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GS

Global Self Storage, Inc. (SELF)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered steady top-line growth with total revenues up 3.0% to $3.13M, operating income up 22.4% to $0.72M, and net income more than doubled to $0.56M ($0.05 diluted EPS), driven by higher occupancy and disciplined revenue rate management .
  • Same-store metrics were solid: revenues +3.0%, NOI +6.3% to $1.90M, occupancy up 80 bps to 92.1%, and average tenant duration at a record ~3.5 years .
  • Versus estimates, revenue modestly missed the Wall Street consensus ($3.13M actual vs $3.15M estimate; 1 estimate) while EPS consensus was unavailable; dividend maintained at $0.0725 per share .
  • Management emphasized peer-leading performance relative to self-storage REIT peers and highlighted strong capital resources (~$24.9M) to support acquisitions, JVs, and expansion, a potential ongoing catalyst .

What Went Well and What Went Wrong

What Went Well

  • “Peer-leading growth in same-store revenues and net operating income” attributed to professional management, targeted marketing, and proprietary revenue rate management; FFO and AFFO growth led peers despite competitive move-in rate environment .
  • Occupancy improved to 92.1% (+80 bps YoY) and tenant satisfaction strong (4.8–4.9/5 average ratings), supporting record average duration of stay (~3.5 years) .
  • Operating leverage: total operating expenses fell 1.7% YoY; property operations and G&A both declined YoY, driving operating income +22.4% YoY .

What Went Wrong

  • Revenue modestly missed consensus given one covering estimate; EPS consensus unavailable, limiting beat/miss clarity (see Estimates Context) (revenue actual), $3.152M* (estimate, 1 estimate).
  • Interest expense increased YoY to $0.224M due primarily to a decrease in cash settlements under the interest rate cap, modestly pressuring other income .
  • Management noted lower move-in rental rates observed across U.S. markets, a competitive headwind partially offset by occupancy gains and rate management .

Financial Results

Core Financials vs Prior Periods and Estimates

MetricQ3 2024Q4 2024Q1 2025
Total Revenues ($USD)$3,200,276 $3,200,000 $3,126,304
Operating Income ($USD)$873,090 $794,000 $723,667
Net Income ($USD)$1,181,657 $84,406 $555,152
Diluted EPS ($USD)$0.10 $0.01 $0.05
Property Operations Expense ($USD)$1,153,947 $1,183,763 $1,208,898
General & Administrative ($USD)$762,000 $799,972 $786,893
Interest Expense ($USD)$259,419 $205,000 $223,769

Non-GAAP and Same-Store KPIs

KPIQ3 2024Q4 2024Q1 2025
FFO per share - diluted ($)$0.10 $0.10 $0.09
AFFO per share - diluted ($)$0.10 $0.11 $0.10
Same-Store Revenues ($USD)$3,182,489 $3,168,391 $3,107,922
Same-Store NOI ($USD)$2,028,542 $1,984,628 $1,899,024
Same-Store Occupancy (%)91.5% 92.9% 92.1%
Avg Tenant Duration (~years)~3.4 ~3.4 ~3.5

Estimates Comparison (Q1 2025)

MetricConsensus (Q1 2025)Actual (Q1 2025)Surprise
Revenue ($USD)$3,152,000*$3,126,304 -$25,696 (-0.8%); Miss*
EPS ($USD)N/A*$0.05 N/A*

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Dividend per Share ($)Quarterly$0.0725 $0.0725 (declared Mar 3, 2025) Maintained
RevenueFY/Q2-Q3Not provided Not provided Maintained (no formal guidance)
Margins/NOIFY/Q2-Q3Not provided Not provided Maintained (no formal guidance)
OpEx / G&AFY/Q2-Q3Not provided Not provided Maintained (no formal guidance)
Capital ResourcesOngoing$25.1M at 9/30/24 ~$24.9M at 3/31/25 Maintained strong liquidity

Earnings Call Themes & Trends

Note: No earnings call transcript was available for Q1 2025 in our document system.

TopicPrevious Mentions (Q-2: Q3 2024; Q-1: Q4 2024)Current Period (Q1 2025)Trend
Marketing/TechnologyEmphasis on targeted digital/local marketing; website redesign driving engagement and leveraging 3,200+ reviews .Continued focus on innovative marketing and customer-focused management; average rating >4.8 rising to 4.9 .Improving effectiveness; sustained focus
Occupancy Optimization91.5% (+170 bps YoY) .92.9% at year-end (+360 bps YoY) .92.1% (+80 bps YoY) .
Competitive Move-In RatesCompetitive environment persisted; lower move-in rates partially offset by rate management .Lower move-in rates observed across U.S. markets .Competitive move-in rates continued; offset by occupancy and rate management .
Tenant Duration~3.4 years; increasing .~3.4 years; stable .~3.5 years; record .
Capital Resources/Liquidity~$25.1M; revolver extended .~$24.8M; full $15M revolver available .~$24.9M; strong balance sheet .
Dividend PolicyMaintained $0.0725 .Maintained $0.0725 .Maintained $0.0725 .

Management Commentary

  • “In Q1, we continued to produce peer-leading growth in same-store revenues and net operating income as compared to other publicly traded self-storage REITs… These strong results derive from our exceptional operational performance, which includes our customer-focused professional management, targeted marketing strategies, and proprietary revenue rate management program.” – Mark C. Winmill, President & CEO .
  • “We also led our publicly traded self-storage REIT peers in growth of FFO and AFFO despite the continuing competitive move-in rate environment… even more impressive considering that we decreased same-store cost of operations by 1.8%.” .
  • “Our strong balance sheet, with about $24.9 million in capital resources, positions us well to execute our strategic business plan… growth through acquisitions, joint ventures, and expansion in select U.S. and non-U.S. markets that exhibit limited supply growth and less professional competition.” .
  • Q4 context: “We achieved record total revenues, same-store revenues, and net operating income… peer-leading… occupancy for the fourth quarter and full year of 2024…” .

Q&A Highlights

  • No earnings call transcript was found for Q1 2025 in the available document set; no Q&A themes or analyst clarifications could be extracted.

Estimates Context

  • Revenue: Actual $3.13M vs consensus $3.15M (1 estimate) → modest miss* .
  • EPS: Consensus unavailable; reported diluted EPS $0.05 .
  • Model implications: With occupancy and duration improving and OpEx trending favorably, models may modestly tweak revenue but maintain or slightly raise NOI assumptions given rate management and stable demand backdrop, while keeping a cautious stance on competitive move-in rates .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Operational execution remains the differentiator: same-store NOI +6.3%, occupancy 92.1%, and record average duration ~3.5 years support quality of cash flows .
  • Cost discipline contributed to margin expansion: total operating expenses -1.7% YoY, enabling operating income +22.4% YoY .
  • Liquidity is ample (~$24.9M including full $15M revolver), positioning SELF to pursue accretive acquisitions/JVs/expansions; monitor deployment pace as potential stock catalyst .
  • Dividend steady at $0.0725 per quarter, covered by FFO/AFFO momentum; provides downside support in a competitive pricing environment .
  • Watch competitive move-in rate pressures across U.S. markets; SELF’s rate management and occupancy gains have offset to date, but broader market softness could limit top-line outperformance .
  • With EPS consensus unavailable, focus on revenue/NOI trajectory and non-GAAP FFO/AFFO trends to gauge quarter-to-quarter performance .
  • Near-term trading: modest revenue miss likely overshadowed by strong NOI/operating income and improving occupancy/duration; medium-term thesis centers on disciplined growth and capital allocation amid stable self-storage demand .

Appendix: YoY comparison for Q1 2025 (reference)

  • Revenue: $3.126M vs $3.034M (+3.0%) .
  • Net income: $0.555M vs $0.266M .
  • Same-store NOI: $1.899M vs $1.786M .
  • Same-store occupancy: 92.1% vs 91.3% (+80 bps) .
  • AFFO per share diluted: $0.10 vs $0.08 .