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Global Self Storage Reports First-Quarter 2016 Financial Results, Participates in Marcum Microcap Conference

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Real estate investment trust (REIT) Global Self Storage Inc. has released its financial statement for the quarter that ended March 31, 2016, showing gains in key areas including net operating income (NOI) and occupancy. The REIT also announced Mark C. Winmill, president and CEO, will discuss the company’s financial performance on June 2 at the Marcum Microcap Conference in New York City.

"The first quarter of 2016 was a transformative period for Global Self Storage," Winmill said in a released statement. "We changed our name to Global Self Storage [from Self Storage Group Inc.], uplisted to NASDAQ and registered as an operating company with the [Securities and Exchange Commission]. Because of our new registration in 2016, we do not expect to have traditional financial results comparable to the same year-ago period, but we expect to have such comparable results in 2017 and beyond.”

Same-store revenue from the REIT’s seven facilities increased 6.3 percent to $1.14 million from the same period a year ago and was driven by a 4.3 percent increase in total annualized revenue per leased square foot, a 1.6 percent increase in total net-leasable square footage and a 0.3 percent gain in average overall square-foot occupancy, according to the release.

Same-store NOI increased 7.8 percent to $646,000 compared to $599,000 for the first quarter last year. Same-store occupancy was 88.1 percent compared with 87.8 percent for the same period a year ago.

Funds from operations was $219,000, or $0.03 per common share, during the quarter. Net income to available shareholders was $55,000, or $0.01 per common share.

Since the quarter ended, Global agreed to acquire a self-storage facility in Fishers, Ind., for $7.7 million. The company is also moving forward with the expansion of an existing property in Bolingbrook, Ill., which will add about 45,000 net rentable square feet, according to Winmill.

On March 1, the company declared a quarterly dividend of $0.065 per common share, which was equal to the first-quarter dividend last year as well as the previous quarter.

Winmill is expected to present at the Marcum Microcap Conference at 9 a.m. ET on June 2. He will also hold one-on-one meetings throughout the day, according to a press release. The event will be held June 1 and 2 at the Grand Hyatt Hotel. It’s expected to include more than 120 “microcap growth companies”—publicly traded businesses with a market capitalization between $50 million and $300 million—and draw approximately 2,000 attendees.

Founded in 1983, Global Self Storage is a self-administered and -managed REIT focused on the acquisition, development and ownership of self-storage facilities in the United States. The company owns seven storage properties through its wholly owned subsidiaries in Illinois, Indiana, New York, Pennsylvania and South Carolina. It changed its name from Self Storage Group in January.

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