Self-Storage Management Firm ASM Releases Second-Quarter 2024 Results

Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for the second quarter that ended June 30. The company increased same-store revenue by 1.7% for the quarter compared to the same period in 2023, according to a press release.

ASM gained four management contracts during the quarter, one for an operating facility and three for projects under construction. The properties are All Season Storage in Mobile, Alabama; Freeway Self Storage in Phenix City, Alabama; Silo Self Storage in Holly Springs, Georgia; and Broad Ave Self Storage in Memphis, Tennessee.

Delinquencies remained nearly flat in the second quarter, in line with the same period last year. This stability is attributed to a marked reduction in overdue accounts, specifically within the 31-plus days overdue category. In addition, the company had a 13% decrease in move-outs alongside an 8% decline in rentals compared to the same period in 2023.

“I am pleased with our quarter's results, as we are pacing well in comparison to the industry’s [real estate investment trust] operators despite the increased competition and continued softened existing home sales,” said CEO Scott Beatty. “I’m confident in our team's ability to convert leads into rentals and efficiently collect from current tenants. This will serve us well as we move into the second half of the year.”

ASM placed at No. 10 on the 2024 Inside Self-Storage (ISS) Top-Operators List of Facility-Management Companies. The annual compilation ranks real estate investment trusts, multi-facility operators and management firms by total rentable square footage. ASM was also recognized in the “Best Operational Consulting” category in this year’s Inside Self-Storage Best of Business reader-choice poll, which asks industry professionals to identify their favorite suppliers in 40 categories. It’s the third time ASM has won in this category.

“We are deeply grateful to our industry colleagues and partners for their continued trust and support,” Beatty said.

Founded in 2002, ASM operates 144 properties in 15 states. Headquartered in Memphis, it has regional offices in Atlanta; Tampa, Florida; Charlotte, North Carolina.; and Nashville, Tennessee.