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. (NASDAQ: SELF) is a leading self-administered and self-managed Real Estate Investment Trust (REIT) specializing in the ownership, operation, management, acquisition, and redevelopment of self-storage properties. With a focus on security and accessibility, the company provides affordable and secure storage solutions for both residential and commercial clients. The company's primary business segment is rental operations, and through its wholly-owned subsidiaries, Global Self Storage owns and/or manages approximately 13 self-storage properties across Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.
Core Business and Strategy: Global Self Storage is committed to offering exceptional customer service and maintaining high standards of facility management. The facilities are strategically located to serve a broad customer base looking for convenient and secure storage solutions. The company actively engages in funding acquisitions and expansion projects to grow its portfolio and increase shareholder value over time. This strategic approach is regularly reviewed by the board of directors, addressing key elements like capital formation, debt versus equity ratios, dividend policy, use of capital and debt, and financial performance metrics such as FFO (Funds From Operations) and AFFO (Adjusted Funds From Operations).
Financial Highlights and Operational Performance: The company reported a revenue of $3.1 million for the third quarter of 2023, with same-store revenues showing a slight increase due to higher rental rates. However, operating expenses saw a 14.2% rise, primarily due to increased repair, maintenance, marketing, and employment costs. Net income for the third quarter of 2023 stood at $271,000, with a notable focus on maintaining high occupancy rates and tenant duration, which averaged 3.3 years—a peer-leading figure in the industry. The company's capital resources by the end of the third quarter were approximately $24.1 million, including $6.9 million in cash and equivalents.
Management Commentary: According to Mark C. Winmill, President and CEO, the company experienced record topline revenue for both the third quarter and the first nine months of 2023, despite economic headwinds and competitive pressures in the move-in rental market. The successful implementation of a revenue rate management program and effective digital marketing strategies helped maintain high occupancy rates and bolster financial performance. The company's dedication to exceptional customer service has also resulted in strong brand loyalty and high-quality tenant retention.
Recent Developments: The board declared a quarterly dividend of $0.0725 per share for the fourth quarter of 2023, consistent with previous periods. The company also reported a significant achievement in digital marketing initiatives, with a re-launched website optimized for better customer engagement and enhanced user experience. Additionally, the company has been actively exploring acquisition opportunities in secondary and tertiary markets, aiming to leverage its strong balance sheet for growth.
For more information, visit the investor relations section on Global Self Storage or follow the company on social media platforms such as Twitter, LinkedIn, and Facebook.
Global Self Storage (NASDAQ:SELF) has announced a cash dividend of $0.0725 per common share for the fourth quarter of 2022. This dividend is payable on December 29, 2022, to shareholders on record as of December 15, 2022. The company operates self-storage properties across several states including Connecticut, New York, and Illinois, providing affordable and secure storage options for both residential and commercial clients.
Global Self Storage reported robust Q3 2022 results, with total revenues rising by 13.0% to $3.1 million and operating income increasing 41.0% to $1.1 million. Net income reached $930,000, equating to $0.08 per diluted share. Funds from operations (FFO) surged 45.7% to $1.4 million, while adjusted FFO (AFFO) also increased by 42.0% to $1.4 million. Despite a dip in same-store occupancy to 89.6%, the company saw an increase in average tenant duration to 3.3 years. A dividend increase of 11.5% was declared, reinforcing the company's commitment to shareholder value.
Global Self Storage (NASDAQ:SELF) will celebrate its six-year anniversary on Nasdaq by ringing the Nasdaq Closing Bell on October 5. The event, commemorating the company's operational success, will stream live from 3:52 p.m. Eastern time. CEO Mark C. Winmill will address attendees, highlighting significant growth, including an 11.5% increase in the quarterly dividend to $0.29 per share. The self-storage sector's strong performance against inflation fortifies its market position, making it resilient during economic fluctuations.
Global Self Storage (NASDAQ:SELF) has announced an 11.5% dividend increase, declaring a dividend of $0.0725 per common share for Q3 2022. This raises the annualized dividend rate to $0.29 per share, up from $0.26. The dividend is payable on September 30, 2022 to stockholders of record by September 16, 2022. The company's president highlighted strong pricing power and effective revenue management as driving factors behind this increase.
Global Self Storage (NASDAQ:SELF), a real estate investment trust specializing in self-storage, has declared a cash dividend of $0.065 per common share for Q2 2022. This dividend is set to be paid on June 30, 2022, to shareholders on record as of June 15, 2022. The company operates and manages self-storage properties across several states, aiming to provide affordable and secure storage solutions for both residential and commercial customers.
Global Self Storage (NASDAQ:SELF) will present at Nareit's REITweek 2022 Investor Conference on June 7-9, 2022, at the New York Hilton Midtown. The conference is the largest annual gathering for REIT investors, featuring over 3,000 attendees. CEO Mark C. Winmill will speak on June 7 at 8:00 a.m. ET, discussing the company’s strong pricing power and operational excellence, contributing to record results in Q1 2022. Attendees can register online to view the presentation.
Global Self Storage reported record Q1 2022 results with total revenues increased by 15.5% to $2.8 million.
Operating income rose 45.4% to $675,000, while net income was $283,000 or $0.03 per diluted share.
Funds from operations (FFO) surged 51.8% to $914,000 or $0.09 per diluted share. Adjusted FFO (AFFO) climbed 53.3% to $972,000.
Same-store revenue growth was 15.6%, but occupancy fell to 92.6%.
The company maintained its quarterly dividend at $0.065 per share.
Global Self Storage reported record revenues of $10.5 million for 2021, a 14.3% increase from 2020. Q4 2021 revenues rose 16.2% to $2.8 million, driven by increased rental rates and effective revenue management. Net income for 2021 reached $3.3 million or $0.33 per share. Funds from Operations (FFO) grew 58.7% to $3.3 million, while Adjusted FFO (AFFO) increased 59.7% to $3.6 million. Despite a decrease in same-store occupancy to 94.1%, the company's financial position remains strong with $21.5 million in capital resources and a maintained quarterly dividend of $0.065 per share.
Global Self Storage (NASDAQ:SELF) has declared a cash dividend of $0.065 per common share for Q1 2022. The dividend will be payable on March 31, 2022, to stockholders recorded as of March 15, 2022. The company, a real estate investment trust (REIT), operates various self-storage properties across multiple states including Connecticut, Illinois, and Pennsylvania. With a focus on affordable and secure storage, Global Self Storage continues to enhance its portfolio of 13 properties, solidifying its presence in the self-storage industry.
Global Self Storage (NASDAQ:SELF) has been invited to the 34th Annual ROTH Conference on March 13-15, 2022, in Dana Point, California. The event will include presentations, one-on-one meetings, and thematic panels, showcasing over 550 companies to more than 5,000 investors. CEO Mark C. Winmill, along with CFO Thomas O'Malley and CCO Donald Klimoski, will discuss the company’s revenue management program and pricing strategies. A pre-recorded webcast of their presentation will be available on the conference website.
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