Storage Asset Management (SAM) is proud to announce the results of their managed self-storage properties in 2016. As a mid-sized and privately held third party management company focused on growth, SAM holds themselves to very high standards and expectations. In 2016, SAM managed 66 properties in eighteen states. Each year, SAM compares their results to those of the 5 publicly traded self storage REITS; CubeSmart, Extra Space Storage, Life Storage, Public Storage, and National Storage Affiliates Trust.
Those five companies release their “Same Store” operating results to their investors and the public. To analyze the results, we need to understand what “Same Store” means in the storage industry. Some companies exhibit growth in revenue by opening new stores. Some companies exhibit growth by making more money from the “mature” stores they already own. The same-store sales information points out the difference. An increase in same-store sales, from mature properties only (stores that are no longer in lease up), may indicate that existing customers are spending more with the company or demand is increasing bringing up occupancy.
For the full year of 2016, SAM increased same store revenue by 7.4% and net operating income by 10.5%. Occupancy at SAM same store locations grew by 2.9% during the 2016 calendar year. SAM outperformed all five of the public REIT’s in net operating income growth.
Other highlights from SAM’s 2016 year include collecting over $25 million in rent and managing over 3.5 million square footage, which was a 22% increase from 2015. Storage Asset Management also continued to be industry leading in online marketing, and their stores had 495 complete online rentals (a person rents online and has instant access to their unit). Their managed stores collected 559 online reviews, with an average star rating of 4.6.
SAM attributes their 2016 outstanding results to numerous factors, including; a strong team of Store Managers and Assistant Managers; District Managers’ ability to focus and train, with an average of 9 properties per DM; company-wide focus on training; customized marketing and operating plans for each location; and an ability to build solid local business to business relationships in markets we serve.
Looking ahead to 2017, Storage Asset Management is excited for another outstanding year. Since January 1, 2016, SAM has been awarded five new management contracts of operating stores, and seven contracts for storage facilities in development.
Storage Asset Management is a property management & consulting company that specializes in self-storage. Their strategy is to create value for their clients through customized solutions that fit within their budget and allows each property to maintain their identity. For more information on SAM, visit www.storageassetmanagement.com.