SeventyFour
Today I'm taking another look at Global Self Storage (NASDAQ:SELF) in an effort to update my last article on the company. In that article, I had concluded that Global Self Storage is a small-cap storage REIT with relatively low leverage
Global Self Storage: Trading At A Steep Discount But Hold For Now
Summary
- Global Self Storage recently posted very nice Q2 2022 results and increased its dividend.
- However, it has traditionally underperformed the market by far and it is currently trading at a discount to the average peer P/FFO multiple.
- The company is trading at an even steeper discount from a cap rate standpoint.
- Occupancy rates have been falling in same stores since last year.
- I would hold this company if I already had it in my portfolio, but I wouldn't initiate a new position right now.
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