Global Self Storage (SELF) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $664,216, up 12.3% year-over-year; six-month net income was $1,219,368, up 42.2% year-over-year.

• Revenues for Q2 2025 increased 2.7% to $3,194,378; six-month revenues rose 2.9% to $6,320,682.

• Achieved peer-leading growth in same-store revenues, occupancy, NOI, and FFO for Q2 2025, driven by operational excellence and targeted marketing strategies.

• Maintained high customer satisfaction, with average tenant duration at a record 3.4 years and customer ratings exceeding 4.9 out of 5 stars.

• Strong balance sheet with $25.2 million in capital resources, supporting ongoing strategic expansion and acquisitions.

Financial highlights

• FFO for Q2 2025 was $1,095,380, up 18.9% year-over-year; AFFO was $1,167,598, up 17.5%.

• FFO per diluted share increased to $0.10 from $0.08; AFFO per diluted share rose to $0.10 from $0.09.

• Distributions were $0.0725 per share for Q2 and $0.1450 per share for the six months; annualized at $0.29.

• Closing market price as of June 30, 2025 was $5.34, up from $4.86 a year earlier.

• Same-store NOI grew 4.0% in Q2 and 5.1% in the first half year-over-year.

Outlook and guidance

• Rental income growth is expected from existing tenant rent increases, higher rates for new tenants, lower promotional discounts, and higher occupancies.

• Existing tenant rent increases for the remainder of 2025 are expected to be similar to the prior year.

• Moderate increases in direct store costs and inflationary increases in compensation and utilities are anticipated.

• Management expects continued execution of its strategic plan, focusing on acquisitions, joint ventures, and expansion in markets with limited supply growth.

• Move-in rates are stabilizing, and steady demand is anticipated in current markets.