Storage Investment management, Inc., (SIMI) announced it’s 3rd quarter 2010 operating results for 31 facilities owned and contract managed from the mid-Atlantic states to New England.
Occupancy grew 78 basis points compared to same quarter last year. Same store sales rose by 204 basis points compared to same quarter last year. Expenses have decreased by 23 basis points, and Net Operating Income (NOI) rose by 446 basis points compared to same quarter last year.
YTD same store sales rose 251 basis points compared to YTD 2009. Operating expenses have decreased by 401 basis points and NOI rose by 605 basis points compared to same quarter 2009.
Same store sales increased primarily through a 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