Storage Asset Management (SAM), a self-storage management and consulting company, has announced its operating results for the first half of 2021. The company increased same-store revenue by 17.5% compared to the same period last year. It also grew net operating income by 22.3%, according to a press release.
In July, SAM hit a property-management milestone by reaching 300 managed self-storage offices. Those contracts represent more than 360 self-storage locations across 32 states. To celebrate, the company provided means for its facility managers, district managers and corporate employees to complete a good deed within the communities they serve, the release stated.
“We are really proud of the excellent results our team has achieved for our clients,” said CEO Alyssa Quill. “Our proven strategies and hard-working team have increased the number of stores under management, while driving strong numbers for our managed stores. We’re especially proud of the team members who have grown with us. It’s been amazing to watch so many of them take on more responsibilities and become mentors for their peers. We appreciate all our clients in entrusting us to manage their self-storage facilities.”
SAM’s same-store pool for the period consisted of 161 stores that were stabilized by Jan 1. The company considers a store stabilized once it has been open for three years or has sustained average square foot occupancy of 80% or more for one calendar year, the release stated. If a property reduces in size, it’s removed from the same-store pool until the beginning of the calendar year, at least 12 months from the date of change.
Founded in 2010 by Quill and Jay Hoke, SAM employs more than 600 people at its store, regional and corporate office level. It’s based in York, Pennsylvania.