Overview

• U.S. self-storage REIT's Q1 revenue rose 1.5% year-over-year

• Net income and FFO declined due to higher operating and administrative expenses

• Same-store occupancy reached 93.1%, as of March 31, 2026, highest in sector, with record same-store average tenant duration of 3.6 years

Outlook

• Global Self Storage plans growth through acquisitions, joint ventures, and expansion projects

• Company expects employment costs to return to lower historic levels of growth

• Global Self Storage is appealing property tax reassessments but cannot guarantee reductions

Result Drivers

• HIGHER OCCUPANCY AND TENANT RATES - Revenue growth was driven by increased occupancy and higher rates for existing tenants under the company's revenue management program

• OPERATING EXPENSES - Profitability was negatively affected by higher store operating expenses, mainly due to increased employment costs and property taxes

• CUSTOMER SERVICE AND MARKETING - High occupancy and tenant retention were supported by customer service efforts and digital marketing initiatives, according to CEO Mark C. Winmill

Company press release: ID:nACSjQ7wca

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$3.2 mln	$3.09 mln (2 Analysts)
Q1 Dividend		$0.07

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for Global Self Storage Inc is $6.25, about 15.5% above its May 7 closing price of $5.41

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 19 three months ago

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