Business
Global Self Storage Reports Second Quarter 2023 Results
Continued Same-Store Revenue Growth Driven by Focus on Operational Fundamentals, Strong Occupancy, and Industry Resilience despite a More Competitive Pricing
About this update from Global Self Storage, Inc.
[{"type":"text","content":"Continued Same-Store Revenue Growth Driven by Focus on Operational Fundamentals, Strong Occupancy, and Industry Resilience despite a More Competitive Pricing LandscapeMILLBROOK, NY / ACCESSWIRE / August 11, 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 second quarter ended June 30, 2023. All comparisons are to the same year-ago period unless otherwise noted.Q2 2023 HighlightsTotal revenues increased 3.6% to $3.1 million.Net income totaled $578,000 or $0.05 per diluted share.Funds from operations (FFO) decreased 0.4% 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, decreased 2.8% to $1.1 million or $0.10 per diluted share.Same-store revenues increased 3.6% to $3.1 million.Same-store net operating income (NOI), a non-GAAP term, increased 0.2% to $2.0 million.Same-store occupancy at June 30, 2023 was 90.5% compared to 93.1% at June 30, 2022 as the company optimized rental revenue. As of July 31, 2023, same-store occupancy increased to 91.9%.Same-store average tenant duration of stay at June 30, 2023 was approximately 3.3 years, increasing from approximately 3.2 years.Maintained quarterly dividend of $0.0725 per common share.Capital resources at June 30, 2023 totaled approximately $24.4 million, comprised of $6.8 million in cash, cash equivalents and restricted cash; $2.6 million in marketable securities; and $15 million available under the company's revolving credit facility.First Half 2023 HighlightsTotal revenues increased 5.6% to $6.1 million.Net income totaled $1.6 million or $0.14 per basic and diluted share.FFO increased 5.9% to $2.1 million or $0.19 per diluted share.AFFO increased 3.4% to $2.2 million or $0.20 per diluted share.Same-store revenues increased 5.6% to $6.1 million.Same-store NOI increased 4.1% to $3.9 million.Dividend IncreaseOn June 1, 2023, the company declared a quarterly dividend of $0.0725 per share. This was an increase of 11.5% from same year-ago period 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 $0.2...