Global Self Storage, Inc. (SELF) reported first-quarter 2026 revenues of $3.2 million, a 1.5% increase from $3.1 million year-over-year, driven by higher occupancy and rental rates. However, net income fell 14.1% to $0.5 million, or $0.04 per diluted share, compared to $0.6 million, or $0.05 per diluted share, from the same quarter last year. The earnings report led to a 1.7% decline in shares since the announcement, contrasting with a 1.4% gain for the S&P 500 Index during the same timeframe.
Same-store occupancy increased by 100 basis points to 93.1%, while total operating expenses rose 8.3% year-over-year to $2.6 million, impacting operating income which declined 20.9% to $0.6 million. Despite these challenges, several properties maintained occupancy above 90%, with Rochester, NY, reaching 97.6% occupancy. As of March 31, 2026, the company also held $24.5 million in capital resources, including $7.4 million in cash.
Global Self Storage maintained its quarterly dividend at $0.0725 per share, indicating confidence in its financial position. The firm has indicated a focus on future rental income growth amidst rising operational costs and economic uncertainties.
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