Self-Storage Management Firm SAM Reports Full-Year 2022 Results

Storage Asset Management (SAM), a self-storage management and consulting company, has announced its operating results for the 2022 fiscal year, which ended Dec. 31. The company increased same-store revenue by 11.9% compared to 2021 and grew net operating income (NOI) by 15.8%, according to a press release.

“We are really proud of our team,” said CEO Alyssa Quill. “Achieving 15.8% growth in NOI after achieving 26.6% NOI growth in 2021 was not easy. Our teammates continue to live out our core values every day, and it shows in these extraordinary results.”

As of Dec. 31, SAM managed 538 self-storage locations comprising 211,997 units across 37 states. Its portfolio now includes 164 unmanned storage sites, a 56% increase over the previous year. The company also has 11 commercial and industrial properties in its managed portfolio.

SAM’s same-store pool for the period consisted of 149 stores that were stabilized by Jan 1, 2022. The company considers a store stabilized once it has been open for three years or sustained average square-foot occupancy of 80% or more for one calendar year, the release stated. If a property reduces in size, it’s removed from the same-store pool until the beginning of the calendar year, at least 12 months from the date of change.

Founded in 2010 by Quill and Jay Hoke, SAM employs 875 people at its store, regional and corporate office level. It’s based in York, Pennsylvania.