Business
Global Self Storage Reports Record Second Quarter 2021 Results
Strong Pricing Power and Lease-up Performance Drove Record Occupancies, Revenues, FFO and AFFO; Together with Expansion of Capital Resources, Positions
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Strong Pricing Power and Lease-up Performance Drove Record Occupancies, Revenues, FFO and AFFO; Together with Expansion of Capital Resources, Positions Company for Continued GrowthMILLBROOK, NY / ACCESSWIRE / August 16, 2021 / Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust (REIT) that owns, operates, manages, acquires, and redevelops self-storage properties, reported results for the second quarter ended June 30, 2021. All comparisons are to the same year-ago period unless otherwise noted.Q2 2021 HighlightsTotal revenues increased 15.2% to a record $2.6 million.Total expenses decreased 0.7% to $1.9 million.Net income increased to $0.9 million or $0.09 per fully diluted share.Funds from operations (FFO) increased 52.1% to a record $773,000 or $0.08 per diluted share.Adjusted FFO (AFFO) increased 52.9% to a record $833,000 or $0.09 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).Same-store revenues increased 11.1% to a record $2.0 million.Same-store net operating income (NOI) increased 17.9% to a record $1.3 million, as described below (see definition of same-store NOI, a non-GAAP term, and its reconciliation to GAAP, below).Same-store occupancy at June 30, 2021, increased to a record 96.3% from 92.9% at June 30, 2020.Same-store average tenant duration of stay at June 30, 2021 was approximately 3.1 years, up from approximately 3.0 years as of June 30, 2020.Maintained quarterly dividend of $0.065 per share.Capital resources at June 30, 2021 totaled approximately $15.9 million.Raised $6.9 million in an underwritten public offering of common stock.First Half 2021 HighlightsTotal revenues increased 12.1% to a record $5.0 million.Total expenses decreased 3.9% to $3.9 million.Net income increased $1.7 million to $1.3 million or $0.14 per fully diluted share.Funds from operations (FFO) increased 60.3% to a record $1.4 million or $0.15 per diluted share.Adjusted FFO (AFFO) increased 57.2% to a record $1.5 million or $0.16 per diluted share.Same-store revenues increased 7.9% to a record $4.0 million.Same-store net operating income (NOI) increased 10.3% to a record $2.4 million, as described below.Same-store occupancy at June 30, 2021, increased to a record 96.3% from 92.9% at June 30, 2020.Same-store average tenant duration of stay at June 30, 2021 was...