Business
Global Self Storage Reports Record First Quarter 2023 Results
Strong Net Operating Income, FFO and AFFO Growth Driven by Continued Operational Excellence and Industry ResilienceMILLBROOK, NY / ACCESSWIRE / May 9, 2023 /
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Strong Net Operating Income, FFO and AFFO Growth Driven by Continued Operational Excellence and Industry ResilienceMILLBROOK, NY / ACCESSWIRE / May 9, 2023 / 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, 2023. All comparisons are to the same year-ago period unless otherwise noted.Q1 2023 HighlightsTotal revenues increased to a record first quarter of 7.7% to $3.0 million.Operating income increased 22.2% to $0.8 million.Net income totaled $993,000 or $0.09 per diluted share.Funds from operations (FFO) increased 13.5% to $1.0 million 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 11.2% to $1.1 million or $0.10 per diluted share.Same-store revenues increased 7.7% to $3.0 million.Same-store net operating income (NOI), a non-GAAP term, increased 8.4% to $1.9 million.Same-store occupancy at March 31, 2023 was 87.9% compared to 92.6% at March 31, 2022, as the company optimized rental revenue under its revenue rate management program. As of May 1, 2023, same-store occupancy increased to 89.9%Same-store average tenant duration of stay at March 31, 2023 was approximately 3.4 years, increasing from approximately 3.2 years.Maintained quarterly dividend of $0.0725 per common share.Capital resources at March 31, 2023 totaled approximately $24.2 million, comprised of $6.5 million in cash, cash equivalents and restricted cash; $2.7 million in marketable securities; and $15 million available under the company's revolving credit facility.Dividend IncreaseOn March 1, 2023, the company declared a quarterly dividend of $0.0725 per share, up 11.5% compared to the quarterly dividend for the same period last year and consistent with the previous quarter. The quarterly distribution represents an annualized dividend rate of $0.29 per share, an increase of $0.03 per share from the previous annual rate of $0.26 per share.Company ObjectiveThe objective of the company is to increase value over time for the benefit of its stockholders. Toward this end, the company will continue to execute its strategic business plan, which includes funding acquisitions, either directly or through joi...