Global Self Storage, Inc. reported robust financial results for the first quarter ended March 31, 2025, showcasing significant operational efficiency and revenue growth. Total revenues increased by 3.3% to $3.13 million, up from $3.03 million in Q1 2024, primarily driven by a 3.1% rise in rental income to $3.00 million.
The company demonstrated strong profitability, with net income surging by 108.6% to $555,152, resulting in basic and diluted earnings per share of $0.05, an increase from $0.02 in the prior year quarter. Adjusted Funds From Operations (AFFO) also rose by 16.8% to $1.08 million, or $0.10 per diluted share, indicating improved cash flow generation supporting dividend payments.
Operational metrics were equally strong, with same-store Net Operating Income (NOI) increasing by 6.3% to $1.90 million, fueled by a 3.0% growth in same-store revenues and a 1.8% decrease in same-store cost of operations. Same-store occupancy improved by 0.8 percentage points to 92.1%, and the average tenant duration reached approximately 3.5 years, reflecting effective revenue management and customer retention strategies.
As of March 31, 2025, Global Self Storage maintained a solid liquidity position with approximately $24.9 million in total capital resources. This includes $7.27 million in cash, $2.60 million in marketable securities, and an undrawn $15 million credit facility, providing flexibility for future strategic initiatives. The company also recently entered into an At Market Offering Sales Agreement in April 2025, allowing it to sell up to $15 million of common stock for additional capital formation.
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