Global Self Storage, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Global Self Storage, Inc. has filed its annual 10-K report detailing its 2023 fiscal year operations and financial standing.</b>

AI Summary

Global Self Storage, Inc. (SELF) filed a Annual Report (10-K) with the SEC on March 26, 2024. Global Self Storage, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 3814 Route 44, Millbrook, NY 12545. Global Self Storage, Inc. was formerly known as Self Storage Group, Inc. and GLOBAL INCOME FUND, INC. The filing references various accounting standards and financial instruments including revolving credit facilities and interest rate caps. Key dates mentioned include the fiscal year end of December 31, 2023, and filing dates in March 2024.

Why It Matters

For investors and stakeholders tracking Global Self Storage, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Global Self Storage, Inc.'s financial performance, operational activities, and strategic positioning for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's health and future prospects. The detailed financial information, including references to credit facilities and fair value measurements, allows for a thorough analysis of the company's asset management, debt obligations, and risk exposure.

Risk Assessment

Risk Level: medium — Global Self Storage, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information, but lacks specific financial performance metrics like revenue or net income in the provided snippet, necessitating a deeper review of the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to understand Global Self Storage, Inc.'s performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240326 — Filed As Of Date (FILED AS OF DATE)
• 6798 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS)
• 133926714 — IRS Number (IRS NUMBER)
• MD — State of Incorporation (STATE OF INCORPORATION)
• 001-12681 — SEC File Number (SEC FILE NUMBER)
• 24783424 — Film Number (FILM NUMBER)
• 2127850900 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• Global Self Storage, Inc. (company) — FILER
• Millbrook (company) — BUSINESS ADDRESS CITY
• NY (company) — BUSINESS ADDRESS STATE
• Self Storage Group, Inc. (company) — FORMER COMPANY
• GLOBAL INCOME FUND, INC. (company) — FORMER COMPANY
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240326 (date) — FILED AS OF DATE
• 0000950170-24-036393 (other) — ACCESSION NUMBER

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date the 10-K was officially filed with the SEC.
• 2013-11-18: Name Change — Date the company changed its name from Self Storage Group, Inc.

Key Financial Figures

• $0.01 — red or to be registered Common Stock, $0.01 par value SELF The Nasdaq Stock Mar
• $20 million — erm Loan Lender the principal amount of $20 million pursuant to a promissory note (the "Ter
• $10 million — Lender in the principal amount of up to $10 million pursuant to a promissory note (the "Cre
• $4.18 — on stock") at the subscription price of $4.18 per whole share of common stock, pursua
• $6.7 million — gregate gross proceeds of approximately $6.7 million in the rights offering. 9 On May 19

Filing Documents

• self-20231231.htm (10-K) — 2017KB
• self-ex10_5.htm (EX-10.5) — 145KB
• self-ex21_1.htm (EX-21.1) — 17KB
• self-ex23_1.htm (EX-23.1) — 4KB
• self-ex31_1.htm (EX-31.1) — 12KB
• self-ex31_2.htm (EX-31.2) — 13KB
• self-ex32_1.htm (EX-32.1) — 6KB
• self-ex32_2.htm (EX-32.2) — 6KB
• self-ex97_1.htm (EX-97.1) — 59KB
• 0000950170-24-036393.txt (&nbsp;) — 7608KB
• self-20231231.xsd (EX-101.SCH) — 1033KB
• self-20231231_htm.xml (XML) — 1127KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 45 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 46 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 47 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Director Independence 48 Item 14. Principal Accounting Fees and Services 48 PART IV Item 15. Exhibits, Financial Statement Schedules 49 Item 16. Form 10-K Summary 51

SIGNATURES

SIGNATURES 51 Certain information presented in this Annual Report on Form 10-K (this "annual 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 the Company's 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. The Company may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, the Company's examination of historical operating trends and estimates of future earnings, are based upon the Company's current expectations and various assumptions. The Company's expectations, beliefs and projections are expressed in good faith and it believes there is a reasonable basis for them, but there can be no assurance that the Company'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, the Compa

B usiness

Item 1. B usiness. General Global Self Storage, Inc. (the "Company") is a self-administered and self-managed real estate investment trust ("REIT") that owns, operates, manages, acquires, and redevelops self storage properties ("stores" or "properties") in the United States. Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. As of December 31, 2023, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a non-diversified, closed end management investment company. The Securities and Exchange Commission's ("SEC") order approving the Company's application to deregister from the 1940 Act was granted on January 19, 2016. On January 19, 2016, the Company changed its name to Global Self Storage, Inc. from Self Storage Group, Inc., changed its SEC registration from an investment company to an operating company reporting under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and listed its common stock on NASDAQ under the symbol "SELF". The Company was incorporated on December 12, 1996 under the laws of the state of Maryland. The Company has elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). To the extent the Company continues to qualify as a REIT, it will not generally be subject to U.S. federal income tax, with certain limited exceptions, on its taxable income that is distributed to its stockholders. Business Activities As of December 31, 2023, the Company had 35 total employees and owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores. As of December 31, 2023, these properties totaled 967,336 net leasable square feet and offered 7,039

View Full Filing

View this 10-K filing on SEC EDGAR