Global Self Storage, Inc. ( (SELF) ) has released its Q3 earnings. Here is a breakdown of the information Global Self Storage, Inc. presented to its investors.
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Global Self Storage, Inc. is a real estate investment trust (REIT) that specializes in owning, operating, managing, acquiring, and redeveloping self-storage properties across several U.S. states. The company focuses on providing affordable, accessible, and secure storage solutions for both residential and commercial customers.
In its third-quarter 2024 earnings report, Global Self Storage, Inc. announced a record increase in total revenues, reaching $3.2 million, which marks a 3.6% growth compared to the previous year. The company’s net income also saw a significant rise, increasing by 336% to $1.2 million, or $0.10 per diluted share. These results were driven by improvements in occupancy rates and optimized rental revenues.
Key financial highlights from the third quarter include a robust 6.3% increase in same-store net operating income (NOI), reaching $2.0 million. The same-store occupancy improved to 91.5%, aided by successful digital and local marketing strategies. The company’s funds from operations (FFO) remained stable, while adjusted FFO (AFFO) rose by 2.2% to $1.2 million. The firm also extended its $15 million revolving credit facility to support further growth initiatives.
For the first nine months of 2024, total revenues grew by 1.4% to $9.3 million, with net income rising by 10.8% to $2.0 million. Despite these gains, the company experienced a slight decrease in same-store NOI due to higher operating costs. However, Global Self Storage maintained its quarterly dividend, reflecting confidence in its financial stability and strategic growth plan.
Looking ahead, Global Self Storage remains optimistic about its growth prospects, supported by a strong balance sheet and continued commitment to enhancing operational performance. The management anticipates further integration of new technologies to optimize revenue and reduce expenses, aiming for sustained improvements in 2025 and beyond.
