Global Self Storage Reports Revenue Gain

Key Points

• Revenue (GAAP) outperformed analyst expectations, rising 2.7% year over year to $3.19 million in Q2 2025 compared to Q2 2024.

• Same-store occupancy reached 94.7%, a 170 basis point increase from the prior year.

• Dividend coverage remained strong, with Adjusted Funds from Operations (non-GAAP) per share up 11.1% in Q2 2025 versus Q2 2024.

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Global Self Storage (NASDAQ:SELF), a self-storage real estate investment trust (REIT) operating across the U.S, announced its financial results for the quarter ended June 30, 2025, on August 8, 2025. Global Self Storage delivered $3.19 million in GAAP revenue, beating analysts’ estimates of $3.05 million, and reported GAAP diluted earnings per share of $0.06, compared to $0.05 for Q2 2024. Same-store Net Operating Income (NOI), a non-GAAP measure, increased 4.0%, while occupancy and average tenant duration reached new highs. The quarter demonstrated stability and operational efficiency, although growth in revenue and portfolio size remained measured given industry competition and a lack of new acquisitions.

Source: Analyst estimates for the quarter provided by FactSet.

Business Overview and Core Focus

Global Self Storage owns and manages self-storage facilities, providing storage solutions to residential and commercial customers. The company holds a portfolio of 12 same-store locations and manages one third-party property across eight U.S. states. It operates as a REIT, which means it must meet specific regulatory requirements and distribute most of its earnings to shareholders via dividends.

The company emphasizes maximizing occupancy and revenue through its proprietary rate management system. It leverages digital marketing, real-time competitor monitoring, and customer service to attract and retain tenants. Key success factors for the business include sustaining high occupancy rates, prudent capital management, and the ability to expand its footprint through acquisitions or property redevelopment.

Quarter Highlights and Performance Drivers

GAAP revenue came in above expectations, with same-store NOI also improving. Occupancy hit 94.7%, up from 93.0% a year earlier. Average duration of stay for tenants reached a record 3.4 years, compared with 3.3 years a year ago. Management attributes these results to its digital marketing programs and proprietary revenue management platform, which allows for dynamic pricing and close monitoring of local competitor rates.

Customer satisfaction remained high, as customer review ratings averaged over 4.9 out of 5 stars at quarter-end (up from 4.8 in Q1 2025). The company claims this is a direct result of its efforts on customer service and its targeted digital campaigns, which focus on convenience and value for tenants. A measurable increase in referrals from current tenants further reinforced Global Self Storage’s competitive positioning.

The company’s capital position remains robust, with $7.6 million in cash, $2.6 million in marketable securities, and full access to a $15 million revolving credit facility. Management repeated its intention to pursue acquisitions, joint ventures, and strategic expansions when suitable opportunities arise, highlighting both discipline and readiness to grow.

General and administrative costs decreased from $893,000 in Q2 2024 to $779,000, improving operating income. Interest expense saw a slight uptick due to unused fees on the revolving credit facility, but the debt and leverage profile stayed conservative, with liabilities at $17.8 million against $47.2 million in equity as of June 30, 2025. There were no notable one-time events or adjustments during the period that materially affected financial results.

Outlook and What to Watch

Management signaled optimism in its commentary, noting that move-in rates have begun to stabilize and that demand remains steady in the company’s markets. These markets, according to management, are not experiencing the new supply challenges facing other regions that contribute to price pressures in the self-storage sector. However, no formal financial guidance for the rest of fiscal 2025 was provided.

For the next quarters, investors should monitor whether Global Self Storage can convert its strong balance sheet position into facility acquisitions or redevelopment projects, as well as the trajectory for occupancy and rental rates in what remains a competitive move-in rate environment. The company’s quarterly dividend remained flat at $0.0725 per share and remains well-covered by Adjusted Funds from Operations.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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