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Store Space Self Storage Releases 4Q 2020 Financial Results

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Store Space Self Storage, which owns or manages 50 facilities in 15 states, has released its fourth-quarter 2020 operating results, showing year-over-year growth. The company posted a 44 percent increase in rental volume compared to the same quarter in 2019. Overall, it garnered a 38 percent increase over the previous year, according to a press release.

“Our company's success hinges on the hard work of our employees across our footprint,” said Rob Consalvo, chief operating officer and president. “By supporting them with leading-edge technology, we were able to reach new heights despite the challenges presented to us and the industry as a whole from the pandemic and economic downturn.”

Touchless Rentals, powered by the company's Storage360 Platform, accounted for 55 percent total leasing activity in the third and fourth quarters, and 50 percent from October through December. The offering includes online and phone-based rentals, the release stated.

“Across the industry, the need to scale touchless offerings was somewhat of a surprise,” said Michael Baillargeon, senior vice president of operations. “Fortunately, we were already ahead of the curve, allowing us to focus on continued growth and ways to increase usability for consumers.”

Store Space either opened or agreed to purchase seven facilities in the fourth quarter, including a second site in Rochester, N.Y., and new locations in Georgetown, Ind., and Tampa and Temple Terrace, Fla. Additional facilities in Florida, Ohio and Texas are slated to open this year.

Launched in 2018 and based in Winter Garden, Fla., Store Space operates an owned and managed portfolio comprising more than 25.3 million net rentable square feet of self-storage.

Source:
PR Newswire, Store Space Self Storage Announces 2020 Q4 Results

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