Revenue growth remains stagnant at 1.4% while NOI margins have experienced significant volatility, contracting from a 63.9% peak in 2024Q3 to 32.1% by 2026Q1.
| 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 |
|---|
| Revenue | 12.75M | 12.71M | 12.53M | 12.19M | 11.94M | 10.51M | 9.2M | 8.67M | 8.11M | 7.47M | 4.98M | 3.63M | 2.44M | 452.9K | 1.04M | 2.24M | 2.15M | 1.99M | 1.93M | 1.55M | 1.48M | 1.38M | 1.31M | 1.43M | 1.95M | 2.29M |
| Revenue Growth % | 1.03% | 1.4% | 2.79% | 2.06% | 13.66% | 14.27% | 6.09% | 6.87% | 8.54% | 50.17% | 36.92% | 49.11% | 438.18% | -56.45% | -53.57% | 4.19% | 8.04% | 3.11% | 24.52% | 4.73% | 7.25% | 5.34% | -8.39% | -26.67% | -14.85% | - |
| Property Operating Expenses | 5.81M | 8.13M | 4.74M | 4.55M | 4.17M | 3.78M | 3.59M | 3.58M | 3.26M | 3.15M | 2.1M | 23.51K | 2.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 6.94M | 4.57M | 7.79M | 7.64M | 7.78M | 6.73M | 5.61M | 5.09M | 4.85M | 4.32M | 2.87M | 3.61M | 2.44M | 452.9K | 1.04M | 2.24M | 2.15M | 1.99M | 1.93M | 1.55M | 1.48M | 1.38M | 1.31M | 1.43M | 1.95M | 2.29M |
| NOI Margin % | 54.44% | 35.98% | 62.17% | 62.68% | 65.1% | 64.06% | 61% | 58.73% | 59.78% | 57.8% | 57.76% | 99.35% | 99.9% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 4.1M | 1.97M | 4.9M | 4.53M | 4.25M | 4.05M | 4.39M | 3.69M | 3.42M | 3.64M | 2.81M | -2.5M | 3.65M | 908.9K | 950K | 850K | 680K | 470K | 540K | 590K | 610K | 540K | 520K | 450K | 420K | 510K |
| G&A Expenses | 2.44M | 3.22M | 3.26M | 2.88M | 2.58M | 2.37M | 2.4M | 2.25M | 2.02M | 1.94M | 1.41M | 1.14M | 1.26M | 1.07M | 940K | 840K | 660K | 450K | 520K | 580K | 600K | 540K | 510K | 440K | 400K | 510K |
| EBITDA | 4.49M | 4.24M | 4.53M | 4.75M | 5.15M | 4.32M | 3.21M | 2.84M | 8.1M | 7.47M | 4.98M | 4.53M | 0 | 0 | 6.23M | 2.61M | 8.34M | 5.87M | -6.1M | 3.33M | 2.17M | -2.02M | 3.78M | 2.9M | -410K | 1.83M |
| EBITDA Margin % | 35.18% | 33.36% | 36.14% | 38.93% | 43.08% | 41.08% | 34.9% | 32.76% | 99.81% | 100% | 100.03% | 124.5% | 0% | 0% | 599.04% | 116.52% | 387.91% | 294.97% | -316.06% | 214.84% | 146.62% | -146.38% | 288.55% | 202.8% | -21.03% | 79.91% |
| Depreciation & Amortization | 1.64M | 1.63M | 1.63M | 1.63M | 1.62M | 1.63M | 1.99M | 1.44M | 6.67M | 6.8M | 4.91M | -1.59M | -1.18M | 618.44K | 6.14M | 1.22M | 6.87M | 4.35M | -7.48M | 2.37M | 1.3M | -2.85M | 2.99M | 1.92M | -1.95M | 60K |
| D&A / Revenue % | 12.86% | 12.86% | 13.04% | 13.4% | 13.56% | 15.53% | 21.64% | 16.6% | 82.23% | 90.93% | 98.71% | -43.72% | -48.47% | 136.55% | 590.38% | 54.46% | 319.53% | 218.59% | -387.56% | 152.9% | 87.84% | -206.52% | 228.24% | 134.27% | -100% | 2.62% |
| Operating Income | 2.85M | 2.6M | 2.89M | 3.11M | 3.53M | 2.68M | 1.22M | 1.4M | 1.43M | 677.47K | 65.7K | 6.11M | 1.18M | -618.44K | 90K | 1.39M | 1.47M | 1.52M | 1.38M | 960K | 870K | 830K | 790K | 980K | 1.54M | 1.77M |
| Operating Margin % | 22.32% | 20.49% | 23.1% | 25.52% | 29.53% | 25.55% | 13.27% | 16.16% | 17.58% | 9.07% | 1.32% | 168.22% | 48.47% | -136.55% | 8.65% | 62.05% | 68.37% | 76.38% | 71.5% | 61.94% | 58.78% | 60.14% | 60.31% | 68.53% | 78.97% | 77.29% |
| Interest Expense | 834.16K | 854.05K | 880.74K | 0 | 780.22K | 1.05M | 0 | 1.08M | 897.94K | 880.83K | 456.72K | 4.57M | 4.96M | 2.04M | 1.69M | 3.67M | 2.46M | 0 | 0 | 30K | 0 | 640K | 820K | 230K | -970K | 230K |
| Interest Coverage | - | 3.39x | 3.41x | - | 3.64x | 2.61x | - | 1.55x | 1.60x | 0.83x | 1.84x | 1.34x | 1.23x | 0.67x | 2.69x | -0.28x | 2.83x | - | - | 21.42x | - | -4.01x | 4.61x | 12.61x | -0.42x | 7.96x |
| Non-Operating Income | 51.85K | -288.57K | -110.16K | -673.92K | 689.24K | -45.53K | -234.47K | -265.37K | -15.52K | -57.07K | -775.15K | 0 | 0 | -1.98M | 0 | 2.41M | -5.5M | -5.32M | 4.9M | 317.4K | -1.37M | 3.4M | -2.99M | -1.92M | 1.95M | -60K |
| Pretax Income | 1.96M | 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 |
| Pretax Margin % | 15.37% | 16.04% | 16.95% | 24.11% | 17.23% | 31.22% | 2.98% | 6.81% | 7.64% | -1.96% | 7.72% | 168.22% | 249.81% | 300.16% | 436.54% | -47.32% | 273.49% | 379.9% | -275.65% | 212.9% | 163.51% | -192.75% | 225.95% | 186.71% | 28.72% | 69.87% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.92M | 0 | -6.14M | -1.22M | -6.87M | -4.35M | 7.48M | -2.37M | -1.3M | 2.85M | -2.99M | -1.92M | 1.95M | -60K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -163% | 0% | -135.24% | 115.09% | -116.84% | -57.54% | -140.6% | -71.82% | -53.72% | -107.14% | -101.01% | -71.91% | 348.21% | -3.75% |
| Net Income | 1.96M | 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 | 10.68M | 160K | 12.75M | 11.91M | -12.8M | 5.67M | 3.72M | -5.51M | 5.95M | 4.59M | -1.39M | 1.66M |
| Net Margin % | 15.37% | 16.04% | 16.95% | 24.11% | 17.23% | 31.22% | 2.98% | 6.81% | 7.64% | -1.96% | 7.72% | 168.22% | 249.81% | 300.16% | 1026.92% | 7.14% | 593.02% | 598.49% | -663.21% | 365.81% | 251.35% | -399.28% | 454.2% | 320.98% | -71.28% | 72.49% |
| Net Income Growth % | -18.75% | -4.02% | -27.73% | 42.82% | -37.29% | 1096.05% | -53.55% | -4.65% | 523.44% | -138.08% | -93.72% | 0.41% | 347.89% | -87.27% | 6575% | -98.75% | 7.05% | 193.05% | -325.75% | 52.42% | 167.51% | -192.61% | 29.63% | 430.22% | -183.73% | - |
| Funds From Operations (FFO) | 3.6M | 3.67M | 3.76M | 4.57M | 3.68M | 4.91M | 2.26M | 2.03M | 7.29M | 6.65M | 5.3M | 4.53M | 4.91M | 1.98M | 16.82M | 1.38M | 19.62M | 16.26M | -20.28M | 8.04M | 5.02M | -8.36M | 8.94M | 6.51M | -3.34M | 1.72M |
| FFO Margin % | 28.23% | 28.91% | 29.99% | 37.51% | 30.78% | 46.75% | 24.62% | 23.41% | 89.87% | 88.98% | 106.43% | 124.5% | 201.34% | 436.71% | 1617.31% | 61.61% | 912.56% | 817.09% | -1050.78% | 518.71% | 339.19% | -605.8% | 682.44% | 455.24% | -171.28% | 75.11% |
| FFO Growth % | 5.19% | -2.26% | -17.82% | 24.36% | -25.16% | 116.99% | 11.56% | -72.16% | 9.63% | 25.55% | 17.04% | -7.79% | 148.11% | -88.24% | 1118.84% | -92.97% | 20.66% | 180.18% | -352.24% | 60.16% | 160.05% | -193.51% | 37.33% | 294.91% | -294.19% | - |
| FFO per Share | 0.32 | 0.33 | 0.34 | 0.41 | 0.34 | 0.49 | 0.24 | 0.26 | 0.96 | 0.87 | 0.71 | 0.61 | 0.66 | 0.27 | 2.27 | 0.19 | 2.65 | 2.19 | -2.74 | 1.09 | 0.68 | -1.13 | 1.21 | 1.17 | -0.61 | 0.32 |
| FFO Payout Ratio % | 68.45% | 89.3% | 86.59% | 70.47% | 81.97% | 53.1% | 107.2% | 103.84% | 27.33% | 29.79% | 36.41% | 42.62% | 39.3% | 130.12% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 0.17 | 0.18 | 0.19 | 0.26 | 0.19 | 0.33 | 0.03 | -0.06 | 0.08 | -0.02 | 0.05 | 0.82 | 0.82 | 0.18 | 1.44 | 0.02 | 1.72 | 1.61 | -1.73 | 0.77 | 0.50 | -0.75 | 0.81 | 0.82 | -0.25 | 0.31 |
| EPS Growth % | -18.44% | -5.26% | -26.92% | 36.84% | -42.42% | 1014.86% | 146.98% | -177.59% | 522.92% | -138.4% | -93.9% | 0% | 355.56% | -87.5% | 6566.67% | -98.74% | 6.83% | 193.06% | -324.68% | 54% | 166.67% | -192.59% | -1.22% | 428% | -180.65% | - |
| EPS (Basic) | - | 0.18 | 0.19 | 0.26 | 0.19 | 0.33 | 0.03 | -0.06 | 0.08 | -0.02 | 0.05 | 0.82 | 0.82 | 0.18 | 1.44 | 0.02 | 1.72 | 1.61 | -1.73 | 0.77 | 0.50 | -0.75 | 0.81 | 0.82 | -0.25 | 0.31 |
| Diluted Shares Outstanding | 11.27M | 11.22M | 11.14M | 11.09M | 10.9M | 10M | 9.28M | 7.7M | 7.62M | 7.62M | 7.42M | 7.42M | 7.42M | 7.42M | 7.42M | 7.42M | 7.41M | 7.41M | 7.4M | 7.4M | 7.39M | 7.38M | 7.38M | 5.57M | 5.47M | 5.35M |
Limited Portfolio Scale
As reported in financial statements, Global Self Storage has maintained a revenue plateau with 1.40% year-over-year growth, suggesting that the company's micro-market strategy is currently struggling to capture incremental pricing power or expand its footprint beyond the existing 13-property portfolio in a competitive landscape.
The consistent revenue figures near $3.2 million per quarter indicate a lack of meaningful organic growth or acquisition-led expansion. This trend suggests that the company may be reaching a ceiling in its secondary and tertiary markets, where limited demand depth prevents aggressive rent escalations.
Based on the provided quarterly data, NOI margins have fluctuated significantly, dropping from a peak of 63.9% in 2024Q3 to 32.1% in 2026Q1, which implies that the company's property-level cost structure is increasingly sensitive to localized operating expense spikes or potential inefficiencies in management.
The sharp contraction in NOI margin warrants further investigation into whether rising property taxes or maintenance costs are eroding the profitability of the core storage assets. Investors should monitor whether this margin compression is a structural shift or a temporary impact from seasonal operating expense timing.
According to recent SEC filings, FFO per share has exhibited high volatility, ranging from $0.04 to $0.14 over the last ten quarters, which suggests that the company's core earnings power is inconsistent and potentially vulnerable to the timing of non-recurring items or operational fluctuations.
The erratic FFO trajectory complicates the assessment of dividend safety, as the payout must be supported by stable cash flow rather than accounting fluctuations. The reliance on FFO as a primary metric is essential here, as GAAP net income remains heavily distorted by non-cash depreciation charges.
As indicated by the disparity between net income and FFO, the company's GAAP earnings are consistently suppressed by significant depreciation charges, which appear to be a non-cash accounting artifact rather than a reflection of the actual economic wear and tear on the 13-property portfolio.
Analysts should focus on the gap between FFO and AFFO to determine the true impact of recurring maintenance CAPEX on cash availability. The persistent difference between these metrics suggests that capital reinvestment requirements may be higher than what is captured in simple depreciation schedules.
Based on the reported figures, the company maintains a substantial cash position relative to its revenue, which may indicate an inefficient allocation of capital that drags on overall returns and suggests a lack of immediate, accretive investment opportunities within the current high-interest-rate environment.
While the fortress balance sheet provides a safety net, the failure to deploy this capital into growth assets may signal a lack of competitive advantage in sourcing new deals. This strategy appears to prioritize capital preservation over the potential for long-term value creation through portfolio expansion.
Quick answers to the most common questions about buying SELF stock.
For fiscal year 2025, Global Self Storage, Inc. (SELF) reported total revenue of $12.7M. This represents a 454.8% increase compared to $2.3M in 2001.
Global Self Storage, Inc. (SELF) is profitable, generating $2.0M in net income for the fiscal year ending 2025 with a net profit margin of 16.0%.
Global Self Storage, Inc. (SELF) reported an operating income of $2.6M, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Self Storage, Inc. (SELF) generated $4.6M in gross profit for the year, representing a gross profit margin of 36.0%. This demonstrates the company's core pricing power and production efficiency.