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Wednesday, May 22, 2024

Absolute Storage Management’s Q3 Performance Results

Absolute Storage Management, a leading third-party self-storage management company, released its 2023 highlights for the 2022 same-store pool and the 2019 same-store pool. The company’s 2022 same-store pool includes 80 stabilized properties managed since January 1, 2022, with an average size of 55,400 rentable square feet. These properties have been under Absolute’s management for an average of seven and a half years, comprising over 35,000 units and over 4.7 million square feet.

In terms of performance, Absolute increased same-store revenue by 2.4% and ended the period with 88% unit occupancy. Rent per occupied unit increased by 2.2% and stabilized rentals showed 0.8% growth while vacates were reduced by 3.2% compared to the same period in 2022.

The 2019 same-store pool consists of 47 stabilized properties managed since January 1, 2019, spread across the south and south-east United States, comprising over 2.8 million square feet and 21,000 units. Absolute achieved a significant 32.9% increase in same-store revenue compared to the same period in 2019. The annualized revenue per square foot for this set remained at an all-time high, increasing by 38% from September 2019 to September 2023. Although Gross Potential Income (asking street rates) decreased from its peak in 2021 and 2022, it remained 18% higher than September 2019.

Despite a 12% decrease in consumer interest in the self-storage industry, Absolute is proactively adapting to market conditions by implementing various strategic improvements across its managed facilities. These strategic improvements include the establishment of an internal sales center, an enhanced property website layout, and expanded insurance coverage options.

In addition to its self-storage management activities, Absolute gained management of 23 properties in 18 states over the three-month quarter ending September 30, 2023. Absolute actively manages 145 properties in 18 states and has continued to add to its third-party management portfolio.

Absolute Storage Management, founded in 2002, is committed to growing successful partnerships with customers, team members, and investors by delivering excellence in service. With headquarters in Memphis, TN, and regional offices in Tampa, FL; Atlanta, GA; and Charlotte, NC, the company aims to provide top-notch management services to its clients.

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