Update 3/10/17 – Storage Asset Management (SAM), a property-management and consulting firm, reported its 2016 financial results for the 66 self-storage properties it manages. The company increased same-store revenue by 7.4 percent and NOI by 10.5 percent, according to a company press release. Same-store occupancy grew 2.9 percent during the year.
SAM collected more than $25 million in rent while managing a portfolio comprising more than 3.5 million square feet during the 12-month period, the release stated. It processed 495 online rentals and received 559 online reviews during the year, with an average star rating of 4.6, company officials said.
SAM attributed its results to its staff, a companywide focus on training, customized marketing and operating plans for each location, and an ability to build business-to-business relationships in the markets it serves.
Founded in 2010 and based in York, Pa., SAM oversees self-storage facilities as well as three UPS Stores in 18 states, primarily along the East Coast.
2/28/17 – Self-storage management company Absolute Storage Management (ASM), which owns and manages self-storage facilities throughout the Southeast, has released its fourth-quarter 2016 and year-end operating results, showing improvements in same-store revenue year over year.
ASM increased same-store revenue during the quarter by 6.4 percent compared to the same period in 2015 and 8 percent for the year, according to a press release. Occupancy at its 44 same-store locations was 86.6 percent for 2016. Net operating income at its same-store locations increased 12.7 percent for the 12-month period.
The company gained 14 management contracts during the year, including three in the fourth quarter. The most recent additions are in Alabama and Florida.
“2015 and 2016 have been record years for us and the industry, but we are now seeing a notable slowdown in rental-rate growth,” said Michael Haugh, president and CEO. “Also, occupancy has crested, and new supply should soften our sector in the second half of 2017 and especially 2018."
Founded in 2002, ASM manages 88 self-storage facilities, 16 of which are owned and operated in joint ventures with the company. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
1/27/17 – Sentry Self Storage Management, an industry management and consulting firm, has released its fourth-quarter 2016 operating results showing year-over-year improvement in revenue, net operating income (NOI) and occupancy. The company reported revenue growth of 7.3 percent and a 0.6 percent decrease in property expenses, which resulted in a 9.4 percent increase in NOI compared to the same period in 2015.
Occupancy at Sentry operated self-storage properties was 90.9 percent as of Dec. 31, a year-over-year increase of 30 basis points.
The company added two new management contracts during the quarter for self-storage properties in Houston and Orlando, Fla. Both assets will be added to Sentry’s management portfolio during the first quarter of 2017, the release stated.
The operator has development activity in Deerfield Beach and Hollywood, Fla., while its joint-venture project in North Haven, Conn., opened in December.
Based in Coral Springs, Fla., and founded in 1997, Sentry owns or manages 25 properties comprising more than 2.1 million net rentable square feet. The company’s services include consulting, development, feasibility studies, acquisitions, renovations and facility management.