Sentry Self Storage Management, a third-party management and consulting firm for self-storage operations, has released its first-quarter 2021 operating results, showing year-over-year improvement in revenue and net operating income (NOI). The company reported revenue growth of 20% and slightly elevated property expenses, which resulted in a 13% increase in NOI compared to the same period in 2020. Occupancy at Sentry-operated properties was 90 percent as of March 31.
Expansions are in progress at three Florida facilities in Boca Raton, Orlando and Tampa, all slated to be complete this year. Sentry is also in the initial planning phases for a new store in East Boca Raton, which will open in 2022.
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.