Global Self Storage Reports First Quarter 2026 Results
Rhea-AI Summary
Global Self Storage (NASDAQ:SELF) reported Q1 2026 results: total revenues $3.2M (+1.5%), net income $477,019 ($0.04 diluted), and FFO $852,563 ($0.08 diluted). Same-store occupancy rose to 93.1% and average tenant duration reached a record ~3.6 years. Capital resources totaled approximately $24.5M, and the quarterly dividend of $0.0725 was maintained.
Operating pressures included higher store operating expenses, employment costs, and property taxes, which reduced NOI and FFO versus the year-ago quarter.
AI-generated analysis. Not financial advice.
Positive
- Same-store occupancy 93.1% as of March 31, 2026
- Record average tenant duration ~3.6 years
- Quarterly dividend maintained at $0.0725 per share
- Capital resources approximately $24.5 million
Negative
- FFO decreased 12.6% to $852,563
- AFFO decreased 11.0% to $957,934
- Operating income declined 21.0% to $572,000
- Same-store cost of operations increased 10%
Key Figures
Market Reality Check
Peers on Argus
SELF was down 1.64% pre-news while momentum-screened peers like CHMI and SACH were up around 1%, indicating stock-specific factors rather than a sector-wide REIT move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Full year results | Positive | -0.8% | Record 2025 revenues and NOI with maintained annual dividend of $0.29. |
| Nov 07 | Quarterly earnings | Neutral | +0.0% | Q3 2025 revenue record but net income declined sharply year-over-year. |
| Aug 08 | Quarterly earnings | Positive | -2.1% | Strong Q2 2025 growth in revenue, NOI, FFO and sector-leading occupancy. |
| May 09 | Quarterly earnings | Positive | +2.5% | Q1 2025 revenue and net income growth with higher NOI and FFO. |
| Mar 26 | Full year results | Positive | -1.4% | Q4 and 2024 full-year records in revenue and same-store NOI. |
Earnings releases often highlight record revenues and occupancy, yet the stock has frequently traded flat to down on these updates.
Over the past year, Global Self Storage has consistently reported record or strong revenues, sector-leading occupancy, and growing tenant duration, while maintaining a $0.0725 quarterly dividend and capital resources around $24–25M. Despite this, share price reactions to earnings have been modest, with several negative or flat moves even on positive reports. Today’s Q1 2026 update continues the pattern of modest revenue growth with higher costs pressuring net income, FFO and AFFO.
Historical Comparison
In the past 5 earnings releases, SELF’s average 1-day move was about -0.35%. The Q1 2026 decline of -1.64% is more negative but still within a modest reaction range.
Earnings updates show a progression from strong 2024 results to record 2025 revenues and sustained sector-leading occupancy and tenant duration, followed by Q1 2026 where occupancy remained high but rising operating costs pressured NOI, net income, FFO and AFFO.
Market Pulse Summary
This announcement highlights modest Q1 2026 revenue growth of 1.5% to $3.2 million alongside sector-leading same-store occupancy of 93.1% and a record 3.6-year tenant duration. Offsetting these positives, operating expenses rose 8.3%, driving declines in same-store NOI, net income, FFO and AFFO. The company maintained its $0.0725 quarterly dividend and reported capital resources of about $24.5 million. Investors may watch expense trends and occupancy durability in upcoming quarters.
Key Terms
real estate investment trust financial
net operating income (NOI) financial
funds from operations (FFO) financial
adjusted FFO (AFFO) financial
revolving credit facility financial
equity incentive plan financial
AI-generated analysis. Not financial advice.
Sector-Leading Occupancy and Record-Level Tenant Duration of Stay Driven by Continued Operational Excellence
MILLBROOK, 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 Highlights
Total 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% from92.1% 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.
Dividend
On March 2, 2026, the company declared a quarterly dividend of
Company Objective
The 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
"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
"We believe we are well positioned to execute our strategic business plan with a strong balance sheet of approximately
"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 Summary
Total revenues increased
Total operating expenses increased
Operating income decreased
Net income totaled
Capital resources as of March 31, 2026, totaled approximately
Q1 2026 Same-Store Results
As 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
Same-store cost of operations increased
Same-store NOI decreased
Same-store occupancy as of March 31, 2026, increased 100 basis points to
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 Results
Net income in the first quarter of 2026 was
Property operations expenses increased to
General and administrative expenses increased to
Interest expense decreased to
FFO decreased
AFFO decreased
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 Information
Additional 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 Contact
Investor Relations Contact:
Ron Both
Encore Investor Relations
Email Contact
GLOBAL 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, | - | - | ||||||
Common stock, | 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 Income
The 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 Newswire