Absolute Storage Management (Absolute), a prominent private, third-party management company for self-storage facilities in the United States, recently released its operating results for the three months and year ended December 31, 2021. Here are some of the key highlights from 2021:
For the three months ended December 31, 2021, Absolute saw an 18.6% increase in same-store revenue compared to the same period in 2020. Additionally, the reported same-store square foot occupancy was at 93% as of December 31, 2021, compared to 92% as of December 31, 2020. During this period, they acquired seven management contracts, consisting of six operating facilities and one facility after construction.
For the year ended December 31, 2021, Absolute achieved a 14.9% increase in same-store revenue compared to 2020. They also acquired nineteen management contracts, which included thirteen operating facilities and six facilities after construction. Absolute achieved a 18.1% same-store NOI for the year, driven by an increase in revenue, as well as a 33% increase in Gross Potential Income compared to the same period in 2020.
In 2021, Absolute added seven total management contracts in the United States, bringing the total number of properties actively managed by the company to 124 across 16 states. As the industry’s occupancies reached record highs, Absolute has focused on enhancing its revenue management program by implementing an integrated revenue management program that combines automation, technology, and human review. This program uses property-specific pressure sensors to determine daily rates for unit types and also adds value-based pricing for specific units within a unit type.
Looking ahead to 2022, Absolute plans to prioritize team member growth and development, build on its “We Care” culture, and improve other processes and vendors to replicate the success seen in revenue management.
Absolute Storage Management, founded in 2002, is one of the largest private, third-party self-storage management companies in the United States. The company’s headquarters are located in Memphis, TN, with regional offices in Atlanta, GA; Charlotte, NC; Nashville, TN; and Jackson, MS. Absolute’s mission is to grow successful partnerships with customers, team members, and investors by delivering excellence in service.
For more information and news about Absolute Storage Management, please visit the company’s website at http://www.absolutemgmt.com. You can also contact Jasmin Jones at jasmin.jones@absolutemgmt.com for further inquiries.
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