Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2023

GLOBAL SELF STORAGE, INC.

(Exact name of registrant as specified in its charter)


Maryland	001-12681	13-3926714
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3814 Route 44
Millbrook, New York		12545
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 785-0900

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	SELF	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 11, 2023, Global Self Storage, Inc. (the “Company”) reported its financial results for the period ended June 30, 2023. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 10, 2023, the Board of Directors of the Company (the "Board") elected Sally C. Carroll as a director, to hold office until the Company's 2024 Annual Meeting of Stockholders, effective immediately. The Board has determined that Ms. Carroll qualifies as “independent” in accordance with the published listing requirements of NASDAQ. With the election of Ms. Carroll, the size of the Board is set at six directors, four of whom are independent.

In connection with Ms. Carroll's election, the Board has appointed Ms. Carroll to the Nominating Committee, Audit Committee, and Compensation Committee.

Upon election to the Company's Board, Ms. Carroll received a prorated portion of the annual director cash retainer in accordance with the Company’s current independent director compensation for 2023 as more fully described in the Company’s Proxy Statement filed with the Securities and Exchange Commission on April 27, 2023.

No arrangement or understanding exists between Ms. Carroll and any other persons pursuant to which she was selected as a director. Ms. Carroll is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K under the U.S. Securities Act of 1933, as amended.

A copy of the press release announcing Ms. Carroll’s election is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

The information included in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

The Company believes that certain statements in the information attached as Exhibit 99.1 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.


Exhibit No.		Description
99.1		Global Self Storage, Inc. Earnings Press Release, dated August 11, 2023, reporting the financial results for the period ended June 30, 2023.
99.2		Global Self Storage, Inc. Press Release, dated August 11, 2023, announcing the election of Sally C. Carroll as a director of Global Self Storage, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			GLOBAL SELF STORAGE, INC.

Date:	August 11, 2023	By:	/s/ Mark C. Winmill
			Name: Mark C. Winmill Title: President

EXHIBIT 99.1

Global Self Storage Reports Second Quarter 2023 Results

Continued Same-Store Revenue Growth Driven by Focus on Operational Fundamentals, Strong Occupancy, and Industry Resilience despite a More Competitive Pricing Landscape

Millbrook, NY – August 11, 2023 – Global Self Storage, Inc. (NASDAQ: SELF), a real estate investment trust that owns, operates, manages, acquires and redevelops self-storage properties, reported results for the second quarter ended June 30, 2023. All comparisons are to the same year-ago period unless otherwise noted.

Q2 2023 Highlights

•

Total revenues increased 3.6% to $3.1 million.

•

Net income totaled $578,000 or $0.05 per diluted share.

•

Funds from operations (FFO) decreased 0.4% to $1.1 million or $0.10 per diluted share (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).

•

Adjusted FFO (AFFO), a non-GAAP term, decreased 2.8% to $1.1 million or $0.10 per diluted share.

•

Same-store revenues increased 3.6% to $3.1 million.

•

Same-store net operating income (NOI), a non-GAAP term, increased 0.2% to $2.0 million.

•

Same-store occupancy at June 30, 2023 was 90.5% compared to 93.1% at June 30, 2022 as the company optimized rental revenue. As of July 31, 2023, same-store occupancy increased to 91.9%.

•

Same-store average tenant duration of stay at June 30, 2023 was approximately 3.3 years, increasing from approximately 3.2 years.

•

Maintained quarterly dividend of $0.0725 per common share.

•

Capital resources at June 30, 2023 totaled approximately $24.4 million, comprised of $6.8 million in cash, cash equivalents and restricted cash; $2.6 million in marketable securities; and $15 million available under the company’s revolving credit facility.

First Half 2023 Highlights

•

Total revenues increased 5.6% to $6.1 million.

•

Net income totaled $1.6 million or $0.14 per basic and diluted share.

•

FFO increased 5.9% to $2.1 million or $0.19 per diluted share.

•

AFFO increased 3.4% to $2.2 million or $0.20 per diluted share.

•

Same-store revenues increased 5.6% to $6.1 million.

•

Same-store NOI increased 4.1% to $3.9 million.

Dividend Increase

On June 1, 2023, the company declared a quarterly dividend of $0.0725 per share. This was an increase of 11.5% from same year-ago period and consistent with the previous quarter. The quarterly distribution represents an annualized dividend rate of $0.29 per share, an increase of $0.03 per share from the previous annual rate of $0.26 per share.

Company Objective

The objective of the company is to increase value over time for the benefit of its stockholders. Toward this end, the company will continue to execute its strategic business plan, which includes funding acquisitions, either directly or through joint ventures, and expansion projects at its existing properties. Its board of directors regularly reviews the company’s strategic business plan, including topics and metrices like capital formation, debt versus equity ratios, dividend policy, use of capital and debt, FFO and AFFO performance, and optimal cash levels.

The management of Global Self Storage believes that the company’s continued operational performance and capital resources position it well to continue to pursue its strategic business plan.

Management Commentary

“We generated topline revenue that was a record for a second quarter and an overall record for the first half of the year despite a more competitive pricing landscape,” commented Global Self Storage president and CEO, Mark C. Winmill. “We achieved this despite the return to normalcy in demand post-pandemic and against the year-over-year comparable of peak demand that was largely driven by pandemic-related relocations.

“We also achieved record same-store revenue and NOI in the first half of 2023, despite the expected industry-wide deceleration in same-store revenue growth. We believe this reflects how our operational performance was bolstered by effective internet and digital marketing initiatives that contributed to maintaining overall average same-store occupancy at around 90% by the end of the quarter. These efforts have recently yielded even better results, with our same-store occupancy increasing to 91.9% at the end of July.

“We believe our commitment to exceptional customer service has continued to foster strong brand loyalty and enthusiastic word-of-mouth referrals. Combined with our unique marketing strategies, this has allowed us to attract high-quality tenants who will store with us for longer than the industry average. In fact, our same-store average tenant duration of stay at the end of the second quarter was a peer-leading 3.3 years.

“After the exceptional year of industry-wide growth in 2022, we expect the rest of the year to reflect pre-pandemic demand patterns as same-store revenue growth continues to slow across the industry. This means a more competitive pricing landscape, including move-in rate pricing pressures and additional measured marketing spend to attract tenants, with our overall spending continuing to be impacted by inflation-related factors.

“However, we are not alone in these challenges and see these market conditions creating new opportunities for favorable acquisitions and joint ventures. Encouraged by our strong balance sheet, we are actively evaluating a number of potential self-storage property acquisitions that are located in secondary and tertiary markets in the Northeast, Mid-Atlantic, Midwest, and South Central regions of the U.S. We see these markets having lower supply growth and generally less competition from other professionally managed self-storage operators.

“As we proceed through the second half of the year, we expect to benefit from the seasonally strong months for self-storage. We also remain confident that our strategy of providing a convenient, clean, secure, and hassle-free customer experience will continue to attract high-quality tenants to our premium self-storage platform, with this ultimately delivering favorable returns to our stockholders."

Q2 2023 Financial Summary

Total revenues increased 3.6% to $3.1 million in the second quarter of 2023, as compared to $3.0 million in the same period last year. This increase was due primarily to an increase in rental rates.

Total operating expenses in the second quarter of 2023 increased 11.0% to $2.3 million, as compared to $2.1 million in the same period last year. The increase was attributable to an increase in store level expenses and general and administrative expenses. The increase in store level operating expenses was due primarily to increased expenses for marketing costs, employment costs, and real estate property taxes.

Operating income decreased 13.5% to $778,000 in the second quarter of 2023, as compared to $899,000 in the same period last year.

Net income was $578,000 or $0.05 per basic and diluted share in the second quarter of 2023, as compared to $404,000 or $0.04 per basic and diluted share in the same year-ago period.

As of June 30, 2023, the company’s capital resources totaled approximately $24.4 million, comprised of $6.8 million in cash, cash equivalents and restricted cash, $2.6 million of marketable securities, and $15.0 million available for withdrawal under the company’s revolving credit facility.

Q2 2023 Same-Store Results

As of June 30, 2023, the company owned 12 same-store properties and zero non-same-store properties, and managed one third-party owned property.

For the second quarter of 2023, same-store revenues increased 3.6% to $3.1 million compared to $3.0 million in the same period last year. This increase was due primarily to increased rental rates.

Same-store cost of operations in the second quarter increased 10.2% to $1.1 million compared to $1.0 million in the same period last year. This increase in same-store cost of operations was due primarily to increased expenses for employment costs, real estate property taxes and marketing costs.

Same-store NOI increased 0.2% to $2.0 million in the second quarter of 2023, compared to $2.0 million in the same period last year. The increase was primarily due to the increase in same-store revenues.

Same-store occupancy at June 30, 2023 decreased to 90.5% from 93.1% at June 30, 2022. As of July 31, 2023, occupancy at the company’s same-store properties was 91.9%.

Same-store average duration of tenant stay at June 30, 2023 was 3.3 years, up from approximately 3.2 years at June 30, 2022.

For a reconciliation of net income to same-store NOI see, “Reconciliation of GAAP Net Income to Same-Store Net Operating Income,” below.

Q2 2023 Operating Results

Net income in the second quarter of 2023 was $578,000 or $0.05 per basic and diluted share, compared to $404,000 or $0.04 per basic and diluted share in the second quarter of 2022.

Property operations expense increased to $1.1 million in the second quarter of 2023 from $1.0 million in the same period last year.

General and administrative expenses increased to $810,000 in the second quarter of 2023, as compared to $653,000 in the same period last year.

Business development costs decreased to zero in the second quarter of 2023 compared to $33,000 in the same period last year.

Interest expense for the second quarter of 2023 decreased to $171,000 from $220,000 in the year-ago period. This decrease was attributable to the change in fair value of the interest rate cap and cash settlements under the interest rate cap from the difference between the reference interest rate and the strike rate.

FFO in the second quarter of 2023 decreased 0.4% to $1.1 million or $0.10 per diluted share, compared to FFO of $1.1 million or $0.10 per diluted share in the same period last year.

AFFO in the second quarter of 2023 decreased 2.8% to $1.1 million or $0.10 per diluted share, compared to AFFO of $1.2 million or $0.11 per diluted share in the same period last year.

First Half 2023 Financial Summary

For the first half of 2023, total revenues increased 5.6% to $6.1 million, as compared to $5.8 million in the same period last year. This increase was due primarily to an increase in rental rates.

Total operating expenses in the first half of 2023 increased 7.0% to $4.5 million, as compared to $4.2 million in the same period last year. The increase was primarily attributable to an increase in store level expenses and general and administrative expenses. The increase in store level operating expenses was due primarily to increased expenses for marketing costs, employment costs, and real estate property taxes.

Operating income increased 1.9% to $1.6 million in the first half of 2023, as compared to $1.6 million in the same period last year.

Net income was $1.6 million or $0.14 per basic and diluted share in the first half of 2023, as compared to $687,000 or $0.06 per basic and diluted share in the same period last year.

First Half 2023 Same-Store Results

For the first half of 2023, same-store revenues increased 5.6% to $6.1 million compared to $5.8 million in the same period last year. This increase was due primarily to increased rental rates.

Same-store cost of operations in the first half increased 8.2% to $2.2 million compared to $2.0 million in the same period last year. This increase in same-store cost of operations was due primarily to increased expenses for employment costs, real estate property taxes and marketing costs.

Same-store NOI increased 4.1% to $3.9 million in the first half of 2023, compared to $3.7 million in the same period last year. The increase was primarily due to the increase in same-store revenues.

For a reconciliation of net income to same-store NOI see, “Reconciliation of GAAP Net Income to Same-Store Net Operating Income,” below.

First Half 2023 Operating Results

Net income in the first half of 2023 was $1.6 million or $0.14 per basic and diluted share, compared to $687,000 or $0.06 per basic and diluted share in the first half of 2022.

Property operations expense increased to $2.2 million in the first half of 2023, as compared to $2.0 million in the same period last year.

General and administrative expenses increased to $1.5 million in the first half of 2023, as compared to $1.3 million in the same period last year.

Business development costs decreased to $5,249 in the first half of 2023 compared to $42,110 in the same period last year.

Interest expense for the first half of 2023 decreased to $407,000 from $409,000 in the year-ago period. This decrease was attributable to cash settlements under the interest rate cap from the difference between the reference interest rate and the strike rate, lower interest expense, and the change in fair value of the interest rate cap.

FFO in the first half of 2023 increased 5.9% to $2.1 million or $0.19 per diluted share, compared to FFO of $2.0 million or $0.19 per diluted share in the same period last year.

AFFO in the first half of 2023 increased 3.4% to $2.2 million or $0.20 per diluted share, compared to AFFO of $2.2 million or $0.20 per diluted share in the same period last year.

Q2 2023 and Second Half 2023 FFO and AFFO (Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022			2023				2022
Net income	$	578,070	$	404,200		$		1,570,611		$	687,407
Eliminate items excluded from FFO:
Unrealized loss (gain) on marketable equity securities		115,347		604,622				(246,703	)		830,373
Depreciation and amortization		408,538		404,462				815,379			809,383
Gain on PPP loan forgiveness	—			(307,210	)		—				(307,210	)

FFO attributable to common stockholders		1,101,955		1,106,074				2,139,287			2,019,953
Adjustments:
Compensation expense related to stock-based awards		43,921		39,329				81,708			91,933
Business development, capital raising, store acquisition, and third-party management marketing expenses	—			33,310				5,249			42,110
AFFO attributable to common stockholders	$	1,145,876	$	1,178,713		$		2,226,244		$	2,153,996

Earnings per share attributable to common stockholders - basic	$	0.05	$	0.04		$		0.14		$	0.06
Earnings per share attributable to common stockholders - diluted	$	0.05	$	0.04		$		0.14		$	0.06
FFO per share - diluted	$	0.10	$	0.10		$		0.19		$	0.19
AFFO per share - diluted	$	0.10	$	0.11		$		0.20		$	0.20

Weighted average shares outstanding - basic		11,041,503		10,767,619				11,037,868			10,714,565
Weighted average shares outstanding - diluted		11,083,258		10,824,760				11,081,799			10,773,643

Additional Information

Additional information about the company’s second quarter and first half of 2023 results, including financial statements and related notes, is available on Form 10-Q as filed with the U.S. Securities and Exchange Commission and posted to the investor relations section of the company’s website.

About Global Self Storage

Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self-storage properties. The company’s self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. Through its wholly owned subsidiaries, the company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.

For more information, go to ir.globalselfstorage.us or visit the company’s customer site at www.globalselfstorage.us. You can also follow Global Self Storage on Twitter, LinkedIn and Facebook.

Non-GAAP Financial Measures

Funds from Operations (“FFO”) and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and are considered helpful measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. The Company also excludes unrealized gains on marketable equity securities and gains relating to PPP loan forgiveness. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net

cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the Company believes that to further understand the performance of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company’s financial statements.

Adjusted FFO (“AFFO”) and AFFO per share are non-GAAP measures that represent FFO and FFO per share excluding the effects of stock-based compensation, business development, capital raising, and acquisition related costs and non-recurring items, which we believe are not indicative of the Company’s operating results. AFFO and AFFO per share are not a substitute for net income or earnings per share. AFFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. We present AFFO because we believe it is a helpful measure in understanding our results of operations insofar as we believe that the items noted above that are included in FFO, but excluded from AFFO, are not indicative of our ongoing operating results. We also believe that the analyst community considers our AFFO (or similar measures using different terminology) when evaluating us. Because other REITs or real estate companies may not compute AFFO in the same manner as we do, and may use different terminology, our computation of AFFO may not be comparable to AFFO reported by other REITs or real estate companies. However, the Company believes that to further understand the performance of its stores, AFFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company’s financial statements.

We believe net operating income or “NOI” is a meaningful measure of operating performance because we utilize NOI in making decisions with respect to, among other things, capital allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization.

NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating our operating results.

Same-Store Self Storage Operations Definition

We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions, or new ground-up developments. At June 30, 2023, we owned twelve same-store properties and zero non same-store properties. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, NOI, etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions, or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company’s stores as a whole.

Cautionary Note Regarding Forward Looking Statements

Certain information presented in this press release may contain “forward-looking statements” within the meaning of the federal securities laws including, but not limited to, 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, 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,” “anticipates,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements 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. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the company’s filings with the Securities and Exchange Commission, and similar information. 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, 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. The company undertakes no obligation to publicly update or revise forward looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. The amount, nature, and/or frequency of dividends paid by the company may be changed at any time without notice.

Company Contact:

Thomas O’Malley

Chief Financial Officer

Global Self Storage

1 (212) 785-0900, ext. 267

tomalley@globalselfstorage.us

Investor Relations Contact:

Ron Both

CMA Investor Relations

Tel (949) 432-7566

Email Contact

Media Contact:

Tim Randall

CMA Media Relations

Tel (949) 432-7572

Email Contact

GLOBAL SELF STORAGE, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	June 30, 2023			December 31, 2022
Assets
Real estate assets, net	$	56,222,916		$	56,884,160
Cash and cash equivalents		6,595,345			6,363,610
Restricted cash		190,243			151,397
Investments in securities		2,612,856			2,366,153
Accounts receivable		175,607			168,299
Prepaid expenses and other assets		629,542			479,458
Line of credit issuance costs, net		101,602			152,402
Interest rate cap		116,915			123,152
Goodwill		694,121			694,121
Total assets	$	67,339,147		$	67,382,752
Liabilities and equity
Note payable, net	$	17,164,097		$	17,420,854
Accounts payable and accrued expenses		1,796,778			1,622,784
Total liabilities		18,960,875			19,043,638
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; 11,143,908 shares and 11,109,077 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		111,439			111,091
Additional paid in capital		49,111,072			49,029,712
Accumulated deficit		(844,239	)		(801,689	)
Total stockholders' equity		48,378,272			48,339,114
Total liabilities and stockholders' equity	$	67,339,147		$	67,382,752

GLOBAL SELF STORAGE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME

(Unaudited)




	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Revenues
Rental income	$	2,965,178		$	2,862,561		$	5,889,582		$	5,571,345
Other property related income		98,375			95,541			190,112			188,072
Management fees and other income		22,465			20,813			44,277			40,311
Total revenues		3,086,018			2,978,915			6,123,971			5,799,728
Expenses
Property operations		1,089,977			989,251			2,211,315			2,042,985
General and administrative		809,623			653,053			1,489,335			1,331,706
Depreciation and amortization		408,538			404,462			815,379			809,383
Business development		—			33,310			5,249			42,110
Total expenses		2,308,138			2,080,076			4,521,278			4,226,184
Operating income		777,880			898,839			1,602,693			1,573,544
Other income (expense)
Dividend and interest income		86,488			23,029			128,054			46,048
Unrealized (loss) gain on marketable equity securities		(115,347	)		(604,622	)		246,703			(830,373	)
Interest expense		(170,951	)		(220,256	)		(406,839	)		(409,022	)
Gain on Paycheck Protection Program (PPP) loan forgiveness		—			307,210			—			307,210
Total other expense, net		(199,810	)		(494,639	)		(32,082	)		(886,137	)
Net income and comprehensive income	$	578,070		$	404,200		$	1,570,611		$	687,407
Earnings per share
Basic	$	0.05		$	0.04		$	0.14		$	0.06
Diluted	$	0.05		$	0.04		$	0.14		$	0.06
Weighted average shares outstanding
Basic		11,041,503			10,767,619			11,037,868			10,714,565
Diluted		11,083,258			10,824,760			11,081,799			10,773,643

Reconciliation of GAAP Net Income to Same-Store Net Operating Income

The following table presents a reconciliation of same-store net operating income to net income as presented on the company’s consolidated statements of operations for the periods indicated (unaudited):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net income	$	578,070		$	404,200		$	1,570,611		$	687,407
Adjustments:
Management fees and other income		(22,465	)		(20,813	)		(44,277	)		(40,311	)
General and administrative		809,623			653,053			1,489,335			1,331,706
Depreciation and amortization		408,538			404,462			815,379			809,383
Business development	—				33,310			5,249			42,110
Dividend and interest income		(86,488	)		(23,029	)		(128,054	)		(46,048	)
Unrealized loss (gain) on marketable equity securities		115,347			604,622			(246,703	)		830,373
Interest expense		170,951			220,256			406,839			409,022
Gain on Paycheck Protection Program (PPP) loan forgiveness	—				(307,210	)	—				(307,210	)
Total same-store net operating income	$	1,973,576		$	1,968,851		$	3,868,379		$	3,716,432

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Same-store revenues	$	3,063,553		$	2,958,102		$	6,079,694		$	5,759,417
Same-store cost of operations		1,089,977			989,251			2,211,315			2,042,985
Total same-store net operating income	$	1,973,576		$	1,968,851		$	3,868,379		$	3,716,432

EXHIBIT 99.2

Sally C. Carroll Joins Global Self Storage Board as Independent Director

Millbrook, NY – August 11, 2023 – Global Self Storage, Inc. (NASDAQ: SELF), a real estate investment trust that owns, operates, manages, acquires and redevelops self-storage properties, has elected Sally C. Carroll to its board of directors. The election increases the board to six members with four serving as independent directors.

Carroll has more than 35 years of legal experience, including matters relating to private and public financings, secondary offerings, and IPOs, advising a variety of companies, including REITs and asset and investment management firms.

“Sally complements our board with a broad range of valuable business and legal experience in the real estate industry,” noted Global Self Storage chairman, president, and CEO, Mark C. Winmill. “We believe her background in advising REITs and in corporate governance and financings will provide important insights and help us advance our strategic business plan, which includes funding acquisitions, either directly or through joint ventures, as well as expansion projects at our existing properties.”

Commented Carroll: “I’m excited to join Global Self Storage and look forward to helping the company execute its strategic business plan. I’m impressed with how the company has established a unique niche in a dynamic marketplace, where it has successfully attracted high-quality tenants, generated steady growth, and provided significant returns and long-term value to its stockholders.”

Sally C. Carroll Bio

Sally C. Carroll is a retired member of the New York State Bar. During her career, she has served as legal advisor to a variety of REITs and asset and investment management firms. She has also served as the general counsel of an investment manager of asset-backed commercial paper conduits, and practiced corporate and securities law at the New York law firms of Gaston & Snow and Jones Day. She has also served as a director of the Farmington Property Owners Association. She holds a B.A. from the University of Virginia and J.D. from the Duke University School of Law.

About Global Self Storage

For more information, go to ir.globalselfstorage.us or visit the company’s customer site at www.globalselfstorage.us. You can also follow Global Self Storage on Twitter, LinkedIn and Facebook.

Cautionary Note Regarding Forward Looking Statements

Company Contact:

Thomas O’Malley

Chief Financial Officer

Global Self Storage

1 (212) 785-0900, ext. 267

tomalley@globalselfstorage.us

Investor Relations Contact:

Ron Both

CMA Investor Relations

Tel (949) 432-7566

Email Contact

Document And Entity Information	Aug. 11, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 11, 2023
Entity Registrant Name	GLOBAL SELF STORAGE, INC.
Entity Central Index Key	0001031235
Entity Emerging Growth Company	false
Securities Act File Number	001-12681
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3926714
Entity Address, Address Line One	3814 Route 44
Entity Address, City or Town	Millbrook
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12545
City Area Code	(212)
Local Phone Number	785-0900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SELF
Security Exchange Name	NASDAQ