Global Self Storage (SELF) Q2 2024 earnings summary

Executive summary

• Q2 2024 net income was $591,530, up 2.3% year-over-year; EPS remained $0.05 per diluted share.

• Revenues for Q2 2024 increased 0.7% to $3.11 million, driven by higher occupancy and tenant insurance uptake.

• Same-store occupancy rose to 93.0% at June 30, 2024, from 90.5% a year earlier, reaching 94.2% by July 31, 2024.

• Quarterly dividend of $0.0725 per share was maintained and covered; capital resources totaled $24.8 million.

• Management credits targeted digital and local marketing for occupancy gains and cost-effective growth.

Financial highlights

• Q2 2024 total revenues: $3.11 million (+0.7% YoY); rental income: $2.98 million (+0.6% YoY).

• Q2 2024 net income: $591,530 (+2.3% YoY); EPS: $0.05 (flat YoY); six-month net income: $857,680 (-45% YoY).

• Q2 2024 FFO: $921,136 (-16.4% YoY); FFO per share: $0.08; AFFO: $994,061 (-13.2% YoY); AFFO per share: $0.09.

• Q2 2024 operating income: $635,911 (-18.3% YoY); first half operating income: $1.2 million (-23.4% YoY).

• Q2 2024 operating expenses: $2.47 million (+7.1% YoY); G&A expenses: $892,822 (+10.3% YoY); interest expense: $211,000 (+23.6% YoY).

Outlook and guidance

• Management expects rental income growth from existing tenant rent increases, higher rates for new tenants, and higher occupancies.

• Focus remains on acquisitions, joint ventures, and property expansions.

• Sufficient cash and capital resources are expected to meet liquidity needs for the next twelve months.

• Company expects to benefit from digital marketing, professional management, and selective market expansion.