Business
Global Self Storage Reports Fourth Quarter and Full Year 2020 Results
Expansion Lease-ups Perform Despite COVID-19, Resulting in Record-High Occupancies and Revenues; Continued Approach to Controlling Expenses Drives
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Expansion Lease-ups Perform Despite COVID-19, Resulting in Record-High Occupancies and Revenues; Continued Approach to Controlling Expenses Drives Peer-Leading Same-Store Net Operating Income GrowthNEW YORK, NY / ACCESSWIRE / March 31, 2021 / 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 fourth quarter and full year ended December 31, 2020. All comparisons are to the same period in 2019 unless otherwise noted.Q4 2020 HighlightsTotal revenues increased 6.8% to a new high of $2.4 million.Net income increased $299,000 to $316,000 or $0.03 per fully diluted share.Funds from operations (FFO) increased to $650,000 or $0.07 per diluted share.Adjusted FFO (AFFO) increased to $677,000 or $0.07 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).Same-store revenues increased 2.0% to $1.9 million.Same-store cost of operations decreased 4.7% to $702,000, which resulted from a decrease in most major categories of same-store level expenses.Same-store net operating income (NOI) increased 6.5% to $1.2 million, primarily due to the decrease in store-level cost of operations and limiting the decrease in revenues caused by the COVID-19 pandemic, as described below (see definition of same-store NOI, a non-GAAP term, and its reconciliation to GAAP, below).Same-store occupancy at December 31, 2020, increased 340 basis points to 95.1% from 91.7% at December 31, 2019.Same-store average tenant duration of stay at December 31, 2020 was 3.0 years, approximately the same as of December 31, 2019.Maintained quarterly dividend of $0.065 per share.Capital resources at December 31, 2020 totaled approximately $8.8 million, comprised of $2.0 million in cash, cash equivalents, and restricted cash, $1.9 million in marketable equity securities, and $4.9 million available under a revolving credit facility.Full Year 2020 HighlightsTotal revenues increased 6.1% to a new high of $9.2 million.Net income was $274,000 or $0.03 per share.FFO increased to $2.1 million or $0.23 per diluted share.AFFO increased to $2.2 million or $0.24 per diluted share.Same-store revenues increased 0.7% to $7.4 million, despite COVID-19 pandemic and related economic disruption.Same-store cost of...