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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 launched a public offering of its common stock. All shares are being offered by the company, with an additional option for underwriters to purchase 15% more shares within 45 days. The offering is subject to market conditions and is backed by a shelf registration statement effective since December 7, 2018. EF Hutton is the sole book-running manager for this offering. Investors should consult the preliminary prospectus for more details, as the offering does not constitute a sale in jurisdictions where it is not registered.
Global Self Storage (NASDAQ: SELF) has announced a cash dividend of $0.065 per common share for the second quarter of 2021, payable on June 30, 2021, to stockholders of record as of June 15, 2021. This self-administered REIT operates 13 self-storage properties across various states, focusing on affordable and secure storage solutions for both residential and commercial customers. The declaration reflects the company’s ongoing commitment to return value to its shareholders amidst current market conditions.
Global Self Storage reported strong Q1 2021 results, with total revenues rising 9.0% to $2.4 million and net income of $411,000 compared to a loss of $356,000 in Q1 2020. Funds from operations (FFO) surged 72.1% to $602,000, while adjusted FFO (AFFO) increased 63.2% to $634,000. Same-store occupancy reached a record 96.1%, up from 91.4% a year ago. The company maintained a quarterly dividend of $0.065 per share and has strong capital resources of approximately $8.9 million. Management expressed confidence in continuing growth through expansions and strategic acquisitions.
Global Self Storage reported strong financial results for Q4 and the full year 2020, with total revenues reaching $2.4 million in Q4, a 6.8% increase year-over-year. Net income rose to $316,000, or $0.03 per diluted share. Full-year revenues also increased by 6.1% to $9.2 million. Notably, same-store occupancy improved to 95.1%, up 340 basis points from 2019. The company maintained a quarterly dividend of $0.065 per share. Challenges from the COVID-19 pandemic were effectively managed, as evidenced by consistent rent collections and a focus on digital marketing strategies.
Global Self Storage (NASDAQ:SELF) will participate in the 33rd Annual ROTH Growth Conference from March 15-17, 2021. This virtual event will host various companies and feature one-on-one meetings for investors and analysts. Key company executives, including President Mark C. Winmill and CFO Thomas O'Malley, will discuss their focus on underserved markets in the Northeast, Mid-Atlantic, and Midwest, which has enhanced their same-store performance. For registration, interested parties can click here.
Global Self Storage (NASDAQ: SELF) has declared a cash dividend of $0.065 per common share for Q1 2021. The dividend is scheduled for payment on March 31, 2021, to stockholders of record as of March 15, 2021.
The company operates 13 self-storage properties across multiple states, including Connecticut and New York, providing secure and affordable storage solutions for both residential and commercial customers.
Global Self Storage (NASDAQ: SELF) has declared a cash dividend of $0.065 per common share for the fourth quarter of 2020. This dividend will be paid on December 30, 2020, to stockholders of record as of December 15, 2020. The company operates and manages 13 self-storage properties across multiple states, offering secure and affordable storage solutions for residential and commercial customers.
Global Self Storage (NASDAQ: SELF) has declared a cash dividend of $0.065 per common share for the third quarter of 2020. The dividend is payable on September 30, 2020, to stockholders of record as of September 15, 2020. This highlights the company's commitment to returning value to its shareholders amidst ongoing challenges in the storage industry. Global Self Storage operates 13 self-storage properties across various states, providing secure and accessible storage options for both residential and commercial customers.
Global Self Storage reported a 4% revenue increase in Q2 2020, totaling $2.2 million. A net loss of $22,000 occurred, with funds from operations (FFO) at $508,000 or $0.05 per diluted share. Despite the pandemic's impact, same-store net operating income grew 9.1% to $1.1 million. The company maintained its quarterly dividend of $0.065 per share. Total capital resources stood at approximately $9.3 million, ensuring operational flexibility amidst ongoing COVID-19 challenges.
Global Self Storage, Inc. (NASDAQ: SELF) reported a 4% revenue increase to $2.2 million in Q2 2020, despite a net loss of $22,000. Funds from operations (FFO) were $508,000, and adjusted FFO (AFFO) reached $545,000. Same-store revenues fell 1.3% to $1.8 million, while same-store net operating income rose 9.1% to $1.1 million, driven by a 14% decrease in operating costs. The company maintained its dividend of $0.065 per share and reported capital resources of $9.3 million. However, concerns linger about the impacts of COVID-19 on future operations and revenues.
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