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Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting emptyHighest delinquency in entire portfolio ($8,355 MTD) — significant NOI drag28 overlocked units creating dead revenue and move-out riskLost 31 net units in Q3 2025; revenue recovering but occupancy stuckHigh write-offs from delinquency impacting net collectionsPricing: Comp shopped. Rate guardrails set — no further cuts. Move-in promo variants testing (3 options).Lead Capture: Call tracking live. Automated text-back on missed calls within 5 min.Delinquency: Active overlock/auction pipeline for 28 units to clear non-payers and reset occupancy base.Local Outreach: Apartment outreach kit to nearby property managers. Employer letters to top 10 local businesses.Online: GBP corrected — hours, photos updated. 14 unanswered reviews being responded to within 48 hrs.Realtor Pilot: Griffin included in March 1 referral launch — $75/rental bounty with unique tracking code.
Largest absolute vacancy count in the portfolio — 88 units emptyOccupancy declining: -3.9pp YoY, -7 net rentals in January22 overlocked units adding to effective vacancyPersistent underperformer since Q3 2025 (net -13 units that quarter)Pricing: Market comp shop done. Testing 3 move-in offer variants — tracking conversion by variant.Direct Mail: 5,000 postcards dropped to 5-mile radius — unique promo code for tracking results.Lead Capture: Call tracking live. Missed-call text-back active. Same-day web lead follow-up SLA in place.Local Outreach: Apartment outreach kit to nearby managers. Employer letters sent to top 10 businesses.Online: Photos updated. GBP hours corrected. 48-hr review response cadence in place.Realtor Pilot: Greenville is one of 3 pilot launch markets March 1 — $75/rental referral bounty + tracking landing page.
Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)Revenue declined YoY (-$191) — one of only 2 sites with a revenue dropLender obligations (asphalt, roofing) may be affecting curb appeal and tenant confidenceHistorical slow recovery pattern: also lost 6 units in Q3 2025Capital/Maint: Lender obligation items (asphalt, roofing) — confirming status on call. Curb appeal directly impacts leasing velocity.Pricing: Comp shopped Hampton market. Move-in promo variants running.Lead Capture: Call tracking deployed. Missed-call text-back active.Local Outreach: Apartment outreach kit distributed. Employer letters sent.Realtor Pilot: Hampton included in March 1 referral program launch.Online: Photo refresh done. GBP info verified and updated.
Lowest occupancy rate in SSD — just under half full at 49.1%73 vacant units out of 159 — massive drag on NOISmall market with limited organic demand; requires hyper-local strategyRevenue at $7K/month significantly below this facility's potentialPricing: Matched lowest local comp rate. Waived $25 admin fee on move-in as added incentive.Lead Capture: Call tracking live. Missed-call text-back active.Local Outreach: Manager doing direct door-to-door business outreach. Employer letters sent. Apartment kit deployed for nearby communities.Online: Fixed broken 'reserve online' button on landing page. GBP updated. Photos refreshed.
Down 8.1pp YoY — primary underperformer in SDU portfolio35 vacant units out of 171 — meaningful drag for a 2-property portfolioSister site West Valley competing for management attention (high delinquency issue there)Pricing: Market comp shopped. Move-in promo variants running.Direct Mail: 5,000 postcards dropped in Layton market — unique tracking promo code.Lead Capture: Call tracking live. Missed-call text-back active. Web lead follow-up SLA.Local Outreach: Apartment outreach kit deployed. Employer letters sent.Realtor Pilot: Layton is one of 3 March 1 pilot markets — $75/rental referral bounty.Online: GBP verified. Photos updated.
Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU28 overlocked units — most in the SDU portfolioOngoing homeless issue may be deterring new tenants and creating churnSecurity: camera damage and night light audit were flagged in prior meetingsSecurity (update needed): Has rekey been completed? Night light audit status? Camera damage resolved?Delinquency: Overlock/auction pipeline for 28 units — clearing non-payers to free up units for new rentals.Tenant Screening: Application process review to improve tenant quality and reduce future delinquency.Vacant Units: Sealed per prior directive — preventing unauthorized access to vacant space.
Chronic underperformance: below 65% occupancy for multiple consecutive months57 vacant units — largest vacancy count in T10-7 net rentals in January — losing ground despite marginal YoY improvement11 overlocked units adding to effective vacancyPricing: Rate review done. Move-in promo deployed.Lead Capture: Call tracking active. Missed-call text-back running.Local Outreach: Apartment outreach and employer letters sent.Online: GBP and photo audit complete.Watch: Slow improvement pace — if 30-day metrics don't move, will escalate to deeper market demand analysis.
Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting emptyHighest delinquency in entire portfolio ($8,355 MTD) — significant NOI drag28 overlocked units creating dead revenue and move-out riskLost 31 net units in Q3 2025; revenue recovering but occupancy stuckHigh write-offs from delinquency impacting net collectionsPricing: Comp shopped. Rate guardrails set — no further cuts. Move-in promo variants testing (3 options).Lead Capture: Call tracking live. Automated text-back on missed calls within 5 min.Delinquency: Active overlock/auction pipeline for 28 units to clear non-payers and reset occupancy base.Local Outreach: Apartment outreach kit to nearby property managers. Employer letters to top 10 local businesses.Online: GBP corrected — hours, photos updated. 14 unanswered reviews being responded to within 48 hrs.Realtor Pilot: Griffin included in March 1 referral launch — $75/rental bounty with unique tracking code.
Largest absolute vacancy count in the portfolio — 88 units emptyOccupancy declining: -3.9pp YoY, -7 net rentals in January22 overlocked units adding to effective vacancyPersistent underperformer since Q3 2025 (net -13 units that quarter)Pricing: Market comp shop done. Testing 3 move-in offer variants — tracking conversion by variant.Direct Mail: 5,000 postcards dropped to 5-mile radius — unique promo code for tracking results.Lead Capture: Call tracking live. Missed-call text-back active. Same-day web lead follow-up SLA in place.Local Outreach: Apartment outreach kit to nearby managers. Employer letters sent to top 10 businesses.Online: Photos updated. GBP hours corrected. 48-hr review response cadence in place.Realtor Pilot: Greenville is one of 3 pilot launch markets March 1 — $75/rental referral bounty + tracking landing page.
Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)Revenue declined YoY (-$191) — one of only 2 sites with a revenue dropLender obligations (asphalt, roofing) may be affecting curb appeal and tenant confidenceHistorical slow recovery pattern: also lost 6 units in Q3 2025Capital/Maint: Lender obligation items (asphalt, roofing) — confirming status on call. Curb appeal directly impacts leasing velocity.Pricing: Comp shopped Hampton market. Move-in promo variants running.Lead Capture: Call tracking deployed. Missed-call text-back active.Local Outreach: Apartment outreach kit distributed. Employer letters sent.Realtor Pilot: Hampton included in March 1 referral program launch.Online: Photo refresh done. GBP info verified and updated.
Lowest occupancy rate in SSD — just under half full at 49.1%73 vacant units out of 159 — massive drag on NOISmall market with limited organic demand; requires hyper-local strategyRevenue at $7K/month significantly below this facility's potentialPricing: Matched lowest local comp rate. Waived $25 admin fee on move-in as added incentive.Lead Capture: Call tracking live. Missed-call text-back active.Local Outreach: Manager doing direct door-to-door business outreach. Employer letters sent. Apartment kit deployed for nearby communities.Online: Fixed broken 'reserve online' button on landing page. GBP updated. Photos refreshed.
Down 8.1pp YoY — primary underperformer in SDU portfolio35 vacant units out of 171 — meaningful drag for a 2-property portfolioSister site West Valley competing for management attention (high delinquency issue there)Pricing: Market comp shopped. Move-in promo variants running.Direct Mail: 5,000 postcards dropped in Layton market — unique tracking promo code.Lead Capture: Call tracking live. Missed-call text-back active. Web lead follow-up SLA.Local Outreach: Apartment outreach kit deployed. Employer letters sent.Realtor Pilot: Layton is one of 3 March 1 pilot markets — $75/rental referral bounty.Online: GBP verified. Photos updated.
Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU28 overlocked units — most in the SDU portfolioOngoing homeless issue may be deterring new tenants and creating churnSecurity: camera damage and night light audit were flagged in prior meetingsSecurity (update needed): Has rekey been completed? Night light audit status? Camera damage resolved?Delinquency: Overlock/auction pipeline for 28 units — clearing non-payers to free up units for new rentals.Tenant Screening: Application process review to improve tenant quality and reduce future delinquency.Vacant Units: Sealed per prior directive — preventing unauthorized access to vacant space.
Chronic underperformance: below 65% occupancy for multiple consecutive months57 vacant units — largest vacancy count in T10-7 net rentals in January — losing ground despite marginal YoY improvement11 overlocked units adding to effective vacancyPricing: Rate review done. Move-in promo deployed.Lead Capture: Call tracking active. Missed-call text-back running.Local Outreach: Apartment outreach and employer letters sent.Online: GBP and photo audit complete.Watch: Slow improvement pace — if 30-day metrics don't move, will escalate to deeper market demand analysis.
Hampton: Hampton is the standout concern: occupancy fell from 86.4% (Jan'25) to 74.4% (Feb'26), losing 10+ percentage points YoY with 26 vacant and 1 overlocked unit. Revenue dipped ($191 YoY). This property needs focused intervention.Monroe: Monroe remains chronically low at 63.6% occupancy with 57 vacant units — no meaningful improvement trend. Paired with -7 net rentals in January, this is a persistent performance issue.Albertville: Albertville at 60.5% occupancy with 79 vacant units — among the worst utilization in T10.Bright Spots: Fort Payne and Danville showed strong occupancy gains (+9pp each YoY), with good revenue growth — positive momentum to recognize.Mansfield: Mansfield improved 6.6pp in occupancy and nearly doubled revenue ($8.6K to $13.2K) — strong turnaround worth highlighting.
Griffin (Critical): Griffin is the highest-priority concern: only 55.5% occupied (173/312 units), 83 vacant, 28 overlocked, and $8,355 in delinquency — the worst delinquency in the portfolio. Despite revenue improvement, the fundamental occupancy problem persists from Q3.Harpersville (Critical): Harpersville at 49.1% occupancy with 73 vacant units — the lowest occupancy rate in SSD. Revenue at $7,039 MTD is far below potential.LaFollette: LaFollette dropped from 92.7% to 81.2% occupancy — a 13.7pp decline YoY. Still above 80% but the downward trend is concerning given it was near-full a year ago. $5,313 delinquency is elevated.Panama City: Panama City has $5,034 in delinquency and consistently flat occupancy (~78%). Move-out activity has been high historically. Needs monitoring.Valley (Watch): Valley net rentals were -15 in January despite occupancy holding at 73%. Significant move-out activity needs investigation.Bright Spot – McCalla: McCalla improved occupancy from 73% to ~80% YoY with strong revenue growth (+$4,335) — one of SSD's best performers recently.
Layton (Focus): Layton has slipped to 73.7% occupancy (126/171 units), down from 81.8% last January (-8pp). With 35 vacant units and $2,305 delinquency, this is the primary SDU focus property.West Valley – Delinquency Alert: West Valley holding at 77.6% but with $7,242 in MTD delinquency — the highest delinquency ratio relative to revenue in the SDU portfolio. The West Valley security/homeless issue from prior meetings may be impacting tenant quality and collections.Stabilization: SDU net rentals improved from -10 (Jan'25) to 0 (Jan'26), showing stabilization. Revenue is essentially flat YoY, suggesting rate gains are offsetting some occupancy loss.
Greenville (Critical): Greenville occupancy dropped to 69.3% (215/310) with 88 vacant units and 22 overlocked — the largest absolute vacancy count in the entire portfolio. Net rentals were -7 in January. This is a primary focus facility alongside Griffin.Taylors – Strong Performance: Taylors is performing well: 85.7% occupancy, improving from 79.7% last year (+6pp). Revenue solid at $22,143 MTD. Low delinquency ($892). Unit mix issue from prior meetings should continue to be monitored.Net Rental Warning: GLS combined net rentals: -10 in January vs +4 in Jan'25. Both properties showed negative net rentals this month despite revenue growth, indicating rate increases are masking occupancy erosion.
Comp shop completed for Greenville, Hampton, and Layton markets — competitor rate data collected and documentedMove-in offer testing launched: testing 2 variants — (A) First month free, (B) 50% off first 2 months— tracking conversion by variantGriffin: rate guardrails set — no further rate reductions below $X; focus is on filling at current market rate with promo layerHarpersville: matched lowest comp rate in market + added $25 admin fee waiver on move-in
Call tracking numbers deployed at Hampton, Greenville, Layton, Griffin, Harpersville — capturing call volume and answer rateMissed-call recovery: automated text-back within 5 minutes of missed call now active at all 5 triage sitesFollow-up SLA: new policy requires same-day callback on all web leads; manager scorecards include lead response timeGoogle Business Profile audit complete — corrected hours, photos, and Q&A at Griffin and Greenville (both had outdated info)
Greenville & Layton: direct mail postcards — 5,000 units targeting 5-mile radius households; tracking via unique promo codeApartment outreach kit distributed to property managers within 3 miles of Griffin, Greenville, and Hampton — targeting residents in transitionEmployer/local business outreach: letters sent to top 10 employers near each triage facility with discount offer for employees
Photo audit: all 5 triage sites updated with new professional facility photos — exterior, interior corridors, unit typesLanding page review: checked that web-to-call conversion path works on mobile for all sites; fixed broken 'reserve online' button at HarpersvilleGoogle Business Profile: verified hours, address, amenities for all triage sites; flagged 14 unanswered reviews for responseReview response cadence: committing to respond to all reviews (positive and negative) within 48 hours
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260225 Storage Depot Meeting Notes
STORAGE DEPOT
Monthly Performance Review & Action Plan
February 25, 2026 | Prepared by Management Team
Meeting Agenda
View 9 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
STORAGE DEPOT — SITES NEEDING ATTENTION
What's Wrong & What We're Doing About It
February 25, 2026
At a Glance
Table 86
#1
Griffin, GA
SSD
55.5%
-3.7pp YoY
83
$8,355
Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting empty
#2
Greenville, SC
GLS
69.3%
-3.9pp YoY
88
$3,222
Largest absolute vacancy count in the portfolio — 88 units empty
#3
Hampton, GA
T10
74.4%
-12.0pp YoY
26
$327
Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)
#4
Harpersville, AL
SSD
49.1%
+5.1pp YoY
73
$367
Lowest occupancy rate in SSD — just under half full at 49.1%
#5
Layton, UT
SDU
73.7%
-8.1pp YoY
35
$2,305
Down 8.1pp YoY — primary underperformer in SDU portfolio
#6
West Valley, UT
SDU
77.6%
+0.5pp YoY
41
$7,242
Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU
#7
Monroe, IL
T10
63.6%
+1.9pp YoY
57
$1,369
Chronic underperformance: below 65% occupancy for multiple consecutive months
There are no rows in this table
Red = <60% occ | Orange = 60–75% | Bold red delinquency = >$5,000 MTD
#1 Griffin, GA SSD Portfolio
Table 87
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
55.5%
YoY Change
-3.7pp YoY
Vacant Units
83
MTD Revenue
$13,211
Delinquency
$8,355
There are no rows in this table
Table 88
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +10 net rentals in 30 days → target 58% occupancy.
#2 Greenville, SC GLS Portfolio
Table 89
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
69.3%
YoY Change
-3.9pp YoY
Vacant Units
88
MTD Revenue
$22,352
Delinquency
$3,222
There are no rows in this table
Table 90
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +12 net rentals in 30 days → target 73% occupancy.
#3 Hampton, GA T10 Portfolio
Table 91
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
74.4%
YoY Change
-12.0pp YoY
Vacant Units
26
MTD Revenue
$13,657
Delinquency
$327
There are no rows in this table
Table 92
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +8 net rentals in 30 days → return toward 80% occupancy.
#4 Harpersville, AL SSD Portfolio
Table 93
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
49.1%
YoY Change
+5.1pp YoY
Vacant Units
73
MTD Revenue
$7,039
Delinquency
$367
There are no rows in this table
Table 94
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +6 net rentals in 30 days → target 53% occupancy. Small market — modest but directionally critical.
#5 Layton, UT SDU Portfolio
Table 95
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
73.7%
YoY Change
-8.1pp YoY
Vacant Units
35
MTD Revenue
$21,861
Delinquency
$2,305
There are no rows in this table
Table 96
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +8 net rentals in 30 days → target 78% occupancy.
#6 West Valley, UT SDU Portfolio
Table 97
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
77.6%
YoY Change
+0.5pp YoY
Vacant Units
41
MTD Revenue
$26,471
Delinquency
$7,242
There are no rows in this table
Table 98
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Priority: resolve delinquency and stabilize security before occupancy push. Need status update on call.
#7 Monroe, IL T10 Portfolio
Table 99
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
63.6%
YoY Change
+1.9pp YoY
Vacant Units
57
MTD Revenue
$11,031
Delinquency
$1,369
There are no rows in this table
Table 100
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +5 net rentals in 30 days. If no improvement, escalate to market study.
Bright Spots — Properties Gaining Ground
These sites are trending positively and provide context for overall portfolio health:
Table 101
Fort Payne, AL
T10
83.0%
+9.3pp
$14,869
+8 net rentals in January. Revenue up 28% YoY.
Mansfield, IL
T10
74.6%
+6.6pp
$9,944
Revenue nearly doubled YoY ($8.6K → $13.2K). Occupancy climbing.
McCalla, AL
SSD
79.8%
+6.0pp
$21,889
Revenue up $4,335 YoY. One of SSD's strongest recent performers.
Taylors, SC
GLS
85.7%
+6.0pp
$22,143
Highest occupancy in GLS. Low delinquency ($892). Solid momentum.
Danville, IL
T10
83.5%
+8.0pp
$25,161
Strong YoY occupancy recovery. Revenue up $4K. Momentum sustained.
There are no rows in this table
Weekly Scoreboard: Every Friday by 5pm | Next full review: March 2026
ECRI Update — Existing Customer Rate Increases
ECRI by Portfolio | Dec 2025 – Feb 2026
Portfolio Summary
Table 102
T10 11 facilities
Feb 2026
65
104
18
$75.71
$85.18
+12.5%
+$9.47
2
+$327.60
T10
11 facilities
Jan 2026
39
174
6
$134.54
$149.06
10.8%
+$14.52
1
+$382.72
T10
11 facilities
Dec 2025
153
73
0
$70.98
$86.90
22.4%
+$15.92
30
+$722.15
SSD
24 facilities
Feb 2026
135
709
195
$78.58
$86.04
9.5%
+$7.46
8
+$122.23
SSD
24 facilities
Jan 2026
68
260
30
$98.59
$105.99
7.5%
+$7.40
6
-$15.92
SSD
24 facilities
Dec 2025
210
160
0
$123.07
$139.76
13.6%
+$16.69
39
-$983.00
GLS
2 facilities
Feb 2026
15
93
30
$79.93
$84.01
5.1%
+$4.08
1
+$55.30
GLS
2 facilities
Jan 2026
6
11
1
$293.83
$321.66
9.5%
+$27.83
1
+$136.72
GLS
2 facilities
Dec 2025
92
17
0
$147.30
$165.87
12.6%
+$18.57
21
+$1,027.00
SDU
2 facilities
Feb 2026
19
58
15
$109.21
$118.79
8.8%
+$9.58
1
+$51.04
SDU
2 facilities
Jan 2026
3
19
2
$163.00
$177.31
8.8%
+$14.31
0
+$42.92
SDU
2 facilities
Dec 2025
95
21
0
$149.66
$168.45
12.6%
+$18.79
14
+$3.00
There are no rows in this table
Orange snoozing = >100 tenants delayed | Red move-outs = >20 in the month | Revenue = 3-month projected net change
Portfolio Callouts & Watch Items
Table 103
Column 1
Column 2
T10
Dec 2025 ECRI was aggressive (22.4% avg increase) — drove 30 move-outs but net revenue still positive. Feb 2026 pace of 65 tenants increased is moderate. 104 eligible tenants still pending — opportunity to accelerate.
There are no rows in this table
Table 104
Column 1
Column 2
SSD
WATCH: 195 tenants currently snoozing in Feb — largest snooze backlog in portfolio. Dec 2025 ECRI drove 39 move-outs and a -$983 revenue impact. Jan revenue also slightly negative. Feb pace is improving. With 709 eligible tenants, execution discipline on snooze management is critical.
There are no rows in this table
Table 105
Column 1
Column 2
GLS
GLS ECRI has been effective — Dec 2025 generated +$1,027 net revenue despite 21 move-outs. Feb 2026 avg LOS is only 7 months (newer tenants) with a modest 5.1% increase — appropriate given occupancy pressure at Greenville (69%). 30 snoozing in Feb worth reviewing.
There are no rows in this table
Table 106
Column 1
Column 2
SDU
SDU ECRI is positive overall but Dec 2025 drove 14 move-outs for only +$3 net revenue — essentially broke even. Jan and Feb 2026 are cleaner with 0 and 1 move-outs respectively. Given Layton's 8pp occupancy decline, worth confirming ECRI timing is calibrated to avoid stressing occupancy further.
There are no rows in this table
Key Takeaway: ECRI is generating positive revenue across all portfolios when move-out rates stay below ~15%. The Dec 2025 cycle was aggressive across the board (13–22% increases) and drove elevated move-outs — particularly in SSD (39 move-outs, -$983 net) and T10 (30 move-outs). The Feb 2026 cycle is more measured and move-out rates have normalized. The biggest opportunity: SSD has 709 eligible tenants with 195 snoozing — reviewing and executing that snooze queue could unlock meaningful incremental revenue.
STORAGE DEPOT — SITES NEEDING ATTENTION
What's Wrong & What We're Doing About It
February 25, 2026
At a Glance
Table 65
#1
Griffin, GA
SSD
55.5%
-3.7pp YoY
83
$8,355
Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting empty
#2
Greenville, SC
GLS
69.3%
-3.9pp YoY
88
$3,222
Largest absolute vacancy count in the portfolio — 88 units empty
#3
Hampton, GA
T10
74.4%
-12.0pp YoY
26
$327
Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)
#4
Harpersville, AL
SSD
49.1%
+5.1pp YoY
73
$367
Lowest occupancy rate in SSD — just under half full at 49.1%
#5
Layton, UT
SDU
73.7%
-8.1pp YoY
35
$2,305
Down 8.1pp YoY — primary underperformer in SDU portfolio
#6
West Valley, UT
SDU
77.6%
+0.5pp YoY
41
$7,242
Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU
#7
Monroe, IL
T10
63.6%
+1.9pp YoY
57
$1,369
Chronic underperformance: below 65% occupancy for multiple consecutive months
There are no rows in this table
Red = <60% occ | Orange = 60–75% | Bold red delinquency = >$5,000 MTD
#1 Griffin, GA SSD Portfolio
Table 66
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
55.5%
YoY Change
-3.7pp YoY
Vacant Units
83
MTD Revenue
$13,211
Delinquency
$8,355
There are no rows in this table
Table 67
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +10 net rentals in 30 days → target 58% occupancy.
#2 Greenville, SC GLS Portfolio
Table 68
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
69.3%
YoY Change
-3.9pp YoY
Vacant Units
88
MTD Revenue
$22,352
Delinquency
$3,222
There are no rows in this table
Table 69
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +12 net rentals in 30 days → target 73% occupancy.
#3 Hampton, GA T10 Portfolio
Table 70
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
74.4%
YoY Change
-12.0pp YoY
Vacant Units
26
MTD Revenue
$13,657
Delinquency
$327
There are no rows in this table
Table 71
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +8 net rentals in 30 days → return toward 80% occupancy.
#4 Harpersville, AL SSD Portfolio
Table 72
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
49.1%
YoY Change
+5.1pp YoY
Vacant Units
73
MTD Revenue
$7,039
Delinquency
$367
There are no rows in this table
Table 73
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +6 net rentals in 30 days → target 53% occupancy. Small market — modest but directionally critical.
#5 Layton, UT SDU Portfolio
Table 74
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
73.7%
YoY Change
-8.1pp YoY
Vacant Units
35
MTD Revenue
$21,861
Delinquency
$2,305
There are no rows in this table
Table 75
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +8 net rentals in 30 days → target 78% occupancy.
#6 West Valley, UT SDU Portfolio
Table 76
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
77.6%
YoY Change
+0.5pp YoY
Vacant Units
41
MTD Revenue
$26,471
Delinquency
$7,242
There are no rows in this table
Table 77
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Priority: resolve delinquency and stabilize security before occupancy push. Need status update on call.
#7 Monroe, IL T10 Portfolio
Table 78
Column 1
Column 2
Column 3
Column 4
Column 5
Feb Occupancy
63.6%
YoY Change
+1.9pp YoY
Vacant Units
57
MTD Revenue
$11,031
Delinquency
$1,369
There are no rows in this table
Table 79
WHAT'S WRONG
WHAT WE'RE DOING
There are no rows in this table
30-Day Target: Goal: +5 net rentals in 30 days. If no improvement, escalate to market study.
Bright Spots — Properties Gaining Ground
These sites are trending positively and provide context for overall portfolio health:
Table 80
Fort Payne, AL
T10
83.0%
+9.3pp
$14,869
+8 net rentals in January. Revenue up 28% YoY.
Mansfield, IL
T10
74.6%
+6.6pp
$9,944
Revenue nearly doubled YoY ($8.6K → $13.2K). Occupancy climbing.
McCalla, AL
SSD
79.8%
+6.0pp
$21,889
Revenue up $4,335 YoY. One of SSD's strongest recent performers.
Taylors, SC
GLS
85.7%
+6.0pp
$22,143
Highest occupancy in GLS. Low delinquency ($892). Solid momentum.
Danville, IL
T10
83.5%
+8.0pp
$25,161
Strong YoY occupancy recovery. Revenue up $4K. Momentum sustained.
There are no rows in this table
Weekly Scoreboard: Every Friday by 5pm | Next full review: March 2026
ECRI Update — Existing Customer Rate Increases
ECRI by Portfolio | Dec 2025 – Feb 2026
Portfolio Summary
Table 81
T10 11 facilities
Feb 2026
65
104
18
$75.71
$85.18
+12.5%
+$9.47
2
+$327.60
T10
11 facilities
Jan 2026
39
174
6
$134.54
$149.06
10.8%
+$14.52
1
+$382.72
T10
11 facilities
Dec 2025
153
73
0
$70.98
$86.90
22.4%
+$15.92
30
+$722.15
SSD
24 facilities
Feb 2026
135
709
195
$78.58
$86.04
9.5%
+$7.46
8
+$122.23
SSD
24 facilities
Jan 2026
68
260
30
$98.59
$105.99
7.5%
+$7.40
6
-$15.92
SSD
24 facilities
Dec 2025
210
160
0
$123.07
$139.76
13.6%
+$16.69
39
-$983.00
GLS
2 facilities
Feb 2026
15
93
30
$79.93
$84.01
5.1%
+$4.08
1
+$55.30
GLS
2 facilities
Jan 2026
6
11
1
$293.83
$321.66
9.5%
+$27.83
1
+$136.72
GLS
2 facilities
Dec 2025
92
17
0
$147.30
$165.87
12.6%
+$18.57
21
+$1,027.00
SDU
2 facilities
Feb 2026
19
58
15
$109.21
$118.79
8.8%
+$9.58
1
+$51.04
SDU
2 facilities
Jan 2026
3
19
2
$163.00
$177.31
8.8%
+$14.31
0
+$42.92
SDU
2 facilities
Dec 2025
95
21
0
$149.66
$168.45
12.6%
+$18.79
14
+$3.00
There are no rows in this table
Orange snoozing = >100 tenants delayed | Red move-outs = >20 in the month | Revenue = 3-month projected net change
Portfolio Callouts & Watch Items
Table 82
Column 1
Column 2
T10
Dec 2025 ECRI was aggressive (22.4% avg increase) — drove 30 move-outs but net revenue still positive. Feb 2026 pace of 65 tenants increased is moderate. 104 eligible tenants still pending — opportunity to accelerate.
There are no rows in this table
Table 83
Column 1
Column 2
SSD
WATCH: 195 tenants currently snoozing in Feb — largest snooze backlog in portfolio. Dec 2025 ECRI drove 39 move-outs and a -$983 revenue impact. Jan revenue also slightly negative. Feb pace is improving. With 709 eligible tenants, execution discipline on snooze management is critical.
There are no rows in this table
Table 84
Column 1
Column 2
GLS
GLS ECRI has been effective — Dec 2025 generated +$1,027 net revenue despite 21 move-outs. Feb 2026 avg LOS is only 7 months (newer tenants) with a modest 5.1% increase — appropriate given occupancy pressure at Greenville (69%). 30 snoozing in Feb worth reviewing.
There are no rows in this table
Table 85
Column 1
Column 2
SDU
SDU ECRI is positive overall but Dec 2025 drove 14 move-outs for only +$3 net revenue — essentially broke even. Jan and Feb 2026 are cleaner with 0 and 1 move-outs respectively. Given Layton's 8pp occupancy decline, worth confirming ECRI timing is calibrated to avoid stressing occupancy further.
There are no rows in this table
Key Takeaway: ECRI is generating positive revenue across all portfolios when move-out rates stay below ~15%. The Dec 2025 cycle was aggressive across the board (13–22% increases) and drove elevated move-outs — particularly in SSD (39 move-outs, -$983 net) and T10 (30 move-outs). The Feb 2026 cycle is more measured and move-out rates have normalized. The biggest opportunity: SSD has 709 eligible tenants with 195 snoozing — reviewing and executing that snooze queue could unlock meaningful incre
Portfolio Scorecard — January 2026
January 2026 shows revenue growth across all four portfolios year-over-year, but net rentals (move-ins minus move-outs) declined significantly in SSD, GLS, and T10 — a signal that while rates are up, we are losing ground on occupancy momentum heading into Q1 2026.
Table 47
T10 (9 sites)
$149,955
+$20,220 (+15.6%)
78.9%
+0.7pp
+4 units
SSD (14 sites)
$280,352
+$31,234 (+12.5%)
~72%
-2.4pp
-25 units
SDU (2 sites)
$50,476
+$171 (+0.3%)
80.5%
-0.6pp
0 units
GLS (2 sites)
$48,185
+$2,598 (+5.7%)
~76%
-0.9pp
-10 units
There are no rows in this table
Color guide: Green = 85%+ occ | Yellow = 65–84% | Red = <65% occ
Key Insight: Revenue growth is real and meaningful — T10 +15.6%, SSD +12.5%. However, the negative net rentals in SSD (-25) and GLS (-10) are a leading indicator that January occupancy gains on paper may erode if move-outs continue to outpace move-ins. This needs to be the primary operational focus.
T10 Portfolio Detail
Table 57
Albertville
65.0%
62.0%
-3.0pp
+1
$16,421
+$2,314
60.5%
$13,858
$1,094
Danville
75.5%
85%
+9.5pp
-3
$29,023
+$3,760
83.5%
$25,161
$6,825
Fort Payne
75.7%
85%
+9.3pp
8
$16,351
+$3,598
83%
$14,869
$1,289
Franklin
88%
88%
0.0pp
-3
$19,173
+$3,772
93%
$15,222
$1,896
Hampton
86.4%
76%
-10.4pp
2
$13,327
$191
74.4%
$13,657
$327
Hiawatha
92.2%
88%
-4.2pp
2
$11,529
+$229
92.2%
$11,938
$2,015
Mansfield
68.4%
75%
+6.6pp
2
$13,197
+$4,586
74.6%
$9,944
$665
Monroe
61.7%
59%
-2.7pp
-7
$11,399
+$1,623
63.6%
$11,031
$1,369
Yorkville
82.7%
87%
+4.3pp
2
$19,535
+$529
88.7%
$17,598
$428
There are no rows in this table
* Danville figures combined for Henning & Oakwood locations. Franklin combined for 5100 & 6413.
T10 Notable Findings:
SSD Portfolio Detail
Table 58
Boyle
71.2%
74.0%
+2.8pp
-8
$26,443
+$2,788
76.6%
$25,045
$3,588
Cahaba
74.3%
74.0%
-0.3pp
0
$10,123
+$844
77.9%
$9,510
$489
Cleveland
82.2%
75.0%
-7.2pp
-3
$16,071
$306
73.4%
$15,711
$806
Elizabethton
70.4%
70.0%
-0.4pp
-5
$18,503
+$1,354
70.4%
$16,812
$2,972
Griffin
51.8%
56.0%
+4.2pp
-4
$20,841
+$4,489
55.5%
$13,211
$8,355
Harpersville
44%
50.0%
+6.0pp
-2
$7,148
+$1,405
49.1%
$7,039
$367
LaFollette
92.7%
79.0%
-13.7pp
-2
$38,414
+$3,785
81.2%
$31,031
$5,313
McCalla
73%
79.0%
+6.0pp
-3
$26,536
+$4,335
79.8%
$21,889
$3,458
Monteagle cluster*
56.7%
N/A
N/A
5
$21,850
+$1,187
multi-site
$18,473
$403
Okoboji
81.1%
77.0%
-4.1pp
4
$12,080
+$1,582
78.8%
$11,773
$495
Panama City
75%
79.0%
+4.0pp
8
$20,197
+$1,737
78.7%
$13,486
$5,034
Phenix City
76.8%
74.0%
-2.8pp
-2
$16,960
+$1,135
71.2%
$15,619
$1,821
Thomson*
62.4%
56.8%
-5.6pp
2
$13,822
$1,248
multi-site
$11,546
$1,167
Valley
70.4%
73.0%
+2.6pp
-15
$31,364
+$8,148
73.2%
$20,581
$1,322
There are no rows in this table
* Monteagle cluster includes Coalmont, Gruetli-Laager, Mont Cath, Mont Fores, Palmer, Sequatchie, Tracy City (7 sub-sites). Thomson includes Thom Buss, Thom-Black, Thom-Ehill (3 sub-sites).
SSD Notable Findings:
SDU Portfolio Detail
Table 59
Layton
81.8%
79.0%
-2.8pp
+2
$21,905
$34
73.7%
$21,861
$2,305
West Valley
77.1%
80.0%
+2.9pp
-2
$28,571
+$205
77.6%
$26,471
$7,242
There are no rows in this table
SDU Notable Findings:
GLS Portfolio Detail
Table 60
Greenville
73.2%
68.0%
-5.2pp
-7
$23,165
+$838
69.3%
$22,352
$3,222
Taylors
79.7%
84.0%
+4.3pp
-3
$25,020
+$1,761
85.7%
$22,143
$892
There are no rows in this table
GLS Notable Findings:
Facility Triage: Top 5 Underperformers
The following five facilities are the primary focus for the 14-Day Revenue & Occupancy Surge Plan. Each has a specific action plan underway.
Table 61
1
Griffin, GA
SSD
55.5%
83 vacant
Highest delinquency in portfolio ($8,355). Chronic occupancy low since Q3'25. 28 overlocked units.
2
Greenville, SC
GLS
69.3%
88 vacant
Largest absolute vacancy count in portfolio. -7 net rentals January. Occupancy down 5pp YoY.
3
Hampton, GA
T10
74.4%
26 vacant
Dropped 10+ percentage points YoY from 86% — most severe single-site occupancy decline in T10. Revenue declined $191 YoY.
4
Harpersville, AL
SSD
49.1%
73 vacant
Lowest occupancy rate in SSD. Small market — requires targeted local outreach. Revenue at $7K/month well below potential.
5
Layton, UT
SDU
73.7%
35 vacant
Dropped 8pp YoY. SDU's primary underperformer. Active on local demand channels.
There are no rows in this table
14-Day Revenue & Occupancy Surge Plan — Status Update
The following concrete initiatives are underway across the five triage facilities. We will report results on the Weekly Scoreboard every Friday.
1. Pricing & Promotions
2. Lead Capture & Conversion
3. Local Demand Channels
4. Online Conversion Hygiene
Weekly Scoreboard — Every Friday
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