$SELF
Global Self Storage Inc

2021 Q4 Form 10-Q Financial Statement

#000095017021004478 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $2.762M $2.731M $2.346M
YoY Change 16.03% 16.39% 7.25%
Cost Of Revenue $945.1K $940.4K $910.0K
YoY Change 6.19% 3.34% 4.6%
Gross Profit $1.817M $1.790M $1.440M
YoY Change 21.91% 24.32% 9.09%
Gross Profit Margin 65.78% 65.56% 61.38%
Selling, General & Admin $565.6K $594.6K $560.0K
YoY Change -0.77% 6.17% 5.66%
% of Gross Profit 31.14% 33.21% 38.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $409.7K $409.8K $510.0K
YoY Change -10.94% -19.65% 41.67%
% of Gross Profit 22.55% 22.89% 35.42%
Operating Expenses $975.2K $1.946M $1.981M
YoY Change -5.32% -1.75% 8.44%
Operating Profit $841.3K $784.0K $364.7K
YoY Change 82.88% 114.98% 1.25%
Interest Expense $577.3K $256.5K $290.8K
YoY Change -512.34% -11.79% 13.61%
% of Operating Profit 68.62% 32.72% 79.74%
Other Income/Expense, Net -$155.0K -$27.58K
YoY Change 461.86% -75.14%
Pretax Income $1.380M $629.1K $340.0K
YoY Change 331.14% 85.02% 36.0%
Income Tax
% Of Pretax Income
Net Earnings $1.380M $629.1K $337.1K
YoY Change 331.14% 86.6% 35.26%
Net Earnings / Revenue 49.96% 23.04% 14.37%
Basic Earnings Per Share $0.06 $0.04
Diluted Earnings Per Share $129.5K $0.06 $0.04
COMMON SHARES
Basic Shares Outstanding 10.71M 10.60M 9.277M
Diluted Shares Outstanding 10.64M 9.291M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.900M $2.527M $1.600M
YoY Change 80.11% 57.96% 42.86%
Cash & Equivalents $2.900M $2.527M $1.918M
Short-Term Investments
Other Short-Term Assets $531.9K $495.4K $570.0K
YoY Change 61.18% -13.09% 23.91%
Inventory
Prepaid Expenses
Receivables $120.6K $106.2K $70.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.552M $3.129M $2.240M
YoY Change 73.28% 39.68% 33.33%
LONG-TERM ASSETS
Property, Plant & Equipment $58.40M $58.81M $60.19M
YoY Change -2.32% -2.3% 13.08%
Goodwill $694.1K $694.1K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $3.483M $2.708M $1.790M
YoY Change 81.42% 51.26% -6.77%
Other Assets $418.0K $490.5K $510.0K
YoY Change -14.69% -3.83% -15.0%
Total Long-Term Assets $63.00M $62.70M $63.24M
YoY Change 0.16% -0.86% 12.05%
TOTAL ASSETS
Total Short-Term Assets $3.552M $3.129M $2.240M
Total Long-Term Assets $63.00M $62.70M $63.24M
Total Assets $66.55M $65.83M $65.48M
YoY Change 2.47% 0.53% 12.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.503M $1.425M $1.510M
YoY Change 11.33% -5.65% -36.82%
Accrued Expenses $11.62K $15.02K $30.00K
YoY Change -41.9% -49.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.515M $1.440M $1.540M
YoY Change 10.56% -6.51% -35.56%
LONG-TERM LIABILITIES
Long-Term Debt $17.92M $18.04M $23.65M
YoY Change -23.86% -23.73% 22.35%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $17.92M $18.04M $23.65M
YoY Change -23.86% -23.73% 22.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.515M $1.440M $1.540M
Total Long-Term Liabilities $17.92M $18.04M $23.65M
Total Liabilities $19.43M $19.48M $25.18M
YoY Change -21.98% -22.65% 15.96%
SHAREHOLDERS EQUITY
Retained Earnings $159.7K -$523.9K
YoY Change -131.31%
Common Stock $107.1K $107.1K
YoY Change 14.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.12M $46.35M $40.30M
YoY Change
Total Liabilities & Shareholders Equity $66.55M $65.83M $65.48M
YoY Change 2.47% 0.53% 12.66%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $1.380M $629.1K $337.1K
YoY Change 331.14% 86.6% 35.26%
Depreciation, Depletion And Amortization $409.7K $409.8K $510.0K
YoY Change -10.94% -19.65% 41.67%
Cash From Operating Activities $1.109M $639.0K $190.0K
YoY Change 42.17% 236.33% -62.0%
INVESTING ACTIVITIES
Capital Expenditures -$9.510K -$72.19K -$460.0K
YoY Change -4.9% -84.31% 119.05%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.510K -$72.19K -$460.0K
YoY Change -4.9% -84.31% 119.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -794.6K -6.200M -500.0K
YoY Change 8.84% 1139.94% 108.33%
NET CHANGE
Cash From Operating Activities 1.109M 639.0K 190.0K
Cash From Investing Activities -9.510K -72.19K -460.0K
Cash From Financing Activities -794.6K -6.200M -500.0K
Net Change In Cash 304.9K -5.633M -770.0K
YoY Change 662.2% 631.54% -1640.0%
FREE CASH FLOW
Cash From Operating Activities $1.109M $639.0K $190.0K
Capital Expenditures -$9.510K -$72.19K -$460.0K
Free Cash Flow $1.118M $711.2K $650.0K
YoY Change 41.58% 9.42% -8.45%

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us-gaap Net Cash Provided By Used In Operating Activities
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self Payments To Acquire Improvements And Equipment
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q3 us-gaap Dividends Payable Current And Noncurrent
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us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">1. ORGANIZATION</span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Global Self Storage, Inc. (the “Company,” “we,” “our,” “us”) is a self-administered and self-managed Maryland real estate investment trust (“REIT”) that owns, operates, manages, acquires, develops and redevelops self storage properties (“stores” or “properties”) in the United States. As of September 30, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, through its wholly owned subsidiaries, the Company owned and/or managed </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">13</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company operates primarily in </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> segment: rental operations.</span>
CY2021Q3 us-gaap Number Of Stores
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13
us-gaap Number Of Operating Segments
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1
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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2527319
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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1614771
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
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231505
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
340672
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2758824
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1955443
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15020
self Percentage Of Real Estate Investment Trust Taxable Income Distributed For Exemption Of Federal Income Tax
PercentageOfRealEstateInvestmentTrustTaxableIncomeDistributedForExemptionOfFederalIncomeTax
0.90
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
self Services Agreement Original Terms
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P3Y
self Number Of Contract
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1
us-gaap Asset Impairment Charges
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0
us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.2620833333333334;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2620833333333334;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021Q3 us-gaap Land
Land
6122065
CY2020Q4 us-gaap Land
Land
6122065
CY2021Q3 self Real Estate Investment Buildings Improvements And Equipment
RealEstateInvestmentBuildingsImprovementsAndEquipment
60561544
CY2020Q4 self Real Estate Investment Buildings Improvements And Equipment
RealEstateInvestmentBuildingsImprovementsAndEquipment
60317918
CY2021Q3 us-gaap Real Estate Investment Property At Cost
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66683609
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
66439983
CY2021Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
7893388
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
6671450
CY2021Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
58790221
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
59768533
CY2021Q3 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
755487
CY2021Q3 self Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
1952153
CY2021Q3 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
2707640
CY2020Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
755487
CY2020Q4 self Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
1160964
CY2020Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1916451
CY2021Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
646246
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18465440
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18847475
CY2021Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
428643
CY2020Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
458299
CY2021Q3 self Notes Payable Net
NotesPayableNet
18036797
CY2020Q4 self Notes Payable Net
NotesPayableNet
18389176
CY2021Q3 us-gaap Debt Instrument Collateral Amount
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25800000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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173680
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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535816
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
558714
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
582591
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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607488
CY2021Q3 self Long Term Debt Maturities Repayments Of Principal After Year Four1
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour1
16007151
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18465440
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15020
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24972
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
24972
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y1M6D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0478
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3563
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
11878
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
629062
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
337124
us-gaap Net Income Loss
NetIncomeLoss
1901608
us-gaap Net Income Loss
NetIncomeLoss
-41444
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10601521
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9277043
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9757458
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9269834
CY2021Q3 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
33486
CY2020Q3 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
13941
self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
29859
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10635006
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9290984
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9787317
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9269834
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2021Q3 us-gaap Dividends Common Stock
DividendsCommonStock
696060
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.065
CY2020Q3 us-gaap Dividends Common Stock
DividendsCommonStock
608153
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.065
us-gaap Dividends Common Stock
DividendsCommonStock
1915591
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
us-gaap Dividends Common Stock
DividendsCommonStock
1822776
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
self Reimbursement Of Automobile Expenses
ReimbursementOfAutomobileExpenses
1000
self Automobile Reimbursement Amount
AutomobileReimbursementAmount
2248
self Automobile Reimbursement Amount
AutomobileReimbursementAmount
2254
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10708613
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10708613
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1121496
CY2021Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
5.35
CY2021Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1289720
CY2021Q2 us-gaap Partners Capital Account Public Sale Of Units Net Of Offering Costs
PartnersCapitalAccountPublicSaleOfUnitsNetOfOfferingCosts
6900000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Credit Risk</span></p><p style="text-indent:4.173%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Credit risk - Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and certain portions of accounts receivable including rents receivable from our tenants. Cash and cash equivalents are on deposit with highly rated commercial banks.</span></p>

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0000950170-21-004478-index-headers.html Edgar Link pending
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