Global Self Storage Inc., a self-storage real estate investment trust (REIT), has released its financial statement for the quarter that ended on March 31, 2017. During the first quarter, the company increased combined-store revenue 53 percent to $1.75 million, with net operating income (NOI) growing 64.4 percent to $1.06 million, compared to the same period in 2016. Net leasable space for its entire portfolio grew 55.5 percent year over year to 755,000 square feet.
Same-store revenue increased 9.9 percent to $1.26 million, while NOI grew 17.8 percent to $762,000, compared to the same period in 2016. Same-store average overall occupancy was 89.3 percent as of March 31, up from 88.1 percent the previous year. Excluding the vacancy from the 44,260-square-foot expansion to the company’s Bolingbrook, Ill., facility, occupancy would have been 93.1 percent, according to a press release.
Funds from operations (FFO) was approximately $435,000, or $0.06 per common share. Adjusted FFO totaled about $441,000, or $0.06 per common share, during the first quarter. The company incurred a net loss of $14,266 during the quarter.
On March 1, the REIT declared a quarterly dividend of $0.065 per common share, which is equal to last quarter.
“We believe these results reaffirm our strategy of focusing on secondary and tertiary cities in target markets that aren’t as impacted by new development activity as compared to primary markets and urban centers,” said Mark C. Winmill, president and CEO. “This geographic focus has not only shaped our strategy from the beginning, but has also set us apart from our competitors, enabling us to capitalize on undermanaged, but well-located and attractive self storage facilities often with expansion potential.”
Founded in 1983, Global Self Storage focuses on the acquisition, development, operation, ownership and redevelopment of storage facilities in the United States. Through its wholly owned subsidiaries, it currently owns and operates 11 properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania and South Carolina. The company changed its name from Self Storage Group Inc. in January 2016.
