Investment Real Estate Management (IREM), a third-party management company specializing in self-storage properties, announced fourth-quarter and year-end 2009 operating results for the portfolio of facilities it manages.
Same-store revenue grew 1.8 percent and net operating income grew 1.7 percent in 2009 compared to 2008. Property operating expenses increased 2.1 percent. Though the year began with negative occupancy growth, occupancy reached 2008 levels by August. At the end of December, same-store occupancy was 3.4 percent higher than it was at the end of 2008.
During the fourth quarter of 2009, revenue grew 1.8 percent and NOI grew 3.4 percent compared to the same quarter of 2008. Expenses decreased by 0.7 percent.
IREM currently operates 45 self-storage facilities in the mid-Atlantic and northeast states, and offers consulting services to owners and operators nationwide.