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SSD December MTD

Storage Depot – SSD Portfolio Performance Summary

December 2025

Move-Ins: 155

Move-Outs: 209

Net Rentals: –54 units (seasonal year-end softness)

Total Leads: 390 (largest lead month of the year)

Converted Rentals: 202

Lead Conversion Rate: ~52%

December net losses were concentrated at a few larger sites (notably Boyle, Griffin, and Panama City)

Despite net move-outs, strong December lead volume creates momentum entering 2026

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Full-Year 2025

Move-Ins: 2,461

Move-Outs: 2,230

Net Rentals: +231 units (portfolio growth year-over-year)

Total Leads: 596

Converted Rentals: 326

Lead Conversion Rate: ~55%

18 of 24 properties finished the year with positive net rentals

Top net-gain properties:

Panama City: +50 units

Valley 299: +47 units

Griffin: +30 units

McCalla: +28 units

A small number of sites experienced modest net declines (LaFollette, Cleveland), but did not materially offset portfolio growth

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Lead & Marketing Insights

Digital channels dominate demand:

Website and phone calls generated ~71% of all leads

Online friction remains an opportunity:

Abandoned and failed checkouts represented a meaningful share of leads

Strong conversion rates indicate:

High-quality leads

Effective sales and follow-up execution

Total move-ins exceeded tracked leads, suggesting additional rentals from walk-ins, transfers, and existing customer expansions

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Key Takeaway

The SSD portfolio delivered solid net growth in 2025, with a temporary seasonal pullback in December.

Demand remains strong, marketing is effective, and the portfolio enters 2026 with a healthy lead pipeline and positive momentum.

Rate Increases

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Hampton Deep Dive

Ryan Ernest Gents, truly my apologies for such a delay. I've been heads down into blending Google Ads Accounts, in order to assess correct assumptions to our current trends. FYI I am still working with Argo to make it as accurate as possible. For Hampton in particular, I've pulled everything manually as it states below and here are my findings: #1 Hampton TN, - is located far away from bigger cities (ex: Elizabethan, Johnson City) and has an extremely low search volume as per Google Ads keyword research tool. With Avg. Monthly Searches not exceeding 10 searches per keyword per month - it tells us that there is simply not enough demand in the area in terms of excessive Google Ads spending. image.png 379 KB View full-size Download image.png 2.16 MB View full-size Download #2 We have been running Ads for this location since August 16th, originally with $300 monthly budget. Oct 4th - it was increased to $400, and remains at this level to this day. Our problem - is that campaign was not spending the entirety of the budget with Avg. Actual monthly cost around ~$250. image.png 360 KB View full-size Download Campaign looks very healthy, with all the metrics sits at good average levels and dominate the impression Share. We did received only 1 rental conversion though in this period, witch only confirms original hypothesis of an extremely low Search Volume. #3 Nov 13th - when we transitioned to cubby - we have also changed Google Ads account for entire SD Portfolio. Couple of things have improved: 1. We now do spend all $400 per month on Avg. (due to new campaign structure and dynamic budget adjustment) 2. Campaign metrics have improved dramatically: we have received twice as more clicks in 1.5 months vs previous 3 month prior to cubby transition with cheaper cost per click and lower CTR. Conclusion here: - is that our ads efforts have definitely improved. image.png 344 KB View full-size Download But the problem still remains - we don't have sufficient amount of rental conversions overall. Conclusion In short: the ads are working as intended, but the market itself does not provide enough demand to scale conversions meaningfully through search alone. Hampton’s extremely low search volume fundamentally limits the number of potential rental conversions available through Google Ads. The lack of rentals is therefore consistent with market reality rather than a failure of strategy, budget, or optimization. Also, since we launched ads in august they didn't produce any tangible result according to our EOM report image.png 665 KB View full-size Download I believe we should look into alternative ways of advertising this location. Ryan can we see how sparefoot was performing for Hampton prior to November? Ernest Is there something going on with an area itself? Not much move-in were happening here but i really can't evaluate it through Google Ads efforts.

SSD Portfolio Performance Update (Storage Depot) – December 2025 and Full-Year 2025

December 2025 Performance

In December 2025, the Storage Depot portfolio recorded 155 move-ins and 209 move-outs. This resulted in a net rental loss of 54 units for the month (i.e. 54 more move-outs than move-ins). A total of 390 new leads were generated during December, of which 202 were converted into rentals. This yields an approximate lead conversion rate of ~52% (202 converted leads out of 390 total leads). The majority of properties experienced more move-outs than move-ins in December, reflecting a seasonal dip in occupancy.

Rental Activity by Property (December 2025)

The table below breaks down move-ins, move-outs, and net rentals for each SSD property in December 2025:

Table 30

Table 30

Property

Move-Ins

Move-Outs

Net Rentals (Dec 2025)

Boyle

–15

Cahaba

–1

Cleveland

–4

Coalmont

Valley 210WF

–2

Elizabethton

–4

Griffin

–15

Gruetli-Laager

Harpersville

–1

LaFollette

Lanett AL

–1

McCalla

–4

Mont Cath

Mont Fores

Okoboji

Palmer

Panama City

–12

Phenix City

–7

Sequatchie

Thom Buss

Thom-Black

–2

Thom-Ehill

–2

Tracy City

Valley 299

There are no rows in this table

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Net rentals represent the difference between move-ins and move-outs. Notably, Griffin and Boyle had the largest net losses in December (each with –15 net rentals), followed by Panama City (–12). Only a few sites achieved net gains, with Valley 299 adding the most (+6) and a handful of others (Coalmont, Mont Cath, Mont Fores, Thom Buss, Tracy City) gaining +1–2 units.

December 2025 net rentals (move-ins minus move-outs) by property. Most properties saw net move-out (red bars) in December, with only a few achieving small net gains (green bars). A value of zero (gray) indicates equal move-ins and move-outs.

Lead Activity by Source (December 2025)

Lead generation in December was robust, totaling 390 leads from various sources. The distribution of lead sources is illustrated below and detailed in the table:

Lead source distribution for December 2025. The portfolio’s marketing is largely driven by digital channels (website and call inquiries), which together accounted for ~70% of December leads.

The website and phone calls were the dominant lead sources, together accounting for roughly 70% of December leads. “Website” inquiries generated 170 leads (about 43.6% of the total) and direct phone calls produced 102 leads (~26.2%). Other notable sources included “Abandoned Checkout” (59 leads) and “Failed Checkout” (42 leads) from online rental processes that were not initially completed. Walk-in traffic and other channels contributed a smaller share (single-digit leads each), and several categories (e.g. referrals, ads) had no recorded leads in December.

Below is the breakdown of December leads by source:

Table 31

Table 31

Lead Source

Leads – Dec 2025

Website

170

Call (Phone Inquiry)

102

Abandoned Checkout

Failed Checkout

Waitlist Form

Walk-In

Other

AI Voice Agent

Billboard

Contact Form

Digital Ad

Physical Ad

Referral

Reserved Checkout

SMS Message

Search Engine

There are no rows in this table

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(Sources with zero leads in December are included for completeness.)

The lead-to-rental conversion rate for December 2025 was approximately 52%, meaning about half of the inquiries led to an actual rental by month’s end. This is derived from 202 leads converted into rentals out of 390 total leads. Many of December’s new leads came late in the year, so some of these inquiries might convert in the following period.

Full-Year 2025 Performance (Jan–Dec 2025)

For the full year 2025, the SSD portfolio achieved 2,461 move-ins and 2,230 move-outs, for a net gain of 231 units over the year. This net positive rental activity indicates overall growth in occupancy across the portfolio. A total of 596 leads were recorded in 2025, of which 326 converted into rentals – an overall conversion rate of roughly 55%.

Rental Activity by Property (Year 2025)

The table below summarizes cumulative 2025 move-ins, move-outs, and net rentals for each property:

Table 32

Table 32

Property

Move-Ins (2025)

Move-Outs (2025)

Net Rentals (Year 2025)

Boyle

230

205

+25

Cahaba

+11

Cleveland

107

–9

Coalmont

Valley 210WF

Elizabethton

200

194

Griffin

286

256

+30

Gruetli-Laager

–7

Harpersville

+17

LaFollette

231

242

–11

Lanett AL

McCalla

169

141

+28

Mont Cath

–3

Mont Fores

+17

Okoboji

Palmer

Panama City

315

265

+50

Phenix City

163

155

Sequatchie

Thom Buss

Thom-Black

–4

Thom-Ehill

Tracy City

Valley 299

+47

There are no rows in this table

⁠

Across the portfolio, most properties showed net rental gains in 2025. The largest increases in occupied units were seen at Panama City (+50 net) and Valley 299 (+47 net), reflecting strong growth at those sites. Several other facilities saw substantial net gains as well (e.g. Griffin +30, McCalla +28, Harpersville +17). A few properties had modest net losses over the year – the biggest being LaFollette (–11 net) and Cleveland (–9), indicating slight occupancy declines in those locations. Overall, 18 out of 24 properties ended the year with more move-ins than move-outs, a positive sign of portfolio-wide growth.

Lead Activity by Source (Full Year 2025)

Lead generation for the entire year mirrored the December pattern, dominated by digital channels. The website was the top source with 224 leads (37.6% of all 2025 leads), and phone calls were close behind with 201 leads (33.7%). Together, these two sources comprised over 70% of the year’s lead volume. Other notable contributors included “Abandoned Checkout” with 81 leads and “Failed Checkout” with 49 leads, indicating many prospects initiated online rentals but didn’t complete the process initially. Traditional marketing and referral channels provided minimal lead volume (e.g. only 25 walk-ins and 5 “Other” referrals all year, with categories like billboard ads and search engine referrals yielding none).

The table below details total leads by source for 2025:

Table 33

Table 33

Lead Source

Leads – 2025 (Full Year)

Website

224

Call (Phone Inquiry)

201

Abandoned Checkout

Failed Checkout

Walk-In

Waitlist Form

Other

SMS Message

AI Voice Agent

Billboard

Contact Form

Digital Ad

Physical Ad

Referral

Reserved Checkout

Search Engine

There are no rows in this table

⁠

Overall, 596 leads were logged in 2025 across all sources, and 326 of those leads converted into rentals. This ~55% conversion rate for the year indicates that over half of inquiries ultimately resulted in move-ins. The high number of total move-ins relative to leads also suggests that a portion of rentals came from existing customers (transfers or walk-ins not counted as new “leads”), which is why the portfolio’s move-in count (2,461) exceeds the new leads count.

Key Trends and Observations

Overall Growth: The SSD portfolio expanded its occupancy in 2025, with a net gain of 231 units (2,461 move-ins vs. 2,230 move-outs). Many facilities saw positive net rentals over the year, indicating strong demand and effective leasing strategies.

Year-End Slowdown: December 2025 was a softer month, showing a net loss of 54 units (more move-outs than move-ins). Several larger properties experienced significant move-out activity in December (e.g. Boyle and Griffin each had –15 net in the month). This could be due to seasonal factors (customers vacating at year-end) and is in contrast to the overall yearly growth.

Lead Surge in December: Lead activity spiked in December with 390 leads – over half of the entire year’s leads were generated in December alone. This surge was driven primarily by online inquiries (website) and phone calls, which together made up ~70% of December leads. It suggests a strong marketing push or heightened customer interest late in the year. Not all these leads converted by December 31, which implies a pipeline of potential move-ins going into early 2026.

Dominant Lead Sources: Throughout 2025, digital channels dominated lead generation. The company website and call-ins accounted for the bulk of leads (425 out of 596 leads, ~71%). Online self-service rental processes (customers starting rentals but not completing them, shown as “Abandoned” or “Failed Checkout”) also contributed a significant share. Traditional advertising, referrals, and walk-ins were relatively minor sources by comparison.

Strong Conversion Rate: The portfolio achieved approximately a 55% conversion rate of leads to actual rentals for the year. In December, conversion was around 50%, indicating consistent efficiency in turning inquiries into paying tenants. This high conversion ratio highlights effective sales follow-up and marketing quality – over half of interested prospects ended up renting. It’s also worth noting that the total number of rentals exceeded tracked leads, which points to additional rentals from existing tenant expansions or untracked walk-in traffic.

Overall, the Storage Depot SSD portfolio demonstrated healthy growth in 2025, increasing occupancy by year-end. While December saw a temporary dip in net rentals, the surge in lead activity during the month bodes well for future occupancy. The data underscores the importance of digital marketing channels in driving demand, and the portfolio’s ability to convert those leads into rentals at an impressive rate.

Sources: Performance metrics are derived from the “SSD EOM Report – Storage Depot” and “SSD Management Summary – Consolidated” reports for December 2025, which include detailed move-in/move-out data and lead tracking by source for all properties in the SSD portfolio.

Storage Depot – SSD Portfolio Performance Summary

Rate Increases

Hampton Deep Dive

SSD Portfolio Performance Update (Storage Depot) – December 2025 and Full-Year 2025

December 2025 Performance

Rental Activity by Property (December 2025)

Table 30

Lead Activity by Source (December 2025)

Table 31

Full-Year 2025 Performance (Jan–Dec 2025)

Rental Activity by Property (Year 2025)

Table 32