Skip to content
Portfolio occupancy: Up from ~81% (Q2 end) to ~83% by end of August.Net rentals: +103 units QTD (824 move-ins vs 721 move-outs).Revenue: August hit a record $512K, up +36% YoY. September projected to exceed August with higher occupancy + rate adjustments.Lead flow: Strong in July/August (58% conversion), early September a bit slower but stabilizing.
Solid core performance, but uneven.Strengths: Boyle (91%), LaFollette (89%), Valley (86%). Griffin gaining momentum (+12 net units).Focus: Monteagle (61%, –16 units; 22% unrentable) and Harpersville (54%, –2 units).Strongest portfolio, driving growth.Strengths: Yorkville (94%), Hiawatha (92%), Franklin (91%), Danville (+21 net units, 88%), Mansfield (+14 units).Focus: Albertville (73%, still lease-up; 9% unrentable), Monroe (72%). Hampton dipped to 81% but rents up.Stable but below average.Taylors steady at 83%.Greenville at 76% (slight dip), needs marketing push.High occupancy and growth.West Valley 86% (+15 units), Layton 87% (flat).Slight YoY revenue dip; opportunity to push rents.
Turnaround sites: Monteagle (unit repairs + marketing) and Harpersville (drive demand).Maximize strong sites: Rate increases at 90%+ sites (Yorkville, Hiawatha, Franklin, Boyle).Support lease-ups: Continue momentum at Griffin, Albertville, Monroe, Greenville.Revenue management: Use rate optimization where occupancy is high; incentives where leasing lags.
Valley AL (SSD): +138 customers, ~$2,350 more rent/month.Monteagle TN (SSD): +118 customers, ~$2,175 more rent/month.LaFollette TN (SSD): +106 customers, ~$1,988 more rent/month.Boyle MS (SSD): +103 customers, ~$1,856 more rent/month.Albertville (T10): +102 customers, ~$1,784 more rent/month.McCalla AL (SSD): +92 customers, ~$1,659 more rent/month.Greenville (GLS): +87 customers, ~$1,501 more rent/month.Other notable lifts: Okoboji IA (SSD), Cleveland (SSD), Elizabethton TN (SSD) – each adding $1.3–1.4K/month.
Boyle, MS – Occupancy ~90.6% (one of the highest) with a slight dip in Aug【62†】. August saw 24 move-ins vs 20 move-outs, continuing a positive trend. Revenue remains strong and up year-over-year.LaFollette, TN – 88.6% occupied, minor dip (–0.7% in Aug)【62†】. Steady leasing kept net rentals about even.Valley, AL – 86.1% occupied, slightly up in Aug【62†】. Healthy occupancy and only ~6% units unrentable, indicating mostly full availability.Cahaba, AL – 82.3% occupancy, improved +0.9% last month【63†】 with more move-ins than move-outs.Elizabethton, TN – ~79% occupancy, holding steady【64†】. This is just below the portfolio average, so further lease-up is a goal, but Aug was flat (no net change).Storage Depot – Harpersville, AL – Currently our lowest occupancy site at just ~54% full. It saw a net –2 rental loss over July–Aug. Despite modest rate discounts, demand remains soft. We had only 2 move-ins vs 4 move-outs in August (leads have been limited). With virtually no rent growth and occupancy slipping, Harpersville needs aggressive marketing. We may consider local advertising or incentives to spur move-ins. On a positive note, only 1 unit is unrentable here, so the low occupancy is purely demand-driven (not supply constraints). This must be a top focus to turn around.Storage Depot – Monteagle, TN – Occupancy is about 61% and falling. Monteagle lost 16 net units over Jul–Aug (the worst in the portfolio). It ended August with 10 move-ins vs 23 move-outs. Notably, Monteagle has 74 units marked unrentable (21.6% of its 342 units), the highest of any site. This suggests ongoing maintenance or renovation issues significantly limiting rentable inventory. Even excluding those, effective occupancy of rentable units is ~78%, but the trend is negative. We did lower rents recently at Monteagle – projected rent per month fell ~3.2% from July to August【26†】 – yet occupancy still dropped 2.3 points. This indicates that demand remains weak despite price concessions. For Q4, we should prioritize finishing any repairs (to get those 74 units online) and boosting local outreach. Monteagle’s large unrentable count is likely a major factor; once remedied, we can recapture many rentals.
Yorkville, GA – Occupancy ~94%, essentially full, with no change last month【69†】. This is our highest occupancy site. We have room to push rates here.Hiawatha, IA – 92.2% occupied, up +1.1 pts in Aug【68†】. Nearly fully leased; it gained net rentals and shows strong local demand.Franklin, KY – 90.7% occupied (down slightly from ~92.5%)【60†】. Even after a small net loss (–2 units Jul–Aug), it remains ~91% full – very healthy. We did implement modest rate hikes; indeed Franklin’s rent per occupied unit in Aug was ~+0.3% vs July【60†】, which likely contributed to the 1.8-pt occupancy dip. Given it’s still 91% and revenue is growing, this rate-vs-occupancy trade-off is acceptable, but we’ll ensure it doesn’t slide further.Fort Payne, AL – 87.8% occupied, down 2.0 pts in Aug【25†】 but still strong. It had a surge earlier in Q3 and gave back a bit in late August (net +? units Jul–Aug; it actually gained overall YOY). Fort Payne’s revenue is steady – ~$9.45K collected by Sep 7, up significantly from ~$3.26K same time last year【27†】. We suspect the slight occupancy dip was seasonal or due to a batch of move-outs after peak season; no major concerns as long as it stays mid-to-high 80s.Danville, KY – 88.4% occupied, up +1.4 pts in Aug【65†】. Top performer in net rentals: Danville added +21 units over Jul–Aug (30 ins, 23 outs in Aug), the highest net gain of any site. Strong demand is driving occupancy up quickly (it was ~85% in June and now 88%). We will continue this momentum; once Danville crosses 90%, we’ll consider rate adjustments.Mansfield, OH – 76.6% occupied, up +0.6 pts【67†】. It gained +14 net units in Jul–Aug, a solid improvement from ~70% earlier in the year. There’s still plenty of vacancy to fill, but the trajectory is good. Marketing efforts are yielding results (Mansfield had a high lead-to-lease conversion in Q3).Albertville, AL – Occupancy ~73%【66†】, which is on the low side for T10. However, Albertville grew tremendously in July (net +19) and then leveled off (net –1 in August). Overall it’s +18 units for Q3, a big improvement from ~65% occupancy at end of Q2. The slight dip in August (–0.8 pts)【66†】 coincided with a minor revenue dip (–1% rent, likely due to a few move-outs of higher-rent units)【26†】. With 22 units (8.7%) still unrentable, there is additional upside once maintenance completes. We should focus on continuing the leasing momentum here in September – the demand is clearly present given July’s surge, so with consistent sales efforts Albertville can push into the 80% range soon.Monroe, GA – 72.3% occupied, up +0.5 pts last month【44†】. Monroe added a handful of units net in Q3, but occupancy is still in the low 70s, making it the lowest in T10. On the positive side, Monroe’s revenue is trending up (collections +18% YOY for August) and only ~6% of units are unrentable. The moderate occupancy likely means we have room to offer promotions to attract more tenants. Monroe’s market may be competitive, so we’ll evaluate rate positioning. It’s stable, but we aim to get Monroe above 80% like the others – it’s the outlier in an otherwise high-occupancy group.
Taylors, SC – Occupancy is 83.0%, unchanged in August【70†】. This is a healthy level; Taylors has been stable and generates consistent rent. We can probably nudge rates up slightly once it crosses ~85%.Greenville, SC – Occupancy about 76.1%, a slight 0.3-point dip last month【71†】. Greenville has hovered in the mid-70s. It gained some units in July, then lost a couple in August. We had fewer leads here in late summer, so boosting marketing in the Greenville market is important. On the bright side, Greenville did increase revenue ~8% YOY (Aug 2025 vs Aug 2024) and has no significant physical issues (unrentable units are minimal).
West Valley, UT – Occupancy ~86.1%, up +0.4 pts in August【72†】. West Valley achieved +15 net rentals over Jul–Aug, one of the highest gains (only Danville and Albertville added more). Demand is robust in this market; we had strong leasing activity through the summer. At 86% full, West Valley is approaching our target range (90%).Layton, UT – Occupancy 87.1%, a slight –0.6 pt dip in Aug【26†】. Layton had net +6 units in Jul–Aug (21 ins, 17 outs in Aug)【41†】, so it’s growing albeit a touch slower than West Valley. The small August dip isn’t concerning yet – it could be a timing issue (a few move-outs at month-end that were re-leased in early September). Layton’s occupancy is still very solid in the high-80s.
250910 Storage Depot Meeting Notes
Agenda 2
Done
Search
Done
Topic
Notes
Date
Added by
West Valley homeless issue, sealing vacant units, do we need motion sirens, cameras are being damaged, night light audit
Wed, Aug 13
Pics of West Valley Office; having property rekeyed
Wed, Aug 13
Unrentable, pics of units
Wed, Aug 13
Hampton Lender Obligations, asphalt, metal grates and roofing which is done, sent email to Cohen for more info
Wed, Aug 13
Look into unit mix at Taylors, occupancy down unit occupancy flat
@Ernest Gomez
Wed, Aug 13
🔴 Tier 1 – Highest Financial Impact (Largest NOI Gaps)
Wed, Sep 24
Griffin, GA (SSD): Severe Q3 occupancy loss (-31 units). NOI drag from high delinquency write-offs + vacancy.
Wed, Sep 24
Greenville, SC (GLS): NOI miss from occupancy losses (net -13 units Q3), revenue below budget, expenses slightly elevated.
Wed, Sep 24
SSD Portfolio Low Occupancy Sites (collectively): Harpersville, Thomson, Monteagle – while smaller individually, combined drag on SSD’s NOI (largest portfolio shortfall).
Wed, Sep 24
🟠 Tier 2 – Moderate Impact, Needs Focus
Wed, Sep 24
Hampton, GA (TSP): Occupancy dropped YoY, net -6 in Q3. NOI below plan despite TSP portfolio gains elsewhere.
Wed, Sep 24
Elizabethton, TN (SSD): Q3 net -11 units due to seasonal/student churn; revenue dip in short term.
Wed, Sep 24
Panama City, FL (SSD): Occupancy improved YoY but flat in Q3, leaving revenue short of budget.
Wed, Sep 24
🟡 Tier 3 – Lower Impact but Watch List
Wed, Sep 24
Danville, IL (TSP): Occupancy stagnant ~70%; NOI underwhelming. Smaller revenue site, but opportunity cost if not improved.
Wed, Sep 24
Monteagle, TN (SSD): Flat occupancy ~60%, NOI lagging. Small site, so limited financial impact, but symbolic of execution issues.
Wed, Sep 24
There are no rows in this table
📊 Storage Depot – Q3 2025 Update (Through Early September)
Overall
Portfolio Highlights
SSD (14 sites)
T10 (9 sites)
GLS (2 sites, SC)
SDU (2 sites, UT)
Key Priorities
👉 Outlook: Q3 is trending very strong. Expect higher occupancy and record revenue in September, positioning us for a strong Q4 finish.
6
RATE INCREASES
SSD Portfolio: Largest impact – 1537 tenants for a total of $20,840. Increase averages +$18 per unit, though the % is skewed (some very low base rents).
T10 Portfolio: Aggressive increases – average +25.7% (~$17 per customer), 643 increases for a total of $11,654.
GLS Portfolio: Also steep – +23.5% average increase, 126 tenants for a total of $2199.
SDU Portfolio: More modest (+15.8%), 102 increases for a total of $1817.
🏢 Top Sites by Incremental Revenue (Monthly Lift)
SSD portfolio dominates: 6 of the top 10 sites by revenue lift are SSD.
GLS (Greenville): Though smaller, it has a sharp +27% increase, ~$1.5K/month impact.
T10 (Albertville): Among the top with +25.7% average increase.
Risks: Harpersville AL (SSD) and Monteagle TN (SSD) are low-occupancy sites also getting increases – we’ll need to monitor for tenant churn.
Storage Depot – Q3 2025 Performance Update
Overall Q3 2025 Performance (July–September to-date)
Through the first two months of Q3 (July and August), Storage Depot’s portfolio has shown solid growth. Across all 27 sites, we recorded 824 move-ins and 721 move-outs, for a net gain of +103 units in occupancy【37†】. This increased the overall unit occupancy rate from roughly 81% at end of Q2 to ~83% by end of August. Total occupied units rose from ~4,419 in June to 4,522 occupied units as of early September【39†】. The chart below illustrates current occupancy rates by site (color-coded by portfolio): high-performing sites cluster near the right (90%+ occupied), while a few underperformers remain on the left side.
Occupancy rates by site as of early September 2025. Each bar represents a Storage Depot facility; colors denote portfolio (blue=SSD, orange=T10, green=GLS, red=SDU). Overall portfolio occupancy is ~83%.
Leasing activity: Lead generation remains strong – we saw 709 new inquiries in August, which converted into 413 move-ins (roughly a 58% conversion)【56†】. Early September lead flow is a bit slower (118 leads in the first week) likely due to seasonality, but we expect it to pick up mid-month. Importantly, move-in volumes have outpaced move-outs in both July (411 vs 358) and August (413 vs 363)【37†】, sustaining the positive net absorption. The net rental gain of 103 units in Q3 so far has boosted occupancy and should drive revenue growth going forward.
Revenue performance: Total August rental revenue was $512.3K, up about +36% year-over-year from August 2024【52†】. Some of this growth is due to acquisitions (the T10 portfolio was not fully online last year), but even same-store revenue saw mid-single-digit increases. For example, the SSD portfolio’s August revenue rose +6.7% YoY (from $251.5K to $268.3K)【54†】, and GLS was up +6.8% YoY (to $50.6K). SDU’s revenue of $50.7K in August was slightly down (–5.5%) vs last year【54†】, reflecting some rate softness in Utah. Overall, Q3 revenues are trending upward, aided by higher occupancy and strategic rate adjustments. As of September 7, the portfolio has already collected a substantial portion of monthly rent (e.g. Albertville posted ~$10.6K in rent/fees in the first week of September)【33†】. We anticipate September’s total revenue to exceed August’s, given the higher occupancy and customary rate increases taking effect in peak season.
Expense note: A quick check on receivables finds delinquency well-managed – only ~1% of rent is over 30 days past due in most sites, and auction-related move-outs remain minimal (e.g. Albertville had 0 auctions in Aug). This suggests our collections processes and tenant quality remain solid.
Below we break down performance by portfolio – SSD, T10, GLS, and SDU – highlighting site-level results, key metrics (leads, move-ins/outs, occupancy, revenue) and any areas needing attention.
SSD Portfolio (14 sites) – Solid Overall, but Watch Low-Occupancy Sites
The SSD portfolio (14 legacy Storage Depot sites) contributed a steady performance in Q3. In July and August combined, SSD properties had 475 move-ins vs 457 move-outs, a net +18 units leased【41†】. Overall occupancy for SSD stands around 80–85%, with several high performers above 85%:
Notably, Griffin, GA showed major improvement: occupancy ~59% (up from ~57% in July)【44†】. Griffin had 12 more move-ins than move-outs over July–Aug, the 5th-highest net gain among all sites. It still has 48 units (15%) unrentable due to ongoing renovations, which drags its occupancy figure. But leasing demand is there – August leads were strong and the site converted many into move-ins. As those 48 units come online, Griffin’s occupancy should climb rapidly.
Key focus sites in SSD: The SSD portfolio’s primary concerns are Harpersville and Monteagle:
Other SSD sites to monitor: Thomson, GA (62% occupied) improved slightly in August (+0.5% occupancy) but still has plenty of vacancy to fill. McCalla, AL (81.7%; –1.6 pts in Aug) saw a small dip – possibly due to a handful more move-outs – but remains solidly ~82% occupied. Cleveland, TN (82.8%; –1.8 pts) similarly had a minor occupancy slip in August【26†】, likely from move-outs normalizing after earlier gains. Panama City, FL (80.4%) dipped ~0.8 pts【62†】; it’s at a decent 80% but we aim to push it higher given strong market demand in that area. Phenix City, AL (76% occupied) had a puzzling quarter: it lost 5 net units over Jul–Aug, yet August occupancy actually rose 2.5 pts with a late-month push【58†】. We’ll investigate if July’s losses were seasonal move-outs (e.g. military transfers) that have since been backfilled in September. Phenix City’s rent rates ticked up ~0.6% in Aug【58†】, so despite earlier move-out loss, its revenue trajectory is stable; still, at 76% occupancy we have room to grow.
SSD Summary: Overall, SSD had 250 move-ins vs 237 move-outs in August, totaling $268K revenue【54†】. Occupancy across these sites averages in the low 80s%. Many facilities are near or above that benchmark, demonstrating healthy demand, while a few laggards (Harpersville, Monteagle, Thomson) pull the average down. Action plan for SSD is to concentrate on boosting the weak sites (aggressive marketing at Harpersville, resolving Monteagle’s maintenance issues), while maintaining high occupancies at the top sites through competitive pricing (we might even test rent increases at places like Boyle or LaFollette given their ~90% occupancy).
T10 Portfolio (9 sites) – Strongest Growth and High Occupancies
The T10 portfolio (acquired in late 2024) is performing exceptionally well. These 9 sites added +64 net units in Q3 to date, by far the largest gain of any portfolio. In August alone, T10 properties had 125 move-ins and only 91 move-outs【41†】, and they now boast some of the highest occupancy rates in the company:
Focus sites in T10: Nearly all T10 sites are doing well, but a couple lag relative to their peers:
One other note: Hampton, GA (81% occupied) bears watching. It lost –7 units net over Jul–Aug, dropping occupancy ~0.8 pts to 80.8%【59†】. However, this appears to be a strategic outcome – we raised rates in Hampton (projected rent +3% in Aug)【59†】, and a few marginal tenants left. Revenue actually rose, and occupancy is still ~81%, so this isn’t alarming. We’ll monitor tenant feedback and move-outs, but for now Hampton’s slight occupancy dip is an acceptable trade for higher rent per unit.
T10 Summary: The T10 portfolio is a standout performer this quarter. It generated $142.8K in revenue in August (a huge jump from ~$23.9K last August)【54†】 – this YoY leap is partly due to T10 being newly acquired, but even sequentially T10’s revenue grew from $138.6K in July【41†】. Occupancy portfolio-wide is ~85–90% on average, with multiple sites at or near full capacity. Most T10 facilities are well ahead of projections. Our plan is to capitalize on this strength – we can selectively implement rate increases at the fullest sites (Yorkville, Hiawatha, Franklin) to drive revenue, while continuing to lease-up the few remaining mid-70% sites (Albertville, Monroe). The T10 team’s focus should be on sustaining the leasing pace (which has been excellent, ~125 move-ins in August) and ensuring rate adjustments don’t adversely affect the strong occupancy levels.
GLS Portfolio (2 sites) – Steady, but Room for Improvement
The GLS portfolio, consisting of Greenville, SC and Taylors, SC, had a modest Q3. Being just two facilities, absolute numbers are small: in August they combined for 17 move-ins and 18 move-outs (net –1)【41†】, essentially flat. Year-to-date they are non-mature sites still leasing up. Current performance:
Both GLS sites are relatively new (acquired last year), and they show typical lease-up patterns. Combined August revenue was $50.6K (up ~+6.8% YoY)【54†】. Lead conversion is an area of opportunity – Greenville in particular could convert more inquiries to rentals. With ~76% occupancy, Greenville has ~50+ vacant rentable units; targeted promotions (e.g. first-month discounts) or closer rate alignment with competitors could accelerate fill-up. Taylors is doing fine at 83%, but given it’s our only site in that submarket, we might push for 90%+ before year-end.
GLS Summary: Steady if unspectacular performance. Focus on Greenville – we should aim to get this site above 80% by increasing its ~0.32% monthly occupancy growth to something more aggressive (perhaps partnering with our marketing team for local outreach). Taylors should continue on its current path; once it hits mid-80s occupancy consistently, we’ll evaluate rental rate increases. Operationally, both sites are running smoothly with low delinquencies and decent tenant reviews. The key is simply driving more move-ins to these facilities, which lag the portfolio average occupancy.
SDU Portfolio (2 sites in Utah) – High Occupancy, Stable Growth
The SDU portfolio (Storage Depot of Utah) comprises Layton, UT and West Valley, UT. These facilities are performing well, maintaining high occupancies and adding tenants:
Want to print your doc?
This is not the way.
This is not the way.
Try clicking the ⋯ next to your doc name or using a keyboard shortcut (
CtrlP
) instead.