Global Self Storage(SELF) - 2022 Q4 - Annual Report

Revenue and Income - Total revenues increased from $10,508,830 in 2021 to $11,944,850 in 2022, a growth of 13.7% or $1,436,020[192] - Rental income rose from $10,051,371 in 2021 to $11,485,511 in 2022, an increase of 14.3% or $1,434,140, primarily due to higher rental rates[192] - Operating income rose by 31.4% from $2,684,960 in 2021 to $3,527,190 in 2022, mainly due to increased total revenues[198] - Net income for 2022 was $2,057,723 or $0.19 per fully diluted share, down from $3,281,251 or $0.33 per fully diluted share in 2021[202] - Same-store revenues increased by 13.7% for the year ended December 31, 2022, reaching $11,861,082 compared to $10,432,905 in 2021[214] - Same-store net operating income (NOI) increased by 15.6% for the year ended December 31, 2022, totaling $7,691,900 compared to $6,656,135 in 2021[214] - Funds from operations (FFO) attributable to common stockholders for the twelve months ended December 31, 2022, was $4,486,781, an increase of approximately 34% from $3,346,129 in 2021[240] - Adjusted funds from operations (AFFO) attributable to common stockholders for the twelve months ended December 31, 2022, was $4,709,042, up from $3,586,032 in 2021, reflecting a growth of approximately 31%[240] - The diluted earnings per share for the twelve months ended December 31, 2022, was $0.19, down from $0.33 in 2021, indicating a decline of approximately 42%[240] Expenses and Costs - Total operating expenses increased by 7.6% from $7,823,870 in 2021 to $8,417,660 in 2022, driven by higher general and administrative expenses and store operating expenses[194] - Same-store cost of operations rose by 18.1% or $170,622 for the three months ended December 31, 2022, and by 10.4% or $392,412 for the twelve months ended December 31, 2022, compared to the same periods in 2021[227] - Employment expenses increased by 21.7% or $58,387 for the three months ended December 31, 2022, and by 8.4% or $93,810 for the twelve months ended December 31, 2022, due to routine employee additions and inflation[228] - Real estate property tax expenses increased by 21.2% or $73,093 for the three months ended December 31, 2022, and by 12.3% or $161,085 for the twelve months ended December 31, 2022, primarily due to increased property assessment valuations[229] - Marketing expenses increased by 22.0% or $15,982 for the three months ended December 31, 2022, and by 15.4% or $39,355 for the twelve months ended December 31, 2022, due to higher marketing costs and internet advertising expenses[235] Occupancy and Property Management - The company managed one third-party owned property as of December 31, 2022, with 137,318 leasable square feet and 619 units[185] - The company converted approximately 2,500 leasable square feet to climate-controlled units at the Lima, OH property, increasing total occupancy to approximately 91.1%[187] - Same-store occupancy decreased by 350 basis points to 89.6% as of December 31, 2022, down from 93.1% in the same period of 2021[209] - The average tenant duration of stay increased to approximately 3.3 years as of December 31, 2022, up from approximately 3.0 years as of December 31, 2021[226] - The company completed several expansion and conversion projects, including adding approximately 11,800 leasable square feet in Millbrook, NY, with total area occupancy increasing to 94.1% as of December 31, 2022[242] - The McCordsville, IN property underwent a conversion that resulted in 535 units and 76,360 leasable square feet, with total area occupancy at 89.4% as of December 31, 2022[243] - The West Henrietta, NY store expansion added approximately 7,300 leasable square feet, with total area occupancy at 79.6% as of December 31, 2022[244] - The Lima, OH property had a total area occupancy of approximately 91.8% as of December 31, 2022, following a conversion that added 3,000 leasable square feet[245] Financial Resources and Capital - As of December 31, 2022, the company had capital resources totaling approximately $23.9 million, including $6.5 million in cash and cash equivalents, $2.4 million in marketable securities, and $15.0 million available under the Amended Credit Facility Loan Agreement[190] - The company raised approximately $6.7 million from a rights offering by issuing 1,601,291 shares at $4.18 per share[179] - The company completed a public offering on June 25, 2021, raising approximately $6.9 million by issuing 1,289,720 shares at $5.35 per share[181] - The company plans to use proceeds from the Amended Credit Facility Loan Agreement for acquisitions, expansions, and joint ventures[183] - The company anticipates sufficient cash from current sources to meet liquidity needs for the next twelve months, with capital resources expected to exceed projected expenses[188] Unrealized Gains and Losses - The company recorded an unrealized loss of $1,117,029 for the year ended December 31, 2022, compared to an unrealized gain of $1,566,731 in 2021[200] - Unrealized losses on marketable equity securities for the twelve months ended December 31, 2022, were $1,117,029, compared to unrealized gains of $1,566,731 in 2021[247] - The cumulative unrealized gain on marketable equity securities as of December 31, 2022, was $1,610,666, with no realized gains or losses for the twelve months ended December 31, 2022, and 2021[247]