Dividend sustainability appears challenged as the payout ratio relative to AFFO reached 1.65x in 2024Q4, while high cash reserves of $7.4 million suggest potential capital allocation inefficiencies.
Global Self Storage, Inc. (SELF) cash flow statement — 25-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 4.14M | 4.47M | 4.33M | 4.52M | 4.8M | 3.64M | 2M | 1.71M | 2.28M | 1.87M | 1.31M | 1.1M | 3.68M | 1.46M | 4.54M | -1.06M | 1.88M | 3.74M | -1.15M | 3.3M | 2.42M | -2.66M | 2.96M | 2.67M | 560K | 1.6M |
| Operating CF Growth % | -48.44% | 3.31% | -4.3% | -5.69% | 31.69% | 82.38% | 16.99% | -25.16% | 22.01% | 42.92% | 18.99% | -70.08% | 152.31% | -67.92% | 528.3% | -156.38% | -49.73% | 425.22% | -134.85% | 36.36% | 190.98% | -189.86% | 10.86% | 376.79% | -65% | - |
| Operating CF / Revenue % | 32.35% | 35.21% | 34.55% | 37.11% | 40.16% | 34.66% | 21.72% | 19.7% | 28.13% | 25.02% | 26.29% | 30.25% | 150.78% | 321.62% | 436.54% | -47.32% | 87.44% | 187.94% | -59.59% | 212.9% | 163.51% | -192.75% | 225.95% | 186.71% | 28.72% | 69.87% |
| Net Income | 2.05M | 2.04M | 2.12M | 2.94M | 2.06M | 3.28M | 274.34K | 590.62K | 619.45K | -146.29K | 384.13K | 6.11M | 6.09M | 1.36M | 4.54M | -1.06M | 5.88M | 7.56M | -5.32M | 3.3M | 2.42M | -2.66M | 2.96M | 2.67M | 560K | 1.6M |
| Depreciation & Amortization | 1.65M | 1.63M | 1.63M | 1.63M | 1.62M | 1.63M | 1.99M | 1.44M | 1.4M | 1.7M | 952.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 383.4K | 350.33K | 332.36K | 199.75K | 173.92K | 194.37K | 126.03K | 102.99K | 80.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 124.77K | 489.07K | 324.13K | -197.87K | 835.97K | 169.87K | 44.66K | 200.82K | 49.12K | 42.43K | -116.63K | -5.09M | -2.52M | 140.89K | 1.15M | 640K | -4.85M | -3.87M | 2.16M | 2.91M | 0 | -100K | 100K | 100K | -30K | 30K |
| Working Capital Changes | -71.17K | -39.23K | -84.67K | -50.6K | 110.2K | -67.62K | -437.47K | -432.3K | 149.07K | 274.09K | 88.26K | 34.42K | 103.13K | -43.73K | -1.15M | -640K | 850K | 50K | 2.01M | -2.91M | 0 | 100K | -100K | -100K | 30K | -30K |
| Cash from Investing | -310.67K | -326.64K | -78.34K | -231.1K | -113.33K | -253.14K | -1.61M | -7.78M | -164.53K | -652.91K | -15.85M | 828.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.29M | 0 | 0 | -18.92M | -105.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.29M | 0 | 0 | 5.72M | 934K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -192.61K | 0 | 0 | 0 | 0 | 0 | -1.4M | -1.44M | -164.53K | -652.91K | -15.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -3.92M | -3.89M | -4.07M | -3.78M | -1.23M | -2.28M | -2.69M | 8.62M | -2.66M | -1.98M | 17.43M | -1.93M | -3.65M | -1.46M | -3.48M | -1.91M | -1.66M | -3.74M | 1.15M | -1.61M | -2.03M | -2.04M | 5M | -1.54M | -2.08M | -2.27M |
| Dividends Paid | -3.29M | -3.28M | -3.25M | -3.22M | -3.01M | -2.61M | -2.43M | -2.11M | -1.99M | -1.98M | -1.93M | -1.93M | -1.93M | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -2.47M | -3.28M | -3.25M | -3.22M | -3.01M | -2.61M | -2.43M | -2.11M | -1.99M | -1.98M | -1.93M | -1.93M | -1.93M | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -466.05K | -605.37K | -580.56K | -556.77K | -226.74K | -1000K | -261.08K | 1000K | -190.49K | 0 | 1000K | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -158.63K | 0 | -235.16K | 0 | 0 | -231.93K | 0 | 0 | -477.98K | 0 | 0 | 0 | -1.72M | 0 | -3.48M | -1.91M | -1.66M | -3.74M | 1.15M | -1.61M | -2.03M | -2.04M | 5M | -1.54M | -2.08M | -2.27M |
| Net Change in Cash | -90.13K | 261.35K | 181.51K | 513.54K | 3.45M | 1.11M | -2.3M | 2.54M | -544.15K | -764.18K | 2.88M | 9 | 29.75K | 0 | 1.06M | -2.97M | 220K | 0 | 0 | 1.69M | 390K | -4.7M | 7.96M | 1.13M | -1.52M | -670K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 7.55M | 7.21M | 7.03M | 6.52M | 3.06M | 1.96M | 4.25M | 1.71M | 2.26M | 2.91M | 29.76K | 29.75K | 0 | 0 | -10K | 220K | 0 | 0 | 0 | 10K | 0 | 0 | 10K | -10K | 0 | 0 |
| Cash at End | 7.45M | 7.47M | 7.21M | 7.03M | 6.52M | 3.06M | 1.96M | 4.25M | 1.71M | 2.15M | 2.91M | 29.76K | 29.75K | 0 | 1.05M | -2.75M | 220K | 0 | 0 | 1.7M | 390K | -4.7M | 7.97M | 1.12M | -1.52M | -670K |
| Free Cash Flow | 4.02M | 4.15M | 4.25M | 4.29M | 4.68M | 3.39M | 1.79M | 1.65M | 2.12M | 1.22M | -20.27M | 1.1M | 3.68M | 1.46M | 4.54M | -1.06M | 1.88M | 3.74M | -1.15M | 3.3M | 2.42M | -2.66M | 2.96M | 2.67M | 560K | 1.6M |
| FCF Growth % | -12.58% | -2.47% | -0.97% | -8.34% | 38.18% | 88.92% | 8.8% | -22.09% | 73.95% | 106% | -1943.38% | -70.08% | 152.31% | -67.92% | 528.3% | -156.38% | -49.73% | 425.22% | -134.85% | 36.36% | 190.98% | -189.86% | 10.86% | 376.79% | -65% | - |
| FCF / Revenue % | 31.42% | 32.64% | 33.93% | 35.22% | 39.21% | 32.25% | 19.51% | 19.02% | 26.1% | 16.28% | -407.29% | 30.25% | 150.78% | 321.62% | 436.54% | -47.32% | 87.44% | 187.94% | -59.59% | 212.9% | 163.51% | -192.75% | 225.95% | 186.71% | 28.72% | 69.87% |
Quick answers to the most common questions about buying SELF stock.
Global Self Storage, Inc. (SELF) generated $4.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Global Self Storage, Inc. (SELF) generated $4.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Global Self Storage, Inc. (SELF) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Global Self Storage, Inc. (SELF) returned $3.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Limited Portfolio Scale
Metrics are mathematically derived from official filings.
Dividend Coverage Remains Inconsistent
As reported in financial statements, Global Self Storage's dividend payout ratio relative to AFFO has fluctuated significantly, reaching a concerning 1.12x in 2025Q4 and 1.65x in 2024Q4, which suggests that the current distribution level may not be sustainably supported by recurring property-level cash flows.
The frequent breach of the 1.0x AFFO coverage threshold indicates that the dividend is periodically reliant on cash reserves rather than operational earnings. Investors should monitor whether management intends to maintain this payout level, as the lack of a consistent buffer may necessitate a strategic adjustment to capital allocation.
Depreciation Masks True Earnings Power
Based on the provided quarterly data, the disparity between GAAP Net Income and FFO is substantial, with FFO/NI ratios frequently exceeding 2.0x, which implies that non-cash depreciation charges are significantly obscuring the company's actual economic performance and cash-generating capacity across its 13-property portfolio.
The consistent gap between accounting profit and FFO highlights the necessity of focusing on cash-based metrics to evaluate the REIT's health. This distortion suggests that GAAP-based valuation multiples may be misleadingly high, potentially masking the underlying stability of the storage assets.
Maintenance Capex Impacts Cash Availability
According to recent SEC filings, the company's recurring capital expenditures, including tenant improvements and leasing commissions, have shown volatility, with quarterly outflows reaching $118.1K in 2025Q4, which directly reduces the pool of distributable cash available to shareholders after accounting for property maintenance requirements.
The variability in maintenance spending suggests that the portfolio may require irregular capital injections to remain competitive in its micro-markets. This unpredictability in capex makes it difficult to forecast long-term AFFO growth and warrants further investigation into the age and condition of the underlying assets.
FFO Conversion Quality Remains Variable
As indicated by the historical cash flow data, the conversion of GAAP operating cash flow into FFO has been inconsistent, with FFO/NI ratios ranging from 0.87 to 14.95, suggesting that timing differences in working capital and non-recurring items frequently distort the company's core operational cash profile.
The wide variance in conversion metrics implies that the company's cash flow statement is sensitive to operational fluctuations that are not fully captured by FFO alone. This volatility may indicate that the company's cash management processes are less predictable than those of larger, more diversified storage REITs.