Global Self Storage(SELF) - 2023 Q4 - Annual Results

Financial Performance - Total revenues for the full year 2023 increased 2.1% to $12.2 million from $11.9 million in 2022, primarily due to the company's revenue rate management program[27] - Net income for the full year 2023 increased to $2.9 million or $0.26 per diluted share, up from $2.1 million or $0.19 per diluted share in 2022[29] - Same-store revenues for the full year 2023 increased 2.1% to $12.1 million from $11.9 million in 2022, driven by increased existing tenant rates[30] - Net income for Q4 2023 was $1,097,400, compared to $440,451 in Q4 2022, representing a significant increase of 149.4%[38] - Total revenues for the year ended December 31, 2023, were $12,190,715, an increase from $11,944,850 in 2022, marking a growth of 2.1%[52] - Basic earnings per share for Q4 2023 were $0.10, up from $0.04 in Q4 2022[53] Occupancy and Tenant Metrics - Same-store occupancy at December 31, 2023 was 89.3%, a slight decrease from 89.6% at December 31, 2022, but increased to 92.1% as of March 15, 2024[22] - Same-store average tenant duration of stay increased to approximately 3.4 years at December 31, 2023, up from approximately 3.3 years at December 31, 2022[22] Funds from Operations - Funds from operations (FFO) for the full year 2023 decreased 7.2% to $4.2 million or $0.38 per diluted share from $4.5 million or $0.41 per diluted share in 2022[35] - Adjusted funds from operations (AFFO) for the full year 2023 decreased 6.9% to $4.4 million or $0.40 per diluted share from $4.7 million or $0.43 per diluted share in 2022[36] - Funds from Operations (FFO) attributable to common stockholders for Q4 2023 was $932,678, down from $1,072,492 in Q4 2022, a decrease of 13.0%[38] - Adjusted Funds from Operations (AFFO) attributable to common stockholders for Q4 2023 was $1,014,930, compared to $1,116,933 in Q4 2022, reflecting a decrease of 9.1%[38] Operating Expenses - Total operating expenses for the full year 2023 increased 7.9% to $9.1 million compared to $8.4 million in 2022, primarily due to increased store level expenses and general and administrative expenses[28] - Total expenses for the year increased to $9,079,462 in 2023 from $8,417,660 in 2022, marking an increase of approximately 7.8%[53] - General and administrative expenses for the year ended December 31, 2023, were $2,876,300, up from $2,580,899 in 2022, an increase of 11.5%[52] Asset and Shareholder Information - The company reported total assets of $66,879,204 as of December 31, 2023, a decrease from $67,382,752 in 2022, representing a decline of 0.7%[51] - The weighted average shares outstanding - diluted increased to 11,096,619 in Q4 2023 from 11,071,042 in Q4 2022, an increase of 0.2%[38] - The company’s accumulated deficit increased to $(1,094,528) as of December 31, 2023, compared to $(801,689) in 2022, indicating a worsening of 36.5%[51] Dividend Information - The company maintained a quarterly dividend of $0.0725 per common share, consistent with the previous year and quarter[5] Strategic Initiatives - The company is actively pursuing potential self-storage property acquisitions in select regions across the United States, supported by its robust financial position[14] Market Performance - Rental income for Q4 2023 was $2,861,319, slightly down from $2,943,291 in Q4 2022, a decrease of 2.8%[52] - Total same-store net operating income for Q4 2023 was $1,785,450, down from $1,921,458 in Q4 2022, indicating a decline of approximately 7.1%[54] - Same-store revenues for Q4 2023 were $2,960,108, a decrease from $3,037,160 in Q4 2022, reflecting a decline of about 2.5%[54] - Operating income for the year was $3,111,253, down from $3,527,190 in 2022, representing a decrease of around 11.8%[53] - Dividend and interest income rose to $265,046 in 2023 from $120,575 in 2022, showing an increase of approximately 120%[53] - Unrealized gains on marketable equity securities improved to $408,876 in 2023, compared to a loss of $(1,117,029) in 2022[53] - The company operates 13 self-storage properties across multiple states, focusing on affordable and secure storage solutions for customers[40]