Global Self Storage, Inc.: Q4 & Full Year 2024 Financial Results
In an exciting announcement, Global Self Storage, Inc. (SELF), a prominent real estate investment trust, shared their financial results for the fourth quarter and the full year that wrapped up on December 31, 2024. All comparisons below are made with the same period in the previous year, unless otherwise stated.
Fourth Quarter Highlights:
- Net income attributable to common stockholders was $10.5 million, or $0.41 per diluted share, compared to $12.4 million, or $0.48 per diluted share.
- Funds from operations (FFO) were $19.7 million, or $0.76 per diluted share, compared to $19.8 million, or $0.77 per diluted share.
- Total revenues increased 1.4% to $89.5 million, driven by a 1.3% increase in occupancy and a 1.1% increase in rental rates.
- Same-store revenues increased 1.7%.
Full Year 2024 Highlights:
- Net income attributable to common stockholders was $55.7 million, or $2.13 per diluted share, compared to $57.1 million, or $2.18 per diluted share.
- FFO was $111.6 million, or $4.22 per diluted share, compared to $113.6 million, or $4.28 per diluted share.
- Total revenues grew 2.5% to $347.8 million, driven by a 2.3% increase in occupancy and a 0.2% increase in rental rates.
- Same-store revenues increased 2.1%.
CEO H. Michael Schwartz commented on the results, stating, “We achieved solid financial results in 2024, driven by our focused strategy of owning, operating, managing, acquiring, and redeveloping self-storage properties. We are confident in our ability to continue delivering strong performance and creating value for our shareholders.”
Impact on Individuals:
For individuals looking to store their belongings, the financial stability of Global Self Storage, Inc. ensures that they can continue providing secure and reliable storage solutions. With a strong focus on maintaining and improving their properties, customers can trust that their belongings are in good hands.
Impact on the World:
The self-storage industry is a vital component of the global economy, providing businesses and individuals with a flexible and affordable solution for managing their excess inventory and belongings. With Global Self Storage, Inc.’s continued success, the industry as a whole is poised to grow and adapt to meet the changing needs of consumers and businesses.
Conclusion:
Global Self Storage, Inc.’s strong financial performance in the fourth quarter and full year 2024 is a testament to their dedication and expertise in the self-storage industry. Their focus on growth and value creation for shareholders bodes well for both individuals seeking dependable storage solutions and the self-storage industry as a whole. As the world continues to evolve, Global Self Storage, Inc. remains a steady and innovative force, adapting to meet the needs of customers and driving the industry forward.
