Global Self Storage achieves notable revenue growth in fourth quarter 2024

In Millbrook, New York, Global Self Storage, Inc. released its financial results for the fourth quarter and the entire year ended December 31, 2024. The company, which operates in the self-storage property sector, noted an increase in same-store revenues by 7.0%, totaling $3.2 million for the fourth quarter. Additionally, the company’s overall capital resources reached approximately $24.8 million, significantly supported by cash, marketable securities, and the full capacity of its revolving credit facility. For the full year of 2024, total operating expenses rose to $9.6 million with an increase of 4.2% compared to the previous year. Operating income similarly increased by 16.8%, totaling $794,000, primarily due to the rise in revenues. The company’s management is optimistic about its operational performance and believes that their current resources will facilitate ongoing execution of their strategic business plan. Despite the promising figures, the company faced a notable dip in net income—with a reported $84,406 compared to $1,097,400 from Q4 2023. The increase in revenues was counteracted by operating expenses, including property operations which increased slightly. However, the funds from operations (FFO) also gained, rising by 14% to $1.1 million, with the adjusted FFO up by 16% to $1.2 million during this quarter. The commercial real estate market continues to evolve, and Global Self Storage is evaluating the opportunities present amidst changing market conditions. The company’s stable cash reserves and effective management are anticipated to provide the necessary foundation for sustained growth in the coming quarters.