Self-storage property-management firms Absolute Storage Management (ASM) and Storage Investment Management Inc. (SIMI) have announced financial results for the first quarter and half of 2016, respectively. In general, the companies showed gains in key areas including revenue, net operating income (NOI) and occupancy.
Absolute Storage Management
ASM reported that same-store revenue for its 57 facilities increased 10.3 percent in the first quarter compared to 9.7 percent for the same period in 2015. Same-store square-foot occupancy grew 2.3 percent year over year, while rent per occupied unit increased 6.9 percent compared to the same period a year ago.
The company added four operating facilities and one development to its portfolio during the quarter, according to a press release. All five properties are in the Southeast.
Founded in 2002, ASM owns and manages self-storage facilities throughout the Southeast, operating more than 89 properties in 12 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
Storage Investment Management Inc.
SIMI reported a 6.2 percent increase in revenue for the first half of 2016 compared to a year ago, while expenses decreased 6.9 percent. NOI grew 21.07 percent year over year, and occupancy increased about 1.2 percent for the same period compared to 2015.
Headquartered in New York, SIMI is led by principals Charlie Fritts, president, and David Inman, chief operating officer, who have a combined 75 years of self-storage industry experience. The company manages 28 facilities in Connecticut, Maine, Massachusetts, New Jersey, New York, Pennsylvania and Rhode Island.