Global Self Storage's Q2 revenue inches up on rate increases; costs climb
SELF•Drivers and outlook
- RATE INCREASES - Co said revenue growth was primarily driven by increases in existing tenant rates under its proprietary revenue rate management program
- HIGHER OPERATING COSTS - Co said operating expenses rose mainly due to increased employment costs and property tax assessments
- TECHNOLOGY AND MARKETING INITIATIVES - Co said enhancements in customer service technology and digital marketing supported occupancy and tenant duration
Company expects employment cost growth to return to lower historic levels.
Company continues to appeal property tax reassessments, though reductions are not guaranteed.
Global Self Storage says it is well positioned for acquisitions and expansion in select markets.
Q2 revenue and income rise
- US self-storage REIT's Q2 revenue rose 0.6% year-over-year
- Net income for Q2 increased 24.9% year-over-year
- Operating expenses rose mainly from employment costs and property taxes
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Revenue | $3.2 mln | $3.21 mln (2 Analysts) | |
| Q2 Adjusted FFO | $1.1 mln |
