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Global Self Storage Inc. (SELF) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that the company owns and operates, through its wholly owned subsidiaries, thirteen self-storage properties across eight states, totaling 967,187 net leasable square feet and offering 7,049 storage units.
Total revenues for the year increased to $12,530,280 from $12,190,715 in the previous year, primarily driven by rental income which rose to $12,024,552.
Operating expenses increased to $9,635,952 from $9,079,462, with store operating expenses rising due to higher employment, repairs, and maintenance costs.
Net income for the year was reported at $2,123,743, down from $2,938,769 in the previous year, attributed to increased total expenses.
The company continues to focus on acquiring and redeveloping self-storage properties, with no acquisitions completed in 2024.
Global Self Storage maintains a revolving credit facility with The Huntington National Bank, with a current borrowing capacity of $15 million.
The company has declared a cash dividend of $0.0725 per share, payable on March 31, 2025.
The filing details various financial strategies, including the use of an interest rate cap to manage exposure to interest rate changes.
Global Self Storage emphasizes its commitment to maintaining REIT status, which allows it to avoid federal income tax on distributed taxable income.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Self Storage Inc. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.