Self-storage property-management firms Absolute Storage Management (ASM) and Storage Asset Management Inc. (SAM) have released their fourth-quarter and full-year 2018 operating results. Both firms reported an increase in same-store revenue, according to company press releases.
ASM, which owns storage properties in addition to managing for others, increased same-store revenue by 4.7 percent compared to the same period last year. The company gained three management contracts for existing facilities and three more for sites under construction. The properties are Box Self Storage in Cincinnati; Bradley Road Storage in Libertyville, Ill.; Campus Storage in Tuscaloosa, Ala.; Ponchatoula Storage in Ponchatoula, La.; South Broad Storage in Chattanooga, Tenn.; and The Storage Project in Louisville, Ky.
Highlights for ASM in 2018 include surpassing its year-over-year income goal of 5 percent and increasing same-store net operating income (NOI) by 6.7 percent, which was driven by the 5.2 percent increase in income and a 2.3 percent increase in expenses, the release stated. Overall, the company acquired 29 management contracts last year.
SAM, a property-management and self-storage consulting firm, reported an increase of same-storage revenue by 7.1 percent and an increase in NOI of 6.5 percent. Additional highlights for the year include growing same-storage occupancy by 2.3 percent and collecting more than $63 million in revenue. SAM-managed properties moved in more than 58,400 tenants, including 1,481 reservations completed online, the release stated.
Founded in 2002, ASM operates 116 properties in 14 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
Founded in 2010 and based in York, Pa., SAM manages more than 149 facilities in 24 states. Its properties operate under 60 brand names. It also oversees three UPS Stores.