Fourth Quarter 2020 and Year-End Review
February 9, 2021 in Management News
Absolute Storage Management (ASM), a leading private, third-party management company for self-storage facilities in the United States, announced operating results for the three months and year ended December 31, 2020.
2020 Highlights for Three Months Ended December 31, 2020:
- Increased same-store revenue by 4.2% compared to the same period in 2019.
- Reported same-store square foot occupancy of 91% as of December 31, 2020 compared to 87% as of December 31, 2019.
- Acquired five (5) management contracts: three (3) operating facilities and two (2) facilities after construction.
- Same-store ARs over 91+ days past due reduced 26%, and all accounts past due reduced 31% in the last quarter of 2020 as compared to 2019.
2020 Highlights Year Ended December 31, 2020:
- Increased same-store revenue by 1.8% compared to the same period in 2019.
- Acquired thirty-two (32) management contracts: twenty (20) operating facilities and twelve (12) facilities after construction.
- Same-store move-ins were up 1.7%, and move-outs were down 8.9% from March (onset of COVID).
- Achieved 2.2% same- store NOI for the year, with a 0.9% increase in expenses (COVID response and property insurance).
Over the three months ending December 31, 2020, ASM added five (5) total management contracts in the United States. These properties include Handy Mini Storage in Wynne, AR; Steward Self Storage in Saint Peters, MO; Sigma Drive Self Storage in Summerville, SC; Walter Hill Storage in Murfreesboro, TN; and Houston Levee Storage in Cordova, TN. As of quarter end, December 31, 2020, ASM actively manages 135 properties in 16 states.
Noteworthy 2020 Updates:
- Despite the uncertainty of Covid-19, ASM team members and facilities remained open and operational for the duration of 2020 and into 2021.
- Absolute Storage Management is happy to announce the promotion of four team members, Shane Carlson, Megan Leacock, Chris Hedrick, and Liz Emmett into new roles within the company. Shane Carlson, Technology Manager, Megan Leacock, Training Manager, Chris Hedrick, Regional Lead, and Liz Emmett, Regional Lead, were promoted to their new roles as the company positions itself for further growth and development in 2021.
LOOKING FOR A COMPANY TO MANAGE YOUR SELF STORAGE PROPERTY?Contact Jasmin Jones