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 been invited to present at the Aegis Virtual Conference from February 23-25, 2022. CEO Mark C. Winmill will present on February 25 at 11:30 a.m. ET, discussing the company's strategy targeting underserved markets in the Northeast, Mid-Atlantic, and Midwest, which has led to impressive FFO and AFFO growth. The presentation materials will be accessible via the company's investor relations website and the event will be streamed on YouTube Live.
Global Self Storage (NASDAQ:SELF) has declared a cash dividend of $0.065 per common share for the fourth quarter of 2021. This dividend is payable on December 30, 2021, to stockholders of record as of December 15, 2021. The company operates and manages self-storage properties across several states, including Connecticut, Illinois, and New York, aiming to provide affordable and accessible storage solutions.
Global Self Storage, Inc. (NASDAQ:SELF) reported third-quarter 2021 results showing total revenues of $2.7 million, a 16.4% increase year-over-year. Net income rose to $629,000, or $0.06 per share, while FFO and AFFO achieved records of $957,000 and $1.0 million, respectively, both up over 59%. Same-store occupancy increased to 94.3%, with rental rates also on the rise. Total capital resources reached approximately $20.5 million, strengthening the company's growth position. The quarterly dividend remained steady at $0.065 per share.
Global Self Storage (NASDAQ:SELF) has announced a cash dividend of $0.065 per common share for Q3 2021. This dividend will be paid on September 30, 2021, to stockholders of record as of September 15, 2021. The company, which owns and operates self-storage properties across several states, aims to provide affordable and secure storage solutions. With 13 properties in its portfolio, Global Self Storage emphasizes its commitment to accessibility and customer satisfaction.
Global Self Storage (NASDAQ: SELF) will showcase its management platform, Global MaxManagement, at the 2021 Fall Conference & Trade Show held by the Self Storage Association from September 7-10, 2021 in Las Vegas. The platform aims to enhance value for independent property owners by providing innovative strategies for operations such as staffing and marketing. The company's recent performance report highlighted record occupancy and revenue metrics in Q2 2021, offering a strong value proposition for potential clients attending the event.
Global Self Storage reported a strong performance for Q2 2021, with total revenues rising 15.2% to a record $2.6 million. Net income reached $0.9 million or $0.09 per diluted share, compared to a loss in Q2 2020. Funds from operations (FFO) increased 52.1% to $773,000, while adjusted FFO (AFFO) rose 52.9% to $833,000. Same-store occupancy reached 96.3%, up from 92.9% a year ago. The company raised $6.9 million through a public offering, enhancing its capital resources for future growth initiatives.
Global Self Storage (NASDAQ: SELF) will showcase its Global MaxManagement platform at the Inside Self Storage World Expo from July 13-16, 2021, in Las Vegas. This innovative management platform aims to enhance the performance of independent self-storage property owners by providing strategies for staffing, budgeting, and marketing. The company has reported strong lease-up performance and increased revenues in Q1 2021, indicating robust market positioning. Attendees are encouraged to learn more at booth #1222 about how the platform can maximize their business value.
Global Self Storage (NASDAQ:SELF) has enhanced its financial position by extending its revolving credit facility with The Huntington National Bank. The principal amount available has increased from $10 million to $15 million, with a three-year maturity and interest tied to one-month LIBOR plus 3.00%. This extension, combined with a recent equity offering, boosts the company's capital resources to approximately $21.0 million. The company aims to leverage this liquidity for growth opportunities and joint ventures to enhance shareholder value.
Global Self Storage (NASDAQ:SELF) announced that underwriters exercised an option to purchase an additional 168,224 shares in its latest public offering, raising total shares sold to 1,289,720. The public offering price was set at $5.35, resulting in gross proceeds of approximately $6.9 million before expenses. EF Hutton served as the sole book-running manager for this offering. The offering was conducted under a shelf registration statement that became effective in December 2018, allowing the company to efficiently access capital markets.
Global Self Storage has announced a public offering of 1,121,496 shares of its common stock, priced at $5.35 per share, aimed at raising approximately $6.0 million in gross proceeds. The offering, managed by EF Hutton, is expected to close around June 25, 2021. The funds will be utilized for acquisitions, expansions of existing properties, and general corporate purposes. Additionally, the underwriters have been granted a 45-day option to purchase an extra 168,224 shares. The offering is registered under Form S-3 with the SEC.
FAQ
What is the current stock price of Global Self Storage (SELF)?
What is the market cap of Global Self Storage (SELF)?
What does Global Self Storage, Inc. do?
How many properties does Global Self Storage, Inc. manage?
What is the company's strategy for growth?
How has the company performed financially in recent quarters?
What recent developments has Global Self Storage, Inc. reported?
How does the company manage its properties?
What is the company's dividend policy?
How does Global Self Storage, Inc. ensure secure storage solutions?
Are there any planned expansions or acquisitions?
Where can I find more information about Global Self Storage, Inc.?
