Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for the first quarter of 2021. The company increased same-store revenue by 8.8% compared to the same period last year. Same-store net operating income increased by 14.2%, with a 2% decrease in expenses, according to a press release.
The company also increased its square-foot occupancy by 6% compared to the first quarter in 2020. It ended the period with 90.5% occupancy, a 6.4% surge, the release stated.
ASM gained three management contracts during the quarter. One is for an operating facility while the remaining are for properties under construction. The sites are 1 Stop Self Storage in Dayton, Ohio; Bent Creek Storage in Auburn, Ala.; and Sunshine Storage in Plaquemine, La.
“I am extremely proud of our team’s performance, not just during the first quarter of 2021, but over the past year,” said CEO Scott Beatty. “Our same-store growth and consistent expense management practices have allowed us to achieve industry-leading results despite the headwinds.”
Founded in 2002, ASM operates 137 properties in 16 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.