•
|
Total revenues increased 6.8% to $2.2 million.
|
•
|
Net income declined to $17,000 or $0.00 per share from $75,000 or $0.01 per share in Q4 2018.
|
•
|
Funds from operations (FFO) increased 38% to $561,000 or $0.07 per diluted share.
|
•
|
Adjusted FFO (AFFO) declined 8.1% to $557,000 or $0.07 per diluted share (see definition of FFO and AFFO, both
non-GAAP terms, and their reconciliation to GAAP, below).
|
•
|
Same-store revenues increased 3.9% to $2.2 million.
|
•
|
Same-store net operating income (NOI) increased 4.6% to $1.3 million.
|
•
|
Same-store occupancy at December 31, 2019 decreased 110 basis points to 91.4% from 92.5% at December 31, 2018.
|
•
|
Same-store average tenant duration of stay at December 31, 2019 was approximately 3.1 years, up from 3.0 years at December 31,
2018.
|
•
|
Maintained quarterly dividend of $0.065 per share.
|
•
|
Total revenues increased 6.7% to $8.7 million.
|
•
|
Net income decreased 4.7% to $591,000 or $0.08 per share.
|
•
|
FFO declined 8.3% to $1.8 million or $0.24 per diluted share.
|
•
|
AFFO declined 9.5% to $2.1 million or $0.27 per diluted share.
|
•
|
Same-store revenues increased 6.0% to $8.6 million.
|
•
|
Same-store NOI increased 4.2% to $5.1 million.
|
•
|
Same-store occupancy at December 31, 2019 decreased 110 basis points to 91.4% from 92.5% at December 31, 2018.
|
•
|
Same-store average tenant duration of stay at December 31, 2019 was approximately 3.1 years, up from 3.0 years
at December 31, 2018.
|
•
|
Distributed dividends of $0.26 per share of common stock.
|
•
|
Completed acquisition of a 48,250 leasable square foot, 452-unit self-storage property in West Henrietta, N.Y.
|
•
|
Launched third-party management platform and signed the company’s first client, a 136,718
leasable square foot, 617-unit self-storage property in Edmond, Okla.
|
•
|
Raised $6.7 million in self-managed rights offering.
|
Three Months
|
Three Months
|
Twelve Months
|
Twelve Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
December 31, 2019
|
December 31, 2018
|
December 31, 2019
|
December 31, 2018
|
|||||||||||||
Net income
|
$
|
16,718
|
$
|
75,480
|
$
|
590,619
|
$
|
619,448
|
||||||||
Eliminate items excluded from FFO:
|
||||||||||||||||
Unrealized (gain) loss on marketable equity securities
|
161,397
|
(20,096
|
)
|
(193,705
|
)
|
(15,517
|
)
|
|||||||||
Depreciation and amortization
|
382,821
|
350,805
|
1,438,908
|
1,398,358
|
||||||||||||
FFO attributable to common stockholders
|
560,936
|
406,189
|
1,835,822
|
2,002,289
|
||||||||||||
Adjustments:
|
||||||||||||||||
Compensation expense related to stock-based awards
|
(32,331
|
)
|
26,730
|
102,989
|
80,771
|
|||||||||||
Business development, capital raising, and property acquisition costs
|
28,443
|
173,000
|
124,428
|
198,000
|
||||||||||||
AFFO attributable to common stockholders
|
$
|
557,048
|
$
|
605,919
|
$
|
2,063,239
|
$
|
2,281,060
|
||||||||
Earnings per share attributable to common stockholders - basic
|
$
|
0.00
|
$
|
0.01
|
$
|
0.08
|
$
|
0.08
|
||||||||
Earnings per share attributable to common stockholders - diluted
|
$
|
0.00
|
$
|
0.01
|
$
|
0.08
|
$
|
0.08
|
||||||||
FFO per share - diluted
|
$
|
0.07
|
$
|
0.05
|
$
|
0.24
|
$
|
0.26
|
||||||||
AFFO per share - diluted
|
$
|
0.07
|
$
|
0.08
|
$
|
0.27
|
$
|
0.30
|
||||||||
Weighted average shares outstanding - basic
|
7,879,132
|
7,626,856
|
7,699,966
|
7,622,287
|
||||||||||||
Weighted average shares outstanding - diluted
|
7,886,098
|
7,626,856
|
7,702,117
|
7,624,122
|
December 31, 2019
|
December 31, 2018
|
|||||||||||
Assets
|
||||||||||||
Real estate assets, net
|
$
|
59,752,153
|
$
|
53,811,737
|
||||||||
Cash and cash equivalents
|
3,990,160
|
1,526,203
|
||||||||||
Restricted cash
|
263,405
|
186,063
|
||||||||||
Investments in securities
|
1,761,312
|
1,567,607
|
||||||||||
Accounts receivable
|
164,078
|
67,604
|
||||||||||
Prepaid expenses and other assets
|
325,450
|
263,767
|
||||||||||
Line of credit issuance costs, net
|
311,869
|
471,196
|
||||||||||
Intangible assets, net
|
398,795
|
—
|
||||||||||
Goodwill
|
694,121
|
694,121
|
||||||||||
Total assets
|
$
|
67,661,343
|
$
|
58,588,298
|
||||||||
Liabilities and equity
|
||||||||||||
Note payable, net
|
$
|
18,839,787
|
$
|
19,269,250
|
||||||||
Line of credit borrowing
|
4,914,000
|
—
|
||||||||||
Accounts payable and accrued expenses
|
1,841,640
|
2,113,172
|
||||||||||
Total liabilities
|
25,595,427
|
21,382,422
|
||||||||||
Commitments and contingencies
|
||||||||||||
Equity
|
||||||||||||
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding
|
—
|
—
|
||||||||||
Common stock, $0.01 par value: 450,000,000 shares authorized, 9,330,297 and 7,692,624 issued and outstanding at December 31, 2019
and 2018, respectively
|
93,303
|
76,926
|
||||||||||
Additional paid in capital
|
40,329,502
|
33,961,903
|
||||||||||
Accumulated comprehensive income
|
—
|
—
|
||||||||||
Retained earnings
|
1,643,111
|
3,167,047
|
||||||||||
Total equity
|
42,065,916
|
37,205,876
|
||||||||||
Total liabilities and equity
|
$
|
67,661,343
|
$
|
58,588,298
|
Year Ended
|
Year Ended
|
|||||||
December 31,
2019
|
December 31,
2018
|
|||||||
Revenues
|
||||||||
Rental income
|
$
|
8,371,292
|
$
|
7,850,870
|
||||
Other property related income
|
283,570
|
260,109
|
||||||
Management fees and other income
|
13,460
|
—
|
||||||
Total revenues
|
8,668,322
|
8,110,979
|
||||||
Expenses
|
||||||||
Property operations
|
3,577,358
|
3,262,603
|
||||||
General and administrative
|
2,126,804
|
1,826,446
|
||||||
Depreciation and amortization
|
1,438,908
|
1,398,358
|
||||||
Business development
|
124,428
|
198,000
|
||||||
Total expenses
|
7,267,498
|
6,685,407
|
||||||
Operating income
|
1,400,824
|
1,425,572
|
||||||
Other income (expense)
|
||||||||
Dividend and interest income
|
71,666
|
76,296
|
||||||
Unrealized gain on marketable equity securities
|
193,705
|
15,517
|
||||||
Interest expense
|
(1,075,576
|
)
|
(897,937
|
)
|
||||
Total other income (expense), net
|
(810,205
|
)
|
(806,124
|
)
|
||||
Net income and comprehensive income
|
$
|
590,619
|
$
|
619,448
|
||||
Earnings per share
|
||||||||
Basic
|
$
|
0.08
|
$
|
0.08
|
||||
Diluted
|
$
|
0.08
|
$
|
0.08
|
||||
Weighted average shares outstanding
|
||||||||
Basic
|
7,699,966
|
7,622,287
|
||||||
Diluted
|
7,702,117
|
7,624,122
|
For the Three Months Ended December 31,
|
For the Twelve Months Ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net income
|
$
|
16,718
|
$
|
75,480
|
$
|
590,619
|
$
|
619,448
|
||||||||
Adjustments:
|
||||||||||||||||
Management fees and other income
|
(13,460
|
)
|
—
|
(13,460
|
)
|
—
|
||||||||||
General and administrative
|
482,747
|
460,605
|
2,126,804
|
1,826,446
|
||||||||||||
Depreciation and amortization
|
382,821
|
350,805
|
1,438,908
|
1,398,358
|
||||||||||||
Business development, capital raising, and property acquisition costs
|
28,443
|
173,000
|
124,428
|
198,000
|
||||||||||||
Dividend and interest income
|
(19,840
|
)
|
(17,352
|
)
|
(71,666
|
)
|
(76,296
|
)
|
||||||||
Unrealized (gain) loss on marketable equity securities
|
161,397
|
(20,096
|
)
|
(193,705
|
)
|
(15,517
|
)
|
|||||||||
Interest expense
|
302,342
|
237,729
|
1,075,576
|
897,937
|
||||||||||||
Non same-store revenues
|
(60,244
|
)
|
—
|
(60,244
|
)
|
—
|
||||||||||
Non same-store cost of operations
|
36,775
|
—
|
36,775
|
—
|
||||||||||||
Other real estate expenses
|
—
|
89
|
—
|
249
|
||||||||||||
Total same-store net operating income
|
$
|
1,317,699
|
$
|
1,260,260
|
$
|
5,054,035
|
$
|
4,848,625
|
||||||||
For the Three Months Ended December 31,
|
For the Twelve Months Ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Same-store revenues
|
$
|
2,152,173
|
$
|
2,072,359
|
$
|
8,594,618
|
$
|
8,111,226
|
||||||||
Same-store cost of operations
|
834,474
|
812,099
|
3,540,583
|
3,262,601
|
||||||||||||
Total same-store net operating income
|
$
|
1,317,699
|
$
|
1,260,260
|
$
|
5,054,035
|
$
|
4,848,625
|