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Self-Storage Management Firms ASM, Sentry Report 3Q 2020 Financial Results

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Update 11/12/20 – 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 1.2 percent compared to the same period last year. Same-store net operating income increased by 1.4 percent. Results for the quarter were affected by the coronavirus pandemic, which halted lien sales, reduced the collection of rent and fees, and limited the potential for rate increases earlier this year, according to a press release.

ASM gained eight management contracts during the quarter. Three are for operating facilities while the remaining are for properties under construction. The sites are: Arnoldsville Storage and Crawford Storage in Crawford, Ga.; Box Self Storage in Chattanooga, Tenn., and Overland Park, Kan.; Canton Self Storage in Canton, Ga.; Five Points Storage in Athens, Ga.; Pleasant Hill Storage in Olive Branch, Miss.; and Sigma Drive Self Storage in Summerville, S.C.

ASM’s online-rental program, launched mid-2019, experienced record activity in May and April, accounting for 40 percent of total rentals. The rate has now settled to 25 percent of total rental activity.

The company also released highlights of operating results for the nine months ended Sept. 30. Same-store revenue increased by 1.1 percent over the same period in 2019. AMS ended the time period with 91.7 percent square feet occupancy compared to 88.9 percent. The company also added 28 management contracts.

Founded in 2002, ASM operates 140 properties in 16 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.


11/10/20 –Sentry Self Storage Management, a third-party management and consulting firm for self-storage operations, has released its third-quarter 2020 operating results, showing year-over-year improvement in revenue and net operating income (NOI). The company reported revenue growth of 7 percent and slightly elevated property expenses, which resulted in a 4 percent increase in NOI compared to the same period in 2019. Occupancy at Sentry-operated properties was 90 percent as of Sept. 30.

Expansions are in progress at three Florida facilities in Boca Raton, Orlando and Tampa, all slated to be complete next year. Sentry is also in the initial planning phases for a new store in East Boca Raton, which will also open in 2021.

Based in Coral Springs, Fla., and founded in 1997, Sentry owns or manages 24 self-storage facilities comprising more than 1.8 million net rentable square feet. In addition to consulting and property management, the company offers assistance with acquisitions, development, project feasibility and renovations.

Source:
PR Web, Sentry Self Storage Management Reports Third Quarter 2020 Financial Results

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