Global Self Storage (SELF) Q1 2026 earnings summary

Executive summary

• Generated net income of $477,019 ($0.04 per diluted share) for Q1 2026, down 14% year-over-year, with sector-leading same-store occupancy of 93.1% and record tenant duration of 3.6 years as of March 31, 2026.

• Revenues rose 1.5% to $3.17 million, driven by higher occupancy and tenant rates, while operating expenses increased 8.3% due to higher employment and property tax costs.

• No acquisitions completed in the quarter; focus remains on maximizing cash flows from existing stores, selective expansion, and strategic growth through acquisitions, joint ventures, and property expansions.

Financial highlights

• Total revenues: $3,173,754, up from $3,126,304 year-over-year.

• Net income: $477,019, down from $555,152 year-over-year.

• Operating income: $571,776, down from $723,667 year-over-year.

• FFO per diluted share: $0.08, down from $0.09; AFFO per diluted share: $0.08, down from $0.10.

• Distributions maintained at $0.0725 per share for the quarter, annualized at $0.29.

Outlook and guidance

• Management expects continued rental income growth from tenant rate increases and occupancy optimization, with employment costs anticipated to return to lower historic growth rates.

• Anticipates moderate increases in store-level employment, property tax, and marketing expenses for the remainder of 2026, with appeals underway for rising property tax assessments.

• Plans to use available capital and credit facility for acquisitions, expansions, and joint ventures as opportunities arise, focusing on markets with limited supply growth.