Business
Global Self Storage Reports Fourth Quarter and Full Year 2021 Results
Strong Pricing Power, Operational Excellence, and Industry Strength Drove Record-high Revenues and Peer-leading FFO and AFFO Growth in 2021MILLBROOK, NY /
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Strong Pricing Power, Operational Excellence, and Industry Strength Drove Record-high Revenues and Peer-leading FFO and AFFO Growth in 2021MILLBROOK, NY / ACCESSWIRE / March 31, 2022 / Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, and redevelops self-storage properties, reported results for the fourth quarter and full year ended December 31, 2021.Q4 2021 HighlightsTotal revenues increased 16.2% to a record $2.8 million.Net income increased to $1.4 million or $0.13 per fully diluted share.Operating income increased 74% to $802,000.Funds from operations (FFO) increased 56.0% to a record $1.0 million or $0.10 per diluted share.Adjusted FFO (AFFO) increased 63.0% to a record $1.1 million or $0.10 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).Same-store revenues increased 15.0% to a record $2.2 million.Same-store net operating income (NOI) increased 20.1% to a record $1.4 million, 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, 2021 decreased to 94.1% from 95.1% at December 31, 2020, as the company maximized move-in rates and existing rates under its proprietary revenue rate management program.Same-store average tenant duration of stay at December 31, 2021 was approximately 3.3 years, up from approximately 3.0 years as of December 31, 2020.Maintained quarterly dividend of $0.065 per share.Capital resources at December 31, 2021 totaled approximately $21.5 million.Full Year 2021 HighlightsTotal revenues increased 14.3% to a record $10.5 million.Total expenses decreased 1.9% to $7.8 million.Operating income increased 120% to $2.7 million.Net income increased $3.0 million to a record $3.3 million or $0.33 per fully diluted share.Funds from operations (FFO) increased 58.7% to a record $3.3 million or $0.33 per diluted share.Adjusted FFO (AFFO) increased 59.7% to a record $3.6 million or $0.36 per diluted share.Same-store revenues increased 11.2% to a record $8.3 million.Same-store net operating income (NOI) increased 15.5% to a record $5.3 million, as described below.Same-store occupancy at December 31, 2021 decreased to 94.1% from 95.1% at December 31, 2020, as the company raised move-in rates and existing ten...