SAM Announces Second Quarter 2024 Results

Posted by Modern Storage Media on Aug 16, 2024 3:03:50 PM

Storage Asset Management (SAM), the largest privately owned third-party self-storage property management company, has announced its second-quarter results.  SAM was able to grow same-store* net operating income (NOI) by 2% in the second quarter of 2024.

 

“In an extremely competitive market, I am proud of our hard-working teams and the outcomes they have achieved for SAM’s clients in revenue and NOI growth. Our strategic focus on sales, targeted online marketing, and revenue management are netting positive results,” said Alyssa Quill, CEO (Read our June story on Alyssa Quill).

 

Additionally, SAM closed out July with both move-ins and revenue collected approximately 5% higher than last year for the same store* group of locations.

 

Other First Half 2024 Highlights for SAM:

  • Virtual Operations Focus  
    • Launched a flexible virtual operations management options, and early indicators show strong performance
  • Value-based Pricing Strategy
    • Nearly 40% of SAM’s managed store tenants choose to upgrade their storage unit
  • Marketing Strategy & ROI 
    • SAM-managed store Google ads deliver an 8% click-through rate, more than double the industry average
    • The average marketing ROI is a $23 return for every $1 spent

 

*SAM's same-store pools for the periods presented consist of stores that were stabilized by the first day of the prior year. SAM considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. If a property has a substantial change in size, it is removed from the same store pool until the beginning of the calendar year at least 12 months from the date of change. The 2024 same-store pool includes 280 storage properties.

 

Storage Asset Management (SAM) is a York, PA based self-storage property management company. SAM is the third largest third-party self-storage management company in the United States and the largest privately owned management company. For more information, please visit www.storageassetmanagement.com

 

 

Further Reading:

Women In Self-Storage: Alyssa Quill, CEO of SAM