NASDAQ: SELF
NASDAQ:
SELF
NASDAQ:SELF
Owner/Operator of Self Storage Facilities in the
Northeast, Mid-Atlantic and Midwest
Corporate Presentation
July 2017
Legal Disclaimer
NASDAQ:
SELF
NASDAQ:SELF
Cautionary Note Regarding Forward Looking Statements
Certain information presented in this presentation 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 Global Self Storage, Inc's (the "Company") plans, objectives, goals, strategies, future events, future revenues or performance, capital
expenditures, financing needs, plans or intentions relating to acquisitions or otherwise, and other information that is not historical information. In some cases, forward looking statements can be identified
by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates” or “intends,” 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. 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 and it believes there is a reasonable basis for
them, 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. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this
presentation. Any forward-looking statements should be considered in light of the risks referenced in the Company’s filings with the Securities and Exchange Commission.
Certain information contained in this presentation has been supplied by third parties. While the Company believes such sources are reliable, the Company cannot guarantee the accuracy of any such
information and does not represent that such information is accurate or complete.
All Company financial results contained herein are qualified in their entirety by reference to the Company’s quarterly and annual reports, filings with the Securities and Exchange Commission and other
related public disclosures.
This presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful
under the securities laws of any such state.
Copyright © 2017 Global Self Storage, Inc. All Rights Reserved.
2
Important Cautions Regarding Non-GAAP Measures
and Same-Store Self Storage Operations Definition
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Non-GAAP 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. 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.
Funds from Operations as Adjusted (AFFO) represents FFO excluding the effects of business development and acquisition related costs and non-recurring items, which we believe are not indicative of the
Company’s operating results. 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.
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. Same-store occupancy includes the impact from expansion
projects at those stores. 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 March 31, 2017, we owned 7 same-store facilities and 4 non-same-store facilities.
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.
3
Key Stats: SELF (NasdaqCM)
NASDAQ:
SELF
NASDAQ:SELF
Share Price (7/5/17)
52 Week Low/High
$4.94
$4.26 / $5.96
Market Cap
$37.6M
Same-Store Revenues
Enterprise Value
$54.1M
Same-Store Income From
Operations
$2.5M
Common Shares Out. (4/30/17) 7.6M
Dividends Per Share
Free Float
Dividend Yield (5/18/17)
Avg. Daily Volume 3 mo.
7.3M
13,866
(Trailing 12 Months)
Fiscal Year End
Insider Holdings
(2/28/17)
Source: Capital IQ, Yahoo! Finance, Global Self Storage, Inc.
$0.26
$2.1M $2.2M
$2.3M
$2.3M
5.3%
December 31
5.5%
$1.3M $1.2M
$1.4M $1.4M
$1.5M
2H 2014 1H 2015 2H 2015 1H 2016 2H 2016
4
Who We Are
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• Global Self Storage is a self-administered and
self-managed real estate investment trust
(REIT) focused on the self storage market
• We seek to acquire stores where our
professional management and best practices
can improve operations
• With our recent acquisitions, we now own
and operate 11 self storage facilities in the
Northeast, Mid-Atlantic, and Midwest
• Our properties total 754,296 square feet of
leasable space*
* As of 3/31/17; Includes outside parking (RV, boat, auto), retail, office and commercial space.
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Growing Self Storage Industry
• Households with a self storage unit
have increased from 1 in 17 in 1996
to 1 in 10 today1
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Projected U.S. Self Storage Market
Growth2
$35 .0B
$33 .0B
• U.S. self storage industry expected to
reach $32.6B in 2020, up 16% from
20152
$70 .0K
Revenue
Facilities
$32.6B
$31 .0B
$29 .0B
$66 .0K
$28.2B
$64 .0K
60K
$27 .0B
• Total self storage facilities nationwide
expected to surpass 60,000 by 20202
• Self storage acquisitions in 2016
totaled nearly $5.0 billion versus
nearly $3.0 billion in 20153
1) https://www.storedge.com/the-growth-of-self-storage-market-for-improved-visibility
2) https://www.sparefoot.com/self-storage/news/1443-storage-revenue-to-pass-30-billion-in-2018/
3) http://mjpartners.com/research/market-reports/mjpartners-market-report-2015-4q.pdf
$68 .0K
$62 .0K
$25 .0B
$60 .0K
$23 .0B
$58 .0K
$21 .0B
$56 .0K
$19 .0B
53K
$54 .0K
$17 .0B
$52 .0K
$15 .0B
$50 .0K
2015
2016
2017
2018
2019
2020
6
Main Growth Driver: High Occupancy Rates
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• Demand for storage units at all-time high,
with average occupancy rates topping
91.2% in 2016
U.S. Self Storage Occupancy
85.0%
• Demand supports opportunity for greater
price expansion
90.2% 91.2%
87.8% 89.1%
79.7%
75.7%
• Sophisticated operators have the ability to
increase rents while maintaining
occupancy
• The general decreasing trend for move-in
rate discounting also supports higher
average rents
$0. 3B
2010
Source: 2017 Self Storage Almanac
2011
2012
2013
2014
2015
2016
7
Industry Tail Wind: Increasing Rents
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• Historically, the lack of
new storage facilities
coupled with increasing
demand drove rents to alltime highs
• World’s largest self storage
company, Public Storage
(NYSE: PSA), increased
same-store property
operating revenue 6% in
2016
Average Advertised Rent for 5x5 Unit – U.S.
Non-climate Controlled Units
Climate Controlled Units
$75
$72.35
$70.03
$70
$64.63
$65
$67.38
$65.80
$58.14
$60
$56.16
$53.86
$55
$51.04
$52.16
$50
$45
$40
Sources: 2017 Self Storage Almanac and MJ Partners Market
Report - 2016 4-Q
2012
2013
2014
2015
TTM @
Q2-2016
8
Industry Opportunities
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• Continued ownership consolidation with
large and midsize operators purchasing
facilities owned and managed by smaller
operators
• Growing difference in operational
management expertise between the larger,
more sophisticated operators and the rest of
the field
• Internet and technology making it easier for
consumers to rent units
• Self-service kiosks, Internet marketing,
24/7 call centers
9
Highly Fragmented Self Storage Market
• Top six publicly traded self storage
companies (REITs & U-Haul)
control only 17% of the market
(7,005 properties)
• ~83% of the U.S. market share by
square foot is not owned by a REIT
• 26,000 of 42,000 self storage
facilities in the U.S. are single
owner-operators
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5.5%
3.4%
1.8%
83%
of U.S. market
non-REIT
properties
• 76% of all self storage operators
only manage a single facility
Sources: 2017 Self Storage Almanac; Sovran Self Storage converted to “Life Storage” as of 8/15/2016; Self Storage Association 2015
1.6%
3.4%
1.1%
10
Our Portfolio of Self Storage Facilities
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Facilities located in secondary or tertiary
cities in the Northeast, Mid-Atlantic and
Midwest
• Properties located near metropolitan areas
• Excellent road or highway exposure
• Prominent road-side signage
Rochester,
NY
Bolingbrook,
IL Merrillville,
IN
Dolton,
IL
• Easily accessible
• Clean, well-maintained properties with
minimal deferred maintenance
• Strong market fundamentals (demographics) Facilities
Units
• High barriers to entry (zoning)
Leasable Sq. Ft.
Occupancy
As of 3/31/17; Includes outside parking (RV, boat, auto), retail, office and commercial space.
Occupancy includes the impact of increased vacancy due to completed expansion and
redevelopment projects at our facilities
Millbrook,
NY
Clinton,
CT
Sadsburyville,
PA
Lima, OH
Fishers, IN
11
5,619
754,296
89.9%
Summerville
I & II, SC
11
Our Total 754,296 Leasable Square Feet
58%
34%
Traditional Indoor Climate Controlled
Storage
Storage*
*Includes non-storage rental revenue; Percentage figures as of 3/31/17
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8%
Outdoor Storage
Boats/Cars/RVs
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Attracting and Retaining High Quality Tenants
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• Focus on “tenant quality over tenant
quantity” in our marketing and
operational efforts
• Utilize referral marketing to generate
new tenant inquiries
• Referrals generally produce our highest
quality new tenants
• Strong internet and social media
presence generate new tenant inquiries
• Select facilities offer referral discounts
and complementary truck rental
13
Why Customers Choose Us:
High Quality Service & Facilities
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• Property managers are encouraged to
maintain the highest security and
cleanliness standards
• Employees are motivated to deliver
courteous, attentive customer service
• All facilities include on-site 24/7 rental
and payment kiosks as well as 24/7
customer service call centers
Easy Gate Access
24/7 Security
Monitoring
• Our goal is to make our customers’
experience as pleasant and hassle-free
as possible
24/7 Rental & Payment Kiosks
14
Same-Store Properties –
2016 vs 2015 Annual Comparison
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12 Months Ended
Dec 31,
2016
Dec 31,
2015
Change
% Change
Revenues
$4,812,318
$4,439,297
$373,021
8.4%
Costs of Operations
$1,960,438
$1,793,319
$167,119
9.3%
Net Operating Income
$2,851,880
$2,645,978
$205,902
7.8%
Sq. Ft. Occupancy
84.9%
87.9%
-3.1%
-3.5%
Annual Revenue/Leased Sq. Ft.
$10.69
$10.39
$0.30
2.8%
For further details, please refer to the Company’s 2016 10-K. Same-store occupancy includes the impact from the completed expansion projects at those stores.
For instance, same-store square foot occupancy decreased to 84.9% from 87.9% as a result of the vacancy added by the addition of the 44,260 leasable square
feet expansion at our Bolingbrook store during November 2016.
15
Same-Store Properties –
Q1-17 vs Q1-16 Quarterly Comparison
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3 Months Ended
Mar 31,
2017
Mar 31,
2016
$1,256,473
$1,143,354
$113,119
9.9%
Costs of Operations
$494,816
$496,884
$(2,068)
-0.4%
Net Operating Income
$761,657
$646,470
$115,187
17.8%
Sq. Ft. Occupancy
89.3%
88.1%
1.2%
1.4%
Annual Revenue/Leased Sq. Ft.
$10.59
$10.70
$(0.11)
-1.0%
Revenues
Change
% Change
For further details, please refer to the Company’s 2017 10-Q for the period ended March 31, 2017. Same-store occupancy includes the impact from the completed
expansion projects at those stores. Excluding the vacancy added by the addition of leasable square feet at these stores, same-store occupancy for the quarter would
have been higher than 89.3%.
16
Combined Store Properties –
2016 vs 2015 Annual Comparison
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12 Months Ended
Dec 31,
2016
Dec 31,
2015
Change
% Change
Revenues
$5,245,373
$4,439,297
$806,076
18.2%
Costs of Operations
$2,155,492
$1,793,319
$362,173
20.2%
Net Operating Income
$3,089,881
$2,645,978
$443,903
16.8%
Net Leasable Sq. Ft. at Period End
754,095
485,578
268,517
55.3%
Net Leased Sq. Ft. at Period End
649,897
427,064
222,833
52.2%
For further details, please refer to the Company’s 2016 10-K.
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Combined Store Properties –
Q1-17 vs Q1-16 Quarterly Comparison
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3 Months Ended
Mar 31,
2017
Revenues
Mar 31,
2016
Change
% Change
$1,749,247
$1,143,354
$605,893
53.0%
$686,232
$496,884
$189,348
38.1%
$1,063,015
$646,470
$416,545
64.4%
Net Leasable Sq. Ft. at Period End
755,295
485,574
269,721
55.5%
Net Leased Sq. Ft. at Period End
679,228
427,554
251,674
58.9%
Costs of Operations
Net Operating Income
For further details, please refer to the Company’s 2017 10-Q for the period ended March 31, 2017.
18
FFO and AFFO
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Three Months Ended
Mar 31, 2017
Net income (loss)
For the Period Jan 19, 2016
to Mar 31, 2016
$(14,266)
$49,121
449,234
169,967
-
-
$434,968
$219,088
5,832
-
$440,800
$219,088
FFO per share
$0.06
$0.03
AFFO per share
$0.06
$0.03
Add: Depreciation and amortization
Subtract: Realized gain on investment securities
FFO attributable to common stockholders
Add: Business development and property acquisition costs
AFFO attributable to common stockholders
For further details, please refer to the Company’s 2017 10-Q for the period ended March 31, 2017.
19
Operational Progress by Facility Q1-17
Bolingbrook, IL1
Dolton, IL
Merrillville, IN
Rochester, NY
Sadsburyville, PA
Summerville I, SC
Summerville II, SC
*Fishers, IN
*Lima, OH
*Clinton, CT
*Millbrook, NY
TOTAL
Year
Opened
1997
2007
2005
2010
2006
1990
1997
2007
1996
1996
2008
Unit
Count
801
649
508
650
699
557
254
413
761
185
142
5,619
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Leasable
Occupancy by Sq. Ft.2
Sq. Ft.
Mar 31, 2017 Mar 31, 2016
110,600
73.3%
96.7%
86,725
95.1%
95.5%
71,720
97.6%
94.2%
68,017
94.0%
84.2%
79,004
90.0%
85.5%
72,700
93.6%
74.1%
41,808
89.0%
83.5%
81,471
90.3%
80.1%
97,801
95.0%
97.5%
31,059
83.5%
89.9%
13,391
89.6%
86.6%
754,296
89.9%
88.4%
*Non-same stores
1)
2)
New construction added more net leasable square feet vs comparable period.
“Occupancy by square feet” includes the impact from expansion and redevelopment projects at our stores.
20
Dolton: 14900 Woodlawn Avenue
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• Opened 2007
• 649 units
• 86,725 leasable sq. ft.
• 9,900 sq. ft. of
outside storage
(auto/RV/boat)
• 95% occupancy
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
21
Bolingbrook: 296 North Weber Road
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• Opened 1997
• 801 units
• 110,600 leasable sq. ft.
• 11,300 sq. ft. of outside
storage (auto/RV/boat)
• 73% occupancy
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
Added 44,050 leasable square feet and 304 climate-controlled
and traditional storage units in November 2016. As of March 31,
2017, 47.1% or 20,750 square feet of the five building expansion
leasable square feet had been leased. This lease-up has been
faster than expected.
22
Merrillville: 6590 Broadway
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• Opened in 2005
• 508 units
• 71,720 leasable sq. ft.
• 11,170 sq. ft. of
outside storage
(auto/RV/boat)
• 98% occupancy
Currently reviewing our Merrillville store for the possible
expansion construction of three new traditional drive-up
storage unit buildings totaling 13,300 square feet.
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
23
Rochester: 2255 Buffalo Road
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• Opened 2010
• 650 units
• 68,017 leasable sq. ft.
• 94% occupancy
• Indoor, drive-thru,
100% climate
controlled facility
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
24
Sadsburyville: 21 Aim Boulevard
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• Opened 2006
• 699 units
• 79,004 leasable sq. ft.
• 13,000 sq. ft. of
outside storage
(auto/RV/boat)
• 90% occupancy
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
Added 16,756 leasable sq. ft. and 219 climate controlled storage
units in May 2015. As of March 31, 2017, approximately 21
months after construction was completed and lease-up
commenced, 96% of the first floor and 81% of the entire
building have been leased.
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Summerville I: 1713 Old Trolley Road
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• Opened in 1990
• 557 units
• 72,700 leasable sq. ft.
• 94% occupancy
(up from 74% at
March 31, 2016)
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
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Summerville II: 900 North Gum Street
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• Opened 1997
• 254 units
• 41,808 leasable sq. ft.
• 5,300 sq. ft. of
outside storage
(auto/RV/boat)
• 89% occupancy
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
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Fishers: 96th & Olio Road
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• Opened in 2007
• 413 units
• 81,471 leasable sq. ft.
• 90% area occupancy
• $7.7 million acquisition
closed September 26,
2016
• Operating under
Company management
since September 26,
2016
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
Fishers will initially contribute to the Non-Same Store results.
Unit occupancy as of Dec. 31, 2016 was 72%. As of Mar. 31,
2017, unit occupancy was 84%.
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Lima: 1910 W Robb Ave.
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• 761 units
• 97,801 leasable sq. ft.
• 95% occupancy
• $5.3 million acquisition
closed August 29, 2016
• Operating under
Company management
since August 30, 2016
Lima will initially contribute to the Non-Same Store results.
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
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Clinton: 6 Heritage Park Road
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• 185 units
• 31,059 leasable sq. ft.
• 84% occupancy
• Part of $6.9 million*
acquisition closed on
December 30, 2016
• Operating under
Company management
since December 31, 2016
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
• Total consideration paid at closing. The
additional $900,000 cash payment to seller
contingent upon, among other things,
commencing Millbrook expansion construction, is
expected to be made.
Clinton will initially contribute to the Non-Same Store results.
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Millbrook: 3814 Route 44
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• 142 units
• 13,391 leasable sq. ft.
• 90% occupancy
• Part of $6.9 million*
acquisition closed on
December 30, 2016
• Operating under
Company management
since December 31, 2016
As of 3/31/17. For further details, please refer to
the Company’s recent 2017 10-Q.
* The additional $900,000 cash payment to seller
contingent upon, among other things,
commencing Millbrook expansion construction,
is expected to be made.
Millbrook will initially contribute to the Non-Same Store results.
Received approvals from local planning and zoning boards for
the construction of an additional two-story 16,500 gross square
foot expansion of the existing store.
31
Acquisition and Expansion Opportunities
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• We seek to acquire facilities where our
professional management can:
• Improve revenue rate management
76% of all self storage
operators in the U.S. only
manage a single facility
Millbrook,
NY
• Increase occupancy rates
• Expand leasable square footage on existing property
• Convert lower-rent outdoor or traditional units into
higher-rent climate controlled units
• Recently closed acquisitions:
• Lima, Ohio: $5.3M
• Fishers, Indiana (Indianapolis suburb): $7.7M
Clinton,
CT
Lima, OH
Fishers, IN
• Millbrook, NY & Clinton, CT: $6.9M1
1) Total consideration paid at closing. The additional $900,000 cash payment to seller contingent
upon, among other things, commencing Millbrook expansion construction, is expected to be made.
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Key Takeaways
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• Same-store revenues were up 9.9% in Q1, compared to the same period in
2016. Same-store NOI was up 17.8% in Q1, compared to the same period
in 2016.
• Combined store revenues were up 53.0% in Q1, compared to the same
period in 2016. Combined store NOI was up 64.4% in Q1, compared to the
same period in 2016.
• FFO per share totaled $0.06 and AFFO per share totaled $0.06 for Q1.
• Pricing power leading to rental rate growth – maintaining occupancy
while increasing rents.
• Company distributed $0.26 of dividends over the past 12 months.1
• Fragmented market creates attractive consolidation opportunities –
Acquired four stores since August, 2016.
• Recently acquired stores in Millbrook, NY and Clinton, CT – with
expansion potential in Millbrook.
1) As of December 31, 2016
33
NASDAQ:
SELF
NASDAQ:SELF
NASDAQ: SELF
Global Self Storage Website:
https://www.globalselfstorage.us/
Global Self Storage, Inc.
Mark C. Winmill
President and CEO
New York, NY
(212) 785-0900 x201
[email protected]
Liolios Group, Inc.
Scott Liolios or Najim Mostamand
(949) 574-3860
[email protected]