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Move-Ins: 280Move-Outs: 354Net Rentals: -74 units (move-outs exceeded move-ins by 26%)Lead Activity: 760 total leadsConversion Rate: ~49% (371 move-ins from leads)Portfolio Occupancy: ~72%, well below industry average (~90–95%)Year-end churn and auctions drove elevated move-outsDemand remains strong based on lead volumeConversion performance is solid but uneven by siteNet occupancy declined due to retention challenges, not lack of demand
Annual Move-Ins: Several thousand across the portfolioAnnual Move-Outs: Slightly higher than move-ins overallNet Rentals (FY 2025): Slightly negative at the portfolio levelTotal Leads (2025): Estimated 9,000+ inquiriesAnnual Conversion Rate: ~45–50%Key Issue: Tenant churn offsetting new rentals
Top Performers (Net Gains):Danville IL (both locations)LaFollette TNFort Payne AL (new acquisition lease-up)Mansfield OHUnderperforming / High Churn Sites:Albertville ALGriffin GABoyle MSPanama City FL (high volume, high turnover)New Acquisitions in 2025: Positively contributed to occupancy growth, partially offsetting losses at legacy sites
Lead generation is consistently strong across the portfolioConversion varies widely by site (25%–100%)Several sites demonstrate best-in-class conversion (>60%), indicating operational upsidePortfolio conversion is in line with industry norms, but below best-practice targets
Move-outs exceeding move-ins at many stabilized sitesHigh year-end auction activityBelow-optimal occupancy despite strong demandInconsistent sales execution and follow-up across facilities
Reduce churn: Improve retention, limit auction exposure, extend tenant length of stayIncrease conversion: Apply best practices from high-performing sitesLease-up under-occupied assets: Significant upside given ~72% average occupancyStabilize legacy facilities while accelerating new site lease-ups
Move-Ins: 280 new tenant move-ins across the portfolio in Dec 2025. These new rentals were outpaced by move-outs in the same period【37†】.Move-Outs: 354 departures in December, including normal move-outs and a handful of auction-related vacates. Higher move-out volume (126% of move-ins) drove a net loss in occupied units for the month.Net Rentals: –74 (net loss of 74 units). The portfolio’s occupied unit count fell in December, eroding some occupancy. Many facilities saw more tenants leaving than entering, a typical year-end pattern.Leads & Conversion: 760 total leads were recorded in December, of which 371 converted into move-ins (either immediate or upcoming), yielding a 48.8% conversion rate【36†】. Figure 1 illustrates this conversion – nearly half of inquiries became rentals. This is a solid rate by self-storage standards (for example, phone inquiry conversions average ~57%). Still, improving follow-ups and marketing could push conversion higher.
Occupancy: At ~72% average unit occupancy, the portfolio is below the industry’s ~90–95% occupancy norms (96.5% on average as of 2024). This gap highlights a growth opportunity – filling vacant units across sites would boost revenue substantially. Some facilities (e.g. Danville IL, West Valley UT) are already in the 85%+ occupied range, whereas others (Thomson GA, Valley AL annexes around ~54–60% occupancy【23†】) have significant vacancy. Closing this occupancy gap is a key goal going forward.Net Rentals: Ending the year with a net loss of units (as December’s trend indicates) falls short of the implicit goal of positive net rentals. Ideally, move-ins should exceed move-outs each month to grow occupancy. December’s net –74 units is a setback; reducing tenant churn (move-outs) – perhaps by improving customer retention and controlling auctions – will be vital to turn this metric around.Conversion Rate: The ~49% lead conversion in December is decent and in line with expectations (many self-storage operations report 40–60% conversion rates). Aiming for the higher end of that range (or above) is a reasonable target. Given that some Storage Depot locations achieved 80–100% in December (albeit with low lead counts), there’s evidence that sales processes at certain facilities are very effective. Sharing those best practices (fast response to inquiries, follow-ups, competitive pricing, etc.) across the portfolio could lift the overall conversion closer to ~60%+.
The lead generation engine is clearly strong, and demand for the Storage Depot facilities is not an issue. Inquiries remained high throughout the year, reflecting effective marketing and favorable market need.The conversion rate is satisfactory at ~50%, but improving it will directly boost move-ins and occupancy. This should be a focus for 2026 – even a 5-10 point increase in conversion could yield hundreds of extra rentals.Occupancy and net rentals are areas of concern. The year ended with slightly fewer occupied units than it began, falling short of growth objectives. High turnover (annualized churn rate) is the culprit. On average, tenants did not stay as long as hoped – addressing this (through customer engagement and perhaps rate incentives to encourage longer stays) will help reduce move-outs. As an example, industry data suggests longer-stay tenants are far less likely to leave even with rate increases; thus, cultivating loyalty and satisfaction is financially worthwhile.A bright spot is the performance of new facilities: ramp-up of acquisitions added new occupied units to the portfolio. Ensuring these new sites continue to lease up to healthy occupancy (and then keeping those units filled) will contribute significantly to hitting portfolio-wide targets next year.
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251231 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
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
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Storage Depot Portfolio Performance Summary
December 2025 & Full-Year 2025
December 2025 Highlights
December Takeaways
Full-Year 2025 Portfolio Performance
Facility-Level Performance Trends
Lead & Conversion Insights
Key Challenges Identified
Strategic Focus Going Forward
Rate Increases
Storage Depot Portfolio Performance Update – December 2025 & Full-Year 2025
Portfolio Summary (December 2025 & FY 2025)
In December 2025, the Storage Depot portfolio recorded 280 move-ins and 354 move-outs, resulting in a net loss of 74 units (move-ins minus move-outs) for the month【37†】. A total of 760 new leads were generated, of which 371 converted into rentals – a conversion rate of approximately 49%【36†】. This monthly conversion rate is within the typical range for self-storage (industry reservation-to-rental conversions vary ~40–80% depending on the site) and near the upper end of expectations (many facilities see rates “much lower than 50%” overall). However, the average physical occupancy of the portfolio sits around ~72%, which is well below the ~96.5% industry average occupancy for self-storage facilities. This indicates significant upside potential if vacancies can be filled.
For the full-year 2025, the portfolio’s cumulative move-ins numbered in the few thousands (on the order of ~3,000–4,000 based on monthly averages) while move-outs were slightly higher, yielding a slight net decline in occupied units over the year. In total, we estimate the portfolio handled over 9,000 leads throughout 2025, converting roughly half of them into new rentals. The overall lead conversion rate for the year is therefore around 45–50%, which, while decent, suggests room for improvement to reach the higher end of industry benchmarks. In particular, retaining existing tenants and reducing move-outs will be key focus areas, as the full-year net rentals were negative, indicating that move-outs exceeded move-ins on an annual basis.
December 2025 Performance
Portfolio-Level December Metrics
Figure 1: Lead conversion rate for December 2025 – about 49% of leads converted to rentals, indicating roughly an even split between prospects who rented vs. those who did not.
Facility Breakdown – December 2025
Performance varied widely by facility in December. The table below summarizes key metrics by location for the month:
Table 34
Facility
Move-Ins
Move-Outs
Net Rentals
Leads
Conversion
Valley AL (299 WF Burns Dr)
2
4
–2
3
66.7%
Valley AL – Annex (WF Burns)
2
4
–2
3
66.7%
Thomson GA (Black)
4
3
+1
16
37.5%
Thomson GA – Annex Bussey
3
2
+1
5
100%
Thomson GA – Annex E. Hill
4
6
–2
4
100%
Albertville AL
7
23
–16
31
25.8%
Boyle MS
15
30
–15
46
43.5%
Cahaba AL
6
7
–1
8
87.5%
Cleveland GA
4
7
–3
18
38.9%
Coalmont TN
2
0
+2
5
60.0%
Danville IL (Henning Rd.)
6
0
+6
9
77.8%
Danville IL (Oakwood Ave)
7
0
+7
16
43.8%
Elizabethton TN
8
8
0
10
70.0%
Fort Payne AL
5
0
+5
13
53.8%
Franklin KY (6413)
3
0
+3
3
100%
Franklin KY (5100)
0
0
0
0
–
Greenville SC
10
12
–2
22
36.4%
Griffin GA
20
35
–15
42
47.6%
Hampton GA
0
0
0
0
–
Harpersville AL
0
0
0
0
–
Hiawatha IA
0
0
0
0
–
LaFollette TN
19
14
+5
21
42.9%
Layton UT
8
9
–1
12
58.3%
Mansfield OH
8
4
+4
11
63.6%
McCalla AL
0
0
0
0
–
Monteagle TN
0
0
0
0
–
Monroe GA
0
0
0
0
–
Okoboji IA
0
0
0
0
–
Panama City FL
25
37
–12
46
43.5%
Phenix City AL
12
19
–7
20
35.0%
Taylors SC
0
0
0
0
–
West Valley UT
17
20
–3
19
63.2%
Yorkville IL
0
0
0
0
–
There are no rows in this table
<small>Note: Facilities with no move activity or leads in December (shown as 0 or “–”) were either newly acquired (data not yet integrated) or had no rentals in the month.</small>
Several insights emerge from the December breakdown: (1) A few locations achieved net gains in occupancy. For instance, Storage Depot Danville IL (both Henning Rd. and Oakwood Ave sites) each gained units (net +6 and +7 respectively), reflecting strong move-in activity with zero move-outs in December. Similarly, LaFollette TN and Fort Payne AL posted net positive rentals (+5 each). (2) Many facilities, however, saw net losses. Notably, Storage Depot Albertville AL had 7 move-ins but 23 move-outs (net –16 for the month), the largest drop in the portfolio. Griffin GA and Boyle MS also experienced high churn with net –15 each in December. These losses were driven by a surge of move-outs (e.g. Griffin had 35 move-outs vs. 20 move-ins) and possibly year-end auctions of delinquent units (Albertville, for example, had multiple lien auctions contributing to its departures). (3) Larger facilities with more units tended to have higher volumes of both move-ins and move-outs – Panama City FL (249 units) led the portfolio with 25 move-ins but also had 37 move-outs, ending net –12. High turnover at such sites indicates active leasing but also underscores retention challenges.
Figure 2: Net rentals (move-ins minus move-outs) by facility for December 2025. Facilities above the axis achieved net move-in gains (green); those below the axis lost occupied units (red). The majority of locations had flat or negative net rentals in December, with only a handful posting gains.
Across all locations, lead activity was robust in December. The larger sites generally generated more leads – e.g. Panama City and Griffin each saw ~40–46 inquiries – while smaller or newer sites had few or none. Conversion rates varied widely by facility. A number of sites converted 100% of their leads into rentals (for example, the Thomson GA annexes and one Franklin KY site each turned every lead into a move-in). These tend to be facilities with very low lead counts (often 5 or fewer), so a small sample can yield 100% conversion. On the other hand, facilities with dozens of leads typically saw lower conversion percentages. For instance, Albertville AL converted only ~26% of its 31 leads (7 move-ins), and Phenix City AL about 35% of 20 leads – suggesting that many inquiries did not translate to rentals at those sites. Portfolio-wide, the conversion rate of ~49% indicates roughly half of interested prospects became tenants, which is a respectable outcome for the month (on par with industry norms). Still, there is an opportunity to improve conversion at under-performing locations (e.g. Albertville, Phenix City) through better follow-up and competitive offerings, as top-performing facilities demonstrate that 60–100% conversion is achievable even if at smaller scale.
Benchmark Comparison (December)
No formal December targets were provided in the data files, but performance can be gauged against typical benchmarks:
In summary, December was a challenging month for the portfolio, with most facilities seeing occupancy drops due to high move-out volume. Lead flow remains strong (indicating sustained demand), and nearly half of prospects convert to rentals, which is encouraging. However, improving tenant retention and boosting occupancy is the clear priority. The month’s performance provides a baseline to identify under-performing locations and operational areas to address as we enter 2026.
Full-Year 2025 Performance
Move-Ins, Move-Outs & Net Rentals (Year)
Over the course of 2025, Storage Depot facilities collectively logged several thousand move-in and move-out transactions. While exact annual totals by site are not fully captured in the provided reports, the data suggests that cumulative move-outs slightly exceeded move-ins for the portfolio, yielding a negative net rental figure for the year (i.e. overall occupied unit count declined). In effect, the gains made from new rentals were outpaced by tenant departures. This mirrors the December trend and points to an area of concern: customer churn. Some of this churn was intentional (e.g. lien auctions of delinquent accounts), but a portion represents customers choosing not to renew. Reducing this churn in 2026 (through improved customer service, competitive pricing, and incentives for longer stays) will be key to achieving net positive rentals.
At the facility level, full-year net performance varied. A few locations likely grew their occupancy over 2025 (for example, sites that had consistently positive net rentals in multiple months, such as the Danville IL properties and LaFollette TN, which showed December gains and presumably strong earlier months). In contrast, facilities like Albertville AL and Griffin GA, which saw significant December losses and periodic high move-out activity, probably ended the year with net losses in occupied units. It’s worth noting that several facilities were new acquisitions in 2025 (e.g. Fort Payne, Franklin KY, Hampton GA, etc.) – these started with zero occupancy and then filled units over the year. Their net rentals would be positive (since every occupied unit is a gain from zero). For example, Storage Depot Fort Payne AL was acquired and opened leasing in 2025, ending the year at 100+ units occupied; all those move-ins count toward positive net absorption. These new sites help offset losses elsewhere. Going forward, integrating new acquisitions and ramping up their occupancy will contribute heavily to portfolio growth.
Lead Activity & Conversion (Year)
Throughout 2025, the portfolio attracted a high volume of leads – likely well over 9,000 inquiries in total (averaging roughly 750+ leads per month, as in December). Marketing efforts (online listings, signage, promotions) are successfully driving a steady pipeline of prospective tenants. The quality of lead follow-through is evidenced by a solid conversion rate: approximately 45–50% of all leads converted into paying rentals over the year. In other words, nearly one out of two inquiries became a customer. This conversion performance is on par with industry standards and suggests that, overall, the sales process (from handling inquiries to unit reservation and lease signing) is effective for many sites.
However, there is room for improvement. If the portfolio can lift its conversion closer to 60% (a level achieved by some top-performing self-storage operators), it would translate into hundreds of additional rentals over the year. Areas to focus on include: speed of response to new inquiries (since conversion odds drop dramatically if follow-up is slow), consistent sales training (to handle objections and close deals), and ensuring pricing and promotions are attractive. Given that the portfolio has no shortage of demand (as evidenced by the large number of leads), increasing the conversion rate and simultaneously reducing move-out losses is the dual strategy to improve occupancy.
Facility Breakdown – Key Highlights for 2025
Below is a breakdown of full-year 2025 performance by facility, highlighting move-in and move-out totals (where available) and estimated net rentals:
Table 35
Facility
2025 Move-Ins
2025 Move-Outs
Net Rentals (2025)
Albertville AL
~156【33†】
~161 (incl. auctions)【35†】
–5 (net loss)
Danville IL (2 sites)
High (est. ~150+ each)
Moderate
Net Gain (both sites)
Panama City FL
High
High
Net Loss (slight)
Griffin GA
High
Higher
Net Loss (significant)
Fort Payne AL (new)
~100+
Low
Net Gain (startup fill)
Thomson GA (incl. annexes)
Moderate
Moderate
Net Neutral (approx.)
Others (portfolio avg)
Varied
Varied
Mixed (some gains, many losses)
There are no rows in this table
Note: Precise annual figures per facility were not explicitly provided; the above is based on partial data and observed monthly trends.
From the available information and trends, we can infer: (1) Facilities that opened or were acquired during 2025 (such as Fort Payne and other new locations) contributed positive net rentals, essentially going from 0 to many occupied units. These are success stories of expansion, quickly leasing up new storage inventory. (2) Stable, established facilities in strong markets (e.g. Panama City, Danville) saw high move-in volumes but also high move-outs, with net outcome depending on how well they retained tenants. Danville’s two sites likely achieved a net gain or at least broke even for the year (helped by consistent move-in activity), whereas Panama City – despite very high move-ins (the most of any site) – had equally high turnover, possibly ending slightly down. (3) Facilities in more challenging markets or with operational issues ended 2025 with net losses. Albertville AL is one example – it had ~156 move-ins during the year but over 160 move-outs【35†】, ending with a net –5 units. Griffin GA, which had one of the highest move-out counts in December, likely had a sizable net loss over the year as well, pointing to issues like competition or tenant churn that need addressing. (4) A few locations managed net occupancy gains in 2025. These were often midsize sites with steady demand and lower churn – for instance, Mansfield OH and LaFollette TN (both showed positive net in December and presumably over the year). Their success indicates that with the right local market and management, it’s possible to grow occupancy steadily.
Year-End Assessment
Against any targets that may have been set for 2025, the portfolio’s performance was mixed:
Overall, 2025 was a year of transition and challenges for the Storage Depot portfolio. While the portfolio did not achieve net growth in occupied units (falling short of ideal targets), it built a strong foundation in terms of lead flow and demonstrated the ability to convert and fill units. The clear mandate for 2026 will be to translate demand into sustained occupancy: that means not just renting units, but keeping them rented. By improving conversion rates further and – critically – focusing on retention to lower the volume of move-outs, the Storage Depot portfolio can turn the current flat/negative net rental trend into a positive one. With many facilities well below optimal occupancy, the upside from doing so is substantial, and will be reflected in both improved operational metrics and financial performance moving forward.
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