US Market News
2月前
Global Self Storage Reports First Quarter 2026 ResultsMay 8, 2026 4:15 PM
ACCESS NewswireSector-Leading Occupancy and Record-Level Tenant Duration of Stay Driven by Continued Operational ExcellenceMILLBROOK, NY / ACCESS Newswire / May 8, 2026 / Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, and redevelops self-storage properties, reported results for the first quarter ended March 31, 2026. All comparisons are to the same year-ago period unless otherwise noted.Q1 2026 HighlightsTotal revenues increased 1.5% to $3.2 million.Net income decreased to $477,000 or $0.04 per diluted share.Same-store revenues increased 1.5% to $3.2 million.Same-store cost of operations increased 10% to $1.3 million.Same-store net operating income (NOI)decreased 3.9% to $1.8 million (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).Same-store occupancy as of March 31, 2026 increased 100 basis points to 93.1% from 92.1% as of March 31, 2025, representing the highest same-store occupancy and occupancy growth in the sector.Same-store average tenant duration of stay as of March 31, 2026 was a record-level of approximately 3.6 years, and increased compared to approximately 3.5 years as of March 31, 2025.Funds from operations (FFO), a non-GAAP measure, decreased to $853,000 or $0.08 per diluted share.Adjusted FFO (AFFO), a non-GAAP measure, decreased to $958,000 or $0.08 per diluted share.Maintained and covered quarterly dividend of $0.0725 per common share.Capital resources as of March 31, 2026 totaled approximately $24.5 million, comprised of $7.4 million in cash, cash equivalents and restricted cash; $2.3 million in marketable securities; and $14.8 million available under the company's revolving credit facility.DividendOn March 2, 2026, the company declared a quarterly dividend of $0.0725 per share, consistent with the quarterly dividend for the year-ago period and previous quarter. The quarterly distribution represents an annualized dividend rate of $0.29 per share.Company ObjectiveThe objective of Global Self Storage is to increase value over time for the benefit of its stockholders. Toward this end, the company will continue to execute its strategic business plan, which includes funding acquisitions, either directly or through joint ventures, and expansion projects at its existing properties. The company's board of directors regularly reviews the strategic business plan, with emphasis on capital formation, debt versus equity ratios, dividend policy, use of capital and debt, FFO and AFFO performance, and optimal cash levels.The management of Global Self Storage believes that the company's continued operational performance and capital resources position it well to continue executing its strategic business plan.Management Commentary"In Q1, we delivered one of the strongest same-store revenue growth rates in the sector with the highest same-store occupancy of 93.1% and the highest occupancy growth, and record-level tenant duration of stay of 3.6 years at quarter-end," said CEO and president of Global Self Storage, Mark C. Winmill. "We believe our results were driven in part by our customer service efforts-providing a clean, safe and hassle-free rental process-which continued to attract high quality, long-term tenants. Our customer service efforts also supported performance by strengthening local brand loyalty and generating strong referral and word-of-mouth demand for our storage units and services."Also contributing to our results were our digital marketing initiatives, which focus in part on our outstanding customer reviews. Our customer reviews have continued to demonstrate a high level of tenant satisfaction. In fact, we maintained a record-level average rating exceeding 4.9 out of 5 stars by the end of the quarter, an increase from 4.8 stars at the end of Q1 2025."During the quarter, our competitor move-in rate metrics analysis-which uses internet data scraping and other methods-helped keep our move-in rates competitive, while our proprietary revenue rate management program helped increase existing tenant rates and optimize store occupancy."While we delivered top-line growth and higher occupancy, our store operating expenses increased during the quarter, primarily due to increased employment costs and real estate property taxes. Employment costs rose mainly due to the timing of routine hiring and departures, but looking ahead we expect these costs to return to lower historic levels of growth. Self storage property tax assessments have been increasing industry-wide. However, we are taking steps to appeal reassessments to our properties as they arise, but there is no guarantee that these increased assessments will be reduced."In January, we converted certain student housing space into approximately 2,400 leasable square feet of all-climate-controlled units at our Lima, OH property. Following the conversion, the property totals 763 units and 94,931 leasable square feet. Total area occupancy was approximately 90.6% upon completion of the conversion and then utilizing our professional management techniques we increased the occupancy by 50 basis points to 91.1% at quarter-end."We believe we are well positioned to execute our strategic business plan with a strong balance sheet of approximately $24.5 million in capital resources. This plan includes growth through acquisitions, joint ventures, and expansion in select markets that exhibit limited supply growth and less professional competition."As we look ahead, we believe our targeted marketing strategies and strong commitment to best-in-class customer service will continue to attract high-quality, long-term tenants. We also remain committed to maximizing revenue, driving NOI growth, and delivering increased value to our stockholders over the long term."Q1 2026 Financial SummaryTotal revenues increased 1.5% to $3.2 million in the first quarter of 2026. The increase was primarily attributable to increases in occupancy and existing tenant rates under its proprietary revenue rate management program.Total operating expenses increased 8.3% to $2.6 million compared to $2.4 million in the same year-ago period. The increase was primarily attributable to an increase of store operating expenses and an increase in general and administrative expenses.Operating income decreased 21.0% to $572,000, compared to $724,000 in the same period last year. The decrease was the result of the operating effects noted above.Net income totaled $477,000 or $0.04 per diluted share from $555,000 or $0.05 per diluted share in the same year-ago period.Capital resources as of March 31, 2026, totaled approximately $24.5 million, comprised of $7.4 million in cash, cash equivalents and restricted cash and $2.3 million in marketable securities, with $14.8 million available under the company's revolving credit facility.Q1 2026 Same-Store ResultsAs of March 31, 2026, the company owned 12 same-store properties and managed a single third party owned property. There were no non-same-store properties.For the first quarter of 2026, same-store revenues increased 1.5% to $3.2 million compared to the same period last year.Same-store cost of operations increased 10% to $1.3 million compared to $1.2 million in the same period last year. The increase was primarily due to increased expenses for employment costs and real estate property taxes.Same-store NOI decreased 3.9% to $1.8 million compared to $1.9 million in the same period last year. The decrease was primarily due to an increase in store operating expenses.Same-store occupancy as of March 31, 2026, increased 100 basis points to 93.1% from 92.1% as of March 31, 2025, representing the highest same-store occupancy and occupancy growth in the sector.Same-store average tenant duration of stay as of March 31, 2026, was a record-level of approximately 3.6 years, compared to approximately 3.5 years as of March 31, 2025.Q1 2026 Operating ResultsNet income in the first quarter of 2026 was $477,000 or $0.04 per diluted share compared to $555,000 or $0.05 per diluted share in the first quarter of 2025.Property operations expenses increased to $1.3 million from $1.2 million in the same period last year.General and administrative expenses increased to $859,000 from $787,000 in the same year-ago period. The increase in general and administrative expenses during this period are primarily attributable to an increase to employment costs, and one-time professional fees related to the amendment and restatement of the company's equity incentive plan.Interest expense decreased to $204,000 from $224,000 in the same year-ago period.FFO decreased 12.6% to $853,000 or $0.08 per diluted share compared to FFO of $975,000 or $0.09 per diluted share in the same period last year.AFFO decreased 11.0% to $958,000 or $0.08 per diluted share compared to AFFO of $1.1 million or $0.10 per diluted share in the same period last year.Q1 2026 FFO and AFFO (Unaudited) Three Months Ended March 31, 2026 2025 Net income $477,019 $555,152 Eliminate items excluded from FFO: Unrealized (gain) loss on marketable equity securities (36,871) 13,345 Depreciation and amortization 412,415 406,846 FFO attributable to common stockholders 852,563 975,343 Adjustments: Compensation expense related to stock-based awards 105,371 100,736 AFFO attributable to common stockholders $957,934 $1,076,079 Earnings per share attributable to common stockholders - basic $0.04 $0.05 Earnings per share attributable to common stockholders - diluted $0.04 $0.05 FFO per share - diluted $0.08 $0.09 AFFO per share - diluted $0.08 $0.10 Weighted average shares outstanding - basic 11,212,499 11,140,788 Weighted average shares outstanding - diluted 11,269,994 11,204,854 Additional InformationAdditional information about the company's first quarter of 2026 results, including financial statements and related notes, is available on Form 10-Q as filed with the U.S. Securities and Exchange Commission and on the company's investor relations website.About Global Self Storage
Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self-storage properties. The company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. Through its wholly owned subsidiaries, the company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.For more information, go to ir.globalselfstorage.us or visit the company's customer site at www.globalselfstorage.us. You can also follow Global Self Storage on X, LinkedIn and Facebook.Non-GAAP Financial Measures
Funds from Operations ("FFO") and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts ("NAREIT") and are considered helpful measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT's net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. The Company also excludes changes in unrealized gains or losses on marketable equity securities. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the Company believes that to further understand the performance of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company's financial statements.Adjusted FFO ("AFFO") and AFFO per share are non-GAAP measures that represent FFO and FFO per share excluding the effects of stock-based compensation, business development, capital raising, and acquisition related costs and non-recurring items, which we believe are not indicative of the Company's operating results. AFFO and AFFO per share are not a substitute for net income or earnings per share. AFFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. We present AFFO because we believe it is a helpful measure in understanding our results of operations insofar as we believe that the items noted above that are included in FFO, but excluded from AFFO, are not indicative of our ongoing operating results. We also believe that the analyst community considers our AFFO (or similar measures using different terminology) when evaluating us. Because other REITs or real estate companies may not compute AFFO in the same manner as we do, and may use different terminology, our computation of AFFO may not be comparable to AFFO reported by other REITs or real estate companies. However, the Company believes that to further understand the performance of its stores, AFFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company's financial statements.We believe net operating income or "NOI" is a meaningful measure of operating performance because we utilize NOI in making decisions with respect to, among other things, capital allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization.NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating our operating results.Same-Store Self Storage Operations Definition
We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions, or new ground-up developments. As of March 31, 2026, we owned twelve same-store properties and zero non same-store properties. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, and NOI, stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions, or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.Cautionary Note Regarding Forward Looking Statements
Certain information presented in this press release may contain "forward-looking statements" within the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "plans," "intends," "expects," "estimates," "may," "will," "should," or "anticipates" or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements made by the Company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved.All forward-looking statements apply only as of the date made. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. The amount, nature, and/or frequency of dividends paid by the company may be changed at any time without notice.Company Contact:
Global Self Storage, Inc.
Email ContactInvestor Relations Contact:
Ron Both
Encore Investor Relations
Email ContactGLOBAL SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) March 31, 2026 December 31, 2025 Assets Real estate assets, net $52,257,449 $52,617,566 Cash and cash equivalents 7,406,429 7,364,963 Restricted cash 16,798 106,444 Investments in securities 2,288,437 2,251,566 Accounts receivable 109,780 117,902 Prepaid expenses and other assets 831,996 802,382 Line of credit issuance costs, net 97,985 117,582 Interest rate cap 760 120 Goodwill 694,121 694,121 Total assets $63,703,755 $64,072,646 Liabilities and equity Note payable, net $15,638,994 $15,785,874 Accounts payable and accrued expenses 1,769,891 1,750,382 Total liabilities 17,408,885 17,536,256 Commitments and contingencies Stockholders' equity Preferred stock, $0.01 par value: 50,000,000 shares authorized; no shares outstanding - - Common stock, $0.01 par value: 450,000,000 shares authorized; 11,422,232 shares and 11,364,278 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 114,222 113,643 Additional paid in capital 50,014,395 49,909,603 Accumulated deficit (3,833,747) (3,486,856)Total stockholders' equity 46,294,870 46,536,390 Total liabilities and stockholders' equity $63,703,755 $64,072,646 GLOBAL SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited) For the Three Months Ended March 31, 2026 2025 Revenues Rental income $3,050,304 $3,000,052 Other property related income 104,831 107,870 Management fees and other income 18,619 18,382 Total revenues 3,173,754 3,126,304 Expenses Property operations 1,330,343 1,208,898 General and administrative 859,220 786,893 Depreciation and amortization 412,415 406,846 Total expenses 2,601,978 2,402,637 Operating income 571,776 723,667 Other income (expense) Dividend and interest income 72,250 68,599 Unrealized gain (loss) on marketable equity securities 36,871 (13,345)Interest expense (203,878) (223,769)Total other expense, net (94,757) (168,515)Net income and comprehensive income $477,019 $555,152 Earnings per share Basic $0.04 $0.05 Diluted $0.04 $0.05 Weighted average shares outstanding Basic 11,212,499 11,140,788 Diluted 11,269,994 11,204,854 Reconciliation of GAAP Net Income to Same-Store Net Operating IncomeThe following table presents a reconciliation of same-store net operating income to net income as presented on our consolidated statements of operations for the periods indicated (unaudited): Three Months Ended March 31, 2026 2025 Net income $477,019 $555,152 Adjustments: Management fees and other income (18,619) (18,382)General and administrative 859,220 786,893 Depreciation and amortization 412,415 406,846 Dividend and interest (72,250) (68,599)Unrealized loss (gain) on marketable equity securities (36,871) 13,345 Interest expense 203,878 223,769 Total same-store net operating income $1,824,792 $1,899,024 Three Months Ended March 31, 2026 2025 Same-store revenues $3,155,135 $3,107,922 Same-store cost of operations 1,330,343 1,208,898 Total same-store net operating income $1,824,792 $1,899,024 SOURCE: Global Self Storage, Inc.View the original press release on ACCESS NewswireOriginal: Global Self Storage Reports First Quarter 2026 Results
US Market News
3月前
Global Self Storage Reports Full Year 2025 ResultsMarch 25, 2026 4:15 PM
ACCESS NewswireRecord Total Revenues, Same-Store Revenues and Net Operating Income with Sector-Leading Occupancy Driven by Continued Operational ExcellenceMILLBROOK, NY / ACCESS Newswire / March 25, 2026 / Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, and redevelops self-storage properties,reported results for the fourth quarter and full year ended December 31, 2025. All comparisons are to the same year-ago period unless otherwise noted.Q4 2025 HighlightsTotal revenues decreased 0.9% to $3.2 million.Net income increased to $323,000 or $0.03 per diluted share from $84,000 or $0.01 per diluted share.Same-store revenues decreased 0.9% to $3.1 million.Same-store cost of operations increased 4.5% to $1.2 million.Same-store net operating income (NOI)decreased 4.1% to $1.9 million (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).Same-store occupancy at December 31, 2025 increased 10 basis points to a sector-leading 93.0% from 92.9% at December 31, 2024.Same-store average tenant duration of stay at December 31, 2025 maintained record-level of approximately 3.5 years, and increased compared to approximately 3.4 years at December 31, 2024.Funds from operations (FFO), a non-GAAP measure, decreased from $1.1 million to $1.0 million or $0.08 per diluted share.Adjusted FFO (AFFO), a non-GAAP measure, decreased from $1.2 million to $1.1 million or $0.09 per diluted share.Maintained and covered quarterly dividend of $0.0725 per common share.Capital resources at December 31, 2025 totaled approximately $24.5 million, comprised of $7.5 million in cash, cash equivalents and restricted cash; $2.3 million in marketable securities; and $14.7 million available under the company's revolving credit facility.Full Year 2025 HighlightsTotal revenues increased 1.4% to a record $12.7 million.Net income decreased to $2.0 million or $0.18 per diluted share from $2.1 million or $0.19 per diluted share.Same-store revenues increased 1.4% to a record $12.6 million.Same-store cost of operations increased 2.6% to $4.9 million.Same-store NOI increased 0.6% to a record $7.8 million.FFO increased 2.7% to $4.0 million or $0.36 per diluted share.AFFO increased 3.4% to $4.4 million or $0.39 per diluted share.Maintained and covered four quarterly dividends totaling $0.29 per common share.DividendOn March 2, 2026, the company declared a quarterly dividend of $0.0725 per share, consistent with the quarterly dividend for the year-ago period and previous quarter. The quarterly distribution represents an annualized dividend rate of $0.29 per share.Company ObjectiveThe objective of Global Self Storage is to increase value over time for the benefit of its stockholders. Toward this end, the company will continue to execute its strategic business plan, which includes funding acquisitions, either directly or through joint ventures, and expansion projects at its existing properties. The company's board of directors regularly reviews the strategic business plan, with emphasis on capital formation, debt versus equity ratios, dividend policy, use of capital and debt, FFO and AFFO performance, and optimal cash levels.The management of Global Self Storage believes that the company's continued operational performance and capital resources position it well to continue executing its strategic business plan.Management Commentary"In 2025, we achieved record-high annual total revenues, same-store revenues, and net operating income with sector-leading same-store occupancy of 93% at year-end," said president and CEO of Global Self Storage, Mark C. Winmill. "In addition, our focus on expense control resulted in reduced corporate-level general and administrative expenses and a deceleration in the growth of store-level expenses."These results were driven by our continued operational excellence, including our internet and digital marketing initiatives. These initiatives during the year included targeted digital campaigns, enhanced search engine optimization, and improved website layout with video testimonials to reach prospective tenants more effectively. These marketing strategies have contributed to our sector-leading occupancy, continued record-high tenant retention, and increased customer satisfaction across our portfolio."Also contributing to our results were our customer service efforts-providing a clean, safe and hassle-free rental process-which continued to attract high quality, long-term tenants. These efforts played a key role in further building local brand loyalty, generating powerful referral and word-of-mouth market demand for our storage units and services."Our high level of tenant satisfaction is also evidenced by consistently strong customer reviews. During the year, we achieved and maintained an average rating exceeding 4.9 out of 5 stars, compared to 4.8 at the end of Q1 2025. Our tenants also tend to stay longer, with the same-store average tenant duration of stay increasing to about 3.5 years as of year-end, maintaining a record-level since September 30, 2025, and up from 3.4 years as of December 31, 2024."Our strong balance sheet, with approximately $24.5 million in capital resources, positions us well to execute our strategic business plan. This plan includes growth through acquisitions, joint ventures, and expansion in select markets that exhibit limited supply growth and less professional competition."As we look ahead, we remain confident that our professional management techniques will continue to optimize occupancy, revenue generation and NOI in our self-storage portfolio. We have seen and anticipate further gradual improvement of market fundamentals in the form of move-in rate stabilization and muted development of new supply in the markets where we operate."By following our strategic business plan, we are confident that we will continue driving increased value for stockholders through a focus on top-quality tenants, disciplined acquisition strategy, effective expense management, and a strong commitment to excellent customer service."Q4 2025 Financial SummaryTotal revenues decreased 0.9% to $3.2 million in the fourth quarter of 2025.Total operating expenses increased 3.6% to $2.5 million compared to $2.4 million in the same year-ago period. The increase was primarily attributable to an increase of store operating expenses.Operating income decreased 14.4% to $680,000, compared to $794,000 in the same period last year. The decrease was primarily due to an increase in store operating expenses.Net income totaled $323,000 or $0.03 per diluted share from $84,000 or $0.01 per diluted share in the same year-ago period.Capital resources as of December 31, 2025, totaled approximately $24.5 million, comprised of $7.5 million in cash, cash equivalents and restricted cash and $2.3 million in marketable securities, with $14.7 million available under the company's revolving credit facility.Q4 2025 Same-Store ResultsAs of December 31, 2025, the company owned 12 same-store properties and managed a single third party owned property. There were no non-same-store properties.For the fourth quarter of 2025, same-store revenues decreased 0.9% to $3.1 million compared to the same period last year.Same-store cost of operations increased 4.5% to $1.24 million compared to $1.18 million in the same period last year. The increase was primarily due to increased expenses for employment costs, landscaping expenses and marketing expenses.Same-store NOI decreased 4.1% to $1.9 million compared to $2.0 million in the same period last year. The decrease was primarily due to an increase in store operating expenses.Same-store occupancy at December 31, 2025, increased 10 basis points to 93.0% from 92.9% at December 31, 2024.Same-store average tenant duration of stay at December 31, 2025, was approximately 3.5 years, compared to approximately 3.4 years as of December 31, 2024.Q4 2025 Operating ResultsNet income in the fourth quarter of 2025 was $323,000 or $0.03 per diluted share compared to $84,000 or $0.01 per diluted share in the fourth quarter of 2024.Property operations expenses increased to $1.24 million from $1.18 million in the same period last year.General and administrative expenses increased to $831,000 from $800,000 in the same year-ago period.Business development costs were zero for the quarter and the same year-ago period.Interest expense increased to $207,000 from $205,000 in the same year-ago period.FFO decreased 10.1% to $1.0 million or $0.08 per diluted share compared to FFO of $1.1 million or $0.10 per diluted share in the same period last year.AFFO decreased 9.8% to $1.1 million or $0.09 per diluted share compared to AFFO of $1.2 million or $0.11 per diluted share in the same period last year.Full Year 2025 Financial SummaryFor the full year 2025, total revenues increased 1.4% to $12.7 million, compared to $12.5 million in 2024. This increase was due primarily to an increase in occupancy and existing tenant rates under the company's proprietary revenue rate management program.Total operating expenses increased 1.1% to $9.7 million, compared to $9.6 million in 2024. The increase was primarily attributable to an increase in store-level operating expenses, including increased expenses for employment and utilities.Operating income increased 2.3% to $3.0 million, as compared to $2.9 million in 2024. The increase was primarily due to increased rental income.Net income was $2.0 million or $0.18 per diluted share, as compared to $2.1 million or $0.19 per diluted share in 2024.Full Year 2025 Same-Store ResultsFor the full year of 2025, same-store revenues increased 1.4% to $12.6 million compared to $12.5 million in 2024. This increase was due primarily to an increase in occupancy and existing tenant rates under the company's proprietary revenue rate management program.Same-store cost of operations increased 2.6% to $4.9 million compared to $4.7 million in 2024. This increase in same-store cost of operations was due primarily to increased expenses for employment and utilities.Same-store NOI increased 0.6% to $7.8 million, compared to $7.7 million in 2024. The increase was primarily due to an increase in revenues.For a reconciliation of net income to same-store NOI see, "Reconciliation of GAAP Net Income to Same-Store Net Operating Income," below.Full Year 2025 Operating ResultsNet income in the full year of 2025 was $2.0 million or $0.18 per diluted share, compared to $2.1 million or $0.19 per diluted share in 2024.Property operations expenses increased to $4.9 million, as compared to $4.7 million in 2024.General and administrative expenses decreased to $3.22 million, as compared to $3.26 million in 2024.Business development costs increased to $22,286, as compared to $3,037 in 2024.Interest expense decreased to $854,000 from $881,000 in 2024. This decrease was primarily attributable to lower principal balance outstanding.FFO increased 2.7% to $4.0 million or $0.36 per diluted share, compared to FFO of $3.9 million or $0.35 per diluted share in 2024.AFFO increased 3.4% to $4.4 million or $0.39 per diluted share, compared to AFFO of $4.3 million or $0.38 per diluted share in 2024.Q4 2025 and Full Year FFO and AFFO (Unaudited) Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $322,824 $84,406 $2,038,451 $2,123,743 Eliminate items excluded from FFO: Unrealized loss on marketable equity securities 221,924 569,977 357,421 166,042 Depreciation and amortization 410,614 408,857 1,634,480 1,634,147 FFO attributable to common stockholders 955,362 1,063,240 4,030,352 3,923,932 Adjustments: Compensation expense related to stock-based awards 106,431 114,222 350,333 332,358 Business development - - 22,286 3,037 AFFO attributable to common stockholders $1,061,793 $1,177,462 $4,402,971 $4,259,327 Earnings per share attributable to common stockholders - basic $0.03 $0.01 $0.18 $0.19 Earnings per share attributable to common stockholders - diluted $0.03 $0.01 $0.18 $0.19 FFO per share - diluted $0.08 $0.10 $0.36 $0.35 AFFO per share - diluted $0.09 $0.11 $0.39 $0.38 Weighted average shares outstanding - basic 11,189,445 11,116,664 11,166,641 11,094,915 Weighted average shares outstanding - diluted 11,243,353 11,175,035 11,224,476 11,143,831 Additional InformationAdditional information about the company's fourth quarter and full year of 2025 results, including financial statements and related notes, is available on Form 10-K as filed with the U.S. Securities and Exchange Commission and on the company's investor relations website.About Global Self StorageGlobal Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self-storage properties. The company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. Through its wholly owned subsidiaries, the company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.For more information, go to ir.globalselfstorage.us or visit the company's customer site at www.globalselfstorage.us. You can also follow Global Self Storage on X, LinkedIn and Facebook.Non-GAAP Financial MeasuresFunds from Operations ("FFO") and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts ("NAREIT") and are considered helpful measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT's net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. The Company also excludes unrealized gains on marketable equity securities and gains relating to PPP loan forgiveness. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the Company believes that to further understand the performance of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company's financial statements.Adjusted FFO ("AFFO") and AFFO per share are non-GAAP measures that represent FFO and FFO per share excluding the effects of stock-based compensation, business development, capital raising, and acquisition related costs and non-recurring items, which we believe are not indicative of the Company's operating results. AFFO and AFFO per share are not a substitute for net income or earnings per share. AFFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends because it excludes financing activities presented on our statements of cash flows. We present AFFO because we believe it is a helpful measure in understanding our results of operations insofar as we believe that the items noted above that are included in FFO, but excluded from AFFO, are not indicative of our ongoing operating results. We also believe that the analyst community considers our AFFO (or similar measures using different terminology) when evaluating us. Because other REITs or real estate companies may not compute AFFO in the same manner as we do, and may use different terminology, our computation of AFFO may not be comparable to AFFO reported by other REITs or real estate companies. However, the Company believes that to further understand the performance of its stores, AFFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company's financial statements.We believe net operating income or "NOI" is a meaningful measure of operating performance because we utilize NOI in making decisions with respect to, among other things, capital allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization.NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures in evaluating our operating results.Same-Store Self Storage Operations DefinitionWe consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions or new ground-up developments. As of December 31, 2025, we owned twelve same-store properties and zero non-same-store properties. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, NOI, etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.Cautionary Note Regarding Forward Looking StatementsCertain information presented in this press release may contain "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the company's plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "plans," "intends," "expects," "estimates," "may," "will," "should," or "anticipates," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements made by the company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the company, which may cause the company's actual results to be materially different from those expressed or implied by such statements. The company may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the company or on its behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, the company's examination of historical operating trends and estimates of future earnings, are based upon the company's current expectations and various assumptions. The company's expectations, beliefs and projections are expressed in good faith and it believes there is a reasonable basis for them, but there can be no assurance that the company's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. Except as required by law, the company undertakes no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. The amount, nature, and/or frequency of dividends paid by the company may be changed at any time without notice.Company Contact:
Thomas O'Malley
Chief Financial Officer
Global Self Storage
Tel (212) 785-0900, ext. 267
Email ContactInvestor Relations Contact:
Ron Both
Encore Investor Relations
Tel (949) 432-7557
Email ContactGLOBAL SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) December 31, 2025 December 31, 2024 Assets Real estate assets, net $52,617,566 $53,925,409 Cash and cash equivalents 7,364,963 7,180,857 Restricted cash 106,444 29,204 Investments in securities 2,251,566 2,608,987 Accounts receivable 117,902 142,408 Prepaid expenses and other assets 802,382 719,351 Interest rate cap 120 18,717 Line of credit issuance costs, net 117,582 195,970 Goodwill 694,121 694,121 Total assets $64,072,646 $65,515,024 Liabilities and stockholders' equity Note payable, net $15,785,874 $16,356,582 Accounts payable and accrued expenses 1,750,382 1,720,765 Total liabilities 17,536,256 18,077,347 Commitments and contingencies Stockholders' equity Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding - - Common stock, $0.01 par value: 450,000,000 shares authorized; 11,364,278 shares and 11,292,772 shares issued and outstanding at December 31, 2025 and 2024, respectively 113,643 112,927 Additional paid in capital 49,909,603 49,559,986 Accumulated deficit (3,486,856) (2,235,236)Total stockholders' equity 46,536,390 47,437,677 Total liabilities and stockholders' equity $64,072,646 $65,515,024 GLOBAL SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited) Three Months Ended Three Months Ended Year Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenues Rental income $3,034,559 $3,057,181 $12,196,698 $12,024,552 Other property related income 106,015 111,210 434,804 435,167 Management fees and other income 18,318 18,535 73,743 70,561 Total revenues 3,158,892 3,186,926 12,705,245 12,530,280 Expenses Property operations 1,237,031 1,183,763 4,864,402 4,739,995 General and administrative 830,919 799,972 3,222,726 3,258,773 Depreciation and amortization 410,614 408,857 1,634,480 1,634,147 Business development - - 22,286 3,037 Total expenses 2,478,564 2,392,592 9,743,894 9,635,952 Operating income 680,328 794,334 2,961,351 2,894,328 Other income (expense) Dividend and interest income 71,169 65,171 288,573 276,201 Unrealized loss on marketable equity securities (221,924) (569,977) (357,421) (166,042)Interest expense (206,749) (205,122) (854,052) (880,744) Total other expense, net (357,504) (709,928) (922,900) (770,585) Net income and comprehensive income $322,824 $84,406 $2,038,451 $2,123,743 Earnings per share Basic $0.03 $0.01 $0.18 $0.19 Diluted $0.03 $0.01 $0.18 $0.19 Weighted average shares outstanding Basic 11,189,445 11,116,664 11,166,641 11,094,915 Diluted 11,243,353 11,175,035 11,224,476 11,143,831 Reconciliation of GAAP Net Income to Same-Store Net Operating IncomeThe following table presents a reconciliation of same-store net operating income to net income as presented on our consolidated statements of operations for the periods indicated (unaudited): For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $322,824 $84,406 $2,038,451 $2,123,743 Adjustments: Management fees and other income (18,318) (18,535) (73,743) (70,561 General and administrative 830,919 799,972 3,222,726 3,258,773 Depreciation and amortization 410,614 408,857 1,634,480 1,634,147 Business development - - 22,286 3,037 Dividend and interest income (71,169) (65,171) (288,573) (276,201 Unrealized loss on marketable equity securities 221,924 569,977 357,421 166,042 Interest expense 206,749 205,122 854,052 880,744 Total same-store net operating income $1,903,543 $1,984,628 $7,767,100 $7,719,724 For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Same-store revenues $3,140,574 $3,168,391 $12,631,502 $12,459,719 Same-store cost of operations $1,237,031 $1,183,763 $4,864,402 $4,739,995 Total same-store net operating income $1,903,543 $1,984,628 $7,767,100 $7,719,724 SOURCE: Global Self StorageView the original press release on ACCESS NewswireOriginal: Global Self Storage Reports Full Year 2025 Results
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