TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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July 6, 2021
Source: Yahoo Finance
Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust (REIT) that owns, operates, manages, acquires, and redevelops self-storage properties, has extended its revolving credit facility with The Huntington National Bank and increased the principal amount available from $10 million to $15 million.
The revolving credit facility has a three-year maturity and bears interest on withdrawn funds at a rate equal to one-month LIBOR plus 3.00%. It is secured by the company's properties in Millbrook, NY, West Henrietta, NY, Lima, OH, Fishers, IN, and Clinton, CT.
The expanded credit facility combined with a recently completed equity offering has increased the company's capital resources to approximately $21.0 million, comprised of $8.5 million in cash, cash equivalents and restricted cash, $2.6 million in marketable equity securities, and $9.9 million currently available for withdrawal under the revolving credit facility.
"A strengthened balance sheet and greater liquidity enables us to accelerate our growth organically through acquisitions and property expansions," noted president and CEO of Global Self Storage, Mark C. Winmill. "While the environment for acquisitions remains highly competitive, we are still seeing many opportunities in our target markets where we could apply our successful management techniques to maximize occupancy, revenue and NOI.
"We are also now better positioned to fund joint venture opportunities as they arise. Our strong track record of peer-leading results and unique approach to self-storage management continues to attract the interest of potential joint venture partners. We expect these growth initiatives to increase our funds from operations and deliver greater shareholder value over time."
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 6, 2021.
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 http://ir.globalselfstorage.us/ or visit our self storage customer site at www.globalselfstorage.us. You can also follow us on Twitter, LinkedIn and Facebook.
CONTACT:
Global Self Storage
Mark C. Winmill, President and Chief Executive Officer
1-212-785-0900, ext. 201
mwinmill@globalselfstorage.us
CMA Investor Relations
Ron Both
1 (949) 432-7566
SELF@cma.team
