Global Self Storage’s Q1 2025 Results: A Storage Giant Keeps Climbing!

Let me tell you, folks, this is the kind of report that makes me sit up and take notice. Global Self Storage (NASDAQ:SELF) just delivered numbers that scream “execution” and “resilience” in a market where many are struggling. Let’s break it down.

The Financials: Growth in a Flat Landscape

First, the top line: revenues rose 3% to $3.1 million—not earth-shattering, but here’s the kicker. This came despite lower move-in rental rates across the U.S. How’d they do it? Occupancy rates. The company’s occupancy hit 92.1%, up 0.8% from last year, which means they’re squeezing every last bit of value out of their units. And they’re not just filling spaces—they’re keeping tenants longer. The average stay jumped to a record 3.5 years, up from 3.3 years. That’s sticky revenue, people!

Now, look at the bottom line. Net income nearly DOUBLED to $555,000, or $0.05 per share, versus $0.02 a year ago. That’s a 150% jump in profitability. And here’s where it gets juicy: Funds from Operations (FFO) and Adjusted FFO (AFFO) both surged—up 15% and 17%, respectively. This isn’t fluff. This is cash flow that can fuel dividends and growth.

The Secret Sauce: Cost Cuts and Smart Strategy

The real magic is in the details. The company slashed operating costs by 1.8%, dropping to $1.21 million, while general and administrative expenses fell too. They’re running this business like a well-oiled machine—no wasted dollars. And get this: their tenant satisfaction score hit 4.9/5 stars. In an industry where complaints about pests or poor security can tank occupancy, that’s a war chest of trust.

Management isn’t just sitting on their laurels. They’ve got a $15 million credit line fully available and $7.3 million in cash. Their plan? Use it to buy up properties in markets with limited supply growth—think areas where demand is high but new storage units aren’t popping up like weeds. Translation: They’re picking spots where they can control prices and keep occupancy high.

Why This Matters for Investors

Here’s the cold, hard truth: Self-storage is a recession-resistant sector. People need space to stash their stuff even when money’s tight. And Global Self Storage isn’t just surviving—it’s thriving. With AFFO up 17%, they’ve got the cash to keep paying that $0.29 annual dividend, which is covered handily by earnings. For income investors, that’s a win. For growth investors? The company’s focus on long-term tenant retention and strategic acquisitions means this isn’t a one-quarter wonder—it’s a compounder.

The Bottom Line: A Solid Buy with Upside

Let me put it plainly: This is a buy. The numbers don’t lie. They’re growing occupancy, cutting costs, and targeting markets with limited competition. With 92% occupancy and a 3.5-year tenant stay, they’ve built a fortress.

If I were you, I’d snap up shares of SELF. The dividend’s safe, the FFO is firing on all cylinders, and the management’s got a clear path to expand. Storage may seem boring, but in a world of uncertainty, this is the kind of steady, high-quality growth that builds portfolios.

Final Take: Global Self Storage isn’t just renting space—it’s renting value. And right now, that value is on sale. Don’t miss the boat.