Every company places continued growth high on its priority list of yearly goals and Absolute Storage Management (ASM) has seen the kind of steady growth in recent years that has resulted in a well-earned reputation as one of the top management organizations in self storage. Second Quarter results for 2014 are in and, once again, ASM is seeing positive results.
As of June 2014, Absolute Storage Management’s current same store property pool is comprised of 42 properties. This property list is comprised of properties with entire prior year data that shows the property in a stabilized state so to not inflate results with lease up properties. At those 42 properties, total income increased 10.2% from 2013 to 2014. This is largely due to an overall increase in all income categories including: rent, late charges, admin fees, retail sales, insurance incomes, in addition to decreases in discounts. The Square Foot Occupancy Rates have increased by 4.9% from 2013 to 2014, which is a result of increased leasing activity and a decreased turnover. In addition, our Street Rates (GPI) have increased by 2.9% over last year’s results.
“Operating fundamentals remain strong in a majority of our trade areas,” says Michael Haugh, President of ASM. “We are very proud of our results. 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.”
Absolute Storage Management
Absolute Storage Management (ASM) is a self storage management company founded in 2002, and is a leading provider of third-party management services in the Southeastern USA region. ASM holds its headquarters in Memphis, TN with regional offices in Atlanta, GA; Charlotte, NC; and Jackson, MS. The company operates over 80 properties in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and Virginia. For more information, please visit: https://www.absolutemgmt.com]]>