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250924 Storage Depot Meeting Notes

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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

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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

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Budget vs. Acutal Revenue, Expenses and NOI

TSP

Revenue: $1.009M vs $1.040M budget (-3%) – slightly under.

Expenses: $599k vs $545k (+10%) – over budget.

NOI: $410k vs $495k (-17%).

Drivers: Despite strong occupancy gains, lower rental rates (economic occupancy down) held back revenue. Expenses ran high (likely R&M, payroll, or marketing).

Message: Occupancy strategy is working; now need expense discipline + rate increases to lift NOI.

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SDU

Revenue: $384k vs $459k (-16%) – well under.

Expenses: $183k vs $210k (-13%) – savings.

NOI: $201k vs $249k (-19%).

Drivers: Occupancy is high, but potential rent jumped and actual hasn’t caught up (lots of tenants still below street rates). Expense control helped but didn’t offset revenue gap.

Message: Big opportunity to raise rates with strong occupancy; revenue lag is purely a rate yield issue.

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GLS

Revenue: $386k vs $415k (-7%).

Expenses: $183k vs $169k (+8%).

NOI: $203k vs $246k (-17%).

Drivers: Greenville move-outs hurt revenue; Taylors stable. Expenses over budget (utilities/admin/R&M). Economic occupancy is high (~99%), so rents are strong.

Message: Focus is filling vacancies in Greenville to boost revenue, and tightening cost control. Revenue per tenant is good, but occupancy loss plus higher costs drove NOI miss.

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SSD

Revenue: $1.918M vs $2.178M (-12%).

Expenses: $1.041M vs $982k (+6%).

NOI: $877k vs $1.196M (-27%).

Drivers: Combination of occupancy gaps at weaker sites (Griffin, Harpersville, Thomson) and higher expenses (R&M, payroll, marketing). Economic occupancy improving but still only ~86%.

Message: Largest shortfall portfolio. Need to lease up low-occupancy sites, execute rate increases at stable sites, and control operating costs.

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✅ Overall:

Revenue under budget across all portfolios (mainly from rate yield and some occupancy softness).

Expenses above budget in 3 of 4 portfolios.

NOI shortfalls range -17% to -27%.

Main themes:

Occupancy success (TSP, SSD selective sites) hasn’t yet translated into full revenue because of discounting / under-market rents.

Expense discipline is inconsistent; tightening controls is key.

Rate increases already scheduled (Oct–Nov) are critical to closing revenue/NOI gaps in Q4.

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Storage Depot – Q3 2025 Summary (vs. Q3 2024)

Portfolio Overview:

Activity up: Leads (+47%) and move-ins (+33%) are higher YoY, but move-outs also rose (+40%), resulting in net occupancy flat to slightly down within the quarter.

Total occupancy: ~78% of units occupied, slightly above last year in unit count but with more tenant turnover.

By Portfolio:

TSP: Big win – occupancy up from 74% → 83%. Strong lease-up (Hiawatha, Mansfield, Franklin). Economic occupancy slipped (84% vs 91% LY), showing room for rent increases.

SDU: Occupancy steady high at ~86% (up from 84%). Revenue under budget but sites are well-occupied, leaving opportunity for rate pushes.

GLS: Occupancy dipped (77% → 76%) – Greenville struggled (net -13 units in Q3). Strength: nearly 100% economic occupancy, but retention is an issue.

SSD: Largest portfolio, small occupancy gain (74% → 75%). Some big wins (Harpersville, Griffin improved YoY), but also heavy churn (Griffin -31 net units this quarter). Lots of leads, but turnover remains high.

Budget vs. Actual (YTD Jan–Aug):

All portfolios are behind budget on revenue and NOI.

Revenues are 84–97% of budget, NOI at 73–83%.

Drivers: lower-than-expected revenue (especially SSD, SDU) and higher expenses across portfolios.

Site Highlights:

Winners: Hiawatha IA (+19 pts occupancy YoY, now 92%), Mansfield OH (+15 pts), Franklin KY (+7 pts), Boyle MS (+19 pts, now 91%).

Opportunities: Greenville SC (72%, high move-outs), Griffin GA (60%, churn after delinquency clean-out), Harpersville AL (53%, still low occupancy), Thomson GA (62%).

Key Takeaways:

Wins: Occupancy gains in TSP, high stability in SDU, effective marketing driving strong lead flow, selective rent increases planned.

Opportunities: Control expenses, improve tenant retention (reduce high move-outs), fill vacancies in underperforming SSD/GLS sites, and capture more revenue by raising rates where occupancy is strong.

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Existing Customer Rate Increases – Oct 2025

October 2025

GLS: 123 customers | Avg +$17.45 (+23.6%) | Total impact +$2,146

SDU: 98 customers | Avg +$19.03 (+15.8%) | Total impact +$1,865

SSD: 1,078 customers | Avg +$17.87 (data missing % on some, but typically +15–20%) | Total impact +$19,269

TSP: 102 customers | Avg +$17.49 (+25.7%) | Total impact +$1,784

👉 October Total: ~1,400 customers | Avg +$18 | Revenue lift ~$25k

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✅ Takeaways:

October is the big push – over 1,400 customers scheduled for increases, across every portfolio.

SSD has the largest share (~77% of all increases, ~+$19k in monthly revenue lift).

TSP & GLS increases are sharper on a percentage basis (avg +23–26%) – strong catch-up to market rents.

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🔴 Tier 1 – Highest Financial Impact (Largest NOI Gaps)

Griffin, GA (SSD): Severe Q3 occupancy loss (-31 units). NOI drag from high delinquency write-offs + vacancy.

Greenville, SC (GLS): NOI miss from occupancy losses (net -13 units Q3), revenue below budget, expenses slightly elevated.

SSD Portfolio Low Occupancy Sites (collectively): Harpersville, Thomson, Monteagle – while smaller individually, combined drag on SSD’s NOI (largest portfolio shortfall).

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🟠 Tier 2 – Moderate Impact, Needs Focus

Hampton, GA (TSP): Occupancy dropped YoY, net -6 in Q3. NOI below plan despite TSP portfolio gains elsewhere.

Elizabethton, TN (SSD): Q3 net -11 units due to seasonal/student churn; revenue dip in short term.

Panama City, FL (SSD): Occupancy improved YoY but flat in Q3, leaving revenue short of budget.

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🟡 Tier 3 – Lower Impact but Watch List

Danville, IL (TSP): Occupancy stagnant ~70%; NOI underwhelming. Smaller revenue site, but opportunity cost if not improved.

Monteagle, TN (SSD): Flat occupancy ~60%, NOI lagging. Small site, so limited financial impact, but symbolic of execution issues.

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✅ Overall Priority Order for NOI Recovery Efforts

Griffin (SSD) – clean-up done, now re-lease to restore cash flow.

Greenville (GLS) – stop move-out bleed, stabilize occupancy.

Harpersville + Thomson + Monteagle (SSD small markets) – occupancy-driven NOI drag.

Hampton (TSP) – regain occupancy lost in Q3.

Elizabethton (SSD) – backfill post-student move-outs.

Panama City (SSD) – improve lead conversion to continue fill-up.

Danville (TSP) – accelerate lease-up from stagnant ~70%.

Monteagle (SSD) – operational improvement (lower revenue impact).

Storage Depot Q3 2025 Performance Overview (vs. Q3 2024)

Portfolio Summary Highlights

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