BPT Portfolio – Q3 2025 Performance Summary
Revenue: Up 14.2% YOY ($283K vs $248K). Nederland (+25.7%) and Orange (+27.1%) led growth, while Bridge City (+8.5%) and Groves (+2.5%) saw steady gains. Occupancy: Portfolio occupancy improved from 62.5% to 74.5% YOY (+20K sq. ft.). Orange (+26 pts) and Groves (+14 pts) posted the strongest gains; Nederland remains highest at ~87%. Leads: Total leads increased 62% YOY (411 vs 254). Strongest growth at Orange (double last year). About 53% of leads came via phone, 29% from Storagely, and 16% from SpareFoot. Rate Increases: In Q3, ~240 tenant rent increases were implemented, supporting revenue growth. In Q4, 421 scheduled increases are set across the portfolio (~$8.7K monthly rent impact). Q4 Outlook:
Execution of scheduled increases while monitoring retention. Focus on sustaining high occupancy during slower winter leasing season. Maintain strong lead flow from all channels while improving direct web and referral conversion. Overall: The portfolio delivered strong Q3 results with higher occupancy, stronger lead volume, and double-digit revenue growth. We are entering Q4 well-positioned for continued performance gains.
Bridge City
Revenue: $73.7K vs $67.9K (+8.5%) Occupancy: 73.7% (31.4K sq. ft.) vs 69.5% (29.3K sq. ft.) Leads: 82 vs 59 (+39%) – balanced phone/online Rate Increases: 109 scheduled for Q4 (~$2.1K monthly impact) Groves
Revenue: $77.1K vs $75.3K (+2.5%) Occupancy: 69.0% (34.7K sq. ft.) vs 55.2% (29.1K sq. ft.) Leads: 135 vs 75 (+80%) – ~60% phone-driven Rate Increases: 133 scheduled for Q4 (~$2.7K monthly impact) Nederland
Revenue: $70.4K vs $56.0K (+25.7%) Occupancy: 86.9% (36.7K sq. ft.) vs 84.3% (35.7K sq. ft.) Leads: 67 vs 57 (+18%) – majority phone Rate Increases: 115 scheduled for Q4 (~$2.3K monthly impact) Orange
Revenue: $62.0K vs $48.8K (+27.1%) Occupancy: 69.5% (30.2K sq. ft.) vs 43.2% (18.8K sq. ft.) Leads: 127 vs 63 (+102%) – ~50% online-driven Rate Increases: 64 scheduled for Q4 (~$1.6K monthly impact) Portfolio Total
Revenue: $283.1K vs $247.9K (+14.2%) Occupancy: 74.5% (132.9K sq. ft.) vs 62.5% (112.8K sq. ft.) Rate Increases: 421 scheduled for Q4 (~$8.7K monthly impact)
Q3 2025 – Executed Rate Increases
Executed Increases: ~240 tenant rent increases Portfolio Coverage: ~30% of occupied tenants received an increase in Q3 Revenue Impact: ~$4.5K in additional monthly rent was realized from these Q3 adjustments (about a 1.5–2% lift in rental income during the quarter) Q4 2025 – Scheduled Rate Increases
Bridge City: 109 scheduled (~$2.1K monthly impact, ~7% of tenants) Groves: 133 scheduled (~$2.7K monthly impact, ~8% of tenants) Nederland: 115 scheduled (~$2.3K monthly impact, ~8% of tenants) Orange: 64 scheduled (~$1.6K monthly impact, ~6% of tenants) Portfolio Total:
421 increases scheduled across all sites Represents about 13% of occupied tenants portfolio-wide Expected $8.7K in monthly rent uplift once fully implemented 📌 Summary:
Q3: 240 increases executed (~30% of tenant base), delivering ~$4.5K monthly revenue lift. Q4: 421 scheduled (~13% of tenant base), with ~$8.7K projected monthly uplift. Q3 2025 BPT Portfolio Performance Update
Revenue (Q3 2025 vs Q3 2024)
We delivered solid year-over-year revenue growth in the third quarter, driven by higher occupancy and rate management efforts. Below is the revenue by property for Q3 2025 compared to Q3 2024, with actual dollars and percentage increases:
Bridge City: $73,668 in Q3 2025 vs $67,879 in Q3 2024 (increase of $5,789, or +8.5% growth). Groves: $77,103 in Q3 2025 vs $75,260 in Q3 2024 (increase of $1,844, or +2.5%). Nederland: $70,382 in Q3 2025 vs $55,982 in Q3 2024 (increase of $14,400, or +25.7%). Orange: $61,990 in Q3 2025 vs $48,755 in Q3 2024 (increase of $13,235, or +27.1%). Portfolio Total: Q3 2025 revenue was $283,144, up from $247,875 in Q3 2024 – an overall +14.2% increase. This growth was largely fueled by the substantial gains at our Nederland and Orange sites, while Bridge City had a healthy uptick and Groves remained roughly flat with a slight increase. Higher rental rates and improved occupancy (especially at Orange) contributed to these revenue gains.
Occupancy (Square Footage)
Occupancy improved markedly year-over-year, as we successfully filled units across the portfolio. The table below shows occupied square footage and occupancy percentage as of September 30, 2025, compared to a year prior for each facility:
Bridge City: Occupied 31,370 sq. ft. (73.69% occupancy) vs 29,275 sq. ft. (69.45%) a year ago. This is an increase of ~4.2 percentage points in occupancy. Groves: Occupied 34,675 sq. ft. (69.04%) vs 29,050 sq. ft. (55.20%) last year – a jump of 13.8 points, reflecting strong leasing activity. Nederland: Occupied 36,650 sq. ft. (86.87%) vs 35,700 sq. ft. (84.32%) last year, up about 2.6 points. Nederland was already high occupancy, now nearly 87% full. Orange: Occupied 30,205 sq. ft. (69.50%) vs 18,760 sq. ft. (43.17%) last year – a huge increase of 26.3 points in occupancy. Orange went from under half occupied to essentially on par with Bridge City and Groves in occupancy rate. Overall Portfolio: Combined occupancy (by sq. ft.) rose from about 62.5% in Sept 2024 to 74.5% in Sept 2025, a significant improvement. We added roughly 20,000 sq. ft. of occupied space year-over-year across the four properties. This was achieved by strong net move-in momentum – in Q3 2025 we gained a net +49 units rented (232 move-ins vs 183 move-outs), whereas Q3 2024 was roughly flat (essentially no net gain, with 110 move-ins vs 111 move-outs). The most dramatic occupancy gains were at Orange (thanks to focused marketing efforts) and Groves, while Bridge City and Nederland also saw steady improvement.
Lead Volume and Sources
Leasing demand was much higher this quarter compared to last year, as reflected in lead volume. From July–September 2025, we recorded 411 leads across the portfolio, up from 254 leads in the same period of 2024 (a ~62% increase). Each facility saw an increase in lead traffic, contributing to our occupancy gains:
Bridge City: 82 leads in Q3 2025 vs 59 in Q3 2024 (+39%). Lead sources were roughly balanced, with about half coming in via phone inquiries and half via online channels. Groves: 135 leads vs 75 last year (+80%). The majority (~60%) were phone call inquiries, with the rest from online sources. Nederland: 67 leads vs 57 last year (+18%). Similar to Groves, a significant portion (~60%) came through direct calls. Orange: 127 leads vs 63 last year (+102%, about double). Orange saw a more even split – roughly half the leads were generated by online marketing channels, reflecting our targeted campaigns to boost this site. Lead Sources (Q3 2025): Our marketing mix is driving leads from multiple channels: roughly 53% of all leads came in as phone calls to our call center, which remains our single largest lead source. The rest were generated online – notably, about 29% of total leads came through our Storagely online listings and 16% via SpareFoot (aggregator websites and their integrations). Direct inquiries via our own website and tenant referrals accounted for only a small fraction (around 1–2% combined). This indicates our online aggregator partnerships are critical, and we successfully leveraged them in Q3 (including a new listing service, Storagely, which we added this year). We will continue to refine our digital marketing, including efforts to capture more direct web leads, to maintain this strong lead flow.
Q3 Initiatives and Q4 Outlook
Q3 Highlights: During the third quarter, our team focused on driving occupancy and revenue per unit:
We ran targeted marketing campaigns and promotions to fill units, especially at under-performing sites. For example, Orange benefited from a promotional move-in special (“First Month Free”) and increased online visibility, which helped boost its occupancy by over 26 percentage points. Portfolio-wide, these efforts yielded a net gain of 49 occupied units in Q3 (versus essentially zero net gain in Q3 last year). We also implemented rent increases on existing tenants where appropriate. In Q3, we executed approximately 240 rate adjustments across the portfolio (roughly 30% of our tenant base received an increase during the quarter). This proactive revenue management contributed to the year-over-year revenue growth, particularly at sites like Nederland and Orange. Q4 Coming Up: We plan to carry this momentum into the fourth quarter, with continued emphasis on revenue optimization and occupancy stability:
Scheduled Rate Increases: As of the end of Q3, we have 421 tenant rate increases already scheduled to take effect in the coming months. By property, this includes about 109 in Bridge City, 133 in Groves, 115 in Nederland, and 64 in Orange. These upcoming adjustments average around a ~$20/month increase per tenant, which altogether represent roughly $8.7k in additional monthly rent once fully implemented. Executing these scheduled increases in Q4 will directly bolster our revenue, assuming tenant retention holds strong. Occupancy & Marketing: Our priority in Q4 is to maintain the high occupancy levels we achieved. Historically, the winter months can slow down move-in activity, so we will focus on retention (to minimize move-outs following rate increases) and targeted marketing to continue backfilling any vacated units. We’ll keep leveraging our successful online channels – e.g. maximizing exposure on SpareFoot and Storagely – and also look to convert more leads through our direct website and referral programs. Operational Plans: Additionally, we will monitor the impact of the Q4 rate increases closely. Thus far, our rate management strategy has been effective without driving abnormal attrition, and we anticipate a similar outcome in Q4. The team is also preparing for year-end facility improvements and budget planning to ensure we head into 2026 with well-maintained properties and a competitive offering in each local market. Overall, the BPT portfolio’s Q3 performance was strong, with revenue up over 14%, occupancy up to 74.5%, and lead volumes significantly higher year-over-year. We have positioned ourselves well going into Q4 by increasing rental rates for many tenants (boosting revenue) while simultaneously growing our customer base. In the coming quarter, our focus will be on executing the planned rent increases and sustaining occupancy. We are confident that the groundwork laid in Q3 – from higher tenant count to enhanced marketing reach – will translate into continued positive results in Q4 and beyond.
