Facility and Management News

First Quarter (Q1) Results for Absolute Storage Management

May 7, 2024 in Facility and Management News

Written By: Grace Totty, VP of Marketing and Sales

MEMPHIS, Tennessee – Absolute Storage Management (Absolute), a leading third-party management company for self-storage facilities in the United States, announced operating results for the three months ended March 31, 2024. 

2024 Highlights for Three Months Ended March 31, 2024: 

  • Increased same-store revenue by 0.7% vs. the same period in 2023.  
  • Same-store rentals for the quarter decreased 7% year-over-year. Offset by a more dramatic decrease in move-outs of 14%. 
  • Same-store quarter ending square foot occupancy of 87% 
  • Acquired six (6) management contracts, all facilities at the completion of construction.   

Absolute’s 2024 same-store pool consists of 98 stabilized properties managed since January 1, 2023. The average size of these properties is 60,300 rentable square feet and have been managed by Absolute for five and a half years. In total, the group comprises over 44,400 units and over 5.8 million square feet.   

CEO Scott Beatty comments on this quarter’s performance and next quarter’s focus, saying, “We’re pleased with our first quarter results as increased competition and continued muted existing home sales have combined for a challenging operating environment. I’m cautiously optimistic for an uptick in rental activity as we enter the spring and summer seasons and I have tremendous confidence in our team’s ability to capture the next rental and maximize our returns for our clients.” 

Absolute is propelling itself into 2024 by introducing several new roles to its organizational framework. To augment existing leadership and enhance current systems while also launching new ones, Absolute has introduced a VP of Accounting, a Director of Marketing, and a Director of Operational Effectiveness this year. Complementing these key positions are the introduction of a Technical Marketing Specialist, poised to bridge the gap between technology and marketing strategies, and a Sales Center Manager tasked with driving sales excellence for Absolute’s internal Sales Center.   

Absolute actively manages 140 properties in 15 states.  Over the three-month quarter ending March 31, 2024, Absolute gained management of the following properties: Boxville Storage in Athens, GA; Rock Chapel Self Storage in Lithonia, GA; McFarland Parkway Storage in Alpharetta, GA; Flying Tiger Storage in Valdosta, GA; Hwy 221 Storage in Spartanburg, SC; and Centro Storage in Myrtle Beach, SC.