Update 11/12/19 – Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced its operating results for the three months ended Sept. 30. The company increased same-store revenue by 4.8 percent compared to the same period last year. Same-store net operating income (NOI) increased by 4.5 percent, according to a press release.
ASM gained four management contracts of operating facilities during the quarter. The properties are A-1 Storage of Bentonville in Bentonville, Ark.; Storageguard Self Storage in Portland, Tenn.; West Knox Safe & Sound Storage in Knoxville, Tenn.; and USA Self Storage in Fort Lauderdale, Fla.
“ASM’s properties and team members had an outstanding third quarter even as competition increased in many of our markets. Our focus on the details including revenue management and marketing have propelled our growth. We look forward to finishing the year strong,” said CEO Scott Beatty.
The company also released highlights of operating results for the ninth months ended Sept. 30. Same-store revenue increased by 3.6 percent over the same period in 2018. Same-store NOI increased by 3.9 percent. AMS ended the time period with 89.2 percent square feet occupancy compared to 89.9 percent in the same period in 2018. The company also added 14 management contracts.
Founded in 2002, ASM operates 131 properties in 14 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
11/4/19 – Sentry Self Storage Management, an industry management and consulting firm, has released its third-quarter 2019 operating results, showing year-over-year improvement in revenue, net operating income (NOI) and occupancy. The company reported revenue growth of 4 percent and a 5 percent decrease in property expenses, which resulted in a 9 percent increase in NOI compared to the same period in 2018.
Occupancy at Sentry-operated self-storage properties was 89 percent as of Sept. 30, a year-over-year increase of 340 basis points, according to a press release.
The company expects to open a new property in Hollywood, Fla., during the fourth quarter, which will add 83,000 square feet to its portfolio. It has two expansion projects underway in Boca Raton and Tampa, Fla., with completion dates scheduled for next year.
Based in Coral Springs, Fla., and founded in 1997, Sentry owns or manages 23 properties comprising more than 1.7 million net rentable square feet. The company’s services include consulting, development, feasibility studies, acquisitions, renovations and facility management.