Back to top

Image: Bigstock

Global Self Storage Stock Up Post Q3 Earnings, Occupancy Solid

Read MoreHide Full Article

Shares of Global Self Storage, Inc. (SELF - Free Report) have gained 1.2% since the company reported its earnings for the quarter ended Sept. 30, 2025, lagging the S&P 500 Index’s 1.9% advance over the same period. Over the past month, the stock has been up 2.1% compared with the broader market’s 3.5% growth.

SELF’s Earnings Snapshot

In the third quarter of 2025, Global Self Storage posted modest top-line growth but materially lower earnings versus a year earlier. Total revenues edged up 0.8% to $3.23 million from $3.20 million, driven primarily by higher occupancy and continued execution of the company’s revenue rate management program. Net income fell 58% to $0.5 million, or $0.04 per diluted share, from $1.2 million, or $0.10 per diluted share, in the prior-year quarter, reflecting higher operating expenses and a swing to an unrealized loss on marketable equity securities from a sizable gain a year ago.

Funds from operations (FFO) declined 8% to $1 million, or $0.09 per diluted share, from $1.1 million, or $0.10 per diluted share, while adjusted FFO (AFFO) decreased 6% to $1.1 million, or $0.10 per diluted share, from $1.2 million, or $0.10 per diluted share.

On a same-store basis, revenues also rose 0.8% to a record $3.21 million from $3.18 million, but same-store cost of operations climbed 7.4% to $1.24 million from $1.15 million, leading to a 2.9% decline in same-store net operating income (NOI) to $1.9 million from $2 million.

Global Self Storage’s Other Key Business Metrics

Despite the earnings pressure, operating metrics remained solid. Same-store occupancy as of Sept. 30, 2025, increased 170 basis points year over year to 93.2% from 91.5% year over year, which management characterized as “sector-leading” growth. The average tenant duration of stay reached a record 3.5 years compared with 3.4 years a year earlier, underscoring a base of relatively long-tenured customers.

For the first nine months of 2025, total revenues grew 2.2% year over year to a record $9.5 million from $9.3 million. Same-store revenues increased 2.1%, and same-store NOI rose 2.2% to a record $5.9 million from $5.7 million, showing that expense pressure was more pronounced in the latest quarter than over the year-to-date period.

Over the same nine-month span, FFO increased 7.5% to $3.1 million, or $0.27 per diluted share, from $2.9 million, or $0.26 per diluted share, and AFFO rose 8.4% to $3.3 million, or $0.30 per diluted share, from $3.1 million, or $0.28 per diluted share, reflecting stronger performance earlier in the year and lower interest expense.

SELF maintained its quarterly dividend at $0.0725 per share, unchanged from both the prior quarter and the year-ago period, corresponding to an annualized rate of $0.29 per share. Management noted that AFFO covered the dividend.

Capital resources totaled about $24.8 million at quarter-end, including $7.5 million in cash, cash equivalents and restricted cash, $2.5 million in marketable securities and $14.8 million available under the revolving credit facility, providing balance sheet flexibility for growth initiatives.

Global Self Storage, Inc. Price, Consensus and EPS Surprise

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

Management framed the quarter as a mix of record-high revenues and sector-leading occupancy gains, offset by higher costs. In its commentary, Global Self Storage highlighted continued operational excellence and emphasized its focus on high-quality, long-term tenants in markets with limited new supply and relatively less professional competition. Management also pointed to gradual improvement in market fundamentals, citing stabilization in move-in rental rates and muted development of new self-storage supply in the company’s markets.

SELF reiterated its reliance on a proprietary revenue rate management program, which uses regular competitive price checks to adjust in-place and new-lease rents. This approach, together with marketing initiatives targeting high-quality, long-term tenants, is intended to support both occupancy and rent per unit over time.

Factors Influencing Global Self Storage’s Headline Numbers

The modest revenue growth contrasted with much faster expense inflation. Store operating expenses rose 7.4%, primarily due to higher utilities, employment costs and one-time repairs and maintenance. General and administrative expenses increased 8.4% year over year, mainly reflecting higher one-time professional fees, and business development costs jumped from $2,012 to $22,286 as Global Self Storage pursued capital raising and acquisition opportunities.

On the revenue side, rental income increased 0.9% year over year, supported by higher occupancy and existing-tenant rent increases, while other property-related income declined 3.3%, partly due to a promotion offering complimentary locks to new tenants that reduced merchandise sales. Interest expense on debt decreased 19.4% versus the prior-year quarter, thanks to the change in the mark-to-market of SELF’s interest rate cap, but this benefit was more than offset by a swing from a $499,283 unrealized gain on marketable equity securities in the prior-year quarter to a $98,704 unrealized loss in the current period.

Management’s qualitative outlook, while not formal numerical guidance, points to ongoing cost pressure. Global Self Storage currently expects moderate increases in direct store costs, as well as inflationary increases in utilities and certain other operating expenses, partially offset by energy-efficiency initiatives such as LED lighting upgrades.

SELF’s Other Developments

From a strategic and corporate activity standpoint, Global Self Storage continued to evaluate acquisition and development opportunities but did not close any property or portfolio acquisitions during the three and nine months ended Sept. 30, 2025. The company’s third-party management platform, Global MaxManagement, oversaw one rebranded property in Edmond, OK, providing a potential pipeline for future acquisitions and an additional revenue stream.

SELF also maintained access to external growth capital through an at-the-market equity program established earlier in 2025, which allows it to issue up to $15 million of common stock through a sales agent as market conditions and investment opportunities warrant. There were no noted divestitures, business restructurings or material legal proceedings during the quarter.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Global Self Storage, Inc. (SELF) - free report >>

Published in