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GS

Global Self Storage, Inc. (SELF)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 revenue rose 7.1% to $3.2M and exceeded the single Wall Street consensus revenue estimate of $3.116M; diluted EPS was $0.01 and net income declined due to unrealized losses on marketable securities, while FFO/AFFO per diluted share grew double digits .
  • Operating income increased 16.8% to $0.794M on higher occupancy and execution of proprietary rate management, despite competitive move‑in rate pressure across U.S. markets .
  • Same‑store occupancy reached 92.9% (+360 bps YoY) and same‑store NOI rose 11.2% to $2.0M; management highlighted “peer‑leading” performance driven by marketing efficiency and revenue management .
  • Dividend maintained at $0.0725 per share (annualized $0.29); capital resources totaled ~$24.8M with full $15M revolver available, supporting pipeline of acquisitions/JVs/expansions .
  • Potential stock reaction catalysts: revenue beat and strong occupancy/NOI trajectory against lower move‑in rates; continued dividend support and balance sheet capacity for external growth .

What Went Well and What Went Wrong

What Went Well

  • Occupancy and NOI strength: Same‑store occupancy increased 360 bps YoY to 92.9% and same‑store NOI rose 11.2% to $2.0M. “We led our publicly traded self-storage peers on growth of same-store revenues, NOI, and occupancy for the fourth quarter and full year of 2024...” — CEO Mark C. Winmill .
  • Marketing efficiency and brand: Redesigned website and strong tenant reviews (avg >4.8/5 stars) underpin demand and longer duration of stay (~3.4 years). “Our innovative marketing strategies and commitment to exceptional customer service has helped us to continue to attract high-quality tenants...” .
  • Revenue beat and operating leverage: Q4 total revenue up 7.1% to $3.2M, operating income up 16.8% to $0.794M on higher occupancy and revenue management despite competitive move‑in rates .

What Went Wrong

  • GAAP earnings volatility: Net income fell to $84K ($0.01 diluted EPS) vs $1.1M ($0.10) a year ago, driven by an unrealized loss in marketable equity securities (vs YoY unrealized gain) .
  • Expense pressure: Total operating expenses up 4.2% YoY; G&A increased on employment costs and professional fees; property-level costs saw increases in admin/repairs/maintenance/utilities .
  • Industry pricing headwinds: Lower move‑in rental rates observed across U.S. markets tempered rate realization, requiring occupancy‑led revenue growth .

Financial Results

Quarterly GAAP and Non-GAAP Comparison

MetricQ2 2024Q3 2024Q4 2024
Total Revenues ($USD)$3,109,038 $3,200,276 $3,200,000 (reported “$3.2M”)
Operating Income ($USD)$635,911 $873,090 $794,000
Net Income ($USD)$591,530 $1,181,657 $84,406
Diluted EPS ($USD)$0.05 $0.10 $0.01
FFO per diluted share ($USD)$0.08 $0.10 $0.10
AFFO per diluted share ($USD)$0.09 $0.10 $0.11

Q4 2024 vs Q4 2023

MetricQ4 2023Q4 2024
Operating Income ($USD)$680,000 $794,000
Net Income ($USD)$1,097,400 $84,406
Diluted EPS ($USD)$0.10 $0.01
FFO per diluted share ($USD)$0.08 $0.10
AFFO per diluted share ($USD)$0.09 $0.11

Same-Store KPIs

KPIQ2 2024Q3 2024Q4 2024
Same-Store Revenues ($USD)$3,091,528 $3,182,489 $3,168,391
Same-Store Cost of Operations ($USD)$1,171,169 $1,153,947 $1,183,763
Same-Store NOI ($USD)$1,920,359 $2,028,542 $1,984,628
Occupancy (%)93.0% (Jun 30) 91.5% (Sep 30) 92.9% (Dec 31)
Avg Tenant Duration (years)~3.3 ~3.4 ~3.4

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Dividend (per share)Q1 2025$0.0725$0.0725Maintained
Occupancy2025N/A (no quantified guidance)Management expects marketing-driven demand to help maintain occupancy despite macro headwindsCommentary only (no formal guidance)
Revenue/Margins/OpEx/TaxN/AN/ANo formal guidance providedN/A

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available; themes reflect company communications across Q2–Q4 press releases.

TopicQ2 2024 MentionsQ3 2024 MentionsQ4 2024 MentionsTrend
Occupancy trajectory93.0% at quarter-end; 94.2% by 7/31; occupancy growth despite lower move‑in rates 91.5% at quarter-end; peer‑leading occupancy growth cited 92.9% year-end; +360 bps YoY, peer‑leading Strong and improving vs prior year
Move‑in rate environmentLower move‑in rental rates across U.S. markets Competitive move‑in rate environment persists Lower move‑in rates observed across U.S. markets Persistent headwind
Marketing efficiency/websiteLower marketing expense YoY; redesigned website with >3,100 reviews New video reviews; >4.8/5 average rating; >3,200 reviews Website redesign impact; >3,500 reviews; >4.8/5 rating Positive traction, brand strength
Capital resources & revolverExtended $15M revolver; capital resources ~$24.8M Capital resources ~$25.1M; full revolver available Capital resources ~$24.8M; full revolver available Stable, ample capacity
Interest expense/hedgingRate cap FV change increased interest expense Interest expense increased on cap FV change Interest expense decreased QoQ on cap FV change and lower cash settlements Volatile (hedge effects)
External growth (M&A/JVs/expansion)Target secondary/tertiary markets; limited supply growth Pursuing acquisitions/JVs/expansions; balance sheet supports Plan to expand in select U.S./non‑U.S. markets with limited supply Ongoing focus

Management Commentary

  • “In 2024, we achieved record total revenues, same-store revenues, and net operating income which was driven by operational excellence.” — CEO Mark C. Winmill .
  • “We believe these peer-leading results were driven by our professional management techniques, including our well-honed digital and local marketing strategies and proprietary revenue rate management program.” .
  • “Our strong balance sheet, with about $24.8 million in capital resources, positions us well to execute our strategic business plan… in select U.S. and non-U.S. markets that exhibit limited supply growth and less competition.” .
  • “As we progress through 2025, we anticipate that the demand generated by our strategic marketing efforts will help maintain our occupancy levels despite any potential economic headwinds.” .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available; no Q&A themes to report [ListDocuments returned none for earnings-call-transcript in the period].

Estimates Context

MetricConsensus (S&P Global)Actual
Revenue ($USD)$3,116,000*$3,200,000 (reported “$3.2M”)
Diluted EPS ($USD)N/A*$0.01
  • Result: Revenue beat vs consensus; EPS consensus unavailable (thin coverage).
  • Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Revenue beat and operating leverage: Despite lower move‑in rates, occupancy and rate management delivered revenue growth and higher operating income; FFO/AFFO per share increased YoY in Q4 .
  • GAAP earnings noise from securities marks: Net income and EPS were pressured by unrealized losses in marketable equity securities; cash flow proxies (FFO/AFFO) better reflect core REIT performance .
  • Occupancy-led resilience: Same‑store occupancy at 92.9% and 11.2% same‑store NOI growth demonstrate operating strength; average tenant duration ~3.4 years supports stability .
  • External growth optionality: ~$24.8M capital resources and full $15M revolver provide dry powder for acquisitions/JVs/expansions; management targets markets with limited supply growth .
  • Expense discipline remains a watch item: G&A and certain store-level costs rose; management plans further steps to control expenses into 2025 .
  • Trading setup: Short-term catalyst from revenue beat and occupancy/NOI strength; medium-term thesis tied to disciplined external growth and sustained occupancy amidst pricing headwinds .
  • Dividend support: Quarterly dividend maintained at $0.0725/share; AFFO growth in Q4 indicates coverage continuity .