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Move-Ins: 24 totalMove-Outs: 34 totalNet Rentals: –10 units (seasonal softness, elevated move-outs)Lead Activity: 48 total leadsConversion Rate: ~50% portfolio-wideFacility Notes:West Valley: Higher activity (17 move-ins / 20 move-outs), ~55% conversionLayton: Lower volume but stronger efficiency (7 move-ins / 14 move-outs), ~80% conversionDecember softness driven primarily by higher move-outs rather than weak demand
Move-Ins: 320 totalMove-Outs: 302 totalNet Rentals: +18 units (positive growth for the year)Lead Activity: 98 tracked leadsConversion Rate: ~46% on tracked leadsActual demand higher due to walk-ins and untracked sourcesFacility Contributions:West Valley:206 move-ins / 191 move-outs+15 net units (primary growth driver)Layton:114 move-ins / 111 move-outs+3 net unitsLeasing Trends:Stronger leasing momentum in spring and late-year (notably November)West Valley experienced higher turnover but maintained net positive growthLayton showed lower volume but consistently strong lead conversion
Portfolio delivered net positive unit growth in 2025 despite year-end churnWest Valley drives volume, while Layton outperforms on conversion efficiencyDecember decline appears seasonal, not structuralOverall leasing engine remains healthy heading into 2026
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SDU December MTD
Storage Depot SDU Portfolio – Performance Summary
December 2025
Full-Year 2025 (YTD)
Key Takeaways
Rate Increases
Storage Depot SDU Portfolio Performance – December 2025 and Full-Year 2025
December 2025 Metrics (Portfolio-Level & Facility Breakdown)
Portfolio Totals (December 2025): The SDU portfolio recorded 24 move-ins and 34 move-outs in December, yielding a net loss of –10 units (more move-outs than move-ins). Lead generation was moderate, with 48 new leads recorded across all sources in December. With 24 move-ins out of 48 leads, the portfolio’s conversion rate was roughly 50% for the month (i.e. about half of the leads resulted in move-ins).
By Facility: Layton had 7 move-ins and 14 move-outs (net –7 units), while West Valley saw 17 move-ins vs 20 move-outs (net –3 units). West Valley’s activity was higher, contributing the majority of December move-ins. Layton generated 10 leads (e.g. ~2 via website, 1 walk-in), and West Valley generated 38 leads (e.g. 17 via website, 6 walk-ins). Based on tracked leads, Layton converted about 80% of its leads (8 of 10 leads converted into rentals), whereas West Valley converted roughly 55% (21 of 38 leads). This puts the overall December lead-to-lease conversion at ~60%, indicating a solid end-of-year leasing efficiency for the leads captured.
December 2025 vs Full-Year 2025 move-ins and move-outs for each facility (Layton, West Valley) and the total portfolio. The December panel (left) shows West Valley had higher move-ins and move-outs than Layton, with a net decline in units for both. The full-year panel (right) highlights the much greater volume of activity over 2025 and a net positive gain in occupied units (move-ins exceeded move-outs) for both facilities.
Full-Year 2025 Metrics (Portfolio-Level & Facility Breakdown)
Portfolio Totals (Year 2025): For the full year 2025, the SDU portfolio achieved 320 move-ins and 302 move-outs, for a net gain of +18 units across all facilities. In total 98 leads were logged through the year (majority via the website and walk-in inquiries). Of these, 45 were converted into rentals, giving an overall conversion rate of ~46% among tracked leads. Note: The total move-ins (320) far exceed the number of leads recorded (98) because not all rentals were associated with a formally tracked lead – a sign that many tenants came from walk-ins or other untracked sources.
By Facility: Layton accounted for 114 move-ins and 111 move-outs in 2025 (net +3). West Valley, being a larger/higher-activity facility, logged 206 move-ins and 191 move-outs (net +15). Both facilities ended the year with more move-ins than move-outs, contributing to the portfolio’s net positive growth in occupied units. Lead activity was higher at West Valley (77 leads in 2025) than at Layton (21 leads) – consistent with its greater rental activity. Layton converted ~62% of its tracked leads (13 of 21) into move-ins over the year, while West Valley converted ~42% (32 of 77). This indicates that while West Valley generated more leads, Layton was slightly more efficient in converting the few leads it had. Overall, 45 out of 98 total leads became new tenants in 2025 (portfolio-wide).
Monthly Trends and Performance Over Time (2025)
Over the course of 2025, West Valley consistently outpaced Layton in both move-ins and move-outs each month, reflecting its larger tenant base and higher turnover. The monthly move-in trend (left panel of figure below) shows that West Valley (orange line) had strong rental months in mid-year and a peak in November (25 move-ins), whereas Layton (yellow line) had a steadier, lower volume with a smaller November uptick (16 move-ins). Both facilities experienced a slow start to the year, a leasing pickup in spring, and a late-year surge (notably November) in move-ins. The monthly move-out trend (right panel) reveals a similar pattern: West Valley saw spikes in March and October–November (e.g. 28 move-outs in October) coinciding with auctions or lease ends, whereas Layton’s move-outs were relatively even aside from a modest rise in Q4. Despite some volatility (especially at West Valley), each facility’s net rentals trended positive by year-end, with the portfolio adding 18 net units in 2025. Overall, West Valley’s higher activity drove most of the portfolio’s performance gains, while Layton contributed modest growth. The combined portfolio benefited from solid leasing in Q4 2025, helping end the year with occupancy gains despite the heavier move-out volumes in the final month.
Monthly trend of move-ins and move-outs for 2025 by facility. Left: Move-ins per month at Layton (yellow) vs West Valley (orange). West Valley maintained higher move-in counts throughout, with peaks in summer and a notable spike in November. Right: Move-outs per month at Layton vs West Valley. West Valley saw pronounced spikes (e.g. March and Oct), partly due to auctions, while Layton’s move-outs were more stable. Both sites saw increased turnover in late 2025, but move-ins kept pace to yield net positive rentals over the year.
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