Global Self Storage(SELF) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 increased 0.8% to a record $3.2 million, driven by higher occupancy and effective revenue management [4] - Net income decreased to $496,000 or $0.04 per diluted share, down from $1.2 million or $0.10 per diluted share in the same period last year [17] - Funds from operations (FFO) decreased 8.0% to $1.0 million or $0.09 per diluted share, compared to $1.1 million or $0.10 per diluted share in Q3 2024 [22] - Adjusted FFO (AFFO) decreased 6.0% to $1.1 million or $0.10 per diluted share, down from $1.2 million or $0.10 per diluted share in the same period last year [22] - Same-store net operating income (NOI) decreased 3.0% to $1.97 million, primarily due to increased operating expenses [19] - Total revenues for Q3 2025 were $3,225,671, a slight increase from $3,200,276 in Q3 2024, representing a growth of approximately 0.8% [48] - Rental income for Q3 2025 was $3,099,499, compared to $3,070,871 in Q3 2024, indicating an increase of about 0.9% [48] - Same-store net operating income for Q3 2025 was $1,967,978, down from $2,028,542 in Q3 2024, reflecting a decrease of approximately 3% [49] - Net income for Q3 2025 was $496,259, significantly lower than $1,181,657 in Q3 2024, a decline of about 58% [48] Capital and Resources - Capital resources as of September 30, 2025, totaled approximately $24.8 million, including $7.5 million in cash and $14.8 million available under the revolving credit facility [17] - The company reported total assets of $64,836,337 as of September 30, 2025, a decrease from $65,515,024 at the end of 2024 [47] - Total liabilities decreased to $17,901,851 as of September 30, 2025, down from $18,077,347 at the end of 2024 [47] - The company’s accumulated deficit increased to $(2,982,329) as of September 30, 2025, compared to $(2,235,236) at the end of 2024 [47] Operational Strategy - The company maintained a quarterly dividend of $0.0725 per common share, consistent with the previous quarter and the same period last year [5] - Management remains focused on executing its strategic business plan, which includes growth through acquisitions and expansion in select markets [13] - The company operates 12 same-store properties as of September 30, 2025, with no non-same-store properties [42] Forward-Looking Statements - Adjusted funds from operations (AFFO) are not explicitly stated but are considered alongside net income and cash flows for a better understanding of operational results [39] - The company emphasizes that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially [44] Occupancy and Market Performance - Same-store occupancy rose 170 basis points to 93.2% from 91.5% year-over-year, marking a sector-leading growth [20] - For the first nine months of 2025, total revenues increased 2.2% to $9.5 million, compared to $9.3 million in the same period last year [23]