Self-Storage Management Firm ASM Reports 4Q and Year-End 2022 Financial Results

Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for the fourth quarter and year that ended Dec. 31. The company increased same-store revenue by 6.5% for the quarter compared to the same period in 2021, according to a press release.

ASM gained six management contracts during the quarter, five for operating facilities and one for a project under construction. The properties are Brunswick Space Place Self Storage in Brunswick, Georgia; Lucky Self Storage in Memphis, Tennessee; Midway Climate Controlled Storage in Midway, Georgia; My Place Self Storage in Fairfield, Alabama, and Sugar Land, Texas; and Safe Space Storage in Gulfport, Mississippi.

ASM increased same-store revenue by 13.5% for the year. The company also acquired 33 management contracts including 25 operating facilities and eight under construction.

“We are thrilled with our 2022 results and having achieved double-digit, same-store revenue growth for the third consecutive year. These are outstanding results that speak volumes about our team’s commitment to excellence and our dedication to outstanding customer service,” said CEO Scott Beatty. “As we move through the first quarter of 2023, we are seeing signs of rental activity returning to more normal, pre-COVID levels, with the winter months’ activity being slower. We are anticipating a strong spring and summer rental season, especially as we enter these months with increased occupancies above the same points in 2019. This strong foundation of occupancy will provide for continued year-over-year revenue growth for our locations.”

Founded in 2002, ASM operates 137 properties in 16 states. Headquartered in Memphis, Tennessee, it has regional offices in Atlanta; Tampa, Florida; Charlotte, North Carolina.; Jackson, Mississippi; and Nashville, Tennessee.

Source: PR Urgent, Fourth Quarter 2022 and Year-End Review For Absolute Storage Management