$SELF
Global Self Storage Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024057771 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $3.109M $3.034M
YoY Change 0.75% -0.13%
Cost Of Revenue $1.171M $1.231M
YoY Change 7.45% 9.79%
Gross Profit $1.938M $1.803M
YoY Change -2.91% -5.93%
Gross Profit Margin 62.33% 59.42%
Selling, General & Admin $892.8K $802.7K
YoY Change 10.28% 18.1%
% of Gross Profit 46.07% 44.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $409.1K $406.9K
YoY Change 0.14% 0.02%
% of Gross Profit 21.11% 22.57%
Operating Expenses $2.473M $2.443M
YoY Change 7.15% 10.39%
Operating Profit $635.9K $591.0K
YoY Change -18.25% -28.35%
Interest Expense $211.4K $204.8K
YoY Change 23.64% -13.16%
% of Operating Profit 33.24% 34.66%
Other Income/Expense, Net -$44.38K -$324.8K
YoY Change -77.79% -293.67%
Pretax Income $591.5K $266.2K
YoY Change 2.33% -73.18%
Income Tax
% Of Pretax Income
Net Earnings $591.5K $266.2K
YoY Change 2.33% -73.18%
Net Earnings / Revenue 19.03% 8.77%
Basic Earnings Per Share $0.05 $0.02
Diluted Earnings Per Share $0.05 $0.02
COMMON SHARES
Basic Shares Outstanding 11.26M 11.15M
Diluted Shares Outstanding 11.13M 11.11M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.956M $6.740M
YoY Change 5.47% 7.03%
Cash & Equivalents $6.956M $6.740M
Short-Term Investments
Other Short-Term Assets $615.1K $599.4K
YoY Change 5.24% 11.06%
Inventory
Prepaid Expenses
Receivables $155.6K $152.7K
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.727M $7.492M
YoY Change 5.05% 7.05%
LONG-TERM ASSETS
Property, Plant & Equipment $54.75M $55.12M
YoY Change -2.69% -2.6%
Goodwill $694.1K $694.1K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $2.680M $2.600M
YoY Change 2.56% -4.69%
Other Assets $145.6K $151.6K
YoY Change -50.11% -49.1%
Total Long-Term Assets $58.27M $58.59M
YoY Change -2.85% -3.0%
TOTAL ASSETS
Total Short-Term Assets $7.727M $7.492M
Total Long-Term Assets $58.27M $58.59M
Total Assets $66.00M $66.08M
YoY Change -1.99% -1.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.721M $1.510M
YoY Change -1.74% -2.38%
Accrued Expenses $26.23K $31.00K
YoY Change -41.78% -37.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.748M $1.541M
YoY Change -2.74% -0.37%
LONG-TERM LIABILITIES
Long-Term Debt $16.63M $16.77M
YoY Change -3.1% -3.04%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $16.63M $16.77M
YoY Change -3.1% -3.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.748M $1.541M
Total Long-Term Liabilities $16.63M $16.77M
Total Liabilities $18.38M $18.31M
YoY Change -3.07% -2.82%
SHAREHOLDERS EQUITY
Retained Earnings -$1.862M -$1.637M
YoY Change 120.58% 166.44%
Common Stock $112.7K $112.7K
YoY Change 1.1% 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.62M $47.77M
YoY Change
Total Liabilities & Shareholders Equity $66.00M $66.08M
YoY Change -1.99% -1.96%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $591.5K $266.2K
YoY Change 2.33% -73.18%
Depreciation, Depletion And Amortization $409.1K $406.9K
YoY Change 0.14% 0.02%
Cash From Operating Activities $1.247M $797.0K
YoY Change -4.52% -20.6%
INVESTING ACTIVITIES
Capital Expenditures $52.37K $10.07K
YoY Change 17.61% -90.81%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$52.37K -$10.07K
YoY Change 17.61% -90.81%
FINANCING ACTIVITIES
Cash Dividend Paid $806.4K
YoY Change 0.31%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -959.5K -949.2K
YoY Change 1.57% 0.89%
NET CHANGE
Cash From Operating Activities 1.247M 797.0K
Cash From Investing Activities -52.37K -10.07K
Cash From Financing Activities -959.5K -949.2K
Net Change In Cash 235.6K -162.3K
YoY Change -25.75% 247.3%
FREE CASH FLOW
Cash From Operating Activities $1.247M $797.0K
Capital Expenditures $52.37K $10.07K
Free Cash Flow $1.195M $786.9K
YoY Change -5.3% -11.99%

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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. ORGANIZATION</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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, and redevelops self storage properties (“stores” or “properties”) in the United States. As of March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, through its wholly owned subsidiaries, the Company owned and/or managed </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> 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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> segment: rental operations.</span>
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 self Percentage Of Real Estate Investment Trust Taxable Income Distributed For Exemption Of Federal Income Tax
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0.90
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2024Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
14160976
CY2024Q1 self Services Agreement Original Terms
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P3Y
CY2024Q1 self Number Of Contract
NumberOfContract
1
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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. Actual results could materially differ from management's estimates.</span></p>
CY2024Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2024Q1 us-gaap Land
Land
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CY2023Q4 us-gaap Land
Land
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CY2024Q1 self Real Estate Investment Buildings Improvements And Equipment
RealEstateInvestmentBuildingsImprovementsAndEquipment
60925568
CY2023Q4 self Real Estate Investment Buildings Improvements And Equipment
RealEstateInvestmentBuildingsImprovementsAndEquipment
60915497
CY2024Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2024Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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11963267
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
11556342
CY2024Q1 us-gaap Real Estate Investment Property Net
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55084366
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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CY2024Q1 us-gaap Equity Securities Fv Ni Cost
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755487
CY2024Q1 self Equity Securities Unrealized Gain
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CY2024Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
2600151
CY2023Q4 us-gaap Equity Securities Fv Ni Cost
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755487
CY2023Q4 self Equity Securities Unrealized Gain
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2019542
CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
2775029
CY2024Q1 self Fair Value Of Assets Level1 To Level2 Transfers Amount
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0
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11267048
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11267048
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
646246
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
17101816
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
17244687
CY2024Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
334371
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
343468
CY2024Q1 self Notes Payable Net
NotesPayableNet
16767445
CY2023Q4 self Notes Payable Net
NotesPayableNet
16901219
CY2024Q1 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
23800000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
439221
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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633449
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
688746
CY2024Q1 self Long Term Debt Maturities Repayments Of Principal After Year Four1
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour1
14072393
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
17101816
CY2024Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0844
CY2024Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
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30998
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
30998
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35726
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
35726
CY2024Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
4728
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
4553
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0377
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
266150
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
992541
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
5734
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
5264
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
260416
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
987277
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11073439
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11034193
CY2024Q1 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
37524
CY2023Q1 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
46318
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11110963
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11080511
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2024Q1 us-gaap Dividends Common Stock
DividendsCommonStock
808568
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.0725
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
805228
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.0725
CY2024Q1 self Reimbursement Of Automobile Expenses
ReimbursementOfAutomobileExpenses
1000
CY2024Q1 self Automobile Reimbursement Amount
AutomobileReimbursementAmount
8198
CY2023Q1 self Automobile Reimbursement Amount
AutomobileReimbursementAmount
8198
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Credit Risk</span></p><p style="text-indent:4.173%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Credit risk - Financial assets that are exposed to credit risk consist primarily of cash, cash equivalents, and restricted cash and certain portions of accounts receivable including rents receivable from our tenants. Risk to collection of rents receivable is mitigated by: (i) dispersion of rents receivable across many tenants, (ii) marketing targeted to tenants that have established credit, (iii) use of autopay, and (iv) use of collection procedures. Cash, cash equivalents and restricted cash are on deposit with highly rated commercial banks and financial institutions.</span></p>

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