Business
Global Self Storage Reports Record First Quarter 2022 Results
Continued Strong Pricing Power, Operational Excellence and Industry Strength Drove Record-High Revenues and Net Operating Income, and Peer-leading FFO and
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Continued Strong Pricing Power, Operational Excellence and Industry Strength Drove Record-High Revenues and Net Operating Income, and Peer-leading FFO and AFFO Growth RateMILLBROOK, NY / ACCESSWIRE / May 16, 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 first quarter ended March 31, 2022. All comparisons are to the same year-ago period unless otherwise noted.Q1 2022 HighlightsTotal revenues increased 15.5% to a record $2.8 million.Operating income increased 45.4% to $675,000.Net income was $283,000 or $0.03 per diluted share.Funds from operations (FFO) increased 51.8% to $914,000 or $0.09 per diluted share (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).Adjusted FFO (AFFO), a non-GAAP term, increased 53.3% to $972,000 or $0.09 per diluted share.Same-store revenues increased 15.6% to a record $2.8 million.Same-store net operating income (NOI), a non-GAAP term, increased 22.2% to a record $1.7 million.Same-store occupancy at March 31, 2022 decreased to 92.6% from 94.8% at March 31, 2021, as the company optimized rental revenue under its proprietary revenue rate management program.Same-store average tenant duration of stay at March 31, 2022 was approximately 3.2 years, up from approximately 2.8 years as of March 31, 2021.Maintained quarterly dividend of $0.065 per share.Capital resources at March 31, 2022 totaled approximately $21.8 million. This was comprised of $3.5 million in cash and cash equivalents and restricted cash, $3.3 million in marketable securities, and $15 million available under a credit facility.Management Commentary\"In Q1, our strong pricing power and proprietary revenue rate management program drove another quarter of record revenues and net operating income,\" stated Global Self Storage president and CEO, Mark C. Winmill. \"We also continued to lead our peers in FFO and AFFO growth rate.\"This exceptional performance was driven by our unique approach to self-storage management and the effectiveness of our proprietary revenue rate management program. This has enabled us to capture the increased demand for self storage while maintaining a competitive market price at our owned and managed properties. We have been able to optimize each...