Global Self Storage, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showcasing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenues increased by 3.6% to $3,200,276, up from $3,090,374 in the same period of 2023. This growth was primarily driven by a 3.5% rise in rental income, which reached $3,070,871, attributed to higher occupancy rates and increased tenant rates. Other property-related income also saw a 7.7% increase, totaling $111,618, largely due to more tenants subscribing to tenant insurance. However, income from the third-party management platform decreased slightly to $17,787.

Total operating expenses rose by 2.9% to $2,327,186, influenced by higher general and administrative costs, which increased by 11.5% to $762,000. Despite these rising expenses, operating income improved by 5.4% to $873,090, and net income surged to $1,181,657, compared to $270,758 in the prior year, resulting in earnings per share of $0.11, up from $0.02.

For the nine months ended September 30, 2024, total revenues increased by 1.4% to $9,343,354, with rental income rising 1.2% to $8,967,371. However, total operating expenses also increased by 6.8% to $7,243,360, leading to a decrease in operating income to $2,099,994, down 13.6% from the previous year. Net income for this period was $2,039,337, compared to $1,841,369 in 2023, with earnings per share rising to $0.18 from $0.17.

Strategically, the company has focused on maximizing cash flows from existing stores while planning to invest in additional properties. As of September 30, 2024, Global Self Storage owned and managed 13 self-storage properties across several states, including Connecticut, Illinois, and New York. The company also entered into a Second Amended Credit Facility Loan Agreement in July 2024, allowing for borrowing up to $15 million, which is intended for future acquisitions and expansions.

The company’s financial position remains stable, with total assets of $66,275,467 and total liabilities of $18,214,251 as of September 30, 2024. The accumulated deficit increased to $(1,497,475) from $(1,094,528) at the end of the previous fiscal year. The company continues to manage its capital effectively, with cash and cash equivalents totaling $6,762,074.

Overall, Global Self Storage, Inc. has demonstrated resilience in its revenue growth and profitability, despite facing increased operational costs and strategic adjustments in its management and financing activities.