Business
Global Self Storage Reports First Quarter 2020 Results
Same-Store Revenues up 2.1% to $1.8 million, Driving Same-Store Net Operating Income up 10.4% to $1.1 MillionNEW YORK, NY / ACCESSWIRE / May 15, 2020 / Global
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Same-Store Revenues up 2.1% to $1.8 million, Driving Same-Store Net Operating Income up 10.4% to $1.1 MillionNEW YORK, NY / ACCESSWIRE / May 15, 2020 / Global Self Storage, Inc. (NASDAQ:SELF) a real estate investment trust that owns, operates, manages, acquires, develops and redevelops self-storage properties, reported results for the first quarter ended March 31, 2020. All quarterly comparisons are to the same period in 2019 unless otherwise noted.Financial HighlightsTotal revenues increased 6.3% to $2.2 million.Net loss was $356,000 or $(0.04) per share.Funds from operations (FFO) was $350,000 or $0.04 per basic and diluted share.Adjusted FFO (AFFO) was $388,000 or $0.04 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).Same-store revenues increased 2.1% to $1.8 million.Same-store cost of operations decreased 8.1% to $746,000.Same-store net operating income (NOI) increased 10.4% to $1.1 million.Same-store occupancy at March 31, 2020 decreased 90 basis points to 91.4% from 92.3% at March 31, 2019.Same-store average tenant duration of stay at March 31, 2020 was approximately 3.0 years, up from 2.9 years at March 31, 2019.Maintained quarterly dividend of $0.065 per share.Capital resources at March 31, 2020 totaled approximately $10.1 million, comprised of $3.4 million in cash and cash equivalents and restricted cash, $1.6 million in marketable equity securities, and $5.1 million available under a revolving credit line.Management Commentary \"In Q1, our same-store revenue growth was driven by our effective digital marketing initiatives that sustained our same-store overall average occupancy at around 91%,\" said Global Self Storage president and CEO, Mark C. Winmill. \"Our store level cost of operations decreased significantly, driven by our disciplined approach to controlling expenses, and this cost improvement contributed to our double digit growth in same-store NOI.\"Contributing to these results were our specialized customer service efforts that we believe are essential in building local brand loyalty, as well as garnering strong referrals and word-of-mouth market demand. Our peer move-in rate analysis system continued to keep our move-in rates competitive, and our revenue rate management program helped to increase existing tenant rates while maintaining store occu...