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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2022

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____________________ to ____________________

Commission File Number: 001-12681

 

GLOBAL SELF STORAGE, INC.

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

13-3926714

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

Global Self Storage, Inc.

3814 Route 44

Millbrook, NY 12545

(212) 785-0900

(Address, including zip code, and telephone number, including area code, of Company’s principal executive offices)

Donald Klimoski II, Esq.

Global Self Storage, Inc.

3814 Route 44

Millbrook, NY 12545

(212) 785-0900

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common shares, $0.01 par value per share

 

SELF

 

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

 

 

 

 

 Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, as of October 21, 2022 was 11,105,533.

 

 

 


 

Table of Contents

 

STATEMENT ON FORWARD LOOKING INFORMATION

 

3

PART I – FINANCIAL INFORMATION

 

5

 

Item 1.

Financial Statements (Unaudited).

 

5

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

21

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

 

32

 

Item 4.

Controls and Procedures.

 

32

PART II – OTHER INFORMATION

 

34

 

Item 1.

Legal Proceedings.

 

34

 

Item 1A.

Risk Factors.

 

34

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

 

34

 

Item 3.

Defaults Upon Senior Securities.

 

34

 

Item 4.

Mine Safety Disclosures.

 

34

 

Item 5.

Other Information.

 

34

 

Item 6.

Exhibits.

 

34

Exhibit Index

 

35

SIGNATURES

 

36

 

2


 

STATEMENT ON FORWARD LOOKING INFORMATION

Certain information presented in this report may contain “forward-looking statements” within the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward looking statements can be identified by terminology such as “believes,” “plans,” “intends,” “expects,” “estimates,” “may,” “will,” “should,” or “anticipates” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements made by the Company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company’s actual results to be materially different from those expressed or implied by such statements. We may also make additional forward looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, management’s examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved.

All forward looking statements apply only as of the date made. Except as required by law, we undertake no obligation to publicly update or revise forward looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties, including the impact of the COVID-19 pandemic, that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks referenced in “Item 1A. Risk Factors” included in our most recent annual report on Form 10-K and in other subsequent filings with the Securities and Exchange Commission (the “SEC”). Such factors include, but are not limited to:

general risks associated with the ownership and operation of real estate, including changes in demand, risks related to development or redevelopment (including expansion) of self storage properties, potential liability for environmental contamination, natural disasters and adverse changes in tax, real estate and zoning laws and regulations;
risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers;
the impact of competition from new and existing self storage and commercial properties and other storage alternatives;
difficulties in our ability to successfully evaluate, finance, integrate into our existing operations, and manage acquired and developed properties;
risks related to our development of new properties and expansions and related lease up at our existing properties and/or participation in joint ventures;
risks of ongoing litigation and other legal and regulatory actions, which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business;
the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing the environment, taxes and our tenant reinsurance business and real estate investment trusts (“REITs”), and risks related to the impact of new laws and regulations;
risk of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to intercompany transactions with our taxable REIT subsidiaries;
changes in federal or state tax laws related to the taxation of REITs, which could impact our status as a REIT;
increases in taxes, fees and assessments from state and local jurisdictions;
security breaches or a failure of our networks, systems or technology;
our ability to obtain and maintain financing arrangements on favorable terms;
market trends in our industry, interest rates, the debt and lending markets or the general economy;
the timing of acquisitions and our ability to execute on our acquisition pipeline;

3


 

general volatility of the securities markets in which we participate;
changes in the value of our assets;
changes in interest rates and the degree to which our hedging strategies may or may not protect us from interest rate volatility;
our ability to continue to qualify and maintain our qualification as a REIT for U.S. federal income tax purposes;
availability of qualified personnel;
difficulties in raising capital at a reasonable cost;
fiscal policies or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S economy;
estimates relating to our ability to make distributions to our stockholders in the future; and
economic uncertainty due to the impact of terrorism, infectious or contagious diseases or pandemics, or war.

 

 

4


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

GLOBAL SELF STORAGE, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Real estate assets, net

 

$

57,257,626

 

 

$

58,390,066

 

Cash and cash equivalents

 

 

6,341,502

 

 

 

2,899,701

 

Restricted cash

 

 

132,104

 

 

 

163,998

 

Investments in securities

 

 

2,593,297

 

 

 

3,483,182

 

Accounts receivable

 

 

162,701

 

 

 

120,641

 

Prepaid expenses and other assets

 

 

546,420

 

 

 

534,120

 

Line of credit issuance costs, net

 

 

177,803

 

 

 

254,004

 

Interest rate cap

 

 

111,801

 

 

 

9,408

 

Goodwill

 

 

694,121

 

 

 

694,121

 

Total assets

 

$

68,017,375

 

 

$

66,549,241

 

Liabilities and equity

 

 

 

 

 

 

Note payable, net

 

$

17,546,978

 

 

$

17,916,513

 

Accounts payable and accrued expenses

 

 

1,835,004

 

 

 

1,514,631

 

Total liabilities

 

 

19,381,982

 

 

 

19,431,144

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock, $0.01 par value: 50,000,000 shares authorized; no shares issued or outstanding

 

 

 

 

 

 

Common stock, $0.01 par value: 450,000,000 shares authorized; 11,100,842 shares and 10,708,613 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

111,008

 

 

 

107,086

 

Additional paid in capital

 

 

48,960,578

 

 

 

46,851,360

 

Retained earnings (accumulated deficit)

 

 

(436,193

)

 

 

159,651

 

Total stockholders' equity

 

 

48,635,393

 

 

 

47,118,097

 

Total liabilities and stockholders' equity

 

$

68,017,375

 

 

$

66,549,241

 

 

See notes to unaudited consolidated financial statements.

 

5


 

GLOBAL SELF STORAGE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

2,970,875

 

 

$

2,608,664

 

 

$

8,542,221

 

 

$

7,402,570

 

Other property related income

 

 

93,630

 

 

 

102,428

 

 

 

281,702

 

 

 

288,249

 

Management fees and other income

 

 

21,907

 

 

 

19,426

 

 

 

62,218

 

 

 

56,408

 

Total revenues

 

 

3,086,412

 

 

 

2,730,518

 

 

 

8,886,141

 

 

 

7,747,227

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Property operations

 

 

1,010,495

 

 

 

940,372

 

 

 

3,053,481

 

 

 

2,831,693

 

General and administrative

 

 

560,675

 

 

 

594,547

 

 

 

1,892,382

 

 

 

1,804,371

 

Depreciation and amortization

 

 

404,961

 

 

 

409,763

 

 

 

1,214,344

 

 

 

1,221,938

 

Business development

 

 

4,598

 

 

 

1,797

 

 

 

46,708

 

 

 

6,635

 

Total expenses

 

 

1,980,729

 

 

 

1,946,479

 

 

 

6,206,915

 

 

 

5,864,637

 

Operating income

 

 

1,105,683

 

 

 

784,039

 

 

 

2,679,226

 

 

 

1,882,590

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Dividend and interest income

 

 

46,846

 

 

 

19,533

 

 

 

92,894

 

 

 

56,396

 

Unrealized (loss) gain on marketable equity securities

 

 

(59,512

)

 

 

81,992

 

 

 

(889,885

)

 

 

791,189

 

Interest expense

 

 

(163,153

)

 

 

(256,502

)

 

 

(572,174

)

 

 

(828,567

)

Gain on Paycheck Protection Program (PPP) loan forgiveness

 

 

 

 

 

 

307,210

 

 

 

Total other income (expense), net

 

 

(175,819

)

 

 

(154,977

)

 

 

(1,061,955

)

 

 

19,018

 

Net income and comprehensive income

 

$

929,864

 

 

$

629,062

 

 

$

1,617,271

 

 

$

1,901,608

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.06

 

 

$

0.15

 

 

$

0.19

 

Diluted

 

$

0.08

 

 

$

0.06

 

 

$

0.15

 

 

$

0.19

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

10,924,646

 

 

 

10,601,521

 

 

 

10,785,362

 

 

 

9,757,458

 

Diluted

 

 

10,978,000

 

 

 

10,635,006

 

 

 

10,842,515

 

 

 

9,787,317

 

 

See notes to unaudited consolidated financial statements.

6


 

GLOBAL SELF STORAGE, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

earnings

 

 

Total

 

 

 

Common stock

 

 

Additional paid in

 

 

(accumulated

 

 

stockholders'

 

 

 

Shares

 

 

Par value

 

 

capital

 

 

deficit)

 

 

equity

 

Balances at December 31, 2021

 

 

10,708,613

 

 

$

107,086

 

 

$

46,851,360

 

 

$

159,651

 

 

$

47,118,097

 

Restricted stock grants issued

 

 

26,025

 

 

 

260

 

 

 

(260

)

 

 

 

 

Restricted stock grant forfeiture

 

 

(203

)

 

 

(2

)

 

 

2

 

 

 

 

 

Issuance of common stock, net of expenses

 

 

65,843

 

 

 

659

 

 

 

197,711

 

 

 

 

 

198,370

 

Stock-based compensation

 

 

 

 

 

 

52,604

 

 

 

 

 

52,604

 

Net income

 

 

 

 

 

 

 

 

283,207

 

 

 

283,207

 

Dividends

 

 

 

 

 

 

 

 

(700,339

)

 

 

(700,339

)

Balances at March 31, 2022

 

 

10,800,278

 

 

 

108,003

 

 

 

47,101,417

 

 

 

(257,481

)

 

 

46,951,939

 

Restricted stock grant forfeiture

 

 

(406

)

 

 

(4

)

 

 

4

 

 

 

 

 

Issuance of common stock, net of expenses

 

 

165,808

 

 

 

1,658

 

 

 

984,295

 

 

 

 

 

985,953

 

Stock-based compensation

 

 

 

 

 

 

39,329

 

 

 

 

 

39,329

 

Net income

 

 

 

 

 

 

 

 

404,200

 

 

 

404,200

 

Dividends

 

 

 

 

 

 

 

 

(708,487

)

 

 

(708,487

)

Balances at June 30, 2022

 

 

10,965,680

 

 

 

109,657

 

 

 

48,125,045

 

 

 

(561,768

)

 

 

47,672,934

 

Restricted stock grant forfeiture

 

 

(2,329

)

 

 

(23

)

 

 

23

 

 

 

 

 

Issuance of common stock, net of expenses

 

 

137,491

 

 

 

1,374

 

 

 

796,331

 

 

 

 

 

797,705

 

Stock-based compensation

 

 

 

 

 

 

39,179

 

 

 

 

 

39,179

 

Net income

 

 

 

 

 

 

 

 

929,864

 

 

 

929,864

 

Dividends

 

 

 

 

 

 

 

 

(804,289

)

 

 

(804,289

)

Balances at September 30, 2022

 

 

11,100,842

 

 

$

111,008

 

 

$

48,960,578

 

 

$

(436,193

)

 

$

48,635,393

 

 

See notes to unaudited consolidated financial statements.

7


 

GLOBAL SELF STORAGE, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common stock

 

 

Additional paid in

 

 

Accumulated

 

 

stockholders'

 

 

 

Shares

 

 

Par value

 

 

capital

 

 

deficit

 

 

equity

 

Balances at December 31, 2020

 

 

9,343,118

 

 

$

93,431

 

 

$

40,455,409

 

 

$

(509,949

)

 

$

40,038,891

 

Restricted stock grants issued

 

 

63,475

 

 

 

635

 

 

 

(635

)

 

 

 

 

Restricted stock grant forfeiture

 

 

 

 

 

 

31,706

 

 

 

 

 

31,706

 

Net income

 

 

 

 

 

 

 

 

411,247

 

 

 

411,247

 

Dividends

 

 

 

 

 

 

 

 

(607,303

)

 

 

(607,303

)

Balances at March 31, 2021

 

 

9,406,593

 

 

 

94,066

 

 

 

40,486,480

 

 

 

(706,005

)

 

 

39,874,541

 

Restricted stock grant forfeiture

 

 

12,300

 

 

 

123

 

 

 

(123

)

 

 

 

 

Issuance of common stock, net of expenses

 

 

1,289,720

 

 

 

12,897

 

 

 

6,171,787

 

 

 

 

 

6,184,684

 

Stock-based compensation

 

 

 

 

 

 

54,476

 

 

 

 

 

54,476

 

Net income

 

 

 

 

 

 

 

 

861,299

 

 

 

861,299

 

Dividends

 

 

 

 

 

 

 

 

(612,228

)

 

 

(612,228

)

Balances at June 30, 2021

 

 

10,708,613

 

 

 

107,086

 

 

 

46,712,620

 

 

 

(456,934

)

 

 

46,362,772

 

Stock-based compensation

 

 

 

 

 

 

54,092

 

 

 

 

 

54,092

 

Net income

 

 

 

 

 

 

 

 

629,062

 

 

 

629,062

 

Dividends

 

 

 

 

 

 

 

 

(696,060

)

 

 

(696,060

)

Balances at September 30, 2021

 

 

10,708,613

 

 

$

107,086

 

 

$

46,766,712

 

 

$

(523,932

)

 

$

46,349,866

 

 

See notes to unaudited consolidated financial statements.

8


 

GLOBAL SELF STORAGE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

1,617,271

 

 

$

1,901,608

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

1,214,344

 

 

 

1,221,938

 

Unrealized loss (gain) on marketable equity securities

 

 

889,885

 

 

 

(791,189

)

Unrealized (gain) loss on interest rate cap premium

 

 

(102,393

)

 

 

4

 

Amortization of loan procurement costs

 

 

105,027

 

 

 

155,176

 

Stock-based compensation

 

 

131,112

 

 

 

140,274

 

Gain on PPP loan forgiveness

 

 

(307,210

)

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(42,060

)

 

 

321

 

Prepaid expenses and other assets

 

 

(12,300

)

 

 

(158,660

)

Accounts payable and accrued expenses

 

 

317,330

 

 

 

64,324

 

Net cash provided by operating activities

 

 

3,811,006

 

 

 

2,533,796

 

Cash flows from investing activities

 

 

 

 

 

 

Improvements and equipment additions

 

 

(81,904

)

 

 

(243,626

)

Net cash used in investing activities

 

 

(81,904

)

 

 

(243,626

)

Cash flows from financing activities

 

 

 

 

 

 

Issuance of common stock, net of expenses

 

 

1,982,028

 

 

 

6,184,684

 

Proceeds received on PPP loan forgiveness

 

 

307,210

 

 

 

Line of credit repayment, net

 

 

 

 

(5,144,000

)

Issuance costs on renewal of revolving line of credit