Global Self Storage Comments on Unsolicited, Non-Binding, and Conditional Acquisition Proposal Received From Etude Storage Partners LLC

No Stockholder Action Required at this Time

MILLBROOK, NY / ACCESSWIRE / May 7, 2024 / Global Self Storage, Inc. (NASDAQ:SELF), (the "Company"), a real estate investment trust that owns, operates, manages, acquires and redevelops self-storage properties, today commented on the unsolicited, non-binding, and conditional acquisition proposal that it received today from Etude Storage Partners LLC to acquire all of the outstanding shares of the Company for $6.15 per share in cash.

The proposal announced by Etude today is the third unsolicited, non-binding, and conditional acquisition proposal that Etude has submitted to Global Self Storage within the past ninety days. The Global Self Storage Board of Directors (the "Board"), which consists of a majority of independent directors, unanimously determined, in consultation with its financial and legal advisors, that each of Etude's previous unsolicited, non-binding, and conditional acquisition proposals, initially at a price of $5.52, and then later at a price of $6.05, in cash per share of common stock, was inadequate and undervalued the Company's current and potential long-term value, and was not in the best interests of the Company and its stockholders. In addition, the Board determined that the continued execution of the Company's strategic business plan was in the best interests of the Company and its stockholders.

"After careful review of Etude's previous unsolicited, non-binding, and conditional acquisition proposals, it was clear to our entire Board that Etude is seeking to opportunistically exploit the challenging macro-economic operating environment currently impacting the valuation of publicly traded self-storage companies and thereby deprive our stockholders of the value currently inherent in the Company as well as the opportunity to benefit from the Company's significant upside potential as we continue to execute on our strategic business plan," said Mark C. Winmill, Chairman of the Board, Chief Executive Officer, and President.

The Board, consistent with its fiduciary duties and in consultation with its advisors, will carefully review and consider Etude's latest unsolicited, non-binding, and conditional acquisition proposal to determine the course of action that it believes is in the best interests of Global Self Storage and its stockholders. Global Self Storage notes that Etude's letter did not constitute a formal offer and, as such, stockholders do not need to take any action.