Sentry Self Storage Management, a third-party management and consulting firm for self-storage operations, released its second-quarter 2022 operating results, ending June 30. The company reported quarter-over-quarter growth of 2% in total revenue and net operating income (NOI), according to a press release.
Same-store revenue grew by 21%, and reduced operating expenses drove NOI to a 25% year-over-year same-store increase. Occupancy at Sentry-operated properties was 90% in the quarter, the release stated.
Expansions remain in progress at three Florida facilities in Boca Raton, Orlando and Tampa, with all slated to be complete this year. Sentry is also in the planning phases for three new stores. The ones in Cumming, Georgia, and East Boca Raton, Florida, are expected to open this year, while the one in St. Lucie County, Florida, has an anticipated opening date of early 2023.
Based in Coral Springs, Florida, and founded in 1997, Sentry owns or manages 23 self-storage facilities comprising 1.7 million net rentable square feet. In addition to consulting and property management, the company offers assistance with acquisitions, development, project feasibility and renovations.