Third-Party Managing company and REIT Alternative, Absolute Storage Management, announces their third-quarter results for 2019.
FOR IMMEDIATE RELEASE / PRURGENT
MEMPHIS, Tennessee –Absolute Storage Management (ASM), a leading third-party management company for self-storage facilities in the United States, announced operating results for the three months ended September 30, 2019.
2019 Highlights for Three Months Ended September 30, 2019:
• Increased same-store revenue by 4.8% vs. the same period in 2018.
• Reported Same-Store Net Operating Income ("NOI") increase of 4.5% compared to the same period in 2018.
• Acquired four (4) management contracts of operating facilities.
2019 Highlights for Nine Months Ended September 30,2019:
• Increased same-store revenue by 3.6% vs. the same period in 2018.
• Reported Same-Store Net Operating Income ("NOI") increase of 3.9% compared to the same period in 2018.
• Ended the time period with 89.2% Square Ft. Occupancy compared to 89.9% same period in 2018.
• Added fourteen (14) stores to third-party management portfolio.
ASM’s 2019 same store pool consists of 63 stabilized properties managed since January 1, 2018. The income growth that these properties displayed is a direct result of ASM’s expertise in revenue and occupancy management, and the overall NOI growth is aided by consistent expense monitoring and economies of scale.
ASM’s properties and team members had an outstanding 3rd quarter even as competition increased in many of our markets. Our focus on the details including revenue management and marketing have propelled our growth. We look forward to finishing the year strong. Scott Beatty, CEO.
ASM actively manages 131 properties in 14 states. Over the three-month quarter ending September 30, 2019, ASM gained management of the following properties: A-1 Storage of Bentonville in Bentonville, AR; USA Self Storage in Fort Lauderdale, FL; West Knox Safe & Sound Storage in Knoxville, TN; and Storageguard Self Storage in Portland, TN.