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2024 Revenue: ~$580K2025 Revenue: ~$609KYoY Change: ⬆ +$29K (+5.0%)
2024 Revenue: ~$282K2025 Revenue: ~$297KYoY Change: ⬆ +$15K (+5–6%)Positive net rentals in 2025Improved rate realizationStable operational control (low unrentables)
2024 Revenue: ~$298K2025 Revenue: ~$312KYoY Change: ⬆ +$14K (+4–5%)Stronger average occupancy than LaytonRate growth offset operational inefficienciesPricing gains carried performanceGrowth was capped by unrentable units and churn
Move-Ins: ~154Move-Outs: ~149Net Rentals: +5 (positive absorption)Average Occupancy Rate: ~78–79%Revenue Collected (2025): ~$297KGross Potential: Consistently underutilized due to vacancyUnrentable Units: Low and stable throughout the year
Layton was the stronger performing SDU asset in 2025 from a net rentals perspective.Demand was steady with controlled churn, supporting stable revenue growth.Occupancy remained below optimal levels, indicating room for rate growth once stabilized.
Move-Ins: 6Move-Outs: 3Net Rentals: +3Occupancy: 79.5%Autopay Penetration: 77.2%
Push occupancy into the low-to-mid 80% range to unlock pricing power.Maintain strong autopay adoption to protect revenue stability.Continue local demand capture through targeted digital promotions.
Move-Ins: ~154Move-Outs: ~160Net Rentals: -6Average Occupancy Rate: ~83–84%Revenue Collected (2025): ~$312KGross Potential: Suppressed by elevated unrentable unitsUnrentable Units: Material issue (averaging ~30 units)
West Valley generated slightly higher revenue than Layton due to better occupancy.However, negative net rentals and high unrentables limited overall performance.Operational constraints, not demand, were the primary drag on growth.
Move-Ins: 8Move-Outs: 8Net Rentals: 0Occupancy: 80.9%Unrentable Units: 30Autopay Penetration: 68.3%
Immediate priority: Reduce unrentable inventory — each unit returned to service directly lifts NOI.Improve autopay penetration to 70%+ to reduce delinquency risk.Stabilize churn through better retention offers and rent increase timing.
Layton is a growth candidate: stable, improving, and positioned for occupancy-driven rate gains.West Valley is an operational recovery story: fixing unrentables is the fastest way to improve performance.The SDU portfolio does not suffer from weak demand — results are driven by execution and asset condition, not market fundamentals.
Revenue collected (2025): $609,390 (up vs 2024)Average unit occupancy (2025): 81.1% (roughly flat vs 2024)Net rentals (2025): -6 (Move-ins 308 vs Move-outs 309)Operational drag: unrentables averaged ~22 units across the portfolio (West Valley is the primary driver)
Depot Layton: 6 move-ins / 3 move-outs (+3 net), occupancy 79.5%, autopay penetration 77.2%Depot West Valley: 8 move-ins / 8 move-outs (0 net), occupancy 80.9%, autopay penetration 68.3%, 30 unrentable units (key near-term opportunity)
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SDU Year End Review
SDU Revenue Comparison: 2025 vs 2024
Portfolio-Level
✅ SDU finished 2025 with higher total revenue than 2024
By Facility
Depot Layton
Drivers
✅ Layton showed consistent, healthy growth year-over-year
Depot West Valley
Drivers
⚠️ Revenue grew despite negative net rentals, indicating:
Storage Depot SDU – 2025 Year-End Review
Breakdown by Facility
Depot Layton
2025 Performance Summary
Key Observations
January 2026 Update (MTD)
Areas of Focus (2026)
Depot West Valley
2025 Performance Summary
Key Observations
January 2026 Update (MTD)
Areas of Focus (2026)
SDU Portfolio – Consolidated View
Table 36
Metric
2025 Result
Total Revenue
$609K
Avg Occupancy
~81%
Net Rentals
-6
Primary Constraint
Unrentable units
Top Opportunity
Operational recovery → revenue upside
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Executive Summary – What This Means
Quick portfolio takeaways (SDU)
January 2026 kickoff (Jan 1–14, 2026)
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