Storage Asset Management (SAM), a self-storage management and consulting company, has announced its operating results for the first quarter of 2021. The company increased same-store revenue by 12% compared to the same period last year. It also grew net operating income by 14.3%, according to a press release.
Same-store occupancy grew 6.1%. There was also significant growth in rental rates achieved per square foot, with an increase of 3.3%. SAM added 25 locations to its portfolio during the quarter, bringing its number of managed locations to 335 in 31 states.
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 Jay Hoke and Alyssa Quill, SAM employs more than 600 people at its store, regional and corporate office level. It’s based in York, Pa.