Explore

250917 Arnold and Topeka Meeting Notes

Agenda

Agenda

Done

Topic

Notes

Date

Added by

I have asked Larissa why Arnold is 8 points less occupied in June (24 net loss). What was done in May and June to get 47 net renters?

Wed, Sep 17

Who to talk to about credit card processing. Paying $76 more per location.

Wed, Sep 17

Great job on reviews 5 stars need to get quicker responses to reviews.

Wed, Sep 17

Tyler had 10 move-ins and 11 move-outs, no reviews earlier than 6 weeks. Granted all five stars, which is fabulous, but no reviews

Wed, Sep 17

Arnold had 111 move-ins in the last 5 months, with only 10 reviews in four months, starting at

Wed, Sep 17

There are no rows in this table

⁠

Portfolio (Arnold, Topeka Tyler, Topeka Grantville) – Q3 2025 vs Q3 2024

Occupancy: Up ~10 points YOY (72% → 82% by SF).

Leasing: 57 move-ins vs 42 move-outs → net +15 units. Lead-to-move-in conversion ~46%.

Revenue: Rent roll ~$50.6k vs ~$59.2k potential (85% capture). Strong growth from higher occupancy.

Rate Increases (Oct 2025):

255 tenants impacted portfolio-wide.

Avg +$21.4 / +25.5%.

Arnold: 151 tenants (+$18.9 / +27%).

Grantville: 62 tenants (+$25 / +20%).

Tyler: 42 tenants (+$25 / +28%).

The total dollar amount of October rent increases across the portfolio is about $5,449.

Breakdown by site:

Arnold: ~$2,849

Grantville: ~$1,550

Tyler: ~$1,050

⁠

Arnold

Wins: Net +22 units; occupancy 80%+ (up ~10 pts YOY); strong leasing momentum.

Opportunities: Push rental rates; manage retention through Oct increases (151 tenants).

Grantville

Wins: Still ~86–88% occupied (up from ~80% YOY); solid rent levels.

Opportunities: Seasonal move-outs (-12 net units this quarter); need retention strategy and marketing push.

Tyler

Wins: Occupancy jumped from ~61% to ~85% YOY; net +5 units this quarter; strong conversion.

Opportunities: Increase rents (42 tenants impacted in Oct); expand marketing to keep lead flow steady.

⁠

Key Takeaway

Q3 showed strong occupancy and leasing gains (especially Arnold & Tyler) and significant revenue growth potential from October rate increases. The main watchpoint is seasonal churn at Grantville and ensuring tenant retention after rent hikes.

⁠

Q3 2025 Performance Review – Arnold & Topeka (Tyler & Grantville)

Portfolio Overview (Q3 2025 vs Q3 2024)

Demand & Rentals: Across the three properties, we saw 125 leads in Q3 2025 (July 1 – Sept 16), resulting in 57 move-ins and 42 move-outs, a net gain of +15 units occupied. This is an improvement from roughly +9 net units in the same period last year. Move-in volumes outpaced move-outs at Arnold and Tyler, while Grantville experienced higher move-outs (seasonal impact). Portfolio-wide conversion of leads to move-ins was strong (~46% conversion), indicating effective leasing efforts. Figure 1 below illustrates the significant YoY occupancy gains (in % of square footage) across the portfolio – climbing from ~72% in Q3 2024 to ~82% in Q3 2025 on average – with the largest jump at Topeka Tyler. Figure 2 shows the net unit change by property, highlighting Arnold’s turnaround and Grantville’s seasonal dip.

Figure 1: Occupancy (by square footage) Q3-to-date 2024 vs 2025 for each site and combined portfolio.

Figure 2: Net rentals (net unit change) in Q3-to-date 2024 vs 2025. Positive values indicate net move-ins.

Occupancy & Revenue: As of mid-September 2025, portfolio occupancy stands at ~82% by square feet, up from the low 70s% a year ago. All sites are now in the mid-80s% occupied range by SF. This equates to a current monthly rent roll of about $50.6k against a gross potential of $59.2k (if fully occupied at standard rates), leaving upside in filling the remaining ~18% vacancy and driving rates. Year-over-year, higher occupancy has translated into higher actual collected rent. We have maintained rate integrity reasonably well even while leasing up – current occupied rent is ~85% of potential, so there is room to grow revenue as occupancy improves and rate increases take effect.

Existing Customer Rate Increases (Oct 2025): We have a robust round of rent increases scheduled for October 1 across the portfolio. A total of 255 tenants will receive increases (existing customer rate adjustments), with an overall average hike of ~$21.4 in rent, which is about +25.5% on their current rates. By site, Arnold Self Storage has 151 increases going out (average ~$18.87 increase, +27.1%), Topeka Grantville 62 increases (avg $25 bump, +20.0%), and Topeka Tyler 42 increases (avg $25 bump, +27.9%). This initiative is a major win for revenue management – it will boost income in the coming months (assuming solid tenant retention). The opportunity will be to monitor impact on occupancy (especially at Grantville, which is highly occupied but recently saw move-outs) and to ensure our customer communications and value proposition encourage tenants to stay at the new rates.

Arnold Self Storage (Arnold, MO) – Q3 Update

Leasing Performance: Arnold saw 76 new leads in Q3 2025, of which 36 moved in. Only 14 tenants moved out, yielding a net +22 units added to occupancy this quarter – a dramatic improvement versus roughly flat performance last year (no net gain in Q3 2024). This is a clear win, driven by aggressive marketing and promotions over the summer. The conversion rate from inquiries to move-ins was excellent (~47%), showing strong demand and effective sales.

Occupancy & Financials: Occupancy at Arnold is now 80–82% (by SF), up about 10 percentage points from ~70–72% a year ago. In unit terms, 271 units are rented out of 336 rentable (rent-ready) units. Gross potential rent at current rates is about $32.9k/month, and actual rent billed on occupied units is ~$27.3k/month, so effective rent is ~83% of potential. With occupancy growing, revenue has risen accordingly year-over-year. A win here is the much improved occupancy – the facility is generating income from 22 more units than it was three months ago, and ~29 more units than this time last year. The opportunity now is to start pushing rates and income: Arnold’s average unit rates are somewhat lower than the other sites (reflected in a smaller average $ increase on renewals). With occupancy above 80%, we can dial back discounts and implement the planned rate increases. In fact, 151 Arnold tenants will receive rent increases in October (avg +$18.87, ~+27%), which should substantially lift the revenue run-rate going into Q4. The key will be balancing rate hikes with occupancy – retaining these new customers is crucial. So far, tenant feedback has been manageable, and no move-outs due to auction or delinquency were recorded this quarter (another positive sign of stability).

Topeka Self Storage – Grantville (Topeka, KS) – Q3 Update

Leasing Performance: Grantville generated 29 leads in Q3 2025, with 10 move-ins. Move-outs, however, totaled 22 in the quarter – resulting in a net –12 units change (occupancy decline). This contrasts with Q3 2024 when Grantville had a net gain of +8 units (after a strong summer leasing season). The high move-out volume this quarter is likely seasonal – many college or summer storages left after August. It’s an area of concern and an opportunity: we need to focus on marketing going into the off-peak season to backfill the 12 vacated units (e.g. target campaigns to locals or businesses since student demand dipped). On the positive side, demand is still coming in – conversion was ~34%, and many leads resulted in reservations (though some ultimately cancelled). We should examine if any specific customer segments or reasons (e.g. price, students moving out) drove the move-outs, to address them proactively.

Occupancy & Financials: Despite the recent dip, occupancy remains high at ~86–88% by square feet. Currently 108 units are rented out of 126 rentable units. This is actually higher YOY – occupancy was about 80% a year ago, so Grantville is still up ~6-7 percentage points in occupancy vs last year. Prior to the move-outs, the facility was over 90% full in June/July. Gross potential monthly rent at 100% occupancy is ~$18.1k; current monthly rent being collected is ~$16.0k, or ~88% of potential – a healthy rate indicating solid rental rates even with the vacated units. Wins: Grantville’s overall occupancy level is strong and well above break-even; the site demonstrated it can fill up (it hit 95%+ in June). It also achieved respectable rental rates (the average unit rent here is higher, as seen by the $25 avg increase on renewals). Additionally, no units are unrentable – all 126 are marketable, which maximizes our inventory. Opportunities: The main area to improve is the seasonal retention – we should strategize how to retain more of those summer tenants (perhaps academic year specials or longer-term incentives) or replace them quickly. Also, with 62 tenants set for October rent increases (avg +$25, ~+20%), we must watch the reception: since we’re already down some occupancy, we want to avoid another wave of move-outs. However, given the facility’s high occupancy and strong market, these rate increases are warranted to boost revenue. We should tout our property’s value (security, convenience, service) so customers accept the new rates. If all increases stick, it’s a nice revenue uplift for Q4.

Topeka Self Storage – Tyler (Topeka, KS) – Q3 Update

Leasing Performance: Tyler had 20 leads this quarter, of which 11 moved in. Only 6 tenants moved out in Q3, yielding a net +5 units increase in occupancy. Last year, Tyler was nearly flat (+1 net) in Q3, so this is an improvement. In fact, Tyler’s conversion rate was the highest – about 55% of leads became move-ins – which is a win indicating strong demand relative to its size and good closing on prospects. Tyler is a smaller facility (fewer units to fill), and it’s encouraging that it continued to attract new renters even as it approaches full stabilization. We should keep an eye on lead flow, though – 20 leads is the lowest volume among the sites, so expanding local marketing could ensure we maintain momentum (an opportunity for further improvement).

Occupancy & Financials: Occupancy at Tyler has surged to ~84–86% (70 units occupied out of 83 rentable). This is a huge jump YOY – it was only ~61% occupied in Q3 last year (the site was still in lease-up phase). Achieving mid-80s% occupancy is a major win, essentially bringing Tyler to a stabilized level now. The focus can shift more to rate optimization. Current monthly rent on the books is ~$7.3k, versus ~$8.2k potential at 100% occupancy (about 89% of potential revenue captured). This suggests we’ve done well getting tenants in at decent rates; there’s a smaller gap to fill with remaining vacancy. Wins: The property has rapidly absorbed new tenants over the past year (adding ~20 percentage points occupancy). Tenant quality seems solid as we saw relatively few move-outs and no abnormal delinquencies. Opportunities: Now that occupancy is high, we can push rents on both new rentals and existing tenants. In fact, 42 tenants will see rate increases in October (avg +$25, ~+28%) – a significant step that should raise the revenue ceiling. Given Tyler’s smaller tenant count, we’ll need to monitor closely how those ~42 increases play out (they represent a large portion of occupied units). With occupancy in the mid-80s%, we have some buffer to absorb a few vacates if they occur, but ideally the majority of customers will accept the increase. Marketing can also pivot to target slightly higher-rate customers now, since we have fewer units left to fill – we can be choosier on price. Lastly, as we approach ~90% occupancy, we might reduce any move-in concessions that were used during lease-up, to further improve yield.

Summary – Q3 Wins & Opportunities

In summary, Q3 2025 has been a strong quarter for the portfolio in terms of occupancy growth and revenue initiatives. Arnold and Tyler showed excellent occupancy gains and solid leasing momentum, translating to higher revenue and the ability to implement aggressive rate increases (a clear win). Grantville, while still very well occupied year-on-year, faced a seasonal setback in occupancy – an opportunity to refine our seasonal retention strategy and marketing outreach. Overall portfolio occupancy (~82%) is up ~10 points from last year, and rent roll is growing. The planned October rate increases (255 in total) are a major portfolio-wide win for boosting same-store revenue, though we remain vigilant in managing tenant responses. Going forward, the focus will be on converting occupancy gains into revenue growth – by retaining tenants at higher rates, continuing disciplined marketing to keep filling units (especially at Grantville), and tightening operational efficiency. We should celebrate the leasing successes of Q3 and proactively tackle the areas of improvement, positioning us well for a strong finish to the year.

Want to print your doc?
This is not the way.

Try clicking the ··· in the right corner or using a keyboard shortcut (

CtrlP

) instead.