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Recommend monitoring leads closely in the next two weeks to ensure leasing pace doesn’t slow into September.
Occupancy: Dropped slightly to ~71% (down from mid-70s% in 2024)Net Rentals: –95 units (1,639 move-ins vs 1,754 move-outs); reversal from +210 units in 2024Revenue: Increased ~7% to ~$5.80M (from ~$5.40M in 2024)Unrentable Units: 67 units (~1.65% of total) offline by year-endGross Potential Rent (GPR): Mixed – some sites up due to expansion or pricing, others down from unit or rate changes
Occupancy: Down to 65% (from 72%)Net Rentals: –41 unitsRevenue: ~$864K (slightly up)Strengths: Strong market demand; proactive rate managementFocus Area: Retention and reducing churn, especially large seasonal exits
Occupancy: Held steady at ~79%Net Rentals: Flat (±0)Revenue: ~$990K (+20% YoY)Strengths: High occupancy + strong pricing = revenue growthFocus Area: Curb churn, consider expansion or unit mix optimization
Occupancy: Up to 66% (from 55%)Net Rentals: +39 unitsRevenue: ~$256K (+9%)Strengths: Recovery momentum, improved marketingFocus Area: Keep pushing occupancy, improve retention
Occupancy: Flat at ~72%Net Rentals: –7 unitsRevenue: ~$792K (–9%)Strengths: Stabilized after 2024 loss; rate flexibility helpedFocus Area: Raise rates strategically, resolve unrentable units (21)
Occupancy: Stable ~87%Net Rentals: –1 unitRevenue: ~$626K (+11%)Strengths: High stability, nearly full most of the yearFocus Area: Push last few % in occupancy; explore ancillary revenue
Occupancy: Dropped to 68% (from 83%)Net Rentals: –58 unitsRevenue: ~$514K (+4%)Strengths: Revenue resilience; early 2025 started strongFocus Area: Marketing and retention; rebuild occupancy
Occupancy: Fell to 64% (from 73.8%)Net Rentals: –31 unitsRevenue: ~$797K (–5%)Strengths: High revenue potential; decent core tenant retentionFocus Area: Restart leasing momentum; local market competitiveness
Occupancy: Fell to 71% (due to expansion; from 89.7%)Net Rentals: +4 units (post-expansion)Revenue: ~$960K (+34%)Strengths: Major growth; strong demand for RV storageFocus Area: Lease up new inventory; targeted marketing
Retention: Reduce churn across several sitesMarketing: Ramp up in low-occupancy marketsOperations: Turn unrentable units back online (~67 units)Revenue Strategy: Balance rent increases with occupancy growth
Occupancy: 71.2% (stable from YE 2025)Rental Activity: 46 move-ins, 49 move-outs (net –3 units)Revenue Collected: ~$374K (on track for monthly average)Outlook: Stable start; minor seasonal softness typical for January
Net Rentals by Site: The net change in occupied units ranged from positive gains at some locations to substantial losses at others. Facilities like Gastonia achieved a net gain, whereas Flat Rock and High Point saw significant net losses (more move-outs than move-ins). Sites with negative net rentals will need focused attention on tenant retention and re-leasing in 2026.
Figure: Net Rentals (net unit gain or loss) in 2025 by site. Green bars indicate a net increase in occupied units; red bars indicate a net decrease.Revenue by Site: Annual revenue varied widely. Established, high-occupancy sites (Piedmont, Guardian RV) led in total revenue, each nearing or above the ~$1 million mark for 2025, whereas smaller or lease-up phase sites (Gastonia, Flat Rock) generated lower totals. Every site did see revenue in 2025 on par with or higher than 2024 – even sites that lost occupancy often offset it through rate adjustments. This is a positive sign of revenue management, but the goal for 2026 is to pair revenue growth with occupancy growth for more robust performance.
Figure: Total annual rental revenue by site in 2025 vs 2024. Each site’s revenue increased or held steady year-over-year, despite occupancy changes.
Strengths: High Point continues to generate strong demand – total inquiries and move-ins were quite robust (over 330 move-ins in 2025). This indicates the facility’s market can produce renters when effectively captured. Additionally, the site was proactive on rate management; even with fewer occupied units, revenue in 2025 nudged up slightly, implying successful rent increases or fee collection.Areas for Improvement: The clear challenge is tenant retention. High Point’s move-out volume (especially the mass exit in August) erased earlier gains. Customer churn appears elevated. Focus in 2026 should be on stabilizing occupancy: analyze why so many tenants left (e.g. seasonality, rate hikes, service issues) and implement retention strategies (improved customer service, loyalty incentives, aligning lease expirations to avoid one large attrition event). Also, address the unrentable units (now 7) – turning those back into rentable condition would modestly boost capacity and potential revenue.
Strengths: Piedmont’s key strength is its consistently high occupancy and revenue optimization. It has been operating near full for much of the year, which, combined with rent increases, drove one of the largest revenue gains in the portfolio. This site demonstrates strong market demand and effective pricing, as evidenced by the high Gross Potential Rent and the ability to raise rents without driving tenants away.Areas for Improvement: While occupancy is high, churn increased in 2025 – move-outs rose significantly (likely normalizing after 2024’s big occupancy jump). For 2026, Piedmont should focus on reducing turnover at the margins: even a small net gain is possible if move-ins outpace move-outs. Given its high occupancy, the site could also evaluate expanding (if physically possible) or further optimizing unit mix/pricing for any wait-listed demand. Operationally, maintaining the facility’s appeal (so tenants have little reason to leave) will be key, since any occupancy slip directly impacts the bottom line at these high revenue levels.
Strengths: Gastonia’s big win in 2025 was returning to growth. After starting the year around 58% occupancy, it steadily increased to the mid-60s%, indicating that marketing and leasing efforts are gaining traction. The site demonstrated it can draw new tenants when priced competitively – move-ins outpaced move-outs in most months, a positive sign. Revenue also ticked up correspondingly. Another strength is improving momentum: as of late 2025, the trend is upward (e.g., net +4 units in August), giving confidence that with continued effort, occupancy can keep rising into 2026.Areas for Improvement: Despite gains, occupancy (66%) remains the lowest of the portfolio, so there is ample room to improve. Gastonia needs to sustain aggressive marketing to capture more of the local demand – the facility still has over 30% of units sitting vacant, representing lost revenue. Additionally, management should investigate any factors that previously impeded leasing (earlier in 2025, move-outs were high in months like June). Ensuring the facility is attractive (clean, secure) and perhaps offering promotions could further boost move-ins. Retention should also be nurtured; although move-outs declined in the latter part of 2025, reducing turnover as occupancy grows will amplify net gains. In summary, Gastonia is on the right track – the focus now is to maintain the momentum and continue driving occupancy toward the 70–80% range (which will also close the gap between actual revenue and its ~$24k/month gross potential).
Strengths: The primary success for Mooresville in 2025 was stopping the occupancy slide. After losing tenants in 2024, the fact that occupancy held ~72% indicates demand met supply at that level. The property can attract renters – evidenced by strong lead volumes (e.g., 48 leads in August) and the ability to achieve months with net gains. Operationally, the team showed agility by adjusting rates to retain tenants, which likely prevented further occupancy loss. This sets a more stable foundation going into 2026.Areas for Improvement: With occupancy stabilized, Mooresville’s next step is to rebuild revenue. The significant drop in Gross Potential and actual revenue signals that rent rates were cut or promotions given; as occupancy strengthens, management should cautiously push rates back up to recapture lost income (while staying competitive locally). Also, the number of unrentable units (21) is notable – resolving maintenance or converting those units back online could boost the rentable square footage and income. Finally, retention can still improve: 279 move-outs a year is high. Fewer move-outs (perhaps via improved customer engagement or longer lease incentives) combined with the ample lead flow could turn Mooresville back to net positive growth. In summary, Mooresville should leverage its steady demand to both fill more units and raise rental yields in 2026.
Strengths: East Flat Rock’s strength is its stability and high occupancy. It has maintained ~85–90% occupancy for two years running, providing a solid, predictable income stream. The site is effectively maximizing its occupancy and converting that into revenue – in August, for example, it achieved nearly 100% economic occupancy (actual revenue vs gross potential). Tenant turnover is low and well-managed; move-ins closely match move-outs, indicating the property quickly backfills any vacated units. Overall, this consistency marks East Flat Rock as a reliable performer in the portfolio.Areas for Improvement: With such high occupancy, the upside is somewhat limited, but there are a few areas to consider. First, the facility could aim to nudge occupancy to 90%+ (from 87%) to truly maximize rental income – this might require a targeted marketing push or occasional promotions on the handful of remaining vacant units. Second, since revenue is already strong, management might explore ancillary income opportunities (e.g. insurance, retail sales) to further boost returns without needing physical expansion. Lastly, monitoring the slight uptick in unrentable units (4 units offline at year-end) will be important to prevent any reduction in available inventory. In summary, East Flat Rock should continue its current strategy, with minor adjustments to push the last few percent of occupancy and maintain its excellent performance.
Strengths: In early 2025, Flat Rock demonstrated it can achieve strong occupancy – it was in the mid-80% range coming into the year, reflecting solid demand in late 2024. This suggests the potential is there to rebound. The facility also grew revenue slightly year-over-year, implying that despite occupancy challenges, the management found ways to generate income (through rate increases, collection of delinquent accounts, etc.). Flat Rock has a gross potential of over $53k/month at full occupancy, indicating substantial revenue opportunity if performance is turned around.Areas for Improvement: The priority for Flat Rock is occupancy recovery. The net loss of 58 units signals issues in both demand generation and retention. Marketing needs to be revitalized – lead flow was described as modest, which must improve to refill vacated units. Offering promotions or adjusting rates may be necessary to attract new tenants quickly. Additionally, the spike in move-outs (especially the 15 move-outs in August) should be investigated: were there facility problems, customer service issues, or external factors leading to departures? Addressing those root causes will help prevent future tenant loss. In 2026, a focused sales and retention campaign for Flat Rock is recommended: ramp up advertising, possibly offer referral bonuses to existing tenants, and ensure on-site operations (security, cleanliness, access) are top-notch to rebuild confidence. Given Flat Rock’s past occupancy levels, a rebound is achievable with concentrated effort on these fronts.
Strengths: Mint Hill benefits from a high rental rate potential – its market rates are relatively strong (Gross Potential near $98k/month earlier in 2025, among the highest in the portfolio). This suggests that when occupancy is improved, the revenue upside is significant. The site also achieved stability in one sense: move-outs and move-ins were roughly balanced in some periods (e.g., mid-year net zero in August with 6 in, 6 out), indicating that a core tenant base is sticking around. Additionally, the dramatic reduction of unrentable units in the prior year set the stage for growth – the physical asset is fully available to rent (only 2 units unrentable at 2025 start, though up to 7 by year-end).Areas for Improvement: The key area needing attention is occupancy marketing and sales. Mint Hill did not capitalize on its full inventory in 2025; with ~30-35% of units vacant, a renewed effort to drive move-ins is needed. Marketing efforts were noted to be on the “lower side” for leads, so increasing advertising, outreach, and perhaps adjusting price or promotions to entice new customers will be crucial. Another focus should be competitive analysis – if demand in the area is soft or competitors are drawing away tenants, ModBox may need to adjust its value proposition (e.g., offer a free month or improved amenities) to win renters. Finally, Mint Hill should keep an eye on operations/tenant satisfaction: with a middling occupancy, there’s a risk of further decline if existing tenants aren’t delighted. Strengthening customer service and retention incentives can help hold the line while new tenants are recruited. In summary, Mint Hill has a lot of potential upside, but 2026 plans should revolve around re-energizing leasing efforts to boost occupancy closer to its historical peak.
Strengths: Guardian RV’s expansion shows forward progress and confidence in demand. Even though occupancy % dropped, the fact that revenue climbed 34% demonstrates that the added units are generating income and there is market appetite for them. The facility still maintained over 70% occupancy on a much larger unit count, which is a solid outcome for a growing property. It remains one of the top revenue-producing sites in the portfolio. Additionally, Guardian RV’s high starting occupancy in 2025 (over 90% on the old unit count) indicates strong customer appeal – the core business of RV/boat storage is clearly valued by the community. The expansion sets Guardian RV up for future growth as those units fill.Areas for Improvement: The primary challenge now is leasing up the new capacity. With occupancy percentage down due to new vacancies, 2026 should focus on converting those empty units into paying tenants. Marketing specifically targeting RV/vehicle owners, perhaps with grand opening specials or local partnerships, will help accelerate absorption of the new units. Another area to monitor is service quality and security – as an RV storage site, ensuring top-notch security, easy access, and customer service will be key to attracting and retaining this niche clientele. Finally, Guardian RV should review its pricing strategy post-expansion: it may need to offer introductory rates on the new units to build occupancy back into the 80–90% range, then gradually increase rates once filled. In summary, Guardian RV is positioned for growth; the focus is to market aggressively to reach a high occupancy on the expanded footprint, thereby fully capitalizing on the investment and potentially making this site the portfolio’s revenue leader.
Retention is Critical: High tenant churn hit occupancy at multiple sites. Curbing move-outs (through better customer experience, competitive pricing, and lease management) in 2026 will directly improve net rentals.Demand & Marketing: Some sites with occupancy challenges may need refreshed marketing strategies. Investing in local advertising, dynamic pricing, and promotions – tailored to each facility’s context – will help ensure the ample supply of units (especially after expansions) meets demand.Operational Focus: Addressing unrentable units and any facility issues is important. Each offline unit is lost revenue. Maintenance capex to bring units back online, as well as ensuring properties are clean, secure, and well-staffed, will support both attracting new tenants and retaining current ones.Revenue Management: The portfolio did well to increase rates where appropriate (e.g. Piedmont) and sacrifice rate in exchange for occupancy where needed (Mooresville, Gastonia). This flexible, market-by-market revenue management should continue. As occupancy improves, there will be opportunities to raise rents to boost revenue further, but timing and tenant sensitivity must be monitored.
Occupancy: Portfolio occupancy stands at 2,886 occupied units out of 4,056 total, or 71.2% occupied (by units). This is roughly on par with the end of 2025, indicating that occupancy has been maintained through the first two weeks of the new year. Notably, 67 units (1.65%) are marked as unrentable – this is consistent with year-end levels, and efforts should be made to reduce this number as 2026 progresses.Rental Activity: In the Jan 1–13 period, there have been 46 move-ins and 49 move-outs across all sites. This net of –3 units in the first two weeks is a modest decline, but given the small sample period, it’s not unusual (January can be a slower leasing period). Scheduled move-ins (2) for the remainder of January suggest new occupancy gains are already in the pipeline, which could offset the early-month move-outs. Importantly, no facility has shown aberrant activity – the churn is spread and at levels typical for winter.Revenue Collection: By January 13, around $374k in payments have been collected portfolio-wide. This includes rent and fees for January and possibly some advance payments. The portfolio is on track financially, as this partial-month figure is in line with monthly averages (which were ~$480k–$500k/month in late 2025). No major delinquencies or bad debt spikes are evident beyond normal levels (a small amount of bad debt write-off is noted at ~$6.7k). Early-year revenue often benefits from annual payers or rate increases implemented in Jan, so this will be monitored, but so far the revenue trend is healthy.
260113 ModBox Meeting Notes
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Gastonia and Mooresville remain a focus
@Dave Keenum
Mon, Aug 11
May need to pull down rates at these 2 properties
Mon, Aug 11
Guardian is on the come up
Mon, Aug 11
Guardian is pending CO for Row 4
Mon, Aug 11
Activity has slowed some for the Portfolio so far in August
Mon, Aug 11
@Dave Keenum
Mon, Aug 11
Mint Hill Construction
Tue, Oct 14
Guardian Inventory is in
Tue, Oct 14
Flat Rock Leads are dropping 43 move outs since 11/1
Tue, Dec 16
Tue, Dec 16
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Marketing Update
📊 Overall Portfolio Performance – 2025 vs 2024
🏢 Site-Level Highlights
High Point (NC)
Piedmont (SC)
Gastonia (NC)
Mooresville (NC)
East Flat Rock (NC)
Flat Rock (NC)
Mint Hill (NC)
Guardian RV (NC)
📌 Portfolio-Wide 2026 Priorities
📅 January 2026 Snapshot (Jan 1–13)
ModBox Storage – 2025 Year-End Performance Review
Overall Portfolio Performance (2025 vs 2024)
Occupancy & Net Rentals: Across the 8 ModBox facilities, combined occupancy declined slightly in 2025. The portfolio finished the year around ~71% occupied (by unit count), down from the mid-70s% a year prior. Total move-ins in 2025 were 1,639 (about 9% fewer than 2024), while move-outs rose to 1,754 (about 9% more than 2024). This reversal led to a net loss of 95 occupied units in 2025, in contrast to a net gain of +210 units in 2024 (i.e. 95 more move-outs than move-ins vs a net positive the prior year). The dip in net rentals signals that overall occupancy slipped year-over-year, erasing the gains made in 2024.
Revenue: Despite softer occupancy, revenue grew for the portfolio. Total collected rental revenue for 2025 was approx. $5.80 million, up ~7% from about $5.40 million in 2024 (aggregate across all sites). This indicates strong pricing power or added rentable capacity offsetting occupancy losses. Several sites implemented rate increases or expansions that boosted potential rent – for example, Piedmont’s annual revenue rose ~20% (from ~$822k in 2024 to ~$990k in 2025) due to high occupancy and rate hikes. Overall, the portfolio’s Gross Potential Rent (GPR) – the rent achievable at 100% occupancy – had mixed changes: some facilities saw GPR fall due to unit reconfiguration or rate reductions, while others (like Piedmont and Guardian RV) saw GPR climb with expansions and price increases. Notably, the portfolio’s unrentable unit count ended higher (67 units or ~1.65% of total units were off-line/unrentable by year-end), which slightly reduces the pool of rentable units but also signals maintenance or expansion activity that needs monitoring.
Cross-Site Comparison: The following visuals illustrate how key metrics varied by site in 2025:
Overall, ModBox’s portfolio remains financially solid (revenue growing, strong demand in many markets), but 2025 highlighted a need to improve occupancy and retention. Next, we dive into each facility’s performance, comparing 2025 to 2024 and identifying strengths and areas for improvement.
ModBox – High Point (NC)
Figure: High Point – 2025 monthly occupancy rate and move-in/move-out totals. High Point experienced a challenging 2025. Occupancy dropped from ~72% at the end of 2024 to 65% by Dec 2025, despite early-year stability. Move-ins fell to 334 for the year (down from 439 in 2024) while move-outs remained high at 397, yielding a net –41 units (occupancy loss) over 2025. This trend was especially pronounced in late summer: in August, a surge of 87 move-outs (versus 29 move-ins) caused a sharp one-month occupancy drop. Gross Potential Rent declined ~19% (from about $75.5k in Dec 2024 to $60.9k in Dec 2025), reflecting both the lower occupancy and the removal of some units from inventory (unrentable units increased from 3 to 7 over the year). Revenue held up relatively well – ~$864k collected in 2025, a slight increase over 2024 – suggesting that rent rate increases and strong first-half occupancy helped cushion the financial impact of the occupancy slide.
ModBox – Piedmont (SC)
Figure: Piedmont – 2025 monthly occupancy rate and move-in/move-out totals. Piedmont was a top performer in 2025, effectively maintaining high occupancy and driving revenue growth. Occupancy ended 2025 around 79%, roughly flat compared to ~79.2% a year prior – essentially holding steady at a strong level. The facility saw 346 move-ins (slightly down from 379 in 2024) and an equal 346 move-outs (up from unusually low 254 in 2024, when occupancy was ramping up). Net rentals for 2025 were thus ±0, following a large net +125 units in 2024 (when the site was filling up). Piedmont’s Gross Potential Rent jumped significantly (from ~$69.9k to ~$92.7k monthly, Dec 2024 vs Dec 2025) indicating aggressive rate increases and possibly a few added units. This contributed to a notable revenue increase – about +20% year-over-year – the site collected roughly $990k in 2025, up from ~$822k in 2024.
ModBox – Gastonia (NC)
Figure: Gastonia – 2025 monthly occupancy rate and move-in/move-out totals. Gastonia showed improving performance in 2025 after a tough 2024. The facility achieved net positive rentals: 140 move-ins vs 101 move-outs, for a net gain of +39 units occupied. Occupancy climbed from ~55% at end of 2024 to about 66% by end of 2025, reversing the prior decline. Mid-year momentum was especially encouraging – by August, occupancy had risen to ~69%. Total revenue grew ~9% to ~$256k (from ~$235k in 2024), in line with the occupancy gains. Notably, demand picked up: Gastonia attracted more leads and rentals in summer, and by year-end the site was generating far more move-ins per month than in early 2024. Gross Potential Rent actually dipped slightly (~$21.5k to $19.8k monthly, Dec 2024 vs Dec 2025), suggesting management may have lowered rates to spur occupancy – a strategy that appears to have paid off in filling units.
ModBox – Mooresville (NC)
Figure: Mooresville – 2025 monthly occupancy rate and move-in/move-out totals. Mooresville had a stabilizing year in 2025. The facility essentially broke even on occupancy: 272 move-ins vs 279 move-outs for a net –7 units (much better than the –38 net loss in 2024). Occupancy ended around 72%, virtually the same as the 73% level a year ago, indicating that the site managed to halt the decline experienced previously. Move-in activity was healthy (slightly above 2024’s level), and by late summer Mooresville was adding tenants (e.g., net +10 in August) after a small mid-year dip. However, revenue dipped ~9% year-on-year, to about $792k (from $874k in 2024). This revenue drop, despite flat occupancy, suggests rental rates or fee income were lowered – indeed, Gross Potential Rent fell sharply (~$68.7k to $41.7k monthly from Dec 2024 to Dec 2025), likely due to rate concessions or unit reclassification (the site did list more units as unrentable: 21 by year-end, up from 9). In short, Mooresville traded some pricing for stability in occupancy.
ModBox – East Flat Rock (NC)
Figure: East Flat Rock – 2025 monthly occupancy rate and move-in/move-out totals. East Flat Rock continued to be a steady high-performer in 2025. Already near capacity, the facility’s occupancy hovered in the high-80% range throughout the year, ending around 87% (virtually unchanged from ~88% a year prior). The site saw 155 move-ins and 154 move-outs, for a negligible net of –1. This equilibrium reflects a mature, stabilized operation. Gross Potential Rent did decline (~$49.9k to $36.3k monthly, Dec 2024 vs Dec 2025), possibly due to unit mix changes or rate adjustments, but importantly actual revenue rose to about $626k in 2025 (up ~11% from $565k in 2024). This suggests East Flat Rock was able to drive revenue through rent increases or additional services despite flat occupancy. With essentially full utilization of available units and minimal volatility (as noted mid-year: “consistently around 85% occupied”), the site is performing near its potential.
ModBox – Flat Rock (NC)
Figure: Flat Rock – 2025 monthly occupancy rate and move-in/move-out totals. Flat Rock faced headwinds in 2025, reversing some prior gains. After ending 2024 at ~83% occupied, the site dropped to about 68% occupancy by Dec 2025 – one of the largest declines in the portfolio. Total move-ins (168) were significantly lower than in 2024 (219), while move-outs (226) increased, resulting in a net –58 units for the year. Much of this loss occurred in the second half: for instance, in August the facility saw net –7 (8 ins vs 15 outs) which pulled occupancy down into the high 70s%, and the slide continued through Q4. Despite fewer occupied units, revenue slightly increased (~$514k in 2025 vs $493k in 2024, about +4%), potentially due to a one-time boost or rent price adjustments (indeed, a financial anomaly was observed in August where revenue rose even as occupancy fell, hinting at catch-up payments or accounting timing). Gross Potential Rent fell ~22% (from ~$40.0k to $31.2k monthly), indicating rate reductions or prolonged vacancies in many units. In short, Flat Rock struggled to keep units filled in 2025.
ModBox – Mint Hill (NC)
Figure: Mint Hill – 2025 monthly occupancy rate and move-in/move-out totals. Mint Hill had a lukewarm 2025, with occupancy slipping moderately and growth stalling. The year-end occupancy was about 64%, down from ~73.8% in Dec 2024. The facility saw only 116 move-ins (versus 160 the prior year) and 147 move-outs (slightly fewer than 2024’s 158), resulting in a net –31 units. Essentially, the site plateaued and then declined in occupancy, hovering around 70% for much of the year before a late-year dip. Revenue correspondingly declined (~5% lower than 2024, finishing at ~$797k). Mint Hill’s Gross Potential Rent also fell (~$70.5k to $55.8k monthly by Dec), likely due to a combination of rate adjustments and the occupancy drop. It’s worth noting that Mint Hill had made big improvements in 2024 (including bringing 30+ previously unrentable units online), so 2025’s performance may reflect a post-renovation slump or competitive pressure in the market. The facility remained under capacity all year, never breaking out of the ~65–70% range.
ModBox – Guardian RV & Storage (NC)
Figure: Guardian RV – 2025 monthly occupancy rate and move-in/move-out totals. Guardian RV (a storage facility with significant vehicle storage component) went through a major expansion phase in 2025. The total number of units increased from 203 (Jan 2025) to 284 by year-end, which greatly expanded capacity. As a result, occupancy percentage fell from ~89.7% in Dec 2024 to about 71% in Dec 2025, simply because the denominator (total units) grew faster than new move-ins. In absolute terms, the site did add customers: 108 move-ins vs 104 move-outs, net +4 units rented. However, filling the new inventory lagged, leaving many new units vacant by year-end. Revenue, on the other hand, saw a big jump – about +34% year-over-year – reaching roughly $960k in 2025 (up from ~$716k in 2024). This revenue growth reflects rent from the new units that were leased up and possibly higher rates for specialized vehicle storage. Gross Potential Rent for Guardian RV surged accordingly (from ~$81k to ~$106k monthly), mirroring the capacity increase.
Consolidated 2025 Summary & 2026 Outlook
In summary, 2025 was a year of mixed performance for ModBox. On the positive side, overall revenue continued to rise and several facilities (Piedmont, East Flat Rock, Gastonia) showed very strong or improving fundamentals. However, portfolio occupancy slipped, and a few locations struggled with retention or demand generation (High Point, Flat Rock, Mint Hill). Key portfolio-wide takeaways include:
Looking ahead, 2026 is set up for a rebound in occupancy with the right focus. The combination of generally strong demand (e.g., high lead volumes observed in 2025) and lessons learned about retention can yield better occupancy, which, when paired with ModBox’s proven ability to drive revenue, means a potential banner year.
January 2026 YTD Update (Management Summary)
The first snapshot of 2026 shows a cautiously positive start for ModBox’s portfolio. As of mid-January 2026 (Jan 1–13):
Overall, the January 2026 year-to-date data shows stability. Occupancy is holding, and the slight net move-out is not alarming given the seasonality. The task for management is to convert the leads and scheduled move-ins later in January and beyond into a net positive gain, pushing occupancy upward from the ~71% base. The focus areas identified in the year-end 2025 review – retention, marketing, and operational excellence – are already in play as we enter 2026. By addressing those areas, ModBox can aim to improve upon the 2025 performance and achieve higher occupancy and record revenues in 2026. The positive revenue collection start and maintained occupancy are good signs that the portfolio is resilient and poised to benefit from the traditionally busier spring leasing season ahead.
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