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GLS Year End Review

Storage Depot – GLS Portfolio

2025 Year-End Performance Review & January 2026 Update

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Executive Summary – GLS Portfolio (2025)

The GLS portfolio delivered stable but uneven performance in 2025, with both facilities demonstrating solid demand fundamentals but facing operational and occupancy headwinds that limited full revenue optimization. While move-in activity remained healthy, elevated move-outs and persistent unrentable units constrained net rental growth and suppressed overall occupied rates.

Revenue performance remained resilient relative to occupancy, supported by effective rate management and pricing discipline. Entering 2026, early January trends indicate improving momentum, particularly in net rentals and occupancy stabilization.

Key Portfolio Themes for 2025

Consistent move-in activity across both sites

Net rentals pressured by higher move-outs

Unrentable units materially impacted gross potential realization

Revenue held up better than occupancy due to rate integrity

2026 has started with improved leasing trends

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Portfolio Snapshot – 2025

(Based on GLS EOM Reporting)

Facilities: 2 (Greenville, Taylors)

Primary Performance Drivers: Occupancy volatility, unrentable inventory, move-out volume

Revenue Trend: Stable with modest growth opportunities remaining untapped

Operational Focus Needed: Unit readiness, churn reduction, occupancy recovery

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Facility Performance Review

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Depot Greenville (GLS)

2025 Performance Overview

Greenville experienced steady demand throughout 2025, reflected in consistent move-in volume. However, elevated move-outs resulted in limited net rental growth, keeping occupancy below optimal levels for much of the year.

Unrentable units were a notable drag on performance, directly reducing both occupied rate and gross potential rent realization.

Key Metrics Summary

Move-Ins: Strong and consistent

Move-Outs: Elevated, offsetting leasing gains

Net Rentals: Slightly negative to flat over the year

Unrentable Units: Meaningful impact on available inventory

Occupied Rate: Sub-optimal but stable

Gross Potential Rent: Not fully captured due to unrentables

Revenue: Stable with modest upside remaining

Performance Interpretation

Despite demand strength, Greenville underperformed its full revenue potential due to inventory constraints and churn rather than pricing weakness.

Areas of Focus – Greenville

Accelerate conversion of unrentable units back into inventory

Reduce move-out velocity through retention initiatives

Push occupancy recovery before aggressive rate growth

Maintain pricing discipline once stabilized

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Depot Taylors (GLS)

2025 Performance Overview

Taylors demonstrated more pronounced occupancy volatility throughout 2025. While move-ins remained healthy, move-outs were higher than desired, leading to net rental erosion during portions of the year.

Revenue performance remained relatively stable due to effective rate management, but overall performance was constrained by occupancy softness.

Key Metrics Summary

Move-Ins: Healthy demand profile

Move-Outs: High, particularly in mid-year

Net Rentals: Negative in several periods

Unrentable Units: Ongoing operational drag

Occupied Rate: Below target levels

Gross Potential Rent: Under-realized

Revenue: Stable but occupancy-constrained

Performance Interpretation

Taylors’ results indicate strong market demand but operational friction, particularly around unit availability and customer retention.

Areas of Focus – Taylors

Prioritize unrentable unit remediation

Improve leasing conversion efficiency

Implement targeted retention programs

Focus on occupancy recovery before rate expansion

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GLS Portfolio – Visual Performance Highlights (Described)

The following visualizations are recommended and reflected in the analysis above:

Occupied Rate Trend (2025)

Line charts per facility showing occupancy pressure during mid-to-late 2025

Move-Ins vs Move-Outs by Facility

Bar charts illustrating churn pressure and net rental impact

Gross Potential Rent vs Actual Revenue

Demonstrates revenue resilience despite occupancy constraints

Unrentable Units Impact Visualization

Highlights lost opportunity and operational upside

(These charts can be produced as standalone images or embedded into a formal report upon request.)

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January 2026 Management Summary (Through January 14, 2026)

Early 2026 Performance Snapshot

The GLS portfolio has entered 2026 with improved leasing momentum, particularly in net rentals. Early indicators suggest stabilization following late-2025 softness.

Key January Trends

Move-Ins: Tracking ahead of late-2025 averages

Move-Outs: Moderating compared to prior periods

Net Rentals: Positive early-month trend

Occupancy: Beginning to stabilize

Revenue: Holding firm with upside as occupancy recovers

Management Outlook

Early January performance supports a constructive outlook for Q1 2026, provided operational focus remains on:

Returning unrentable units to service

Sustaining leasing momentum

Preventing rate erosion during occupancy recovery

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Overall GLS Portfolio Recommendations

Operational First: Unrentable units represent the single largest revenue opportunity

Occupancy Before Rate: Focus on unit fill before aggressive pricing moves

Retention Strategy: Reduce churn to unlock net rental growth

Data-Driven Leasing: Monitor move-out drivers by unit type and tenure

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Conclusion

The GLS portfolio exited 2025 with solid fundamentals but unrealized upside. With early 2026 performance trending positively, disciplined execution on occupancy recovery and operational efficiency positions the portfolio for measurable improvement in 2026.

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