Press Release For immediate publication
Storage Investment Management, Inc., (SIMI) announced it’s 4th quarter 2010 operating results for 31self storage facilities owned and contract managed from the mid-Atlantic states to New England.
- Occupancy grew 242 basis points compared to same quarter last year.
- Same store sales rose by 3.56% compared to same quarter 2009.
- Expenses have decreased by 4.41%
- Net Operating Income (NOI) rose by an incredibly strong 13.15% compared to same quarter last year.
- YTD same store sales rose 1.33% compared to YTD 2009.
- Operating expenses have continued to decrease by 3.7% and NOI rose by 7.29% compared to YTD 2009.
Same store sales increased primarily through a continued reduction in tenant concessions and an increase in occupancy and stronger rates. Net Operating Income increases are attributable to on-going expense reductions along with an increase in revenue.
SIMI is a boutique management company with decades of self storage management experience