Self-storage property-management firm Absolute Storage Management (ASM) has released its first-quarter 2019 operating results. At its 68 same-store managed facilities, ASM increased revenue by 3 percent and net operating income by 5.9 percent compared to the same period last year. Physical occupancy was 88.6 percent as of March 31, according to a press release.
“We are excited that our overall GPI [gross potential income] for the same-store property set has increased 3.2 percent year-over-year, and our expected income is up 4 percent,” said Jennifer Barnett, chief operating officer.
ASM gained three management contracts for existing self-storage facilities and four more for sites under construction during the quarter. The properties include two in Fayetteville, N.C.; Madison Self Storage in Shelbyville, Tenn.; Pensacola Storage in Pensacola, Fla.; StorGard Self Storage in Buford, Ga.; Tupelo Storage in Tupelo, Miss.; and Will-Stor Self Storage in Louisville, Ky.
Founded in 2002, ASM operates 122 properties in 14 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.