Storage Asset Management — the country’s largest privately owned manager of self-storage facilities — grew its workforce by 60 percent in 2018 and continues to ramp up hiring in 2019.
York, PA-based Storage Asset Management, known as SAM, added 126 employees in 2018, ending the year with a headcount of 336. Many of those new positions are at facilities managed by SAM, but the company also bulked up its headquarters staff.
“The growth in 2018 is attributed to SAM’s clients expanding their portfolios and new owners coming to us through word-of-mouth referrals,” said Melissa Stiles, the company’s director of marketing.
This year, SAM expects to enlarge its workforce by about 130 employees, as the company envisions taking on more third-party management clients and foresees expansion of the some of the portfolios owned by existing clients, according to Stiles. For 2019, SAM already had added more than 25 employees as of early March.
If SAM winds up hiring 130 more employees by the end this year, that would represent a nearly 40 percent year-over-year surge in its headcount.
Stiles said SAM is big enough to be able to recruit top talent, capitalize on mounds of data and enjoy economies of scale, “but small enough to really focus on what’s best for each store location.”
SAM closed 2018 with 149 managed facilities in 24 states. Those facilities comprised more than 72,000 units across nearly 10.2 million net rentable square feet. Same-store occupancy last year rose 2.3 percent, with the facilities collecting revenue exceeding $63 million.
SAM ranks sixth behind the five publicly traded self-storage REITs for total square footage under third-party management. Yet SAM says it outperformed the REITs in two key categories last year: same-store revenue (up 7.1 percent) and same-store NOI (up 6.5 percent).
By sticking to tried-and-true third-party management strategies, maintaining a commitment to workforce training and relying on data-driven decisions, SAM’s focus in 2019 “will still be on ensuring that each store performs to the best of its ability,” Stiles said.