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Move-ins: Up +19% (504 in Q3 vs. 424 in Q2)Move-outs: Up +10% (467 in Q3 vs. 425 in Q2)Net Rentals: Improved from –1 in Q2 to +37 in Q3Occupancy (Sq Ft): Slight decline from 78.7% to 77.0%, mainly due to capacity expansion at CartersvilleRevenue: Increased +19% ($767.8k in Q3 vs. $644.7k in Q2)Gross Potential Income (GPI): Rose +1.7%, indicating improved rent capacity
Top Net Rental Gains: Linden (+16), Danielsville (+19), Elberta (+15)Improved Occupancy: Most properties held or improved occupancy; Cartersville’s dip (86% → 66%) was due to adding unitsQ3 Revenue Growth: All properties showed revenue increases over Q2
Stable Start: Occupancy holding near Q3 levels (~77%)Leasing Slowing Slightly: Seasonal dip in move-ins expectedRevenue Momentum Continues: Higher starting occupancy and rent increases support strong early Q4 collections
311 customers have upcoming scheduled rent increases (mostly Dec 1).Total monthly increase: ~$5,460Average increase per customer: ~$17 (+15–20%)Most impacted sites: Havelock Shipman (107 customers), Havelock Webb (93), Pine Island (75)Recent activity:Q3: ~387 increases (~29% of tenants)October: ~323 increases (~24%)November: ~300 increases (~22%)Insight: Regular monthly increase cadence maintained through Q3 and Q4.
213 customers have scheduled increases (all Dec 1)Total monthly increase: ~$3,720Average increase per customer: ~$17 (+19–23%)Most impacted sites: Johnston St (103), Cartersville (46)Recent activity:Q3: ~165 increases (~19%)October: Large wave (~420 increases, ~47% of tenants)November: 63 increases (~7%)Insight: Major catch-up increase in October; now returning to monthly cadence.
24/7 Store It – Danielsville: 14 customers scheduled for rate increases (total approx. +$234/month; average increase about +$17 or ~23% per unit).24/7 Store It – Havelock (Shipman Rd): 107 customers scheduled (total ~+$1,914; avg. +$18 or ~20% per unit).24/7 Store It – Havelock (Webb Blvd): 93 customers scheduled (total ~+$1,447; avg. +$16 or ~19% per unit).24/7 Store It – Linden: 13 customers scheduled (total ~+$206; avg. +$16 or ~17% per unit).24/7 Store It – Trumann: 4 customers scheduled (total +$49; avg. +$12 or ~20% per unit).24/7 Store It – Tuscaloosa: 5 customers scheduled (total +$100; avg. +$20 or ~13% per unit).24/7 Store It – Pine Island: 75 customers scheduled (total ~+$1,507; avg. +$20 or ~15% per unit).🔥 24/7 Portfolio Total: 311 customers have rent increases on deck, representing an approx. +$5.46k monthly revenue increase if all are implemented. The typical increase for 24/7 tenants is on the order of ~$15–$20, roughly 15–20% of current rent (median). Note: A few units with promotional $1 rents will see larger percentage jumps, but these are outliers.
Pilot Storage – Anniston: 22 customers scheduled (total ~+$349; avg. +$16 or ~28% per unit).Pilot Storage – Bainbridge: 24 customers scheduled (total +$427; avg. +$18 or ~20% per unit).Pilot Storage – Cartersville: 46 customers scheduled (total +$736; avg. +$16 or ~21% per unit).Pilot Storage – Elberta, AL: 18 customers scheduled (total +$275; avg. +$15 or ~30% per unit).Pilot Storage – Johnston Street: 103 customers scheduled (total +$1,930; avg. +$19 or ~17% per unit).🔥 Pilot Portfolio Total: 213 customers have scheduled increases (all set for 12/1/2025 in the data). This represents an approx. +$3.72k monthly revenue boost if implemented. The average increase in Pilot is about +$17 (~19–23% per unit on average), very similar in dollar terms to 24/7’s increases. (Pilot’s Anniston and Elberta sites show a higher typical percent jump ~25–30%, likely due to lower current rents or promotions, whereas other sites are around 17–21%.)
Danielsville: Had slightly fewer move-ins in Q3 (48) vs Q2 (57), but also fewer move-outs. Net rentals remained strong at +19 in Q3 (up from +16 in Q2), nudging occupancy from 67% to 70% by Q3’s end. Revenue grew ~15% to $64.9k in Q3 (from $56.4k), reflecting the improved occupancy and rent roll.Havelock Shipman: Leasing accelerated in Q3 with 36 move-ins vs 24 in Q2. Move-outs also increased (30 vs 18), netting a steady +6 units in both quarters. Occupancy held high at 87% (up from 86%). Q3 revenue was $52.9k, about +14% higher than Q2.Havelock Webb: Saw a bump in move-ins (28 in Q3 vs 23 in Q2) and fewer move-outs (20 vs 23), yielding a net gain of +8 in Q3 (up from 0 net in Q2). Occupancy improved slightly to 75% (from 73%). Revenue was basically flat (+1.8%) at $41.4k in Q3.Linden: Leasing picked up with 33 move-ins in Q3 vs 23 in Q2, while move-outs dropped to 17 (from 27). This drove a net gain of +16 units in Q3, a big jump from –4 net loss in Q2. Occupancy climbed from 74% to 82%. Correspondingly, revenue grew ~8% to $82.4k in Q3.Pine Island: Experienced 46 move-ins in Q3 vs 39 in Q2, but still had high move-outs (48, down from 53). Net rentals were a slight –2 in Q3, an improvement over –14 in Q2. Occupancy ticked up from 60% to 64%. Q3 revenue of $119.5k was ~6.8% higher than Q2.Trumann: Had 41 move-ins in Q3 (vs 31 in Q2) and slightly fewer move-outs (45 vs 51), resulting in a much smaller net loss (–4) in Q3 compared to –20 in Q2. Occupancy held roughly stable around 84–85%. Revenue increased ~22% to $47.1k in Q3, indicating better monetization of occupancy (possibly rate increases or fees).Tuscaloosa: Maintained strong leasing with 74 move-ins in Q3 vs 68 in Q2, but saw a spike in move-outs (96 in Q3 vs just 35 in Q2). This reversal led to a net loss of –22 units in Q3, after a +33 net gain in Q2. Still, occupancy remained healthy at 85% (down slightly from 87%). Despite the occupancy dip, revenue rose ~8.6% to $69.9k in Q3, suggesting higher rates or collection of delinquent payments.Anniston: Had slightly fewer move-ins in Q3 (33 vs 36) and significantly fewer move-outs (39 vs 53) than in Q2. Net rentals improved to –6 in Q3 (from –17 in Q2). Occupancy edged up from 87% to 88%. Q3 revenue reached $59.95k, ~9% above Q2.Bainbridge: Continued its lease-up momentum – 55 move-ins in Q3 vs 51 in Q2 – while move-outs increased to 44 (from 13, as many new Q2 tenants stayed through Q3). Net gain was +11 in Q3 (down from +38 in Q2 when the facility initially filled units). Occupancy improved from 74% to 82%. Notably, revenue nearly doubled, from $20.7k in Q2 to $39.4k in Q3, as the property’s new occupancy translated into income (a ~90% jump, highest in the portfolio).Cartersville: Remained busy with 29 move-ins in Q3 vs 27 in Q2. Move-outs fell to 27 (from 43), yielding a small net +2 in Q3 (versus –16 in Q2). However, capacity was expanded in Q3 – the site grew from 275 units to 388 units – which caused occupancy to drop from 86% to 66% despite the net positive rentals. Even so, Q3 revenue rose ~13.5% to $87.5k, as new units began leasing up (and this additional potential is reflected in Cartersville’s GPI increase from $35.3k to $50.9k monthly).Elberta: Showed strong demand – 61 move-ins in Q3, up from 35 in Q2 – while move-outs held similar (46 vs 53). Q3 saw a net gain of +15 units, a sharp improvement from –18 in Q2. Occupancy rose from 78% to 81%. Revenue climbed ~29% to $40.8k in Q3, boosted by the occupancy gains.Johnston St: Leasing picked up with 20 move-ins in Q3 (vs 10 in Q2). Higher move-outs in Q3 (26 vs 15) tempered net rentals (–6 in Q3 vs –5 in Q2). Occupancy eased from 92% to 88% (still the highest in the portfolio). Nonetheless, revenue more than doubled from $25.6k in Q2 to $61.8k in Q3 – a 141% jump – indicating new revenue streams (the property likely came online mid-Q2, so Q3 represents its first full quarter of income).
Most sites held or grew revenue into October.Standout growth: Pine Island, Bainbridge, Anniston, Linden, Johnston St, Cartersville
High-occupancy group (80–90%+ SF): Havelock Shipman, Linden , Trumann, Tuscaloosa, Bainbridge, Anniston, Johnston St.Mid-occupancy group (60–75% SF): Danielsville, Havelock Webb, Pine Island, Elberta, Cartersville.You’ve got a clear split: some sites are in “rate optimization + collections” mode while others are “fill + rehab” projects.
Most locations are in the single digits / teens, which is manageable.Two major outliers: Cartersville (~120 UR units) and Trumann (UR trending up each month).October and November were heavy auction months, and that’s now showing up as elevated UR that needs Q1 attention.
Generally controlled at low–mid single digits for strong operators (Johnston St, Anniston, Danielsville, Elberta).Noticeable pressure in Tuscaloosa, Trumann, Bainbridge (Sept), Havelock Shipman/Webb, with spikes that line up with operational or market disruption.
The government shutdown delayed some site visits and created extra friction in military-heavy markets (Havelock, Bainbridge, etc.).
That shows up as softer move-in momentum and some noise in delinquency and occupancy, especially where on-site interventions were delayed.
High SF occupancy (upper 80s–around 90%), only 1 unrentable unit, and low AR >30 throughout.Revenue climbed each month Aug → Sep → Oct
Revenue increased steadily Aug → Oct while staying in the 80s on SF occupancy.September saw a bump in UR and AR, but both were pulled back into line by October.This is a textbook example of “rapid growth with a short, controlled wobble.”
SF occupancy stepped up each month, ending October in the low 80s.Revenue followed that trend and hit its high in October.UR is very low and stable; only AR sits a bit elevated but mostly stable.
One of the highest revenue sites in the portfolio, with October revenue meaningfully above August.Occupancy is mid-60s SF, so the dollars per occupied unit are solid.AR and UR are stable and manageable — plenty of runway for occupancy uplift without rate giveaways.
High 80s SF occupancy, strong revenue, and low AR with only a temporary collections flare in September.UR improved versus August and stayed in a reasonable range.This site is doing a lot right with both volume and discipline.
Revenue stepped up month over month with roughly steady occupancy.AR >30 came down after a September bump, and UR saw a temporary improvement before rising again in October.Overall: moving in the right direction with solid upside in cleanup.
High occupancy but trending down from Aug → Oct, with UR increasing each month.AR >30 stepped up into concerning territory by October.This is a double whammy site: more offline units and more delinquency at the same time.
Occupancy recovered nicely into October, but AR >30 jumped into double digits.UR is actually low (a positive), so the story here is mostly collections and tenant quality, not physical inventory.
Mid-70s SF occupancy with relatively flat revenue.UR creeping up month over month, which will drag on availability.With military/move patterns being disrupted, this property feels the impact of delays plus physical readiness.
Very full on SF and units, but AR creeped up across the period.
October was a heavy auction month across the portfolio, and you have even more auctions scheduled in November.
That naturally creates a spike in unrentables, especially at cleanup-heavy sites like Anniston and Trumann and any property where units were trashed or abandoned.
Use Q1 to aggressively turn unrentables into rent-ready inventory ahead of busy season.
Pair that with focused site visits in early 2026 to physically validate condition, signage, and the customer journey.
The government shutdown caused two big operational impacts:
Delayed site visits – which slowed down some of your in-person interventions, particularly where you’d normally pair auctions + make-ready + training in one trip.
Military markets got choppy – Havelock and other service-heavy areas likely saw delayed orders, moves, and payments, which lines up with some of the AR and occupancy noise you’re seeing.
251118 24/7 Pilot Meeting Notes
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Losing Occupancy at Tuscaloosa -2.30% SFO -6 net, Student Property 12 parking spaces added
@Meg Graham
Tue, Aug 12
can we push rates @ Havelock Shipman, Web and Linden?
Tue, Aug 12
Johnston Street is flat
Tue, Aug 12
Bainbridge and Truman are the Delinquency issues $ wise, percentage wise Linden is highest
@Meg Graham
Tue, Aug 12
Move Shipman pin marker to 34.881539, -76.890038
@Tue, Aug 12
Tue, Aug 12
Havelock Webb adding 15% military Discount, order banner and have the banner on your website changed
@Meg Graham
Tue, Aug 12
Changed to $1 Move in to Compete with Free Up Storage
Tue, Aug 12
12 spaces added at Tuscaloosa,
Tue, Aug 12
try to make unrentables a focus
@Meg Graham
Tue, Aug 12
Cartersville new building and parking is an issue, unrentables are due to new building
Tue, Aug 12
Bainbridge climate rates pushed 6%
Tue, Aug 12
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📊 Portfolio Overview: Q2 vs. Q3 2025
🏘️ Property-Level Highlights
📅 Q4 Kickoff (October 2025)
Scheduled Rent Increase Update (Portfolio Breakdown)
🔹 24/7 Portfolio
🔹 Pilot Portfolio
24/7 Portfolio (Upcoming Increases)
Recent Increase Activity (24/7): In Q3 2025 (July–Sept), the 24/7 portfolio implemented ~387 rent increases (about 29% of its customers had a rate hike during the quarter). In Q4 so far, roughly 323 increases were executed in October 2025 (~24% of tenants) and 300 in early November 2025 (~22%). These waves indicate a steady monthly cadence of rate increases in Q4 for 24/7. The upcoming December batch (311 scheduled for 12/1/2025, with a few on 12/4 and 1/1/2026) continues this trend of regular increases.
Pilot Portfolio (Upcoming Increases)
Recent Increase Activity (Pilot): The Pilot portfolio had a lighter increase cadence in Q3 2025, with about 165 rent increases (~19% of tenants) during July–Sept. However, in October 2025 Pilot rolled out a major wave of ~420 increases – this affected nearly 47% of Pilot’s customers in one go. A much smaller set of 63 increases (~7% of tenants) followed in early November 2025. This suggests that Pilot caught up with a large one-time adjustment in October, then tapered off. The upcoming December 1 batch (213 scheduled increases) will impact ~24% of Pilot’s tenants, indicating a return to a more moderate, periodic increase schedule after the big October jump.
Q2 vs Q3 Performance Update – 24/7 Pilot Portfolio
Portfolio-Wide Performance (Q2 2025 vs Q3 2025)
Overall, the 24/7 Pilot self-storage portfolio showed improved leasing activity and revenue in Q3 2025 compared to Q2 2025. Move-ins increased by ~19% (from 424 in Q2 to 504 in Q3) while move-outs rose ~10% (425 to 467). This led to a positive net absorption of +37 units in Q3, a notable turnaround from essentially flat net rentals (-1) in Q2. The chart below illustrates the higher move-in volume in Q3 across properties, outpacing move-outs:
Quarterly move-ins by property increased in Q3 (blue) vs Q2 (orange), contributing to positive net rentals in Q3.
Square foot occupancy dipped slightly quarter-over-quarter, ending Q3 at 77.0% vs 78.7% at end of Q2. This ~1.7 percentage-point decline is largely due to a capacity expansion at one site (discussed below). Excluding that, most properties held steady or improved occupancy. Notably, total rental revenue jumped ~19% from $644.7k in Q2 to $767.8k in Q3, reflecting higher occupancy, stronger seasonal demand, and rate improvements. The portfolio’s gross potential income (GPI) (monthly rent if fully occupied) inched up from $271.6k to $276.3k (+1.7%), indicating slightly higher rental rate capacity (e.g. due to added units or rate increases). The table below summarizes these portfolio-wide metrics:
Table 1
Metric
Q2 2025
Q3 2025
Change
Leads (inquiries)
n/a
n/a
Likely up (seasonal)
Move-ins
424
504
+18.9%
Move-outs
425
467
+9.9%
Net Rentals
–1
+37
+38 units (net gain)
Occupancy (Sq Ft)
78.7%
77.0%
–1.7 pp
Total Revenue
$644.7k
$767.8k
+19.1%
Gross Potential Income (monthly)
$271.6k
$276.3k
+1.7%
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Leads: Lead data was not provided in the EOM report. However, given the seasonal leasing uptick, we can infer that lead volumes likely increased in Q3, contributing to higher move-ins. Q3 is typically peak rental season, so marketing inquiries and walk-ins presumably grew compared to Q2. (For future reports, incorporating lead tracking would confirm this trend.)
Property-Level Breakdown
Each property’s performance is summarized below, highlighting Q3 vs Q2 changes in key metrics:
Occupancy rate (% of total square footage occupied) by property at end of Q2 2025 (orange) vs end of Q3 2025 (blue). Most properties saw occupancy hold steady or improve, except Cartersville which added significant new capacity in Q3 (lowering its percentage occupied).
Start of Q4 Snapshot (October 2025)
As Q4 2025 begins, the portfolio is entering the slower season but with solid fundamentals. Occupancy at the outset of Q4 remains around the high 70s percent range portfolio-wide, after the Q3 gains and the Cartersville expansion. Early October move-in activity appears to have moderated from the summer highs – for example, some larger sites saw net move-out in late September leading into October (e.g. Tuscaloosa had a net loss in Sep) – suggesting a typical seasonal slowdown.
It’s still early, but Q4 revenue is on track to benefit from the higher starting occupancy and recent rate adjustments. The portfolio’s gross potential rent is slightly higher moving into Q4 (thanks to added units and rate increases in Q3), positioning for continued revenue growth. We will monitor whether move-outs continue to rise in the fall; so far, occupancy has only ticked down marginally at a few sites in early Q4. In summary, Q4 has started with occupancy near Q3 levels and sustained revenue momentum, though leasing velocity is naturally a bit slower post-peak season. Continued marketing efforts (converting leads to move-ins) will be key to maintaining the positive net rental trend as we progress through the quarter.
Quarterly revenue by property, Q2 2025 (orange) vs Q3 2025 (blue). All properties saw revenue growth in Q3, with especially large jumps at newer facilities Bainbridge and Johnston St (ramping up occupancy).
Meg’s Notes and Month by Month Break Down
24/7 Store It – Danielsville
Aug: Receipts $21,096 | SF 71.0% | Units 69.0% | UR 12 | AR>30 2.0%
Sep: Receipts $21,413 | SF 70.0% | Units 69.0% | UR 5 | AR>30 5.1%
Oct: Receipts $22,363 | SF 70.0% | Units 70.0% | UR 13 | AR>30 2.5%
Overview:
Revenue ticked up each month while SF occupancy held right around 70%. Unrentables dipped nicely in September before bouncing back in October. AR stayed low overall with a temporary spike in September that you pulled back down by October. Has had a couple of break-ins and one of those instances they broke into our company unit. Working with police on this issue, had to replace some maintenance supplies.
24/7 Store It – Havelock Shipman
Aug: Receipts $19,231 | SF 88.0% | Units 87.0% | UR 4 | AR>30 6.1%
Sep: Receipts $17,363 | SF 91.0% | Units 90.0% | UR 4 | AR>30 6.5%
Oct: Receipts $16,315 | SF 87.0% | Units 87.0% | UR 4 | AR>30 6.7%
Overview:
Shipman is running very full all three months with 87–91% occupancy and a stable unrentable count. Revenue softened after August while AR crept up slightly, so Q4/Q1 energy here is mostly about collections and holding rate integrity at high occupancy.
24/7 Store It – Havelock Webb
Aug: Receipts $13,340 | SF 76.0% | Units 67.0% | UR 18 | AR>30 7.2%
Sep: Receipts $14,169 | SF 74.0% | Units 66.0% | UR 19 | AR>30 4.0%
Oct: Receipts $13,907 | SF 75.0% | Units 69.0% | UR 21 | AR>30 6.5%
Overview:
Webb’s occupancy stayed in the mid-70s on SF and high 60s on units with relatively flat revenue. Unrentables increased each month, which is the big red flag here. AR bounced down in September, then back up in October, so both collections and unit readiness should be Q1 focus items. Unrentables creeping up due to drywall ceilings. I have sent a few people out to quote it, but no one's sent me quotes back...
24/7 Store It – Linden
Aug: Receipts $26,801 | SF 75.0% | Units 73.0% | UR 2 | AR>30 8.1%
Sep: Receipts $26,941 | SF 79.0% | Units 74.0% | UR 3 | AR>30 4.5%
Oct: Receipts $28,700 | SF 82.0% | Units 76.0% | UR 2 | AR>30 6.8%
Overview:
Linden is trending up on both occupancy and revenue, landing in the low 80s SF occupancy in October. Unrentables are very low and controlled. AR started high but improved in September; the October bump is worth watching, but the site is generally very healthy. Got internet functional again after so many issues.
24/7 Store It – Pine Island
Aug: Receipts $38,640 | SF 65.0% | Units 62.0% | UR 15 | AR>30 4.0%
Sep: Receipts $38,217 | SF 63.0% | Units 60.0% | UR 14 | AR>30 4.6%
Oct: Receipts $42,614 | SF 64.0% | Units 59.0% | UR 15 | AR>30 3.8%
Overview:
Pine Island is a high-revenue asset holding strong rate at mid-60s SF occupancy. Revenue jumped meaningfully in October despite only modest occupancy movement. AR is in a reasonable band, and UR is stable, so your upside here is mostly rate strategy + incremental occupancy without cheapening the product.
24/7 Store It – Trumann
Aug: Receipts $14,610 | SF 89.0% | Units 82.0% | UR 25 | AR>30 6.9%
Sep: Receipts $17,765 | SF 86.0% | Units 78.0% | UR 29 | AR>30 4.8%
Oct: Receipts $14,773 | SF 84.0% | Units 77.0% | UR 31 | AR>30 9.1%
Overview:
Trumann operates very full but with a rising unrentable count and rising AR by October. September revenue was strong, but October dropped as AR and UR both climbed. This is a “hot” site operationally and should be on your short list for Q1 collections + cleanup. Has had MAJOR staffing issues and quite a few break-ins. Stable now, unit cleanouts are going well and in NOV we've already dropped unrentables almost in half.
24/7 Store It – Tuscaloosa
Aug: Receipts $24,975 | SF 83.0% | Units 78.0% | UR 1 | AR>30 4.5%
Sep: Receipts $21,258 | SF 86.0% | Units 81.0% | UR 3 | AR>30 7.5%
Oct: Receipts $23,723 | SF 85.0% | Units 82.0% | UR 1 | AR>30 11.6%
Overview:
Tuscaloosa improved occupancy and kept UR very low, but AR >30 has been trending up sharply, hitting double digits in October. Revenue dipped in September and partially recovered in October. Strong demand and occupancy give you leverage, but delinquency is the main drag. Holding a higher occupancy rate in the off season than previous years.
Pilot Storage – Anniston
Aug: Receipts $19,021 | SF 90.0% | Units 80.0% | UR 14 | AR>30 5.1%
Sep: Receipts $19,444 | SF 90.0% | Units 77.0% | UR 12 | AR>30 11.3%
Oct: Receipts $21,487 | SF 88.0% | Units 73.0% | UR 13 | AR>30 5.6%
Overview:
Anniston is a high-occupancy, high-revenue site. UR improved from August to September and stayed tight. AR spiked hard in September but you corrected most of that by October, while revenue climbed. Very solid overall with a brief AR flare-up.
Pilot Storage – Bainbridge
Aug: Receipts $11,241 | SF 86.0% | Units 84.0% | UR 8 | AR>30 4.9%
Sep: Receipts $13,397 | SF 86.0% | Units 82.0% | UR 10 | AR>30 9.2%
Oct: Receipts $14,747 | SF 82.0% | Units 77.0% | UR 5 | AR>30 4.5%
Overview:
Bainbridge is a strong grower with rising revenue and high occupancy throughout the period. September saw AR and UR climb together, but both were improved by October (UR cut in half, AR back under 5%). This is a solid lease-up/conversion story with good control restored by the end of the period.
Pilot Storage – Cartersville
Aug: Receipts $27,491 | SF 69.0% | Units 60.0% | UR 120 | AR>30 2.6%
Sep: Receipts $29,140 | SF 69.0% | Units 59.0% | UR 122 | AR>30 1.7%
Oct: Receipts $30,914 | SF 66.0% | Units 58.0% | UR 119 | AR>30 2.7%
Overview:
Cartersville is in a heavy offline/reno phase: UR is ~120 all three months, and occupancy has slipped into the mid-60s even as revenue continues to climb. AR is actually low and controlled. This is clearly a “project” site where Q1 should be focused on bringing those 100+ units back online.
Pilot Storage – Elberta
Aug: Receipts $14,368 | SF 78.0% | Units 71.0% | UR 16 | AR>30 4.6%
Sep: Receipts $13,158 | SF 77.0% | Units 70.0% | UR 17 | AR>30 2.6%
Oct: Receipts $13,297 | SF 81.0% | Units 76.0% | UR 19 | AR>30 4.3%
Overview:
Elberta holds solid occupancy in the high 70s/low 80s with relatively stable revenue. UR crept up over the period, while AR dipped in September and then rose slightly in October. It’s a stable, mid-strong asset with some easy wins in tightening UR and rounding up AR. Meg needs to do a parking audit, and label/sign all spaces but that project won't come cheap so postponed.
Pilot Storage – Johnston St
Aug: Receipts $19,872 | SF 89.0% | Units 86.0% | UR 1 | AR>30 4.1%
Sep: Receipts $20,282 | SF 87.0% | Units 83.0% | UR 1 | AR>30 1.8%
Oct: Receipts $21,686 | SF 88.0% | Units 85.0% | UR 1 | AR>30 3.0%
Overview:
Johnston St is one of the cleanest sites: very high occupancy, only one unrentable unit, and AR consistently low. Revenue climbed steadily across the three months. This is a model site from an operations and readiness standpoint. Dumpster will be gone soon. Visiting this site on 11/18/2025
Portfolio Overview (Aug–Oct)
Across the 12-site portfolio, the last three months show:
Revenue:
Occupancy:
Unrentables (UR):
AR > 30 Days:
Impact of Gov’t Shutdown & Military Markets:
Biggest Wins
1️⃣ Johnston St – Operational Gold Standard
2️⃣ Bainbridge – Lease-Up With Control Regained
3️⃣ Linden – Quietly Turning Into a Star
4️⃣ Pine Island – High Revenue With Room to Grow
5️⃣ Anniston – Strong, High-Occupancy Performer
6️⃣ Danielsville – Collections & UR Improvement
Biggest Concerns / Risk Sites
Trumann – Occupancy & AR Deterioration
Tuscaloosa – Delinquency Spike
Havelock Webb – Rising UR, Flat Revenue
Havelock Shipman – High Occupancy, AR Pressure
Auctions, Q1 Focus, and Site Visits
“We pushed hard on auctions in October and have even more scheduled in November. That created a temporary spike in unrentable units, but it also clears out long-term non-performing tenants. We’re planning to use Q1 to turn those units, tighten collections, and reset delinquency so we hit busy season with more clean, rentable inventory and a healthier tenant base.”
Government Shutdown & Military Market Context
“The federal government shutdown temporarily pushed back our planned site visits and added volatility to our military-heavy markets. That showed up as short-term noise in occupancy and delinquency. Our early-2026 site visit plan is designed to ‘catch up’ on that backlog and reset standards on the ground.”
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