Self-storage management companies Storage Asset Management Inc. (SAM) and Sentry Self Storage Management have released mid-year and second-quarter operating results, respectively. Both showed improvements in same-store revenue over last year.
SAM, a property-management and consulting firm that manages more than 60 self-storage properties along the East Coast, increased same-store revenue for the first six months of the year by 6.8 percent compared to the first two quarters of 2015. Occupancy at same-store locations grew 2.7 percent.
The company has received 11 management contracts since the beginning of the year, including its first properties in Colorado and Michigan, according to a press release. Other states represented include Delaware, North Carolina, Ohio, Pennsylvania and Tennessee. SAM also has five contracts to manage self-storage facilities currently in development.
“We have had a really great start to 2016,” said Alyssa Quill, vice president. “We are proud of our managed stores and the expansion of SAM. We look forward to using our proven strategies to have an even better second half of 2016.”
Sentry Self Storage Management reported revenue growth of 7.9 percent during the second quarter compared to the same period a year ago. Property expenses decreased 1.1 percent year over year, contributing to an 11.8 percent increase in net operating income, according to a press release. Occupancy at its properties was 91.8 percent as of June 30, an increase of 70 basis points compared to last year.
The company also announced its development activity in Deerfield Beach, Fla., and North Haven, Conn.
Founded in 2010 and based in York, Pa., SAM oversees storage facilities and three UPS Stores.
Based in Coral Springs, Fla., Sentry Self Storage provides industry management and consulting services. Its portfolio of owned and managed facilities includes 25 properties comprising more than 2.1 million net rentable square feet.