Absolute Storage Management (Absolute), a leading third-party management company for self-storage facilities in the United States, has just announced its operating results for the three and nine months ended September 30, 2022.
For the three months ended September 30, 2022, Absolute reported an increase in same-store revenue by 12.5% compared to the same period in 2021. Additionally, the company acquired eight management contracts, including seven operating facilities from previous REIT management and one facility at the completion of construction. These acquisitions have strengthened Absolute’s position in the industry and contributed to its continued growth.
Looking at the nine months ended September 30, 2022, Absolute saw even more impressive results. The company reported a 16.0% increase in same-store revenue compared to the same period in 2021. Achieved rent per occupied unit also saw a significant increase of 19.3% over the same period in 2021, while rental concessions remained stable. Absolute also added twenty-eight stores to its third-party management portfolio, further expanding its reach and influence in the self-storage industry.
CEO Scott Beatty expressed his pride in the team’s performance, stating, “I’m extremely proud of our team as we continue to deliver outstanding results for our clients and a fantastic rental experience for our tenants. Our results for the quarter and year-to-date are tremendous in the face of increased pricing pressure and a slight decrease in overall lead activity for the industry. We look forward to finishing the year off with a strong fourth quarter.”
Absolute currently manages 133 properties in 16 states, and over the three-month quarter ending September 30, 2022, the company gained management of several new properties in various locations across the country.
Absolute Storage Management is recognized as one of the largest private, third-party self-storage management companies in the United States and holds the ninth position on Inside Self Storage’s top management companies list for 2021.
The company’s mission is to grow successful partnerships with customers, team members, and investors by delivering excellence in service. With headquarters in Memphis, TN and regional offices in several states, Absolute is committed to providing top-notch management services to its clients.
For those looking for further information and news about Absolute Storage Management, please visit Absolute’s website at http://www.aboutASM.com or contact Jasmin Jones at jasmin.jones@absolutemgmt.com.
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