•
|
Total revenues increased 6.8% to a new high of $2.4 million.
|
•
|
Net income increased $299,000 to $316,000 or $0.03 per fully diluted share.
|
•
|
Funds from operations (FFO) increased to $650,000 or $0.07 per diluted share.
|
•
|
Adjusted FFO (AFFO) increased to $677,000 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 2.0% to $1.9 million.
|
•
|
Same-store cost of operations decreased 4.7% to $702,000, which resulted from a decrease in most major categories of same-store level expenses.
|
•
|
Same-store net operating income (NOI) increased 6.5% to $1.2 million, primarily due to the decrease in
store-level cost of operations and limiting the decrease in revenues caused by the COVID-19 pandemic, as described below (see definition of same-store NOI, a non-GAAP term, and its reconciliation to GAAP, below).
|
•
|
Same-store occupancy at December 31, 2020, increased 340 basis points to 95.1% from 91.7% at December 31, 2019.
|
•
|
Same-store average tenant duration of stay at December 31, 2020 was 3.0 years, approximately the same as of December 31, 2019.
|
•
|
Maintained quarterly dividend of $0.065 per share.
|
•
|
Capital resources at December 31, 2020 totaled approximately $8.8 million, comprised of $2.0 million in cash, cash equivalents, and
restricted cash, $1.9 million in marketable equity securities, and $4.9 million available under a revolving credit facility.
|
•
|
Total revenues increased 6.1% to a new high of $9.2 million.
|
•
|
Net income was $274,000 or $0.03 per share.
|
•
|
FFO increased to $2.1 million or $0.23 per diluted share.
|
•
|
AFFO increased to $2.2 million or $0.24 per diluted share.
|
•
|
Same-store revenues increased 0.7% to $7.4 million, despite COVID-19 pandemic and related economic disruption.
|
•
|
Same-store cost of operations decreased 8.8% to $2.9 million, resulting from a decrease in every major category of same-store level expenses.
|
•
|
Same-store NOI increased 7.8% to $4.6 million, primarily due to the decrease in store-level cost of operations
and limiting the reduction in revenue growth caused by the COVID-19 pandemic, as described below.
|
•
|
Same-store occupancy at December 31, 2020 increased 340 basis points to 95.1% from 91.7% at December 31, 2019.
|
•
|
Same-store average tenant duration of stay at December 31, 2020 was 3.0 years, approximately the same as of December 31, 2019.
|
•
|
Distributed dividends of $0.26 per share of common stock.
|
•
|
Continued operations and provided tenant access at all stores, as the company continued to protect its tenants
and employees by following applicable COVID-19 safety guidelines.
|
•
|
Benefited from contactless technology deployed pre-COVID-19 that provides tenants online leasing and payment
options, as well as on-site kiosks that facilitate contactless rentals, lock purchases, and lease payments 24/7.
|
•
|
Total revenue growth was up 6.8% for the fourth quarter of 2020, versus the same period last year.
|
•
|
At December 31, 2020, same-store occupancy was 95.1% and combined store occupancy was 94.1%.
|
•
|
Rent collections in Q4 were 97.4%.
|
•
|
Return to normalcy in the company’s revenues was mainly attributable to consistent rent collections, despite
the COVID-19 pandemic, and an increase in net leased square footage.
|
•
|
In light of reduced in-person marketing opportunities due to the COVID-19 pandemic, the company has pivoted to
digital and referral-based marketing of its third-party management program, Global MaxManagementSM.
|
•
|
Continuing to explore the possibility of entering into joint-venture relationships with third parties for the
acquisition of self-storage facilities; the company believes such third-party interest to conduct business with the company is due to its history of strong same-store performance and proven operational expertise.
|
•
|
Capital resources available at December 31, 2020 totaled approximately $8.8 million, providing operational
flexibility for the company to continue to pursue its long-term strategic business plan. The plan includes self-storage property acquisitions, either directly or through joint ventures, and expansions at the company’s existing properties.
|
•
|
Remaining cautious in 2021 due to the continuing uncertainty related to the impacts of the COVID-19 pandemic,
including the potential for future stay-at-home orders, uncertain economic climate, and potential impact on rentals, vacates, pricing, receivables, auctions and existing customer rent increases.
|
Three Months
|
Three Months
|
Twelve Months
|
Twelve Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
December 31, 2020
|
December 31, 2019
|
December 31, 2020
|
December 31, 2019
|
|||||||||||||
Net income
|
$
|
315,785
|
$
|
16,718
|
$
|
274,341
|
$
|
590,619
|
||||||||
Eliminate items excluded from FFO:
|
||||||||||||||||
Unrealized (gain) loss on marketable equity securities
|
(127,737
|
)
|
161,397
|
(155,139
|
)
|
(193,705
|
)
|
|||||||||
Depreciation and amortization
|
461,859
|
382,821
|
1,989,761
|
1,438,908
|
||||||||||||
FFO attributable to common stockholders
|
649,907
|
560,936
|
2,108,963
|
1,835,822
|
||||||||||||
Adjustments:
|
||||||||||||||||
Compensation expense related to stock-based awards
|
26,273
|
(32,331
|
)
|
126,035
|
102,989
|
|||||||||||
Business development, capital raising, and property acquisition costs
|
470
|
28,443
|
10,998
|
124,428
|
||||||||||||
AFFO attributable to common stockholders
|
$
|
676,650
|
$
|
557,048
|
$
|
2,245,996
|
$
|
2,063,239
|
||||||||
Earnings per share attributable to common stockholders - basic
|
$
|
0.03
|
$
|
0.00
|
$
|
0.03
|
$
|
0.08
|
||||||||
Earnings per share attributable to common stockholders - diluted
|
$
|
0.03
|
$
|
0.00
|
$
|
0.03
|
$
|
0.08
|
||||||||
FFO per share - diluted
|
$
|
0.07
|
$
|
0.07
|
$
|
0.23
|
$
|
0.24
|
||||||||
AFFO per share - diluted
|
$
|
0.07
|
$
|
0.07
|
$
|
0.24
|
$
|
0.27
|
||||||||
Weighted average shares outstanding - basic
|
9,284,634
|
7,879,132
|
9,273,554
|
7,699,966
|
||||||||||||
Weighted average shares outstanding - diluted
|
9,294,516
|
7,886,098
|
9,282,687
|
7,702,117
|
December 31, 2020
|
December 31, 2019
|
|||||||
Assets
|
||||||||
Real estate assets, net
|
$
|
59,768,533
|
$
|
59,752,153
|
||||
Cash and cash equivalents
|
1,614,771
|
3,990,160
|
||||||
Restricted cash
|
340,672
|
263,405
|
||||||
Investments in securities
|
1,916,451
|
1,761,312
|
||||||
Accounts receivable
|
106,521
|
164,078
|
||||||
Prepaid expenses and other assets
|
351,764
|
325,450
|
||||||
Line of credit issuance costs, net
|
152,542
|
311,869
|
||||||
Intangible assets, net
|
—
|
398,795
|
||||||
Goodwill
|
694,121
|
694,121
|
||||||
Total assets
|
$
|
64,945,375
|
$
|
67,661,343
|
||||
Liabilities and equity
|
||||||||
Note payable, net
|
$
|
18,389,176
|
$
|
18,839,787
|
||||
Line of credit borrowing
|
5,144,000
|
4,914,000
|
||||||
Accounts payable and accrued expenses
|
1,373,308
|
1,841,640
|
||||||
Total liabilities
|
24,906,484
|
25,595,427
|
||||||
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, 9,343,118 and 9,330,297 issued and outstanding at December 31, 2020
and 2019, respectively
|
93,431
|
93,303
|
||||||
Additional paid in capital
|
40,455,409
|
40,329,502
|
||||||
Accumulated comprehensive income
|
—
|
—
|
||||||
(Accumulated deficit) Retained earnings
|
(509,949
|
)
|
1,643,111
|
|||||
Total equity
|
40,038,891
|
42,065,916
|
||||||
Total liabilities and equity
|
$
|
64,945,375
|
$
|
67,661,343
|
Year Ended
|
Year Ended
|
|||||||
December 31,
2020
|
December 31,
2019
|
|||||||
Revenues
|
||||||||
Rental income
|
$
|
8,789,548
|
$
|
8,371,292
|
||||
Other property related income
|
337,166
|
283,570
|
||||||
Management fees and other income
|
69,810
|
13,460
|
||||||
Total revenues
|
9,196,524
|
8,668,322
|
||||||
Expenses
|
||||||||
Property operations
|
3,586,593
|
3,577,358
|
||||||
General and administrative
|
2,388,960
|
2,126,804
|
||||||
Depreciation and amortization
|
1,989,761
|
1,438,908
|
||||||
Business development
|
10,998
|
124,428
|
||||||
Total expenses
|
7,976,312
|
7,267,498
|
||||||
Operating income
|
1,220,212
|
1,400,824
|
||||||
Other income (expense)
|
||||||||
Dividend and interest income
|
79,331
|
71,666
|
||||||
Unrealized gain on marketable equity securities
|
155,139
|
193,705
|
||||||
Interest expense
|
(1,180,341
|
)
|
(1,075,576
|
)
|
||||
Total other income (expense), net
|
(945,871
|
)
|
(810,205
|
)
|
||||
Net income and comprehensive income
|
$
|
274,341
|
$
|
590,619
|
||||
Earnings per share
|
||||||||
Basic
|
$
|
0.03
|
$
|
0.08
|
||||
Diluted
|
$
|
0.03
|
$
|
0.08
|
||||
Weighted average shares outstanding
|
||||||||
Basic
|
9,273,554
|
7,699,966
|
||||||
Diluted
|
9,282,687
|
7,702,117
|
For the Three Months Ended December 31,
|
For the Twelve Months Ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net income
|
$
|
315,785
|
$
|
16,718
|
$
|
274,341
|
$
|
590,619
|
||||||||
Adjustments:
|
||||||||||||||||
Management fees and other income
|
(17,469
|
)
|
(13,460
|
)
|
(69,810
|
)
|
(13,460
|
)
|
||||||||
General and administrative
|
566,607
|
482,747
|
2,388,960
|
2,126,804
|
||||||||||||
Depreciation and amortization
|
461,859
|
382,821
|
1,989,761
|
1,438,908
|
||||||||||||
Business development, capital raising, and property acquisition costs
|
470
|
28,443
|
10,998
|
124,428
|
||||||||||||
Dividend and interest income
|
(17,313
|
)
|
(19,840
|
)
|
(79,331
|
)
|
(71,666
|
)
|
||||||||
Unrealized (gain) loss on marketable equity securities
|
(127,737
|
)
|
161,397
|
(155,139
|
)
|
(193,705
|
)
|
|||||||||
Interest expense
|
289,234
|
302,342
|
1,180,341
|
1,075,576
|
||||||||||||
Non same-store revenues
|
(472,546
|
)
|
(362,868
|
)
|
(1,696,801
|
)
|
(1,274,483
|
)
|
||||||||
Non same-store cost of operations
|
185,799
|
134,353
|
709,700
|
422,216
|
||||||||||||
Total same-store net operating income
|
$
|
1,184,689
|
$
|
1,112,653
|
$
|
4,553,020
|
$
|
4,225,237
|
||||||||
For the Three Months Ended December 31,
|
For the Twelve Months Ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Same-store revenues
|
$
|
1,886,844
|
$
|
1,849,549
|
$
|
7,429,913
|
$
|
7,380,379
|
||||||||
Same-store cost of operations
|
702,155
|
736,896
|
2,876,893
|
3,155,142
|
||||||||||||
Total same-store net operating income
|
$
|
1,184,689
|
$
|
1,112,653
|
$
|
4,553,020
|
$
|
4,225,237
|