Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for its fourth quarter and full fiscal year, which ended Dec. 31. For the quarter, the company increased same-store revenue by 4.2 percent compared to the same period last year. Physical occupancy was 91 percent at year-end compared to 87 percent in 2019.
ASM gained five management contracts during the quarter. Three are for operating facilities while the remaining two are for properties under construction. The sites are: Handy Mini Storage in Wynne, Ark.; Houston Levee Storage in Cordova, Tenn.; Sigma Drive Self Storage in Summerville, S.C.; Steward Self Storage in Saint Peters, Mo.; and Walter Hill Storage in Murfreesboro, Tenn.
Over 2020, same-store revenue increased 1.8 percent compared to 2019. Same-store net operating income grew 2.2 percent, while expenses increased .9 percent. Same-store move-ins were up 1.7 percent for the year, while move-outs decreased 8.9 percent from March, after the onset of the coronavirus pandemic. The company added 32 management contracts in total.
Founded in 2002, ASM manages 135 properties in 16 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.