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GS

Global Self Storage, Inc. (SELF)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered steady growth and operational outperformance: total revenues rose 2.7% YoY to $3.19M, net income increased 12.3% YoY to $0.664M, and diluted EPS was $0.06 (vs. $0.05 YoY) .
  • Same-store KPIs were strong: occupancy reached 94.7% (+170 bps YoY), average tenant duration stayed near record at 3.4 years, and same-store NOI increased 4.0% YoY to $2.00M .
  • Versus consensus, revenue modestly beat S&P Global by ~0.5% on one estimate; EPS consensus was unavailable. The sequential step-up vs Q1 in revenue, operating income, and EPS suggests momentum into peak leasing months .
  • Management flagged stabilizing move-in rates and “steady demand” in markets without new supply headwinds; capital resources totaled ~$25.2M, supporting growth via acquisitions/JVs/expansions and sustaining the $0.0725 quarterly dividend .

What Went Well and What Went Wrong

What Went Well

  • Same-store execution: peer-leading growth in same-store revenues, occupancy, NOI and FFO on targeted digital/local marketing and brand strength; “move-in rates begin to stabilize” and high conversion quality cited by CEO Mark C. Winmill .
  • Occupancy and duration: same-store occupancy reached 94.7% (+170 bps YoY) and average tenant duration of stay was ~3.4 years; customer reviews averaged >4.9/5, up from 4.8 in Q1, supporting referral-driven demand .
  • Profitability/expenses: operating income up 30.4% YoY to $0.829M; total operating expenses fell 4.4% YoY, primarily on lower G&A, driving FFO/AFFO increases (+18.9% and +17.5% YoY) .

What Went Wrong

  • Interest expense marginally higher YoY ($214K vs. $211K), largely due to the unused fee on the revolver, partially offset by lower amortization of issuance costs .
  • Persistently competitive move-in rate environment continues to pressure new-tenant pricing, requiring marketing-driven occupancy and retention to sustain revenue growth .
  • Limited external growth activity in the quarter (no business development costs), placing more weight on organic operational performance while the team evaluates acquisitions/JV expansion opportunities .

Financial Results

Sequential Comparison (Q1 2025 → Q2 2025)

MetricQ1 2025Q2 2025
Revenue ($USD)$3,126,304 $3,194,378
Total Operating Expenses ($USD)$2,402,637 $2,365,453
Operating Income ($USD)$723,667 $828,925
Net Income ($USD)$555,152 $664,216
Diluted EPS ($USD)$0.05 $0.06
FFO per share - diluted ($USD)$0.09 $0.10
AFFO per share - diluted ($USD)$0.10 $0.10

Key sequential drivers: Revenue growth driven by occupancy gains and rate management; lower G&A reduced operating expenses; interest expense slightly higher on revolver fee .

YoY Q2 Comparison (Q2 2024 → Q2 2025)

MetricQ2 2024Q2 2025
Revenue ($USD)$3,109,038 $3,194,378
Operating Income ($USD)$635,911 $828,925
Net Income ($USD)$591,530 $664,216
Diluted EPS ($USD)$0.05 $0.06
FFO per share - diluted ($USD)$0.08 $0.10
AFFO per share - diluted ($USD)$0.09 $0.10

YoY drivers: Occupancy and existing tenant rate increases underpin revenue; G&A decline supports operating income; FFO/AFFO growth reflects NOI improvement and lower expenses .

Same-Store Operations and KPIs

MetricQ4 2024Q1 2025Q2 2025
Same-Store Revenues ($USD)$3,168,391 $3,107,922 $3,175,596
Same-Store Cost of Operations ($USD)$1,183,763 $1,208,898 $1,179,041
Same-Store NOI ($USD)$1,984,628 $1,899,024 $1,996,555
Occupancy (%)92.9% 92.1% 94.7%
Avg Tenant Duration (years)~3.4 ~3.5 ~3.4

Notes: Q2 NOI increased primarily on revenue growth; occupancy strengthened sequentially and YoY; duration remained near record levels, supporting lower churn and stable pricing power .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Quarterly Dividend per Share ($)Q2 2025 distribution (declared June 2)$0.0725 $0.0725 Maintained

Management did not provide formal quantitative guidance ranges for revenue, margins, OpEx, OI&E, or tax rate; commentary highlighted stabilizing move-in rates, steady demand, and readiness to pursue acquisitions/JVs/expansions supported by capital resources .

Earnings Call Themes & Trends

Note: An earnings call transcript for Q2 2025 was not available in the document set; trends below reflect management commentary across the last three periods.

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
Marketing/Brand/ConversionRedesigned website enhanced engagement and showcased >4.8/5 average reviews Targeted marketing and professional management drove peer-leading growth; reviews >4.8 rising to 4.9 Targeted digital/local marketing and brand strength boosted inquiry conversion; average rating >4.9 Strengthening
Move-in Rate EnvironmentLower move-in rental rates observed across U.S. markets Competitive move-in rate environment persisted Move-in rates beginning to stabilize Stabilizing
Occupancy & Tenant DurationOccupancy 92.9%, duration ~3.4 years Occupancy 92.1%, duration ~3.5 years Occupancy 94.7%, duration ~3.4 years Improving occupancy; duration stable-high
Supply/MacroNot explicitly discussed Not explicitly discussed Operating markets not experiencing new supply headwinds; steady demand Favorable supply backdrop
Capital Resources & Growth~$24.8M resources; RCF extended to support growth ~$24.9M resources; growth via acquisitions/JVs/expansions ~$25.2M resources; growth targeted in select U.S./non-U.S. markets Improving capacity

Management Commentary

  • “In Q2, continued operational excellence drove peer-leading growth in same-store revenues, occupancy, NOI and FFO... targeted marketing program and growing brand recognition... despite the competitive move-in rate environment.” — Mark C. Winmill, President & CEO .
  • “Our brand strength... high customer satisfaction... average rating exceeding 4.9 out of 5 stars... contributed to a measurable increase in referrals from existing tenants.” .
  • “Move-in rates begin to stabilize and steady demand in the markets we operate, which are not experiencing the new supply headwinds... differentiated geographic strategy, disciplined acquisitions, and superior customer experience will continue to drive value.” .
  • Prior quarters emphasized the redesigned website, targeted marketing, and proprietary revenue rate management program as drivers of occupancy and NOI .

Q&A Highlights

  • No Q2 2025 earnings call transcript was available in the files; therefore, specific Q&A themes, guidance clarifications, and tone changes from analyst questions cannot be assessed from the primary sources searched. Management’s press release commentary indicates stabilizing move-in rates, steady demand, and strong conversion on brand strength .

Estimates Context

  • Revenue: Q2 2025 S&P Global consensus was $3.177M*, actual reported $3.194M — modest beat of ~0.5%; only one estimate in the consensus set (1) .
  • EPS: S&P Global consensus not available*; diluted EPS actual was $0.06 .
    Values marked with an asterisk were retrieved from S&P Global.
MetricQ2 2025 Consensus*Q2 2025 ActualSurprise
Revenue ($USD)$3,177,000*$3,194,378 +$17,378 / +0.5%
Diluted EPS ($USD)N/A*$0.06 N/A

Consensus details: Revenue - # of Estimates = 1*; EPS consensus unavailable*.

Key Takeaways for Investors

  • Operational consistency: Sequential and YoY improvements in revenue, operating income, net income, and FFO/AFFO reflect effective rate management, marketing-driven demand, and disciplined expense control .
  • Occupancy-led growth: Occupancy at 94.7% (+170 bps YoY) with near-record durations suggests durable cash flow and lower churn, supporting NOI trajectory into seasonally strong periods .
  • Modest beat vs. consensus: Revenue exceeded S&P Global consensus on a thin estimate base, signaling upside from occupancy/rate strategy; EPS comparison unavailable, limiting broader estimate context .
  • Capital flexibility intact: ~$25.2M of capital resources and an undrawn $15M revolver underpin optionality to pursue accretive acquisitions/JVs/expansions while maintaining the dividend .
  • Market selection advantage: Operating markets not facing new supply headwinds, with stabilizing move-in rates and strong brand/referral momentum — potential positive narrative catalyst for small-cap REIT investors .
  • Watch for: Continued stabilization in move-in rates, execution on external growth, and maintenance of elevated occupancy levels; any G&A or interest expense changes may influence margins and FFO cadence .

Search notes:

  • Q2 2025 8-K press release read in full (includes EX-99.1 and financial statements) .
  • No Q2 2025 earnings call transcript or additional press releases were found within the requested date range.
  • Prior quarters reviewed: Q1 2025 8-K (press release with full financials) ; Q4 2024 8-K (press release with full-year/Q4 context and same-store reconciliation) .
  • Estimates pulled from S&P Global via GetEstimates; EPS consensus unavailable; revenue consensus had one estimate*. Values marked with an asterisk were retrieved from S&P Global.