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Huntington National Bank Extends, Increases Revolver for Global Self Storage to $15MM

July 07, 2021, 07:53 AM
Filed Under: Storage

Global Self Storage, 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The revolving credit facility has a three-year maturity and bears interest on withdrawn funds at a rate equal to one-month LIBOR plus 3.00%.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."

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