Business
Global Self Storage Reports Record Full Year 2022 Results; FFO up 34.1% to Record $4.5 million or $0.41 Per Share
Record-High Annual Revenues, Net Operating Income, FFO and AFFO Driven by Operational Excellence and Industry StrengthMILLBROOK, NY / ACCESSWIRE / March 28,
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Record-High Annual Revenues, Net Operating Income, FFO and AFFO Driven by Operational Excellence and Industry StrengthMILLBROOK, NY / ACCESSWIRE / March 28, 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 fourth quarter and full year ended December 31, 2022. All comparisons are to the same year-ago period unless otherwise noted.Q4 2022 HighlightsTotal revenues increased 10.8% to $3.1 million.Operating income increased 5.7% to $0.8 million.Net income totaled $440,000 or $0.04 per diluted share.Funds from operations (FFO) increased 5.8% to $1.1 million or $0.10 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 1.3% to $1.1 million or $0.10 per diluted share.Same-store revenues increased 10.8% to a record $3.0 million.Same-store net operating income (NOI),a non-GAAP term, increased 6.9% to $1.9 million.Same-store occupancy at December 31, 2022 decreased to 89.6% from 93.1% at December 31, 2021, as the company optimized rental revenue under its revenue rate management program.Same-store average tenant duration of stay at December 31, 2022 was approximately 3.3 years, up from approximately 3.0 years as of December 31, 2021.Maintained quarterly dividend of $0.0725 per common share.Capital resources at December 31, 2022 totaled approximately $23.9 million. This was comprised of $6.5 million in cash, cash equivalents and restricted cash, $2.4 million in marketable securities, and $15 million available under a credit facility.Full Year 2022 HighlightsTotal revenues increased 13.7% to record $11.9 million.Operating income increased 31.4% to $3.5 million.Net income totaled $2.1 million or $0.19 per diluted share.FFO increased 34.1% to a record $4.5 million or $0.41 per diluted share.AFFO increased 31.3% to a record $4.7 million or $0.43 per diluted share.Same-store revenues increased 13.7% to a record $11.9 million.Same-store NOI increased 15.6% to a record $7.7 million.Same-store occupancy at December 31, 2022 decreased to 89.6% from 93.1% at December 31, 2021, as the company optimized rental revenue under its revenue rate management program.Same-store average tenant duration of stay at December 31...