Global Self Storage (NASDAQ: SELF) Q1 2026 revenue grows as FFO and AFFO decline
Rhea-AI Filing Summary
Global Self Storage, Inc. reported mixed first quarter 2026 results, with modest growth but higher costs pressuring profitability. Total revenues rose 1.5% to $3.17 million, helped by higher occupancy and existing tenant rates. However, operating expenses increased 8.3% to $2.60 million, reducing operating income 21.0% to $0.57 million.
Net income declined to $477,019, or $0.04 per diluted share, from $0.05. Same-store NOI fell 3.9% to $1.82 million even as same-store occupancy improved to 93.1% and average tenant duration reached a record 3.6 years. FFO decreased 12.6% to $852,563 and AFFO fell 11.0% to $957,934, both at $0.08 per diluted share. The company maintained its quarterly dividend of $0.0725 per share and ended the quarter with capital resources of about $24.5 million, including $7.4 million in cash and $14.8 million available under its revolving credit facility.
Positive
- None.
Negative
- Profitability and cash flow compressed despite revenue growth: Q1 2026 operating income fell 21.0% to $571,776, net income declined to $477,019, and key REIT metrics weakened, with FFO down 12.6% and AFFO down 11.0%, both at $0.08 per diluted share.
Insights
Revenue and occupancy were solid, but higher expenses drove double-digit declines in FFO and AFFO.
Global Self Storage delivered steady top-line growth in Q1 2026, with total revenues up 1.5% to $3.17 million. Same-store occupancy improved to 93.1%, and average tenant duration reached a record 3.6 years, highlighting stable, long-term customer relationships.
However, property operations and G&A costs rose enough to compress profitability. Operating income declined 21.0% to $0.57 million, and net income fell to $477,019, or $0.04 per diluted share. Same-store NOI slipped 3.9% to $1.82 million, showing that expense pressure outweighed modest rent and occupancy gains.
Cash-flow metrics important to REIT investors weakened: FFO dropped 12.6% to $852,563 and AFFO decreased 11.0% to $957,934, both at $0.08 per diluted share. Despite this, the company maintained a quarterly dividend of $0.0725 per share and reported capital resources of about $24.5 million as of March 31, 2026, giving it flexibility to pursue its stated acquisition and expansion strategy.
8-K Event Classification
Key Figures
Key Terms
Funds from operations financial
Adjusted FFO financial
net operating income financial
same-store financial
real estate investment trust financial
non-GAAP measures financial
Offering Details
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2026, Global Self Storage, Inc. (the “Company”) reported its financial results for the period ended March 31, 2026. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
The information included in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
The Company believes that certain statements in the information attached as Exhibit 99.1 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.
Exhibit No. |
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Description |
99.1 |
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Global Self Storage, Inc. Earnings Press Release, dated May 8, 2026, reporting the financial results for the period ended March 31, 2026. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GLOBAL SELF STORAGE, INC. |
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Date: |
May 8, 2026 |
By: |
/s/ Mark C. Winmill |
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Name: Mark C. Winmill |
EXHIBIT 99.1
Global Self Storage Reports First Quarter 2026 Results
Sector-Leading Occupancy and Record-Level Tenant Duration of Stay Driven by Continued Operational Excellence
Millbrook, NY – 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
Dividend
On March 2, 2026, the company declared a quarterly dividend of $0.0725 per share, consistent with the quarterly dividend for the year-ago period and previous quarter. The quarterly distribution represents an annualized dividend rate of $0.29 per share.
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 93.1% and the highest occupancy growth, and record-level tenant duration of stay of 3.6 years at quarter-end,” said CEO and president of Global Self Storage, Mark C. Winmill. “We believe our results were driven in part by our customer service efforts—providing a clean, safe and hassle-free rental process—which continued to attract high quality, long-term tenants. Our customer service efforts also supported performance by strengthening local brand loyalty and generating strong referral and word-of-mouth demand for our storage units and services.
“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 90.6% upon completion of the conversion and then utilizing our professional management techniques we increased the occupancy by 50 basis points to 91.1% at quarter-end.
“We believe we are well positioned to execute our strategic business plan with a strong balance sheet of approximately $24.5 million in capital resources. This plan includes growth through acquisitions, joint ventures, and expansion in select markets that exhibit limited supply growth and less professional competition.
“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 1.5% to $3.2 million in the first quarter of 2026. The increase was primarily attributable to increases in occupancy and existing tenant rates under its proprietary revenue rate management program.
Total operating expenses increased 8.3% to $2.6 million compared to $2.4 million in the same year-ago period. The increase was primarily attributable to an increase of store operating expenses and an increase in general and administrative expenses.
Operating income decreased 21.0% to $572,000, compared to $724,000 in the same period last year. The decrease was the result of the operating effects noted above.
Net income totaled $477,000 or $0.04 per diluted share from $555,000 or $0.05 per diluted share in the same year-ago period.
Capital resources as of March 31, 2026, totaled approximately $24.5 million, comprised of $7.4 million in cash, cash equivalents and restricted cash and $2.3 million in marketable securities, with $14.8 million available under the company’s revolving credit facility.
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 1.5% to $3.2 million compared to the same period last year.
Same-store cost of operations increased 10% to $1.3 million compared to $1.2 million in the same period last year. The increase was primarily due to increased expenses for employment costs and real estate property taxes.
Same-store NOI decreased 3.9% to $1.8 million compared to $1.9 million in the same period last year. The decrease was primarily due to an increase in store operating expenses.
Same-store occupancy as of March 31, 2026, increased 100 basis points to 93.1% from 92.1% 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, compared to approximately 3.5 years as of March 31, 2025.
Q1 2026 Operating Results
Net income in the first quarter of 2026 was $477,000 or $0.04 per diluted share compared to $555,000 or $0.05 per diluted share in the first quarter of 2025.
Property operations expenses increased to $1.3 million from $1.2 million in the same period last year.
General and administrative expenses increased to $859,000 from $787,000 in the same year-ago period. The increase in general and administrative expenses during this period are primarily attributable to an increase to employment costs, and one-time professional fees related to the amendment and restatement of the company’s equity incentive plan.
Interest expense decreased to $204,000 from $224,000 in the same year-ago period.
FFO decreased 12.6% to $853,000 or $0.08 per diluted share compared to FFO of $975,000 or $0.09 per diluted share in the same period last year.
AFFO decreased 11.0% to $958,000 or $0.08 per diluted share compared to AFFO of $1.1 million or $0.10 per diluted share in the same period last year.
Q1 2026 FFO and AFFO (Unaudited)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Net income |
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$ |
477,019 |
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$ |
555,152 |
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Eliminate items excluded from FFO: |
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Unrealized (gain) loss on marketable equity securities |
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(36,871 |
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13,345 |
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Depreciation and amortization |
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412,415 |
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406,846 |
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FFO attributable to common stockholders |
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852,563 |
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975,343 |
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Adjustments: |
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Compensation expense related to stock-based awards |
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105,371 |
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100,736 |
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AFFO attributable to common stockholders |
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$ |
957,934 |
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$ |
1,076,079 |
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Earnings per share attributable to common stockholders - basic |
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$ |
0.04 |
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$ |
0.05 |
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Earnings per share attributable to common stockholders - diluted |
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$ |
0.04 |
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$ |
0.05 |
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FFO per share - diluted |
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$ |
0.08 |
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$ |
0.09 |
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AFFO per share - diluted |
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$ |
0.08 |
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$ |
0.10 |
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Weighted average shares outstanding - basic |
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11,212,499 |
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11,140,788 |
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Weighted average shares outstanding - diluted |
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11,269,994 |
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11,204,854 |
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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.
info@globalselfstorage.us
Investor Relations Contact:
Ron Both
Encore Investor Relations
Email Contact
GLOBAL SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
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March 31, 2026 |
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December 31, 2025 |
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Assets |
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Real estate assets, net |
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$ |
52,257,449 |
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$ |
52,617,566 |
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Cash and cash equivalents |
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7,406,429 |
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7,364,963 |
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Restricted cash |
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16,798 |
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106,444 |
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Investments in securities |
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2,288,437 |
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2,251,566 |
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Accounts receivable |
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109,780 |
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117,902 |
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Prepaid expenses and other assets |
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831,996 |
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802,382 |
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Line of credit issuance costs, net |
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97,985 |
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117,582 |
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Interest rate cap |
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760 |
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120 |
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Goodwill |
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694,121 |
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694,121 |
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Total assets |
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$ |
63,703,755 |
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$ |
64,072,646 |
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Liabilities and equity |
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Note payable, net |
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$ |
15,638,994 |
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$ |
15,785,874 |
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Accounts payable and accrued expenses |
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1,769,891 |
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1,750,382 |
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Total liabilities |
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17,408,885 |
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17,536,256 |
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Commitments and contingencies |
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Stockholders' equity |
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Preferred stock, $0.01 par value: 50,000,000 shares authorized; no shares outstanding |
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— |
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— |
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Common stock, $0.01 par value: 450,000,000 shares authorized; 11,422,232 shares and 11,364,278 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |
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114,222 |
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113,643 |
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Additional paid in capital |
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50,014,395 |
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49,909,603 |
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Accumulated deficit |
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(3,833,747 |
) |
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(3,486,856 |
) |
Total stockholders' equity |
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46,294,870 |
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46,536,390 |
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Total liabilities and stockholders' equity |
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$ |
63,703,755 |
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$ |
64,072,646 |
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GLOBAL SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Revenues |
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Rental income |
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$ |
3,050,304 |
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$ |
3,000,052 |
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Other property related income |
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104,831 |
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107,870 |
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Management fees and other income |
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18,619 |
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18,382 |
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Total revenues |
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3,173,754 |
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3,126,304 |
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Expenses |
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Property operations |
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1,330,343 |
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1,208,898 |
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General and administrative |
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859,220 |
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786,893 |
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Depreciation and amortization |
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412,415 |
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406,846 |
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Total expenses |
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2,601,978 |
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2,402,637 |
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Operating income |
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571,776 |
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723,667 |
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Other income (expense) |
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Dividend and interest income |
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72,250 |
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|
68,599 |
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Unrealized gain (loss) on marketable equity securities |
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36,871 |
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(13,345 |
) |
Interest expense |
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(203,878 |
) |
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(223,769 |
) |
Total other expense, net |
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(94,757 |
) |
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(168,515 |
) |
Net income and comprehensive income |
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$ |
477,019 |
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$ |
555,152 |
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Earnings per share |
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Basic |
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$ |
0.04 |
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$ |
0.05 |
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Diluted |
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$ |
0.04 |
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|
$ |
0.05 |
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Weighted average shares outstanding |
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Basic |
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11,212,499 |
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11,140,788 |
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Diluted |
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|
11,269,994 |
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|
11,204,854 |
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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):
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Three Months Ended March 31, |
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|||||
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2026 |
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2025 |
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Net income |
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$ |
477,019 |
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$ |
555,152 |
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Adjustments: |
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|
|
|
|
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Management fees and other income |
|
|
(18,619 |
) |
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|
(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 |
|