Self-Storage Management Firms Announce 3Q 2016 Financial Results

Self-storage management companies Absolute Storage Management (ASM) and Sentry Self Storage Management have released their third-quarter operating results. Both firms showed improvements in same-store revenue over last year.

ASM, which owns and manages self-storage facilities throughout the Southeast, increased same-store revenue during the quarter by 7.8 percent compared to the same period in 2015 and 9.1 percent for the first nine months of the year compared to last year. Occupancy at its 52 same-store locations was 87.8 percent through the nine-month period. The company removed three locations in Baton Rouge, La., from its same-store pool due to the impact of August flooding associated with Hurricane Matthew, according to a press release.

The company gained three management contracts during the quarter, including its first property in Imperial, Mo. The other two facilities are in Chamblee and Cumming, Ga. “Our performance speaks for itself, and we are excited about growth in new markets,” said Michael Haugh, president and CEO of ASM.

Sentry reported revenue growth of 7.7 percent during the third quarter compared to the same period a year ago. Property expenses decreased 0.9 percent year over year, contributing to a 10.1 percent increase in net operating income, according to a press release. Occupancy at its properties was 91.5 percent as of Sept. 30, an increase of 50 basis points compared to last year.

The company also announced it is continuing its development activity in Deerfield Beach, Fla., and North Haven, Conn. During the quarter, 27,000 square feet was added to its operating portfolio due to expansion projects in Ruskin, Fla., and Taylors, S.C.

Founded in 2002, ASM operates more than 96 properties in 13 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.

Based in Coral Springs, Fla., Sentry provides industry management and consulting services. Its portfolio of owned and managed facilities includes 26 properties comprising more than 2 million net rentable square feet.