Self-storage management company Absolute Storage Management (ASM) reported its financial results for the first quarter ended March 31.
To avoid inflating results, the company’s same-store property pool is comprised of 45 facilities, chosen from stabilized properties and based on historic data. At those facilities, total income increased 10.7 percent from the same period in 2013. The growth was largely due to increasing rental income, combined with decreasing discounts for new tenants, according to a press release. Retail and insurance income also contributed. The company’s square-foot occupancy rates rose by 3.3 percent, and street rates increased by 3 percent over same quarter in 2013.
“We continue to execute at a high level and compete effectively with the public companies,” said Michael Haugh, president. “Our team is expecting continued solid growth in revenue and [net operating income] for the remainder of 2014. Most of our trade areas are doing well enough to allow for improved street-rent growth.”
Haugh also said a large portion of the company’s growth is due to its website, which accounted for more than 4,500 leads during the first quarter.
Founded in 2002, ASM owns and manages self-storage facilities throughout the Southeast, operating more than 80 properties in 13 states. The company is actively seeking to add additional properties to its portfolio through traditional third-party management relationships and joint-venture/acquisition opportunities. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; and Jackson, Miss.