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260211 Storage Depot Meeting Notes

View 8 of Agenda 2

View 8 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

⁠

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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January 2026 vs January 2025 Performance

We analyzed the provided EOM report (Storage Depot, 2026 data) for the portfolios T10, SSD, SDU, GLS, comparing January 2026 to January 2025. For each property and portfolio, we tabulated occupancy, net rentals, and revenue, and computed year-over-year (YoY) changes. Negative trends (declines) are highlighted. The detailed tables below show January 2025 vs January 2026 values and YoY deltas. In summary, most portfolios saw higher revenue in Jan 2026. However, net rentals (net move-ins) weakened in T10, SSD, and GLS, and occupancies fell in several key properties, indicating areas to investigate.

T10 Portfolio (9 properties)

Table 43

Table 43

Property

Occ Jan 2025 (%)

Occ Jan 2026 (%)

Δ Occ (ppt)

Δ Occ (%)

NetRent Jan 2025

NetRent Jan 2026

Δ (%)

Revenue Jan 2025

Revenue Jan 2026

Δ 11

Δ (%) 12

Albertville

64.6%

64%

–0.6

–0.93

–2

+150%

14,107

16,421

+2,314

+16.4%

Danville

78.1%

85%

+6.9

+8.8

–3

–12

–133%

25,263

29,023

+3,760

+14.9%

Fort Payne

75%

84%

+9.0

+12.0

–3

+11

+367%

12,753

16,351

+3,598

+28.2%

Franklin

89.6%

88%

–1.6

–1.8

–3

–10

–143%

15,401

19,173

+3,772

+24.5%

Hampton

87.6%

74%

–13.6

–15.5

–1

0.0%

17,329

15,703

–1,626

–9.4%

Hiawatha

90.5%

86%

–4.5

–5.0

–2

+450%

11,260

12,282

+1,022

+9.1%

Monroe

65.3%

66%

+0.7

+1.1

+200%

8,970

14,615

+5,645

+62.9%

Mansfield

69%

77%

+8.0

+11.6

0.0%

6,624

12,534

+5,910

+89.2%

Yorkville

84.4%

86%

+1.6

+1.9

0.0%

3,007

3,536

+529

+17.6%

T10 Total

78.2%

78.9%

+0.7

+0.8

+10

–6

–60.0%

129,735

149,955

+20,220

+15.6%

There are no rows in this table

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Occupancy: T10’s average occupancy was roughly flat (78.2%→78.9%). Notably, Hampton and Danville saw large swings: Hampton fell ~15.5% (likely due to new vacancies), while Danville rose ~8.8%. Most other properties changed modestly (<±2 ppt).

Net Rentals: Net move-ins weakened. In Jan 2026, T10 had net +4 rentals vs +10 in Jan 2025 (–6, –60%). Fort Payne, Hiawatha, and Monroe gained a few units, but Danville lost 12 net (-133%). Negative growth (–12 net for Danville) is significant.

Revenue: Every property’s collected revenue increased, boosting T10 total by +15.6%. (Larger gains at Franklin, Monroe, Mansfield). No revenue decline occurred.

SSD Portfolio (14 properties)

Table 44

Table 44

Property

Occ Jan 2025 (%)

Occ Jan 2026 (%)

Δ Occ (ppt)

Δ Occ (%)

NetRent Jan 2025

NetRent Jan 2026

Δ (%)

Revenue Jan 2025

Revenue Jan 2026

Δ 11

Δ (%) 12

Boyle

68.1%

77.0%

+8.9

+13.0

–8

–100%

23,655

26,443

+2,788

+11.8%

Cahaba

78.3%

75.0%

–3.3

–4.2

∞

25,107

29,529

+4,422

+17.6%

Cleveland

86.7%

81.0%

–5.7

–6.6

+13

+85.7%

23,015

25,295

+2,280

+9.9%

Elizabethton

65.7%

67.0%

+1.3

+2.0

0.0%

22,420

25,993

+3,573

+15.9%

Griffin

54.3%

57.0%

+2.7

+5.0

+250%

24,080

24,431

+351

+1.5%

Harpersville

56.5%

58.0%

+1.5

+2.7

0.0%

11,016

9,812

–1,204

–10.9%

LaFollette

91%

77.0%

–14.0

–15.4

+11

+266.7%

27,025

31,364

+4,339

+16.1%

McCalla

70.9%

83.0%

+12.1

+17.1

0.0%

24,515

29,949

+5,434

+22.2%

Monteagle

60.3%

58.0%

–2.3

–3.8

–1

–50.0%

28,311

29,099

+788

+2.8%

Okoboji

81.3%

N/A

∞

14,295

18,098

+3,803

+26.6%

Panama City

81.9%

78.0%

–3.9

–4.7

0.0%

23,690

19,148

–4,542

–19.2%

Phenix City

77.8%

72.0%

–5.8

–7.5

+33.3%

33,296

31,148

–2,148

–6.4%

Thomson

54.8%

51.3%

–3.5

–6.4

∞

18,542

20,933

+2,391

+12.9%

Valley

68.1%

70.8%

+2.7

+4.0

+50.0%

26,178

31,364

+5,186

+19.8%

SSD Total

71.1%

64.7%

–6.5

–9.1

–29

–33

–825%

249,118

268,272

+19,154

+7.7%

There are no rows in this table

⁠

Occupancy: SSD’s average occupancy fell from 71.1% to 64.7% (–6.5 ppt, –9.1%). Several low-occupancy sites got worse (e.g. Panama City –4.7%, Phenix City –7.5%). Some underwritten by missing data: Okoboji’s Jan 2026 occupancy is blank, so its drop can’t be computed (marked N/A).

Net Rentals: SSD net rentals declined significantly: total Jan 2026 was –29 vs +4 last year (–33). Many sites had small gains, but multiple losses contributed. As a result SSD’s net rental change is –825% (from +4 to –29).

Revenue: SSD revenue grew ~+7.7%. (Notably LaFollette and McCalla added +16–22%, offsetting Panama City’s –19% drop.)

SDU Portfolio (2 properties)

Table 45

Table 45

Property

Occ Jan 2025 (%)

Occ Jan 2026 (%)

Δ Occ (ppt)

Δ Occ (%)

NetRent Jan 2025

NetRent Jan 2026

Δ (%)

Revenue Jan 2025

Revenue Jan 2026

Δ 11

Δ (%) 12

Layton

82.4%

78%

–4.4

–5.4

∞

21,939

21,905

–34

–0.2%

West Valley

79.7%

83%

+3.3

+4.1

–10

+100%

28,365

28,571

+206

+0.7%

SDU Total

81.1%

80.5%

–0.6

–0.7

–10

+100%

50,305

50,476

+171

+0.34%

There are no rows in this table

⁠

Occupancy: SDU occupancy was almost flat (81.1%→80.5%). Only Layton slipped slightly (–5.4%).

Net Rentals: Improved from –10 to 0 (Layton +2 units, West Valley +10). This is a +100% change (–10→0).

Revenue: Essentially unchanged.

GLS Portfolio (2 properties)

Table 46

Table 46

Property

Occ Jan 2025 (%)

Occ Jan 2026 (%)

Δ Occ (ppt)

Δ Occ (%)

NetRent Jan 2025

NetRent Jan 2026

Δ (%)

Revenue Jan 2025

Revenue Jan 2026

Δ 11

Δ (%) 12

Greenville

75%

71%

–4.0

–5.3

–7

–9

–450%

22,327

23,165

838

3.8%

Taylors

78.4%

81%

+2.6

+3.3

–3

–5

–250%

23,259

25,020

1,761

7.6%

GLS Total

76.7%

76%

–0.7

–0.9

–10

–14

–350%

45,587

48,185

2,598

5.7%

There are no rows in this table

⁠

Occupancy: Slight dip (76.7%→76.0%). Greenville fell by –5.3 ppt, Taylors rose by +3.3 ppt.

Net Rentals: Strong drop: +4 → –10 (–14, –350%), due to large loss at Greenville (–9 net) and Taylors (–5).

Revenue: Grew by +5.7% across GLS, despite weaker net rentals.

Analysis and Trends

Revenue Growth: All portfolios show revenue increases (GLS +5.7%, SDU +0.3%, SSD +7.7%, T10 +15.6%). This suggests either higher rates or more collected business despite occupancy fluctuations.

Occupancy Changes: Several properties saw occupancy declines (Greenville, Panama City, Harpersville, etc.), which may indicate rising vacancies. T10 and SDU stayed roughly flat overall, SSD declined notably (–9.1%).

Net Rentals Slippage: The largest red flags are in net rentals: T10 (–60%), SSD (–825%), GLS (–350%). T10 lost 6 net units vs a year prior. SSD and GLS flipped from slight gains to significant losses. These drops imply higher move-outs or fewer move-ins in Jan 2026. By contrast, SDU net rentals improved (from –10 to 0).

Likely Causes

Lease Turnover/Move-Outs: The negative net rentals in T10, SSD, GLS likely reflect lease expirations or tenant move-outs at year-end, resulting in higher January vacancies. For example, Greenville (GLS) lost 9 units, and Panama City (SSD) revenue fell despite similar occupancy – suggesting possibly some rate concessions.

Seasonality or Data Lag: January might see atypical trends (e.g. holiday moves, incentive programs), so comparing those two months may exaggerate swings.

Pricing/Mix Effects: Increased revenue despite flat occupancy could mean higher rents or one-time fees (e.g. move-in fees in Jan 2026).

Data Artifacts: Note Okoboji’s missing occupancy (Jan 2026 blank) – data entry or formula issue.

Charts (YoY Trends)

We include portfolio-level bar charts for net rentals and revenue, illustrating the YoY changes (green bars = gain, red = decline):

Chart 1: Net rentals by portfolio (Jan 2026 vs Jan 2025) – T10, SSD, SDU, GLS (negative bars highlighted in red).

Chart 2: Revenue collected by portfolio (Jan 2026 vs Jan 2025) – all portfolios saw increases (green).

(Charts generated from the EOM report data.)

Next Steps

Investigate High Move-Out Sites: For any property with steep net rental decline (e.g. Greenville, Panama City, Danville), review lease roll and move-out reasons.

Fill Vacancies Quickly: Targeted marketing or promotions where occupancy fell (Hampton, Greenville, Panama City) to offset revenue pressure.

Verify Data Entry: Correct any blank or anomalous data (Okoboji’s missing occupancy). Ensure January figures are fully captured in the EOM system.

Check Pricing vs Occupancy: Since revenues rose even as net rentals fell, confirm there were no unexpected concessions or one-time charges affecting Jan 2026 metrics.

Monitor Trends: Compare subsequent months to see if Jan patterns hold or reverse (seasonality vs persistent issue).

View 8 of Agenda 2

January 2026 vs January 2025 Performance

T10 Portfolio (9 properties)

Table 43

SSD Portfolio (14 properties)

Table 44

SDU Portfolio (2 properties)

Table 45

GLS Portfolio (2 properties)

Table 46

Analysis and Trends