Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for the fourth quarter and year that ended Dec. 31. The company increased same-store revenue by 18.6% for the quarter compared to the same period in 2020, according to a press release.

ASM reported same-store square-foot occupancy of 93% at year’s end, up 1% for the same quarter in 2020. The company gained seven management contracts during the quarter. Six are for operating facilities and one is for a project under construction. The properties are Absolute Storage of Conway in Conway, Arkansas; The Storage Inn in Lynn Haven, Florida; Crestview Storage in Crestview, Florida; Hillcrest Storage in Mableton, Georgia; Steward Boat & RV Storage in O'Fallon, Missouri; Store It Spring Hill in Spring Hill, Tennessee; and Tech Secures Storage in Tomball, Texas.

Year to date, ASM increased same-store revenue by 14.9% and achieved 18.1% same-store net operating income for the year, which was driven by its increase in revenue, the release stated. It also improved its gross potential income by 33% compared to the same period in 2020. ASM acquired 19 management contracts for the year including 13 operating facilities and six under construction.

With industry occupancies at a record high, ASM improved its revenue management by rolling out an integrated program combining automation, technology and human review. It uses property-specific pressure sensors to determine daily rates for unit types, the release stated.

Founded in 2002, ASM operates 124 properties in 16 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.