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250827 Meeting notes

Storage Depot Call – Discussion Topics

Overall Trends

Majority of sites showing revenue growth and stable-to-improving occupancy.

A handful of properties are underperforming with declining occupancy or revenue that need focus.

Top-Performing Properties

SSD Portfolio:

Boyle MS – strong YTD revenue ($191k) and occupancy gains (+11 pts YoY).

Harpersville AL – occupancy up nearly 18 pts YoY, +21 net rentals.

Panama City FL – revenue jumped from ~$79k to $136k YTD, occupancy +5 pts YoY.

T10 Portfolio:

Fort Payne AL & Hiawatha IA – both near 90% occupancy, big YoY revenue gains.

Danville IL – revenue doubled to $207k, occupancy +4.5 pts YoY.

Yorkville IL – ~95% occupancy, net +14 rentals YTD.

SDU Portfolio:

Layton UT – occupancy nearly 89% (+6.5 pts YoY), strong net rental growth.

GLS Portfolio:

Greenville & Taylors SC – both stable, small occupancy gains, steady revenue growth.

Underperforming / Watchlist Properties

Phenix City AL (SSD) – occupancy dropped to ~76% (down 16 pts YoY), flat net rentals.

West Valley UT (SDU) – slight occupancy decline (-1.2 pts YoY), recent revenue softness.

Valley AL (SSD) – occupancy down ~5 pts YoY despite higher revenues.

Thomson GA (SSD) – occupancy slipped nearly 5 pts YoY, flat net rentals.

Hampton TN (T10) – small net rental loss (-8 YTD), occupancy dipped slightly to ~81%.

Key Takeaways

Strong revenue trajectory across portfolios; most new T10 sites rapidly stabilizing.

SSD has several standout performers, but also the greatest share of underperforming locations.

SDU largely stable, but West Valley is softening.

GLS performing consistently with modest but positive gains.

Focus needed on a handful of under performers (Phenix City, West Valley, Valley, Thomson, Hampton).

Wins

• SSD: Boyle MS, Harpersville AL, Panama City FL – strong occupancy & revenue growth

• T10: Fort Payne AL, Hiawatha IA, Danville IL, Yorkville IL – high occupancy, big YoY gains

• SDU: Layton UT – strong occupancy growth, +net rentals

• GLS: Greenville & Taylors SC – stable performance, modest gains

Challenges

• SSD: Phenix City AL, Valley AL, Thomson GA – occupancy declines

• SDU: West Valley UT – slight occupancy/revenue softness

• T10: Hampton TN – minor occupancy dip, net rental loss

Key Takeaways for Ernie’s Call

Focus Areas: Hampton need immediate plans to address retention and occupancy.

Operational Fixes: West Valley security and financial gaps must be resolved quickly.

Growth Drivers: Lease-up properties are fueling strong portfolio momentum – highlight LaFollette, Danville, Hiawatha, Yorkville.

Revenue Strategy: Rate increases are being rolled out across all portfolios, with SSD and T10 seeing the most impact in September.

Key Takeaways for Ashley’s Call

Strengths: Mansfield, Boyle, Albertville, Cahaba, Fort Payne are clear leaders driving growth.

Healthy Lease-Ups: Griffin, Harpersville, and McCalla building strong momentum.

Problem Areas: Phenix City, Valley, and Cleveland need retention fixes; Panama City and Thomson show demand but high churn.

Storage Depot Portfolio Performance Update

Executive Summary

Top-Performing Sites: Several locations saw notable growth in both revenue and occupancy. For example, Fort Payne (T10) and Hiawatha (T10) each achieved ~90% occupancy (up from ~80% and 70% a year ago, respectively) and have roughly doubled their revenues year-over-year. In the SSD portfolio, Harpersville AL grew occupancy from ~39% to 57% and increased monthly revenue by ~82% year-over-year, and Panama City FL reached 81% occupancy (up 5 points YoY) with YTD revenue rising to ~$136k from ~$79k in 2024. These improvements reflect strong leasing activity and effective rate management at those sites.

Underperforming Sites: A few properties are lagging with declining occupancy and/or revenue. Notably, Phenix City AL (SSD) saw occupancy fall from ~92% last year to ~75% currently, alongside a slight drop in August revenue year-over-year. In the SDU portfolio, West Valley UT has experienced a mild occupancy dip (down ~1.2 points to ~85%) and a ~5% decline in recent monthly revenue compared to last year. These sites may need targeted marketing or rate adjustments to revive demand. Overall, most properties are stable or growing, but the above underperformers warrant closer attention.

⁠

GLS Portfolio (Greenville, SC Area)

The GLS portfolio consists of two facilities in South Carolina. Both Greenville and Taylors are maintaining high occupancy levels with modest improvements over last year. Year-to-date (YTD) revenues are solid, and move-in/out activity has resulted in slight net rentals gains at each property. The table below summarizes key metrics:

Table 1

Table 1

Property

YTD Revenue

Move-Ins

Move-Outs

Net Rentals

Occ%

MoM Δ

YoY Δ

Greenville SC

$183,682

111

100

76.1%

+0.3%

Taylors SC

$198,450

83.7%

+0.7%

There are no rows in this table

⁠

Both GLS sites have seen slight occupancy increases month-over-month (MoM) and year-over-year (YoY). Greenville is ~76% occupied (up 0.3 points MoM) and generated ~$183.7k YTD revenue. Taylors is ~83.7% occupied (up ~0.7 points YoY) with ~$198.5k YTD revenue. Each property achieved a small net gain in rentals (e.g. Greenville +11 net units YTD), indicating stable growth.

SDU Portfolio (Utah)

The SDU portfolio’s two Utah facilities (Layton and West Valley) have high occupancy but mixed trends. Layton continues to improve occupancy and remains nearly 89% occupied, while West Valley’s occupancy is slightly down YoY. Both sites have robust YTD revenues around $174k–$222k:

Table 2

Table 2

Property

YTD Revenue

Move-Ins

Move-Outs

Net Rentals

Occ%

MoM Δ

YoY Δ

Layton UT

$173,715

88.9%

-0.6%

+6.5%

West Valley UT

$222,062

122

112

85.3%

-0.8%

-1.2%

There are no rows in this table

⁠

Layton is performing well: occupancy ~88.9% (up ~6.5 points YoY) and ~$173.7k YTD revenue. It had slightly more move-ins than move-outs, yielding a net +12 units rented this year. West Valley is essentially full at 85% occupancy but has seen a minor occupancy slip (-1.2% YoY) and a decline in monthly revenue compared to last year. Its YTD revenue stands at ~$222k. Both Utah facilities maintain strong leasing volumes (120+ move-ins YTD at West Valley) but monitoring of West Valley’s recent downward trend is advised.

SSD Portfolio (Southeast Storage Depot)

The SSD portfolio encompasses 14 properties across multiple states. Overall, the majority of SSD sites show positive momentum – many increased revenue and maintained or grew occupancy. A few older facilities are exceptions with flat or declining occupancy. Key metrics for each SSD property are shown below:

Table 3

Table 3

Property

YTD Revenue

Move-Ins

Move-Outs

Net Rentals

Occ%

MoM Δ

YoY Δ

Boyle MS

$191,257

165

102

92.0%

+2.3%

+11.4%

Cahaba AL

$78,040

80.5%

+3.5%

+5.3%

Cleveland GA

$130,601

85.8%

+1.2%

+0.2%

Elizabethton TN

$140,090

119

104

78.2%

+0.9%

+1.4%

Griffin GA

$131,352

172

157

57.7%

+4.2%

+2.7%

Harpersville AL

$50,645

56.6%

+1.9%

+17.7%

LaFollette TN

$281,146

151

159

-8

89.4%

-1.1%

McCalla AL

$182,486

107

82.9%

+2.0%

Monteagle TN

$165,554

159

131

66.4%

-0.3%

+1.7%

Okoboji IA

$88,574

90.9%

+0.0%

+1.5%

Panama City FL

$136,079

177

148

81.2%

+0.6%

+5.0%

Phenix City AL

$124,066

-1

75.8%

-3.4%

-16.3%

Thomson GA

$99,234

-1

61.5%

+2.4%

-4.9%

Valley AL

$200,517

148

132

78.9%

-4.1%

-5.0%

There are no rows in this table

⁠

Most SSD sites are performing well. For instance, Boyle MS is ~92% occupied (up 11 points YoY) with YTD revenue of $191k. High-growth sites include Harpersville AL – now 56.6% occupied (up from ~39% last year) with a net +21 rentals this year – and Panama City FL at 81% occupancy (5 points higher YoY) and $136k YTD revenue (up ~71% from $79k in 2024). On the other hand, a few locations are struggling: Phenix City AL has seen occupancy drop to ~75.8% (down 16 points YoY) and has essentially flat net rentals (97 move-ins vs 98 move-outs). Valley AL and Thomson GA also have occupancy down ~5 points from last year, despite higher revenues, indicating potential rate-driven move-outs. Overall, SSD portfolio revenue is trending upward at most sites, but increasing occupancy at the few declining locations (e.g. Phenix City) is a priority.

T10 Portfolio (Recent Acquisitions)

The TSP/T10 portfolio (newer acquisitions) contains 9 properties, many of which opened in mid-2024. This portfolio shows strong year-over-year gains in both occupancy and revenue across the board, as sites stabilized over the past year. Occupancies are generally high (most in the 70–94% range) and YTD revenues have grown substantially versus last year’s partial-period figures:

Table 4

Table 4

Property

YTD Revenue

Move-Ins

Move-Outs

Net Rentals

Occ%

MoM Δ

YoY Δ

Albertville AL

$117,624

117

74.3%

+3.2%

+12.1%

Danville IL

$207,003

162

110

88.1%

+1.0%

+4.5%

Fort Payne AL

$102,514

90.8%

+0.5%

+10.6%

Franklin NC

$136,274

93.5%

+0.0%

+2.8%

Hampton TN

$110,106

-8

80.8%

-1.9%

-1.6%

Hiawatha IA

$89,515

90.0%

+0.0%

+20.0%

Mansfield LA

$72,310

76.0%

+1.9%

+15.3%

Monroe LA

$82,460

120

109

70.9%

+4.5%

+11.2%

Yorkville IL

$142,607

94.7%

+0.0%

+9.0%

There are no rows in this table

⁠

All T10 properties achieved significant YOY improvements. Many were in lease-up last year, so YTD revenues have jumped dramatically (e.g. Danville’s $207k vs $108k last year). Occupancy gains are evident: Hiawatha is now 90% occupied (up from ~70% last year) and Mansfield improved to 76% (up ~15 points YoY). Nearly every site shows a healthy net positive in rentals, reflecting strong demand (Monroe LA, for instance, net +11 units). Hampton TN is the only site with a slight net loss this year (50 move-outs vs 42 move-ins) and a minor occupancy dip (now 80.8%, down 1.6 points YoY). Overall, the T10 portfolio’s recent acquisitions are performing exceptionally well, quickly building occupancy and revenue as they mature.

⁠

CapEX Updates

Hampton: - HVAC system was repaired on August 25, 2025. - Roof repairs are scheduled to commence late next week, with completion expected within a single day. - I am currently obtaining quotes to secure the loose grates and replace any that are missing.

Elizabethton: - The exit gate was repaired as of August 26, 2025. - The RV gate has been completed; we are awaiting a part ordered from Spider Door, which is expected to arrive no later than August 28, 2025. - I am in the process of obtaining quotes for security cameras.

Hiawatha: - I have secured one quote for driveway repairs and anticipate receiving a second quote by the end of this week.

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