Global Self Storage (SELF) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $829,615, up 24.9% year-over-year; six-month net income was $1,306,634, up 7.2% year-over-year.

• Same-store occupancy remained strong at 94.7% as of June 30, 2026, with average tenant duration increasing to 3.7 years from 3.4 years year-over-year.

• Enhanced customer service with AI-enabled technology and digital marketing, supporting high occupancy and tenant satisfaction.

• Completed conversion of student housing to climate-controlled units at Lima, Ohio property, achieving a successful lease-up and 94.3% occupancy.

Financial highlights

• Revenues for Q2 2026 increased 0.6% to $3,214,442; six-month revenues rose 1.1% to $6,388,196, driven by rental rate increases.

• Operating income declined 16.3% for the quarter and 18.5% for the six months due to higher operating and administrative expenses.

• FFO for Q2 2026 was $978,486, down 10.7% year-over-year; AFFO was $1,063,302, down 8.9%.

• Diluted EPS was $0.07 for Q2 2026 and $0.11 for the six months, unchanged from the prior year.

• Dividends paid were $0.0725 per share for Q2 and $0.1450 per share for the six months.

Outlook and guidance

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

• Inflationary pressures on employment, property taxes, and administrative costs are expected to persist.

• Sufficient liquidity is projected for the next twelve months, with $24.9 million in capital resources as of June 30, 2026.

• Plans to pursue acquisitions, joint ventures, and expansion in select markets with limited supply growth.

• Focus remains on technology-enabled customer service, targeted marketing, and proprietary revenue rate management to drive long-term value.