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. First Quarter results for 2014 are in and, once again, ASM is seeing positive results.
As of March 2014, Absolute Storage Management’s current same store property pool is comprised of 45 properties. The properties are chosen based on the historic data ASM has and also if the properties are stabilized, so as to not inflate the results. At those 45 properties, total income increased 10.7% from 2013 to 2014. This is largely due to increasing rental income through tenant and street rent increases, while decreasing discounts applied to new occupants. Retail and insurance income has also contributed to the increase. The Square Foot Occupancy Rates have increased by 3.3% from 2013 to 2014 and Street Rates (GPI) have increased by 3% over last year’s results.
ASM president Michael Haugh thinks the numbers bear out that his company is on the right track with the expectation that growth will continue through the 2014 calendar year and improve upon the numbers of 2013. Haugh points out that a large portion of the growth is due to their engaging and effective website presence. ASM’s website (www.absolutemgmt.com) accounted for over 4,500 leads to the facilities at the end of the first quarter alone.
“We continue to execute at a high level and compete effectively with the public companies,” said Haugh. “Our team is expecting continued solid growth in revenue and NOI for the remainder of 2014. Most of our trade areas are doing well enough to allow for improved street rent growth.”
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 further information and news about Absolute Storage Management, please go to the ASM website at www.absolutemgmt.com. Contact Grace Anderson at grace.anderson@absolutemgmt.