Memphis, TN, February 17, 2024 –Absolute Storage Management (Absolute), a leading private, third-party management company for self-storage facilities in the United States, announced operating results for the three months and year ended December 31, 2023.
2023 Highlights for Three Months Ended December 31, 2023:
– Acquired four (4) management contracts: three (3) facilities after construction and one (1) management retention after ownership change.
– Launched premium insurance program.
– Completed the rollout of our internal sales center.
2023 Highlights Year Ended December 31, 2023:
– Increased same-store revenue by 1.3% compared to the same period in 2022.
– Acquired twenty-seven (27) management contracts: twelve (12) operating facilities, fourteen (14) facilities after construction, and one (1) retention through ownership change.
– Launched redesigned facility website landing pages to improve website conversion rates.
– Improved average facility review rating to 4.9 stars, up from 4.4 stars.
Over the three months ending December 31, 2023, Absolute added four (4) total management contracts in the United States. These properties include All Season Storage in Mobile, AL; All Season Storage in Morristown, TN; Oxford Self Storage in Oxford, MS; and Sunshine Storage in Plaquemine, LA. As of quarter end, December 31, 2023, Absolute actively manages 142 properties in 18 states.
CEO Scott Beatty is quoted saying, “2023 was an interesting year for the storage industry with decreased demand as a result of high-interest rates and their effect on home sales and overall moving. Our Absolute team did a great job adjusting to the challenges and keeping our focus on the next rental while upgrading some of our internal programs and processes. We are well positioned for a fantastic 2024!”