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DanielsvilleOccupancy: 67.6%, up +2.47% from last month.Revenue: $16,371 MTD; projected rent $18,661.Delinquency: 12.5% overall, 9.9% over 30 days.Havelock – Shipman RdOccupancy: 85.9%, up +2.2% from last month.Revenue: $13,769 MTD; projected rent $15,479.Delinquency: 9.7% overall, 6.15% over 30 days.Havelock – Webb BlvdOccupancy: 65.5%, up +1.31% from last month.Revenue: $10,784 MTD; projected rent $11,972.Delinquency: 14% overall, 10% over 30 days.LindenOccupancy: 72.3%, up +2.21% from last month.Revenue: $17,531 MTD; projected rent $24,318.Delinquency: 23.98% overall, 14.8% over 30 days – highest in the brand.Pine IslandOccupancy: 61.4%, up +1.39% from last month.Revenue: $33,821 MTD; projected rent $36,437.Delinquency: 9.05% overall, 6.79% over 30 days.
AnnistonOccupancy: 80.1%, up +2.55% from last month.Revenue: $13,894 MTD; projected rent $16,619.Delinquency: 17.83% overall, 8.28% over 30 days.BainbridgeOccupancy: 74.4%, up +1.75% from last month.Revenue: $7,716 MTD; projected rent $9,437.Delinquency: 30.47% overall, 16.41% over 30 days – highest in the brand.CartersvilleOccupancy: 82.18%, up +0.36% from last month.Revenue: $22,778 MTD; projected rent $24,083.Delinquency: 6.19% overall, 5.31% over 30 days – lowest in the brand.ElbertaOccupancy: 69.1%, up +2.09% from last month.Revenue: $9,928 MTD; projected rent $11,081.Delinquency: 14.07% overall, 10.55% over 30 days.Johnston StreetOccupancy: 89.45%, down –0.5% from last month.Revenue: $16,648 MTD; projected rent $18,915.Delinquency: 16.29% overall, 5.62% over 30 days.
Occupancy: Portfolio occupancy ticked up in July, with a net gain of occupied units across the stores. Several locations achieved very high occupancy (over 90% filled), and overall occupancy percentage remained in the low- to mid-70s despite prior capacity expansions. This reflects continued leasing momentum and improvement from the previous month.Revenue: Monthly revenue in July remained strong at approximately $208K (just shy of June’s peak). Higher effective rents and additional occupied units largely offset any revenue impact from earlier tenant turnover. July’s revenue performance was one of the highest to date, indicating steady cash flow as the stores approach stabilized occupancy.Rates: Effective rental rates per square foot improved in July as initial move-in promotions expired. Many new tenants who received introductory discounts began paying full rates, contributing to an uptick in realized rent per square foot. List prices (street rates) in July held steady after strategic reductions in prior months; the focus shifted to maximizing revenue from the high occupancy levels.Operational Actions: The stores saw minimal new capacity added in July, allowing management to concentrate on filling existing inventory. A few small delinquency auctions were conducted (clearing a handful of units), but these had a limited impact on overall occupancy. Operational efforts in July centered on revenue management and converting earlier promotions into paying rentals.
Occupancy Growth: Occupied units increased by roughly 9% from March to July 2025, climbing as leasing campaigns attracted new tenants. However, the occupancy rate (percentage) dipped slightly in the spring and then stabilized, due to a 14% expansion in total unit count over the period. In other words, the portfolio added over 330 units of capacity (through new store openings and expansions in April and June), temporarily diluting occupancy percentage. Most stores still grew their fill rates, with several going from ~60–70% in March up to the 80–90% range by mid-summer.Revenue Trend: Total monthly revenue rose from about $198K in April (first full month for many new facilities) to about $210K in June, before leveling off. This ~6% revenue growth outpaced occupancy gains, thanks to improving rent collection as promotional discounts phased out. By July, revenue stabilized just below the June high. The overall trend shows strong revenue ramp-up through Q2 2025, corresponding with the jump in occupied units, then a slight plateau as the portfolio neared mature occupancy levels.Rate Adjustments & Pricing Strategy: A deliberate pricing strategy was executed March–July to balance occupancy and yield. Early in Q2, aggressive rate reductions were implemented at select under-occupied sites (with posted rents dropping 20–30% in some cases) to stimulate move-ins. This succeeded in driving occupancy up, after which rates were gradually readjusted. By summer, actual realized rent per square foot was climbing – indicating that move-in concessions were rolling off and tenants were now paying closer to standard rates. Some markets even saw modest rate increases once occupancy approached capacity (ensuring revenue kept growing alongside occupancy).Operational Metrics: The period was marked by strategic capacity growth and tenant turnover management. New unit additions were significant in April (including a major 228-unit facility launch and expansions at multiple sites) and again in June (smaller scale additions), expanding the portfolio’s footprint. Concurrently, the company tackled delinquencies through auctions – notably a large auction wave in May–June that cleared out dozens of defaulted units (e.g. one site auctioned 26 units in June). While these auctions caused temporary occupancy dips at those locations, they improved customer quality and freed up inventory for new rentals. Overall, operational actions in March–July set the stage for healthier occupancy and revenue heading into the second half of 2025.
Occupancy: The 24/7 stores showed moderate occupancy growth, ending around 72% occupied, whereas pilot stores’ occupancy declined to the high-70s%. Pilot sites began with a higher occupancy advantage but lost ground after spring, so that by July the gap narrowed considerably. The 24/7 approach of aggressive leasing and 24/7 accessibility is starting to pay off in occupancy gains, while pilot stores dealt with cleanup and integration issues that temporarily suppressed occupancy.Revenue: By mid-year, the 24/7 portfolio is generating greater total revenue (about 1.8× the pilot group in July) and slightly higher revenue per store on average. The 24/7 stores’ revenue trend is stable-to-rising with occupancy, whereas pilot store revenue has been uneven – boosted by one-time collections but ultimately limited by occupancy losses.Rates: The pricing tactics diverged: 24/7 stores substantially cut rates to spur move-ins (sacrificing some rent per square foot for volume), in contrast to pilot stores which maintained rate integrity (and in one case, had to reduce rates later to try to stimulate demand). This indicates the 24/7 strategy prioritized rapid occupancy growth (even at lower rates), whereas the pilot strategy was more conservative on pricing.Other Metrics: High move-in volumes at 24/7 sites and fewer delinquencies suggest the 24/7 model is attracting new tenants effectively. Pilot stores underwent a period of house-cleaning (auctions) and reconfiguration, which impacted short-term occupancy but could result in a more stable tenant base moving forward. The expansion at Bainbridge (pilot) boosted that store’s future revenue potential, but also means the pilot group has more empty space to fill now.
250812 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
There are no rows in this table
Cubby
Email for both username and password
24/7 Store It – Current Performance
Brand Takeaway:
Occupancy is trending upward across all 24/7 locations, with most sites adding 1–2 percentage points over last month. Linden stands out for high delinquency despite solid occupancy. Pine Island delivers the highest revenue but still has significant vacancy.
Pilot Storage – Current Performance (8/10/25)
Brand Takeaway:
Most Pilot sites saw small occupancy gains in August, except Johnston Street, which slipped slightly but remains the top occupancy performer. Bainbridge needs urgent attention due to the highest delinquency rate (30.47%). Cartersville stands out for strong occupancy, revenue, and low delinquency. Overall, delinquency is more variable than in the 24/7 portfolio, with two sites (Bainbridge, Johnston) carrying notably higher past-due balances.
169 Rate increases for September 3k and 17.5% average
Performance Summary for 24/7 and Pilot Stores
July 2025 Key Highlights
March–July 2025 Trends and Developments
24/7 vs Pilot Stores – Performance Summary (Mar–Jul 2025)
Occupancy Growth
24/7 Stores: Occupancy increased modestly overall. The 7 stores under the “24/7” portfolio started around 71% occupancy in March 2025 and rose to about 72% by July. Notably, Tuscaloosa saw a major jump from roughly 67% in March to 93% in July (gaining over 25 percentage points) as aggressive leasing drove up occupied units. Danielsville improved from ~59% to 65% occupancy over the period, and Havelock Shipman rose from ~81% to 84%. Several 24/7 locations remained relatively stable: for example, Havelock Webb hovered in the mid-60s (%) throughout, ending around 64%. Linden stayed in the low-70s (slipping slightly from 72% to 70%). One site, Pine Island, experienced an occupancy drop (from ~72% to 60%) due to a capacity increase (adding new units in April) – even though it added tenants, the percentage fell because total available units grew. In June, most 24/7 stores held steady or gained occupancy, with only minor dips if any. Overall, the 24/7 group shows a steady upward occupancy trend, driven by strong leasing at key sites.
Pilot Stores: Occupancy in the 5 pilot stores declined over the period. Collectively, pilot sites were about 87% occupied in March, but fell to roughly 77% by July. Several factors contributed to this drop: First, Bainbridge nearly doubled its total units (from 98 to 172) in April, causing occupancy % to drop from an almost full 95% in March to ~52% in April (though physical occupancy went from 93 to 90 units, then grew to 125 by July). Other pilot stores saw mid-year tenant losses due to tenant auctions and move-outs. For example, Anniston (initially ~88% occupied) had a large clean-out of delinquent units in June (26 units auctioned), dropping occupancy to ~74% that month before recovering to 78% in July. Cartersville started above 90% in March, but after adding new units and clearing out some tenants, it settled around 82% in July. Elberta gradually declined from ~81% to 67% by July, with small net losses each month. Johnston St. is a new pilot store that opened in May at ~93% occupancy and ended July around 90% – this high occupancy helped offset some losses in the other pilot sites. The chart below illustrates the occupancy trend for the two groups:
Occupancy Trends (Mar–Jul 2025): 24/7 stores (blue) improved slightly overall, while pilot stores (orange) declined after an initial drop in April. The 24/7 portfolio’s occupancy rose into the low-70s%, whereas pilot stores fell from the high-80s% into the high-70s% by summer.
Revenue Performance
24/7 Stores: Total revenue collected grew in line with occupancy gains and added units. By July 2025, the seven 24/7 stores collectively brought in about $146k in monthly revenue, averaging roughly $21k per store. This is an improvement over the spring: for example, in May the total for these stores was around $137k. Several stores showed positive revenue trends. Tuscaloosa’s monthly revenue climbed from roughly $19.4k in May to $21.2k in July as its occupancy surged. Danielsville peaked around $19.8k in May and maintained about $18.3k in June–July. Other sites were more stable: Havelock Shipman, after a high collection of ~$21k in May (possibly boosted by seasonal fees or late collections), leveled around $15.5k–$15.7k per month in June–July. Linden generated a steady $25–26k each month during May–July. Pine Island had an initial revenue spike ($42.7k in May) following its expansion, then settled near $36–37k per month in June and July. Overall, the 24/7 portfolio’s revenue held steady or grew slightly through Q2 into July, reflecting its stable/improving occupancy.
Pilot Stores: The pilot stores had mixed revenue results with some volatility. In aggregate, the five pilot sites collected about $82k in July (approximately $16k per store on average). This total is lower than the 24/7 group’s, in part due to occupancy declines. Notably, Anniston had an exceptional April with about $27.3k collected due to the Anniston Fireplace and Patio paying back owed rent, but thereafter its monthly revenue normalized to ~$17–19k (it was ~$17.6k in July). Cartersville saw revenue rise to $26.7k in June (benefiting from a short-lived occupancy bump and possibly rate adjustments) before dipping to $26.3k in July. Bainbridge, despite the percent occupancy drop, grew its revenue consistently as it filled new units – from only about $5.6k in May to $7.1k by July. Elberta’s monthly revenue declined alongside occupancy (from ~$12.8k in May down to $11.3k in July). Johnston St. ramped up quickly: it collected a modest ~$5.4k in June (partial period) but jumped to $19.6k in July once fully online and leased. In summary, pilot store revenues were up and down – some one-time boosts in spring (e.g. Anniston) followed by normalization, and slight overall growth in a couple of sites, but generally lower average monthly revenue per store compared to the 24/7 group by July.
(For context, in July the average 24/7 store collected ~$21k vs ~$16k for the average pilot store. The 24/7 group’s total monthly revenue is now higher despite similar store count, owing to added capacity and improved leasing.)
Rates and Other Key Metrics
Rental Rates: The 24/7 stores pursued an aggressive pricing strategy during this period, which is evident in the drop in Gross Potential Rent (GPR) and rate per square foot. Many 24/7 locations cut their street rates significantly to drive occupancy. For instance, Pine Island’s GPR went from about $62k in March down to $43.7k by July – roughly a 30% reduction in potential rent, reflecting major rate discounts for new customers. Danielsville and Linden similarly saw GPR fall on the order of 20–30% by mid-year, indicating broad rate reductions. Correspondingly, the actual achieved rent per square foot in 24/7 stores dipped; e.g., Pine Island’s average realized rent rate dropped from ~$0.97/SF in April to ~$0.78/SF in July as lower promotional rates took effect. This strategy of lower prices helped boost move-ins (and thus occupancy) at key 24/7 sites. In contrast, the pilot stores largely held rates steady. Anniston’s GPR stayed roughly flat (around $21–22k) throughout, and Cartersville’s only edged down slightly (from ~$36.8k to $35.3k by July). In some pilot cases, rates even ticked up: Johnston St. opened with strong pricing (90% occupied at premium rates), and Bainbridge’s GPR naturally increased with its expansion (more units added at similar rates). One pilot site, Elberta, did implement a rate cut mid-year (GPR from ~$21k in spring to ~$17.8k in July), likely to address its occupancy slide. Overall, 24/7 stores traded rate for occupancy, whereas pilot stores maintained pricing, prioritizing revenue stability over growth in occupancy.
Other Performance Indicators: Leasing activity was robust in the 24/7 portfolio. Inflows were especially strong at Tuscaloosa (e.g. 43 move-ins in April alone) and healthy at others like Pine Island and Linden (regular double-digit move-ins). This helped offset routine move-outs. The net result was positive absorption in most months for 24/7 stores, except where auctions intervened. Pilot stores faced more tenant churn. Several pilot sites conducted auctions of delinquent units in June, which, while improving accounts receivable, temporarily hurt occupancy. Anniston’s 26 auction vacates and Cartersville’s 11 (in June) were the primary drivers of those big one-month occupancy drops mentioned. Notably, those auctions cleaned out bad debt and should position the pilot stores for healthier occupancy going forward (albeit from a lower base). In terms of physical capacity, the pilot group added more units (Bainbridge’s expansion and Cartersville’s unit count adjustment), whereas the 24/7 group’s capacity remained mostly constant (aside from Pine Island’s addition). This difference in strategy (pilot group increasing supply versus 24/7 focusing on filling existing supply) influenced the performance metrics significantly.
Comparison & Key Takeaways
Overall, the 24/7 stores are trending positively – achieving steady occupancy increases and solidifying revenue after a period of aggressive rate cuts – whereas the pilot stores are in a transitional phase, with occupancy dipping due to internal adjustments (auctions, expansions) and revenues finding a new normal. On the upcoming owner’s call, we can report that the 24/7 portfolio’s strategy is gaining traction (occupancy and revenue growing), and while the pilot portfolio’s metrics are down in the short term, these changes were largely expected as part of operational clean-up. Going forward, the pilot stores should be in a better position to improve occupancy without the drag of delinquent units, and the 24/7 stores can look to gradually firm up rates once higher occupancy is achieved. The key takeaway is that the 24/7 stores have shown growth through aggressive leasing, and the pilot stores have stabilized their foundations during this period – setting the stage for future performance improvements.
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