Skip to content
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.
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.
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.
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.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.
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.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.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.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%).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.
GLS: 123 customers | Avg +$17.45 (+23.6%) | Total impact +$2,146SDU: 98 customers | Avg +$19.03 (+15.8%) | Total impact +$1,865SSD: 1,078 customers | Avg +$17.87 (data missing % on some, but typically +15–20%) | Total impact +$19,269TSP: 102 customers | Avg +$17.49 (+25.7%) | Total impact +$1,784October 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.
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).
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.
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.
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).
TSP (9 sites) – Occupancy ~83%, up sharply from ~74% in Q3 2024. TSP made the biggest improvement in occupancy of all portfolios (+9 percentage points YoY). Increased move-ins at sites like Hiawatha and Albertville drove this gain. Despite higher occupancy, economic occupancy (actual rent collected vs gross potential) for TSP is ~84% currently, down from ~91% last year – indicating that many new tenants are at discounted or lower rates, which is an opportunity (there is headroom to push rents up over time as these tenants mature). Overall, TSP had a net +7 units quarter-to-date (vs +4 last year), the only portfolio with net positive unit absorption so far in Q3.SDU (2 sites) – Occupancy ~86%, up from ~84% last year. The Utah facilities remain the highest-occupied portfolio. Layton improved to ~88% (from ~82% a year ago), while West Valley is steady ~85%. Economic occupancy is ~83% (actual rents are ~83% of standard) compared to ~100% last year【62†】, implying that after a big street rate increase or expansion (potential rent grew), there’s now room to raise existing customer rates. Net rentals for SDU are flat (-2 units, same as last year Q3-to-date), so maintaining high occupancy is a win, and the focus can shift to revenue optimization (rate increases).GLS (2 sites) – Occupancy ~76%, slightly down from ~77% last year. Both Greenville and Taylors saw minor occupancy declines YoY (each down ~1-2 percentage points). Q3-to-date net absorption was -11 units (vs -2 last year), a concerning drop driven by high move-outs at Greenville. On a positive note, leads doubled (26 vs 18) and move-ins improved YoY for GLS, but move-outs spiked (e.g. Greenville had 16 move-outs so far vs 8 last year). Economic occupancy is ~99% (nearly full realization of potential rent)【62†】 – a win in revenue management (very few discounts at these sites) but it may also be contributing to move-outs if rates are at the top of the market. The opportunity here is to recapture occupancy – fill vacant units through promotions or marketing, especially at Greenville (now ~72.6% occupied).SSD (14 sites) – Occupancy ~75%, up slightly from ~74% last year. This large portfolio’s occupancy gain is modest (+0.8 pts). There’s a mix of performance: several SSD facilities achieved big occupancy improvements (Harpersville AL rose from 39% to 53%; Griffin GA 54% to 60% occupied), but a few high-occupancy sites slipped (e.g. Phenix City AL fell from 89% to 80%). Net rentals for SSD were -12 units (vs -5 last year), indicating higher churn in aggregate. On the bright side, SSD generated 92 more leads than last year (231 vs 139, a +66% jump), which drove higher move-ins, but move-outs were also higher (typical in value-add situations where we push rates). Economic occupancy for SSD ticked up to ~86% from ~85%【62†】 – meaning actual rental income is 86% of the potential if all units were at standard rates. There’s still a significant revenue opportunity in SSD: as occupancy improves, we should continue pushing existing customer rate increases (gradually moving that 86% closer to 90+%). Also, focusing on tenant retention at the best sites (e.g. LaFollette TN and Phenix City, which are ~88-80% occupied but saw net move-out losses) will help stabilize occupancy.
TSP: YTD Revenue is $1.009M vs $1.040M budget (≈97% of budget) and Expenses are $599k vs $545k budget (110% of budget, i.e. over). Net effect: NOI $410k, about 83% of budgeted NOI【27†】. Opportunity: Despite occupancy gains, revenue is trailing budget slightly and expenses are running high – we need to investigate cost overruns (perhaps marketing or repairs) and continue driving rentals and rate increases to close the NOI gap.SDU: YTD Revenue $384k vs $459k budget (only 84% of budget), Expenses $183k vs $210k (87% of budget, a favorable variance). NOI $201k vs $249k budget (~81%). Opportunity: Revenue under-performance is the main issue – likely due to slower lease-up or rate constraints earlier in the year. The expense savings help but not enough to offset revenue shortfall. With occupancy now high, we should implement more aggressive rate increases and add sales to boost revenue.GLS: YTD Revenue $386k vs $415k (93% of budget), Expenses $183k vs $169k (108% of budget, expenses over plan)【11†】. NOI $203k vs $246k (82% of budget)【10†】. Wins: Strong merchandise/other income and high economic occupancy (almost no discounting) in GLS. Opportunities: Reducing expenses (utilities, repairs, or admin costs that ran ~9% over) and increasing occupancy to boost top-line revenue. Every point of occupancy will directly improve NOI given minimal discounts at these sites.SSD: YTD Revenue $1.918M vs $2.178M (only 88% of budget), Expenses $1.041M vs $0.982M (106% of budget) – a double challenge of under-budget income and over-budget costs. NOI stands at $877k vs $1.196M budget (~73%)【27†】. Opportunity: This portfolio has the largest absolute shortfall. The revenue miss is partly due to slower fill-up at key sites and heavy discounting earlier in the year (reflected in the 86% economic occupancy). Additionally, some one-time expenses (or generally higher operating costs portfolio-wide) hurt NOI. Going forward, improving occupancy at the low-performing sites (Griffin, Monteagle, Thomson, etc.), continuing rate management, and tighter expense control (especially payroll, R&M, and marketing spend) will be critical to closing the gap to budget.
Albertville, AL (TSP) – Occupancy: ~75.5% (up from ~63% LY). Q3-to-date: 11 MI, 11 MO, net 0. Win: Occupancy improved ~+12 pts YoY, reflecting successful lease-up. Opportunity: Despite higher occupancy, rent rates lag – actual rent is ~84% of standard. We should start pushing modest increases to new tenants as they come up for renewal.Danville, IL (TSP) – Occupancy: ~70.3% (virtually flat YoY). Q3: 9 MI, 6 MO, net +3. Win: Positive net rentals and improved leasing pace (leads up, 15 leads vs 9 LY). Opportunity: Occupancy is still low ~70%; with demand up, we can continue marketing and perhaps adjust rates to attract more move-ins and push occupancy toward the mid-70s.Fort Payne, AL (TSP) – Occupancy: ~76.3% (up from ~73%). Q3: 4 MI, 4 MO, net 0. Win: Slight occupancy gain YoY and stable tenant count this quarter. Opportunity: Needs more lead flow – lead volume was modest. Consider local advertising or promotions to boost move-ins and break out of flat growth.Franklin, KY (TSP) – Occupancy: ~85.4% (up from ~78%). Q3: 6 MI, 4 MO, net +2. Win: Good occupancy improvement (+7 pts YoY) and a net gain in Q3. Franklin is nearing full stabilization. Opportunity: With occupancy high, focus on revenue – ensure street rates are at market and push existing tenant rate increases (economic occupancy ~97%, so little discounting – may need to raise street rates to grow potential).Hampton, GA (TSP) – Occupancy: ~78.4% (down from ~84%). Q3: 1 MI, 7 MO, net -6. Opportunity: This site saw a notable occupancy drop YoY and significant net move-out in Q3. Likely cause could be competition or rate push. Action: Investigate causes (e.g. competitor pricing or large rate increases causing move-outs) and consider promotions or rate adjustments to re-capture tenants. A focused marketing push is needed to turn around the negative absorption.Hiawatha, IA (TSP) – Occupancy: ~92.2% (up from 73.3% a year ago – a huge gain!)【56†】. Q3: 4 MI, 5 MO, net -1 (after a big jump earlier in the year). Win: One of the most improved sites YoY in occupancy (+19 pts). The facility is now over 92% full, indicating strong leasing demand. Opportunity: At this high occupancy, rate management is key – current economic occupancy ~84% suggests many tenants are on below-standard rates. We should capitalize by implementing rate increases for long-term tenants (while monitoring competitor rates in the Cedar Rapids market).Mansfield, OH (TSP) – Occupancy: ~75.4% (up from ~60% – another significant gain). Q3: 16 MI, 17 MO, net -1. Win: Occupancy +15 pts YoY due to strong leasing in early Q3 (August saw a big influx). Opportunity: Still only 75% occupied, so there’s room to grow. Net was slightly negative in Q3 (move-outs caught up to move-ins); to continue momentum, maintain aggressive marketing. With much higher occupancy than last year, we should start dialing back any concessions and push rates on new move-ins.Monroe, GA (TSP) – Occupancy: ~74.3% (up from ~62%). Q3: 0 MI, 1 MO, net -1 (essentially flat this quarter). Win: Big YoY occupancy jump (+12 pts) earlier in the year. Opportunity: Momentum stalled in Q3 (no new move-ins). Marketing efforts may need a refresh to generate interest. At ~74% occupancy, the site can likely support more competitive rates or local promos to attract tenants. Also, ensure the facility’s curb appeal and signage are drawing in traffic – with zero move-ins recently, awareness could be an issue.Yorkville, IL (TSP) – Occupancy: ~93.1% (up from ~89%). Q3: 4 MI, 0 MO, net +4. Win: Excellent retention – zero move-outs in Q3 and occupancy ~93%. Yorkville is effectively full from an economic standpoint. Opportunity: With such high occupancy and stable tenant base, this site is ideal for rate increases. We have already scheduled several increases here for Oct – capitalizing on low vacancy. Just keep an eye on local market rates to ensure we don’t push beyond market rent.
Layton, UT (SDU) – Occupancy: ~87.7% (up from ~82.3%). Q3: 14 MI, 12 MO, net +2. Win: Occupancy improved ~+5 pts YoY, and the site achieved a small net gain in Q3. Demand remains solid (plenty of leads and a good conversion to 14 move-ins). Opportunity: Economic occupancy is only ~80% here (potential rent grew after a rate hike), meaning many tenants are below new street rates. We have a major opportunity to raise existing customer rates – a number of rent increase letters for October have been issued for Layton. Also, with ~12 vacant units remaining, we can push to lease those last units to hit 90%+ occupancy by year-end.West Valley, UT (SDU) – Occupancy: ~84.9% (flat vs ~84.5% LY). Q3: 12 MI, 14 MO, net -2. Win: Occupancy holding mid-80s with steady demand (26 leads generated this quarter). Opportunity: Move-outs slightly exceeded move-ins in Q3, so we should investigate if any specific causes (e.g., rent increases or seasonal move-outs) can be addressed. The site is healthy financially, but to get back on a growth track, aim to replace those lost tenants in early Q4. Like Layton, West Valley also has upcoming rent increases – approximately 20 customers will see an increase in Oct/Nov, averaging ~$10 additional rent – to boost revenue on a stable occupancy.
Greenville, SC (GLS) – Occupancy: ~72.6% (slightly down from ~73.2%). Q3: 3 MI, 16 MO, net -13. Opportunity: Greenville experienced heavy move-out activity this quarter – a net loss of 13 units (versus -6 in Q3 last year). This is a red flag. Likely causes could include a rent increase rollout and/or new competition in the market. The result is a low occupancy in the low 70s. Action: We need to aggressively market Greenville (the 17 leads generated so far is okay, but conversion was low) – consider promotions or adjusting street rates to attract new customers. Win: On the positive side, those who remain are paying close to market rates (economic occ ~99%), and we sold 6 insurance policies this month (showing good ancillary sales). Once occupancy improves, Greenville should quickly translate it to revenue given minimal discounting. For now, recapturing occupancy is the top priority.Taylors, SC (GLS) – Occupancy: ~83.7% (down from ~85.7% last year)【20†】. Q3: 6 MI, 4 MO, net +2. Win: Achieved a net gain of +2 units in Q3 and maintained solid mid-80s occupancy. The site generated 17 leads (vs 10 last year) and improved conversions, indicating marketing efforts are working. Opportunity: Occupancy dipped ~2 pts YoY, so while Taylors is relatively healthy, there’s room to grow to 90%+. With only 4 move-outs in the quarter, retention seems good – focusing on bringing in a few more tenants will push this facility to a new occupancy high. Given economic occupancy ~99%, any occupancy gain directly boosts revenue. Also, watch for the new apartment complex opening nearby in Q4 (potential demand source for storage) – we should target those new residents with promotions.
Boyle, MS (SSD) – Occupancy: ~91.0% (up from ~71.6% YoY, a great improvement). Q3: 11 MI, 11 MO, net 0. Win: Occupancy climbed about +19 pts vs last year, now over 91%. The facility is essentially full after strong leasing earlier in the year. Opportunity: Maintain occupancy – net zero in Q3 is fine, but to protect this high occupancy we should ensure competitive rates and good customer service. With high occupancy, we implemented several rate hikes (avg ~8%) for October – we’ll monitor impact, but it should lift revenue given minimal vacancy risk.Cahaba, AL (SSD) – Occupancy: ~80.5% (up from ~76.2%). Q3: 2 MI, 2 MO, net 0. Win: Steady improvement YoY (+4 pts) and stable occupancy through Q3. Cahaba is relatively small (113 units total) and saw limited activity this quarter. Opportunity: At ~80%, we have vacancy to fill – increasing marketing in the Birmingham area could help find those ~22 vacant unit renters. Also, Cahaba’s economic occupancy is ~89%, so we have some rate increase room – a handful of customers are set for ~$5–$10 raises in rent soon.Cleveland, TN (SSD) – Occupancy: ~85.8% (up from ~82.3%). Q3: 3 MI, 3 MO, net 0. Win: Occupancy improved ~+3.5 pts YoY and held steady in Q3. Cleveland has a healthy occupancy in the mid-80s and generated enough move-ins to offset move-outs. Opportunity: Pushing this site above 90% occupancy is the next goal. There is competition in the market, but with only ~25 units vacant, targeted discounts or referrals could get us close to full. Additionally, ~10 customers will receive rate increases (avg ~9%) in October, which should modestly increase revenue – we’ll watch to ensure those don’t spur undue move-outs.Elizabethton, TN (SSD) – Occupancy: ~74.3% (down from ~78.2%). Q3: 2 MI, 13 MO, net -11. Opportunity: A tough quarter – net loss of 11 units has dropped occupancy ~4 points YoY. This was partly anticipated as a large group of student tenants vacated end of summer. Action: The team has ramped up marketing (student outreach for next semester, local ads) to backfill these vacancies. On the plus side, we achieved higher rental rates on new move-ins earlier in Q3 (economic occ ~82% now vs ~74% last year, meaning we’re charging more relative to potential). The win here is improved rate per unit; now we must refocus on occupancy recovery. There’s an opportunity to offer fall move-in specials to drive occupancy back up in Q4 while balancing the need for revenue.Griffin, GA (SSD) – Occupancy: ~59.6% (up from ~54.0%, but still the lowest occupancy). Q3: 11 MI, 42 MO, net -31. Win: Occupancy had improved earlier in the year (+5.6 pts YoY), but… Opportunity: Griffin experienced heavy move-outs in Q3 (net -31 units, our largest loss this quarter). A significant number of delinquent tenants were cleared out in July/August (reflected in a high 19% delinquency rate earlier, now coming down), which is why move-outs spiked. This “clean-out” was necessary and sets the stage to re-lease units to paying customers. The positive side is leads are coming in (27 leads in Q3) and move-ins are happening; we just need to accelerate them. With only ~60% occupancy, Griffin is a top priority – we’ve put in place aggressive marketing (online specials and referral bonuses) and adjusted street rates downward to be the most competitive in that submarket. The goal is to refill those units and get back to 70%+ occupancy by next quarter. Additionally, now that delinquencies have been addressed, cash flow should improve and we can focus on quality tenants (and start raising rates gradually once occupancy recovers).Harpersville, AL (SSD) – Occupancy: ~52.8% (up from ~39.0% – a big improvement YoY). Q3: 4 MI, 7 MO, net -3. Win: Although occupancy is still very low, it’s up nearly +14 points from last year, indicating progress in what has been a challenging location. Opportunity: At just 53% occupied, Harpersville has plenty of room to grow. Q3 had a slight setback (net loss of 3) after steady gains earlier. We should renew marketing pushes in the region; the new billboard on the highway should help drive awareness. Given the low occupancy, we have not pushed any existing tenant increases here – the focus is filling units. Once we get closer to 70%, we can revisit rate increases.LaFollette, TN (SSD) – Occupancy: ~87.9% (down from an exceptional 94.9%). Q3: 12 MI, 12 MO, net 0. Win: LaFollette remains a high-occupancy facility (88%) with stable occupancy (net zero in Q3). It’s still one of our best-occupied sites, though off its peak from last year. Opportunity: The ~7 point drop YoY suggests last year we were effectively full; some vacancy has opened up since. We should aim to get back into the 90s by recapturing those ~10 vacant units. Marketing locally and perhaps adjusting rates for smaller units could attract more tenants. We did implement rent increases for long-term tenants (18 policies in October, ~$8 avg bump); thus far retention has been good. We’ll monitor if those increases impact move-outs in Q4, but given continued strong demand in the area, we expect to hold occupancy while boosting revenue.McCalla, AL (SSD) – Occupancy: ~83.3% (up from ~74.7%). Q3: 5 MI, 5 MO, net 0. Win: Occupancy +8.6 pts YoY and holding in the low 80s. Steady performance with balanced move-ins/outs this quarter. Opportunity: At ~83% with modest activity, McCalla could benefit from more aggressive marketing to reach 90%. It’s a mid-performing site – no major issues, but no recent gains. One area to watch is rate increases – 10 customers are set for an increase in November (avg ~6%). If we implement carefully, we can grow revenue without sacrificing occupancy.Monteagle, TN (SSD) – Occupancy: ~59.7% (essentially flat from 60.8% LY). Q3: -1 net (5 MI, 6 MO). Opportunity: Monteagle is stuck around 60% occupancy. Despite gorgeous new signage (a positive improvement this year), it hasn’t translated to occupancy growth yet. We are generating leads (15 this quarter) but conversion needs improvement. Action: Evaluate on-site management and follow-up process – ensure every lead is being actively pursued. Consider promotional discounts for first 2 months to entice move-ins. Win: Those who are renting are at higher rates; economic occupancy improved slightly as older discounted tenants moved out. But our main focus is on leasing up the 40% vacant units to improve financial performance.Okoboji, IA (SSD) – Occupancy: ~87.1% (down from ~90.1%). Q3: 8 MI, 6 MO, net +2. Win: Despite a small YoY occupancy dip, Okoboji had a net gain in Q3 and remains nearly 88% full – a solid position. Demand in this market is somewhat seasonal (lake town), and we performed well given the circumstances. Opportunity: Heading into off-season, maintaining occupancy will be key – perhaps offer winter storage promotions for boats/RVs to keep units occupied. We have a handful of rent increases (5 tenants) slated for October (avg ~5%); we expect minimal pushback due to limited local competition, but we’ll keep an eye on any move-outs.Panama City, FL (SSD) – Occupancy: ~68.7% (up from ~58.2%). Q3: 15 MI, 15 MO, net 0. Win: Occupancy improved by +10 pts YoY – a notable gain. The facility is ~69% occupied now, whereas last year it was below 60%. Q3 was stable (flat net) even through the peak of lease-up season, which is decent given some larger move-outs we had in July (related to rate increases). Opportunity: With many climate-controlled units still open, we can push occupancy further. Panama City’s marketing (Google Ads reallocation) is driving strong lead volume – we got 27 leads in Q3. The conversion rate could be better, so we’re retraining staff on lead follow-up. Also, we held off on new rate increases this quarter due to ongoing lease-up; once we cross 75% occupancy, we can resume standard rent raise cycles.Phenix City, AL (SSD) – Occupancy: ~80.1% (down from ~88.7%). Q3: 14 MI, 3 MO, net +11. Win: After a slow start, Phenix City had 11 more move-ins than move-outs this quarter, rebounding occupancy to 80%. This recovered some of the earlier year losses. Opportunity: Occupancy is still ~8.6 pts lower YoY – we clearly had a big dip (likely from rate push or a large tenant move-out earlier in the year). The encouraging news is Q3’s strong net gain shows demand is there. We should continue this push: the site got 20 leads in Q3 (a lot of interest) and conversions were good. If we sustain this pace, Phenix City can regain mid-80s occupancy by year’s end. On revenue, delinquency improved to 9% (down from 12%+ earlier), which is a win. We will proceed with a cautious round of rent increases (about 10 tenants in November) to boost income now that occupancy is recovering.Thomson, GA (SSD) – Occupancy: ~62.0% (down from ~66.3%). Q3: 8 MI, 6 MO, net +2. Opportunity: Thomson remains a soft spot – occupancy slipped ~4 pts YoY and sits at only 62%. The slight net gain in Q3 is a positive step, but there’s a lot of ground to cover. Win: Marketing efforts yielded 13 leads and 8 move-ins, showing people will rent here if we reach them. Action: We need to double down on awareness in Thomson (perhaps community flyers or partner with local realtors). With such low occupancy, we did not raise any existing rents recently; focus is entirely on fill-up. Offering promotions (first month half-off) in Q4 may help accelerate move-ins. Once we get closer to 75%, we can revisit rate increases. For now, vacancy is the bigger issue than rate.Valley, AL (SSD) – Occupancy: ~80.4% (down from ~83.0%). Q3: 15 MI, 7 MO, net +8. Win: Valley had one of the best net rentals in Q3: +8 units, boosting occupancy back to 80% (it had dipped into mid-70s mid-year). Lead flow was strong (27 leads) and we capitalized well. Opportunity: Occupancy is slightly lower YoY, but the trajectory is upward now. If we carry this momentum, Valley can exceed last year’s occupancy by end of Q4. Economic occupancy is ~87%, so there’s modest room to push rates. A batch of ~15 tenant increases is set for November (avg 7%); given the recent occupancy uptick, we anticipate these will stick and drive additional revenue without dropping occupancy significantly.
Share
Explore
250924 Storage Depot Meeting Notes
View of 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
Budget vs. Acutal Revenue, Expenses and NOI
TSP
SDU
GLS
SSD
✅ Overall:
Storage Depot – Q3 2025 Summary (vs. Q3 2024)
Portfolio Overview:
By Portfolio:
Budget vs. Actual (YTD Jan–Aug):
Site Highlights:
Key Takeaways:
Existing Customer Rate Increases – Oct 2025
October 2025
👉 October Total: ~1,400 customers | Avg +$18 | Revenue lift ~$25k
✅ Takeaways:
🔴 Tier 1 – Highest Financial Impact (Largest NOI Gaps)
🟠 Tier 2 – Moderate Impact, Needs Focus
🟡 Tier 3 – Lower Impact but Watch List
✅ Overall Priority Order for NOI Recovery Efforts
Storage Depot Q3 2025 Performance Overview (vs. Q3 2024)
Portfolio Summary Highlights
Overall Portfolio (All Facilities) – Quarter-to-date in Q3 2025 (up to Sep 23), lead generation has increased significantly over last year (385 leads vs 261, +47% YoY) and move-ins are higher (210 vs 158, +33%). However, move-outs also rose (228 vs 163, +40%), resulting in a larger net loss of units (-18 this year vs -5 last year). In total, unit occupancy across all 27 sites is ~77.8% as of late Q3 (4,497 of 5,741 units occupied) – slightly higher in absolute units than last year (4,313 occupied) but with increased churn. We’re seeing more customer activity (a positive sign of demand with higher move-ins and leads), but also higher turnover, which has caused a net occupancy dip within the quarter (net -18 units QTD, compared to -5 in the same period 2024). This suggests an opportunity to improve retention (reduce move-outs) even as marketing gains traction.
Portfolio Occupancy YoY: Two of the four ownership portfolios have higher occupancy rates than a year ago. TSP (Tri-State Properties) and SDU (Utah) portfolios showed strong YoY occupancy gains, while GLS (Greenville SC) saw a slight decline and SSD (Southeast Storage Depot) improved modestly. The chart below illustrates the unit occupancy % by portfolio, comparing Q3-to-date 2025 vs Q3-to-date 2024:
Unit Occupancy Rate by Portfolio – Q3 2025 vs Q3 2024 (in %). Each portfolio’s occupancy (by unit count) is compared to the same period last year. TSP and SDU portfolios have notable increases in occupancy %, while GLS dipped slightly and SSD is roughly flat to slightly up.
Financial Performance – Budget vs. Actual (YTD 2025)
Through August 2025 (Year-to-date), Actual revenue is below Budget in all portfolios, and NOI is correspondingly under target. The table below summarizes YTD performance by portfolio:
YTD 2025 Revenue (Jan–Aug): Actual vs Budget by Portfolio. All portfolios are behind revenue budget (Actual bars vs Budget bars). TSP and SSD show the largest gaps in dollar terms, with revenues at ~97% and ~88% of budget respectively.
YTD 2025 Net Operating Income: Actual vs Budget by Portfolio. Higher expenses and lower revenues have led to NOI underperformance in each portfolio (Actual NOI is 73–83% of budget). SSD (the largest portfolio) is at ~73% of NOI budget, and others are ~81–83%. This highlights a portfolio-wide opportunity to increase income and control expenses in Q4.
Site-Level Performance Updates (Q3 2025 to date)
Below are highlights for each facility, including Q3-to-date leads, move-ins (MI), move-outs (MO), net rentals (net units gained/lost), current occupancy, and notable wins/opportunities. (“Q3-to-date” refers to July 1 – Sep 23, 2025 for activity, and occupancy is as of Sep 23, 2025, compared to Sep 23, 2024.)
TSP Portfolio Sites:
SDU Portfolio Sites (Utah):
GLS Portfolio Sites (South Carolina):
SSD Portfolio Sites (Various States):
In summary, Q3 2025 to-date shows many positives: higher demand (leads up) and improved occupancies in several key facilities, especially in the TSP and SSD portfolios where we executed lease-up strategies. We’ve highlighted wins like Hiawatha’s and Mansfield’s turnaround, and opportunities such as filling vacancies at struggling sites (Griffin, Harpersville, Thomson) and capitalizing on high-occupancy sites (Yorkville, Boyle, LaFollette, etc.) with rate increases. The Budget vs Actual review underscores a need to grow revenue – which we plan to address through continued occupancy gains and existing customer rate increases – and control expenses.
Existing Customer Rate Increases – Outlook
As part of our revenue-maximization strategy, we have a schedule of rent increases for existing tenants in the coming months (as shown in the production report). In October 2025, approximately 250 existing customers across the portfolios are set to receive rate increases, averaging about $8–$10 per month per tenant (roughly a 9% increase on their current rate). This will impact about 5–6% of our total occupied units. For November 2025, an additional ~180 customers are scheduled for increases (pending final review), with a similar average dollar increase (slightly higher average % around 10% on those units). Overall, across all sites, the planned increases average roughly $9 extra per unit, which is ~9–10% uplift in rent for those customers.
These rent adjustments are targeted primarily at high-occupancy facilities and long-tenured customers who are below current market rates. For example, in the TSP portfolio, about 60 tenants (across sites like Yorkville, Franklin, Hiawatha) will see October increases of ~$7–$12 (8–12%). In SSD, we focused on stable sites like Phenix City and LaFollette for October (around 50 combined increases there) and plan more in November for recovering sites like Valley and Panama City. SDU’s Utah sites have roughly 30 total increases slated (Layton and West Valley in October) averaging ~$10 (around 8%). GLS (Greenville/Taylors) has about 20 increases (mostly in Taylors, where occupancy is higher) averaging ~$8.
The overall impact of these increases is positive for revenue: assuming minimal move-out attrition, we anticipate an annualized revenue lift of +$50k to $60k from the Oct/Nov increase batches. We will closely monitor tenant responses – so far, our increase acceptance rate is high given our method of targeting those still below street rate. This strategy of regular, modest increases is crucial to improve economic occupancy (especially for portfolios like TSP and SDU that showed declines in rent yield YoY). Our current portfolio-wide economic occupancy ~85% indicates room for these adjustments【62†】. By year-end, the goal is to raise that closer to 90% while maintaining occupancy levels.
In summary, Q3 2025 has been a period of active portfolio management – we’re seeing the results of leasing efforts in higher occupancies and are beginning to translate that into improved financial performance via rate management. Key next steps include driving occupancy in the few lagging sites, sustaining the marketing momentum (high lead volumes) into Q4, and executing the planned rent increases to finish the year strong on revenue and NOI. The wins we’ve achieved so far (significant occupancy gains, stable high-performing sites) set a solid foundation, and addressing the highlighted opportunities (filling vacancies and boosting rates where justified) will position Storage Depot for a much improved Q4 and beyond.
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.