Global Self Storage(SELF) - 2024 Q4 - Annual Results

Performance Highlights Global Self Storage reported record total revenues, same-store revenues, and net operating income for FY2024, despite a full-year FFO/AFFO decline Q4 2024 Highlights Q4 2024 saw strong growth in total revenues, same-store NOI, and occupancy, with double-digit increases in FFO and AFFO Q4 2024 Key Performance Indicators | Metric | Q4 2024 | Change (YoY) | | :--- | :--- | :--- | | Total Revenues | $3.2 million | +7.1% | | Same-Store Revenues | $3.2 million | +7.0% | | Same-Store NOI | $2.0 million | +11.2% | | Same-Store Occupancy | 92.9% | +360 bps | | FFO | $1.1 million | +14% | | AFFO | $1.2 million | +16% | | Net Income | $84,000 | - | | Diluted EPS | $0.01 | - | - The company maintained its quarterly dividend of $0.0725 per common share[4] - Capital resources totaled approximately $24.8 million at year-end, including cash, marketable securities, and full availability of a $15 million revolving credit facility[4] Full Year 2024 Highlights FY2024 saw record total revenues of $12.5 million (+2.8%), but FFO decreased by 5.8% and AFFO by 2.8%, with net income at $2.1 million Full Year 2024 Key Performance Indicators | Metric | Full Year 2024 | Change (YoY) | | :--- | :--- | :--- | | Total Revenues | $12.5 million (Record) | +2.8% | | Same-Store Revenues | $12.5 million (Record) | +2.9% | | Same-Store NOI | $7.7 million (Record) | +2.1% | | FFO | $3.9 million | -5.8% | | AFFO | $4.3 million | -2.8% | | Net Income | $2.1 million | - | | Diluted EPS | $0.19 | - | - The company successfully extended its $15 million revolving credit facility with Huntington National Bank for another three years, supporting future growth initiatives[11] - Maintained and covered four quarterly dividends totaling $0.29 per common share for the year[11] Management Commentary and Strategy Management attributes record 2024 performance to operational excellence and digital strategies, with a strong balance sheet supporting growth initiatives and consistent dividends - CEO Mark C. Winmill highlighted that the company achieved record total revenues, same-store revenues, and net operating income in 2024, driven by operational excellence[8] - The company's strategic business plan focuses on increasing stockholder value through acquisitions, joint ventures, and expansion projects[6][12] - A quarterly dividend of $0.0725 per share was declared on March 3, 2025, consistent with the prior year and representing an annualized rate of $0.29 per share[5] - Key drivers of success include professional management techniques, digital and local marketing, a proprietary revenue rate management program, and a redesigned website[9][10] Q4 2024 Financial Performance Q4 2024 saw total revenues grow 7.1% to $3.2 million and operating income rise 16.8%, despite a net income decrease due to unrealized losses Q4 2024 Financial Summary Q4 2024 total revenues increased 7.1% to $3.2 million, with operating income up 16.8%, but net income significantly decreased to $84,000 due to unrealized losses Q4 2024 Financial Results | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3.2 million | $3.0 million (approx) | +7.1% | | Operating Income | $794,000 | $680,000 | +16.8% | | Net Income | $84,000 | $1.1 million | Decrease | | Diluted EPS | $0.01 | $0.10 | Decrease | - The decrease in net income was primarily caused by an unrealized loss in marketable equity securities, contrasting with an unrealized gain in the same period last year[15] Q4 2024 Same-Store Results Q4 2024 same-store properties showed strong performance with revenues up 7.0% to $3.2 million, NOI growing 11.2%, and occupancy improving 360 bps to 92.9% Q4 2024 Same-Store Performance | Metric | Q4 2024 | Change (YoY) | | :--- | :--- | :--- | | Same-Store Revenues | $3.2 million | +7.0% | | Same-Store NOI | $2.0 million | +11.2% | | Same-Store Occupancy | 92.9% | +360 bps | | Avg. Tenant Duration | ~3.4 years | Stable | - Same-store cost of operations saw a minimal increase of 0.8% to $1.18 million[18] Q4 2024 Operating Results Q4 2024 FFO increased 14% to $1.1 million and AFFO increased 16% to $1.2 million, driven by higher revenues and lower interest expense Q4 2024 FFO and AFFO | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | FFO | $1.1 million | $933,000 | +14% | | FFO per diluted share | $0.10 | $0.08 | +25% | | AFFO | $1.2 million | $1.0 million | +16% | | AFFO per diluted share | $0.11 | $0.09 | +22% | - General and administrative expenses increased to $800,000 from $703,000 in the prior-year period[20] Full Year 2024 Financial Performance FY2024 total revenues reached a record $12.5 million (+2.8%), but operating income decreased 7%, and FFO/AFFO declined due to higher operating expenses Full Year 2024 Financial Summary FY2024 revenues grew 2.8% to a record $12.5 million, but operating income fell 7% to $2.9 million due to a 6.1% rise in total operating expenses Full Year 2024 Financial Results | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $12.5 million | $12.2 million | +2.8% | | Operating Income | $2.9 million | $3.1 million | -7.0% | | Net Income | $2.1 million | $2.9 million | -27.2% | | Diluted EPS | $0.19 | $0.26 | -26.9% | - The increase in total operating expenses was primarily due to higher store level expenses (employment costs, repairs, insurance) and general and administrative expenses[24] Full Year 2024 Same-Store Results FY2024 same-store operations achieved record revenues of $12.5 million (+2.9%) and NOI of $7.7 million (+2.1%), with revenue growth outpacing cost increases Full Year 2024 Same-Store Performance | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Same-Store Revenues | $12.5 million | $12.1 million | +2.9% | | Same-Store Cost of Operations | $4.7 million | $4.5 million | +4.2% | | Same-Store NOI | $7.7 million | $7.6 million | +2.1% | - The increase in same-store cost of operations was driven by higher expenses for employment, administrative, repairs, maintenance, and insurance[27] Full Year 2024 Operating Results FY2024 FFO decreased 5.8% to $3.9 million and AFFO decreased 2.8% to $4.3 million, reflecting increased property and general administrative expenses Full Year 2024 FFO and AFFO | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | FFO | $3.9 million | $4.2 million | -5.8% | | FFO per diluted share | $0.35 | $0.38 | -7.9% | | AFFO | $4.3 million | $4.4 million | -2.8% | | AFFO per diluted share | $0.38 | $0.40 | -5.0% | - Net income for 2024 was $2.1 million ($0.19 per share), compared to $2.9 million ($0.26 per share) in 2023[29] Financial Statements Consolidated financial statements show total assets decreased to $65.5 million and liabilities to $18.1 million as of December 31, 2024, with $12.5 million in revenues and $2.1 million net income for the year Consolidated Balance Sheets As of December 31, 2024, total assets were $65.5 million (down from $66.9 million), total liabilities $18.1 million, and stockholders' equity $47.4 million Consolidated Balance Sheet Summary (as of Dec 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets | $65,515,024 | $66,879,204 | | Cash and cash equivalents | $7,180,857 | $6,921,779 | | Real estate assets, net | $53,925,409 | $55,481,220 | | Total Liabilities | $18,077,347 | $18,633,177 | | Note payable, net | $16,356,582 | $16,901,219 | | Total Stockholders' Equity | $47,437,677 | $48,246,027 | Consolidated Statements of Operations For FY2024, total revenues were $12.5 million (up from $12.2 million), but operating income decreased to $2.9 million, and net income fell to $2.1 million due to higher expenses Consolidated Statement of Operations Summary (Year Ended Dec 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenues | $12,530,280 | $12,190,715 | | Total Expenses | $9,635,952 | $9,079,462 | | Operating Income | $2,894,328 | $3,111,253 | | Net Income | $2,123,743 | $2,938,769 | | Diluted EPS | $0.19 | $0.26 | Non-GAAP Reconciliations and Definitions This section provides detailed reconciliations of non-GAAP measures like FFO, AFFO, and NOI to GAAP equivalents, along with their formal definitions Q4 2024 and Full Year 2024 FFO & AFFO Reconciliation Summary | Metric (per diluted share) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income (EPS) | $0.01 | $0.10 | $0.19 | $0.26 | | FFO | $0.10 | $0.08 | $0.35 | $0.38 | | AFFO | $0.11 | $0.09 | $0.38 | $0.40 | Q4 2024 and Full Year 2024 Same-Store NOI Reconciliation Summary | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $84,406 | $1,097,400 | $2,123,743 | $2,938,769 | | Total Same-Store NOI | $1,984,628 | $1,785,450 | $7,719,724 | $7,562,704 | - The report provides specific definitions for non-GAAP measures: FFO (as defined by NAREIT, adjusted for certain items), AFFO (FFO excluding stock-based compensation and other non-recurring costs), and NOI (net store earnings before G&A, interest, taxes, depreciation, and amortization)[35][36][37]