Big Picture: 2025 Across the Portfolio
Overall theme:
2025 was a growth year with a soft landing. Most properties showed strong lease-up and revenue gains through spring/summer, followed by elevated churn in Q4 that pressured occupancy heading into year-end.
What Went Well in 2025
Revenue growth was solid across nearly all properties, especially mid-year. Spring–summer leasing strength: most sites peaked between June–September. Several newer or lease-up assets (Danielsville, Linden, Trumann, Elberta) showed healthy absorption early. High-activity markets (Tuscaloosa, Cartersville, Pine Island) generated very strong gross move-ins. What Hurt in 2025
Q4 churn was the biggest drag: Vacates spiked sharply in October–December. Many properties flipped from positive net rentals to flat or negative. Occupancy declines late in the year were not demand-driven, but retention-driven. A few assets experienced extreme turnover (Cartersville, Tuscaloosa, Anniston). Portfolio Patterns (Wins & Losses)
Consistent Performers
Elberta – Most stable asset: steady occupancy, positive net rentals almost every month, rising revenue. Trumann – Good balance of leasing and retention; quick recovery after a November dip. Bainbridge – Stable occupancy in the high-70s/low-80s with improving revenue late year. Strong Growth but Volatile
Danielsville – Excellent lease-up trajectory through summer; Q4 churn slowed momentum. Linden – Strong absorption through October; late-year move-outs softened gains. Pine Island – Revenue monster mid-year, but occupancy never fully stabilized due to turnover. High Volume, High Risk
Tuscaloosa – Massive summer surge (very high occupancy and rentals), followed by sharp Q4 falloff. Cartersville – Huge move-in volume all year, but equally massive move-outs kept occupancy stuck in the mid-50s. Anniston – Strong first half, steep second-half decline driven by vacates. How We Kicked Off 2026
January 2026 (EOM)
Mixed start, but not alarming: Several properties posted flat or slightly positive net rentals. A few continued Q4 weakness (Anniston, Tuscaloosa, Pine Island). Revenue generally held up better than occupancy, suggesting rate durability. February 2026 (MTD – Scorecard)
Most properties are net positive or flat on rentals. Occupancy is stabilizing or ticking up at many sites. Fewer extreme vacate patterns compared to late 2025. Executive Takeaways
2025 = growth year with a Q4 retention problem Demand is not the issue — churn management is 2026 is starting cleaner than Q4 2025 ended Post-peak pricing discipline Operational consistency at high-volume assets Property Performance (2025 & Early 2026)
Danielsville
2025 Performance: Danielsville opened in early 2025 (no data in Jan–Feb). Occupancy climbed from 58.8% in Mar to a peak ~70.8% in Nov, ending 2025 at ~69.4%. Move-ins were strongest in May (23) and Oct (22), while move-outs spiked late (18 in Nov, 22 in Dec), turning net rentals from +12 in Aug to –5 in Dec. Revenue rose through mid-year (peaking at ~$25.15K in Nov) then dipped in Dec.
Trend: Occupancy steadily improved in spring/summer. August saw the largest net gain (+12) as move-ins outpaced outs. By late 2025, higher vacates caused net losses (–2 in Nov, –5 in Dec) and a slight occupancy decline. Revenue: Grew from ~$16.3K in Apr to ~$25.2K in Nov (highest) and dipped to ~$20.0K in Dec, tracking occupancy. Notable: Strongest move-in month was May (23 new rentals). The year’s biggest loss of occupancy occurred in Dec (net –5 rentals). Jan 2026 (EOM): Occupancy ~70.1%, 10 move-ins, 9 move-outs (net +1), revenue ~$22.38K.
Feb 2026 MTD: Occupancy ~71.5% (scorecard), 5 move-ins, 0 move-outs (net +5).
Havelock Shipman
2025 Performance: Occupancy grew gradually from 80.7% in Mar to a peak ~90.0% in Sep, finishing Dec at ~83.0%. Move-ins (monthly new rentals) averaged ~7–14, with the peak in Aug (14). Vacates rose sharply late: move-outs jumped to 13 in Nov and 13 in Oct, causing net rentals to turn negative in Oct/Nov (–5 in Oct, –10 in Nov). Revenue peaked early (Apr ~$21.35K) and dropped in summer but rebounded somewhat in Oct–Dec (~$16–18K).
Trend: Steady occupancy gains through early fall. Peak occupancy in Sep (90%). Net rentals positive until Sept. In Oct–Nov, a surge in vacates (13) caused net losses (–5, –10), knocking occupancy down by Dec. Revenue: Highest in Apr ($21.35K) when occupancy was ~80%. Revenue dipped mid-year (~$15K) and climbed slightly in late 2025. Notable: August saw the largest net rental gain (+6). The largest occupancy drop came Nov-Dec (from 87.0% to 83.0%). Jan 2026 (EOM): Occupancy ~81.17%, 3 move-ins, 8 move-outs (net –5), revenue ~$19.82K.
Feb 2026 MTD: Occupancy ~81.16%, 1 move-in, 0 move-outs (net +1).
Havelock Webb
2025 Performance: Occupancy held in the mid-60s to low-70s, peaking at 67.8% in Jun, and ending Dec ~64.6%. Move-ins built up (2 in Mar, up to 15 in Jul), but move-outs rose from late summer onward. Net rentals turned negative by Aug (–3) and stayed negative into Dec. Revenue was modest early, peaked in Oct (~$9.85K), then dipped.
Trend: After opening (data from Mar), occupancy rose until Jun, then fluctuated ~60–67%. High turnover in late 2025 caused net negatives. July saw the biggest gain (+11). Revenue: Smaller than other properties (max ~$9.9K in Oct). Reflects its smaller size or lower rates. Notable: Despite occupancy ~64% in Dec, late-year losses (–11 in Nov) hint at instability. Jan 2026 (EOM): Occupancy ~64.6%, 2 move-ins, 9 move-outs (net –7), revenue ~$12.69K.
Feb 2026 MTD: Occupancy ~64.60%, 1 move-in, 1 move-out (net 0).
Linden
2025 Performance: Opening in Mar 2025, occupancy grew from 68.1% in Mar to a peak ~76.1% in Oct, settling ~70.9% by Dec. Move-ins were consistently high (peaking 18 in Jul), but vacates also rose late (11 outs in Dec). Net rentals were positive through Oct. Revenue climbed with occupancy, peaking ~$28.84K in Nov.
Trend: Strong growth early, topping out around 76% in summer. Late-year net rentals fell (–6 in Nov, 0 in Dec) as move-outs rose, causing a drop from 76.1% to 70.9%. Revenue: Steady increase mid-year; largest ($28.95K) in Nov. Notable: March launch with 11 moves. Net rentals were +9 in Mar. November saw a swing to loss (–6) due to outs. Jan 2026 (EOM): Occupancy ~71.0%, 7 move-ins, 6 move-outs (net +1), revenue ~$26.84K.
Feb 2026 MTD: Occupancy ~71.32%, 2 move-ins, 1 move-out (net +1).
Pine Island
2025 Performance: Opening in Mar, occupancy rose from 62.4% in Mar to ~63.2% by Aug, then stabilized around ~60%. Move-ins peaked in Jul (14) and Oct (16) but several months saw higher move-outs, leading to occasional net losses. Net rentals were flat overall (total ~+2 for year). Revenue grew mid-year (max ~$39.62K in Jan 2026 actually, which is beyond 2025 but Jul 2025 was ~$40.17K). [From EOM: Pine Island had exceptionally high revenue in mid-2025]
Trend: Occupancy hovered around the low 60s after opening. Gains mid-year were offset by losses in fall. July–Aug saw strong revenue (>$40K) and balanced net rentals. Late 2025 saw net –8 in Nov from high outs. Revenue: Unusually high in Jul–Aug (~$40K) – likely a data anomaly or an exceptionally busy season. Notable: Strong move-in months: May (13), Jul (14), Oct (16). November had the worst net (–8). Jan 2026 (EOM): Occupancy ~59.72%, 17 move-ins, 22 move-outs (net –5), revenue ~$39.62K.
Feb 2026 MTD: Occupancy ~60.56%, 6 move-ins, 3 move-outs (net +3).
Trumann
2025 Performance: Occupancy rose from 68.8% in Mar to ~75.2% by Nov, ending Dec at ~75.6%. Move-ins grew mid-year (max 19 in Jun), with net rentals positive most months (annual total +36). A late-year net slump (–8 in Nov) was offset by December’s recovery. Revenue tracked occupancy, peaking ~$18.15K in Oct.
Trend: Quick rise to mid-70s occupancy. Consistent positive net rentals (except Nov). November’s spike in move-outs (21) led to a net loss, but December recovered (+3 net). Revenue: Peaked in Oct (~$18.1K) along with occupancy; dipped in Dec. Notable: Largest move-in month was Jun (19). Strongest net gain was +7 in Jun. November saw highest move-outs and net –8. Jan 2026 (EOM): Occupancy ~75.59%, 11 move-ins, 5 move-outs (net +6), revenue ~$16.51K.
Feb 2026 MTD: Occupancy ~73.71%, 4 move-ins, 8 move-outs (net –4).
Tuscaloosa
2025 Performance: Occupancy jumped from 78.1% in Mar to a high ~96.4% in Jul, then settled ~75.2% by Dec. (July’s high is likely an outlier or short-term spike.) Move-ins were very high mid-year (peak 31 in Jul), but move-outs also surged late (41 in Dec). Net rentals peaked (+25 in Jul) then swung negative (–17 in Dec). Revenue similarly peaked mid-year (~$26.52K in Jul) then dropped to ~$15K by year-end.
Trend: Rapid build-up to an occupancy peak (~96%) in Jul. After mid-year, occupancy and revenue fell. Late-year vacancy spiked (41 vacates in Nov-Dec). Revenue: Highest in Jul (~$26.5K). Declined to ~$15.7K by Dec as occupancy fell. Notable: July’s occupancy/usage was unusually high (likely a surge). Net rentals were +25 in Jul. December saw the largest loss (–17). Jan 2026 (EOM): Occupancy ~75.22%, 11 move-ins, 26 move-outs (net –15), revenue ~$22.31K.
Feb 2026 MTD: Occupancy ~76.52%, 8 move-ins, 5 move-outs (net +3).
Anniston
2025 Performance: Occupancy started ~89.1% in Mar, peaked ~94.2% in Jun, then declined to ~66.8% by Dec. Mid-year net rentals positive; late-year vacates surged (21 in Nov, 19 in Dec) causing net losses (–9 in Dec). Revenue rose mid-year (peak ~$20.11K in Jul) then fell to ~$12.82K by Dec.
Trend: High occupancy (85–94%) in first half, then steep decline. Largest occupancy drop from Jul to Dec (88.5% to 66.8%). Late 2025 had heavy churn, with net rentals –14 (Nov) and –11 (Dec). Revenue: Peaked ~$20.1K in Jul; slid to ~$12.6K by Nov/Dec. Notable: March–July were strong months; November’s 21 move-outs and December’s 19 were the largest vacate counts. Jan 2026 (EOM): Occupancy ~66.84%, 9 move-ins, 12 move-outs (net –3), revenue ~$19.88K.
Feb 2026 MTD: Occupancy ~66.33%, 2 move-ins, 3 move-outs (net –1).
Bainbridge
2025 Performance: Occupancy started ~75.3% in Mar, peaked at 83.3% in Sep, ending Dec at ~79.7%. Move-ins climbed through the year (max 17 in Aug), while move-outs also grew late (14 in Dec). Net rentals were modest (+5 max in Mar), with a flat total (~–4). Revenue rose to ~$17.10K in Dec (peak ~$17.1K Dec).
Trend: Generally strong, stable occupancy (75–84%). Peak in late summer, slight dip then recovery. Net rentals modest, except Nov (+9). Revenue: Grew mid-year (peaks ~$17.1K in Nov/Dec). Notable: Highest occupancy in Aug–Sep. Biggest net gain was +9 in Nov. Jan 2026 (EOM): Occupancy ~79.65%, 11 move-ins, 15 move-outs (net –4), revenue ~$17.10K.
Feb 2026 MTD: Occupancy ~81.40%, 6 move-ins, 2 move-outs (net +4).
Cartersville
2025 Performance: Occupancy was relatively low (from 55.2% in Mar to a peak ~56.7% in Aug), ending Dec ~55.7%. Despite this, revenue was high (likely reflecting higher rates/size). Move-ins were very high (max 38 in May, 30 in Jun) but move-outs were even higher (peak 39 in Dec). Net rentals were strongly negative by late 2025 (–19 in Dec), though total net was +20 over year due to early-year gains. Revenue climbed mid-year (max ~$29.82K in Dec).
Trend: Occupancy stayed in the mid-50s. Cartersville’s turnover was extreme: massive move-in counts (30s) were offset by outs. Net rentals positive in first 10 months, then collapse in Dec (–19). Revenue: Surprisingly high (~$20–29K) despite modest occupancy, indicating large facility or high rents. Peaked $29.82K in Dec. Notable: May was busiest (38 moves-in). December had the highest move-outs (45) and large net loss. Jan 2026 (EOM): Occupancy ~55.67%, 14 move-ins, 12 move-outs (net +2), revenue ~$29.82K.
Feb 2026 MTD: Occupancy ~55.41%, 6 move-ins, 7 move-outs (net –1).
Elberta
2025 Performance: Occupancy grew from ~73.2% in Mar to ~78.0% in Aug, finishing Dec ~75.1%. Move-ins reached 21 in Jun, and move-outs peaked at 16 in Oct. Net rentals stayed positive most months (+39 total), with no month in net loss. Revenue rose steadily, peaking ~$17.86K in Dec.
Trend: Steady high occupancy (73–78%) and mostly positive net rentals. The only weak net month was Oct (+1 due to equal moves/out). Revenue: Increased consistently, reaching highest ($17.86K) in Dec. Notable: Large activity: 21 moves-in in Jun. Net rentals +14 in Jun was the highest monthly gain. Jan 2026 (EOM): Occupancy ~75.09%, 14 move-ins, 12 move-outs (net +2), revenue ~$17.86K.
Feb 2026 MTD: Occupancy ~75.82%, 6 move-ins, 3 move-outs (net +3).
Johnston St
2025 Performance: (Opened May) Occupancy started 93.0% in May, peaked 93.0% in Jun, then fell to ~81.4% by Dec. Move-ins were moderate (peak 8 in Nov), and move-outs grew in late year. Net rentals totaled –10 (first negative year), with net losses in Jul (–7) and Dec (–4). Revenue rose to ~$21.69K in Oct, then fell.
Trend: High initial occupancy (93%) after opening in May. Decline in occupancy late 2025 due to net losses. Two months had net gains (May, Nov), but others lost. Revenue: Jump from $0.59K in May (trivial partial month) to ~$24.3K in Jun. Stayed ~19–21K afterwards, peaking Oct. Notable: Highest net loss –7 in Jul. Highest net gain +5 in Nov. Jan 2026 (EOM): Occupancy ~81.41%, 5 move-ins, 6 move-outs (net –1), revenue ~$21.83K.
Feb 2026 MTD: Occupancy ~80.90%, 2 move-ins, 3 move-outs (net –1).
Munford
2025 Performance: No EOM data for 2025 (property opened in 2026).
Jan 2026 (EOM): Not available (no data).
Feb 2026 MTD: Occupancy ~65.16%, 0 move-ins, 0 move-outs (scorecard).
Cool Air
2025 Performance: No EOM data for 2025 (property opened in 2026).
Jan 2026 (EOM): Not available.
Feb 2026 MTD: Occupancy ~69.10%, 4 move-ins, 1 move-out (net +3).