NASDAQ: SELF Self-Storage REIT Achieving Strong Pricing Power and Lease-up Performance Driving Record Same-Store Occupancy and Revenues, with ...
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®
NASDAQ: SELF
®
NASDAQ: SELF
Self-Storage REIT Achieving Strong Pricing Power and Lease-up Performance
Driving Record Same-Store Occupancy and Revenues, with Double-Digit
Percentage Growth in FFO & AFFO
Corporate Presentation June 2021
Important Cautions Regarding Forward- ® Looking Statements NASDAQ: SELF Certain information presented in this presentation may contain “forward-looking statements” within the meaning of the federal securities laws including, but not limited to, the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements concerning the company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions, and other information that is not historical information. In some cases, forward looking statements can be identified by terminology such as “believes,” “plans,” “intends,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements by the company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the company, which may cause the company’s actual results to be materially different from those expressed or implied by such statements, including the negative impacts from the continued spread of COVID- 19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent. The company may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the company’s filings with the Securities and Exchange Commission, and similar information. All forward-looking statements, including without limitation, the company’s examination of historical operating trends and estimates of future earnings, are based upon the company’s current expectations and various assumptions. The company’s expectations, beliefs and projections are expressed in good faith, but there can be no assurance that the company’s expectations, beliefs and projections will result or be achieved. All forward looking statements apply only as of the date made. The company undertakes no obligation to publicly update or revise forward looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. The amount, nature, and/or frequency of dividends paid by the company may be changed at any time without notice. Copyright © 2021 & 2020 Global Self Storage, Inc. All Rights Reserved. 060721 2
Non-GAAP Measures & Same-Store Definition ®
NASDAQ: SELF
Non-GAAP Measures
Funds from Operations (“FFO”) and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and are considered helpful measures of REIT
performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. FFO and
FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating the company’s liquidity or ability to pay dividends, because it excludes
financing activities presented on the company’s statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the
Company believes that to further understand the performance of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the
Company’s financial statements.
Adjusted FFO (“AFFO”) represents FFO excluding the effects of business development, capital raising, and acquisition related costs and non-recurring items, which the company believes are not indicative of
the Company’s operating results. The company presents AFFO because management believes it is a helpful measure in understanding the company’s results of operations insofar as management believes that
the items noted above that are included in FFO, but excluded from AFFO, are not indicative of the company’s ongoing operating results. The company also believes that the analyst community considers its
AFFO (or similar measures using different terminology) when evaluating the company. Because other REITs or real estate companies may not compute AFFO in the same manner as the company does, and may
use different terminology, management’s computation of AFFO may not be comparable to AFFO reported by other REITs or real estate companies.
The company believes net operating income or “NOI” is a meaningful measure of operating performance because management utilizes NOI in making decisions with respect to, among other things, capital
allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, the company believes the investment
community utilizes NOI in determining operating performance and real estate values, and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings
before general and administrative expenses, interest, taxes, depreciation, and amortization.
NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating the company’s operating results.
Same-Store Self Storage Operations Definition
The company considers its same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. The company
considers a store to be stabilized once it has achieved an occupancy rate that management believes, based on the company’s assessment of market-specific data, is representative of similar self storage assets
in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. The company
believes that same-store results are useful to investors in evaluating the company’s performance because they provide information relating to changes in store-level operating performance without taking into
account the effects of acquisitions, dispositions or new ground-up developments.
At March 31, 2021, the company owned nine same-store properties and three non-same-store properties. The Company believes that by providing same-store results from a stabilized pool of stores, with
accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, NOI, etc., stockholders and potential investors are able to evaluate operating
performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store
performance or for the performance of the Company’s stores as a whole.
3
Key Stats: SELF (NasdaqCM) ®
NASDAQ: SELF
Share Price (6/07/2021) $6.40 Revenue 2020 $9.2M Funds From Operations (FFO) &
52 Week Range $3.50 - $6.42 Operating Income 2020 $1.2M Adjusted Funds From Operations (AFFO)4
Avg. Daily Volume 3 mo. 22,726 Net Income 2020 $274K Q1-20 Q1-21
Common Shares Outstanding1 9.4M Capital Resources mrq3 $8.9M
Free Float2 92% Total Debt mrq $24.0M $634K
$602K
Market Cap $60.3M Dividends Per Share ttm $0.26
Insider Holdings ~8.5% Dividend Yield ttm 4.1%
Institutional Holdings ~18% Funds From Operations $602K or $0.06
Employees 30+ (FFO) mrq4 per diluted EPS $388K
$350K
Fiscal Year End Dec. 31 Adjusted Funds From $634K or $0.07
Operations (AFFO) mrq4 per diluted EPS
1) Total shares outstanding as of April 19, 2021.
2) Free float = Total shares outstanding excluding insider ownership
3) Capital resources as of Mar. 31, 2021 totaling approximately $8.9 million, comprised
of $1.9 million of cash, cash equivalents, and restricted cash, $2.1 million of
marketable securities, and $4.9 million available for withdrawal under the revolving
credit facility.
4) See definition of FFO & AFFO, both non-GAAP terms, in slide 3 of this presentation,
and reconciliation to GAAP in the Appendix.
Data sources: IPREO, Yahoo! Finance, SELF Form 10-Q as of March 31, 2020.
mrq = most recent quarter as of March 31, 2021.
ttm = trailing twelve months as of March 31, 2021. FFO AFFO
Dividend yield based on closing price as of June 7, 2021. 4
Who We Are ®
NASDAQ: SELF
• Global Self Storage is a self-administered and self-
managed Real Estate Investment Trust (REIT).
• We own and/or manage 13 self-storage
properties with 969,100 sf. of total leasable
space.1
• Strong lease-up performance driving record same-
store occupancy and revenues with double-digit
percentage growth in FFO and AFFO.2
• Seeking to own, operate, manage and acquire
properties where our highly-effective
professional management and best practices can
improve operations.
1) As of 3/31/21; Includes outside parking (RV, boat, auto), retail, office and commercial space, and West Henrietta Acquisition.
2) Source: Company’s Form 10-Q for March 31, 2021 as filed with the SEC. 5
Q1 2021 Financial Results ®
NASDAQ: SELF
Record Quarterly Results GAAP Quarterly Performance
• Total revenues: Up 9.0% to $2.4M. Q1-20 Q1-21
• Funds from operations: Up 72.1% to $602K or $0.06 per $millions
diluted share.1
$2.3
• Adjusted FFO: Up 63.2% to $634K or $0.07 per diluted share.1 $2.2 $2.1
$2.0
Record Same-Store Results
• Revenues: Up 4.7% to $1.9M.
• NOI: Up 2.7% to $1.1M.
• Occupancy at March 31, 2021: Up 470 basis points to 96.1%.
Other Financial Results
• Distributed dividends: $0.065 per share of common stock.
$0.5 $0.04
• Same-store average tenant duration of stay: ~3.1 years at end
of Q1 2021. $0.1
• Capital resources at March 31, 2021: Totaled $8.9M, $(0.04)
comprised of $1.9M in cash, cash equivalents & restricted
cash, $2.1M in marketable equity securities, and $4.9M Total Revenues Total Expenses Operating Net Income
available under a revolving credit line. Income (Loss) per Share
1) See definition of FFO & AFFO, both non-GAAP terms, in Slide 3 of this presentation, and reconciliation to GAAP in the Appendix. 6
Strong Lease-up Performance at Expansions/ Conversions ®
NASDAQ: SELF
Added 32,800+ Leasable Square Feet (lsf) of Climate-controlled and Drive-up Units in 2020
Millbrook, NY Fishers, IN West Henrietta, NY
Completed February 2020 Completed June 2020 Completed August 2020
Added 11,800 lsf Added 13,713 lsf Added 7,300 lsf
Total Occupancy Total Occupancy Total Occupancy
96.3% 97.8% 97.5% 95.6% 90.9% 91.2%
$88 .0B
85.2% 85.4% 84.8%
$70 .0K
$10 3.0B
$10 1.0B
$99 .0B
90.9%
$70 .0K
$94 .0B
$92 .0B
89.5% $70 .0K
$86 .0B
83.4% $68 .0K
$97 .0B
$95 .0B $90 .0B
86.2% $84 .0B
80.5%
84.0%
$68 .0K $68 .0K
$93 .0B
$91 .0B $88 .0B
$66 .0K
$89 .0B $82 .0B
$86 .0B
$87 .0B
75.9% 77.9%
$66 .0K
$66 .0K
79.1%
$85 .0B
$84 .0B
$83 .0B $80 .0B
$64 .0K
$81 .0B
$82 .0B
$79 .0B
$64 .0K
67.0%
$77 .0B $78 .0B
$64 .0K $80 .0B
$75 .0B
$73 .0B $78 .0B $62 .0K
$71 .0B
$76 .0B
$62 .0K
$69 .0B $76 .0B
$62 .0K
$67 .0B
$65 .0B $74 .0B
$74 .0B $60 .0K
$63 .0B
$72 .0B $60 .0K
$61 .0B
$59 .0B $60 .0K
45.5% 47.8%
$70 .0B $72 .0B
$57 .0B
$58 .0K
$55 .0B
$68 .0B
$58 .0K
$53 .0B
$70 .0B
$51 .0B
$58 .0K $66 .0B
$49 .0B
$47 .0B $64 .0B $56 .0K
$68 .0B
$45 .0B $56 .0K
$43 .0B $62 .0B
$56 .0K
$41 .0B
$60 .0B $66 .0B
$39 .0B
$54 .0K
$37 .0B $54 .0K
$58 .0B
$35 .0B
$33 .0B $64 .0B
$54 .0K
$56 .0B
$31 .0B
$52 .0K
$29 .0B $52 .0K
$54 .0B
$27 .0B $62 .0B
$25 .0B $52 .0B
$52 .0K
$23 .0B
$21 .0B $50 .0B $50 .0K $60 .0B $50 .0K
$19 .0B
$17 .0B
$15 .0B $50 .0K At Sep-20 Oct-20 Nov-20 Feb-21 Mar-21 At Sep-20 Oct-20 Nov-20 Feb-21 Mar-21
At Mar-20 Jun-20 Jul-20 Sep-20 Oct-20 Nov-20 Feb-21 Mar-21 Completion
Completion Completion
(Aug. 2020)
(Feb. 2020) (June 2020) 7
Expanding Market Opportunity ®
NASDAQ: SELF
U.S. Self Storage Market Outlook1
$44.5B 10.6% $47 .0B
$44.5B
$70 .0K
Self-Storage U.S. Households with a $45 .0B
$43.2B
$42.3B
$68 .0K
Industry by 2024, Self-Storage Unit in 2020 $43 .0B
$41.5B
$40.7B
up 9% vs 20201 vs 6% in 19962 $41 .0B
$66 .0K
$39 .0B
$64 .0K
$37 .0B
$62 .0K
49K+ ~$3.0B
$35 .0B
$33 .0B $60 .0K
Self-Storage Self-Storage $31 .0B
$58 .0K
Facilities in U.S. vs. Acquisitions in $29 .0B
47K in 20193 20204 $27 .0B
$56 .0K
$25 .0B
$54 .0K
$23 .0B
$52 .0K
$21 .0B
1) IBISWorld: Storage & Warehouse Leasing in the US – Industry Outlook (2019-2024) Report. $19 .0B $50 .0K
2) SSA Self Storage Demand Study, 2020 and The Growth of Self Storage: Market for Improved Visibility.
3)
4)
2021 Self Storage Almanac.
MJ Partners Self Storage Market Overview – Fourth Quarter 2020 Results – Includes wholly-owned
2020 2021 2022 2023 2024
property acquisitions and joint venture acquisitions. 8
Key Industry Growth Drivers: ®
High Occupancy Rates, Job Growth & Population Growth NASDAQ: SELF
U.S. Self-Storage Market
• Industry-wide demand remains high: average
Average Occupancy Rates
occupancy rates still above 92% in 2020.1
• Rate high despite increased supply of ~58M 92.2%
new net rentable sq. ft.1
• Demand is strong and shifting to lower cost 75.7%
cities as population and migration growth
increase in secondary markets.2
$0. 4B
10 11 12 13 14 15 16 17 18 19 20
1) 2021 Self Storage Almanac
2) Marcus & Millichap 2020 Self-Storage U.S Investment Forecast Source: 2021 Self Storage Almanac 9
Highly-Fragmented U.S. Self-Storage Market ®
NASDAQ: SELF
49,233 Total Facilities in U.S.
5.8%
71% 3.8% Only ~20%
Self-storage
properties
80% 2.6%
of the Market is
controlled by the
managed by of Properties 1.8% Top Six publicly-
independent Non-REIT traded self-storage
3.6% companies.
(mom & pop)
operators 1.9% (5 REITs + U-HAUL)
High Fragmentation = Acquisition & Third-Party Management Opportunities
Source: SpareFoot StorageBeat U.S. Self-Storage Industry Statistics and 2021 Self Storage Almanac 10Market Dynamics ®
NASDAQ: SELF
• Continued ownership consolidation: large and
midsize operators purchasing facilities owned and
managed by smaller operators.
• Growing difference in operational management
expertise between the larger, more sophisticated
operators and the rest of the field.
• Internet and technology making it easier for
consumers to shop for and rent units:
• Internet marketing
• Self-service kiosks
• Call centers
11Target Market Factors ®
NASDAQ: SELF
• We’re focused on secondary & tertiary cities in the New Self-Storage Supply Concentration
Northeast, Mid-Atlantic, Midwest & South-Central U.S. 37.7% % of NRSF under Construction
• Generally targeting markets outside the top 25 MSAs that
23.0%
have experienced dramatically slower supply growth. 17.8%
13.8%
• Less competition from public REITs in these markets 7.6%
support outlook for stronger risk-adjusted returns.
• Expect above average growth in rents due to favorable Top 10 11- 20 21 - 30 31- 40 41- 50
supply/demand dynamics. MSA Ranking
Example Target MSAs – Square Foot per Capita Public Peer MSA Concentration2
Top 50 Avg 6.3 Storage REIT Exposure to Top 25 MSAs
Kansas City 5.9 75% 70%
Columbus 5.6 61%
55%
Milwaukwee 5.5
Cleveland 5.4
Indianapolis 5.3
5.0 Average
Minneapolis 4.4
Buffalo 4.3
CUBE PSA EXR LSI
Chicago 1 4.0 Source: STR
1) Focus on exurbs of Chicago
2) Bank of America Merrill Lynch Research Report, January 26, 2018 12We Address the Market Opportunity with a ®
Diverse Portfolio of Self-Storage Properties NASDAQ: SELF
Global Self Storage properties are primarily
located in secondary or tertiary cities in the
Northeast, Mid-Atlantic, Midwest, South Rochester, NY Millbrook, NY
W. Henrietta, NY
Central regions: Clinton, CT
Bolingbrook, IL Merrillville, IN Sadsburyville, PA
Dolton, IL
• Near metropolitan areas. Lima, OH
Fishers, IN
• Excellent road or highway exposure.
• Prominent road-side signage.
⚫ Edmond, OK
• Easily accessible. Summerville I & II, SC
• Clean, well-maintained properties with
minimal deferred maintenance.
• Strong market fundamentals (demographics).
Facilities 13
• High competitive barriers to entry (zoning).
Units 6,970 ⚫ Owned Properties
⚫ 3rd Party Management Properties
Leasable Sq. Ft. 969,100
Facility data as of 3/31/2021. Includes outside parking (RV, boat, auto), retail, office and commercial space.
13Good Mix Across Properties1 ®
NASDAQ: SELF
60% 32% 8%
Traditional Indoor Climate Controlled Outdoor Storage
Storage2 Storage Boats/Cars/RVs
1) Percentage figures as of 3/31/2021.
2) Includes non-storage space. 14Why Customers Choose Us: ®
High Quality Service & Facilities NASDAQ: SELF
24/7 Security
Easy Gate Access
• Property managers encouraged to maintain the Monitoring
highest security and cleanliness standards.
• Employees are motivated to deliver courteous,
attentive customer service.
• All facilities include customer service call centers and
24/7 rental and payment kiosks.
• Our goal is to make the customer experience as 24/7 Rental & Payment Kiosks
pleasant and hassle-free as possible.
15How We Attract & Retain High Quality Tenants ®
NASDAQ: SELF
• Prioritize tenant quality in marketing and
operational efforts.
• Focus on credit card payers, who rent for longer
duration and accept greater rental rate increases.
• Referral marketing generates new tenant
inquiries for high quality new tenants.
• Strong Internet & social media presence
generate new tenant inquiries.
• Certain facilities offer referral discounts and
complementary truck rental.
• As a result, average same-store tenant duration
was ~3.1 years in Q1 2021.
16Key Competitive Factors vs. Public REIT Peers ®
NASDAQ: SELF
• Attract quality, long-staying tenants by incentivizing credit card
auto-payers.
• Effective revenue rate management program:
• Dynamic rate management through daily analysis of
competitive rates.
• Systematic rate increases per customers.
• Self-service kiosks make rentals and payments convenient.
• Greater agility – allows innovation and faster response to
market conditions and trends.
• Security is Our First PrioritySM – we provide high-end and highly
secure facilities with security cameras.
• Positive reviews on Google and other platforms attract
customers.
17Our Outperformance of Other Publicly-Traded Self-Storage ®
REITs Reflects Our Focus on Secondary & Tertiary Markets NASDAQ: SELF
Same-Store Revenue % Growth Same-Store Net Operating Income (NOI) % Growth
12%
10%
8%
6%
4%
2%
0%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
-2%
-4%
Global Self Storage CubeSmart National Storage Affiliates Life Storage, Inc. Extra Space Storage Public Storage
Source: 2016 - 2020 reports on Form 10-K filed with the SEC by public self-storage REITs (SELF, PSA, EXR, LSI, NSA, and CUBE). 18Strong Same-Store Metrics ®
NASDAQ: SELF
Annual Comps, % Change Quarterly Comps, % Change
$millions $millions
2019 2020 Q1-20 Q1-21
340
basis points
(3.2)% 470
basis points
0.7%
95.1%
(0.6)%
91.7%
$11.94
4.7%
$11.56
96.1%
91.4%
$7.4
$7.4
$11.95
$11.88
7.8%
$1.93
$1.84
2.7%
(8.8)%
$4.6
$4.2
7.6%
$1.1
$1.1
$3.2
$2.9
$0.80
$0.75
Revenues Cost of Net Sq. Ft. Revenue/ Revenues Cost of Net Sq. Ft. Revenue/
Operations Operating Occupancy Leased Sq. Ft. Operations Operating Occupancy Leased Sq. Ft.
Income (NOI) Income (NOI)
Source: Company’s Form 10-K for December 31, 2020 as filed with the SEC. Source: Company’s Form 10-Q for March 31, 2021 as filed with the SEC. 19Publicly-Traded Self-Storage REIT ®
Same-Store Comparison – Q1 2021 NASDAQ: SELF
Revenue Growth NOI Growth Occupancy Rate - EOQ Dividend Yield ttm
Global Self
4.7% 2.7% 96.1% 4.1%
Storage
Nat. Storage
8.1% 11.5% 93.8% 2.9%
Affiliates
Extra Space
4.6% 6.5% 95.7% 2.4%
Storage
CubeSmart 6.7% 8.9% 94.4% 3.0%
Life Storage 7.3% 8.6% 94.0% 2.8%
Public Storage 3.4% 6.7% 96.0% 2.7%
Global Self Storage Tops the Publicly-Traded Self-Storage REIT Industry in Occupancy & Dividend Yield
TTM = trailing twelve months; dividend yield based on closing price as of June 7, 2021.
EOQ = End of quarter
Note: Based on information obtained in reports on Form 10-Q as of March 31, 2021 as filed with the SEC by public self-storage REITs (SELF, PSA, EXR, LSI, NSA, and CUBE). 20Publicly-Traded Self-Storage REIT ®
Same-Store Comparison – Full Year 2020 NASDAQ: SELF
Revenue Growth NOI Growth Occupancy Rate - EOQ Dividend Yield ttm
Global Self Storage 0.7% 7.8% 95.1% 4.1%
Nat. Storage Affiliates 1.7% 2.2% 91.8% 2.9%
Extra Space Storage -0.1% -0.7% 94.8% 2.4%
CubeSmart 0.8% 0.1% 93.4% 3.0%
Life Storage 1.6% 2.3% 92.9% 2.8%
Public Storage -1.0% -2.3% 94.2% 2.7%
Global Self Storage Tops the Publicly-Traded Self-Storage REIT Industry in NOI Growth, Occupancy & Dividend Yield
TTM = trailing twelve months; dividend yield based on closing price as of June 7, 2021.
EOQ = End of quarter
Note: Based on information obtained in reports on Form 10-K as of Dec. 31, 2020 filed with the SEC by public self-storage REITs (SELF, PSA, EXR, LSI, NSA, and CUBE). 21Same-Store NOI Growth Comps to Peers ®
NASDAQ: SELF
Global Self Storage Among Top Publicly-Traded Self-Storage
REITs for Net Operating Income Y/Y Growth
11.7%
2018 2019 2020
7.8%
4.7% 5.0%
4.1% 4.0% 4.2%
3.3% 3.0% 3.4%
2.9%
2.3% 2.2% 2.4%
0.9% 1.1%
0.2% 0.1% 0.3%
PSA CUBE LSI EXR NSA Peer Avg.¹ SELF
-0.7%
-2.3%
1) Average of public peers. Does not include Global Self Storage (SELF) in average. Presentation based on information obtained in Form 10-Ks as of December 31, 2020 as filed with the SEC by public self-storage REITs (SELF, PSA, EXR, LSI, NSA, and CUBE). 22Our Acquisition & Expansion Focus ®
NASDAQ: SELF
• Targeting acquisitions where our professional
management can add value:
• Improve revenue rate management. Rochester, NY Millbrook, NY
W. Henrietta, NY
• Increase occupancy rates. Clinton, CT
Bolingbrook, IL Merrillville, IN Sadsburyville, PA
• Expand leasable sq. ft on existing property. Dolton, IL
Lima, OH
• Introduce new revenue streams, like insurance Fishers, IN
premiums for tenant-stored items.
• Target markets also present high barriers-to-entry for ⚫ Edmond, OK
Summerville I & II, SC
new self-storage development due to difficult
permitting. This can make acquisitions particularly
attractive.
• Capital resources available at Mar. 31, 2021 totaled
~$8.9M, providing operational flexibility for self-storage 71% of U.S. self-storage
property acquisitions, either directly or through joint properties are managed
ventures, and expansions at our existing properties.1 ⚫ Owned Properties
by independent (mom &
⚫ 3rd Party Management Properties
1) Capital resources as of Mar. 31, 2021, totaling approximately $8.9 million, comprised of $1.9 million of cash, cash equivalents, and
pop) operators.
restricted cash, $2.1 million of marketable securities, and $4.9 million available for withdrawal under the revolving credit facility. 23Expansion/Lease Up Case Study: ®
Millbrook, NY NASDAQ: SELF
• February 2020, completed expansion of Millbrook, NY store
that added 11,800 leasable sq. ft. of valuable climate-
controlled units.
• Expansion increased non-occupied, available lease space
from 11.3% to 54.5%.
• Tailored lease-up program increased occupancy to 95.6%
by end of Mar. 2021 – much higher than before adding the
new units and despite COVID-19. Millbrook, NY
• Strong lease up performance driven by:
• Meeting pent-up demand for climate-controlled storage.
• Increased migration to the suburbs.
• Effective internet & digital marketing.
• Attractive roadside signage and drive-by curb appeal.
24Acquisition Case Study: ®
481-unit Property in West Henrietta, NY NASDAQ: SELF
• Nov. 2019, acquired Erie Station Storage for $6.2M.
• Located in West Henrietta, N.Y., a growing upstate suburban
community of Rochester near the Rochester Institute of Technology.
• Seven buildings less than three years old.
• 55,550 net leasable sf.
• 481 storage units (230-climate controlled).
• Aug. 2020, completed property expansion adding 7,300 leasable sf.
of drive-up storage units.
Newly Acquired Storage Property in West Henrietta, NY
• Increased occupancy from 77.9% in Aug. 2020 to 84.8% in Mar.
2021.
• Tailored lease-up programs produced better than expected results
despite COVID-19.
• Benefits immediately from our effective management techniques.
25Expansion/Upgrade Case Study: ®
Converting to Climate-Controlled Units NASDAQ: SELF
• June 2020, completed conversion of certain
commercially-leased space to climate-controlled self
storage units in McCordsville, Indiana.
• Added ~135 of all-climate-controlled units with 13,713
sq. ft. of leasable space.
• Brought total at this location to 535 units and 76,360
leasable sq. ft. of self storage space.
• Increased occupancy from 79.1% in June 2020 to 89.5%
in Mar. 2021.
• As with all of our properties, we expect the new
climate-controlled units to generate higher margins
versus non-climate-controlled units.
McCordsville, Indiana 26Third-Party Management Platform: ®
Global MaxManagement SM
NASDAQ: SELF
Global MaxManagement Example Property
• Third-party management platform launched in 2019.
• Multiple advantages and benefits:
• Additional revenue stream through management fees
and tenant insurance premiums.
• Expands brand awareness.
• Builds captive acquisition pipeline.
• Signed first self-storage client in Oct. 2019, located in
Edmond, Oklahoma.
• Actively marketing the platform to:
• Property developers.
• Single-property self-storage operators.
• Small-portfolio self-storage operators. • Self-Storage client property located in Edmond, Okla.
• 137,118-leasable sf.
• 618 climate-controlled & non-climate-controlled units 27Growth Strategies ®
NASDAQ: SELF
Pursue expansion Further enhance Grow Global Acquisitions that Joint venture
opportunities existing property MaxManagementSM could add wholly- opportunities.
throughout our performance client base, owned properties
portfolio. utilizing our recurring revenue to our portfolio.
revenue rate stream and captive
management acquisition pipeline.
program.
28Update Related to COVID-19 Pandemic ®
NASDAQ: SELF
• Continued operations & provided tenant access at all stores and continued to
protect tenants and employees by following applicable COVID-19 safety guidelines.
• Benefited from contactless technology deployed pre-COVID-19 that provides
tenants online leasing and payment options, as well as on-site kiosks that facilitate
contactless rentals, lock purchases & payments 24/7.
• Rent collections in Q1-21 have remained consistent year over year at 97%+,
despite the COVID-19 pandemic.
• Pivoted to digital and print marketing for Global MaxManagement.
• Capital resources1 available at March 31, 2021 totaled ~$8.9M, providing
operational flexibility for self-storage property acquisitions, either directly or
through joint ventures, and expansions at our existing properties.
• Remaining cautious in 2021 due to the continuing uncertainty related to the
impacts of the COVID-19 pandemic, including the potential for future stay-at-home
orders, uncertain economic climate, and potential impact on rentals, vacates,
pricing, receivables, auctions and existing customer rent increases.
We offer onsite kiosks available 24/7 at
every location. New tenants can rent a unit
or current tenants can pay their rent. Our
1) Capital resources as of Mar. 31, 2021 totaling approximately $8.9 million, comprised of $1.9 million of cash, cash equivalents, and restricted
cash, $2.1 million of marketable securities, and $4.9 million available for withdrawal under the revolving credit facility. kiosks can even dispense locks. 29Key Takeaways ®
NASDAQ: SELF
Funds From Operations (FFO) &
• Peer-leading self-storage REIT with double-digit percentage
Adjusted Funds From Operations (AFFO)2
growth in FFO and AFFO driven by record same-store revenue
and occupancy; highest dividend yield and occupancy vs. Q1-20 Q1-21
peers.1
• Continued to demonstrate resiliency during COVID-19 $634K
$602K
pandemic.
• Unique focus on high-quality tenants in select markets
supports higher occupancy rates, longer lengths of stay and
revenue rate increases. $388K
• Pursuing growth initiatives, including third-party $350K
management, in existing and target markets with disciplined
acquisition and expansion strategies.
• Capital resources provide operational flexibility for self-
storage property acquisitions and expansions at our existing
properties.
1) Presentation based on information obtained in Form 10-Qs as of March 31, 2021 as filed with the SEC by public self-storage REITs
(SELF, PSA, EXR, LSI, NSA, and CUBE). See definition of FFO & AFFO, both non-GAAP terms, in slide 3 of this presentation, and
reconciliation to GAAP in the Appendix.
2) See definition of FFO & AFFO, both non-GAAP terms, in slide 3 of this presentation, and reconciliation to GAAP in the Appendix.
FFO AFFO
30®
NASDAQ: SELF
®
NASDAQ: SELF
Contact Us
Global Self Storage, Inc. Investor Relations
Mark C. Winmill Ron Both or Grant Stude
President & CEO CMA Investor Relations
Tel (212) 785-0900 Ext 201 Tel (949) 432-7557
mwinmill@globalselfstorage.us SELF@cma.team
ir.globalselfstorage.us
31®
NASDAQ: SELF
Appendix
32Management Team ®
NASDAQ: SELF
Mark C. Winmill Thomas O’Malley Donald Klimoski II Robert J. Mathers Gary Chatfield Russell Angelito Sarabia Isabella Rahm
CEO & President CFO, Treasurer & General Counsel, Property Operations, Customer Operations, Kamerman Controller Marketing
Vice President Secretary, CCO & Vice Vice President Vice President Asst. General Consultant
Chief executive officer Controller and
since company’s
President Counsel, Asst.
Chief financial officer, Vice president of Vice president of accounting Independent
inception in 2012. chief accounting General counsel, secretary, property operations customer operations Secretary, Asst. CCO coordinator since marketing consultant
officer, treasurer and chief compliance officer since company’s since 2020. & Vice President 2013. to the company since
37+ years of real
vice president since and vice president since inception in 2012. Assistant general June 2020.
estate investing 10+ years of self- 15+ years of
company’s inception in 2017. 30+ years of real estate counsel, assistant
experience. storage operations combined Previously served as
2012. property operations secretary, assistant
Previously, served as the experience. experience in marketing
Led the acquisition, 31+ years of financial management chief compliance
associate general counsel financial and coordinator of the
development and and operating experience. officer and vice
of NASDAQ-listed management company from
management of over experience in the real president since
Commvault Systems from services. August 2017 to June
50 projects valued at estate, financial 2014.
$300+ million since 2014 to 2017. 2020.
services, and
1982, including over Previously, an Prior to joining the
investment Prior to leaving private
$65 million of self- associate at Fried, company, studied at
management sectors. practice, was an associate
storage properties Frank, Harris, Shriver the University of
at Sullivan and Cromwell,
since 2012. Previously served as & Jacobson LLP and
where his practice focused Pennsylvania and
assistant controller of Kleinberg, Kaplan,
Previously founder on mergers and graduated in May
the investment Wolff & Cohen,
and CEO of Bull & acquisitions, securities law, 2017.
advisory, Reich & where his practice
Bear, a nationwide corporate governance,
Tang. Earlier, was an focused on asset
discount broker, from intellectual property and
audit manager at RSM. management,
1987 until its sale to related matters from 2008
securities law,
the Royal Bank of Certified public to 2014
compliance, and
Canada in 1999. accountant.
Member of the New York other corporate
Trustee of two and New Jersey State Bars, matters 2008 - 2014.
charitable and U.S. Patent and
Member of the New
foundations, Trademark Office.
York State Bar.
numerous family
trusts and a director of
two other companies.
33Self Storage Resiliency in COVID-19 Era ®
NASDAQ: SELF
During COVID-19 pandemic, Self Storage industry continued to demonstrate
resiliency to economic pauses and black swan events.
• After an abrupt slow-down in mid-March to mid-April, the Self Storage industry
demonstrated its resiliency once again.
• New demand generators emerged: home office expansion, remote classrooms,
relocation of remote workers, and contracting businesses.
• Accelerated move-in activity during the summer, fall and winter.
• Drove occupancies to all-time highs.
• Transaction activity resumed, as debt markets stabilized and promising
operating performance attracted additional capital flow into the industry.
• Self-storage business model with these new demand generators demonstrated
greater defensive investment opportunities compared to alternative property
sectors.
34Occupancy Rate Change by Facility ®
NASDAQ: SELF
Same-Store Average Tenant Duration of Stay of ~3.1 Years Leasable Occupancy by Sq. Ft.1
Year Acquired Unit Count
@ March 31, 2021 Sf. @ 3/31/2021 @ 3/31/2020
Owned Stores
Bolingbrook, IL 2013 805 113,700 98.2% 93.0%
Clinton, CT 2016 182 30,408 95.5% 90.5%
Dolton, IL 2013 652 86,590 96.2% 91.6%
Lima, OH 2016 728 97,755 94.4% 91.9%
Merrillville, IN 2013 568 80,870 95.6% 90.3%
Rochester, NY 2012 640 68,101 96.4% 95.8%
Sadsburyville, PA 2012 693 78,857 96.2% 92.4%
Summerville I, SC 2013 563 76,560 96.0% 85.7%
Summerville II, SC 2013 246 42,760 95.6% 89.5%
Owned Same-Stores: Totals & Averages 5,077 675,601 96.1% 91.4%
McCordsville, IN (non-same store due to conversion of commercial space) 2016 536 76,360 89.5% 74.1%
Millbrook, NY (non-same store due to unit expansion) 2016 260 24,472 95.6% 47.8%
West Henrietta , NY (non-same store since acquired in Nov. 2019) 2019 479 55,550 84.8% 79.5%
Owned Non-Same-Stores: Totals & Averages 1,275 156,382 88.8% 71.5%
Owned Stores: Totals & Averages 6,352 831,982 94.8% 87.8%
Managed Stores
Edmond, OK (Managed 3rd party location starting Oct. 2019) 2019 618 137,118 97.8% 87.6%
Grand Totals & Averages 6,970 969,100 95.2% 87.8%
1) “Occupancy by square feet” includes the expansion and redevelopment projects at our stores. 35GAAP Financial Results: 2020 vs. 2019 ®
NASDAQ: SELF
Year Ended Year Ended
Dec. 31, Dec. 31, Change % Change
2020 2019
Total Revenues $9,196,524 $8,668,322 528,202 6.1%
Total Expenses $7,976,312 $7,267,498 708,814 9.8%
Operating Income $1,220,212 $1,400,824 (180,612) (12.9)%
Net Income (Loss) $274,341 $590,619 (316,278) (53.6)%
Net Income (Loss) Per Share $0.03 $0.08 (0.05) -
For further details, please refer to the Company’s 2020 10-K. 36GAAP Financial Results: Q1 2021 vs Q1 2020 ®
NASDAQ: SELF
Q1 2021 Q1 2020 Change % Change
Total Revenues $2,442,188 $2,239,544 202,644 9.0%
Total Expenses $1,978,255 $2,123,880 (145,625) (6.9)%
Operating Income $463,933 $115,664 348,269 301.1%
Net Income (Loss) $411,247 $(356,424) 767,671 N/A
Net Income (Loss) Per Share $0.04 $(0.04) 0.08 N/A
For further details, please refer to the Company’s 10-Q for March 31, 2021. 37Same-Store Properties: 2020 vs. 2019 ®
NASDAQ: SELF
Year Ended Dec. 31,
2020 2019 Change % Change
Revenues $7,429,913 $7,380,379 49,534 0.7%
Costs of Operations $2,876,893 $3,155,142 (278,249) (8.8)%
Net Operating Income $4,553,893 $4,225,237 327,783 7.8%
Sq. Ft. Occupancy 95.1% 91.7% 340 bp -
Annual Revenue/Leased Sq. Ft. $11.56 $11.94 $(0.38) (3.2)%
For further details, please refer to the Company’s 2020 10-K. 38Same-Store Properties: Q1 2021 vs Q1 2020 ®
NASDAQ: SELF
Three Months Ended
March 31, March 31,
Change % Change
2021 2020
Revenues $1,929,388 $1,843,653 85,735 4.7%
Costs of Operations $802,636 $746,007 56,629 7.6%
Net Operating Income $1,126,752 $1,097,646 29,106 2.7%
Sq. Ft. Occupancy 96.1% 91.4% 470 bp -
Annualized Revenue/Leased Sq. Ft. $11.88 $11.95 $(0.07) (0.6)%
For further details, please refer to the Company’s 10-Q for the quarter and year ended March 31, 2021. 39Industry Leading Growth Performance ®
NASDAQ: SELF
Self-Storage 2020 Same-Store Net Operating Income Public-Comps
Company 2020 2019 Change % Change
Global Self Storage $4,553,020 $4,225,237 372,783 7.8%
CubeSmart $407,702,000 $407,407,000 295,000 0.1%
National Storage Affiliates $241,586,000 $236,483,000 5,103,000 2.2%
Life Storage $331,556,000 $324,020,000 7,536,000 2.3%
Extra Space Storage $769,936,000 $775,273,000 (5,337,000) (0.7)%
Public Storage $1,748,718,000 $1,790,466,000 (41,748,000) (2.3)%
Source: 2020 10-K filings 40Q1 2021 FFO and AFFO ®
NASDAQ: SELF
For the Three Months Ended March 31,
2021 2020
Net income (loss) $ 411,247 $ (356,424)
Eliminate items excluded from FFO:
Unrealized (gain) loss on marketable equity securities (214,736) 190,405
Depreciation and amortization 405,615 515,937
FFO attributable to common stockholders 602,126 349,918
Adjustments:
Compensation expense related to stock-based awards 31,706 29,162
Business development, capital raising, store acquisition, and third-party management marketing expenses — 9,240
AFFO attributable to common stockholders $ 633,832 $ 388,320
Earnings per share attributable to common stockholders - basic $ 0.04 $ (0.04)
Earnings per share attributable to common stockholders - diluted $ 0.04 $ (0.04)
FFO per share - diluted $ 0.06 $ 0.04
AFFO per share - diluted $ 0.07 $ 0.04
Weighted average shares outstanding - basic 9,292,488 9,262,811
Weighted average shares outstanding - diluted 9,309,287 9,262,811
For further details, please refer to the Company’s 10-Q for the quarter ended March 31, 2021. 41Reconciliation of GAAP Net Income to ®
Same-Store Net Operating Income NASDAQ: SELF
For the Three Months Ended March 31,
2021 2020
Net income (loss) $ 411,247 $ (356,424)
Adjustments:
Management fees and other income (18,197) (17,344)
General and administrative 578,617 682,623
Depreciation and amortization 405,615 515,937
Business development — 9,240
Dividend, interest, and other income (18,070) (24,100)
Unrealized (gain) loss on marketable equity securities (214,736) 190,405
Interest expense 285,492 305,782
Non same-store revenues (494,603) (378,547)
Non same-store cost of operations 191,387 170,074
Total same-store net operating income $ 1,126,752 $ 1,097,646
For the Three Months Ended March 31,
2021 2020
Same-store revenues $ 1,929,388 $ 1,843,653
Same-store cost of operations 802,636 746,007
Total same-store net operating income $ 1,126,752 $ 1,097,646
For further details, please refer to the Company’s 10-Q for the quarter ended March 31, 2021. 42You can also read
