Memphis, TN, March 08, 2019 --(PR.com
)-- Absolute Storage Management (ASM), a leading private, third-party management company for self-storage facilities, announced operating results for the three months and year ended December 31, 2018.
2018 Highlights for Three Months Ended December 31, 2018:
· Increased same-store revenue by 4.7% compared to the same period in 2017.
· Acquired six (6) management contracts: three (3) operating facilities and three (3) facilities at the completion of construction.
2018 Highlights Year Ended December 31, 2018:
· Surpassed 2018 YOY income goal of 5.0%.
· Increased same-store revenue by 5.2% compared to the same period in 2017.
· Increased same-store NOI by 6.7% driven by the 5.2% increase in income and a 2.3% increase in expenses.
· Acquired twenty-nine (29) management contracts: thirteen (13) operating facilities and sixteen (16) facilities at the completion of construction.
Over the three months ending December 31,2018, ASM added six (6) total management contracts in the United States. These properties include Campus Storage (Tuscaloosa, AL), Bradley Road Storage – formerly Cube Smart Storage (Libertyville, IL), The Storage Project (Louisville, KY), Ponchatoula Storage (Ponchatoula, LA), Box Self Storage (Cincinnati, OH), South Broad Storage (Chattanooga, TN). As of quarter end, December 31,2018, ASM actively manages 116 properties in 14 states.
Property Recognition Year End 2018:
Properties that have been managed by Absolute Storage Management (ASM) for at least a full year and that are in their stabilized leasing state are benchmarked on many data points to evaluate total year performance. These data points include, but are not limited to, the Average Price Per Unit, Expected Income Variance, Year-Over-Year Performance, and Budget vs. Actual Performance. Each year ASM takes the time to recognize and celebrate properties whose performance stood out among their peers. The 2018 celebrated properties were Stockbridge Self Storage in Stockbridge, GA, Collierville Marketplace Self Storage in Collierville, TN, and Glasgow Self Storage in Glasgow, KY.
Noteworthy 2018 Updates:
Absolute Storage Management experienced a high level of team member growth in 2018 including but not limited to the following: internal promotion of Jennifer Barnett to COO, transition of Scott Beatty to CEO, internal promotion of Michelle Dean to Senior Regional Manager, hiring of Cherry Blanton to CFO, hiring of Amber Tyson to VP of Human Resources.
Jennifer Barnett is quoted, “2018 was the year of team member development for ASM. We focused on developing a team of strong leaders to take on the projected company growth. We were able to do this through leadership training of our existing team members, and by hiring several key team members who had amazing reputations in the industry. A strong foundation has been built for the company and we are excited to improve our abilities to offer excellence in service.”
Absolute Storage Management
Absolute Storage Management (ASM) is a leading provider of private, third-party self-storage management. Founded in 2002, ASM’s headquarters are in Memphis, TN with regional offices in Atlanta, GA; Charlotte, NC; Nashville, TN; and Jackson, MS. The company’s mission is to grow successful partnerships with customers, team members, and investors by delivering excellence in service.
For further information and news about Absolute Storage Management, please go to the ASM website at www.absolutemgmt.com. Contact Jasmin Jones at firstname.lastname@example.org.