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2025 was a year of stability with selective growth, driven primarily by strong spring and summer leasing.Occupancy across all portfolios remained generally flat to modestly positive, with gains offset by seasonal churn in Q4.Revenue performance was strong and consistent, supported by rate growth, ancillary income, and steady collections.Unrentable units remain the single largest drag on portfolio performance, particularly in SSD and SDU.2026 has started stable to slightly positive, with early net gains in T10, SDU, and GLS.
Net Rentals: +65 unitsOccupancy: ~69.4% → 70.4%Revenue: ~$3.15MUnrentable Units: ~262 units (≈8%)Performance Character: High activity, high churn, limited net growthStrong leasing volume but move-outs nearly matched move-insOccupancy growth constrained primarily by unrentable inventoryLate-year occupancy softness suggests retention opportunityNet rentals: –1Occupancy holding at ~70%Revenue collections strong and consistent
Net Rentals: +49 unitsOccupancy: ~74.5% → 76.8%Revenue: ~$1.66MUnrentable Units: ~83 units (≈5%)Performance Character: Best-performing portfolio overallSustained occupancy growth through Q3Seasonal Q4 dip but still ended year materially strongerDemonstrated ability to exceed 80% occupancyNet rentals: +4Occupancy stable ~76–77%Strong momentum entering Q1
Net Rentals: –1 (flat year)Occupancy: ~79.0% → 79.8%Revenue: ~$609KUnrentable Units: ~36 units (≈9%)Performance Character: Plateaued, seasonal swingsStrong summer leasing offset by weak Q1 and Q4High unrentable percentage materially suppressing growthDemand exists but not converting into sustained gainsNet rentals: +3Occupancy holding ~80%Early signs of improvement
Net Rentals: +14 unitsOccupancy: ~75.3% → 75.7%Revenue: ~$595KUnrentable Units: ~14 units (≈3%)Performance Character: Very stable, low volatilityConsistent but slow growthMove-ins and move-outs closely matchedLow unrentable exposure; growth constrained by demand, not operationsNet rentals: +1Occupancy unchanged at ~75–76%Stable start to the year
Sites with strongest net rentals:Typically suburban or secondary-market locationsBenefited from summer demand and consistent pricingCharacteristics:Higher conversion ratesLower unrentable percentagesBetter late-year retention
Primary Issues Identified:High unrentable unit countsOlder inventory or deferred maintenanceHigher-than-average Q4 move-outsPrioritize capital projects at high-demand / high-unrentable sitesIntroduce retention incentives at sites with repeated seasonal churnImprove lead follow-up and conversion at lower-performing locations
Multiple sites achieved 80%+ occupancy during peak seasonStrong summer leasing velocityLower churn than portfolio average
Select sites experienced sharper Q4 move-out spikesOpportunity to stabilize with earlier renewal outreachLock in summer gains with fall renewal campaignsPush under-80% sites with targeted digital and local marketingReduce remaining unrentables to unlock incremental growth
Sites with lower unrentable exposureBenefited most from summer leasing push
Sites with material unrentable inventorySpring occupancy dip tied directly to unit availability issuesImmediate ROI opportunity in bringing unrentables onlineSeasonal marketing earlier in Q1 to avoid early-year dipsEvaluate pricing competitiveness vs local market
One site consistently carried the portfolioStrong retention and stable leasing
Flat occupancy throughout yearDemand-limited rather than operations-limitedIncrease top-of-funnel demand (Google Ads, local SEO, signage)Competitive rate reviewCommunity-level marketing partnerships
Especially critical in SSD and SDUEvery 1% improvement materially impacts revenue
Q4 and early Q1 move-outs are consistent across portfoliosEarlier renewal outreach and targeted incentives recommended
GLS and SDU require incremental demand, not operational fixesFocus on digital marketing, local visibility, and pricing optimization
T10 shows the clearest path to sustained occupancy growthApply leasing, pricing, and retention strategies across other portfolios
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260114 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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Executive Summary – 2025 Year-End Performance
Storage Depot Portfolios: SSD, T10, SDU, GLS
Overall Portfolio Highlights (All Portfolios Combined)
Portfolio-Level Summary
SSD Portfolio – 2025 Summary
Key Takeaways
January 2026 Update
T10 Portfolio – 2025 Summary
Key Takeaways
January 2026 Update
SDU Portfolio – 2025 Summary
Key Takeaways
January 2026 Update
GLS Portfolio – 2025 Summary
Key Takeaways
January 2026 Update
Site-Level Performance Breakdown (2025)
Grouped by portfolio; focus is on relative performance, trends, and opportunities.
SSD – Site Breakdown
Top Performing SSD Sites
Underperforming SSD Sites
Site-Level Focus Areas
T10 – Site Breakdown
Strongest T10 Sites
Sites to Watch
Site-Level Focus Areas
SDU – Site Breakdown
Higher-Performing SDU Sites
Constrained Sites
Site-Level Focus Areas
GLS – Site Breakdown
Strong GLS Site
Softer GLS Site
Site-Level Focus Areas
Strategic Focus for 2026 (All Portfolios)
1. Reduce Unrentable Units (Highest ROI)
2. Retention & Churn Management
3. Demand Generation at Stable Sites
4. Replicate T10 Best Practices
2025 Year-End Performance Review – Storage Depot Portfolios
SSD Portfolio (Storage Depot SSD)
The Storage Depot SSD portfolio showed a solid performance in 2025, with modest growth in occupancy and strong rental activity. Across the SSD facilities, a total of 2,280 move-ins were recorded in 2025 against 2,215 move-outs, yielding a net gain of +65 units occupied over the year. This translated to an occupancy increase from 2,243 occupied units at the start of 2025 to 2,281 by year-end (out of ~3,242 total units) – raising the occupancy rate slightly from 69.4% in January to 70.4% by December 2025. This improvement is modest, indicating nearly stable occupancy levels throughout the year.
Figure 1: SSD Portfolio – Monthly occupancy rate (%) in 2025. Occupancy improved gradually in the first half of the year, peaking around mid-year, then dipped slightly in Q4, ending just above 70%.
Rental Activity: The SSD sites saw robust leasing activity. Move-ins outpaced move-outs in most months, particularly in the spring and summer. For example, May and August were strong leasing months with move-ins reaching ~250 units, well above move-outs (which peaked near 230). This contributed to positive net rentals for much of the year. However, late Q3 and Q4 saw move-outs climb closer to move-ins – in October and November move-outs nearly matched or exceeded move-ins, causing slight occupancy dips. Overall, the churn was high but the portfolio managed a small net occupancy gain for the year.
Revenue and Financials: The SSD portfolio generated approximately $3.15 million in revenue in 2025. Revenue collection was steady month-to-month, averaging around $250k, with minor dips in early spring and a year-end uptick. The Gross Potential Rent (full occupancy potential) stood at ~$217k per month by December, while actual occupied rent was ~$247k【30†】. The actual rent exceeding gross potential suggests that ancillary income or above-market rentals (insurance, fees, etc.) contributed to revenues, or that rate increases occurred during the year. Overall, revenue trends were positive, tracking occupancy gains.
Occupancy & Units: By year-end, 70.4% of units were occupied, up slightly from the start of the year【30†】. Notably, 262 units (about 8% of inventory) were classified as unrentable at December’s end. These units were out of service due to maintenance or other issues, representing a significant chunk of potential inventory. High unrentable counts can drag down the effective occupancy and revenue potential. Reducing this number will be important going forward. The Gross Potential Rent figure (if all units were rentable and occupied) indicates room for revenue growth if these units are turned rentable.
Areas for Focus in SSD: Despite a generally stable year, there are areas needing attention. First, occupancy levels in the low 70% range leave considerable vacancy to fill – marketing and leasing efforts can be ramped up to improve this. The slight decline in occupancy in late 2025 suggests seasonal move-out pressure or softening demand; focus on retention (especially around the autumn period where move-outs spiked) will help maintain gains. Additionally, the unrentable units (262 units) are a critical focus – expediting maintenance, renovations, or capital projects to bring these units online could significantly boost occupancy and revenue. Finally, while net rentals were positive, the high volume of move-outs indicates churn; strategies to improve customer satisfaction and lease renewals could reduce move-outs and bolster net occupancy gains in 2026.
2026 Kick-off Update (SSD): The new year has started roughly flat for SSD. From January 1–14, 2026, the SSD portfolio saw 72 move-ins and 73 move-outs, for a net of –1 unit【35†】. Occupancy as of mid-January stands at 2,274 occupied units out of ~3,241 (around 70.2% occupied), essentially holding steady at the ~70% mark. Revenue collections in the first two weeks were solid (over $188k via credit card payments, with minimal refunds)【10†】, indicating a normal start to the year. In summary, 2026 has kicked off with stable occupancy for SSD. The focus now will be to accelerate move-ins in the coming months to build on 2025’s momentum and push occupancy above last year’s levels, while addressing the carry-over issues of unrentable units and retention.
T10 Portfolio (Storage Depot T10)
The Storage Depot T10 portfolio delivered a strong year in 2025, achieving notable occupancy improvement and healthy net rentals. Total move-ins for 2025 were 1,077 units versus 1,028 move-outs, for a net gain of +49 units occupied across T10 sites. Occupancy grew from 1,230 occupied units in January to 1,259 by December, and the occupancy rate rose from 74.5% up to 76.8%【30†】. This ~2.3 percentage point increase reflects effective leasing and retention efforts in T10 during 2025.
Figure 2: T10 Portfolio – Monthly occupancy rate (%) in 2025. Occupancy climbed steadily through Q2 and Q3, peaking in the low 80% range around Aug–Sep before a slight dip to finish the year in the mid-70s.
Occupancy Trend: Occupancy in T10 showed a clear upward trajectory in the first three quarters. By August, occupancy had reached about 82–83%, the highest point of the year, reflecting sustained net move-in gains【48†】. In the final quarter, there was a modest pullback – occupancy slipped from ~80% in early fall to ~76.8% in December. Some seasonal move-outs contributed to this dip, but importantly the portfolio ended the year higher than it began, a positive sign.
Move-Ins vs Move-Outs: The T10 sites maintained consistently higher move-in counts than move-outs for most of 2025, underpinning the occupancy gains. In the summer months, move-ins spiked (e.g., ~125 in August) greatly outpacing move-outs. Notably, September saw a surge of move-outs (the highest of the year at about 120), temporarily exceeding move-ins and causing the slight occupancy drop in Q4. Aside from that, the portfolio generally kept move-outs in check relative to incoming tenants. The annual pattern suggests strong leasing seasons in spring and summer, and a need to manage increased tenant turnover in the early fall.
Financial Performance: The T10 portfolio collected roughly $1.66 million in revenue in 2025. With rising occupancy, revenue improved accordingly; by year-end, actual occupied rent per month was ~$131.7k across T10, against a gross potential of ~$116.6k【30†】. This indicates that a large portion of potential rent was realized (occupancy in the high 70s) and possibly that rental rates or ancillary income bolstered actual receipts above standard street rates. The portfolio’s revenue growth mirrored the occupancy gains, highlighting effective conversion of occupancy into income. Unrentable units at year-end were 83 units (around 5% of total units)【30†】 – a moderate number, but there’s opportunity to reduce this to add further rentable supply.
Areas for Focus in T10: The T10 portfolio performed well, but to continue this trend, a few areas merit focus. Retention and managing fall turnover is one; the sharp rise in move-outs in September suggests that lease expirations or seasonal factors lead to a lot of tenant churn at that time. Proactive renewal offers and tenant engagement before this period could smooth out the retention rate. Additionally, driving occupancy back above 80% is a key goal – the portfolio demonstrated it can reach those levels, so marketing and perhaps pricing strategies in weaker-demand months (late fall/winter) could help sustain the higher occupancy year-round. Finally, reducing unrentable units (5% currently) through maintenance and capital improvements will marginally improve the occupancy potential and revenue in 2026.
2026 Kick-off Update (T10): The T10 portfolio has started 2026 on a positive note. From January 1–14, 2026, T10 sites logged 35 move-ins and 31 move-outs, netting +4 units【36†】. Occupancy as of mid-January is approximately 1,259 occupied of 1,640 units (~76.7%), holding around the same level as December. This net gain early in the year is encouraging and puts T10 on track to possibly grow occupancy in Q1. The focus for 2026 is to capitalize on this start by continuing strong leasing activity through the winter and into spring, aiming to push occupancy back above the 80% mark and to maintain the gains achieved last year.
SDU Portfolio (Storage Depot SDU)
In 2025, the Storage Depot SDU portfolio had a stable but flat year, essentially maintaining its occupancy with minimal net change. Total move-ins were 308, almost exactly offset by 309 move-outs, resulting in a net of –1 unit for the year. Occupancy began at 328 occupied units (out of 415 total) and ended at 332 occupied (out of 416) – effectively the portfolio stayed around 79–80% occupied throughout the year【30†】. This consistency indicates that while leasing activity occurred, it largely served to replace departing tenants rather than grow occupancy.
Figure 3: SDU Portfolio – Monthly occupancy rate (%) in 2025. Occupancy fluctuated in a narrow band around the upper 70s, peaking in summer (~86%) and dipping in spring and again slightly at year-end.
Occupancy & Trends: The SDU portfolio saw occupancy vary modestly during 2025. An early-year dip occurred – occupancy dropped to ~77% in March following higher move-outs in late winter【48†】. However, a mid-year improvement was evident: occupancy peaked at 86.5% in August, the highest point, thanks to strong summer net rentals. By December, occupancy settled back to 79.8%, nearly the same as January’s ~79.0%. This suggests seasonal swings (strong summer, weak winter) but ultimately a return to baseline. The portfolio did not manage to achieve a sustained upward trajectory in occupancy, ending flat year-over-year.
Move-Ins vs Move-Outs: Given the nearly net-zero change, move-in and move-out volumes were closely matched. Early in the year, move-outs exceeded move-ins (notably in February and March) which caused the spring occupancy dip. For instance, March saw a spike of move-outs (over 40) surpassing move-ins (~30). During summer, the trend flipped – June through August had higher move-ins than move-outs, enabling the temporary occupancy boost. By fall, the volumes converged again. Overall, the SDU sites experienced roughly equal inflow and outflow of tenants. The high turnover (especially the pronounced move-out peaks like in March) indicates a need to address why tenants are leaving at such rates or to enhance leasing to outpace those departures.
Revenue Performance: The SDU portfolio generated approximately $609k in revenue in 2025. With occupancy largely flat, revenue was steady. By December, actual occupied rent per month was ~$51.5k, against a gross potential of ~$47.1k【30†】. The occupancy rate in the high 70s means there was still about 20% of rent left on the table (vacant or unrentable). Unrentable units at year-end numbered 36 units (about 8.7% of total inventory)【30†】 – relatively high. These out-of-service units limited the effective occupancy (the occupied 332 units could have been higher if those 36 units were rentable and filled). Converting or repairing these units would provide an immediate occupancy and revenue opportunity in 2026.
Areas for Focus in SDU: The primary challenge for SDU is jump-starting growth in occupancy. With essentially no net gain in 2025, the portfolio should focus on marketing and outreach to boost move-ins, especially to overcome the seasonal lulls. Retention is also key – the dip in Q1 suggests lease expirations or move-outs peaked then; smoothing this through renewal incentives or staggered leasing could help. Another focus is the unrentable unit reduction – nearly 9% of units offline is significant. Addressing maintenance or capital improvements to bring those units back will instantly raise potential occupancy (for example, even filling half of those 36 units would push occupancy into the mid-80% range). Finally, the SDU sites might consider local market rate adjustments or promotions – if occupancy has stagnated, competitive pricing or special offers might attract new tenants and give the portfolio a needed boost.
2026 Kick-off Update (SDU): The new year shows a promising uptick for SDU so far. Through January 14, 2026, the SDU portfolio recorded 14 move-ins and 11 move-outs, netting +3 units to start the year【37†】. Occupancy in mid-January stands around 332 occupied of 416 units (~79.8%), roughly unchanged from December but bolstered by that small net gain. Essentially, SDU is holding steady at just under 80% occupancy. The slight positive net rentals early in the month is encouraging – it will be important to build on this by continuing to attract more move-ins than move-outs as 2026 progresses. With some operational focus on the areas mentioned (unrentables, retention, marketing), SDU has room to grow beyond the plateau it maintained last year.
GLS Portfolio (Storage Depot GLS)
The Storage Depot GLS portfolio had a mildly positive year in 2025, with a small occupancy gain and stable performance across its two facilities. Total move-ins were 271 and move-outs were 257, giving a net increase of +14 units over the year. Occupancy edged up from 345 occupied units in January to 346 in December, with the occupancy rate moving from 75.3% to 75.7%【30†】. In essence, GLS started and ended the year at roughly three-quarters full, with slight improvements in between.
Figure 4: GLS Portfolio – Monthly occupancy rate (%) in 2025. Occupancy remained relatively steady in the mid-70% range all year, with a gentle rise to ~78–79% during summer and a minor dip towards year-end.
Occupancy & Stability: The GLS portfolio’s occupancy was remarkably steady. It hovered in a tight range – from about 75% at the low end to just over 78% at peak. The high point came in mid-year (June–July around 78–79% occupied) and then there was a slight easing down to 75.7% by December【48†】. The overall stability suggests consistent management, though it also indicates that significant occupancy gains were not realized. The portfolio did manage a small net gain, indicating new rentals slightly outpaced departures.
Leasing Activity: On a monthly basis, move-ins and move-outs were closely matched, often within a few units of each other. For example, during many months one could see 20–25 move-ins and a similar number of move-outs. There were a few instances of divergence: March saw a moderate uptick in move-outs (causing a brief occupancy dip in April), whereas August had a dip in both move-ins and move-outs (likely a quiet month). Toward the end of the year, move-outs ticked up (December had the highest move-outs at 28, compared to 22 move-ins). This pattern of near-parity between move-ins and move-outs underscores stable but slow growth – the sites were essentially replacing tenants as quickly as they left, with a slight surplus of new tenants by year’s end.
Revenue and Potential: The GLS portfolio brought in about $595k in revenue in 2025. By December, actual occupied monthly rent was ~$39.1k, versus a gross potential of ~$32.3k【30†】. The occupancy level (75%) suggests there is still ~25% of revenue potential untapped due to vacancies. Unrentable units numbered 14 units at year-end (around 3% of total)【30†】 – a relatively small proportion, meaning the majority of units were available to rent. The gap between actual and gross potential rent is narrower in GLS (compared to other portfolios), indicating a decent conversion of potential. It may also reflect that rental rates at the GLS sites are strong, and additional income streams (like tenant insurance or fees) help actual collections surpass baseline rent potential.
Areas for Focus in GLS: The GLS portfolio should aim to accelerate its growth beyond the status quo. Key focus areas include marketing to drive more move-ins and reduce the vacancies that have kept occupancy in the mid-70s. With only two facilities, even a small number of additional rentals can move the needle on occupancy percentage significantly. Also, improving retention could help – since move-outs nearly matched move-ins, any reduction in tenant turnover will directly boost net occupancy. Given that only 3% of units are unrentable, the emphasis is less on maintenance issues and more on demand generation and competitive positioning. Perhaps reviewing local competition, ensuring rates are attractive, and enhancing customer service could help tip the balance to net positive growth each month. The portfolio might also benefit from community outreach or promotions during slower seasons (notably, filling units before the winter period when move-ins slowed in 2025).
2026 Kick-off Update (GLS): The GLS portfolio has begun 2026 with a slight positive momentum. In the first two weeks of January, there were 12 move-ins and 11 move-outs, for a net of +1 unit occupied【43†】. Current occupancy in mid-Jan is roughly 346 out of 457 units (~75.7%), effectively unchanged from end-of-year levels. This gentle net gain is in line with last year’s trend of stability. To make 2026 more impactful, GLS will need to build on this start – focusing on converting more prospects to tenants and edging that occupancy closer to 80%. So far, the year is off to a steady start, and with targeted efforts in leasing and retention, the GLS portfolio can aim to turn its small 2025 gain into a more substantial improvement in the year ahead.
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