Self-Storage Management Firm ASM Reports 3Q 2022 Financial Results

Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for the third quarter, which ended on Sept. 30. The company increased same-store revenue by 12.5% for the quarter compared to the same period in 2021, according to a press release.

ASM gained eight management contracts during the quarter. Seven are for operating facilities, with the other under construction. The properties are Barton Mini Storage in Byhalia, Mississippi; Ellenwood’s Best Storage in Ellenwood, Georgia; LokStar Self Storage in Madison, Alabama; Milton Self Storage in Alpharetta, Georgia; My Place Self Storage in Dallas; My Place Self Storage in Houston; Ponchatoula Storage in Ponchatoula, Louisiana; and Safe Space Storage in Waco, Texas.

The release also included highlights for the first nine months of 2022. Overall, ASM increased same-store revenue by 16% vs. the same period in 2021. It also increased rent per occupied unit of 19.3% over the same period last year. Twenty-eight management contracts have been added to the company’s portfolio.

“I'm extremely proud of our team as we continue to deliver outstanding results for our clients and a fantastic rental experience for our tenants,” said CEO Scott Beatty. “Our results for the quarter and year-to-date are tremendous in the face of increased pricing pressure and a slight decrease in overall lead activity for the industry. We look forward to finishing the year off with a strong fourth quarter.”

Founded in 2002, ASM operates 133 properties in 16 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, North Carolina.; Jackson, Mississippi; and Nashville, Tennessee.

Source: PR.com, Absolute Storage Management Reports 2022 Third Quarter Results