Global Self Storage Reports 3% Revenue Growth to $3.126 Million in Q1 2025

Global Self Storage, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $3.126 million, a 3% increase from $3.034 million in the same period last year. The growth was primarily driven by a rise in rental income, which reached $3.000 million, up from $2.913 million, attributed to improved occupancy rates and existing tenant rate increases. The company also noted a slight increase in other property-related income, which rose to $107,870 from $103,850, reflecting additional subscriptions to tenant insurance.

In terms of expenses, Global Self Storage saw a decrease in total operating expenses, which fell to $2.403 million from $2.443 million, a reduction of 1.7%. This decline was mainly due to lower store-level operating costs and general administrative expenses. Operating income for the quarter increased significantly by 22.4%, reaching $723,667 compared to $590,994 in the prior year. The net income for the quarter was reported at $555,152, or $0.05 per diluted share, compared to $266,150, or $0.02 per diluted share, in the same quarter of 2024.

The company’s balance sheet as of March 31, 2025, showed total assets of $65.140 million, a slight decrease from $65.515 million at the end of 2024. Notably, cash and cash equivalents increased marginally to $7.222 million from $7.181 million. Stockholders' equity also saw a minor decline, totaling $47.275 million compared to $47.438 million at the end of the previous year. The company maintained a note payable of $16.216 million, down from $16.357 million, indicating a focus on managing its debt levels.

Operationally, Global Self Storage managed thirteen properties across several states, including Connecticut, Illinois, and New York. The company reported an increase in same-store occupancy rates to 92.1% from 91.3% year-over-year. The average tenant duration also improved to approximately 3.5 years, up from 3.3 years. The company continues to refine its revenue management strategies, which include monitoring competitor pricing and adjusting rental rates accordingly to optimize occupancy and revenue.

Looking ahead, Global Self Storage expressed confidence in its ability to meet liquidity needs over the next twelve months, with capital resources totaling approximately $24.9 million. The company plans to utilize its available credit facilities for potential acquisitions and expansions. However, it acknowledged that various external factors, including economic conditions and market competition, could impact future performance. The company remains committed to enhancing its operational efficiency and exploring growth opportunities within the self-storage sector.