The first quarter of 2021 proved to be a phenomenal start of the year for the self storage industry. SAM (Storage Asset Management) is proud to announce amazing results to kick off 2021. For the first quarter, SAM increased same store* revenue by 12% and grew net operating income by 14.3% above 2020’s first quarter results. SAM grew occupancy at their same stores by 6.1%. Additionally, there was significant growth in the rates achieved per square foot, increasing those by 3.3%. Although SAM is a private company, it prides itself on delivering results and comparing itself to the REITs.
In conjunction with these results, SAM added 25 locations to their management portfolio in the first quarter. This brings their total managed storage locations to 335 in 31 states at the end of 2021’s quarter one.
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*SAM’s same-store pool for the period consists of 161 stores that were stabilized by Jan 1, 2020. SAM considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. If a property reduces in size, it is removed from the same store pool until the beginning of the calendar year at least 12 months from the date of change.