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251105 Storage Depot Meeting Notes

GLS October 2025 YoY

SDU October 2025 YoY

SSD October 2025 YoY

T10 October 2025 YoY

View 3 of Agenda 2

View 3 of Agenda 2

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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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October 2025 YoY Performance

🔑 Key Highlights

Occupancy Improved: Portfolio occupancy rose to 75.4%, up from 73.4% last year.

Revenue Increased: Monthly rental income grew to $467.7K (+6.6% YoY), driven by rate increases.

Leasing Softened:

Move-ins: 250 (↓12.6%)

Move-outs: 365 (↑6.4%)

Net loss: –115 units (worse than –57 last year)

Leads Down, But Better Conversion:

Leads: 403 (↓31%)

Conversion rate: 60.8% (↑ from 46.5%)

Move-Out Reasons: Most common were:

No longer needed storage (116 cases)

Vacated without notice (99)

Auctions due to delinquency (85) Very few left due to pricing or dissatisfaction.

Rent Increases:

~1,240 tenants impacted in October

Average increase: ~$18 (15–18%)

Nearly no customer attrition from rate hikes

Site-Level Notes:

Biggest occupancy gain: Panama City FL (+15 pts to 81.6%)

Biggest drop: Hampton (T10) (–13.6 pts to 76%)

Top net rentals: Panama City FL (+4), Taylors GLS (+3)

Top losses: West Valley UT (–15), Fort Payne AL (–15)

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📊 Overall Summary

Storage Depot showed strong YoY financial and occupancy growth despite a weaker leasing month. Strategic rent increases and higher conversion efficiency helped offset lower move-ins and elevated move-outs. Customer retention remains healthy, with almost no price-related move-outs. Focus going forward: continue rate optimization, support low-occupancy sites, and re-energize marketing to boost lead volume.

Delinquency

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Marketing

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Cubby

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Projects

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ce Update – Storage Depot (Year-over-Year Comparison with Oct 2024)

Portfolio Summary

In October 2025, the Storage Depot portfolio showed mixed performance compared to October 2024. Overall occupancy improved modestly year-over-year (from about 73.4% to 75.4% occupied units)【41†】, and total monthly rental revenue increased by roughly 6.6% (from $438.9K to $467.7K total rent)【32†】. Gross potential rent (if all units were at standard rates) also grew ~5.7% to $523.8K【32†】, indicating higher rate benchmarks. However, leasing activity softened – move-ins dropped while move-outs rose, resulting in a larger net loss of occupied units in Oct 2025. Lead volume was down significantly, yet lead-to-rental conversion efficiency improved markedly (suggesting better quality leads or closing). The key portfolio-wide metrics are summarized below:

Move-Ins: 250 in Oct 2025 vs 286 in Oct 2024 (↓ 12.6%)【39†】

Move-Outs: 365 in Oct 2025 vs 343 in Oct 2024 (↑ 6.4%)【39†】

Net Rentals (Move-Ins – Move-Outs): –115 in Oct 2025 vs –57 in Oct 2024 (net loss doubled year-over-year)【39†】

Total Leads: 403 in Oct 2025 vs 585 in Oct 2024 (↓ 31%)【40†】

Lead-to-Rental Conversion: ~60.8% of leads converted in 2025 vs ~46.5% in 2024 (a +14.3 point improvement)【40†】

Unit Occupancy (End of Month): 75.37% in Oct 2025 vs 73.36% in Oct 2024【41†】 (approximately 2 point increase, with 4,327 of 5,741 units occupied in 2025【41†】)

Total Monthly Rent (Actual): $467,729 in Oct 2025 vs $438,876 in Oct 2024【32†】

Gross Potential Rent (at Std Rates): $523,767 in Oct 2025 vs $495,561 in Oct 2024【32†】

Overall, Storage Depot sites collectively achieved higher occupancy and revenue than a year ago, mainly through rental rate increases and improved conversion, despite slower leasing (fewer move-ins) and elevated move-outs during the month.

Move-Ins, Move-Outs & Net Rentals

Move-in activity cooled in October 2025 compared to the prior year, while move-outs ticked up, leading to a larger negative net rental figure. The portfolio recorded 250 move-ins (vs 286 last year) and 365 move-outs (vs 343 last year)【39†】. This yielded a net loss of –115 units occupied during the month, about double the –57 net in Oct 2024【39†】. In other words, move-outs outpaced move-ins by a wider margin in 2025. The chart below illustrates this trend:

Move-Ins vs. Move-Outs for Storage Depot sites in October 2025 vs. October 2024. The blue bars (Oct 2024) show higher move-in volume and fewer move-outs relative to the green bars (Oct 2025). As a result, net rentals (move-ins minus move-outs) were more negative in Oct 2025, reflecting a tougher month for occupancy growth.

Notably, 20 of the 27 Storage Depot sites had net occupancy losses in Oct 2025, whereas in Oct 2024 only about half (14 sites) saw net losses【49†】【51†】. Only 6 sites achieved a net gain in occupied units this October (with 1 site flat)【49†】, a sharp drop from 11 sites gaining occupancy a year ago【51†】. The hardest-hit facilities in Oct 2025 included Storage Depot of Utah – West Valley and Storage Depot – Fort Payne, each with a net –15 units (they saw high move-outs, 28 and 18 respectively)【47†】. Storage Depot – Monroe (T10) also lost 13 net units【47†】. These losses suggest localized challenges, such as increased competition or seasonal move-out patterns, at certain sites.

On the positive side, only a handful of sites managed net gains. Storage Depot – Panama City FL led with a net +4 units (23 move-ins vs 19 move-outs)【48†】, and Storage Depot – Taylors (GLS) followed with +3. A few others like Griffin GA ended slightly positive (+2)【48†】. These gains, though modest, helped offset some losses elsewhere.

Occupancy Impact:

Even with the October net decline, the overall occupied unit count (4,327 units) remained higher than a year prior (4,218 units)【41†】, thanks to prior months’ gains. Consequently, portfolio occupancy at end-of-month rose to 75.4%, up from 73.4% a year ago【41†】. However, the occupancy change was not uniform across sites. For example, Storage Depot – Panama City FL jumped from about 66% to 81.6% occupancy year-over-year (a +15 point gain) as it steadily filled units【52†】. Storage Depot – Griffin GA also improved from a very low 49.5% to 63.1% (+13.6 pts)【52†】. In contrast, some already-full sites eased back: Storage Depot – Hampton (T10) dropped from 89.6% to 76.0% occupied (–13.6 pts)【53†】, and LaFollette TN dipped ~7 points to 83.2%【53†】. Despite these few decliners, 11 sites are now above 80% occupancy (versus 10 sites last year)【55†】. This indicates a generally healthier occupancy distribution across the Storage Depot portfolio, albeit with some sites still lagging (several remain below 60–70% and will need leasing attention).

Lead Activity and Conversion

Lead generation was down significantly in October 2025, but sales conversion improved. Storage Depot sites received 403 total leads during the month, a steep drop from 585 leads in October 2024【40†】. Despite ~31% fewer inquiries, the team converted 245 of those leads into move-ins (vs 272 conversions last year)【40†】. This equates to a lead-to-lease conversion rate of roughly 60.8% in Oct 2025, which is a substantial improvement over the ~46.5% conversion rate a year prior【40†】. In effect, fewer but more qualified leads (or more effective sales follow-up) led to nearly the same number of rentals as last year. This higher conversion efficiency helped mitigate the impact of lower lead volume on occupancy.

Lead sources in October 2025 were dominated by inbound phone inquiries and online aggregators. The majority of leads (about 54%) came in as direct phone calls to the call center【35†】. Another large share originated from online marketing channels – notably the “Storagely” aggregator (roughly 34% of leads) and SpareFoot (~8–9% of leads)【35†】. The remaining leads (<5%) were very limited: only a handful of walk-ins/drive-bys and a few referrals or existing tenant inquiries【35†】. The pie chart below shows the breakdown:

Lead source distribution for Storage Depot (Oct 2025). Over half of all leads came via direct calls to the centralized call center (blue). Online aggregator platforms (green: Storagely, red: SpareFoot) contributed a significant portion as well. Very few prospects arrived through walk-in traffic, existing tenant referrals, or the online rental portal (combined “Other” slice in purple).

This mix represents a shift from the prior year where lead volume was higher, likely due to more online aggregator traffic. In 2025, fewer aggregator leads (particularly from SpareFoot) and more reliance on direct calls may have boosted conversion rates, since call-in customers often have higher intent to rent. The improved conversion (61% vs 47% YoY) suggests that marketing efforts in 2025 yielded more qualified leads who were ready to rent, even though the overall number of inquiries was down.

Occupancy & Revenue Performance

Despite the softer rental activity in October, financial performance improved year-over-year thanks to higher rental rates and slightly better occupancy. Total monthly rent collected/posted for the Storage Depot portfolio was approximately $467.7K for October 2025, up from about $438.9K in October 2024【32†】. This ~6.6% increase in actual revenue outpaced the occupancy growth (~2 pts), indicating that rate increases and yield management drove much of the revenue gain. In fact, economic occupancy (actual rent as a percentage of gross potential) inched up to ~89.3% in 2025 from ~88.5% a year prior (meaning the facilities are capturing a slightly larger share of their potential rent)【32†】.

At the same time, gross potential rent – the total rent if every unit were rented at standard rates – also grew by ~5.7% YoY (from $495.6K to $523.8K)【32†】. This reflects increased standard rental rates across the sites (and/or additional rentable square footage in some cases). In other words, pricing power has increased: the portfolio’s rate card is higher than last year, and through rent raises on existing tenants and higher rates for new rentals, a greater portion of that potential is being realized as actual revenue.

It’s worth noting that revenue growth was not uniform across all sites. For example, Storage Depot – Hampton, which saw a drop in occupancy, also experienced a –4.9% decline in monthly rent collected YoY【54†】. Meanwhile, high-growth sites like Panama City FL benefited from both occupancy and rate gains, driving strong revenue increases. Overall, however, most Storage Depot locations saw revenues rise year-over-year due to the broad-based rent increases implemented (discussed below) and generally higher occupancy than last fall.

Move-Out Reasons

Understanding why customers moved out provides insight into demand dynamics and customer satisfaction. In October 2025, move-out reason data shows that the vast majority of departing tenants left for reasons unrelated to facility issues or pricing:

Top move-out reasons for Storage Depot tenants (Oct 2025). The most common reason was simply no longer needing storage, followed by vacating without notice (often indicating an abrupt move or abandonment). Lien auctions due to non-payment were the third-largest category. Only a small number of move-outs were attributed to reasons like moving residence or dissatisfaction with service. Notably, very few (almost none) cited high rental rates as the reason for leaving.

As shown above, the #1 move-out reason was “Don’t need storage anymore,” accounting for 116 move-outs【42†】 (e.g. customers finished using the unit for temporary needs). The next largest category was vacated without notice (99 move-outs)【42†】 – these are tenants who simply stopped paying or moved out on their own, often without giving a reason. The third major category was units going to auction (Lien sales due to delinquency), with 85 move-outs resulting from auction disposals【42†】. These three reasons alone made up the bulk of move-outs in October.

Only a small fraction of departing tenants gave other reasons. For instance, 6 move-outs were because the customer was moving residences or relocating【42†】, and 4 cited a location change (perhaps moving to a different facility or city)【42†】. Consolidating units (merging belongings into fewer units) was mentioned 4 times, and 3 tenants left due to being unhappy with service【42†】. Impressively, “Price is too high” was nearly a non-factor – only 1 move-out was explicitly attributed to high rent【42†】. This suggests that the rate increases implemented did not trigger widespread loss of customers; very few people overtly complained about pricing when leaving. (It’s possible some who vacated without notice were sensitive to price, but they did not communicate it as such.)

In summary, most move-outs appear to be driven by life events or default (finished using storage, moved away, unable to pay), rather than service or pricing issues. Storage Depot can likely do little to retain those who simply no longer need storage, but the data indicates customer satisfaction and pricing competitiveness remain strong, given the low numbers citing dissatisfaction or cost as their reason for leaving.

Rent Increases Impact

Rent increases on existing customers were a major focus in 2025, and October’s data reflects significant activity in this area. During October 2025, about 1,240 Storage Depot tenants (existing customers) had rent rate adjustments take effect【43†】. This represents roughly 29% of the occupied customer base receiving an increase in that single month. These proactive rate management efforts boosted revenue – as noted, actual rent income rose ~6.6% YoY even with only a 2-point occupancy gain【32†】【41†】.

The magnitude of rent increases implemented was generally moderate. On average, affected customers saw their monthly rent go up around $18–19, which equated to roughly 15–18% of their prior rate for a typical unit【26†】. (The median increase was about $19, or ~16%, across units that received adjustments【26†】.) Such mid-teens percentage increases are significant but not exorbitant, and are in line with common self-storage revenue management practices. These rate hikes tend to target long-term tenants who were locked into below-market rates – even after the increase, many of those customers are still paying under the standard rate for their unit size. In fact, after October’s adjustments, the average tenant who got an increase was still about $20 below the current standard market rate for their unit, whereas tenants who did not get an October increase were on average only ~$8 below standard【23†】. This indicates the rent increase strategy is narrowing the gap between legacy rates and current market rates, improving the portfolio’s effective rent per occupied unit.

Crucially, there is little evidence that the October rent increases spurred abnormal attrition. As mentioned, almost no move-outs cited price as the reason【42†】, and overall occupancy held steady in the mid-70s%. It appears customers have largely absorbed the increases, allowing Storage Depot to boost revenue without a backlash. Going forward, continued judicious rent adjustments – focusing on units far below market rent – should further elevate revenue. As of early November, an additional wave of increases is scheduled in the coming months (over 550 more rate changes are already planned) to sustain this positive revenue trend (per the revenue management report).

Site-Level Performance Highlights

Below we highlight how individual Storage Depot sites performed in October 2025 and how they compare to October 2024:

Highest Occupancy Gains: Storage Depot – Panama City, FL now stands at 81.6% occupied (up from 66% last year)【52†】 after strong leasing, the largest YOY jump (+15pts). Storage Depot – Griffin, GA improved to 63.1% (from 49.5%, +13.6pts)【52†】, finally surpassing half occupancy. Storage Depot – Harpersville, AL and Mansfield (T10) each gained ~9–10 points, though Harpersville remains low at ~53% occupied【52†】. These improvements reflect successful lease-up efforts at previously underperforming sites.

Occupancy Declines: A few mature, high-occupancy sites saw occupancy backslide. Storage Depot – Hampton (T10) fell to 76.0% (down from 89.6%)【53†】 due to net move-out losses over the year. LaFollette, TN dipped ~7 points to 83.2%【53†】 – still strong, but off its peak. West Valley, UT also slipped to 78% (from 83%)【53†】. These drops may be due to normal churn at sites that were near full – Hampton, for example, had only 5 move-ins vs 12 move-outs over the past year, causing occupancy to ease down【54†】.

Top Net Rentals (Oct 2025): Storage Depot – Panama City FL led the month with a +4 net gain (23 in, 19 out)【48†】. Taylors (GLS) was next at +3 net (17 in, 14 out)【48†】. A few others like Griffin GA achieved a small net +2【48†】. These sites bucked the trend and actually grew occupancy during October.

Largest Net Losses (Oct 2025): Storage Depot of Utah – West Valley had the toughest month, with –15 net (13 in, 28 out)【47†】. Fort Payne (T10) also lost –15 (only 3 move-ins vs 18 move-outs)【47†】. Monroe (T10) saw –13 net loss, and Valley, AL lost –10【47†】. The lack of move-in activity at some (e.g. 0 move-ins at Hiawatha, which had 9 move-outs【47†】) contributed to these declines. These sites may need increased marketing or rate incentives to drive move-ins going forward.

Revenue Leaders: In absolute dollars, larger facilities naturally bring in more revenue – for example, Storage Depot – Danville (T10) and Boyle, MS each collected around $22.5K–$25K in rent for October, among the highest in the group. But in terms of revenue growth, sites with big occupancy gains or aggressive rate increases led the pack. Panama City FL not only raised occupancy by 15 points, but its monthly rent income jumped accordingly (to $20.5K in Oct 2025)【48†】. On the other hand, a site like Hampton (T10) that lost tenants saw its monthly rent dip to $11.8K (down ~5% YoY)【54†】 despite higher posted rates. Overall, about 23 of the 27 Storage Depot sites increased their total rent vs. a year ago, underlining the broad success of rate increases.

In summary, the Storage Depot portfolio ended October 2025 in a stronger position than a year prior, with higher occupancy, higher revenue, and improved sales efficiency. The year-over-year gains have been driven largely by revenue management (rent increases and optimized pricing) and targeted leasing at underperforming sites, while overall customer demand has been a bit softer (fewer new move-ins) compared to last fall. Moving forward, the focus should remain on converting leads to rentals (especially as lead volume fluctuates), continuing strategic rent increases (while monitoring impact on occupancy), and bolstering marketing at sites with elevated move-out activity or vacancy. With 75% occupancy and rising rent per unit, Storage Depot is on a solid trajectory, showing resilience in a slower leasing environment and setting the stage for continued growth in the coming quarters.

View 3 of Agenda 2

October 2025 YoY Performance

Move-Ins, Move-Outs & Net Rentals

Occupancy Impact:

Lead Activity and Conversion