Global Self Storage Q2 Revenue Edges Up 0.6% on Rate Hikes, Costs Climb
SELF is trading near its 52-week low of $4.73 (8.9% above the low) on elevated volume (2.2× avg).
Summary
Q2 revenue rose 0.6% to $3.2M, matching consensus, driven by rate increases under its proprietary management program. Adjusted FFO came in at $1.1M. However, same-store NOI fell 3.8% as employment costs and property taxes pushed operating expenses higher. Management expects employment cost growth to normalize and is appealing tax assessments, though relief isn't guaranteed. The company also flagged acquisition appetite and tech investments supporting occupancy. This follows the 10-Q filed earlier today, adding color on cost drivers and outlook.
At the time of this announcement, SELF was trading at $5.15 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $58.8M. The 52-week trading range was $4.73 to $5.63. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.