Global Self Storage Q1 revenue up 7.7% to $3.0M; net income $0.09/share

Global Self Storage, Inc.

2023-Q1 EPS reported $0.09 revenue$3,037,952

Net income $993K ($0.09 diluted EPS) vs $283K ($0.03) YoY.
FFO +13.5% to $1.0M ($0.09/share); AFFO +11.2% to $1.1M ($0.10/share).
Same-store NOI +8.4% to $1.9M; occupancy 87.9% at quarter-end, up to 89.9% as of May 1.
Annualized dividend raised to $0.29/share from $0.26 ($0.0725 quarterly, +11.5% YoY).
Capital resources $24.2M including $6.5M cash, $2.7M securities, $15M revolver.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Global Self Storage, Inc. reported first quarter ended March 31, 2023 results: revenue $3.0 million, net income $993,000, EPS $0.09 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $3.0 million
Net income: $993,000
EPS: $0.09 per diluted share
Result: reported results

Exact text from the filing

Total revenues increased 7.7% to $3.0 million in the first quarter of 2023, a record for a first quarter, and as compared to $2.8 million in the same period last year. This increase was due primarily to an increase in rental rates. Total operating expenses in the first quarter of 2023 increased 3.1% to $2.2 million, as compared to $2.1 million in the same period last year. The increase was primarily attributable to an increase in store operating expenses, including employment costs and real estate property taxes. This was partially offset by decreased professional fees included in general and administrative expenses. Operating income increased 22.2% to $825,000 in the first quarter of 2023, as compared to $675,000 in the same period last year. Net income was $993,000 or $0.09 per diluted share in the first quarter of 2023, as compared to $283,000 or $0.03 per diluted share in the same period last year.

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Source: SEC EDGAR

accession 0000950170-23-019702

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