Welcome to our dedicated page for Global Self Storage news (Ticker: SELF), a resource for investors and traders seeking the latest updates and insights on Global Self Storage stock.
Global Self Storage Inc (SELF) provides investors and stakeholders with timely updates on its self-storage REIT operations across key U.S. markets. This page aggregates official press releases, financial disclosures, and strategic announcements directly from the company.
Access curated updates on property acquisitions, same-store performance metrics, and operational initiatives that drive this self-managed REIT’s growth. Users will find earnings reports, redevelopment project announcements, and insights into tenant retention strategies that underscore the company’s focus on security and operational efficiency.
Bookmark this page for streamlined access to Global Self Storage’s latest developments, including dividend policies, capital allocation decisions, and market expansion plans. Regular updates ensure you stay informed about one of the storage industry’s most hands-on operators.
Global Self Storage (NASDAQ:SELF) has extended its $15 million revolving credit facility with The Huntington National Bank for another three years, with a further one-year extension option. The facility bears interest at one-month SOFR plus 3.00%. Secured by properties in Millbrook and West Henrietta, NY; Lima, OH; Fishers, IN; and Clinton, CT, this credit line supports the company's growth strategies. CEO Mark C. Winmill emphasized their strong balance sheet and operational performance, focusing on property acquisitions, joint ventures, and expansions. The strategic plan aims to optimize occupancy, revenue, and NOI to build long-term shareholder value.
Global Self Storage (NASDAQ:SELF), a real estate investment trust, announced a cash dividend of $0.0725 per common share for Q2 2024. This dividend will be payable on June 28, 2024, to shareholders of record as of June 17, 2024.
The company aims to increase shareholder value through strategic acquisitions and expansion projects. Its board regularly reviews performance metrics such as capital formation, debt-equity ratios, and dividend policies. Management believes that the company's operational performance and capital resources support continued strategic growth.
On May 21, 2024, Global Self Storage (NASDAQ:SELF) announced that its Board of Directors unanimously rejected an unsolicited acquisition proposal from Etude Storage Partners. The offer, presented on May 7, 2024, proposed $6.15 per share in cash. The Board, advised by financial and legal experts, determined the proposal undervalued the company and was not in the best interests of shareholders. The Board emphasized the company's strategic business plan aimed at long-term growth and value creation. They are not considering a sale and believe continuing their current strategy will provide greater value for shareholders.
Global Self Storage, Inc. reported Q1 2024 results with same-store occupancy up to 91.3%, showing strong tenant duration despite competitive move-in rates. Revenue remained unchanged at $3.0 million, while net income decreased to $266,000. Funds from operations (FFO) and Adjusted FFO (AFFO) also declined. The company maintained its quarterly dividend of $0.0725 per common share and had capital resources totaling approximately $24.0 million. Management focused on digital marketing initiatives, customer service, and expanding property acquisitions.
Global Self Storage, Inc. (NASDAQ:SELF) received an unsolicited acquisition proposal from Etude Storage Partners offering $6.15 per share in cash, the third proposal in 90 days. The Board found previous offers of $5.52 and $6.05 inadequate, believing they undervalued the Company. The Board remains committed to executing its strategic plan, aiming to enhance stockholder value.
Etude Storage Partners has proposed to acquire Global Self Storage for $6.15 per share in cash, representing a 47% premium over the previous day's closing price and a 45% premium over the 30-day volume-weighted average price. The proposal aims to engage the Board of Directors in constructive discussions to benefit all stockholders.
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