Self-Storage Management Firms Report 1Q 2018 Financial Results

Update 5/15/18 – Absolute Storage Management (ASM), a self-storage owner and property-management firm, announced operating results for the first quarter of 2018. The company increased same-store revenue by 6.3 percent and same-store rent per occupied unit by 2.8 percent compared to the same period last year. Occupancy at its 65 same-store pool increased by 1.7 percent as of March 31, according to a press release.

ASM gained eight management contracts during the quarter. The facilities are Bonaire Mini Storage in Bonaire, Ga.; Chestnut Self Storage in Doraville, Ga.; East Hickman Self Storage in Lyles, Tenn.; Murrayville Self Storage in Murrayville, Tenn.; North Lanier Boat & RV Storage in Cumming, Ga.; Reedy River Storage in Greenville, S.C.; The Second Attic Mini Storage in St. Louis; and Twin City Self Storage in Normal, Ill.

“We are extremely excited and pleased with our same-store revenue growth for the first quarter. This growth comes on the heels of an outstanding 2017 in which we saw same-store revenues grow 5.8 percent; and I believe it speaks volumes for our company’s ability to respond to increased competition and maximize results in each of our local property trade areas,” said Scott Beatty, chief financial officer. “Our second quarter has started strong as well and we look forward to a productive peak summer rental season.”

Founded in 2002, ASM operates 105 properties in 13 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.

5/9/18 – Sentry Self Storage Management, an industry management and consulting firm, has released its first-quarter 2018 operating results showing year-over-year improvement in revenue, net operating income (NOI) and occupancy. The company reported revenue growth of 5 percent and a 1.9 percent increase in property expenses, which resulted in a 7.2 percent increase in NOI compared to the same period in 2017.

Occupancy at Sentry-operated self-storage properties was 90.5 percent as of March 31, a year-over-year increase of 20 basis points, according to a press release.

The company is expanding two properties in Lakeland and Tampa, Fla., which are expected to be complete during the fourth quarter. A third expansion project in Grayson, Ga., finished on May 1. The firm opened a new site in Deerfield Beach, Fla., earlier this year, and is expected to open another property in Hollywood, Fla., during the first quarter of 2019.

Based in Coral Springs, Fla., and founded in 1997, Sentry owns or manages 27 properties comprising more than 2.3 million net rentable square feet. The company’s services include consulting, development, feasibility studies, acquisitions, renovations and facility management.

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