Storage Investment Management Inc. (SIMI) announced its third-quarter 2010 operating results for its 31 owned and contract-managed facilities. Highlights include:
- The company reports occupancy grew 78 basis points compared to the same quarter last year. Same-store sales rose by 204 basis points compared to the same quarter in 2009. Expenses decreased by 23 basis points, and net operating income (NOI) rose by 446 basis points compared to same quarter last year.
- Year to date same-store sales rose 251 basis points compared to 2009.
- Operating expenses have decreased by 401 basis points and NOI rose by 605 basis points compared to same quarter in 2009.
Same-store sales increased primarily through a reduction in tenant concessions and an increase in occupancy and stronger rates. NOI increases are attributable to ongoing expense reductions along with an increase in revenue.
An owner-operator, fee manager and consultant in the self-storage industry, SIMI currently manages more than 30 properties in the Northeast.
