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Self-Storage Management Firms Report 3Q 2017 Operating Results

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Update 11/22/17 – Absolute Storage Management (ASM), a self-storage owner and property-management firm, announced operating results for the third quarter of 2017. The company increased same-store revenue by 4.2 percent compared to the same period last year. Occupancy at its 57 same-store pool was 86.5 percent as of Sept. 30, compared to 84.4 percent during the third quarter of 2016, according to a press release.

ASM gained two management contracts during the quarter. The facilities are Hernando Self Storage in Hernando, Miss., and Scenic City Self Storage in Chattanooga, Tenn.

The company also reported that none of its properties suffered substantial damage from Hurricanes Harvey, Irma or Maria. However, the storms caused some issues including property inaccessibility, minor property damage, power outages, phone outages and staffing shortages, the release stated.

Founded in 2002, ASM operates 96 properties in 13 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.


10/26/17 – Sentry Self Storage Management, an industry management and consulting firm, has released its third-quarter 2017 operating results showing year-over-year improvement in revenue, net operating income (NOI) and occupancy. The company reported revenue growth of 5.9 percent and a decrease in expenses of 1.2 percent decrease, which resulted in an 8.6 percent increase in NOI compared to the same period in 2016.

Occupancy at Sentry-operated self-storage properties was 90.7 percent as of Sept. 30, a year-over-year increase of 50 basis points, according to a press release.

During the quarter, the company added one new third-party management contract for a facility in Spring, Texas. It’s also expanding two properties in Lakeland and Tampa, Fla. Both are expected to be complete during the third quarter of 2018. Additional projects include facilities under development in Deerfield Beach, Fla., which will open this year, and Hollywood, Fla., slated to open in fall 2018.

Based in Coral Springs, Fla., and founded in 1997, Sentry owns or manages 27 properties comprising more than 2.3 million net rentable square feet. The company’s services include consulting, development, feasibility studies, acquisitions, renovations and facility management.

 

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