MILLBROOK, NY / ACCESSWIRE / July 11, 2024 / Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, and redevelops self-storage properties, has extended its $15 million revolving credit facility with The Huntington National Bank for another three years with a one-year extension option available thereafter.
The revolving credit line bears interest on withdrawn funds at a rate equal to one-month SOFR plus 3.00%. It is secured by the company's properties in Millbrook, NY; West Henrietta, NY; Lima, OH; Fishers, IN; and Clinton, CT.
"Our robust balance sheet enables us to pursue growth through self-storage property acquisitions, joint ventures, and expansion of our existing properties," noted president and CEO of Global Self Storage, Mark C. Winmill. "We continue to explore opportunities in select regions across the U.S., particularly where we find supply growth is limited and competition from other professionally managed operators is generally less.
"We focus on opportunities where we can apply our professional management techniques to optimize occupancy, revenue generation, and NOI. Our strong track record of operational performance positions us well to execute our strategic business plan and continue to build value over the long term for our stockholders."
Additional details of the revolving credit facility are available in the company's current report on Form 8-K filed with the U.S. Securities and Exchange Commission at www.sec.gov on July 11, 2024.
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. The company's board of directors regularly reviews the strategic business plan, with emphasis on 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 execute its strategic business plan.
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.
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 Email Contact
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
