Global Self Storage, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Global Self Storage, Inc. (SELF) filed its Q1 2024 10-Q, detailing financial positions and related party transactions.</b>

AI Summary

Global Self Storage, Inc. (SELF) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Global Self Storage, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing includes data related to common stock, retained earnings, and additional paid-in capital. Fair value measurements for recurring items are detailed, with inputs from Level 1 and Level 2. Related party transactions with Midas Management Corporation and BRiley Securities Inc. are noted for the periods ending March 31, 2024, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Global Self Storage, Inc., this filing contains several important signals. The 10-Q filing provides a quarterly update on the company's financial health and operational status, crucial for investors to assess performance and make informed decisions. Disclosure of related party transactions is important for transparency, allowing stakeholders to understand potential conflicts of interest and their impact on the company's financial dealings.

Risk Assessment

Risk Level: low — Global Self Storage, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure rather than urgent material events.

Analyst Insight

Monitor future filings for trends in retained earnings, additional paid-in capital, and the nature/impact of related party transactions.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2023-12-31 — Previous Year End Date (Fair Value Measurements)
• 2023-03-31 — Prior Year Quarter End Date (Related Party Transactions)

Key Players & Entities

• Global Self Storage, Inc. (company) — Filer
• Midas Management Corporation (company) — Related Party
• BRiley Securities Inc. (company) — Related Party
• 2024-03-31 (date) — Period End Date
• 2023-03-31 (date) — Prior Period End Date

FAQ

Industry Context

Global Self Storage, Inc. operates within the real estate sector, specifically focusing on self-storage facilities. This sector is influenced by real estate market conditions, occupancy rates, and operational efficiency.

Regulatory Implications

As a publicly traded company, Global Self Storage, Inc. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide timely financial information to investors.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and disclosures.
2. Analyze the fair value measurements and the inputs used (Level 1, Level 2) for accuracy and consistency.
3. Investigate the nature and financial impact of related party transactions with Midas Management Corporation and BRiley Securities Inc.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported in the 10-Q

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position between annual reports.)

Fair Value Measurements

The process of determining the market value of an asset or liability. (Indicates how the company values its assets and liabilities, with different levels of inputs (Level 1, Level 2) reflecting the reliability of the valuation.)

Related Party Transactions

Financial transactions between parties that have a pre-existing business or personal relationship. (Important for transparency, as these transactions can sometimes be influenced by factors other than pure market conditions.)

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and does not appear to represent a significant change from previous reporting cycles based on the provided header information.

Key Financial Figures

• $0.01 — ge on which registered Common shares, $0.01 par value per share SELF NASDAQ I

Filing Documents

• self-20240331.htm (10-Q) — 1229KB
• self-ex31_1.htm (EX-31.1) — 13KB
• self-ex31_2.htm (EX-31.2) — 13KB
• self-ex32_1.htm (EX-32.1) — 7KB
• self-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-057771.txt (&nbsp;) — 5396KB
• self-20240331.xsd (EX-101.SCH) — 830KB
• self-20240331_htm.xml (XML) — 791KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 5 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited). 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 30 Item 4.

Controls and Procedures

Controls and Procedures. 30

– OTHER INFORMATION

PART II – OTHER INFORMATION 32 Item 1. Legal Proceedings. 32 Item 1A. Risk Factors. 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 32 Item 3. Defaults Upon Senior Securities. 32 Item 4. Mine Safety Disclosures. 32 Item 5. Other Information. 32 Item 6. Exhibits. 32 Exhibit Index 33

SIGNATURES

SIGNATURES 34 2 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

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

Financi al Statements

Item 1. Financi al Statements. GLOBAL SELF STORAGE, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 Assets Real estate assets, net $ 55,084,366 $ 55,481,220 Cash and cash equivalents 6,740,078 6,921,779 Restricted cash 126,162 106,767 Investments in securities 2,600,151 2,775,029 Accounts receivable 152,666 169,410 Prepaid expenses and other assets 630,375 629,196 Line of credit issuance costs, net 25,400 50,801 Interest rate cap 30,200 50,881 Goodwill 694,121 694,121 Total assets $ 66,083,519 $ 66,879,204 Liabilities and equity Note payable, net $ 16,767,445 $ 16,901,219 Accounts payable and accrued expenses 1,541,461 1,731,958 Total liabilities 18,308,906 18,633,177 Commitments and contingencies Stockholders' 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; 11,267,048 shares and 11,153,513 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 112,671 111,535 Additional paid in capital 49,298,888 49,229,020 Accumulated deficit ( 1,636,946 ) ( 1,094,528 ) Total stockholders' equity 47,774,613 48,246,027 Total liabilities and stockholders' equity $ 66,083,519 $ 66,879,204 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 March 31, 2024 2023 Revenues Rental income $ 2,913,461 $ 2,924,404 Other property related income 103,850 91,737 Management fees and other income 16,729 21,811 Total revenues 3,034,040 3,037,952 Expenses Property operations 1,231,116 1,121,337 General and administrative 802,730 679,712 Depreciation and amortization 406,925 406,841

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. ORGANIZATION Global Self Storage, Inc. (the "Company," "we," "our," "us") is a self-administered and self-managed Maryland real estate investment trust ("REIT") that owns, operates, manages, acquires, and redevelops self storage properties ("stores" or "properties") in the United States. As of March 31, 2024 , through its wholly owned subsidiaries, the Company owned and/or managed 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company operates primarily in one segment: rental operations. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with accounting standards generally accepted in the United States of America ("GAAP") for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The consolidated balance sheet as of December 31, 2023 has been derived from the Company's audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2023 . Cash, Cash Equivalents, and Restricted Cash The Company's cash is depo

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View this 10-Q filing on SEC EDGAR