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Scale: 3,491 units (up from 2,060).Occupancy: 73.7% units / 76.4% sq ft (down slightly due to new capacity lease-up).Leads & rentals: 855 leads (+50%); 520 MIs / 502 MOs → +18 net (vs –3 LY).Revenue: $280.9k current monthly rent (+~50%); $335.3k GPR (+~68%); 83.8% economic occ.Ancillary & credit: 775 insurance sales (up big); delinquency ~10.6% (flat YoY).
Growth + absorption: Net positive rentals despite much higher churn; new sites leasing up.Rate management: Several sites collecting at/above standard rates (e.g., Conway 105% of GPR; Granville 115%; Zanesville Newark 123%).Lead engine: Portfolio lead volume up; strong demand in Marion, Laurel, Conway.Insurance: Major penetration gains driving ancillary revenue.
Lease-up focus: Benton, Laurel N. 12th, Marion still with meaningful vacancy → push conversion & local marketing.Conversion discipline: Several sites <15% conversion (e.g., Marion, Trimble) → tighten follow-up & sales process.Delinquency hotspots: Zanesville Richards Rd (~22% total) and Greenbrier 277 (elevated 30+ days) → collections & lien cadence.Trimble & New Albany: Rebuild occupancy after YoY declines; calibrate pricing/promotions.
Tenants impacted: ~542.Avg increase: ~$18/mo (~27–28%).Total lift: Material revenue step-up heading into Q4 (monitor churn & comms).By site themes: Bigger % bumps where legacy rates lag (e.g., Zanesville sites ~35–40% on average); more modest where still in lease-up (e.g., Laurel MS15 ~15%).
Benton (AR): ~40% occ; strong lease-up momentum; big vacancy upside.Conway (AR): ~81% occ; rent ≈105% of GPR; prioritize retention + selective rate moves.Granville (OH): Occ down to ~82% but revenue steady at 115% of GPR; regain physical occ before further rate push.Greenbrier 277 (AR): Occ up to ~80%; large GPR gap → fill vacancy & improve conversion.Greenbrier 508 (AR): Occ ~80%; continue lease-up then optimize rates; keep conversions climbing.Laurel MS15 (MS): ~85% occ; net +12; clean up delinquency and press to 90%+.Laurel N. 12th (MS): ~45% occ; net +21; significant lease-up runway—market climate control value.Magee (MS): ~84% occ; near stabilization; finish lease-up and execute measured rate lifts.Marengo (OH): ~79% occ; stable; raise conversion and fill final ~20%.Marion (OH): Big turnaround to ~69% occ; very high leads—fix tracking & close rates; keep momentum.New Albany (MS): Occ down to ~68%; diagnose churn, sharpen pricing, boost conversion before larger rate moves.Orrville (OH): ~92% occ (stable); prime for revenue optimization via increases.Trimble Rd (OH): Occ ~83% (down from 91%); rebuild occupancy and stagger larger increases.Zanesville Newark (OH): ~90%+ occ; strong pricing power; execute increases carefully.Zanesville Richards (OH): ~89% occ; priority is collections; prep to backfill if rate hikes drive churn.
AR & MS (newer assets): Lease-up driving most upside; keep marketing cadence high.OH (mature assets): Generally high occupancy; focus on rate optimization and credit (esp. Richards Rd).
Portfolio is larger, healthier, and producing meaningfully more rent; slight occupancy dilution is expected from expansion.Q4 outlook: revenue tailwind from October increases + continued lease-up at growth sites.Priorities: (1) lease-up (Benton, Laurel 12th, Marion), (2) conversion & follow-ups, (3) collections at a few hotspots, (4) measured execution of increases at full/stable sites.
544 tenants impacted.Total increase amount: ~$10,215 per month.Average increase: ~$18.78 per customer.Average % increase: ~27.8%.
Portfolio Size & Occupancy: The Premier Storage portfolio expanded from 2,060 units last year to 3,491 units this year, thanks to new facilities added. Occupied units increased from 1,566 to 2,573, though overall unit occupancy dipped slightly from 76.0% to 73.7% (sq. ft. occupancy from 78.2% to 76.4%). This slight decline is expected with the influx of new capacity that is still leasing up. Established properties remain near stable occupancy, while newer sites (e.g. Benton, Conway) are in early lease-up stages.Rental Revenue vs Potential: Current monthly rental income across the portfolio is about $280,931, a ~50% increase from $186,567 in Q3 last year (driven by new facilities and higher rates). Gross potential rent (if all units were fully rented at standard rates) jumped to $335,281 from $199,443 (~68% up), reflecting added capacity and rate increases. Economic occupancy (actual rent as a % of potential) is 83.8%, down from an exceptional 93.5% last year – indicating upside opportunity to fill remaining vacancies and realize more of the potential income.Leads & Conversions: Marketing activity has grown with 855 leads generated in Q3 2025 vs 568 in Q3 2024. The overall lead-to-lease conversion rate held steady (~36% vs 35%). The portfolio benefited from greater brand presence (more sites) and robust demand, though there is room to improve conversion at certain locations (e.g. Marion’s conversion was below 5% – many leads but relatively few move-ins). Continuing to optimize follow-ups and local marketing, especially for underperforming conversion sites, is an opportunity.Move-Ins & Move-Outs: We saw 520 move-ins and 502 move-outs this quarter, a much higher volume than last year (303 ins, 306 outs). Net rentals ended at +18 units (i.e. net occupancy gain) compared to a net loss of 3 units in Q3 2024. This is a positive turn-around, showing that increased demand and improved retention offset the higher move-out activity. Notably, most sites achieved a net neutral or positive gain; only a few saw slight net losses. Focus on customer service and competitive pricing is key to continue net positive absorption, especially as rate increases roll out.Revenue Drivers: Ancillary income is up – insurance sales were 775 policies in Q3 (vs 228 last year), indicating much better penetration of tenant insurance. Despite a larger tenant base, delinquency remained around 10.6% of rent (virtually flat YoY), which is a good sign that receivables are being managed even as we grow. A few facilities have elevated delinquencies (e.g. Zanesville Richards Rd ~22% of rent delinquent) – those require attention to collections and lien processes to mitigate bad debt. Overall, credit losses have not grown significantly and are being kept in check.Existing Customer Rate Increases (October 2025): A total of 542 tenants across the portfolio are scheduled for rent increases effective around October 1, 2025. On average, these increases amount to about $18 more per month per customer, which is a 27–28% rise in their rate. The scope and magnitude vary by facility – for example, sites that had legacy lower rates (like the Zanesville locations) are seeing larger average % increases (~35–40%), whereas others with more frequent adjustments (Granville, Laurel MS) have smaller bumps (~15% on average). These rate adjustments are a strategic win to boost revenue going into Q4 (bringing many tenants closer to current market rates), but we will monitor impact on move-outs and ensure customer communication is handled carefully. The overall post-increase rent levels will still be at or below standard rates in most cases, so we anticipate the majority of customers will accept the changes. This effort should substantially increase monthly revenue in the coming months, improving the economic occupancy closer to the portfolio’s potential.
Wins: Solid initial leasing momentum after opening – Benton achieved ~40% occupancy within 9 months, which is a good lease-up pace for a new site. It posted a net +9 units in Q3 and increased monthly revenue to ~$8.5k. Early marketing (48 leads) and community awareness efforts are driving traffic, and delinquency is low (~5.9%) indicating new tenants are paying on time.Opportunities: Benton still has significant vacancy (156 units empty) – the upside is large as it continues to lease up. We need to maintain aggressive marketing and perhaps promotional offers to accelerate move-ins and reach break-even occupancy faster. With only ~33% of its potential revenue realized, revenue growth will come primarily from filling units. Rate increases are modest here (40 tenants to get an average +$21, ~29% increase) to ensure we don’t hinder lease-up. The focus should be on occupancy gain over rate for now. In short, Benton’s priority is driving move-ins – converting more of the steady lead flow and increasing local outreach will help boost its occupancy and income in the coming quarters.
Wins: Quickly achieved over 80% occupancy in its first few months under our management – Conway is already contributing strong cash flow. Rent being at 105% of GPR means we have successfully optimized rates, capitalizing on high demand in this market. Despite net move-outs this quarter, the facility remains nearly full and had robust leasing activity. Its delinquency (6.6%) is reasonably low. These are indicators of a solid market and good operational handover.Opportunities: With occupancy already high, Conway’s focus shifts to maintaining rate growth and quality of tenancy. We should work on backfilling the units vacated (43 move-outs were high; likely cleanup of inherited tenants or seasonal churn). Marketing can be more targeted to quickly replace move-outs and keep occupancy in the 90% range. Since only one tenant had a rate increase (likely due to most being new move-ins), we have opportunity later to implement broader rate adjustments as tenants age – ensuring we don’t leave revenue on the table. Also, ensuring any remaining synergies post-acquisition (like local marketing, branding, and community ties) will help sustain performance. Overall, Conway is performing well; the main opportunity is to fine-tune operations to push it to stabilized occupancy in the high 80s-90s% and continue yield management.
Wins: Despite the occupancy dip, revenues held steady (~$42k/month) – a testament to rate management (achieving 115% of standard rate). This means we’ve been renting units at premium rates relative to the current posted standard, which helps offset having fewer units occupied. Granville also sold the most insurance policies (56) among the sites, adding ancillary revenue. Delinquency is very low (~2.4%), indicating a high-quality paying tenant base. The facility’s marketing generated consistent interest (56 leads), so demand exists.Opportunities: The occupancy loss is a concern – Granville lost 15 net units over the quarter and is down ~6 percentage points YOY. Filling units needs to be a priority; the lowered street rates should make the property competitive, so we should double down on local marketing and perhaps promotions to recapture occupancy. The drop in gross potential suggests we sacrificed some rate for occupancy – now we need to ensure that occupancy materializes. With economic occupancy so high (meaning pricing is above standard), there’s limited room to push rates further without first regaining physical occupancy. Improving conversion is key – the lead-to-rental conversion was very low. Focusing the site team on follow-ups and offering compelling move-in incentives could help turn more leads into tenants. In summary, Granville’s opportunity is to grow occupancy back up (toward 90%+) which will in turn grow actual revenue (even at slightly lower rates) and solidify its market position.
Wins: A huge improvement in physical occupancy – up ~17 percentage points YOY. The site is now nearly 80% occupied, which boosts cash flow and community presence. The aggressive rate strategy raised potential revenue substantially, and actual rent increased by ~$2.8k/month YOY. This indicates strong demand absorption even as prices rose. The site also maintained decent lead flow and managed to keep delinquency around 8.5% (slightly up, but manageable). The occupancy gain this year is one of the largest in the portfolio, showcasing successful leasing efforts.Opportunities: With occupancy climbing, Greenbrier 277’s focus should be on capitalizing on its higher rate potential. At ~63% economic occupancy, there’s room to either fill the remaining 20% vacancy or further adjust rates on existing tenants once stabilized. The large gap between current and potential suggests either many units remain vacant or at lower introductory rates – continuing to lease up those last units will directly translate to revenue (given the high posted rates). Another opportunity is improving the lead conversion – only ~9% of leads became move-ins, which can be improved through better sales follow-up or incentives. Finally, keep an eye on the elevated delinquency (and particularly 22% of tenants 30+ days delinquent, per delinquency over 30 metrics) – tightening collection processes will ensure the revenue gains from new occupancy are actually realized.
Wins: Solid occupancy growth (~7 percentage points) and revenue growth for the site. With nearly 80% of units filled, Greenbrier 508 is moving toward stabilization. The doubling down on rates (potential +50%) did not hinder occupancy – a good sign that the market can bear higher prices. Actual revenue increased by ~$1.4k/month YOY, and the site achieved a net gain in rentals both last year and this year (consistent positive absorption). Operationally, insurance penetration and ancillary sales improved, and delinquency remains low (~4.9%).Opportunities: Similar to 277, bridging the gap between actual and potential revenue is the main opportunity – i.e. drive occupancy to 90%+ to capitalize on the higher rate structure. There is still about 20% of units to fill; focused local marketing and perhaps cross-selling to tenants on waiting lists at 277 (if any) could help. Lead volume was a bit lower this year – evaluating marketing channels in this area could ensure a steady funnel. Also, keep an eye on conversion rates – ~13% conversion suggests we could close more deals with improved follow-up. As occupancy nears 85–90%, we can then implement rate increases strategically (Greenbrier 508 already has 43 tenants slated for a ~23% average increase in Oct, which will boost revenue but we must watch competitor rates to retain price-sensitive customers). Overall, continuing the current trajectory of leasing up and then optimizing rates will unlock Greenbrier 508’s full potential.
Wins: Excellent occupancy ramp-up – now mid-80s%, contributing significantly to portfolio occupancy. Net +12 units in one quarter is a great result. The fact that actual rent > potential (104%) means the site is effectively maximizing revenue per occupied unit (perhaps using revenue management to push rents on occupied units). Laurel MS15 also achieved this growth while keeping delinquency around 19.6% (a bit high, but many new tenants might still be in initial payment cycles). The facility clearly has strong demand in the Laurel market, as seen by the lead volume and absorption.Opportunities: Now that Laurel MS15 is nearing stabilization, the focus shifts to cleaning up delinquencies and pushing to full occupancy. Delinquency near 20% is higher than ideal – likely a handful of tenants are behind; enforcing lien procedures or payment plans will protect revenue. With occupancy in mid-80s%, there’s still room to fill units – a net gain of 12 in Q3 is great, and continuing that momentum with local marketing (perhaps referrals or partnerships in the community) could get this site above 90% occupancy next quarter. Rate management: since it’s already at 104% economic, we should ensure rate increase letters are carefully calibrated – indeed, Laurel MS15’s scheduled increases are modest (~14.8% avg) for 14 customers, which is prudent. Continuously monitor competitor rates as we approach full occupancy to decide between pushing rent or occupancy. Overall, sustain the leasing pace and tighten collections to fully capitalize on this site’s strong market position.
Wins: Very strong net leasing – adding 21 net units is evidence of growing demand capture. The site is benefitting from our operational control (possibly it was underutilized before). With almost half the facility now occupied, revenue of $13k/month is flowing in where previously it was near zero. Delinquency is effectively 0% (none reported), so new tenants are current on rent. Also, insurance attachment rates are improving as the site sold 37 policies. The large positive net rental number shows our leasing strategies in Laurel’s climate-controlled segment are working.Opportunities: Despite the gains, occupancy remains low (~45%), meaning there is significant room for growth. This site likely only recently opened or was underperforming; we need to continue the leasing push. Filling the remaining 55% of units should be a top priority – there’s plenty of inventory. More aggressive marketing (digital and local) specifically highlighting climate-controlled benefits could help, as well as cross-referrals from the other Laurel site when customers need climate units. With economic occupancy only ~59%, revenues can potentially double as occupancy grows. Rate increases (22 customers to get ~22.5% increase) are planned, but we should be cautious not to deter new move-ins with rates too high until we reach a healthier occupancy. Essentially, leasing velocity is key – maintain or increase the momentum from Q3 so that Laurel 12th continues its impressive lease-up into Q4 and 2026.
Wins: Magee is nearly fully stabilized within a year – mid-80s% occupancy is excellent, meaning the community has embraced this facility. Net positive rentals in Q3 continued its growth trend. Delinquency is a bit high at ~16.6%, but that might be a couple of larger tenants; overall, collections are manageable. The site also led in lead volume (59) in MS, showing strong interest. Insurance sales (47 policies) and other income streams are being leveraged. Magee’s strong occupancy suggests pricing power – we’ve scheduled 49 tenants for an average ~30% rate increase, which should significantly raise revenue, taking advantage of high occupancy.Opportunities: With occupancy already ~84%, Magee should focus on pushing rents and finishing lease-up. There are only ~42 units left to fill; targeted marketing can hopefully get Magee into the 90% range, at which point rate maximization becomes the priority. The upcoming rate increases (which are relatively large) need to be watched closely for any uptick in move-outs – some churn can be expected, but given the solid demand, we should be able to replace any that leave. Additionally, work on lowering delinquency (16% overall, with 12% over 30 days) through stricter collections will bolster the income. In short, Magee’s opportunity is to transition from rapid lease-up to optimization mode: fill the last units and implement revenue management to improve its economic occupancy (currently ~73%) closer to the high physical occupancy it enjoys.
Wins: Occupancy improved by ~7 points YOY, meaning Marengo has reversed the previous year’s losses and is now closer to full. The site achieved stability – ~79% occupied is decent for this market. Delinquency is low (~9.6%), indicating a reliable tenant base. The drastic net losses of last year (-17) were not repeated; instead, the site is roughly holding steady in occupancy with minor loss, a sign that tenant churn has normalized. Also, standard rates were adjusted downward a bit (potential fell), which likely helped boost occupancy.Opportunities: Marengo’s revenue is flat – so to grow NOI, we need to either fill the remaining ~21% vacancy or push rents carefully. Given occupancy is still under 80%, the primary goal should be to increase occupancy into the high 80s to maximize income. Marketing could be ramped up; lead volume was unchanged YOY and conversion only 6%. There’s room to attract more prospects or close more of those we get. Perhaps more local advertising or incentives could draw in renters for those empty units. Also, with scheduled rate increases (29 customers, ~22% avg hike) on the horizon, we should monitor for any impact – ideally, the market can absorb these since our rates were slightly lowered previously. Overall, Marengo has stabilized, but the next win will come from filling up more units and then gradually raising rates once occupancy is solidly in the 90% range.
Wins: Occupancy surged by ~17 points – Marion added a significant number of tenants (355 occupied vs ~268 last year). This is a major turnaround for a facility that was barely half-full; it shows our strategy in Marion (perhaps new management or marketing push) is working. The large increase in leads (122) indicates strong interest in the facility, possibly due to marketing campaigns or improving reputation. Monthly revenue is up 14% and will grow further as those new occupants pay rent. Marion also sold 109 insurance policies – the highest in the portfolio – which is great ancillary income. Net +8 in Q3 is notable given the high churn; it means we’re attracting enough new tenants to overcome vacates and still grow occupancy.Opportunities: While demand is high, conversion rate is very low in the data – we should ensure leads are properly tracked and nurtured. It’s possible many of the 122 leads did translate to those 81 move-ins but weren’t logged as converted; if not, then we’re missing opportunities. Staff sales training or system usage might need review. With occupancy still ~69%, there’s plenty of space to fill – Marion should aim to get above 80% in the next couple quarters. Given its size (511 units), even a small percentage increase in occupancy equals many units rented. We will implement rate increases (118 tenants, ~30% avg) which will boost revenue, but we must be careful not to slow the occupancy momentum. Keeping units filling is priority one; once Marion hits a higher occupancy threshold, we can become more aggressive on rates. Also, delinquency around 16.5% (12% over 30 days) could be improved – with so many new tenants, ensuring they stay current is key. Focus: continue the leasing push (perhaps use satisfied new tenants as references, social media reviews, etc.), improve the capture of leads-to-move-ins in the system, and manage those planned rent increases to not derail the progress.
Wins: Revenue actually increased 15% despite the occupancy drop – likely due to higher rates on remaining tenants and added climate units (if any). Lead generation was strong (76, a big jump), indicating interest in the facility is there. The site has a solid rental rate structure now (potential up significantly, meaning we repositioned pricing). Delinquency is low (~6.5%), so the tenants we have are paying reliably. Also, even at 67% occupancy, New Albany’s economic occupancy of ~88% shows we’re getting good revenue from those occupied units (likely high rental rates on climate or larger units).Opportunities: The clear issue is occupancy decline – losing 22 percentage points in a year is concerning. We need to diagnose why so many move-outs (56 is high). Could be competition, rate push leading to departures, or a large group move-out (e.g. contract or corporate tenant vacated). Addressing this is top priority: re-engage marketing in New Albany’s area, possibly adjust rates/promotions to attract tenants back. The facility has about 97 empty units now, which is upside if we can refill them. With a high lead count, we should scrutinize conversion – only 9 out of 76 leads became tenants. Improving sales follow-up or incentives (first month discount, etc.) could help capture more of that interest. We have 38 tenants slated for ~23% rent increases; given the already low occupancy, we might consider pacing those increases or offering renewals deals to prevent further move-outs. Essentially, New Albany’s focus should be to stabilize occupancy: understand the competition and market demand, possibly adjust pricing strategy, and double down on local outreach to get back to a sustainable 85-90% occupancy level. This will also protect and grow its revenue base, which is currently underutilized.
Wins: Orrville remains a stabilized, high-occupancy facility – over 92% full consistently. It demonstrates strong tenant retention (only a net loss of 1 with 35 outs is not bad given high occupancy to begin with). The rent roll grew modestly, and potential rent was increased, positioning for future revenue growth. Lead volume doubled, showing increased interest even though few units are available – a good sign of market demand. Low move-out impact and quick backfills (34 move-ins kept pace) highlight good management. Delinquency is low (~9%), so cash flow is steady.Opportunities: With Orrville essentially full, the strategy should focus on optimizing revenue. We have 37 tenants set for rate increases (~19.7% avg) – executing those will significantly lift income while occupancy is maxed out. We should also manage a waiting list or pipeline for any vacancies, given demand. One area to watch is the slight uptick in total potential – ensure those higher standard rates don’t push out tenants unnecessarily. So far so good, but if new competition arises we must be nimble. Since occupancy can’t grow much more, the win will come from revenue per square foot – continue to push insurance (already doing well), late fee collections, and periodic rate reviews. Also, with high occupancy, ensure property maintenance and customer service remain top-notch to justify the premium rates and retain tenants. Overall, Orrville is in great shape; it’s about fine-tuning an already successful facility.
Wins: Trimble remains above 80% occupancy, which is decent, and the site is still generating nearly $20k a month in rent. The increase in potential rent indicates we raised street rates; this will benefit revenue as occupancy rebounds. Marketing efforts kept lead flow healthy (64 leads is substantial). Operationally, the facility is performing fine (delinquency ~15.1%, a bit high but manageable). The fact that last year had an unusually high lead count suggests possibly a one-time event or marketing blitz; this year’s more moderate lead number might be more targeted quality leads.Opportunities: The main issue is the occupancy/revenue dip – losing about 8% occupancy and some rent. We should aim to recapture those lost tenants. Evaluate why move-outs exceeded move-ins: Was it due to rent increases (we did push rates earlier)? Competition? We may need to adjust pricing or offer incentives to boost move-ins. The conversion rate is very low, so improving how the local manager follows up with prospects could turn more inquiries into rentals. There’s a lot of potential revenue left on the table (14% vacant and some units possibly discounted). With 26 tenants slated for a ~32.6% rate increase, we risk a bit more churn; careful communication and perhaps staggering increases might mitigate an exodus. Focus on differentiating Trimble (security, service, etc.) to justify rates. In summary, rebuilding occupancy to 90% while managing new rate changes is key. Given its history of strong occupancy, Trimble can bounce back with targeted effort in marketing and perhaps a promotional push to regain those few lost percentage points and boost the bottom line again.
Wins: Achieved 90%+ occupancy, effectively full by industry standards. Net +9 units indicates strong demand absorption, and we improved from a net loss last year to a net gain. The facility is collecting far above its nominal potential – a sign of very effective revenue management (perhaps older tenants at higher rates or just dynamic pricing above standard for certain units). Delinquency is low (~7.9%). Lead generation was strong, and occupancy being high means we cherry-picked good tenants to fill remaining units.Opportunities: Despite high occupancy, the rent roll is slightly lower YOY – the drop in potential and actual rent suggests we adjusted rates (maybe to drive that occupancy). Now that the site is full, we have an opportunity to re-evaluate rates upward. In fact, 20 tenants are set for increases (a hefty ~40.4% average bump – one of the highest) which will raise the rent roll closer to where it was or higher. We should implement those carefully to avoid pushing out too many tenants. With occupancy so high, even if a few vacate, we have a waiting list (implied by continuous leads) to refill units, ideally at the new higher rates. Conversion can be improved slightly, but at 90%+ occupancy it’s less of a concern – we can afford to be selective. The main focus should be on monetizing full occupancy: executing rate increases, maximizing insurance/fees, and ensuring no significant jump in delinquencies. Zanesville Newark Rd is in a strong position; the next win is maximizing revenue per occupied unit while maintaining that full house.
Wins: Occupancy remains high (near 89%) and even ticked up a bit. Revenue stayed steady YOY despite some tenant churn. We raised standard rates (~15% increase in potential), positioning for revenue growth. Insurance attachments (22 sold) and other metrics are stable. Essentially, the site maintained its performance, avoiding any major declines. It’s worth noting we kept it nearly full while implementing some rent raises – that’s positive.Opportunities: The most glaring issue is delinquency – at 22% total (17.4% over 30 days), Richards Rd has the highest delinquency in the portfolio. This needs immediate attention: a collection call campaign, auctions for severely delinquent units, etc., to recoup and deter non-payers. Cleaning up delinquencies will directly improve cash flow without needing new tenants. Also, with occupancy high, we plan significant rate increases (12 tenants at ~43% average, the highest increase rate of all sites). This will boost rent roll but also could upset some tenants – be prepared to replace any that leave. Marketing efforts could be stepped up (lead flow dropped this year) to ensure a pipeline if rate hikes cause turnover. Since net rentals were negative, reversing that to a net gain would be ideal – perhaps focus on why move-outs are happening (customer surveys might help). In summary, collect what is owed and prepare for churn from aggressive rate hikes by lining up new customers. Richards Rd has strong occupancy; now it’s about improving the quality of revenue (getting people to pay on time and pay closer to market rate).
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Portfolio snapshot
What worked (wins)
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October existing-customer rate increases (portfolio)
Site callouts (high level)
Regional/roll-ups to note
Executive takeaway
Portfolio-wide (October 2025 scheduled increases):
Premier Storage Q3 2025 Performance Review (vs. Q3 2024)
Portfolio Overview (Q3 2025 vs Q3 2024)
Figure 1 below illustrates the occupancy rate by site in Q3 2025 vs Q3 2024. We can see most facilities either maintained or improved occupancy (orange vs yellow bars), except for a few declines (e.g. New Albany). New additions (Benton, Conway, Laurel, Magee) had no occupied units last year and are now contributing occupancy growth. This visual underscores the wins (e.g. Marion, Greenbrier sites improved) and opportunities (e.g. Benton, Laurel N. 12th still low occupancy) across the portfolio:
Figure 1: Unit Occupancy by Site, Q3 2024 (yellow) vs Q3 2025 (orange). New sites (Benton, Conway, Laurel, Magee) had no data in 2024. Existing sites mostly held steady or grew occupancy, while a couple saw declines.
Site Performance by Location (Q3 2025 vs Q3 2024)
Below are highlights for each facility, including key metrics (leads, move-ins, move-outs, occupancy, and rent), along with wins and opportunities specific to each site:
Premier Storage – Benton (AR)
Q3 Performance: Benton is a new facility (opened late 2024) showing 27 move-ins vs 1 in the same period last year (when it was just opening). It now has 102 units occupied (out of 258) for 39.5% occupancy. Current monthly rent roll is about $8.5k, up from effectively $0 last year, against a gross potential of ~$25.6k if fully rented. Economic occupancy is ~33% (meaning one-third of potential revenue is realized). Benton also generated 48 new leads this quarter, converting 6 rentals (lead conversion ~40%).
Premier Storage – Conway (AR)
Q3 Performance: Conway was acquired in early 2025, so Q3 2024 had no data. In Q3 2025 it recorded 32 move-ins and 43 move-outs, for a net –11 units (some initial tenant churn post-acquisition). Occupancy stands at 81.1% (197 of 243 units occupied) – a healthy level for a first-year property. Conway’s rent roll is about $19.2k per month, and notably this is 105% of its standard potential ($18.3k) – indicating many units are rented above the previous standard rate (a positive sign of demand or effective revenue management). Only one tenant at Conway is slated for an October increase (small sample), with an ~$12 increase (15% up). Conway generated 60 leads in Q3, converting 9 new rentals (conversion ~47%).
Premier Storage – Granville (OH)
Q3 Performance: Granville saw 36 move-ins and 51 move-outs in Q3 2025, resulting in –15 net rentals (vs –19 net last year). Occupancy dropped from 87.7% to 81.7% YoY (205 of 251 units occupied). The current monthly rent roll is $42.1k, which is actually slightly lower than last year’s $42.5k. Interestingly, gross potential declined to $36.6k from $46.3k – a ~21% drop, due to a reduction in standard rates or reclassification of some units. As a result, Granville’s economic occupancy is 115% (actual rent exceeds the lowered standard GPR). In essence, we reduced street rates to address occupancy, and indeed Granville now rents above those lowered benchmarks. It attracted 56 new leads this quarter (flat YoY) and converted 2 move-ins (conversion ~3.6%, though additional move-ins came from prior leads).
Premier Storage – Greenbrier 277 (AR)
Q3 Performance: Greenbrier 277 had 27 move-ins and 29 move-outs, for a net –2 in Q3 2025 (versus net +4 last year). Occupancy, however, improved YOY from 63.0% to 79.6% (152 of 191 units occupied) – this discrepancy suggests the facility had an increase in total units available; indeed, total units went from 200 to 191 (possibly reconfigurations or unit mix change). The rent roll is now $14.3k/month, up 24% from $11.55k last year. Notably, gross potential leaped to $22.8k from $14.5k (a 57% increase), likely from raising standard rates significantly. Consequently, economic occupancy is 62.9% (lower than last year’s ~79.7%), showing there’s still a lot of revenue upside if occupancy and rates can converge. Greenbrier 277 received 43 leads (down from 53 LY) and converted 4 rentals (conversion ~9%).
Premier Storage – Greenbrier 508 (AR)
Q3 Performance: Greenbrier 508 had 15 move-ins and 11 move-outs in Q3, netting +4 (similar net +3 last year). Occupancy rose from 72.4% to 79.8% YOY (103 of 129 units occupied; note total units decreased from 134 to 129, possibly unit conversions). The monthly rent roll is $9.53k, up ~17% from $8.15k last year. Gross potential is $13.3k, up 50% from $8.88k – reflecting higher standard rates implemented. Economic occupancy is ~71.4% (down from 91.8% last year, again due to the potential jump). Greenbrier 508 saw 30 leads (vs 44 last year) and converted 4 rentals (conversion ~13%).
Premier Storage – Laurel MS15 (MS)
Q3 Performance: Laurel MS15 (15th Ave location) was integrated after Q3 last year (no 2024 data captured for leads, etc., though it had some move-ins). In Q3 2025 it logged 34 move-ins and 22 move-outs, netting +12 – a strong gain. Occupancy is about 85.1% (stats indicate 157 of 185 units occupied – confirming a healthy fill). The current rent roll is $31.7k per month. We don’t have last year’s revenue for direct comparison (was minimal since it was new to us), but gross potential is $30.5k, so interestingly the economic occupancy is ~104% (actual rent slightly exceeds standard potential, suggesting above-market rentals or additional fees). Laurel MS15 saw 59 leads (none recorded last year) and converted 11 move-ins (conversion ~18.6%).
Premier Storage – Laurel N. 12th Ave. (MS)
Q3 Performance: Laurel N. 12th (the climate-controlled Laurel site) is also new to our data this year. In Q3 2025 it had 46 move-ins and 25 move-outs, netting +21 – a big occupancy gain. However, occupancy is still only 45.2% (likely a large facility: about 117 of 262 units occupied). The rent roll is $13.0k/month, against a potential of $21.97k, so economic occupancy is ~59.4%. This suggests the facility has a lot of vacant climate-controlled units left to fill. Lead volume was 33 (no prior data) with 2 conversions logged (the majority of move-ins might have come from leads generated just before Q3 or walk-ins). Conversion rate from tracked leads ~6.1%, but actual performance was better given 46 move-ins.
Premier Storage – Magee (MS)
Q3 Performance: Magee (another Mississippi location) had 35 move-ins and 32 move-outs, netting +3 (vs +9 last year). Occupancy stands high at 84.0% (we have 221 of 263 units occupied). The rent roll is $15.16k, and potential rent is $20.75k, giving an economic occupancy of ~73%. Year over year, occupancy improved from roughly 0% (the site might have been acquired post-Q3 2024, as no data then) to 84%, which is a huge ramp. Revenue this quarter is all new (no prior comparison), but clearly Magee is contributing nicely. Magee generated 59 leads and converted 11 (18.6% conversion), indicating solid demand in the area.
Premier Storage – Marengo (OH)
Q3 Performance: Marengo had 22 move-ins and 25 move-outs in Q3, for –3 net (vs –17 net last year, so an improvement). Occupancy ticked up to 78.8% from 71.4% a year ago (roughly 104 of 132 units occupied now). Monthly rent is $11.54k, slightly below last year’s $11.67k, but gross potential is $13.8k (down a bit from $14.7k LY). Economic occupancy ~83.7%, comparable to 79% last year – fairly stable. Marengo saw 33 leads (vs 33 last year as well) and converted 2 (6% conversion – needs improvement).
Premier Storage – Marion (OH)
Q3 Performance: Marion had a very active quarter with 81 move-ins and 73 move-outs, netting +8 (vs +3 last year). Occupancy jumped to 69.4% from 52.4% a year ago – a huge improvement (now ~355 of 511 units occupied; Marion is one of the largest facilities). The monthly rent roll is $24.07k, up from $21.07k last year (+14% YOY). Gross potential is $33.6k, also up (from $28.96k). Economic occupancy ~71.7% (down a bit from 72.7% last year – essentially stable). Marion generated 122 leads (way up from 53 last year) but only 5 were recorded as converted, implying a low 4% conversion – however, the high move-in count suggests many leads originated prior or walk-ins not captured in the lead system.
Premier Storage – New Albany (MS)
Q3 Performance: New Albany had 48 move-ins and 56 move-outs, ending at –8 net (vs +1 net last year). This turnover caused occupancy to fall sharply from 89.2% to 67.7% YOY (204 of 301 units occupied now). Monthly rent is $23.67k, up slightly from $20.57k last year (+15%), but potential is $26.95k (up from $16.12k – possibly more units or higher rates since acquisition). Economic occupancy ~87.8% (down from ~127%? – last year’s figures suggest an anomaly, likely New Albany was acquired and remeasured, making YOY comparisons tricky). The site got 76 leads (up from 23) and converted 9 (11.8% conversion).
Premier Storage – Orrville (OH)
Q3 Performance: Orrville had 34 move-ins and 35 move-outs, for –1 net (vs –8 net last year, so improvement toward stability). Occupancy is very high at 92.3% (virtually unchanged from 92.8% last year – ~143 of 155 units occupied). Monthly rent is $20.43k, slightly up from $19.66k last year. Gross potential is $22.05k (up from $18.25k last year, suggesting rate increases or additional units measured). Economic occupancy is 92.6% (down from 107.8% last year, which indicates we raised GPR, normalizing the ratio). Orrville had 48 leads (vs 23 last year) and converted 8 (16.7% conversion).
Premier Storage – Trimble Road (OH)
Q3 Performance: Trimble Road (Mansfield area) had 36 move-ins and 39 move-outs, net –3 (vs +2 last year). Occupancy is still solid at 82.5%, though down from 90.6% last year (likely 165 of 200 units occupied now). The monthly rent roll is $19.86k, down from $22.70k last year (a drop of 12.5%). Gross potential is $23.06k (up slightly from $21.92k). Economic occupancy ~86.1% (down from 103.6% last year). Trimble saw 64 leads (up from 113 last year, interestingly last year’s lead count was very high) and converted 4 (6.3% conversion; last year had 5 conversions out of 113 leads – also very low).
Premier Storage – Zanesville Newark Rd (OH)
Q3 Performance: Zanesville Newark Rd had 33 move-ins and 24 move-outs, netting +9 (a nice gain, vs –3 net last year). Occupancy inched up from 88.8% to 90.3% (perhaps 194 of 215 units occupied). Rent roll is $16.55k, slightly down from $17.53k last year, but gross potential is $13.49k (down from $18.78k last year – possibly standard rates were lowered or units reclassified). Notably, economic occupancy is 122.7% – actual rent far exceeds standard potential (likely due to legacy tenants on higher rates or fees). Zanesville Newark had 74 leads (up from 45) and converted 9 (12% conversion).
Premier Storage – Zanesville Richards Rd (OH)
Q3 Performance: Zanesville Richards Rd had 14 move-ins and 19 move-outs, net –5 (same net –5 last year). Occupancy improved slightly to 88.6% from 87.2% (perhaps 140 of 158 units occupied). Monthly rent is $11.21k, basically flat from $11.20k last year. Gross potential is $12.59k, up from $10.99k, so economic occupancy is ~88.9% (down from ~112% last year – we raised GPR). Richards Rd had fewer leads: 26 (down from 33) but converted 3 (11.5% conversion).
Figure 2 below highlights the monthly revenue vs. gross potential by site for Q3 2025. This chart visualizes each facility’s current monthly rent income (orange bar) against its potential if fully leased at standard rates (yellow bar). Facilities with orange bars close to yellow are maximizing income (e.g. Conway, Granville, Laurel MS15, Zanesville Newark), whereas those with a big gap have more room to grow (e.g. Benton, Laurel N. 12th, Greenbrier 277, Marion). This reinforces where our upside opportunities lie in terms of occupancy and rate management:
Figure 2: Current Monthly Rent (orange) vs Gross Potential Rent (yellow) by Site (as of Sept 2025). The closer the orange bar is to the yellow bar, the closer the facility is to fully optimizing its revenue. Large gaps indicate potential revenue growth through lease-up or rate increases.
Conclusion & Key Takeaways
Q3 2025 was a period of growth and integration for Premier Storage. The portfolio expanded significantly, and despite some expected occupancy dilution from new sites, we achieved net rental gains and strong revenue improvement year-over-year. Key wins include the successful lease-up of new facilities (Benton, the Laurel properties, Conway), major occupancy turnarounds at sites like Marion and the Greenbrier locations, and effective revenue management evidenced by many sites collecting above their standard rates. Our focus on sales and marketing is paying off with much higher lead volumes and stabilized or improved conversions in most places.
Looking ahead, the opportunities are clear: fill the remaining vacancies in under-capacity sites (notably Benton, Laurel N. 12th, Marion, etc.) to unlock their revenue potential, and continue to implement rate increases judiciously to boost same-store revenue (while monitoring tenant retention). We must also keep an eye on customer accounts – bringing down delinquency in a few trouble spots (e.g. Richards Rd, Greenbrier 277) will tighten our financial performance.
Overall, Premier Storage is performing well heading into Q4, with a larger, more diversified portfolio and positive trends in net rentals and revenue. By capitalizing on the wins (high occupancies and demand at many sites) and addressing the opportunities (occupancy drags and delinquencies), we are positioned to finish the year strong. The upcoming October rate increases will provide a further lift to revenues, helping ensure that the portfolio’s financial performance continues to improve. The management team will remain focused on occupancy growth, operational efficiency, and revenue optimization to drive value for the owners. Each site has a tailored plan to either lease up, optimize rates, or maintain stability, as detailed above, and we will closely monitor progress on those initiatives in the coming quarter. Let’s celebrate the successes of Q3 and actively work on the areas of improvement – we have built a solid foundation and Q4 should see us carry this momentum forward.
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