly reimbursement amount, Mr. Winmill voluntarily reimburses the Company for the excess amount. In this regard, Mr. Winmill has reimbursed the Company $ 2,248 and $ 2,254 for the years ended December 31, 2021 and 2020, respectively. The Company leases office space and storage to certain Affiliates under rental agreements. The terms of occupancy are month to month and automatically renew unless terminated by either party on ten days ’ written notice. The Company earned rental income of $ 13,369 and $ 9,204 for the years ended December 31, 2021 and 2020, respectively. On May 19, 2020, MMC (the “Borrower”) entered into a Paycheck Protection Program Term Note (“PPP Note”) with Customers Bank on behalf of itself and the Affiliates under the Paycheck Protection Program (the “Program”) of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration (the “SBA”). The Borrower received total proceeds of $ 486,602 . In accordance with the requirements of the CARES Act, the Affiliates used the proceeds from the PPP Note primarily for payroll and other eligible costs. Interest accrues on the PPP Note at the rate per annum of 1.00 %. In March 2021, the Borrower applied to Customers Bank for forgiveness of the amount due on the PPP Note in an amount equal to the sum of payroll and other eligible costs incurred during the Covered Period, as defined therein. On October 8, 2021, the Borrower’s application was denied. On November 4, 2021, the Borrower filed an appeal petition with the SBA’s Office of Hearings and Appeals (“OHA”) in response to the denial of the Borrower’s application for forgiveness of the amount due on the PPP Note. The Borrower's timely filing of an appeal within the 30 calendar day period after receipt of the SBA’s decision extended the loan deferment period. On January 25, 2022, OHA dismissed the appeal without prejudice and remanded the PPP Note forgiveness application back to the SBA for further loan review. The loan deferment period has been extended while the forgiveness application is pending. No assurance can be provided that the review will be successful or that PPP Note will be forgiven in whole or in part. If the PPP Note is not forgiven, in part or wholly, the Company expects to repay interest proportionate to its share of the PPP Note. If the PPP Note is in part or wholly, forgiven and legal release is received, the Company expects to record a gain in an amount proportionate to its share of forgiven payroll costs and other eligible expenses. For the year ended December 31, 2021, there was no material impact to the Company’s operations or cash flows due to the PPP Note and there were no transfers of principal between the Company and MMC for the years ended December 31, 2021 and 2020, respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | 11. CAPITAL STOCK As of December 31, 2021 , the Company was authorized to issue 450,000,000 shares of $ 0.01 par value common stock of which 10,708,613 shares were issued and outstanding. The Company was also authorized to issue 50,000,000 shares of preferred stock, $ 0.01 par value, of which none has been issued. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION On October 16, 2017 (“Effective Date”), the Company’s stockholders approved the Company’s 2017 Equity Incentive Plan (the “Plan”). The Plan is designed to provide equity-based incentives to certain eligible persons, as defined in the Plan, in the form of options, share appreciation rights, restricted stock, restricted stock units, dividend equivalent rights or other forms of equity-based compensation as determined in the discretion of the Board of Directors, the Compensation Committee of the Board of Directors, or other designee thereof. The total number of shares of common stock reserved and available for issuance under the Plan on the Effective Date was 760,000 . On April 12, 2021 and March 25, 2021, the Company approved restricted stock awards under the Plan to certain of its officers and employees in the aggregate amount of 12,300 shares and 63,475 shares, respectively, of which 60,750 shares are time-based grants and 15,025 shares are performance-based grants. During 2020, Company approved restricted stock awards under the Plan to certain of its officers and employees in the aggregate amount of 25,905 shares, of which 10,880 shares are time-based grants and 15,025 shares are performance-based grants. The Company recorded $ 194,372 and $ 126,035 of expense in general and administrative expense in its consolidated statements of operations related to restricted stock awards for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 , there was $ 274,922 and $ 84,517 of unrecognized compensation expense related to unvested time-based and performance-based restricted stock awards, respectively. That cost is expected to be recognized over a weighted—average period of 2.9 years and 2.5 years for time-based and performance-based awards, respectively. The fair value of common stock awards is determined based on the closing trading price of the Company’s common stock on the grant date. Time-Based Restricted Stock Grants These time-based grants vest solely based on continued employment, with 6.25 % of the shares eligible to vest on each three-month anniversary of the grant date during the four-year vesting period. Time-based restricted stock cannot be transferred during the vesting period. Grants of time-based restricted stock entitle the holder to dividends paid by the Company on shares of its common stock, including unvested shares. A summary of the Company’s time-based restricted stock grant activity is as follows: Weighted-Average Grant-Date Time-Based Restricted Stock Grants Shares Fair Value Unvested at December 31, 2019 39,932 $ 4.31 Granted 10,880 $ 3.58 Vested ( 18,582 ) $ 4.26 Unvested at December 31, 2020 32,230 $ 4.09 Granted 60,750 $ 4.58 Vested ( 31,779 ) $ 4.33 Unvested at December 31, 2021 61,201 $ 4.45 Performance-Based Restricted Stock Grants Performance-based restricted stock grants vest based on continued employment and the achievement of certain Funds from Operations, as adjusted (“AFFO”) and same store revenue growth (“SSRG”) goals by the Company during 2021 . Between 0 % and 200 % of these shares will be earned based on achievement of the AFFO and SSRG goals in 2021 , and the shares which are earned will remain subject to quarterly vesting during the remaining four-year time vesting period. Dividends paid by the Company prior to the determination of how many shares are earned will be retained by the Company and released only with respect to earned shares. If a Change in Control (as defined in the Plan) occurs the number of shares earned will equal the greater of the number of shares granted and the number of shares which would have been earned based on the AFFO and SSRG through the date of the Change in Control. If following a Change in Control, a grantee is terminated by the Company without Cause or by the grantee with Good Reason (as each is defined in the Plan), all unvested restricted stock will fully vest. Performance-based restricted stock earned during 2021 and 2020 were 15,025 shares and 1,941 shares, respectively. A summary of the Company’s performance-based restricted stock grant activity is as follows: Weighted-Average Grant-Date Performance-based Stock Grants Shares Fair Value Unvested at December 31, 2019 27,739 $ 4.21 Granted 1,941 $ 3.58 Vested ( 11,028 ) $ 4.23 Unvested at December 31, 2020 18,652 $ 4.13 Granted 15,025 $ 4.51 Vested ( 11,142 ) $ 4.22 Unvested at December 31, 2021 22,535 $ 4.34 Forfeitures are accounted for as they occur, compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition is reversed in the period of the forfeiture. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES The Company enters into contracts that contain a variety of representations and warranties and which may provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as it involves future claims that may be made against the Company under circumstances that have not occurred. |
Risk and Uncertanties
Risk and Uncertanties | 12 Months Ended |
Dec. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Risk and Uncertanties | 14. RISKS AND UNCERTANTIES COVID-19 The novel coronavirus pandemic (“COVID-19”) has continued to impact the U.S. and global economies. The U.S. financial markets have experienced disruption and constrained credit conditions within certain sectors. Although more normalized activities have resumed, at this time the Company cannot predict the full extent of the impacts of the COVID-19 pandemic on the Company and its properties and the COVID-19 pandemic could have a delayed adverse impact on the Company's financial results. The Company will continue to monitor the pandemic's effects and will adjust its operations as necessary. The full impact of COVID-19 on the real estate industry, the credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the pandemic and the emergence and severity of COVID-19 variants, (ii) the effectiveness of the United States public health response, including the rate and level of persons receiving vaccinations and the efficacy of such vaccines, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic, (v) the timing and speed of economic recovery, and (vi) the negative impact of the above on our properties. Credit Risk Credit risk - Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and certain portions of accounts receivable including rents receivable from our tenants. Cash, cash equivalents, and restricted cash are on deposit with highly rated commercial banks. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS On January 14, 2022, the Company entered into an At Market Offering Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Age nt”) p ursuant to which the Company may sell, from time to time, shares of the Company’s common stock, par value $ 0.01 per share, having an aggregate offering price of up to $ 15,000,000 , through the Agent. As of the date of this filing , under the Sales Agreement, the Company has sold and issued an aggregate of 65,843 shares of our common stock and raised aggregate gross proceeds of approximately $ 403,364 , less sales commissions of approximately $ 8,069 . On March 1, 2022 , the Company declared a cash dividend of $ 0.065 per common share payable on March 31, 2022 to stockholders of record as of March 15, 2022 . On March 28, 2022, the Company approved restricted share awards under the Plan to certain of its officers and employees in the aggregate amount of 26,025 shares, of which 15,025 shares are performance-based grants and the remainder of the shares are time-based grants. Between 0 % and 200 % of these shares will be earned based on achievement of the AFFO and SSRG goals in 2022, and the shares which are earned will remain subject to quarterly vesting during the remaining four-year time vesting period. Dividends paid by the Company prior to the determination of how many shares are earned will be retained by the Company and released only with respect to earned shares. If a Change in Control (as defined in the Plan) occurs during 2022, the number of shares earned will equal the greater of the number of shares granted and the number of shares which would have been earned based on the AFFO and SSRG through the date of the Change in Control. If following a Change in Control, a grantee is terminated by the Company without Cause or by the grantee with Good Reason (as each is defined in the Plan), all unvested restricted shares will fully vest. |
Schedule III, Real Estate and R
Schedule III, Real Estate and Related Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Related Depreciation | GLOBAL SELF STORAGE, INC. SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2021 Initial cost Gross Carrying Amount Description Square Land Buildings & Costs Land Buildings & Total Accumulated Clinton, CT (A) 30,408 $ 356,040 $ 3,108,285 $ 31,585 $ 356,040 $ 3,139,870 $ 3,495,910 $ 388,093 Bolingbrook, IL (B) 113,700 633,914 5,491,409 2,472,375 633,914 7,963,784 8,597,698 1,214,464 Dolton, IL (B) 86,590 614,413 5,227,313 17,411 614,413 5,244,724 5,859,137 835,749 McCordsville, IN (A) 76,360 770,000 6,776,000 479,652 770,000 7,255,652 8,025,652 913,388 Merrillville, IN (B) 80,970 597,229 5,104,011 464,538 597,229 5,568,549 6,165,778 859,562 Millbrook, NY (A) 24,472 423,960 2,900,895 2,343,125 423,960 5,244,020 5,667,980 464,274 Rochester, NY (B) 68,131 571,583 5,227,630 33,415 571,583 5,261,045 5,832,628 795,872 Lima, OH (A) 96,883 530,000 4,664,000 240,444 530,000 4,904,444 5,434,444 635,353 Sadsburyville, PA (B) 78,857 462,749 5,146,579 34,833 462,749 5,181,412 5,644,161 825,155 Summerville, SC (B) (1) 76,410 345,160 2,989,159 67,078 345,160 3,056,237 3,401,397 460,354 Summerville, SC (B) (2) 42,860 188,766 1,605,405 17,558 188,766 1,622,963 1,811,729 248,505 West Henrietta, NY (A) 55,550 628,251 5,229,481 262,333 628,251 5,491,814 6,120,065 170,667 831,191 $ 6,122,065 $ 53,470,167 $ 6,464,347 $ 6,122,065 $ 59,934,514 $ 66,056,579 $ 7,811,436 (A) This property is held as collateral under the Revolver. There was no outstanding balance under the Revolver as of December 31, 2021 . (B) This property is held as collateral under the Loan Agreement with an outstanding balance of $ 18,335,407 as of December 31, 2021 (1) SSG Summerville I LLC. (2) SSG Summerville II LLC Activity in storage properties during the years ended December 31, 2021 and 2020is as follows: 2021 2020 Storage properties * Balance at beginning of period $ 66,439,983 $ 64,832,638 Acquisitions and improvements 253,142 1,607,345 Balance at end of period 66,693,125 66,439,983 Accumulated depreciation Balance at beginning of period ( 6,671,450 ) ( 5,080,485 ) Depreciation expense ( 1,631,609 ) ( 1,590,965 ) Balance at end of period ( 8,303,059 ) ( 6,671,450 ) Storage properties, net $ 58,390,066 $ 59,768,533 * These amounts include equipment that is housed at the Company’s properties and construction in progress which is excluded from Schedule III above. As of December 31, 2021 , the aggregate cost of real estate for U.S. federal income tax purposes was $64,041,428. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Upon deregistration as an investment company, effective January 19, 2016, the Company’s status changed to an operating company from an investment company since it no longer met the assessment of an investment company in accordance with U.S. generally accepted accounting principles ("GAAP") under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC Topic 946”). The Company discontinued applying the guidance in ASC Topic 946 and began to account for the change in status prospectively by accounting for its investments in accordance with other GAAP topics as of the date of the change in status. The consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid investments, which may include money market fund shares, with a maturity of three months or less at the time of purchase to be cash equivalents. Restricted cash is comprised of escrowed funds deposited with a bank relating to capital expenditures. The carrying amount reported on the balance sheet for cash, cash equivalents, and restricted cash approximates fair value The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows: December 31, 2021 December 31, 2020 Cash and cash equivalents $ 2,899,701 $ 1,614,771 Restricted cash 163,998 340,672 Total cash, cash equivalents, and restricted cash as shown in our consolidated statements of cash flows $ 3,063,699 $ 1,955,443 |
Income Taxes | Income Taxes The Company has elected to be treated as a REIT under the Internal Revenue Code ("IRC"). In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90 % of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it would be subject to federal income tax. In management’s opinion, the requirements to maintain these elections are being met. The Company is subject to certain state and local taxes. The Company has elected to treat its corporate subsidiary, SSG TRS LLC, as a taxable REIT subsidiary (“TRS”). In general, the Company’s TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to federal and state and local corporate income tax. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Company has reviewed its tax positions and has concluded that no liability for unrecognized tax benefits should be recorded or disclosed related to uncertain tax positions taken on federal, state, and local income tax returns for open tax years (2018 – 2020), or is expected to be taken in the Company’s 2021 tax returns. |
Marketable Equity Securities | Marketable Equity Securities Investments in equity securities that have readily determinable fair values are measured at fair value. Gains or losses from changes in the fair value of equity securities are recorded in net income, until the investment is sold or otherwise disposed. The specific identification method is used to determine the realized gain or loss on investments sold or otherwise disposed. Fair value is determined using a valuation hierarchy generally by reference to an active trading market, using quoted closing or bid prices. Judgment is used to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. |
Real Estate Assets | Real Estate Assets Real estate assets are carried at the appreciated value as of January 19, 2016, the effective date of the Company’s change in status to an operating company, less accumulated depreciation from that date. Purchases subsequent to the effective date of the change in status are carried at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Property taxes and other costs associated with development incurred during a construction period are capitalized. A construction period begins when expenditures for a real estate asset have been made and activities that are necessary to prepare the asset for its intended use are in progress. A construction period ends when an asset is substantially complete and ready for its intended use. Acquisition costs are accounted for in accordance with Accounting Standard Update ("ASU") No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business , which was adopted on January 1, 2018 and are generally capitalized for acquisitions that qualify as asset acquisitions. When properties are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. Repairs and maintenance costs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between 5 and 39 years. |
Derivative Financial Instruments | Derivative Financial Instruments The Company carries all derivative financial instruments on the balance sheet at fair value under prepaid expenses and other assets. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company’s use of derivative instruments has been limited to an interest rate cap agreement. The fair values of derivative instruments are included in prepaid expenses and other assets in the accompanying balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other comprehensive income (loss) in the Company’s balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings. The valuation analysis of the interest rate cap reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses primarily consist of property tax accruals, unearned rental income, and trade payables. |
Revenue and Expense Recognition | Revenue and Expense Recognition Revenues from stores, which are primarily composed of rental income earned pursuant to month-to-month leases for storage space, as well as associated late charges and administrative fees, ancillary revenues from sales of merchandise and tenant insurance and other income are recognized as earned in accordance with ASC Topic 842, Leases . Promotional discounts reduce rental income over the promotional period. The Company's management fees are earned subject to the terms of the related property management services agreements (“PSAs”). These PSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties. PSAs generally have original terms of three years , after which management services are provided on a month-to-month basis unless terminated. Management fees are due on the last day of each calendar month that management services are provided. The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month in accordance with ASC Topic 606, Revenue from Contracts with Customers . The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. No disaggregated information relating to PSAs is presented as the Company currently has only one contract. General and administrative expenses and property operations expenses, which may include among other expenses, property taxes, utilities, repairs and maintenance, and other expenses, are expensed as incurred. The Company accrues for property tax expense based upon actual amounts billed and, in some circumstances, estimates and historical trends when bills or assessments have not been received from the taxing authorities or such bills and assessments are in dispute. |
Evaluation of Asset Impairment | Evaluation of Asset Impairment The Company evaluates its real estate assets and intangible assets consisting of in-place leases for indicators of impairment. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. The Company evaluates goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that fair value may be less that carrying amounts. If it is determined that the carrying amount of goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value, an impairment charge is recorded. There were no indicators of impairment to goodwill, real estate assets, and intangible assets and no impairment charges were recorded during 2021 or 2020 . |
Stock-based Compensation | Stock-based Compensation The measurement and recognition of compensation expense for all stock-based compensation awards to employees are based on estimated fair values. Awards granted are measured at fair value and any compensation expense is recognized over the service periods of each award. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved. The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. |
Loan Procurement Costs | Loan Procurement Costs Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company's revolving credit facility remain in line of credit issuance costs, net of amortization on the Company's consolidated balance sheets. The costs are amortized using the straight-line method, which approximates the effective interest method, over the estimated life of the related debt. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from management’s estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Credit Risk | Credit Risk Credit risk - Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and certain portions of accounts receivable including rents receivable from our tenants. Cash, cash equivalents, and restricted cash are on deposit with highly rated commercial banks. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows: December 31, 2021 December 31, 2020 Cash and cash equivalents $ 2,899,701 $ 1,614,771 Restricted cash 163,998 340,672 Total cash, cash equivalents, and restricted cash as shown in our consolidated statements of cash flows $ 3,063,699 $ 1,955,443 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Summary of Carrying Value of Real Estate Assets | The carrying value of the Company’s real estate assets is summarized as follows: December 31, December 31, Land $ 6,122,065 $ 6,122,065 Buildings, improvements, and equipment 60,571,060 60,317,918 Self storage properties 66,693,125 66,439,983 Less: accumulated depreciation ( 8,303,059 ) ( 6,671,450 ) Real estate assets, net $ 58,390,066 $ 59,768,533 |
Marketable Equity Securities (T
Marketable Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments in Marketable Equity Securities | Investments in marketable equity securities consisted of the following: Gross Unrealized December 31, 2021 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 2,727,695 $ — $ 3,483,182 Total investment in marketable equity securities $ 755,487 $ 2,727,695 $ — $ 3,483,182 Gross Unrealized December 31, 2020 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 1,160,964 $ — $ 1,916,451 Total investment in marketable equity securities $ 755,487 $ 1,160,964 $ — $ 1,916,451 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2021 and December 31, 2020: December 31, 2021 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 3,483,182 $ — $ — $ 3,483,182 Interest rate cap — 9,408 — 9,408 Total assets at fair value $ 3,483,182 $ 9,408 $ — $ 3,492,590 December 31, 2020 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 1,916,451 $ — $ — $ 1,916,451 Interest rate cap — 4 — 4 Total assets at fair value $ 1,916,451 $ 4 $ — $ 1,916,455 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Terms of Derivative Financial Instrument | The following table summarizes the terms of the Company’s derivative financial instrument as of December 31, 2021: Notional Amount Effective Maturity Product December 31, 2021 December 31, 2020 Strike Date Date Cap Agreement $ 7,500,000 $ 7,500,000 3.75 % 12/20/2021 7/6/2024 |
Note Payable and Revolving Li_2
Note Payable and Revolving Line of Credit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable [Abstract] | |
Carrying Value of Note Payable | As of December 31, 2021 and 2020 the carrying value of the Company’s note payable is summarized as follows: Note Payable December 31, December 31, 2020 Principal balance outstanding $ 18,335,407 $ 18,847,475 Less: Loan procurement costs, net ( 418,894 ) ( 458,299 ) Total note payable, net $ 17,916,513 $ 18,389,176 |
Future Principal Payment Requirements | The following table represents the future principal payment requirements on the note payable as of December 31, 2021: 2022 $ 535,816 2023 558,714 2024 582,591 2025 607,488 2026 633,449 2026 and thereafter 15,417,349 Total principal payments $ 18,335,407 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: For the Year Ended December 31, 2021 2020 Net income $ 3,281,251 $ 274,341 Weighted average common shares outstanding: Average number of common shares outstanding - basic 9,973,113 9,273,554 Net effect of dilutive unvested restricted stock awards included for treasury stock method 30,948 9,133 Average number of common shares outstanding - diluted 10,004,061 9,282,687 Earnings per common share Basic $ 0.33 $ 0.03 Diluted $ 0.33 $ 0.03 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Time Based Restricted Stock Grant Activity | A summary of the Company’s time-based restricted stock grant activity is as follows: Weighted-Average Grant-Date Time-Based Restricted Stock Grants Shares Fair Value Unvested at December 31, 2019 39,932 $ 4.31 Granted 10,880 $ 3.58 Vested ( 18,582 ) $ 4.26 Unvested at December 31, 2020 32,230 $ 4.09 Granted 60,750 $ 4.58 Vested ( 31,779 ) $ 4.33 Unvested at December 31, 2021 61,201 $ 4.45 |
Summary of Performance Based Grant Activity | A summary of the Company’s performance-based restricted stock grant activity is as follows: Weighted-Average Grant-Date Performance-based Stock Grants Shares Fair Value Unvested at December 31, 2019 27,739 $ 4.21 Granted 1,941 $ 3.58 Vested ( 11,028 ) $ 4.23 Unvested at December 31, 2020 18,652 $ 4.13 Granted 15,025 $ 4.51 Vested ( 11,142 ) $ 4.22 Unvested at December 31, 2021 22,535 $ 4.34 |
Organization - Additional Infor
Organization - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021StoreSegment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of owned self-storage properties | Store | 13 |
Number of operating segment | Segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 2,899,701 | $ 1,614,771 | |
Restricted cash | 163,998 | 340,672 | |
Total cash, cash equivalents, and restricted cash as shown in our consolidated statements of cash flows | $ 3,063,699 | $ 1,955,443 | $ 4,253,565 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Contract | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of real estate investment trust taxable income distributed for exemption of federal income tax | 90.00% | |
Unrecognized tax benefits | $ 0 | |
Services agreement original terms | 3 years | |
Number of contract | Contract | 1 | |
Impairment charges | $ 0 | $ 0 |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of buildings and improvements | 5 years | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of buildings and improvements | 39 years |
Real Estate Assets - Summary of
Real Estate Assets - Summary of Carrying Value of Real Estate Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Land | $ 6,122,065 | $ 6,122,065 |
Buildings, improvements, and equipment | 60,571,060 | 60,317,918 |
Self storage properties | 66,693,125 | 66,439,983 |
Less: accumulated depreciation | (8,303,059) | (6,671,450) |
Real estate assets, net | $ 58,390,066 | $ 59,768,533 |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020ft² | |
McCordsville, IN | |
Real Estate Properties [Line Items] | |
Gross square feet of traditional drive-up storage units and all-climate-controlled units | 13,713 |
Number of leasable unit | 7,300 |
Millbrook, NY | |
Real Estate Properties [Line Items] | |
Gross square feet of traditional drive-up storage units and all-climate-controlled units | 11,800 |
Marketable Equity Securities -
Marketable Equity Securities - Schedule of Investments in Marketable Equity Securities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | $ 755,487 | $ 755,487 |
Gross Unrealized Gains | 2,727,695 | 1,160,964 |
Value | 3,483,182 | 1,916,451 |
Common Stock | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 755,487 | 755,487 |
Gross Unrealized Gains | 2,727,695 | 1,160,964 |
Value | $ 3,483,182 | $ 1,916,451 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Total assets at fair value | $ 3,492,590 | $ 1,916,455 |
Marketable Equity Securities | ||
Assets | ||
Total assets at fair value | 3,483,182 | 1,916,451 |
Interest Rate Cap | ||
Assets | ||
Total assets at fair value | 9,408 | 4 |
Level 1 | ||
Assets | ||
Total assets at fair value | 3,483,182 | 1,916,451 |
Level 1 | Marketable Equity Securities | ||
Assets | ||
Total assets at fair value | 3,483,182 | 1,916,451 |
Level 2 | ||
Assets | ||
Total assets at fair value | 9,408 | 4 |
Level 2 | Interest Rate Cap | ||
Assets | ||
Total assets at fair value | $ 9,408 | $ 4 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets transferred from level 1 to level 2 | $ 0 | $ 0 |
Level 3, assets value | 0 | 0 |
Level 3, liabilities value | 0 | 0 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value of debt | $ 17,596,733 | $ 24,596,649 |
Derivatives - Summary of Terms
Derivatives - Summary of Terms of Derivative Financial Instrument (Details) - Cap Agreement - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 7,500,000 | $ 7,500,000 |
Strike | 3.75% | |
Effective Date | Dec. 20, 2021 | |
Maturity Date | Jul. 6, 2024 |
Note Payable and Revolving Li_3
Note Payable and Revolving Line of Credit- Additional Information (Details) - USD ($) | Jul. 06, 2021 | Dec. 18, 2018 | Jun. 24, 2016 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Borrowing principal amount | $ 18,335,407 | $ 18,847,475 | |||
Loan procurement costs | $ 646,246 | 418,894 | 458,299 | ||
Amortization expense | 169,868 | 199,797 | |||
Note payable, net book value | 25,300,000 | ||||
Line of credit, issuance costs | 231,926 | ||||
Line of credit, outstanding borrowings | 5,144,000 | ||||
Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debit instrument initiative date | Jul. 6, 2021 | ||||
Amortization expense | 130,464 | 159,327 | |||
Line of credit, issuance costs | $ 231,926 | $ 477,981 | |||
Line of credit, outstanding borrowings | 0 | 5,144,000 | |||
Promissory Note | |||||
Debt Instrument [Line Items] | |||||
Borrowing principal amount | $ 20,000,000 | ||||
Debt instrument interest rate | 4.192% | ||||
Debt instrument maturity date | Jul. 1, 2036 | ||||
Amortization expense | $ 39,404 | $ 40,470 | |||
Promissory Note | Revolving Line of Credit | One Month London Inter-Bank Offered Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument effective interest rate | 3.25% | ||||
Amended Credit Facility Promissory Note | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument maturity date | Jul. 6, 2024 | ||||
Debt instrument interest rate | 0.25% | ||||
Debt Instrument interest rate basis | one-quarter of one percent | ||||
Amended Credit Facility Promissory Note | Revolving Line of Credit | One Month London Inter-Bank Offered Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 3.00% | ||||
Amended Credit Facility Promissory Note | Revolving Line of Credit | Maximum | |||||
Debt Instrument [Line Items] | |||||
Borrowing principal amount | $ 15,000,000 |
Note Payable and Revolving Li_4
Note Payable and Revolving Line of Credit - Carrying Value of Note Payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 24, 2016 |
Notes Payable [Abstract] | |||
Principal balance outstanding | $ 18,335,407 | $ 18,847,475 | |
Less: Loan procurement costs, net | (418,894) | (458,299) | $ (646,246) |
Total note payable, net | $ 17,916,513 | $ 18,389,176 |
Note Payable and Revolving Li_5
Note Payable and Revolving Line of Credit- Future Principal Payment Requirements (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Payable [Abstract] | ||
2022 | $ 535,816 | |
2023 | 558,714 | |
2024 | 582,591 | |
2025 | 607,488 | |
2026 | 633,449 | |
2026 and thereafter | 15,417,349 | |
Total principal payments | $ 18,335,407 | $ 18,847,475 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 11,622 | $ 24,972 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Prepaid Expense And Other Assets | Prepaid Expense And Other Assets |
Operating lease liability | $ 11,622 | $ 24,972 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Operating lease weighted average remaining lease term | 9 months 18 days | |
Operating lease weighted average discount rate percent | 4.78% | |
Future minimum lease payments year one | $ 11,878 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 3,281,251 | $ 274,341 |
Weighted average common shares outstanding: | ||
Average number of common shares outstanding - basic | 9,973,113 | 9,273,554 |
Net effect of dilutive unvested restricted stock awards included for treasury stock method | 30,948 | 9,133 |
Average number of common shares outstanding - diluted | 10,004,061 | 9,282,687 |
Earnings per common share | ||
Basic | $ 0.33 | $ 0.03 |
Diluted | $ 0.33 | $ 0.03 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Common stock dividends | $ 2,611,651 | $ 2,427,401 |
Common stock dividends per share | $ 0.26 | $ 0.26 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | May 19, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||
Reimbursement of monthly automobile expenses | $ 1,000 | ||
Automobile reimbursement amount | 2,248 | $ 2,254 | |
Rental income | $ 10,051,371 | 8,789,548 | |
Paycheck Protection Program Term Note ("PPP Note") | |||
Related Party Transaction [Line Items] | |||
Description of note | For the year ended December 31, 2021, there was no material impact to the Company’s operations or cash flows due to the PPP Note and there were no transfers of principal between the Company and MMC for the years ended December 31, 2021 and 2020, respectively. | ||
Winco | |||
Related Party Transaction [Line Items] | |||
Aggregate rent and overhead accrued expense paid | $ 58,584 | 73,823 | |
MMC and Winco | |||
Related Party Transaction [Line Items] | |||
Reimbursements payable | $ 33,981 | 18,906 | |
PEO | |||
Related Party Transaction [Line Items] | |||
Termination of notice period | 10 days | ||
Rental income | $ 13,369 | 9,204 | |
PEO | Paycheck Protection Program Term Note ("PPP Note") | |||
Related Party Transaction [Line Items] | |||
Proceeds from Note | $ 486,602 | ||
Interest rate of note | 1.00% | ||
PEO | Global Self Storage, Inc | |||
Related Party Transaction [Line Items] | |||
Percentage ownership by affiliates, directors and employees | 7.70% | ||
MMC | |||
Related Party Transaction [Line Items] | |||
Aggregate compensation benefits accrued expense paid | $ 2,258,024 | $ 2,239,483 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Stock [Line Items] | ||
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 10,708,613 | 9,343,118 |
Common stock, shares outstanding | 10,708,613 | 9,343,118 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in series) | 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | Apr. 12, 2021 | Mar. 25, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 16, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Recorded expense in general and administrative expense in its statement of operations related to restricted stock | $ 194,372 | $ 126,035 | |||
Time-Based Restricted Stock Grants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, granted | 60,750 | 10,880 | |||
Performance-Based Restricted Stock Grants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, granted | 15,025 | 1,941 | |||
2017 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved and available for issuance | 760,000 | ||||
Recorded expense in general and administrative expense in its statement of operations related to restricted stock | $ 194,372 | $ 126,035 | |||
2017 Equity Incentive Plan | Restricted Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, granted | 12,300 | 63,475 | 25,905 | ||
2017 Equity Incentive Plan | Time-Based Restricted Stock Grants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, granted | 60,750 | 10,880 | |||
Unrecognized share-based compensation cost related to unvested restricted stock awards | $ 274,922 | ||||
Cost is expected to be recognized over a weighted average periods | 2 years 10 months 24 days | ||||
Stock vested percentage | 6.25% | ||||
Shares eligible vesting period | 3 months | ||||
Vesting period | 4 years | ||||
Share based compensation description | These time-based grants vest solely based on continued employment, with 6.25% of the shares eligible to vest on each three-month anniversary of the grant date during the four-year vesting period. | ||||
2017 Equity Incentive Plan | Performance-Based Restricted Stock Grants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, granted | 15,025 | 15,025 | |||
Unrecognized share-based compensation cost related to unvested restricted stock awards | $ 84,517 | ||||
Cost is expected to be recognized over a weighted average periods | 2 years 6 months | ||||
Vesting period | 4 years | ||||
Stock earned during the period | 15,025 | 1,941 | |||
2017 Equity Incentive Plan | Performance-Based Restricted Stock Grants | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock vested percentage based on achievement of goal | 0.00% | ||||
2017 Equity Incentive Plan | Performance-Based Restricted Stock Grants | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock vested percentage based on achievement of goal | 200.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Time Based Restricted Stock Grant Activity (Details) - Time-Based Restricted Stock Grants - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested Beginning, Stock | 32,230 | 39,932 |
Granted, Stock | 60,750 | 10,880 |
Vested, Stock | (31,779) | (18,582) |
Unvested Ending, Stock | 61,201 | 32,230 |
Unvested Beginning, Weighted-Average Grant-Date Fair Value | $ 4.09 | $ 4.31 |
Granted, Weighted-Average Grant-Date Fair Value | 4.58 | 3.58 |
Vested, Weighted-Average Grant-Date Fair Value | 4.33 | 4.26 |
Unvested Ending, Weighted-Average Grant-Date Fair Value | $ 4.45 | $ 4.09 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Performance Based Grant Activity (Details) - Performance-Based Restricted Stock Grants - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested Beginning, Stock | 18,652 | 27,739 |
Granted, Stock | 15,025 | 1,941 |
Vested, Stock | (11,142) | (11,028) |
Unvested Ending, Stock | 22,535 | 18,652 |
Unvested Beginning, Weighted-Average Grant-Date Fair Value | $ 4.13 | $ 4.21 |
Granted, Weighted-Average Grant-Date Fair Value | 4.51 | 3.58 |
Vested, Weighted-Average Grant-Date Fair Value | 4.22 | 4.23 |
Unvested Ending, Weighted-Average Grant-Date Fair Value | $ 4.34 | $ 4.13 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Mar. 28, 2022 | Mar. 01, 2022 | Jan. 14, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Issuance of common stock, net of expenses | $ 6,215,234 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock, par value | $ 0.01 | ||||
Aggregate offering price | $ 15,000,000 | ||||
Issuance of common stock, net of expenses | $ 403,364 | ||||
Number of shares, granted | 65,843 | ||||
Sales commissions | $ 8,069 | ||||
Cash dividend declared | $ 0.065 | ||||
Dividend declared date | Mar. 1, 2022 | ||||
Dividend payable date | Mar. 31, 2022 | ||||
Dividend record date | Mar. 15, 2022 | ||||
Subsequent Event | Performance Based Grants | |||||
Subsequent Event [Line Items] | |||||
Number of shares, granted | 15,025 | ||||
2017 Equity Incentive Plan | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Restricted share awards authorized | 26,025 | ||||
Remaining vesting period | 4 years | ||||
2017 Equity Incentive Plan | Subsequent Event | Minimum | |||||
Subsequent Event [Line Items] | |||||
Stock vested percentage based on achievement of goal | 0.00% | ||||
2017 Equity Incentive Plan | Subsequent Event | Maximum | |||||
Subsequent Event [Line Items] | |||||
Stock vested percentage based on achievement of goal | 200.00% |
Schedule III - Real Estate and
Schedule III - Real Estate and Related Depreciation (Details) | Dec. 31, 2021USD ($)ft² | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 831,191 | |
Initial cost, Land | $ 6,122,065 | |
Initial cost, Buildings & Improvements | 53,470,167 | |
Costs Subsequent to Acquisition | 6,464,347 | |
Gross Carrying Amount, Land | 6,122,065 | |
Gross Carrying Amount, Buildings & Improvements | 59,934,514 | |
Total | 66,056,579 | |
Accumulated Depreciation | $ 7,811,436 | |
Clinton, CT | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 30,408 | [1] |
Initial cost, Land | $ 356,040 | [1] |
Initial cost, Buildings & Improvements | 3,108,285 | [1] |
Costs Subsequent to Acquisition | 31,585 | [1] |
Gross Carrying Amount, Land | 356,040 | [1] |
Gross Carrying Amount, Buildings & Improvements | 3,139,870 | [1] |
Total | 3,495,910 | [1] |
Accumulated Depreciation | $ 388,093 | [1] |
Bolingbrook, IL | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 113,700 | [2] |
Initial cost, Land | $ 633,914 | [2] |
Initial cost, Buildings & Improvements | 5,491,409 | [2] |
Costs Subsequent to Acquisition | 2,472,375 | [2] |
Gross Carrying Amount, Land | 633,914 | [2] |
Gross Carrying Amount, Buildings & Improvements | 7,963,784 | [2] |
Total | 8,597,698 | [2] |
Accumulated Depreciation | $ 1,214,464 | [2] |
Dolton, IL | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 86,590 | [2] |
Initial cost, Land | $ 614,413 | [2] |
Initial cost, Buildings & Improvements | 5,227,313 | [2] |
Costs Subsequent to Acquisition | 17,411 | [2] |
Gross Carrying Amount, Land | 614,413 | [2] |
Gross Carrying Amount, Buildings & Improvements | 5,244,724 | [2] |
Total | 5,859,137 | [2] |
Accumulated Depreciation | $ 835,749 | [2] |
McCordsville, IN | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 76,360 | [1] |
Initial cost, Land | $ 770,000 | [1] |
Initial cost, Buildings & Improvements | 6,776,000 | [1] |
Costs Subsequent to Acquisition | 479,652 | [1] |
Gross Carrying Amount, Land | 770,000 | [1] |
Gross Carrying Amount, Buildings & Improvements | 7,255,652 | [1] |
Total | 8,025,652 | [1] |
Accumulated Depreciation | $ 913,388 | [1] |
Merrillville, IN | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 80,970 | [2] |
Initial cost, Land | $ 597,229 | [2] |
Initial cost, Buildings & Improvements | 5,104,011 | [2] |
Costs Subsequent to Acquisition | 464,538 | [2] |
Gross Carrying Amount, Land | 597,229 | [2] |
Gross Carrying Amount, Buildings & Improvements | 5,568,549 | [2] |
Total | 6,165,778 | [2] |
Accumulated Depreciation | $ 859,562 | [2] |
Millbrook, NY | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 24,472 | [1] |
Initial cost, Land | $ 423,960 | [1] |
Initial cost, Buildings & Improvements | 2,900,895 | [1] |
Costs Subsequent to Acquisition | 2,343,125 | [1] |
Gross Carrying Amount, Land | 423,960 | [1] |
Gross Carrying Amount, Buildings & Improvements | 5,244,020 | [1] |
Total | 5,667,980 | [1] |
Accumulated Depreciation | $ 464,274 | [1] |
Rochester, NY | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 68,131 | [2] |
Initial cost, Land | $ 571,583 | [2] |
Initial cost, Buildings & Improvements | 5,227,630 | [2] |
Costs Subsequent to Acquisition | 33,415 | [2] |
Gross Carrying Amount, Land | 571,583 | [2] |
Gross Carrying Amount, Buildings & Improvements | 5,261,045 | [2] |
Total | 5,832,628 | [2] |
Accumulated Depreciation | $ 795,872 | [2] |
Lima, OH | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 96,883 | [1] |
Initial cost, Land | $ 530,000 | [1] |
Initial cost, Buildings & Improvements | 4,664,000 | [1] |
Costs Subsequent to Acquisition | 240,444 | [1] |
Gross Carrying Amount, Land | 530,000 | [1] |
Gross Carrying Amount, Buildings & Improvements | 4,904,444 | [1] |
Total | 5,434,444 | [1] |
Accumulated Depreciation | $ 635,353 | [1] |
Sadsburyville, PA | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 78,857 | [2] |
Initial cost, Land | $ 462,749 | [2] |
Initial cost, Buildings & Improvements | 5,146,579 | [2] |
Costs Subsequent to Acquisition | 34,833 | [2] |
Gross Carrying Amount, Land | 462,749 | [2] |
Gross Carrying Amount, Buildings & Improvements | 5,181,412 | [2] |
Total | 5,644,161 | [2] |
Accumulated Depreciation | $ 825,155 | [2] |
West Henrietta, NY | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 55,550 | [1] |
Initial cost, Land | $ 628,251 | [1] |
Initial cost, Buildings & Improvements | 5,229,481 | [1] |
Costs Subsequent to Acquisition | 262,333 | [1] |
Gross Carrying Amount, Land | 628,251 | [1] |
Gross Carrying Amount, Buildings & Improvements | 5,491,814 | [1] |
Total | 6,120,065 | [1] |
Accumulated Depreciation | $ 170,667 | [1] |
SSG Summerville I LLC | Summerville, SC | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 76,410 | [2],[3] |
Initial cost, Land | $ 345,160 | [2],[3] |
Initial cost, Buildings & Improvements | 2,989,159 | [2],[3] |
Costs Subsequent to Acquisition | 67,078 | [2],[3] |
Gross Carrying Amount, Land | 345,160 | [2],[3] |
Gross Carrying Amount, Buildings & Improvements | 3,056,237 | [2],[3] |
Total | 3,401,397 | [2],[3] |
Accumulated Depreciation | $ 460,354 | [2],[3] |
SSG Summerville II LLC | Summerville, SC | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Square Footage | ft² | 42,860 | [2],[4] |
Initial cost, Land | $ 188,766 | [2],[4] |
Initial cost, Buildings & Improvements | 1,605,405 | [2],[4] |
Costs Subsequent to Acquisition | 17,558 | [2],[4] |
Gross Carrying Amount, Land | 188,766 | [2],[4] |
Gross Carrying Amount, Buildings & Improvements | 1,622,963 | [2],[4] |
Total | 1,811,729 | [2],[4] |
Accumulated Depreciation | $ 248,505 | [2],[4] |
[1] | This property is held as collateral under the Revolver. There was no outstanding balance under the Revolver as of December 31, 2021 . | |
[2] | This property is held as collateral under the Loan Agreement with an outstanding balance of $ 18,335,407 as of December 31, 2021 | |
[3] | SSG Summerville I LLC. | |
[4] | SSG Summerville II LLC |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Related Depreciation (Parenthetical) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate And Accumulated Depreciation [Line Items] | ||
Principal balance outstanding | $ 18,335,407 | $ 18,847,475 |
Line of credit, outstanding borrowings | 5,144,000 | |
Revolving Line of Credit | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Line of credit, outstanding borrowings | $ 0 | $ 5,144,000 |
Schedule III - Summary of Activ
Schedule III - Summary of Activity in Storage Properties (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Storage properties | |||
Balance at end of period | $ 66,056,579 | ||
Accumulated depreciation | |||
Balance at end of period | (7,811,436) | ||
Self Storage Properties | |||
Storage properties | |||
Balance at beginning of period | [1] | 66,439,983 | $ 64,832,638 |
Acquisitions and improvements | [1] | 253,142 | 1,607,345 |
Balance at end of period | [1] | 66,693,125 | 66,439,983 |
Accumulated depreciation | |||
Balance at beginning of period | [1] | (6,671,450) | (5,080,485) |
Depreciation expense | [1] | (1,631,609) | (1,590,965) |
Balance at end of period | [1] | (8,303,059) | (6,671,450) |
Storage properties, net | [1] | $ 58,390,066 | $ 59,768,533 |
[1] | These amounts include equipment that is housed at the Company’s properties and construction in progress which is excluded from Schedule III above. |