Global Self Storage (SELF) Q3 2025 earnings summary

Executive summary

• Owns and manages 13 self-storage properties across eight states, focusing on maximizing cash flows and expanding through acquisitions and third-party management.

• Achieved record-high total revenues of $3.23M in Q3 2025, up 0.8% year-over-year, and $9.55M for the first nine months, up 2.2% year-over-year.

• Sector-leading same-store occupancy growth, reaching 93.2% at quarter-end, up 170 basis points year-over-year.

• Net income declined to $496K ($0.04 per diluted share) in Q3 and $1.72M ($0.15 per share) for the first nine months.

• Maintains REIT status, distributing at least 90% of taxable income to shareholders, and covered quarterly dividend of $0.0725 per share.

Financial highlights

• Q3 2025 same-store revenues rose 0.8% to $3.2M; same-store NOI decreased 3% to $2.0M.

• Q3 same-store cost of operations increased 7.4% to $1.2M, mainly due to higher utilities, employment costs, and one-time repairs.

• FFO for Q3 decreased 8% to $1.00M ($0.09 per diluted share); AFFO decreased 6% to $1.10M ($0.10 per diluted share).

• FFO for the first nine months increased 7.5% to $3.1M ($0.27 per diluted share); AFFO increased 8.4% to $3.3M ($0.30 per diluted share).

• Distributions remained at $0.0725 per share for Q3 and $0.2175 per share for the nine months.

Outlook and guidance

• Expects sufficient liquidity for the next 12 months, with $24.8M in capital resources including $7.5M cash and $14.8M available under the credit facility.

• Anticipates continued focus on acquisitions, expansions, and third-party management growth.

• Projects moderate increases in store-level expenses due to inflation and utility costs.

• Management expects continued optimization of occupancy, revenue, and NOI through professional management and targeted marketing.

• Gradual improvement in market fundamentals anticipated, with move-in rate stabilization and limited new supply in key markets.