Persisted Same-Store Income Development Pushed by Focal level on Operational Fundamentals, Solid Occupancy, and Industry Resilience regardless of a Extra Competitive Pricing Landscape
MILLBROOK, NY / ACCESSWIRE / August 11, 2023 / World Self Storage, Inc. (NASDAQ:SELF), an proper estate funding have faith 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 twelve months-ago length except otherwise eminent.
Q2 2023 Highlights
- Total revenues elevated 3.6% to $3.1 million.
- Fetch earnings 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 (scrutinize definition of this and varied non-GAAP measures and their reconciliation to GAAP, under).
- Adjusted FFO (AFFO), a non-GAAP term, decreased 2.8% to $1.1 million or $0.10 per diluted share.
- Same-store revenues elevated 3.6% to $3.1 million.
- Same-store salvage working earnings (NOI), a non-GAAP term, elevated 0.2% to $2.0 million.
- Same-store occupancy at June 30, 2023 became 90.5% when put next with 93.1% at June 30, 2022 because the corporate optimized condo income. As of July 31, 2023, same-store occupancy elevated to 91.9%.
- Same-store average tenant duration of non-public at June 30, 2023 became roughly 3.3 years, increasing from roughly 3.2 years.
- Maintained quarterly dividend of $0.0725 per regular share.
- Capital sources at June 30, 2023 totaled roughly $24.4 million, created from $6.8 million in cash, cash equivalents and restricted cash; $2.6 million in marketable securities; and $15 million readily accessible under the corporate’s revolving credit facility.
First Half of 2023 Highlights
- Total revenues elevated 5.6% to $6.1 million.
- Fetch earnings totaled $1.6 million or $0.14 per primary and diluted share.
- FFO elevated 5.9% to $2.1 million or $0.19 per diluted share.
- AFFO elevated 3.4% to $2.2 million or $0.20 per diluted share.
- Same-store revenues elevated 5.6% to $6.1 million.
- Same-store NOI elevated 4.1% to $3.9 million.
Dividend Form larger
On June 1, 2023, the corporate declared a quarterly dividend of $0.0725 per share. This became a upward thrust of 11.5% from same twelve months-ago length and in step with the old quarter. The quarterly distribution represents an annualized dividend price of $0.29 per share, a upward thrust of $0.03 per share from the old annual price of $0.26 per share.
Company Design
The goal of the corporate is to lift price over time for the income of its stockholders. Toward this pause, the corporate will continue to attain its strategic business thought, which involves funding acquisitions, either today or thru joint ventures, and enlargement projects at its present properties. Its board of administrators in most cases reports the corporate’s strategic business thought, including topics and metrices fancy capital formation, debt versus equity ratios, dividend policy, use of capital and debt, FFO and AFFO efficiency, and optimum cash ranges.
The administration of World Self Storage believes that the corporate’s continued operational efficiency and capital sources role it effectively to continue to pursue its strategic business thought.
Management Commentary
“We generated topline income that became a anecdote for a second quarter and an total anecdote for the most distinguished half of of the twelve months regardless of a more competitive pricing landscape,” commented World Self Storage president and CEO, Value C. Winmill. “We done this regardless of the return to normalcy in demand post-pandemic and in opposition to the twelve months-over-twelve months similar of top demand that became largely pushed by pandemic-connected relocations.
“We also done anecdote same-store income and NOI within the most distinguished half of of 2023, regardless of the expected alternate-huge deceleration in same-store income boost. We non-public this reflects how our operational efficiency became bolstered by effective web and digital marketing initiatives that contributed to asserting total average same-store occupancy at around 90% by the pause of the quarter. These efforts non-public recently yielded even larger results, with our same-store occupancy increasing to 91.9% at the pause of July.
“We non-public our dedication to remarkable customer service has continued to foster solid model loyalty and piquant note-of-mouth referrals. Blended with our weird and wonderful marketing ideas, this has allowed us to draw excessive-quality tenants who will store with us for longer than the alternate average. Really, our same-store average tenant duration of non-public at the pause of the second quarter became a leer-leading 3.3 years.
“After the remarkable twelve months of alternate-huge boost in 2022, we demand the the rest of the twelve months to mediate pre-pandemic demand patterns as same-store income boost continues to slack across the alternate. This implies a more competitive pricing landscape, including tear-in price pricing pressures and further measured marketing use to draw tenants, with our total spending continuing to be impacted by inflation-connected components.
“Alternatively, we are no longer alone in these challenges and scrutinize these market prerequisites creating peaceful opportunities for favorable acquisitions and joint ventures. Encouraged by our solid steadiness sheet, we are actively evaluating a exchange of likely self-storage property acquisitions which would possibly presumably well be positioned in secondary and tertiary markets within the Northeast, Mid-Atlantic, Midwest, and South Central regions of the U.S. We scrutinize these markets having lower present boost and in most cases less competition from varied professionally managed self-storage operators.
“As we proceed thru the second half of of the twelve months, we demand to income from the seasonally solid months for self-storage. We also remain assured that our scheme of offering a handy, effectively-organized, stable, and distress-free customer journey will continue to draw excessive-quality tenants to our top class self-storage platform, with this within the ruin turning in favorable returns to our stockholders.”
Q2 2023 Monetary Summary
Total revenues elevated 3.6% to $3.1 million within the second quarter of 2023, as when put next with $3.0 million within the same length final twelve months. This lift became due basically to a upward thrust in condo rates.
Total working costs within the second quarter of 2023 elevated 11.0% to $2.3 million, as when put next with $2.1 million within the same length final twelve months. The lift became attributable to a upward thrust in store level costs and regular and administrative costs. The lift in store level working costs became due basically to elevated costs for marketing costs, employment costs, and right estate property taxes.
Working earnings decreased 13.5% to $778,000 within the second quarter of 2023, as when put next with $899,000 within the same length final twelve months.
Fetch earnings became $578,000 or $0.05 per primary and diluted share within the second quarter of 2023, as when put next with $404,000 or $0.04 per primary and diluted share within the same twelve months-ago length.
As of June 30, 2023, the corporate’s capital sources totaled roughly $24.4 million, created from $6.8 million in cash, cash equivalents and restricted cash, $2.6 million of marketable securities, and $15.0 million readily accessible for withdrawal under the corporate’s revolving credit facility.
Q2 2023 Same-Store Outcomes
As of June 30, 2023, the corporate owned 12 same-store properties and nil non-same-store properties, and managed one third-win collectively owned property.
For the second quarter of 2023, same-store revenues elevated 3.6% to $3.1 million when put next with $3.0 million within the same length final twelve months. This lift became due basically to elevated condo rates.
Same-store price of operations within the second quarter elevated 10.2% to $1.1 million when put next with $1.0 million within the same length final twelve months. This lift in same-store price of operations became due basically to elevated costs for employment costs, right estate property taxes and marketing costs.
Same-store NOI elevated 0.2% to $2.0 million within the second quarter of 2023, when put next with $2.0 million within the same length final twelve months. The lift became basically as a result of rise 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 corporate’s same-store properties became 91.9%.
Same-store average duration of tenant non-public at June 30, 2023 became 3.3 years, up from roughly 3.2 years at June 30, 2022.
For a reconciliation of salvage earnings to same-store NOI scrutinize, “Reconciliation of GAAP Fetch Earnings to Same-Store Fetch Working Earnings,” under.
Q2 2023 Working Outcomes
Fetch earnings within the second quarter of 2023 became $578,000 or $0.05 per primary and diluted share, when put next with $404,000 or $0.04 per primary and diluted share within the second quarter of 2022.
Property operations expense elevated to $1.1 million within the second quarter of 2023 from $1.0 million within the same length final twelve months.
Standard and administrative costs elevated to $810,000 within the second quarter of 2023, as when put next with $653,000 within the same length final twelve months.
Industry pattern costs decreased to zero within the second quarter of 2023 when put next with $33,000 within the same length final twelve months.
Curiosity expense for the second quarter of 2023 decreased to $171,000 from $220,000 within the twelve months-ago length. This lower became attributable to the trade in comely price of the pastime price cap and cash settlements under the pastime price cap from the variation between the reference pastime price and the strike price.
FFO within the second quarter of 2023 decreased 0.4% to $1.1 million or $0.10 per diluted share, when put next with FFO of $1.1 million or $0.10 per diluted share within the same length final twelve months.
AFFO within the second quarter of 2023 decreased 2.8% to $1.1 million or $0.10 per diluted share, when put next with AFFO of $1.2 million or $0.11 per diluted share within the same length final twelve months.
First Half of 2023 Monetary Summary
For the most distinguished half of of 2023, full revenues elevated 5.6% to $6.1 million, as when put next with $5.8 million within the same length final twelve months. This lift became due basically to a upward thrust in condo rates.
Total working costs within the most distinguished half of of 2023 elevated 7.0% to $4.5 million, as when put next with $4.2 million within the same length final twelve months. The lift became basically attributable to a upward thrust in store level costs and regular and administrative costs. The lift in store level working costs became due basically to elevated costs for marketing costs, employment costs, and right estate property taxes.
Working earnings elevated 1.9% to $1.6 million within the most distinguished half of of 2023, as when put next with $1.6 million within the same length final twelve months.
Fetch earnings became $1.6 million or $0.14 per primary and diluted share within the most distinguished half of of 2023, as when put next with $687,000 or $0.06 per primary and diluted share within the same length final twelve months.
First Half of 2023 Same-Store Outcomes
For the most distinguished half of of 2023, same-store revenues elevated 5.6% to $6.1 million when put next with $5.8 million within the same length final twelve months. This lift became due basically to elevated condo rates.
Same-store price of operations within the most distinguished half of elevated 8.2% to $2.2 million when put next with $2.0 million within the same length final twelve months. This lift in same-store price of operations became due basically to elevated costs for employment costs, right estate property taxes and marketing costs.
Same-store NOI elevated 4.1% to $3.9 million within the most distinguished half of of 2023, when put next with $3.7 million within the same length final twelve months. The lift became basically as a result of rise in same-store revenues.
For a reconciliation of salvage earnings to same-store NOI scrutinize, “Reconciliation of GAAP Fetch Earnings to Same-Store Fetch Working Earnings,” under.
First Half of 2023 Working Outcomes
Fetch earnings within the most distinguished half of of 2023 became $1.6 million or $0.14 per primary and diluted share, when put next with $687,000 or $0.06 per primary and diluted share within the most distinguished half of of 2022.
Property operations expense elevated to $2.2 million within the most distinguished half of of 2023, as when put next with $2.0 million within the same length final twelve months.
Standard and administrative costs elevated to $1.5 million within the most distinguished half of of 2023, as when put next with $1.3 million within the same length final twelve months.
Industry pattern costs decreased to $5,249 within the most distinguished half of of 2023 when put next with $42,110 within the same length final twelve months.
Curiosity expense for the most distinguished half of of 2023 decreased to $407,000 from $409,000 within the twelve months-ago length. This lower became attributable to cash settlements under the pastime price cap from the variation between the reference pastime price and the strike price, lower pastime expense, and the trade in comely price of the pastime price cap.
FFO within the most distinguished half of of 2023 elevated 5.9% to $2.1 million or $0.19 per diluted share, when put next with FFO of $2.0 million or $0.19 per diluted share within the same length final twelve months.
AFFO within the most distinguished half of of 2023 elevated 3.4% to $2.2 million or $0.20 per diluted share, when put next with AFFO of $2.2 million or $0.20 per diluted share within the same length final twelve months.
Q2 2023 and 2nd Half of 2023 FFO and AFFO (Unaudited)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Fetch earnings |
$ | 578,070 | $ | 404,200 | $ | 1,570,611 | $ | 687,407 | ||||||||
|
Fetch rid of issues excluded from FFO: |
||||||||||||||||
|
Unrealized loss (have) on marketable equity securities |
115,347 | 604,622 | (246,703 | ) | 830,373 | |||||||||||
|
Depreciation and amortization |
408,538 | 404,462 | 815,379 | 809,383 | ||||||||||||
|
Develop on PPP loan forgiveness |
– | (307,210 | ) | – | (307,210 | ) | ||||||||||
|
FFO attributable to regular stockholders |
1,101,955 | 1,106,074 | 2,139,287 | 2,019,953 | ||||||||||||
|
Adjustments: |
||||||||||||||||
|
Compensation expense connected to inventory-basically based completely awards |
43,921 | 39,329 | 81,708 | 91,933 | ||||||||||||
|
Industry pattern, capital raising, store acquisition, and third-win collectively administration marketing costs |
– | 33,310 | 5,249 | 42,110 | ||||||||||||
|
AFFO attributable to regular stockholders |
$ | 1,145,876 | $ | 1,178,713 | $ | 2,226,244 | $ | 2,153,996 | ||||||||
|
Earnings per share attributable to regular stockholders – primary |
$ | 0.05 | $ | 0.04 | $ | 0.14 | $ | 0.06 | ||||||||
|
Earnings per share attributable to regular 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 – primary |
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 | ||||||||||||
Further Knowledge
Further info about the corporate’s second quarter and first half of of 2023 results, including financial statements and connected notes, is today accessible on Manufacture 10-Q as filed with the U.S. Securities and Commerce Rate and posted to the investor members of the family allotment of the corporate’s web sites.
About World Self Storage
World Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self-storage properties. The corporate’s self-storage properties are designed to present practical, without downside accessible and stable storage location for residential and commercial prospects. Through its wholly owned subsidiaries, the corporate owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, Contemporary York, Ohio, Pennsylvania, South Carolina, and Oklahoma.
For more recordsdata, tear to ir.globalselfstorage.us or consult with the corporate’s customer space at www.globalselfstorage.us. That you simply would possibly presumably well also moreover practice World Self Storage on Twitter, LinkedIn and Fb.
Non-GAAP Monetary Measures
Funds from Operations (“FFO”) and FFO per share are non-GAAP measures outlined by the National Association of Real Property Investment Trusts (“NAREIT”) and are thought to be handy measures of REIT efficiency by REITs and loads REIT analysts. NAREIT defines FFO as a REIT’s salvage earnings, moreover positive aspects or losses from gross sales of property, and including support right estate depreciation and amortization. The Company also excludes unrealized positive aspects on marketable equity securities and positive aspects referring to to PPP loan forgiveness. FFO and FFO per share are no longer an alternative choice to salvage earnings or earnings per share. FFO is not any longer an alternative choice to GAAP salvage cash poke in evaluating our liquidity or skill to pay dividends, because of it excludes financing actions introduced on our statements of cash flows. As well to, varied REITs would possibly presumably even impartial compute these measures otherwise, so comparisons among REITs would possibly presumably even impartial no longer be handy. Alternatively, the Company believes that to further perceive the efficiency of its shops, FFO ought to mild be thought to be alongside with the salvage earnings and cash flows reported in accordance to GAAP and as introduced within the Company’s financial statements.
Adjusted FFO (“AFFO”) and AFFO per share are non-GAAP measures that portray FFO and FFO per share moreover the outcomes of inventory-basically based completely compensation, business pattern, capital raising, and acquisition connected costs and non-ordinary items, which we non-public are no longer indicative of the Company’s working results. AFFO and AFFO per share are no longer an alternative choice to salvage earnings or earnings per share. AFFO is not any longer an alternative choice to GAAP salvage cash poke in evaluating our liquidity or skill to pay dividends, because of it excludes financing actions introduced on our statements of cash flows. We present AFFO because of we non-public it is a handy measure in working out our results of operations insofar as we non-public that the items eminent above which would possibly presumably well be included in FFO, but excluded from AFFO, are no longer indicative of our ongoing working results. We also non-public that the analyst neighborhood considers our AFFO (or identical measures utilizing varied terminology) when evaluating us. Because varied REITs or right estate firms would possibly presumably even impartial no longer compute AFFO within the same manner as we attain, and would possibly presumably presumably impartial use varied terminology, our computation of AFFO would possibly presumably even impartial no longer be identical to AFFO reported by varied REITs or right estate firms. Alternatively, the Company believes that to further perceive the efficiency of its shops, AFFO ought to mild be thought to be alongside with the salvage earnings and cash flows reported in accordance to GAAP and as introduced within the Company’s financial statements.
We non-public salvage working earnings or “NOI” is a distinguished measure of working efficiency because of we use NOI in making choices with appreciate to, among varied issues, capital allocations, determining present store values, evaluating store efficiency, and in evaluating length-to-length and market-to-market store working results. As well to, we non-public the funding neighborhood makes use of NOI in determining working efficiency and right estate values and does no longer establish in solutions depreciation expense because of it is basically based completely upon historical price. NOI is outlined as salvage store earnings sooner than regular and administrative costs, pastime, taxes, depreciation, and amortization.
NOI is not any longer an alternative choice to salvage earnings, salvage working cash poke, or varied connected GAAP financial measures, in evaluating our working results.
Same-Store Self Storage Operations Definition
We establish in solutions our same-store portfolio to encompass fully those shops owned and operated on a stabilized basis at the starting and at the pause of the appropriate sessions introduced. We establish in solutions a store to be stabilized as soon as it has done an occupancy price that we non-public, in accordance to our evaluation of market-particular data, is consultant of identical self storage sources within the appropriate marketplace for a paunchy twelve months measured as of the most traditional January 1 and has no longer been vastly broken by natural catastrophe or passed thru distinguished renovation or enlargement. We non-public that same-store results are handy to traders in evaluating our efficiency because of they present recordsdata referring to to modifications in store-level working efficiency without taking into myth the outcomes of acquisitions, dispositions, or peaceful ground-up tendencies. At June 30, 2023, we owned twelve same-store properties and nil non same-store properties. The Company believes that by offering same-store results from a stabilized pool of shops, with accompanying working metrics including, but no longer small to, variances in occupancy, condo income, working costs, NOI, and loads others., stockholders and likely traders are ready to review working efficiency without the outcomes of non-stabilized occupancy ranges, hire ranges, expense ranges, acquisitions, or done tendencies. Same-store results ought to mild no longer be dilapidated as a basis for future same-store efficiency or for the efficiency of the Company’s shops as a full.
Cautionary Screen Concerning Ahead Having a explore Statements
Obvious recordsdata introduced in this press open would possibly presumably even impartial non-public “ahead-searching statements” all the scheme thru the that means of the federal securities legal pointers including, but no longer small to, the Personal Securities Litigation Reform Act of 1995. Ahead searching statements encompass statements referring to the corporate’s plans, needs, needs, ideas, future events, future revenues or efficiency, capital expenditures, financing needs, plans or intentions, and varied recordsdata that’s no longer historical recordsdata. In some cases, ahead searching statements would possibly presumably even impartial even be identified by terminology akin to “believes,” “plans,” “intends,” “expects,” “estimates,” “would possibly presumably even impartial,” “will,” “ought to mild,” “anticipates,” or the negative of such terms or varied similar terminology, or by discussions of scheme. All ahead-searching statements by the corporate non-public known and unknown risks, uncertainties and varied components, many of which would possibly presumably well be beyond the administration of the corporate, that would possibly presumably presumably motive the corporate’s proper results to be materially varied from those expressed or implied by such statements. The corporate would possibly presumably even impartial also compose further ahead searching statements as soon as in some time. All such subsequent ahead-searching statements, whether written or oral, by the corporate or on its behalf, are also expressly licensed by these cautionary statements. Traders ought to mild in moderation establish in solutions the hazards, uncertainties, and varied components, alongside with all of the numerous recordsdata included within the corporate’s filings with the Securities and Commerce Rate, and identical recordsdata. All ahead-searching statements, including without limitation, the corporate’s examination of historical working tendencies and estimates of future earnings, are basically based completely upon the corporate’s present expectations and varied assumptions. The corporate’s expectations, beliefs and projections are expressed in correct religion, but there would possibly presumably even impartial even be no assurance that the corporate’s expectations, beliefs and projections will result or be done. All ahead searching statements practice fully as of the date made. The corporate undertakes no obligation to publicly update or revise ahead searching statements which would possibly presumably even very effectively be made to mediate events or conditions after the date made or to mediate the occurrence of unanticipated events. The volume, nature, and/or frequency of dividends paid by the corporate would possibly presumably even very effectively be modified at any time without watch.
Company Contact:
Thomas O’Malley
Chief Monetary Officer
World Self Storage
1 (212) 785-0900, ext. 267
Electronic mail Contact
Investor Family Contact:
Ron Both
CMA Investor Family
Tel (949) 432-7566
Electronic mail Contact
Media Contact:
Tim Randall
CMA Media Family
Tel (949) 432-7572
Electronic mail Contact
GLOBAL SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| June 30, 2023 |
December 31, 2022 |
|||||||
|
Property |
||||||||
|
Real estate sources, salvage |
$ | 56,222,916 | $ | 56,884,160 | ||||
|
Money 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 | ||||||
|
Pay as you tear costs and varied sources |
629,542 | 479,458 | ||||||
|
Line of credit issuance costs, salvage |
101,602 | 152,402 | ||||||
|
Curiosity price cap |
116,915 | 123,152 | ||||||
|
Goodwill |
694,121 | 694,121 | ||||||
|
Total sources |
$ | 67,339,147 | $ | 67,382,752 | ||||
|
Liabilities and equity |
||||||||
|
Screen payable, salvage |
$ | 17,164,097 | $ | 17,420,854 | ||||
|
Accounts payable and accumulated costs |
1,796,778 | 1,622,784 | ||||||
|
Total liabilities |
18,960,875 | 19,043,638 | ||||||
|
Commitments and contingencies |
||||||||
|
Stockholders’ equity |
||||||||
|
Most neatly-most traditional inventory, $0.01 par price: 50,000,000 shares authorized; no shares outstanding |
– | – | ||||||
|
Standard inventory, $0.01 par price: 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 | ||||||
|
Further paid in capital |
49,111,072 | 49,029,712 | ||||||
|
Gathered deficit |
(844,239 | ) | (801,689 | ) | ||||
|
Total stockholders’ equity |
forty eight,378,272 | forty eight,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 |
||||||||||||||||
|
Condominium earnings |
$ | 2,965,178 | $ | 2,862,561 | $ | 5,889,582 | $ | 5,571,345 | ||||||||
|
Various property connected earnings |
98,375 | 95,541 | 190,112 | 188,072 | ||||||||||||
|
Management charges and varied earnings |
22,465 | 20,813 | 44,277 | 40,311 | ||||||||||||
|
Total revenues |
3,086,018 | 2,978,915 | 6,123,971 | 5,799,728 | ||||||||||||
|
Charges |
||||||||||||||||
|
Property operations |
1,089,977 | 989,251 | 2,211,315 | 2,042,985 | ||||||||||||
|
Standard and administrative |
809,623 | 653,053 | 1,489,335 | 1,331,706 | ||||||||||||
|
Depreciation and amortization |
408,538 | 404,462 | 815,379 | 809,383 | ||||||||||||
|
Industry pattern |
– | 33,310 | 5,249 | 42,110 | ||||||||||||
|
Total costs |
2,308,138 | 2,080,076 | 4,521,278 | 4,226,184 | ||||||||||||
|
Working earnings |
777,880 | 898,839 | 1,602,693 | 1,573,544 | ||||||||||||
|
Various earnings (expense) |
||||||||||||||||
|
Dividend and previous-time earnings |
86,488 | 23,029 | 128,054 | 46,048 | ||||||||||||
|
Unrealized (loss) have on marketable equity securities |
(115,347 | ) | (604,622 | ) | 246,703 | (830,373 | ) | |||||||||
|
Curiosity expense |
(170,951 | ) | (220,256 | ) | (406,839 | ) | (409,022 | ) | ||||||||
|
Develop on Paycheck Protection Program (PPP) loan forgiveness |
– | 307,210 | – | 307,210 | ||||||||||||
|
Total varied expense, salvage |
(199,810 | ) | (494,639 | ) | (32,082 | ) | (886,137 | ) | ||||||||
|
Fetch earnings and entire earnings |
$ | 578,070 | $ | 404,200 | $ | 1,570,611 | $ | 687,407 | ||||||||
|
Earnings per share |
||||||||||||||||
|
Standard |
$ | 0.05 | $ | 0.04 | $ | 0.14 | $ | 0.06 | ||||||||
|
Diluted |
$ | 0.05 | $ | 0.04 | $ | 0.14 | $ | 0.06 | ||||||||
|
Weighted average shares outstanding |
||||||||||||||||
|
Standard |
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 Fetch Earnings to Same-Store Fetch Working Earnings
The next desk presents a reconciliation of same-store salvage working earnings to salvage earnings as introduced on the corporate’s consolidated statements of operations for the sessions indicated (unaudited):
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Fetch earnings |
$ | 578,070 | $ | 404,200 | $ | 1,570,611 | $ | 687,407 | ||||||||
|
Adjustments: |
||||||||||||||||
|
Management charges and varied earnings |
(22,465 | ) | (20,813 | ) | (44,277 | ) | (40,311 | ) | ||||||||
|
Standard and administrative |
809,623 | 653,053 | 1,489,335 | 1,331,706 | ||||||||||||
|
Depreciation and amortization |
408,538 | 404,462 | 815,379 | 809,383 | ||||||||||||
|
Industry pattern |
– | 33,310 | 5,249 | 42,110 | ||||||||||||
|
Dividend and previous-time earnings |
(86,488 | ) | (23,029 | ) | (128,054 | ) | (46,048 | ) | ||||||||
|
Unrealized loss (have) on marketable equity securities |
115,347 | 604,622 | (246,703 | ) | 830,373 | |||||||||||
|
Curiosity expense |
170,951 | 220,256 | 406,839 | 409,022 | ||||||||||||
|
Develop on Paycheck Protection Program (PPP) loan forgiveness |
– | (307,210 | ) | – | (307,210 | ) | ||||||||||
|
Total same-store salvage working earnings |
$ | 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 price of operations |
1,089,977 | 989,251 | 2,211,315 | 2,042,985 | ||||||||||||
|
Total same-store salvage working earnings |
$ | 1,973,576 | $ | 1,968,851 | $ | 3,868,379 | $ | 3,716,432 | ||||||||
SOURCE: World Self Storage
