Shares of Global Self Storage, Inc. SELF have lost 0.5% since the company reported its earnings for the quarter ended June 30, 2025, underperforming the S&P 500 Index’s 1.8% gain over the same period. Over the past month, the stock fell 1.6%, while the S&P 500 rose 3.2%.
SELF’s Earnings Snapshot
Global Self Storage posted total revenues of $3.2 million in the second quarter of 2025, up 2.7% from the year-ago period’s $3.1 million. Net income rose to $0.7 million, or $0.06 per diluted share, from $0.6 million, or $0.05 per diluted share, a 12.3% increase. Funds from operations (FFO) increased 18.9% year over year to $1.1 million, or $0.10 per diluted share, from $0.9 million, or $0.08 per diluted share, in the prior-year quarter. Adjusted FFO (AFFO) rose 17.5% from the year-ago period to $1.2 million, or $0.10 per diluted share, from $0.9 million, or $0.09 per diluted share, in the year-ago quarter.
On the operational side, same-store revenues increased 2.7% to $3.2 million from $3.1 million, driven primarily by higher occupancy, while same-store net operating income (NOI) improved 3.9% to $1.99 million from $1.92 million. Same-store occupancy rose 170 basis points year over year to 94.7% from 93% on June 30, 2024, and the average tenant duration reached a record-high 3.4 years compared with 3.3 years as of June 30, 2024.
Global Self Storage’s Other Key Business Metrics
Operating expenses decreased 4.4% year over year to $2.4 million from $2.5 million, largely due to lower general and administrative costs, which fell 12.8% to $0.8 million from $0.9 million. Property operations expenses edged up 0.7% to $1.18 million from $1.17 million. Interest expense rose 1.4% to $214,392 from $211,361. Global Self Storage maintained a quarterly dividend of $0.0725 per share, fully covered by earnings, translating to an annualized rate of $0.29.
Capital resources totaled $25.2 million as of June 30, 2025, including $7.6 million in cash, cash equivalents and restricted cash, $2.6 million in marketable securities, and full availability under its $15 million revolving credit facility.
Global Self Storage, Inc. Price, Consensus and EPS Surprise
Global Self Storage, Inc. price-consensus-eps-surprise-chart | Global Self Storage, Inc. Quote
SELF’s Management Commentary
President and CEO Mark C. Winmill credited Global Self Storage’s “targeted marketing program and growing brand recognition” for delivering peer-leading growth in same-store revenues, occupancy, NOI and FFO among publicly traded self-storage REITs. Winmill highlighted SELF’s high tenant satisfaction, with an average customer rating exceeding 4.9 out of 5 stars, up from 4.8 in the prior quarter, as a driver of increased referrals and brand loyalty. Management emphasized its strong balance sheet and geographic strategy, targeting U.S. and select non-U.S. markets with limited supply growth and lower competition.
Factors Influencing Global Self Storage’s Headline Numbers
Revenue growth stemmed mainly from higher occupancy rates and Global Self Storage’s proprietary revenue rate management program. Expense reductions in general and administrative categories helped boost operating income by 30.4% to $0.8 million from $0.6 million. The competitive move-in rate environment persisted, but targeted digital and local marketing allowed SELF to maintain pricing discipline while attracting and retaining long-term tenants. Interest expense rose marginally due to fees on the unused revolving credit facility.
SELF’s Guidance
Global Self Storage did not provide explicit forward-looking financial guidance. However, management noted that move-in rates were beginning to stabilize and that demand remained steady in its operating markets, which were largely insulated from new supply pressures affecting other regions. The strategic plan remains focused on acquisitions, joint ventures, and expansions in markets with favorable supply-demand dynamics.
Global Self Storage’s Other Developments
No acquisitions, divestitures or business restructurings were announced during the quarter. SELF’s portfolio at June 30, 2025, consisted of 12 same-store properties and the management of one third-party-owned property, with no non-same-store assets.
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Global Self Storage, Inc. (SELF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).