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Self-Storage Management Firms Report 4Q 2017 Financial Results

Update 3/1/18 – Self-storage management firms Absolute Storage Management (ASM) and Storage Asset Management Inc. (SAM) have released their fourth-quarter 2017 and full-year operating results, respectively. Both firms showed improvements in same-store revenue.

ASM, which owns storage properties in addition to managing for others, increased same-store revenue by 5.4 percent. Same-store occupancy was 87.5 percent as of Dec. 31, according to a press release. The company gained 17 management contracts during the quarter.

SAM, a property-management and consulting firm that manages more than 90 self-storage properties, increased same-store revenue for the 2017 fiscal year by 6.3 percent and net operating income by 10.2 percent compared to 2016. Occupancy at same-store locations was 89.9 percent as of Dec. 31, according to a press release.

SAM’s managed facilities collected more than $39 million in revenue during the year. Those properties moved in more than 22,500 tenants, including 879 reservations completed online, the release stated.

Founded in 2002, ASM operates 92 properties in 13 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 oversees storage facilities operating under 51 brands as well as three UPS Stores.

2/2/18 – Sentry Self Storage Management, an industry management and consulting firm, has released its fourth-quarter 2017 operating results showing year-over-year improvement in revenue, net operating income (NOI) and occupancy. The company reported revenue growth of 5.2 percent and a 0.4 percent decrease in property expenses, which resulted in a 7 percent increase in NOI compared to the same period in 2016.

Occupancy at Sentry-operated self-storage properties was 90.3 percent as of Dec. 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 in the fourth quarter. A third expansion is underway at a facility in Grayson, Ga., which is slated to be finished during the second quarter. The firm also has a site under development in Deerfield Beach, Fla., which will open this year, and another in Hollywood, Fla., scheduled to open in early 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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