Global Self Storage(SELF) - 2024 Q1 - Quarterly Report

PART I – FINANCIAL INFORMATION Financial Statements (Unaudited) Unaudited Q1 2024 statements show decreased assets, equity, and net income, primarily due to unrealized losses and higher operating expenses Consolidated Balance Sheet Summary (Unaudited) | Account | March 31, 2024 ($) | December 31, 2023 ($) | | :--- | :--- | :--- | | Total Assets | $66,083,519 | $66,879,204 | | Total Liabilities | $18,308,906 | $18,633,177 | | Total Stockholders' Equity | $47,774,613 | $48,246,027 | Consolidated Statement of Operations Summary (Unaudited) | Account | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Total Revenues | $3,034,040 | $3,037,952 | | Total Expenses | $2,443,046 | $2,213,139 | | Operating Income | $590,994 | $824,813 | | Net Income | $266,150 | $992,541 | | Diluted EPS | $0.02 | $0.09 | Consolidated Statement of Cash Flows Summary (Unaudited) | Account | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $797,013 | $1,003,745 | | Net cash used in investing activities | ($10,071) | ($109,609) | | Net cash used in financing activities | ($949,248) | ($940,870) | - As of March 31, 2024, the company owned and/or managed 13 self-storage properties across eight states: Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma[27] - The company maintained a quarterly dividend of $0.0725 per share for the three months ended March 31, 2024, consistent with the same period in 2023[83] Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses flat revenues, a 10.4% rise in operating expenses, a 28.3% drop in operating income, and a 5.7% decrease in same-store NOI, with the revolving credit line maturing in July 2024 - Total revenues for Q1 2024 were $3,034,040, a slight 0.1% decrease from Q1 2023, mainly due to a 0.4% drop in rental income, partially offset by increased occupancy and existing tenant rate hikes[120] - Total operating expenses rose 10.4% year-over-year to $2,443,046, driven by a 9.8% increase in store operating expenses and an 18.1% increase in general and administrative expenses[124][126] - As of March 31, 2024, the company had approximately $24.0 million in capital resources, consisting of $6.9 million in cash, $2.6 million in marketable securities, and $14.5 million available on its revolving line of credit, which matures on July 6, 2024[118] Same-Store Operating Results (Q1 2024 vs Q1 2023) | Metric | Q1 2024 ($) | Q1 2023 ($) | % Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $3,017,311 | $3,016,141 | 0.0% | | Cost of operations | $1,231,116 | $1,121,337 | 9.8% | | Net operating income (NOI) | $1,786,195 | $1,894,804 | -5.7% | | Occupancy at period end | 91.3% | 87.9% | 3.9% | FFO and AFFO Reconciliation (Q1 2024 vs Q1 2023) | Metric | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | Net Income | $266,150 | $992,541 | | FFO attributable to common stockholders | $847,953 | $1,037,332 | | AFFO attributable to common stockholders | $921,232 | $1,080,368 | | FFO per share - diluted | $0.08 | $0.09 | | AFFO per share - diluted | $0.08 | $0.10 | Quantitative and Qualitative Disclosures About Market Risk The company reports no applicable quantitative or qualitative disclosures regarding market risk for this period - The company stated that there are no quantitative and qualitative disclosures about market risk to report for this period[181] Controls and Procedures Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation as of the end of the period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[184] - There were no changes in internal control over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, these controls[186] PART II – OTHER INFORMATION Legal Proceedings The company reports no material pending legal proceedings involving itself or its subsidiaries - The Company currently does not have any material pending legal proceedings[188] Risk Factors No material changes to risk factors have occurred since the December 31, 2023, Annual Report on Form 10-K - There are no material changes to the risk factors previously disclosed in the company's annual report on Form 10-K for the fiscal year ended December 31, 2023[189] Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities during the period - None reported for the period[190] Defaults Upon Senior Securities The company reported no defaults upon senior securities during the period - None reported for the period[191] Mine Safety Disclosures This item is not applicable to the company - Not applicable[192] Other Information The company reported no other information for the period - None reported for the period[193] Exhibits This section lists exhibits, including CEO/CFO certifications and Inline XBRL data files, filed with Form 10-Q - The report includes certifications from the CEO and CFO as required by the Sarbanes-Oxley Act of 2002, as well as financial statements formatted in Inline XBRL[196]