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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

View 9 of Agenda 2

Done

Topic

Notes

Date

Added by

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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STORAGE DEPOT — SITES NEEDING ATTENTION

What's Wrong & What We're Doing About It

February 25, 2026

At a Glance

Table 86

Table 86

Griffin, GA

SSD

55.5%

-3.7pp YoY

$8,355

Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting empty

Greenville, SC

GLS

69.3%

-3.9pp YoY

$3,222

Largest absolute vacancy count in the portfolio — 88 units empty

Hampton, GA

T10

74.4%

-12.0pp YoY

$327

Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)

Harpersville, AL

SSD

49.1%

+5.1pp YoY

$367

Lowest occupancy rate in SSD — just under half full at 49.1%

Layton, UT

SDU

73.7%

-8.1pp YoY

$2,305

Down 8.1pp YoY — primary underperformer in SDU portfolio

West Valley, UT

SDU

77.6%

+0.5pp YoY

$7,242

Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU

Monroe, IL

T10

63.6%

+1.9pp YoY

$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

Table 87

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

55.5%

YoY Change

-3.7pp YoY

Vacant Units

MTD Revenue

$13,211

Delinquency

$8,355

There are no rows in this table

⁠

Table 88

Table 88

WHAT'S WRONG

WHAT WE'RE DOING

Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting empty

Highest delinquency in entire portfolio ($8,355 MTD) — significant NOI drag

28 overlocked units creating dead revenue and move-out risk

Lost 31 net units in Q3 2025; revenue recovering but occupancy stuck

High write-offs from delinquency impacting net collections

Pricing: 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.

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

Table 89

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

69.3%

YoY Change

-3.9pp YoY

Vacant Units

MTD Revenue

$22,352

Delinquency

$3,222

There are no rows in this table

⁠

Table 90

Table 90

WHAT'S WRONG

WHAT WE'RE DOING

Largest absolute vacancy count in the portfolio — 88 units empty

Occupancy declining: -3.9pp YoY, -7 net rentals in January

22 overlocked units adding to effective vacancy

Persistent 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.

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

Table 91

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

74.4%

YoY Change

-12.0pp YoY

Vacant Units

MTD Revenue

$13,657

Delinquency

$327

There are no rows in this table

⁠

Table 92

Table 92

WHAT'S WRONG

WHAT WE'RE DOING

Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)

Revenue declined YoY (-$191) — one of only 2 sites with a revenue drop

Lender obligations (asphalt, roofing) may be affecting curb appeal and tenant confidence

Historical slow recovery pattern: also lost 6 units in Q3 2025

Capital/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.

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

Table 93

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

49.1%

YoY Change

+5.1pp YoY

Vacant Units

MTD Revenue

$7,039

Delinquency

$367

There are no rows in this table

⁠

Table 94

Table 94

WHAT'S WRONG

WHAT WE'RE DOING

Lowest occupancy rate in SSD — just under half full at 49.1%

73 vacant units out of 159 — massive drag on NOI

Small market with limited organic demand; requires hyper-local strategy

Revenue at $7K/month significantly below this facility's potential

Pricing: 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.

There are no rows in this table

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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

Table 95

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

73.7%

YoY Change

-8.1pp YoY

Vacant Units

MTD Revenue

$21,861

Delinquency

$2,305

There are no rows in this table

⁠

Table 96

Table 96

WHAT'S WRONG

WHAT WE'RE DOING

Down 8.1pp YoY — primary underperformer in SDU portfolio

35 vacant units out of 171 — meaningful drag for a 2-property portfolio

Sister 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.

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

Table 97

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

77.6%

YoY Change

+0.5pp YoY

Vacant Units

MTD Revenue

$26,471

Delinquency

$7,242

There are no rows in this table

⁠

Table 98

Table 98

WHAT'S WRONG

WHAT WE'RE DOING

Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU

28 overlocked units — most in the SDU portfolio

Ongoing homeless issue may be deterring new tenants and creating churn

Security: camera damage and night light audit were flagged in prior meetings

Security (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.

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

Table 99

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

63.6%

YoY Change

+1.9pp YoY

Vacant Units

MTD Revenue

$11,031

Delinquency

$1,369

There are no rows in this table

⁠

Table 100

Table 100

WHAT'S WRONG

WHAT WE'RE DOING

Chronic underperformance: below 65% occupancy for multiple consecutive months

57 vacant units — largest vacancy count in T10

-7 net rentals in January — losing ground despite marginal YoY improvement

11 overlocked units adding to effective vacancy

Pricing: 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.

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

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

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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

Table 102

T10 11 facilities

Feb 2026

104

$75.71

$85.18

+12.5%

+$9.47

+$327.60

T10

11 facilities

Jan 2026

174

$134.54

$149.06

10.8%

+$14.52

+$382.72

T10

11 facilities

Dec 2025

153

$70.98

$86.90

22.4%

+$15.92

+$722.15

SSD

24 facilities

Feb 2026

135

709

195

$78.58

$86.04

9.5%

+$7.46

+$122.23

SSD

24 facilities

Jan 2026

260

$98.59

$105.99

7.5%

+$7.40

-$15.92

SSD

24 facilities

Dec 2025

210

160

$123.07

$139.76

13.6%

+$16.69

-$983.00

GLS

2 facilities

Feb 2026

$79.93

$84.01

5.1%

+$4.08

+$55.30

GLS

2 facilities

Jan 2026

$293.83

$321.66

9.5%

+$27.83

+$136.72

GLS

2 facilities

Dec 2025

$147.30

$165.87

12.6%

+$18.57

+$1,027.00

SDU

2 facilities

Feb 2026

$109.21

$118.79

8.8%

+$9.58

+$51.04

SDU

2 facilities

Jan 2026

$163.00

$177.31

8.8%

+$14.31

+$42.92

SDU

2 facilities

Dec 2025

$149.66

$168.45

12.6%

+$18.79

+$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

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

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

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

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

Table 65

Griffin, GA

SSD

55.5%

-3.7pp YoY

$8,355

Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting empty

Greenville, SC

GLS

69.3%

-3.9pp YoY

$3,222

Largest absolute vacancy count in the portfolio — 88 units empty

Hampton, GA

T10

74.4%

-12.0pp YoY

$327

Sharpest occupancy decline in T10: dropped 12pp YoY (from 86% to 74%)

Harpersville, AL

SSD

49.1%

+5.1pp YoY

$367

Lowest occupancy rate in SSD — just under half full at 49.1%

Layton, UT

SDU

73.7%

-8.1pp YoY

$2,305

Down 8.1pp YoY — primary underperformer in SDU portfolio

West Valley, UT

SDU

77.6%

+0.5pp YoY

$7,242

Occupancy flat YoY but $7,242 in delinquency — highest dollar amount in SDU

Monroe, IL

T10

63.6%

+1.9pp YoY

$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

Table 66

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

55.5%

YoY Change

-3.7pp YoY

Vacant Units

MTD Revenue

$13,211

Delinquency

$8,355

There are no rows in this table

⁠

Table 67

Table 67

WHAT'S WRONG

WHAT WE'RE DOING

Chronic occupancy — lowest in SSD at 55.5% with 83 units sitting empty

Highest delinquency in entire portfolio ($8,355 MTD) — significant NOI drag

28 overlocked units creating dead revenue and move-out risk

Lost 31 net units in Q3 2025; revenue recovering but occupancy stuck

High write-offs from delinquency impacting net collections

Pricing: 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.

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

Table 68

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

69.3%

YoY Change

-3.9pp YoY

Vacant Units

MTD Revenue

$22,352

Delinquency

$3,222

There are no rows in this table

⁠

Table 69

Table 69

WHAT'S WRONG

WHAT WE'RE DOING

Largest absolute vacancy count in the portfolio — 88 units empty

Occupancy declining: -3.9pp YoY, -7 net rentals in January

22 overlocked units adding to effective vacancy

Persistent 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.

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

Table 70

Column 1

Column 2

Column 3

Column 4

Column 5

Feb Occupancy

74.4%

YoY Change

-12.0pp YoY

Vacant Units

MTD Revenue

$13,657

Delinquency

$327

There are no rows in this table

⁠

Table 71

Table 71