•
|
Total revenues increased 9.0% to a record $2.4 million.
|
•
|
Total expenses decreased 6.9% to $2.0 million.
|
•
|
Net income increased $768,000 to $411,000 or $0.04 per fully diluted share.
|
•
|
Funds from operations (FFO) increased 72.1% to a record $602,000 or $0.06 per diluted share.
|
•
|
Adjusted FFO (AFFO) increased 63.2% to a record $634,000 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 4.7% to a record $1.9 million.
|
•
|
Same-store net operating income (NOI) increased 2.7% to a record $1.1 million, as described below (see definition
of same-store NOI, a non-GAAP term, and its reconciliation to GAAP, below).
|
•
|
Same-store occupancy at March 31, 2021, increased 470 basis points to a record 96.1% from 91.4% at March 31,
2020.
|
•
|
Same-store average tenant duration of stay at March 31, 2021 was approximately 3.1 years, up from approximately 3.0 years as of March
31, 2020.
|
•
|
Maintained quarterly dividend of $0.065 per share.
|
•
|
Capital resources at March 31, 2021 totaled approximately $8.9 million.
|
For the Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Net income (loss)
|
$
|
411,247
|
$
|
(356,424
|
)
|
|||
Eliminate items excluded from FFO:
|
||||||||
Unrealized (gain) loss on marketable equity securities
|
(214,736
|
)
|
190,405
|
|||||
Depreciation and amortization
|
405,615
|
515,937
|
||||||
FFO attributable to common stockholders
|
602,126
|
349,918
|
||||||
Adjustments:
|
||||||||
Compensation expense related to stock-based awards
|
31,706
|
29,162
|
||||||
Business development, capital raising, store acquisition, and third-party management marketing expenses
|
—
|
9,240
|
||||||
AFFO attributable to common stockholders
|
$
|
633,832
|
$
|
388,320
|
||||
Earnings per share attributable to common stockholders - basic
|
$
|
0.04
|
$
|
(0.04
|
)
|
|||
Earnings per share attributable to common stockholders - diluted
|
$
|
0.04
|
$
|
(0.04
|
)
|
|||
FFO per share - diluted
|
$
|
0.06
|
$
|
0.04
|
||||
AFFO per share - diluted
|
$
|
0.07
|
$
|
0.04
|
||||
Weighted average shares outstanding - basic
|
9,292,488
|
9,262,811
|
||||||
Weighted average shares outstanding - diluted
|
9,309,287
|
9,262,811
|
March 31, 2021
|
December 31, 2020
|
|||||||
Assets
|
||||||||
Real estate assets, net
|
$
|
59,404,953
|
$
|
59,768,533
|
||||
Cash and cash equivalents
|
1,496,071
|
1,614,771
|
||||||
Restricted cash
|
359,963
|
340,672
|
||||||
Investments in securities
|
2,131,187
|
1,916,451
|
||||||
Accounts receivable
|
78,519
|
106,521
|
||||||
Prepaid expenses and other assets
|
441,896
|
351,764
|
||||||
Line of credit issuance costs, net
|
112,711
|
152,542
|
||||||
Goodwill
|
694,121
|
694,121
|
||||||
Total assets
|
$
|
64,719,421
|
$
|
64,945,375
|
||||
Liabilities and equity
|
||||||||
Note payable, net
|
$
|
18,273,114
|
$
|
18,389,176
|
||||
Line of credit borrowing
|
5,144,000
|
5,144,000
|
||||||
Accounts payable and accrued expenses
|
1,427,766
|
1,373,308
|
||||||
Total liabilities
|
24,844,880
|
24,906,484
|
||||||
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, 9,406,593 and 9,343,118 issued and outstanding at March 31, 2021 and
December 31, 2020, respectively
|
94,066
|
93,431
|
||||||
Additional paid in capital
|
40,486,480
|
40,455,409
|
||||||
Accumulated deficit
|
(706,005
|
)
|
(509,949
|
)
|
||||
Total equity
|
39,874,541
|
40,038,891
|
||||||
Total liabilities and equity
|
$
|
64,719,421
|
$
|
64,945,375
|
For the Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Revenues
|
||||||||
Rental income
|
$
|
2,333,238
|
$
|
2,150,240
|
||||
Other property related income
|
90,753
|
71,960
|
||||||
Management fees and other income
|
18,197
|
17,344
|
||||||
Total revenues
|
2,442,188
|
2,239,544
|
||||||
Expenses
|
||||||||
Property operations
|
994,023
|
916,080
|
||||||
General and administrative
|
578,617
|
682,623
|
||||||
Depreciation and amortization
|
405,615
|
515,937
|
||||||
Business development
|
—
|
9,240
|
||||||
Total expenses
|
1,978,255
|
2,123,880
|
||||||
Operating income
|
463,933
|
115,664
|
||||||
Other income (expense)
|
||||||||
Dividend and interest income
|
18,070
|
24,100
|
||||||
Unrealized gain (loss) on marketable equity securities
|
214,736
|
(190,405
|
)
|
|||||
Interest expense
|
(285,492
|
)
|
(305,783
|
)
|
||||
Total other (expense), net
|
(52,686
|
)
|
(472,088
|
)
|
||||
Net income (loss) and comprehensive income (loss)
|
$
|
411,247
|
$
|
(356,424
|
)
|
|||
Earnings per share
|
||||||||
Basic
|
$
|
0.04
|
$
|
(0.04
|
)
|
|||
Diluted
|
$
|
0.04
|
$
|
(0.04
|
)
|
|||
Weighted average shares outstanding
|
||||||||
Basic
|
9,292,488
|
9,262,811
|
||||||
Diluted
|
9,309,287
|
9,262,811
|
For the Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Net income (loss)
|
$
|
411,247
|
$
|
(356,424
|
)
|
|||
Adjustments:
|
||||||||
Management fees and other income
|
(18,197
|
)
|
(17,344
|
)
|
||||
General and administrative
|
578,617
|
682,623
|
||||||
Depreciation and amortization
|
405,615
|
515,937
|
||||||
Business development
|
—
|
9,240
|
||||||
Dividend, interest, and other income
|
(18,070
|
)
|
(24,100
|
)
|
||||
Unrealized (gain) loss on marketable equity securities
|
(214,736
|
)
|
190,405
|
|||||
Interest expense
|
285,492
|
305,782
|
||||||
Non same-store revenues
|
(494,603
|
)
|
(378,547
|
)
|
||||
Non same-store cost of operations
|
191,387
|
170,074
|
||||||
Total same-store net operating income
|
$
|
1,126,752
|
$
|
1,097,646
|
||||
For the Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Same-store revenues
|
$
|
1,929,388
|
$
|
1,843,653
|
||||
Same-store cost of operations
|
802,636
|
746,007
|
||||||
Total same-store net operating income
|
$
|
1,126,752
|
$
|
1,097,646
|