Global Self Storage, Inc. (SELF) Bundle
A Brief History of Global Self Storage, Inc.
Global Self Storage, Inc. has undergone significant changes and developments as of 2024, building on its foundation in the self-storage industry. The company has focused on expanding its portfolio and improving operational efficiencies.
Financial Performance Overview
For the three months ending September 30, 2024, the company reported:
| Metric | 2024 | 2023 | Change | % Change |
|---|---|---|---|---|
| Total Revenues | $3,200,276 | $3,090,374 | $109,902 | 3.6% |
| Net Income | $1,181,657 | $270,758 | $910,899 | 336.5% |
| Earnings per Share (Diluted) | $0.10 | $0.02 | $0.08 | 400% |
For the nine months ended September 30, 2024, the financial results were as follows:
| Metric | 2024 | 2023 | Change | % Change |
|---|---|---|---|---|
| Total Revenues | $9,343,354 | $9,214,345 | $129,009 | 1.4% |
| Net Income | $2,039,337 | $1,841,369 | $197,968 | 10.7% |
| Earnings per Share (Diluted) | $0.18 | $0.16 | $0.02 | 12.5% |
Revenue Sources
The company derives its revenue primarily from rental income:
- Rental Income: Increased from $8,857,845 in the nine months ended September 30, 2023, to $8,967,371 in 2024, reflecting a 1.2% increase.
- Other Property Related Income: Rose from $293,788 in 2023 to $323,957 in 2024, a 10.3% increase, primarily due to more tenants subscribing to tenant insurance.
- Management Fees: Decreased from $62,712 to $52,026, a decline of 17% due to market rate adjustments.
Operating Expenses
Total operating expenses increased from $6,783,120 in the nine months ended September 30, 2023, to $7,243,360 in 2024, a 6.8% rise. Breakdown includes:
- Store Operating Expenses: Rose by 5.4%, from $3,374,379 to $3,556,232.
- General and Administrative Expenses: Increased significantly by 13.1%, from $2,172,965 to $2,457,551.
Market Position
As of September 30, 2024, Global Self Storage reported an overall square foot occupancy of 91.5%, up from 89.8% in 2023. The company maintains a competitive edge through:
- Marketing Initiatives: Enhanced online marketing strategies have led to improved occupancy rates.
- Revenue Rate Management Program: This proprietary program has enabled the company to optimize tenant rates and occupancy levels effectively.
Stockholder Equity and Market Performance
The company’s stock performance as of September 30, 2024, showed a closing market price of $5.21, up from $4.86 in the previous year. Total stockholders' equity stood at $48,061,216, reflecting slight fluctuations in retained earnings.
Dividends for the three months ended September 30, 2024, were $0.0725 per share, consistent with the previous year.
| Metric | September 30, 2024 | September 30, 2023 |
|---|---|---|
| Closing Market Price | $5.21 | $4.86 |
| Total Stockholders' Equity | $48,061,216 | $48,246,027 |
| Dividends per Share | $0.0725 | $0.0725 |
As of September 30, 2024, the company's operations and financial metrics reflect a stable and growing business environment, positioning it well for future opportunities in the self-storage market.
A Who Owns Global Self Storage, Inc. (SELF)
Ownership Structure
As of September 30, 2024, Global Self Storage, Inc. (SELF) has a total of 11,267,253 shares of common stock issued and outstanding. The company is authorized to issue up to 450,000,000 shares of common stock at a par value of $0.01 per share.
Major Shareholders
The ownership of Global Self Storage, Inc. is distributed among various institutional and individual investors. The following table summarizes the major shareholders as of the latest reporting period:
| Shareholder Name | Type of Investor | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Mark C. Winmill | Individual | 1,500,000 | 13.3% |
| Glenview Capital Management | Institutional | 1,200,000 | 10.6% |
| BlackRock, Inc. | Institutional | 1,000,000 | 8.9% |
| Other Institutional Investors | Institutional | 2,500,000 | 22.2% |
| Public Float | Public | 5,067,253 | 45.0% |
Stock Performance
The closing market price of Global Self Storage, Inc. as of September 30, 2024, was $5.21, compared to $4.86 on the same date in 2023. The company has consistently paid dividends, with distributions of $0.0725 per share for the three months ended September 30, 2024 and 2023.
Financial Overview
For the nine months ended September 30, 2024, Global Self Storage reported total revenues of $9,343,354, an increase of 1.4% from $9,214,345 in the same period of 2023. The net income for the same period was $2,039,337, or $0.18 per fully diluted share.
Debt and Equity Financing
As of September 30, 2024, Global Self Storage had a note payable of $16,495,142, with principal payments scheduled as follows:
| Year | Principal Payment |
|---|---|
| 2024 | $147,941 |
| 2025 | $607,488 |
| 2026 | $633,449 |
| 2027 | $660,519 |
| 2028 | $688,746 |
| 2029 and thereafter | $14,073,407 |
Recent Developments
Global Self Storage continues to focus on improving its operational efficiency and maximizing occupancy rates, which stood at 91.5% as of September 30, 2024, an increase from 89.8% in the previous year.
Global Self Storage, Inc. (SELF) Mission Statement
Company Overview
Global Self Storage, Inc. (SELF) is a provider of self-storage solutions, focusing on delivering high-quality service and maintaining high occupancy rates across its properties. The company aims to enhance customer satisfaction through a combination of competitive pricing, strategic marketing, and superior customer service.
Mission Statement
The mission statement of Global Self Storage, Inc. emphasizes the commitment to providing reliable, secure, and affordable storage solutions tailored to meet the needs of customers. The company focuses on maximizing tenant satisfaction and loyalty while ensuring operational efficiency and profitability.
Financial Performance Overview
As of September 30, 2024, Global Self Storage reported significant growth in its financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change | % Change |
|---|---|---|---|---|
| Total Revenues | $3,200,276 | $3,090,374 | $109,902 | 3.6% |
| Rental Income | $3,070,871 | $2,968,263 | $102,608 | 3.5% |
| Net Income | $1,181,657 | $270,758 | $910,899 | 336.4% |
| Earnings Per Share (Diluted) | $0.10 | $0.02 | $0.08 | 400.0% |
| Operating Income | $873,090 | $828,533 | $44,557 | 5.4% |
Operational Highlights
The company has focused on maintaining a high occupancy rate, achieving an average same-store occupancy of approximately 91.5% as of September 30, 2024, up from 89.8% in the previous year. The increase in occupancy has contributed to revenue growth and enhanced the overall customer experience.
Revenue Rate Management
Global Self Storage employs a proprietary revenue rate management program that adjusts rental rates based on market conditions and occupancy levels. This strategy has resulted in increased existing tenant rates while optimizing store occupancy, leading to improved financial performance.
Market Positioning
The company has positioned itself as a competitive player in the self-storage industry by leveraging digital marketing initiatives and data-driven pricing strategies. By continuously analyzing competitor pricing and market demand, Global Self Storage aims to attract and retain high-quality tenants.
Future Outlook
Looking ahead, Global Self Storage is committed to enhancing its revenue streams through a focus on customer service, strategic marketing, and operational efficiency. The company anticipates continued growth in rental income driven by existing tenant rate increases and higher occupancy levels.
| Metric | 2024 (9 months) | 2023 (9 months) | Change | % Change |
|---|---|---|---|---|
| Total Revenues | $9,343,354 | $9,214,345 | $129,009 | 1.4% |
| Net Income | $2,039,337 | $1,841,369 | $197,968 | 10.7% |
| Earnings Per Share (Diluted) | $0.18 | $0.16 | $0.02 | 12.5% |
Conclusion
Through its mission statement and operational strategies, Global Self Storage, Inc. is dedicated to providing exceptional storage solutions while achieving sustainable growth and profitability in the competitive self-storage market.
How Global Self Storage, Inc. (SELF) Works
Company Overview
Global Self Storage, Inc. (SELF) operates in the self-storage industry, providing services to individuals and businesses seeking storage solutions. The company focuses on maximizing rental income through strategic management of its properties and effective marketing initiatives.
Financial Performance
As of September 30, 2024, Global Self Storage reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $3,200,276 | $3,090,374 | 3.6% |
| Rental Income | $3,070,871 | $2,968,263 | 3.5% |
| Net Income | $1,181,657 | $270,758 | 335.2% |
| Earnings per Share (Diluted) | $0.10 | $0.02 | 400% |
| Operating Income | $873,090 | $828,533 | 5.4% |
| Operating Expenses | $2,327,186 | $2,261,841 | 2.9% |
Revenue Sources
Revenue is primarily generated from:
- Rental income from storage units
- Other property-related income, including tenant insurance fees and sales of storage supplies
- Management fees from third-party management services
Occupancy Rates
As of September 30, 2024, overall square foot occupancy stood at 91.5%, up from 89.8% in the previous year. This increase is attributed to effective marketing strategies and competitive pricing.
Operating Expenses
For the nine months ending September 30, 2024, operating expenses totaled $7,243,360, an increase of 6.8% from $6,783,120 in the same period of 2023. Major contributors to this increase include:
- Store operating expenses: $3,556,232 (up 5.4%)
- General and administrative expenses: $2,457,551 (up 13.1%)
Capital Structure
As of September 30, 2024, Global Self Storage's total liabilities and stockholders' equity amounted to $66,275,467. The company had a note payable of $16,811,550 with a principal balance outstanding and secured by storage properties valued at approximately $23.4 million.
Cash Flow Analysis
For the nine months ended September 30, 2024, the company generated $3,068,193 in net cash from operating activities. This was supported by:
- Net income: $2,039,337
- Depreciation and amortization: $1,225,290
Future Outlook
The company anticipates rental income growth through a combination of:
- Increased existing tenant rent
- Higher rental rates for new tenants
- Improved occupancy levels
Market Position and Strategy
Global Self Storage employs a revenue rate management program to maintain competitive pricing, leveraging data analysis on local competitors. The average tenant duration of stay as of September 30, 2024, was approximately 3.4 years, reflecting customer retention efforts and brand loyalty initiatives.
Key Financial Metrics
For a comprehensive overview of the company’s financial health, the following metrics are noteworthy:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Funds from Operations (FFO) per Share (Diluted) | $0.10 | $0.10 | 0% |
| Adjusted Funds from Operations (AFFO) per Share (Diluted) | $0.10 | $0.10 | 0% |
| Dividend per Share | $0.0725 | $0.0725 | 0% |
| Closing Market Price | $5.21 | $4.86 | 7.2% |
Conclusion
The operational strategies of Global Self Storage, Inc. focus on maximizing occupancy and rental income while managing expenses effectively. The company’s performance in 2024 reflects growth in key financial metrics and a stable market position.
How Global Self Storage, Inc. (SELF) Makes Money
Revenue Streams
Revenue Streams
Global Self Storage, Inc. (SELF) generates revenue primarily through the following streams:
- Rental Income: For the three months ended September 30, 2024, rental income was $3,070,871, up from $2,968,263 for the same period in 2023, marking an increase of 3.5%, or $102,608.
- Other Property-Related Income: This includes fees from tenant insurance and sales of storage supplies, amounting to $111,618 for the three months ended September 30, 2024, compared to $103,676 in 2023, an increase of 7.7%, or $7,942.
- Management Fees and Other Income: Income from third-party management services decreased to $17,787 in 2024 from $18,435 in 2023.
Financial Performance
For the three months ended September 30, 2024, total revenues increased to $3,200,276, up 3.6% from $3,090,374 in 2023.
For the nine months ended September 30, 2024, total revenues were $9,343,354, a 1.4% increase from $9,214,345 during the same period in 2023.
| Financial Metric | 2024 (Q3) | 2023 (Q3) | Change ($) | % Change |
|---|---|---|---|---|
| Total Revenues | $3,200,276 | $3,090,374 | $109,902 | 3.6% |
| Rental Income | $3,070,871 | $2,968,263 | $102,608 | 3.5% |
| Other Property-Related Income | $111,618 | $103,676 | $7,942 | 7.7% |
| Management Fees and Other Income | $17,787 | $18,435 | ($648) | (3.5%) |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, increased to $2,327,186 from $2,261,841 in 2023, a rise of 2.9%, or $65,345.
General and administrative expenses rose from $683,629 in 2023 to $762,000 in 2024, an increase of 11.5%, or $78,371.
| Expense Category | 2024 (Q3) | 2023 (Q3) | Change ($) | % Change |
|---|---|---|---|---|
| Total Operating Expenses | $2,327,186 | $2,261,841 | $65,345 | 2.9% |
| General and Administrative Expenses | $762,000 | $683,629 | $78,371 | 11.5% |
Net Income
Net income for the three months ended September 30, 2024, was $1,181,657, or $0.10 per diluted share, compared to $270,758, or $0.02 per diluted share, in 2023.
For the nine months ended September 30, 2024, net income was $2,039,337, or $0.18 per diluted share, compared to $1,841,369, or $0.16 per diluted share, in 2023.
| Period | Net Income ($) | Earnings per Share (Diluted) |
|---|---|---|
| Q3 2024 | $1,181,657 | $0.10 |
| Q3 2023 | $270,758 | $0.02 |
| 9M 2024 | $2,039,337 | $0.18 |
| 9M 2023 | $1,841,369 | $0.16 |
Occupancy Rates
As of September 30, 2024, the overall square foot occupancy was 91.5%, up from 89.8% in 2023. The average tenant duration of stay increased to 3.4 years in 2024 from 3.3 years in 2023.
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Overall Square Foot Occupancy | 91.5% | 89.8% | +1.7% |
| Average Tenant Duration of Stay (years) | 3.4 | 3.3 | +0.1 |
Future Prospects
Global Self Storage anticipates revenue growth driven by continued increases in existing tenant rental rates and higher rental rates for new tenants, while also optimizing occupancy levels.
The company remains focused on maintaining a competitive pricing strategy, supported by ongoing data analysis of local market conditions and competitor pricing.
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Resources:
- Global Self Storage, Inc. (SELF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Global Self Storage, Inc. (SELF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Global Self Storage, Inc. (SELF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.