Both firms reported an increase in same-store revenue
March 12, 2019: Absolute Storage Management (ASM) and Storage Asset Management Inc. (SAM) have released their fourth-quarter and full-year 2018 operating results. Both the firms reported an increase in same-store revenue.
Self-storage property-management firms ASM, which owns storage properties in addition to managing for others, increased same-store revenue by 4.7 percent compared to the same period last year. The company gained six contracts, in that three management contracts for existing facilities and three for sites under construction. The properties are Box Self Storage in Cincinnati; Bradley Road Storage in Libertyville, Ill.; Campus Storage in Tuscaloosa, Ala.; Ponchatoula Storage in Ponchatoula, La.; South Broad Storage in Chattanooga, Tenn.; and The Storage Project in Louisville, Ky.
It has a surpassing year-over-year income goal of 5 percent and increasing same-store net operating income (NOI) by 6.7 percent, which was driven by the 5.2 percent increase in income and a 2.3 percent increase in expenses. Overall the company acquired 29 management contracts last year.
Property-management and self-storage consulting firm Storage Asset Management Inc. (SAM), reported an increase of same-storage revenue by 7.1 percent and an increase in NOI of 6.5 percent. Additional highlights for the year include growing same-storage occupancy by 2.3 percent and collecting more than $63 million in revenue.
Absolute Storage Management headquartered in Memphis and founded in 2002 operates 116 properties in 14 states. It has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
York, Pa based Storage Asset Management Inc. (SAM) funded in 2010 manages more than 149 facilities in 24 states. Its properties operate under 60 brand names. It also oversees three UPS Stores.