Global Self Storage — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenues increased 0.6% year-over-year to $3.2 million for Q2 2026.
• Net income increased 24.9% to $830,000 ($0.07 per diluted share) in Q2 2026, compared to $664,000 ($0.06 per diluted share) in Q2 2025.
• Same-store revenues increased 0.6% to $3.2 million in Q2 2026.
• Same-store cost of operations increased 8.1% to $1.3 million in Q2 2026.
• Same-store net operating income (NOI) decreased 3.8% to $1.9 million in Q2 2026.
• Funds from operations (FFO) decreased to $978,000 ($0.09 per diluted share) in Q2 2026, down from $1.1 million ($0.10 per diluted share) in Q2 2025.
• Adjusted FFO (AFFO) decreased to $1.1 million ($0.09 per diluted share) in Q2 2026, down from $1.2 million ($0.10 per diluted share) in Q2 2025.
• Total operating expenses increased 6.6% to $2.5 million in Q2 2026.
• Operating income decreased 16.3% to $694,000 in Q2 2026.
• For the first half of 2026, total revenues increased 1.1% to $6.4 million.
• First half 2026 net income was $1.3 million ($0.11 per diluted share), compared to $1.2 million ($0.11 per diluted share) in the first half of 2025.
• First half 2026 FFO decreased to $1.8 million ($0.16 per diluted share) from $2.1 million ($0.18 per diluted share).
• First half 2026 AFFO decreased to $2.0 million ($0.18 per diluted share) from $2.2 million ($0.20 per diluted share).
• Capital resources totaled approximately $24.9 million as of June 30, 2026, including $7.5 million in cash, cash equivalents, and restricted cash, $2.6 million in marketable securities, and $14.8 million available under a revolving credit facility.

Guidance and Future Outlook

• Management expects employment cost growth to return to lower historic levels.
• The company continues to appeal property tax reassessments where appropriate, though reductions are not guaranteed.
• Management believes targeted marketing, technology-enabled customer service, and proprietary revenue rate management will continue to attract high-quality, long-term tenants while supporting revenue growth, NOI performance, and long-term value.
• The company plans to execute its strategic business plan, including funding acquisitions, joint ventures, and expansion projects in select markets with limited supply growth and less professional competition.

Business Segments and Product Lines

• The company owns and/or manages 13 self-storage properties across Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.
• As of June 30, 2026, the company owned 12 same-store properties and managed one third-party owned property.
• At the Lima, Ohio property (second-largest), approximately 2,400 leasable square feet of all-climate-controlled units were created from converted student housing space in Q1 2026.
• The Lima, Ohio property occupancy increased 3.8 percentage points to 94.3% at the end of Q2 2026 following a successful lease-up.
• Total area occupancy at the Lima, Ohio property was approximately 90.6% as of the end of Q2 2026.

Market and Competitive Landscape

• Same-store occupancy remained consistent at 94.7% as of June 30, 2026, compared to June 30, 2025.
• Same-store average tenant duration of stay maintained a record level of approximately 3.6 years in Q2 2026, up from approximately 3.4 years in Q2 2025.
• The company achieved a record-level average customer rating above 4.9 out of 5 stars at quarter-end.
• The Lima, Ohio property received more than 700 reviews with an average rating of 4.9 stars.
• Competitor move-in rate analysis was utilized to maintain competitive rates.
• A proprietary revenue rate management program was used to increase existing tenant rates and optimize store occupancy.

Risks and Challenges

• Store operating expenses increased primarily due to higher employment costs and real estate property taxes, with assessments continuing to increase industry-wide.
• Property tax reassessment reductions are not guaranteed.
• Forward-looking statements involve known and unknown risks, uncertainties, and factors beyond the company's control that may cause actual results to differ materially from expectations.

Management Commentary and Tone

• CEO Mark C. Winmill highlighted positive same-store revenue growth, strong occupancy, and record tenant duration of stay driven by operational excellence.
• Management attributed results to customer service efforts, including a clean, safe, and convenient rental process that attracts high-quality, long-term tenants.
• Technology enhancements included transitioning from a live agent call center to an AI-based virtual agent call center and replacing kiosks with a QR code-based quick access page.
• Digital marketing initiatives supported strong occupancy by highlighting outstanding customer reviews.
• Management expressed confidence in the company's capital resources and operational performance to execute its strategic business plan.

Other Key Points

• The company maintained and covered a quarterly dividend of $0.0725 per common share, consistent with the year-ago period and previous quarter.
• The quarterly distribution represents an annualized dividend rate of $0.29 per share.
• General and administrative expenses increased due to higher employment costs and one-time professional fees related to the amendment and restatement of the company's equity incentive plan.
• Interest expense decreased to $203,000 in Q2 2026 from $214,000 in Q2 2025.
• Unrealized gain on marketable equity securities was $266,394 in Q2 2026, compared to an unrealized loss of $23,447 in Q2 2025.