Global Self Storage (SELF) 10-K 1 Apr 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 15, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
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
Entity Common Stock, Shares Outstanding		7,692,624
Entity Public Float			$ 29,720,121.25

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate assets, net	$ 53,811,737	$ 55,045,563
Cash and cash equivalents	1,526,203	2,147,460
Restricted cash	186,063	108,955
Investments in securities	1,567,607	1,552,090
Accounts receivable	67,604	103,289
Prepaid expenses and other assets	263,767	221,830
Line of credit issuance costs	471,196
Goodwill	694,121	694,121
Total assets	58,588,298	59,873,308
Liabilities and equity
Note payable	19,269,250	19,417,405
Accounts payable and accrued expenses	2,113,172	1,954,919
Total liabilities	21,382,422	21,372,324
Commitments and contingencies
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, 7,692,624 and 7,619,469 issued and outstanding at December 31, 2018 and 2017, respectively	76,926	76,195
Additional paid in capital	33,961,903	33,881,863
Accumulated comprehensive income		796,603
Retained earnings	3,167,047	3,746,323
Total equity	37,205,876	38,500,984
Total liabilities and equity	$ 58,588,298	$ 59,873,308

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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	7,692,624	7,619,469
Common stock, shares outstanding	7,692,624	7,619,469

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues
Rental income	$ 7,850,870	$ 7,238,819
Other property related income	260,109	233,974
Total revenues	8,110,979	7,472,793
Expenses
Property operations	3,262,603	3,153,887
General and administrative	1,826,446	1,927,585
Depreciation and amortization	1,398,358	1,699,555
Business development	198,000	14,295
Total expenses	6,685,407	6,795,322
Operating income	1,425,572	677,471
Other income (expense)
Dividend and interest income	76,296	57,073
Unrealized gain on marketable equity securities	15,517
Interest expense	(897,937)	(880,834)
Total other income (expense), net	(806,124)	(823,761)
Net income (loss)	$ 619,448	$ (146,290)
Earnings per share
Basic	$ 0.08	$ (0.02)
Diluted	$ 0.08	$ (0.02)
Weighted average shares outstanding
Basic	7,622,287	7,619,469
Diluted	7,624,122	7,619,469

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 619,448	$ (146,290)
Other comprehensive income
Unrealized gain on investment securities available-for-sale		78,140
Comprehensive income (loss)	$ 619,448	$ (68,150)

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Paid in capital	Accumulated Other Comprehensive Income	Retained earnings
Beginning Balance at Dec. 31, 2016	$ 40,550,196	$ 76,195	$ 33,881,863	$ 718,463	$ 5,873,675
Beginning Balance, shares at Dec. 31, 2016		7,619,469
Net income (loss)	(146,290)				(146,290)
Unrealized gain (loss) on available-for-sale securities	78,140			78,140
Dividends	(1,981,062)				(1,981,062)
Ending Balance at Dec. 31, 2017	$ 38,500,984	$ 76,195	33,881,863	796,603	3,746,323
Ending Balance, shares at Dec. 31, 2017	7,619,469	7,619,469
Net income (loss)	$ 619,448				619,448
Restricted stock grants issued		$ 731	(731)
Restricted stock grants issued, Shares		73,155
Compensation expense related to stock-based awards	80,771		80,771
Dividends	(1,995,327)				(1,995,327)
Ending Balance at Dec. 31, 2018	$ 37,205,876	$ 76,926	$ 33,961,903		3,167,047
Ending Balance, shares at Dec. 31, 2018	7,692,624	7,692,624
Adjustment from financial instruments update ASU 2016-01 (Note 2)				$ (796,603)	$ 796,603

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 619,448	$ (146,290)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	1,398,358	1,699,555
Unrealized gain on marketable equity securities	(15,517)
Amortization of loan procurement costs	49,118	42,434
Compensation expense related to stock-based awards	80,771
Changes in operating assets and liabilities:
Accounts receivable	35,685	54,318
Prepaid expenses and other assets	(41,937)	43,215
Accounts payable and accrued expenses	155,323	231,461
Net cash provided by operating activities	2,281,249	1,924,693
Cash flows from investing activities
Construction	(70,703)	(393,832)
Improvements and equipment additions	(93,829)	(259,078)
Net cash used in investing activities	(164,532)	(652,910)
Cash flows from financing activities
Line of credit issuance costs	(477,981)
Principal payments on note payable	(190,488)
Dividends paid	(1,992,397)	(1,981,062)
Net cash used in financing activities	(2,660,866)	(1,981,062)
Net decrease in cash and cash equivalents	(544,149)	(709,279)
Cash, cash equivalents, and restricted cash, beginning of period	2,256,415	2,965,694
Cash, cash equivalents, and restricted cash, end of period	1,712,266	2,256,415
Supplemental schedule of cash flow information
Interest paid	$ 837,074	$ 838,400

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION Global Self Storage, Inc. (the “Company”) is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self storage properties (“stores” or “properties”) in the United States. Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. The Company currently owns and operates, through its wholly owned subsidiaries, eleven stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, and South Carolina. The Company has elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “IRC”). To the extent the Company continues to qualify as a REIT, it will not generally be subject to U.S. federal income tax, with certain limited exceptions, on its taxable income that is distributed to its stockholders. The Company invests in self storage properties by acquiring stores through its wholly owned subsidiaries. At December 31, 2018, the Company owned and operated 11 stores. The Company operates primarily in one segment: rental operations. Disclosure of the square footage of the self storage properties is unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Upon deregistration as an investment company, the Company’s status changed to an operating company from an investment company since it no longer met the assessment of an investment company under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The Company discontinued applying the guidance in ASC 946 and began to account for the change in status prospectively by accounting for its investments in accordance with other U.S. generally accepted accounting principles (“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. Reclassifications Certain amounts from the prior year have been reclassified to conform to current year presentation as described below. On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2016-18: Statement of Cash Flows (Topic 230) – Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $108,955 of restricted cash, which was previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the year ended December 31, 2017 has been removed and is now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the period. Accounting Standards Adopted As required, in the first quarter of 2018 the Company adopted ASU 2016-01, Financial Instruments—Overall The following table summarizes the effects of adopting ASU 2016-01 on the Company’s financial statements for the year beginning January 1, 2018 as an adjustment to the opening balance: Balance at Adjustments from Balance at December 31, 2017 Financial Instruments January 1, 2018 As Previously Reported Update ASU 2016-01 As Adjusted Assets: Investments in securities $ 1,552,090 $ (1,552,090 ) $ — Marketable equity securities $ — $ 1,552,090 $ 1,552,090 Equity: Accumulated other comprehensive income $ 796,603 $ (796,603 ) $ — Retained earnings $ 3,746,323 $ 796,603 $ 4,542,926 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 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. Income Taxes The Company has elected to be treated as a REIT under the 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 managements 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 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 related to uncertain tax positions taken on federal, state, and local income tax returns for open tax years (2015 – 2017), or is expected to be taken in the Company’s 2018 tax returns. Legislation, commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rates for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. Marketable Equity Securities Investments in equity securities that have readily determinable fair values are accounted for equity securities 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 of, or until the investment is determined to be other-than-temporarily impaired. 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 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 and impairment losses. 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 the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the 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 I, 2018 (see section entitled Recent Accounting Pronouncements") and are generally capitalized. When stores 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 stores are at market rates, as the majority of the leases are month-to-month contracts. Internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as 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. 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 interest cap agreements. 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 of interest rate cap agreements is determined using widely accepted valuation techniques. This analysis 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. At December 31, 2018 and 2017, accounts payable and accrued expenses included a $900,000 contingent payment in connection with the purchase of a property made in 2016. 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, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues from sales of merchandise and tenant insurance and other income are recognized when earned. 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. Cost of operations and general and administrative expense are expensed as incurred. 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 and cash equivalents are on deposit with highly rated commercial banks. Evaluation of Asset Impairment The Company evaluates its real estate assets, intangible assets consisting of in-place lease, and goodwill for impairment annually. 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. Stock-based Compensation The measurement and recognition of compensation expense for all stock-based payment awards to employees are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award. Loan Procurement Costs In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. Jf 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 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 May 2017, the FASB issued ASU 2017-09, Stock Compensation: Scope of Modification Accounting, to increase clarity and consistency of practice and reduce cost and complexity when modifying the terms of share-based awards. The Company prospectively adopted this guidance effective January 1, 2018, with no material impact on our financial statements. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the Company adopted the new revenue standard. Upon adoption, the majority of the Company’s sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. The adoption of the standard did not have an impact on the Company’s consolidated financial position or results of operations. In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that provide goods or services to customers, other revenue, or investment income. The standard became effective on January 1, 2018. Upon adoption of the new guidance, the Company expects that the majority of future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. The adoption of the standard did not have an impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU No. 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update relates to financial statement presentation and disclosures as discussed in “Reclassifications” above. In August 2016, the FASB issued ASU No. 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard became effective on January 1, 2018. The standard requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update relates to financial statement presentation and disclosures. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard became effective on January 1, 2019. This standard will not have a material impact on operating results of financial condition, because all lease revenues are derived from month to month self storage leases and the Company does not incur a material amount of lease expense. In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance outlines a five-step process for customer contract revenue recognition that focuses on transfer of control as opposed to transfer of risk and rewards. The new guidance also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which amends ASU 2014-09 and is intended to address implementation issues that were raised by stakeholders. ASU 2016-12 provides practical expedients on collectability, noncash consideration, presentation of sales tax and contract modifications and completed contracts in transition. Both standards became effective on January 1, 2018. The standards did not have a material impact on the Company’s consolidated statements of financial position or results of operations primarily because the majority of its revenue is derived from lease contracts, which are excluded from the scope of the new guidance. The Company’s insurance fee revenue, and merchandise sale revenue are included in the scope of the new guidance, however, the Company identified similar performance obligations under this standard as compared with deliverables and separate units of account identified under its previous revenue recognition methodology. Accordingly, revenue recognized under the new guidance does not differ materially from revenue recognized under previous guidance and there is no material prior year impact.

Marketable Equity Securities

Marketable Equity Securities	12 Months Ended
	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Marketable Equity Securities	3 . MARKETABLE EQUITY SECURITIES Investments in securities as of December 31, 2018 and 2017 consisted of the following: Gross Unrealized December 31, 2018 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 812,120 $ — $ 1,567,607 Total investment in marketable equity securities $ 755,487 $ 812,120 $ — $ 1,567,607 Gross Unrealized December 31, 2017 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 718,463 $ — $ 1,473,950 Total investment in marketable equity securities $ 755,487 $ 718,463 $ — $ 1,473,950 .

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Assets	4. REAL ESTATE ASSETS The carrying value of the Company’s real estate assets is summarized as follows: December 31, 2018 December 31, 2017 Buildings, improvements, and equipment, at cost: Beginning balance $ 51,415,779 $ 51,156,701 Improvements and equipment additions 93,829 259,078 Newly developed facilities opened for operation 369,719 — Ending balance 51,879,327 51,415,779 Land: Beginning balance 5,493,814 5,493,814 Ending balance 5,493,814 5,493,814 Accumulated depreciation: Beginning balance (2,257,862 ) (875,447 ) Depreciation expense (1,398,358 ) (1,382,415 ) Ending balance (3,656,220 ) (2,257,862 ) Construction in progress: Beginning balance 393,832 — Current development 70,703 393,832 Newly developed facilities opened for operation (369,719 ) — Ending balance 94,816 393,832 Total real estate assets $ 53,811,737 $ 55,045,563 The Merrillville, IN expansion was completed in January 2018 and added 13,300 leasable square feet of traditional drive-up storage units. In 2019 the Company expects to break ground on the Millbrook, NY expansion, which, when completed, will add approximately 16,500 of gross square feet of all-climate-controlled units. The planning for the Millbrook, NY expansion is underway and the Company is actively evaluating proposals for its construction.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. FAIR VALUE MEASUREMENTS GAAP establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2018 and December 31, 2017: December 31, 2018 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 1,567,607 $ — $ — $ 1,567,607 Interest rate cap — 4,889 — 4,889 Total assets at fair value $ 1,567,607 $ 4,889 $ — $ 1,572,496 December 31, 2017 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 1,552,090 $ — $ — $ 1,552,090 Total assets at fair value $ 1,552,090 $ — $ — $ 1,552,090 There were no assets transferred from level 1 to level 2 as of December 31, 2018 or December 31, 2017. The Company did not have any assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2018 or December 31, 2017. 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, 2018 and 2017, respectively. The aggregate carrying value of the Company’s debt was $18,877,333 and $18,970,317 as of December 31, 2018 and 2017, respectively. These estimates were based on market interest rates for comparable obligations, general market conditions and maturity. The Company’s debt is classified as level 2 in the fair value hierarchy.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	6. 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, 2018: Notional Amount Effective Maturity Product December 31, 2018 December 31, 2017 Strike Date Date Cap Agreement $ 7,500,000 $ — 3.50 % - 4.00% 12/24/2018 12/20/2021

Note Payable and Revolving Line

Note Payable and Revolving Line of Credit	12 Months Ended
	Dec. 31, 2018
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 (effective interest rate 4.40%) 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 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, 2018 and 2017, 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 sheet and are amortized as an adjustment to interest expense over the term of the loan. As of December 31, 2018 and 2017 the carrying value of the Company’s note payable is summarized as follows: Note Payable December 31, 2018 December 31, 2017 Principal balance outstanding $ 19,809,511 $ 20,000,000 Less: Loan procurement costs, net (540,261 ) (282,595 ) Total note payable, net $ 19,269,250 $ 19,717,405 As of December 31, 2018, the note payable was secured by certain of its self storage properties with an aggregate net book value of approximately $34.6 million. The note payable paid interest only from August 1, 2016 through June 30, 2018. The following table represents the future principal payment requirements on the note payable as of December 31, 2018: 2019 $ 511,098 2020 492,797 2021 513,857 2022 535,816 2023 558,714 2024 and thereafter 17,197,229 Total principal payments 19,809,511 Less: Loan procurement costs, net (540,261 ) Total note payable $ 19,269,250 Revolving Line of Credit On December 20, 2018, certain wholly owned subsidiaries (the “Subsidiaries”) of the Company entered into a revolving credit loan agreement (the “Agreement”) between the Subsidiaries and TCF National Bank (the “Lender”). Under the Agreement, the Subsidiaries are borrowing from the Lender in the principal amount of up to $10 million pursuant to a promissory note (the “Note”). The Note bears an interest rate equal to 3.00% over the One Month U.S. Dollar London Inter-Bank Offered Rate and is due to mature on December 20, 2021. The obligations under the Agreement are secured by certain real estate assets owned by the Subsidiaries. The Company entered into a guaranty of payment on December 20, 2018 (the “Guaranty,” and together with the Agreement, the Note and related instruments, the “Revolver”) to guarantee the payment to Lender of certain obligations of the Subsidiaries under the Agreement. 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 $477,981 and such costs are amortized as an adjustment to interest expense over the term of the loan. As of December 31, 2018, there were no outstanding borrowings under the Revolver.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	8. 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 For the Year Ended December 31, 2018 December 31, 2017 Net income (loss) $ 619,448 $ (146,290 ) Weighted average common shares outstanding: Average number of common shares outstanding - basic 7,622,287 7,619,469 Net effect of dilutive unvested restricted stock awards included for treasury stock method 1,835 — Average number of common shares outstanding - diluted 7,624,122 7,619,469 Earnings per common share Basic $ 0.08 $ (0.02 ) Diluted $ 0.08 $ (0.02 ) Common stock dividends paid in cash totaled $1,995,327 ($0.26 per share) and $1,981,062 ($0.26 per share) for the years ended December 31, 2018 and 2017, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	9. RELATED PARTY TRANSACTIONS Certain officers and directors of the Company also serve as officers and directors of Winmill & Co. Incorporated (“Winco”), Bexil, Tuxis, and their affiliates (collectively with the Company, the “Affiliates”). As of December 31, 2018, certain of the Affiliates owned approximately 5% 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. 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, 2018 and 2017 was $53,969 and $54,483, respectively. The Company had reimbursements payable to MMC and Winco for compensation and benefits and rent and overhead of $20,885 and $13,447 as of December 31, 2018 and 2017, 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 $3,228 and $3,228 for the years ended December 31, 2018 and 2017, respectively. The Company leases office space to Tuxis under a rental agreement. The terms of occupancy are month to month and automatically renew unless terminated by either party on ten days’ written notice. The monthly rental charges is $667 per month due and payable on the first day of each month. The Company earned rental income of $8,004 and $8,004 for the years ended December 31, 2018 and 2017

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Capital Stock	10. CAPITAL STOCK As of December 31, 2018, the Company was authorized to issue 450,000,000 shares of $0.01 par value common stock of which 7,692,624 had been issued and was outstanding. The Company was also authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, authorized, of which none has been issued.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	11. 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 March 29, 2018, the Company approved restricted stock awards under the Plan to certain of its officers and employees in the aggregate amount of 73,155 shares, of which 15,025 shares are performance-based grants and 58,130 shares are time-based grants. The Company recorded $80,771 of expense in general and administrative expense in its statement of operations related to restricted stock awards granted to certain officers and employees for the year ended December 31, 2018. At December 31, 2018, there was $242,574 of total unrecognized compensation expense related to unvested restricted stock awards under the Plan. That cost is expected to be recognized over a weighted—average period of 3.1 years. 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 remaining four-year time 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. A summary of the Company’s time-based restricted stock grant activity is as follows: Weighted-Average Grant-Date Time-Based Restricted Stock Grants Stock Fair Value Unvested at December 31, 2017 — $ — Granted 58,130 $ 4.42 Vested (10,902 ) $ 4.42 Unvested at December 31, 2018 47,228 $ 4.42 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 2018. Between 0% and 200% of these shares will be earned based on achievement of the AFFO and SSRG goals in 2018, 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 2018, 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. A summary of the Company’s performance-based restricted stock grant activity is as follows: Weighted-Average Grant-Date Performance-based Stock Grants Stock Fair Value Unvested at December 31, 2017 — $ — Granted 15,025 $ 4.42 Unvested at December 31, 2018 15,025 $ 4.42 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, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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. The Company leases an automobile under a lease expiring on January 3, 2020. The future minimum lease payments under the lease is $15,288 for the year ending December 31, 2019. Upon the satisfaction of certain conditions described in the 2016 Purchase Agreement with Tuxis, in connection with expanding the Company’s Millbrook, New York store, an additional $900,000 cash payment is due to Tuxis from the Company. On May 2, 2017, the Company received approval from the local municipality for the Millbrook expansion project and, upon commencement of construction, the additional cash payment is expected to be made by the Company to Tuxis. As of December 31, 2018, construction has not started, however, the Company has incurred development costs and is actively evaluating proposals for the construction of the expansion project.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS On March 27, 2019, the Company approved restricted share awards under the Plan to certain of its officers and employees in the aggregate amount of 28,755 shares, of which 15,025 shares are performance-based grants and the remainder of the shares are time-based grants. Mark Winmill, our Chief Executive Officer and President, received 8,025 shares. Thomas O’Malley, our Chief Financial Officer and Donald Klimoski II, our General Counsel, each received 3,500 shares. With respect to the grants made to Messrs. Winmill, O’Malley and Klimoski, 8,025 of the shares for Mr. Winmill and 3,500 of shares for each of Messrs. O’Malley and Klimoski vest based on continued employment and the achievement of certain AFFO and SSRG goals by the Company during 2019. Between 0% and 200% of these shares will be earned based on achievement of the AFFO and SSRG goals in 2019, 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 2019, 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, 2018
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, 2018 Initial cost Gross Carrying Amount at December 31, 2018 Description Square Footage Land Buildings & Improvements Costs Subsequent to Acquisition Land Buildings & Improvements Total Accumulated Depreciation Clinton, CT (B) 30,338 $ 356,040 $ 3,108,285 $ 14,197 $ 356,040 $ 3,122,482 $ 3,478,522 $ 154,983 Bolingbrook, IL (A) 113,700 633,914 5,491,409 2,439,850 633,914 7,931,259 8,565,173 591,922 Dolton, IL (A) 86,590 614,413 5,227,313 9,611 614,413 5,236,924 5,851,337 419,280 McCordsville, IN (B) 81,646 770,000 6,776,000 46,578 770,000 6,822,578 7,592,578 385,529 Merrillville, IN (A) 80,270 597,229 5,104,011 464,324 597,229 5,568,335 6,165,564 418,979 Millbrook, NY (B) 12,676 423,960 2,900,895 36,213 423,960 2,937,108 3,361,068 135,170 Rochester, NY (A) 68,076 571,583 5,227,630 — 571,583 5,227,630 5,799,213 379,069 Lima, OH (B) 97,610 530,000 4,664,000 96,417 530,000 4,760,417 5,290,417 276,488 Sadsburyville, PA (A) 78,842 462,749 5,146,579 23,729 462,749 5,170,308 5,633,057 406,432 Summerville, SC (A) 72,700 (1) 345,160 2,989,159 5,475 345,160 2,994,634 3,339,794 221,342 Summerville, SC (A) 43,060 (2) 188,766 1,605,405 14,725 188,766 1,620,130 1,808,896 120,549 765,508 $ 5,493,814 $ 48,240,686 $ 3,151,119 $ 5,493,814 $ 51,391,805 $ 56,885,619 $ 3,509,743 (A) This property is part of the Loan Agreement with a balance of $19,809,511 as of December 31, 2018. (B) This property is part of the Revolver as of December 31, 2018 (1) SSG Summerville I LLC. (2) SSG Summerville II LLC Activity in storage properties during the years ended December 31, 2018 and 2017 is as follows: 2018 2017 Storage properties * Balance at beginning of period $ 57,303,425 $ 56,650,515 Acquisitions and improvements 164,532 652,910 Balance at end of period $ 57,467,957 $ 57,303,425 Accumulated depreciation Balance at beginning of period $ (2,257,862 ) $ (875,447 ) Depreciation expense (1,398,358 ) (1,382,415 ) Balance at end of period $ (3,656,220 ) $ (2,257,862 ) Storage properties, net $ 53,811,737 $ 55,045,563 * These amounts include equipment that is housed at the Company’s properties and construction in progress which is excluded from Schedule III above.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Upon deregistration as an investment company, the Company’s status changed to an operating company from an investment company since it no longer met the assessment of an investment company under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The Company discontinued applying the guidance in ASC 946 and began to account for the change in status prospectively by accounting for its investments in accordance with other U.S. generally accepted accounting principles (“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.
Reclassifications	Reclassifications Certain amounts from the prior year have been reclassified to conform to current year presentation as described below. On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2016-18: Statement of Cash Flows (Topic 230) – Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $108,955 of restricted cash, which was previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the year ended December 31, 2017 has been removed and is now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the period.
Accounting Standards Adopted	Accounting Standards Adopted As required, in the first quarter of 2018 the Company adopted ASU 2016-01, Financial Instruments—Overall The following table summarizes the effects of adopting ASU 2016-01 on the Company’s financial statements for the year beginning January 1, 2018 as an adjustment to the opening balance: Balance at Adjustments from Balance at December 31, 2017 Financial Instruments January 1, 2018 As Previously Reported Update ASU 2016-01 As Adjusted Assets: Investments in securities $ 1,552,090 $ (1,552,090 ) $ — Marketable equity securities $ — $ 1,552,090 $ 1,552,090 Equity: Accumulated other comprehensive income $ 796,603 $ (796,603 ) $ — Retained earnings $ 3,746,323 $ 796,603 $ 4,542,926
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 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.
Income Taxes	Income Taxes The Company has elected to be treated as a REIT under the 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 managements 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 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 related to uncertain tax positions taken on federal, state, and local income tax returns for open tax years (2015 – 2017), or is expected to be taken in the Company’s 2018 tax returns. Legislation, commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rates for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017.
Marketable Equity Securities	Marketable Equity Securities Investments in equity securities that have readily determinable fair values are accounted for equity securities 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 of, or until the investment is determined to be other-than-temporarily impaired. 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 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 and impairment losses. 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 the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the 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 I, 2018 (see section entitled Recent Accounting Pronouncements") and are generally capitalized. When stores 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 stores are at market rates, as the majority of the leases are month-to-month contracts. Internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as 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. 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 interest cap agreements. 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 of interest rate cap agreements is determined using widely accepted valuation techniques. This analysis 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. At December 31, 2018 and 2017, accounts payable and accrued expenses included a $900,000 contingent payment in connection with the purchase of a property made in 2016.
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, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues from sales of merchandise and tenant insurance and other income are recognized when earned. 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. Cost of operations and general and administrative expense are expensed as incurred.
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 and cash equivalents are on deposit with highly rated commercial banks.
Evaluation of Asset Impairment	Evaluation of Asset Impairment The Company evaluates its real estate assets, intangible assets consisting of in-place lease, and goodwill for impairment annually. 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.
Stock-based Compensation	Stock-based Compensation The measurement and recognition of compensation expense for all stock-based payment awards to employees are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award.
Loan Procurement Costs	Loan Procurement Costs In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. Jf 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 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 May 2017, the FASB issued ASU 2017-09, Stock Compensation: Scope of Modification Accounting, to increase clarity and consistency of practice and reduce cost and complexity when modifying the terms of share-based awards. The Company prospectively adopted this guidance effective January 1, 2018, with no material impact on our financial statements. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the Company adopted the new revenue standard. Upon adoption, the majority of the Company’s sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. The adoption of the standard did not have an impact on the Company’s consolidated financial position or results of operations. In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that provide goods or services to customers, other revenue, or investment income. The standard became effective on January 1, 2018. Upon adoption of the new guidance, the Company expects that the majority of future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. The adoption of the standard did not have an impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU No. 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update relates to financial statement presentation and disclosures as discussed in “Reclassifications” above. In August 2016, the FASB issued ASU No. 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard became effective on January 1, 2018. The standard requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update relates to financial statement presentation and disclosures. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard became effective on January 1, 2019. This standard will not have a material impact on operating results of financial condition, because all lease revenues are derived from month to month self storage leases and the Company does not incur a material amount of lease expense. In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance outlines a five-step process for customer contract revenue recognition that focuses on transfer of control as opposed to transfer of risk and rewards. The new guidance also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which amends ASU 2014-09 and is intended to address implementation issues that were raised by stakeholders. ASU 2016-12 provides practical expedients on collectability, noncash consideration, presentation of sales tax and contract modifications and completed contracts in transition. Both standards became effective on January 1, 2018. The standards did not have a material impact on the Company’s consolidated statements of financial position or results of operations primarily because the majority of its revenue is derived from lease contracts, which are excluded from the scope of the new guidance. The Company’s insurance fee revenue, and merchandise sale revenue are included in the scope of the new guidance, however, the Company identified similar performance obligations under this standard as compared with deliverables and separate units of account identified under its previous revenue recognition methodology. Accordingly, revenue recognized under the new guidance does not differ materially from revenue recognized under previous guidance and there is no material prior year impact.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Effects of Adopting Accounting Standards on Financial Statements	The following table summarizes the effects of adopting ASU 2016-01 on the Company’s financial statements for the year beginning January 1, 2018 as an adjustment to the opening balance: Balance at Adjustments from Balance at December 31, 2017 Financial Instruments January 1, 2018 As Previously Reported Update ASU 2016-01 As Adjusted Assets: Investments in securities $ 1,552,090 $ (1,552,090 ) $ — Marketable equity securities $ — $ 1,552,090 $ 1,552,090 Equity: Accumulated other comprehensive income $ 796,603 $ (796,603 ) $ — Retained earnings $ 3,746,323 $ 796,603 $ 4,542,926

Marketable Equity Securities (T

Marketable Equity Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Schedule of Investments in Securities	Investments in securities as of December 31, 2018 and 2017 consisted of the following: Gross Unrealized December 31, 2018 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 812,120 $ — $ 1,567,607 Total investment in marketable equity securities $ 755,487 $ 812,120 $ — $ 1,567,607 Gross Unrealized December 31, 2017 Cost Basis Gains Losses Value Investment in marketable equity securities Common stocks $ 755,487 $ 718,463 $ — $ 1,473,950 Total investment in marketable equity securities $ 755,487 $ 718,463 $ — $ 1,473,950

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Buildings, improvements, and equipment, at cost: Beginning balance $ 51,415,779 $ 51,156,701 Improvements and equipment additions 93,829 259,078 Newly developed facilities opened for operation 369,719 — Ending balance 51,879,327 51,415,779 Land: Beginning balance 5,493,814 5,493,814 Ending balance 5,493,814 5,493,814 Accumulated depreciation: Beginning balance (2,257,862 ) (875,447 ) Depreciation expense (1,398,358 ) (1,382,415 ) Ending balance (3,656,220 ) (2,257,862 ) Construction in progress: Beginning balance 393,832 — Current development 70,703 393,832 Newly developed facilities opened for operation (369,719 ) — Ending balance 94,816 393,832 Total real estate assets $ 53,811,737 $ 55,045,563

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and December 31, 2017: December 31, 2018 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 1,567,607 $ — $ — $ 1,567,607 Interest rate cap — 4,889 — 4,889 Total assets at fair value $ 1,567,607 $ 4,889 $ — $ 1,572,496 December 31, 2017 Level 1 Level 2 Level 3 Total Assets Marketable equity securities $ 1,552,090 $ — $ — $ 1,552,090 Total assets at fair value $ 1,552,090 $ — $ — $ 1,552,090

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018: Notional Amount Effective Maturity Product December 31, 2018 December 31, 2017 Strike Date Date Cap Agreement $ 7,500,000 $ — 3.50 % - 4.00% 12/24/2018 12/20/2021

Note Payable and Revolving Li_2

Note Payable and Revolving Line of Credit (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Payable [Abstract]
Carrying Value of Note Payable	As of December 31, 2018 and 2017 the carrying value of the Company’s note payable is summarized as follows: Note Payable December 31, 2018 December 31, 2017 Principal balance outstanding $ 19,809,511 $ 20,000,000 Less: Loan procurement costs, net (540,261 ) (282,595 ) Total note payable, net $ 19,269,250 $ 19,717,405
Future Principal Payment Requirements	The following table represents the future principal payment requirements on the note payable as of December 31, 2018: 2019 $ 511,098 2020 492,797 2021 513,857 2022 535,816 2023 558,714 2024 and thereafter 17,197,229 Total principal payments 19,809,511 Less: Loan procurement costs, net (540,261 ) Total note payable $ 19,269,250

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
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 For the Year Ended December 31, 2018 December 31, 2017 Net income (loss) $ 619,448 $ (146,290 ) Weighted average common shares outstanding: Average number of common shares outstanding - basic 7,622,287 7,619,469 Net effect of dilutive unvested restricted stock awards included for treasury stock method 1,835 — Average number of common shares outstanding - diluted 7,624,122 7,619,469 Earnings per common share Basic $ 0.08 $ (0.02 ) Diluted $ 0.08 $ (0.02 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
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 Stock Fair Value Unvested at December 31, 2017 — $ — Granted 58,130 $ 4.42 Vested (10,902 ) $ 4.42 Unvested at December 31, 2018 47,228 $ 4.42
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 Stock Fair Value Unvested at December 31, 2017 — $ — Granted 15,025 $ 4.42 Unvested at December 31, 2018 15,025 $ 4.42

Organization- Additional Inform

Organization- Additional Information (Details)	12 Months Ended
	Dec. 31, 2018storesegment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of owned and operated stores | store	11
Number of operating segment | segment	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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
Accounts Payable and Accrued Expenses
Summary Of Significant Accounting Policies [Line Items]
Contingent payment	$ 900,000	$ 900,000
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
ASU 2016-18
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 108,955

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Effects of Adopting Accounting Standards on Financial Statements (Details) - USD ($)	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Balance at December 31, 2017 As Previously Reported	$ 37,205,876		$ 38,500,984	$ 40,550,196
Accumulated Other Comprehensive Income
Summary Of Significant Accounting Policies [Line Items]
Balance at December 31, 2017 As Previously Reported			796,603	718,463
Adjustment from financial instruments update ASU 2016-01	(796,603)
Accumulated Other Comprehensive Income | ASU 2016-01
Summary Of Significant Accounting Policies [Line Items]
Adjustment from financial instruments update ASU 2016-01		$ (796,603)
Retained Earnings
Summary Of Significant Accounting Policies [Line Items]
Balance at December 31, 2017 As Previously Reported	3,167,047		3,746,323	$ 5,873,675
Adjustment from financial instruments update ASU 2016-01	$ 796,603
Balance at January 31, 2018 As Adjusted		4,542,926
Retained Earnings | ASU 2016-01
Summary Of Significant Accounting Policies [Line Items]
Adjustment from financial instruments update ASU 2016-01		796,603
Investments in securities
Summary Of Significant Accounting Policies [Line Items]
Balance at December 31, 2017 As Previously Reported			$ 1,552,090
Investments in securities | ASU 2016-01
Summary Of Significant Accounting Policies [Line Items]
Adjustment from financial instruments update ASU 2016-01		(1,552,090)
Marketable Equity Securities
Summary Of Significant Accounting Policies [Line Items]
Balance at January 31, 2018 As Adjusted		1,552,090
Marketable Equity Securities | ASU 2016-01
Summary Of Significant Accounting Policies [Line Items]
Adjustment from financial instruments update ASU 2016-01		$ 1,552,090

Marketable Equity Securities -

Marketable Equity Securities - Schedule of Investments in Marketable Equity Securities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Cost Basis	$ 755,487
Gross Unrealized Gains	812,120
Value	1,567,607	$ 1,552,090
Cost Basis		755,487
Gross Unrealized Gains		718,463
Value		1,473,950
Common stocks
Schedule Of Available For Sale Securities [Line Items]
Cost Basis	755,487
Gross Unrealized Gains	812,120
Value	$ 1,567,607
Cost Basis		755,487
Gross Unrealized Gains		718,463
Value		$ 1,473,950

Real Estate Assets - Summary of

Real Estate Assets - Summary of Carrying Value of Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Beginning balance (Buildings, improvements, and equipment, at cost)	$ 51,415,779	$ 51,156,701
Improvements and equipment additions	93,829	259,078
Newly developed facilities opened for operation	369,719
Ending balance (Buildings, improvements, and equipment, at cost)	51,879,327	51,415,779
Beginning balance, land	5,493,814	5,493,814
Ending balance, land	5,493,814	5,493,814
Beginning balance, accumulated depreciation	(2,257,862)	(875,447)
Depreciation expense	(1,398,358)	(1,382,415)
Ending balance, accumulated depreciation	(3,656,220)	(2,257,862)
Beginning balance, construction in progress	393,832
Current development	70,703	393,832
Newly developed facilities opened for operation	(369,719)
Ending balance, construction in progress	94,816	393,832
Total real estate assets	$ 53,811,737	$ 55,045,563

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - ft²	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Merrillville, IN
Real Estate Properties [Line Items]
Expansion completion date		2018-01
Gross square feet of traditional drive-up storage units and all-climate-controlled units		13,300
Millbrook, NY
Real Estate Properties [Line Items]
Estimate for expansion relating to construction cost		The planning for the Millbrook, NY expansion is underway and the Company is actively evaluating proposals for its construction. As of December 31, 2018, development costs for these projects have been capitalized while the projects that are under construction and are reflected in real estate assets, net on the Company’s consolidated balance sheet.
Millbrook, NY | Scenario, Forecast
Real Estate Properties [Line Items]
Gross square feet of traditional drive-up storage units and all-climate-controlled units	16,500

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, 2018	Dec. 31, 2017
Assets
Total assets at fair value	$ 1,572,496	$ 1,552,090
Interest Rate Cap
Assets
Total assets at fair value	4,889
Level 1
Assets
Total assets at fair value	1,567,607	1,552,090
Level 2
Assets
Total assets at fair value	4,889
Level 2 | Interest Rate Cap
Assets
Total assets at fair value	4,889
Marketable Equity Securities
Assets
Total assets at fair value	1,567,607	1,552,090
Marketable Equity Securities | Level 1
Assets
Total assets at fair value	$ 1,567,607	$ 1,552,090

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets transferred from level 1 to level 2	$ 0	$ 0
Fair value, re-measured on recurring basis using significant unobservable inputs , assets value	0	0
Fair value, re-measured on recurring basis using significant unobservable inputs , liabilities value	0	0
Aggregate carrying value of debt	19,809,511	20,000,000
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate carrying value of debt	$ 18,877,333	$ 18,970,317

Derivatives - Summary of Terms

Derivatives - Summary of Terms of Derivative Financial Instrument (Details) - Cap Agreement	12 Months Ended
	Dec. 31, 2018USD ($)
Derivative [Line Items]
Notional Amount	$ 7,500,000
Effective Date	Dec. 24, 2018
Maturity Date	Dec. 20, 2021
Minimum
Derivative [Line Items]
Strike	3.50%
Maximum
Derivative [Line Items]
Strike	4.00%

Note Payable and Revolving Li_3

Note Payable and Revolving Line of Credit- Additional Information (Details) - USD ($)	Dec. 20, 2018	Jun. 24, 2016	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Borrowing principal amount			$ 19,809,511	$ 20,000,000
Note payable, net book value			34,600,000
Line of credit, issuance costs			477,981
Loan procurement costs		$ 646,246	540,261	$ 282,595
Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit, issuance costs			477,981
Line of credit, outstanding borrowings			$ 0
Promissory Note
Debt Instrument [Line Items]
Borrowing principal amount		$ 20,000,000
Debt instrument interest rate		4.192%
Debt instrument effective interest rate		4.40%
Debt instrument maturity date		Jul. 1, 2036
Promissory Note | Revolving Line of Credit
Debt Instrument [Line Items]
Borrowing principal amount	$ 10,000,000
Debt instrument maturity date	Dec. 20, 2021
Promissory Note | Revolving Line of Credit | One Month London Inter-Bank Offered Rate
Debt Instrument [Line Items]
Debt instrument interest rate	3.00%

Note Payable and Revolving Li_4

Note Payable and Revolving Line of Credit - Carrying Value of Note Payable (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Jun. 24, 2016
Notes Payable [Abstract]
Principal balance outstanding	$ 19,809,511	$ 20,000,000
Less: Loan procurement costs, net	(540,261)	(282,595)	$ (646,246)
Total note payable, net	$ 19,269,250	$ 19,717,405

Note Payable and Revolving Li_5

Note Payable and Revolving Line of Credit- Future Principal Payment Requirements (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Jun. 24, 2016
Notes Payable [Abstract]
2019	$ 511,098
2020	492,797
2021	513,857
2022	535,816
2023	558,714
2024 and thereafter	17,197,229
Total principal payments	19,809,511	$ 20,000,000
Less: Loan procurement costs, net	(540,261)	(282,595)	$ (646,246)
Total note payable	$ 19,269,250	$ 19,417,405

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income (loss)	$ 619,448	$ (146,290)
Weighted average common shares outstanding:
Average number of common shares outstanding - basic	7,622,287	7,619,469
Net effect of dilutive unvested restricted stock awards included for treasury stock method	1,835
Average number of common shares outstanding - diluted	7,624,122	7,619,469
Earnings per common share
Basic	$ 0.08	$ (0.02)
Diluted	$ 0.08	$ (0.02)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Common stock dividends	$ 1,995,327	$ 1,981,062
Common stock dividends per share	$ 0.26	$ 0.26

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Reimbursement of monthly automobile expenses	$ 1,000
Automobile reimbursement amount	3,228	$ 3,228
Rental income	$ 7,850,870	7,238,819
PEO | Global Self Storage, Inc
Related Party Transaction [Line Items]
Percentage ownership by affiliates	5.00%
Winco
Related Party Transaction [Line Items]
Aggregate rent and overhead accrued expense paid	$ 53,969	54,483
MMC and Winco
Related Party Transaction [Line Items]
Reimbursements payable	$ 20,885	13,447
Tuxis
Related Party Transaction [Line Items]
Termination of notice period	10 days
Monthly rental charges	$ 667
Rental income	$ 8,004	$ 8,004

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Common stock, shares authorized	450,000,000	450,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,692,624	7,619,469
Common stock, shares outstanding	7,692,624	7,619,469
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 ($)	Mar. 29, 2018	Dec. 31, 2018	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		$ 80,771
Performance-Based Restricted Stock Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted		15,025
Time-Based Restricted Stock Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted		58,130
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		$ 80,771
Unrecognized share-based compensation cost related to unvested restricted stock awards		$ 242,574
Cost is expected to be recognized over a weighted average periods		3 years 1 month 6 days
2017 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	73,155
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
Vesting period	4 years
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%
2017 Equity Incentive Plan | Time-Based Restricted Stock Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	58,130
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 remaining four-year time vesting period.

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Time Based Restricted Stock Grant Activity (Details) - Time-Based Restricted Stock Grants	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Stock | shares	58,130
Vested, Stock | shares	(10,902)
Unvested Ending, Stock | shares	47,228
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	$ 4.42
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	4.42
Unvested Ending, Weighted-Average Grant-Date Fair Value | $ / shares	$ 4.42

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Performance Based Grant Activity (Details) - Performance-Based Restricted Stock Grants	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Stock | shares	15,025
Unvested Ending, Stock | shares	15,025
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	$ 4.42
Unvested Ending, Weighted-Average Grant-Date Fair Value | $ / shares	$ 4.42

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2016
Commitments And Contingencies [Line Items]
Lease expiration date	Jan. 3, 2020
Operating leases, future minimum payments, due in 2019	$ 15,288
Tuxis
Commitments And Contingencies [Line Items]
Additional cash payment		$ 900,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - 2017 Equity Incentive Plan - Subsequent Event	Mar. 27, 2019shares
Subsequent Event [Line Items]
Number of shares, granted	28,755
Remaining vesting period	4 years
Performance Based Grants
Subsequent Event [Line Items]
Number of shares, granted	15,025
Chief Executive Officer and President
Subsequent Event [Line Items]
Number of shares, granted	8,025
Chief Executive Officer and President | Continued Employment
Subsequent Event [Line Items]
Number of shares, granted	8,025
Chief Financial Officer and General Counsel
Subsequent Event [Line Items]
Number of shares, granted	3,500
Chief Financial Officer and General Counsel | Continued Employment
Subsequent Event [Line Items]
Number of shares, granted	3,500
Minimum
Subsequent Event [Line Items]
Stock vested percentage based on achievement of goal	0.00%
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, 2018USD ($)ft²
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	765,508
Initial cost, Land	$ 5,493,814
Initial cost, Buildings & Improvements	48,240,686
Costs Subsequent to Acquisition	3,151,119
Gross Carrying Amount, Land	5,493,814
Gross Carrying Amount, Buildings & Improvements	51,391,805
Total	56,885,619
Accumulated Depreciation	$ 3,509,743
Clinton, CT
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	30,338	[1]
Initial cost, Land	$ 356,040	[1]
Initial cost, Buildings & Improvements	3,108,285	[1]
Costs Subsequent to Acquisition	14,197	[1]
Gross Carrying Amount, Land	356,040	[1]
Gross Carrying Amount, Buildings & Improvements	3,122,482	[1]
Total	3,478,522	[1]
Accumulated Depreciation	$ 154,983	[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	2,439,850	[2]
Gross Carrying Amount, Land	633,914	[2]
Gross Carrying Amount, Buildings & Improvements	7,931,259	[2]
Total	8,565,173	[2]
Accumulated Depreciation	$ 591,922	[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	9,611	[2]
Gross Carrying Amount, Land	614,413	[2]
Gross Carrying Amount, Buildings & Improvements	5,236,924	[2]
Total	5,851,337	[2]
Accumulated Depreciation	$ 419,280	[2]
McCordsville, IN
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	81,646	[1]
Initial cost, Land	$ 770,000	[1]
Initial cost, Buildings & Improvements	6,776,000	[1]
Costs Subsequent to Acquisition	46,578	[1]
Gross Carrying Amount, Land	770,000	[1]
Gross Carrying Amount, Buildings & Improvements	6,822,578	[1]
Total	7,592,578	[1]
Accumulated Depreciation	$ 385,529	[1]
Merrillville, IN
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	80,270	[2]
Initial cost, Land	$ 597,229	[2]
Initial cost, Buildings & Improvements	5,104,011	[2]
Costs Subsequent to Acquisition	464,324	[2]
Gross Carrying Amount, Land	597,229	[2]
Gross Carrying Amount, Buildings & Improvements	5,568,335	[2]
Total	6,165,564	[2]
Accumulated Depreciation	$ 418,979	[2]
Millbrook, NY
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	12,676	[1]
Initial cost, Land	$ 423,960	[1]
Initial cost, Buildings & Improvements	2,900,895	[1]
Costs Subsequent to Acquisition	36,213	[1]
Gross Carrying Amount, Land	423,960	[1]
Gross Carrying Amount, Buildings & Improvements	2,937,108	[1]
Total	3,361,068	[1]
Accumulated Depreciation	$ 135,170	[1]
Rochester, NY
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	68,076	[2]
Initial cost, Land	$ 571,583	[2]
Initial cost, Buildings & Improvements	5,227,630	[2]
Gross Carrying Amount, Land	571,583	[2]
Gross Carrying Amount, Buildings & Improvements	5,227,630	[2]
Total	5,799,213	[2]
Accumulated Depreciation	$ 379,069	[2]
Lima, OH
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	97,610	[1]
Initial cost, Land	$ 530,000	[1]
Initial cost, Buildings & Improvements	4,664,000	[1]
Costs Subsequent to Acquisition	96,417	[1]
Gross Carrying Amount, Land	530,000	[1]
Gross Carrying Amount, Buildings & Improvements	4,760,417	[1]
Total	5,290,417	[1]
Accumulated Depreciation	$ 276,488	[1]
Sadsburyville, PA
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	78,842	[2]
Initial cost, Land	$ 462,749	[2]
Initial cost, Buildings & Improvements	5,146,579	[2]
Costs Subsequent to Acquisition	23,729	[2]
Gross Carrying Amount, Land	462,749	[2]
Gross Carrying Amount, Buildings & Improvements	5,170,308	[2]
Total	5,633,057	[2]
Accumulated Depreciation	$ 406,432	[2]
SSG Summerville I LLC | Summerville, SC
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	72,700	[2],[3]
Initial cost, Land	$ 345,160	[2]
Initial cost, Buildings & Improvements	2,989,159	[2]
Costs Subsequent to Acquisition	5,475	[2]
Gross Carrying Amount, Land	345,160	[2]
Gross Carrying Amount, Buildings & Improvements	2,994,634	[2]
Total	3,339,794	[2]
Accumulated Depreciation	$ 221,342	[2]
SSG Summerville II LLC | Summerville, SC
Real Estate And Accumulated Depreciation [Line Items]
Square Footage | ft²	43,060	[2],[4]
Initial cost, Land	$ 188,766	[2]
Initial cost, Buildings & Improvements	1,605,405	[2]
Costs Subsequent to Acquisition	14,725	[2]
Gross Carrying Amount, Land	188,766	[2]
Gross Carrying Amount, Buildings & Improvements	1,620,130	[2]
Total	1,808,896	[2]
Accumulated Depreciation	$ 120,549	[2]
[1]	This property is part of the Revolver as of December 31, 2018
[2]	This property is part of the Loan Agreement with a balance of $19,809,511 as of December 31, 2018.
[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, 2018	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Borrowing principal amount	$ 19,809,511	$ 20,000,000

Schedule III - Summary of Activ

Schedule III - Summary of Activity in Storage Properties (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Storage properties
Balance at end of period		$ 56,885,619
Accumulated depreciation
Balance at end of period		(3,509,743)
Self Storage Properties
Storage properties
Balance at beginning of period	[1]	57,303,425		$ 56,650,515
Acquisitions and improvements	[1]	164,532		652,910
Balance at end of period	[1]	57,467,957		57,303,425
Accumulated depreciation
Balance at beginning of period		(2,257,862)	[1]	(875,447)
Depreciation expense	[1]	(1,398,358)		(1,382,415)
Balance at end of period	[1]	(3,656,220)		(2,257,862)
Storage properties, net	[1]	$ 53,811,737		$ 55,045,563
[1]	These amounts include equipment that is housed at the Company’s properties and construction in progress which is excluded from Schedule III above.