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16 August 2024

SAM Announces Second Quarter 2024 Results

Storage Asset Management (SAM), the largest privately owned third-party self-storage property management company, is pleased to announce its second-quarter results. SAM was able to grow same-store* net operating income (NOI) by .2% in the second quarter of 2024.

 

Q2 2024 Results Graph

“In an extremely competitive market, I am proud of our hard-working teams and the outcomes they have achieved for SAM’s clients in revenue and NOI growth. Our strategic focus on sales, targeted online marketing, and revenue management are netting positive results,” said Alyssa Quill, CEO.

Additionally, SAM closed out July with both move-ins and revenue collected approximately 5% higher than last year for the same store* group of locations.

Other First Half 2024 Highlights for SAM:

  • Virtual Operations Focus 
    • Launched a flexible virtual operations management options, and early indicators show strong performance
  • ISS Recognitions 
    • Voted Best Manager Training as part of the Inside Self-Storage 2024 Best of Business readers-choice poll
    • Recognized by Inside Self-Storage on the 2024 Top-Operators List, ranking 3rd out of 50 management companies
  • Value-based Pricing Strategy
    • Nearly 40% of SAM’s managed store tenants choose to upgrade their storage unit
  • Marketing Strategy & ROI
    • SAM-managed store Google ads deliver an 8% click-through rate, more than double the industry average
    • The average marketing ROI is a $23 return for every $1 spent

*SAM’s same-store pools for the periods presented consist of stores that were stabilized by the first day of the prior year. 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 has a substantial change 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. The 2024 same-store pool includes 280 storage properties.