Business
Global Self Storage Reports Record Total Revenues for Third Quarter 2020
Expansion Lease-ups Perform Despite COVID-19, Resulting in Higher Occupancies and Revenues; Continued Approach to Controlling Expenses Drives Strong
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Expansion Lease-ups Perform Despite COVID-19, Resulting in Higher Occupancies and Revenues; Continued Approach to Controlling Expenses Drives Strong Same-Store Net Operating Income GrowthNEW YORK, NY / ACCESSWIRE / November 16, 2020 / Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, develops and redevelops self-storage properties, reported results for the third quarter and nine months ended September 30, 2020. All comparisons are to the same period in 2019 unless otherwise noted.Q3 2020 HighlightsTotal revenues increased 7.3% to a new high of $2.3 million.Net income increased 35.3% to $337,000 or $0.04 per fully diluted share.Funds from operations (FFO) increased to $601,000 or $0.06 per diluted share.Adjusted FFO (AFFO) increased to $637,000 or $0.07 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).Same-store revenues remained approximately the same versus the year-ago period at $1.9 million.Same-store cost of operations decreased 7.9% to $718,000, which resulted from a decrease in most major categories of same-store level expenses.Same-store net operating income (NOI) increased 5.4% to $1.2 million, primarily due to the decrease in store-level cost of operations and limiting the decrease in revenues caused by the COVID-19 pandemic, as described below (see definition of same-store NOI, a non-GAAP term, and its reconciliation to GAAP, below).Same-store occupancy at September 30, 2020 increased 90 basis points to 93.5% from 92.6% at September 30, 2019.Same-store average tenant duration of stay at September 30, 2020 was 3.0 years, approximately the same as of September 30, 2019.Maintained quarterly dividend of $0.065 per share.Capital resources at September 30, 2020 totaled approximately $8.6 million, comprised of $1.9 million in cash, cash equivalents, and restricted cash, $1.8 million in marketable equity securities, and $4.9 million available under a revolving credit line.Continued deceleration of general and administrative (G&A) expense growth limited the increase in G&A expense to 5.8%.Nine Months 2020 HighlightsTotal revenues increased 5.9% to $6.8 million.Net loss was $41,000 or $(0.00) per share.FFO increased to $1.5 million or $0.16 per diluted share.AFFO increased to $1.6 million or $0.17 per dil...