Self-storage property management firm Absolute Storage Management (ASM) has released its operational results for the second quarter that ended June 30. As of June, the company’s same-store property pool was comprised of 42 properties. To avoid inflating the results with lease-up properties, the analyzed list is comprised of stabilized self-storage facilities with complete prior-year data.
At the 42 properties, total income increased 10.2% year over year. The company said this was largely due to an overall increase across all income categories including rent, late charges, administrative fees, retail sales and insurance income, as well as a decrease in discounts. Square-foot occupancy increased 4.9 percent from 2013 to 2014, a result of increased leasing activity and decreased turnover, according to the company. In addition, street rates increased 2.9 percent over last year’s results.
“Operating fundamentals remain strong in a majority of our trade areas. We are very proud of our results,” said Michael Haugh, president. “However proud we may be, we strive to seek places where improvements can be made. Despite our strong revenue growth, the properties that are lagging in performance generally are more challenging due to their physical locations. We are very encouraged by the progress that the Internet has provided these locations. We expect continued improvement at these locations as we deploy several new Internet strategies the second half of 2014.”
Founded in 2002, ASM owns and manages self-storage facilities throughout the Southeast, operating more than 80 properties in 13 states. The company is actively seeking to add additional properties to its portfolio through traditional third-party management relationships and joint-venture/acquisition opportunities. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; and Jackson, Miss.
