Highlights for Q3
During July, August and September, the Company posted a 31% quarter-over-quarter rental increase vs. Q2. Part of this was spurred by an uptick in Touchless Rentals, which grew 37% in Q3 compared to Q2, including a 104% increase from July to August.
In response to shelter-in-place orders in March, the Company renamed its already existing online rental process to "Touchless Rentals," allowing customers to complete the rental process online or with its in-house call center, then move into their storage unit with no in-person interaction with store personnel.
Rob Consalvo, COO and President of Store Space, praised the efforts of Store Space employees working through the difficulties brought on by COVID-19 lockdowns and other restrictions.
"Our team has been performing at a very high level this year despite the pandemic," Consalvo said. "I'm very proud of them, especially considering the challenges they've faced on a day-to-day basis. Our company's growth has been absolutely phenomenal given the broader economic slowdown proving once again, self storage is a recession resistant asset class."
Stephen Sandecki, CMO of Store Space, echoed those remarks, adding that the company's proprietary platform was instrumental in the team's success.
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"I absolutely credit our success to our amazing team. We added some industry leading technology to help more effectively capture rentals through our proprietary Storage360 platform, but no one thought this was going to be the year we set records," Sandecki said. "It's pretty exciting to think about what we can do post-COVID!"
Sandecki said the Storage360 platform was crucial for giving Store Space a technological advantage as the industry began to deal with the long-term realities brought on by COVID.
"Self-storage hasn't always been as tech-savvy as other industries, but from inception, Store Space has adopted an advanced, technology-based strategy," he said. "Whereas other companies might have faltered as they attempted to ramp up their platform, we were already operating at a high level."
During the third quarter, the Company opened locations in New Bedford, Massachusetts, Rochester, New York, and Louisville, Kentucky. The Company currently has eight properties under contract for acquisition before the year's end.
Michael Baillargeon, Senior Vice President, Operations, said the Company's growth plan is still on track, adding that additional acquisition opportunities would present themselves as independent owner-operators look to cash out in the face of market challenges presented by COVID-19.
"No entity is exempt from the oversupply that exists in some markets, but opportunities remain for those of us in the business of acquiring and refurbishing storage properties. The ongoing COVID-19 situation, combined with market saturation, will prompt some owners to shed their investments," Baillargeon said. "Given our recent success, we find ourselves in a position to choose from multiple opportunities available, from third-party management to joint ventures to conventional acquisitions. Storage360 has made it possible to rapidly, and effectively, roll out operations everywhere and anywhere."
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'Storage That Cares'
Other highlights for the quarter included offering one-month free storage at the Beaumont, Texas, location for victims of Hurricane Laura, as well as setting up donation acceptance points at the Company's southeast Texas locations.
After purchasing a facility in Jennings, Missouri, the Company also continued community food distribution events in conjunction with Christ Love Divine Fellowship Church and the St. Louis Area Food Bank.
"We take our motto, 'Storage that Cares,' to heart," Consalvo said, adding that the Company is donating $5 from each rental in October 2020 to the Breast Cancer Research Foundation. "Having the opportunity to use our platform and company culture enables us to help generate awareness throughout our customer base, while also providing an opportunity for our owners and employees to raise funds to help eradicate this form of cancer once and for all."
Store Space is a self-storage operator and third-party management company. Located in Winter Garden, FL, the Company currently owns, has under purchase agreement, and/or operates 43 properties in 15 states. The Company fuels growth and value with their experience driven operations, state-of-the-art Storage360 proprietary platform and strategic digital marketing programs. You can contact us at [email protected] or visit us at https://www.storespace.com.
SOURCE Store Space
Filed Under: Business
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