Global Self Storage vs its peers, 1H 2022 (Global Self Storage September 2022 Investor Presentation)
Finally, the company is paying a higher dividend yield than all of its peers, which at today's share price, reaches 5.1%. In terms of NOI growth, things look better, but I would expect better performance from a smaller REIT. As we can see in the graph presented below, during the first half of 2022, the company's revenue growth was at the lower half of the peer group, while they showed the lowest occupancy rate among their peers. However, if we look at the bigger picture, the company is underperforming relative to its peers. Given that the self-storage market is expected to grow by 2% per annum in the following years and also the fact that Global Self Storage is a small cap, growing REIT, it would be reasonable to say that such performance could be repeated in the future. One of the very impressive milestones of the company is that they managed to grow their FY 2021 FFO figure by nearly 60%, outperforming all of their peers by far. Same Store QoQ comparison (Global Self Storage September 2022 Investor Presentation) Finally, overall occupancy rate landed at 93.1%, while at the end of 2021 was 94.2% and at the end of Q1 2022, it was at 95.7%. This figure stands for a 5.1% annualized dividend yield and represents a safe 66% dividend payout ratio. Based on these results, the company announced the increase of its quarterly dividend by 11.5%, reaching $0.0725 per common share. Total revenues increased by $3 million, which stands for a 15.7% increase on a quarterly basis. Adjusted FFO increased by 42% on a quarterly basis, reaching $0.11 per share. The company reported significant increases in every REIT - related metric for the second quarter of 2022. So, how does the company look today? A glimpse into Q2 2022 results
However, I also concluded that its performance was questionable, in relation to its peers. In that article, I had concluded that Global Self Storage is a small-cap storage REIT with relatively low leverage and an attractive dividend.
#EXTRA SPACE STORAGE UPDATE#
Today I'm taking another look at Global Self Storage ( NASDAQ: SELF) in an effort to update my last article on the company.
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