Global Self Storage Files Q3 2024 10-Q

TL;DR

**GSS Q3 10-Q FILED: Check financials for latest performance.**

AI Summary

Global Self Storage, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Global Self Storage, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 2024-09-30 — Period End Date (The specific date through which financial information is reported.)
• 2024-11-08 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Global Self Storage, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date
• MILLBROOK, NY (location) — Business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• self-20240930.htm (10-Q) — 1634KB
• self-ex31_1.htm (EX-31.1) — 14KB
• self-ex31_2.htm (EX-31.2) — 14KB
• self-ex32_1.htm (EX-32.1) — 8KB
• self-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-124032.txt ( ) — 6308KB
• self-20240930.xsd (EX-101.SCH) — 854KB
• self-20240930_htm.xml (XML) — 950KB

– 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. 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 33 Item 4.

Controls and Procedures

Controls and Procedures. 33

– OTHER INFORMATION

PART II – OTHER INFORMATION 34 Item 1. Legal Proceedings. 34 Item 1A. Risk Factors. 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 34 Item 3. Defaults Upon Senior Securities. 34 Item 4. Mine Safety Disclosures. 34 Item 5. Other Information. 34 Item 6. Exhibits. 34 Exhibit Index 35

SIGNATURES

SIGNATURES 36 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) September 30, 2024 December 31, 2023 Assets Real estate assets, net $ 54,318,370 $ 55,481,220 Cash and cash equivalents 6,762,074 6,921,779 Restricted cash 165,060 106,767 Investments in securities 3,178,964 2,775,029 Accounts receivable 127,428 169,410 Prepaid expenses and other assets 803,115 629,196 Line of credit issuance costs, net 215,567 50,801 Interest rate cap 10,768 50,881 Goodwill 694,121 694,121 Total assets $ 66,275,467 $ 66,879,204 Liabilities and equity Note payable, net $ 16,495,142 $ 16,901,219 Accounts payable and accrued expenses 1,719,109 1,731,958 Total liabilities 18,214,251 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; 11,267,253 shares and 11,153,513 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 112,673 111,535 Additional paid in capital 49,446,018 49,229,020 Accumulated deficit ( 1,497,475 ) ( 1,094,528 ) Total stockholders' equity 48,061,216 48,246,027 Total liabilities and stockholders' equity $ 66,275,467 $ 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Rental income $ 3,070,871 $ 2,968,263 $ 8,967,371 $ 8,857,845 Other property related income 111,618 103,676 323,957 293,788 Management fees and other income 17,787 18,435 52,026 62,712 Total revenues 3,200,276 3,090,374 9,343,354 9,214,

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 September 30, 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 nine months ended September 30, 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

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View this 10-Q filing on SEC EDGAR