MEMPHIS, Tennessee – As of December 2014, Absolute Storage Management’s current same store property pool is comprised of 36 properties. This property list encompasses properties with entire prior year data that shows the property in a stabilized state so to not inflate results with lease up properties.
At those 36 properties, total income increased 9.5% in 4th quarter 2014. These results are driven by an increase in income categories including: rent, late charges, admin fees, and retail sales.
For the year, ASM also generated 9.3% growth comparing 2013 to 2014. This increase is a function of increases across all the income categories and reduced discounting. Also, Square Foot Occupancy Rates have increased by 4.0% from 2013 to 2014, which is a result of both increased leasing activity and decreased vacates. In addition, the Street Rates (GPI) have increased by 5.0% over 2013.
Says Michael Haugh, President of ASM:
“We are very proud of our operations team for a very strong year. Now street rate growth is accelerating in most markets as a result of stabilized occupancies. We are forecasting this to continue in 2015 as larger operators with high occupancy seek revenue growth from a source other than occupancy.”
Absolute Storage Management
Absolute Storage Management (ASM) is a self storage management company founded in 2002, and is a leading provider of third-party management services in the Southeastern USA region. ASM holds its headquarters in Memphis, TN with regional offices in Atlanta, GA; Charlotte, NC; and Jackson, MS. The company operates over 80 properties in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and Virginia.
For further information and news about Absolute Storage Management, please go to the ASM website at www.absolutemgmt.com. Contact Grace Anderson at email@example.com or call her at 901-737-7336 ext. 705.