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October 2025: 152 move-ins, 193 move-outs → Net –41 unitsOctober 2024: 161 move-ins, 248 move-outs → Net –87 unitsKey Insight: Fewer tenant departures drove improvement despite slightly lower move-in volume.
Leads: ~242 in Oct 2025 (–26% YoY)Conversion Rate: 63% in 2025 (up from 49% in 2024)Lead Sources: ~50% walk-ins, ~45% web/online, ~5–10% calls
Physical occupancy: ~73% (2,365 of 3,230 units)Economic occupancy: ~88% of gross potential
Rental income (Oct 2025): ~$240.6K (+16% YoY)Gross potential rent: ~$272KGap due to: Vacancies and tenants below market
Top reasons:No longer needed storage (60)No notice/skipped (52)Auction (47)Only 1 move-out due to dissatisfactionConclusion: Most turnover is non-service-related
217 customers set for increasesAvg increase: ~$18/month (≈19%)Total new monthly revenue: +$3.9K (projected)All sites included, with McCalla & Griffin leading in volumeLargest % increases at sites with lowest legacy rents📊 Portfolio-Level Highlights
Move-Ins / Move-Outs:
152 move-ins vs. 193 move-outs → Net -41 units, better than October 2024’s Net -87.
Indicates improved customer retention.Leads & Conversion:
Leads down YoY (242 vs. 327), but conversion rate up to 61.6% from 46.5%.
Majority of leads from walk-ins (55%) and online (42%).Occupancy:
Rose to 73.1%, up from 70.6% in 2024.
10 of 14 sites improved; biggest gains in Panama City FL and Griffin GA.Revenue:
$292K total revenue, up +19.3% YoY.
Only 2 sites saw revenue decline.
Economic occupancy over 100% = strong rate increases and collections.Move-Out Reasons:
Top reasons: No longer needed, vacated without notice, and lien auctions.
Only 1 tenant cited dissatisfaction.Rate Increases:
~950 existing customers received increases (~40% of tenants).
Average 10% hike, added $10K+ in monthly rent.
In-place rents now 15–20% above street rates.
Biggest revenue gains:Panama City FL: +59%McCalla AL: +28%Griffin GA: +19%Strongest occupancy increases:Panama City FL: +15.5 ptsGriffin GA: +13.6 ptsHarpersville AL: +10 ptsUnderperformers needing focus:Thomson GA: Occupancy ↓ 5 pts, Revenue ↓ 3.5%Phenix City AL: Revenue ↓ 2.5%
Stronger leasing and retention drove better YoY performance.Effective rent increases boosted revenue beyond projections.Lead quality improved even with lower volume.Focus needed on filling low-occupancy sites and sustaining rate growth.
Move-Ins & Move-Outs: The portfolio recorded 152 move-ins and 193 move-outs in October 2025, resulting in a net loss of 41 units. This is a significant improvement from October 2024’s net loss of 87 units (161 move-ins vs. 248 move-outs). In other words, fewer customers left in Oct 2025 than a year prior, narrowing the occupancy loss gap. For example, one site (Cahaba, AL) even achieved a slight net gain with 4 move-ins vs. 3 move-outs, whereas most sites had small net losses. This improvement suggests better customer retention and seasonally moderated move-out activity relative to last year.Lead Activity: Lead volume was lower YoY – the portfolio received 242 leads in Oct 2025, down from 327 in Oct 2024. Despite fewer leads, conversion rates improved markedly. About 61.6% of 2025 leads converted to rentals, up from a 46.5% conversion in 2024, indicating more qualified prospects and/or improved sales effectiveness. The mix of lead sources shifted as well, focusing on more organic and direct inquiries.Occupancy Levels: Physical occupancy improved year-over-year. The portfolio’s unit occupancy stood at 73.1% at end of October 2025, up from ~70.6% in Oct 2024. This ~2.5 percentage point increase reflects the reduced net move-out trend and leasing gains achieved over the past year. Notably, 10 of 14 facilities grew occupancy YoY. Several facilities achieved substantial occupancy gains (e.g. Panama City, up 15.5 points) even as a few saw declines (e.g. Thomson GA, down 4.9 points). Overall, higher occupancy contributed to greater stabilized revenue for the portfolio.Revenue and Gross Potential: The portfolio’s total monthly revenue (MTD receipts) for October 2025 was $292.0K, which is a +19.3% increase YoY (Oct 2024 was $244.8K). Every facility except two saw higher monthly receipts than last year, thanks to both occupancy gains and rental rate improvements. Importantly, actual collected rent now exceeds the theoretical gross potential at standard rates. Gross Potential Rent (GPR, if all units rented at standard rates) was roughly $272.6K for Oct 2025 (essentially flat from $271.0K in 2024). Yet the portfolio still collected more than that in actual revenue, implying effective rents above current street rates due to rate increases on existing tenants and fees/ancillaries. The portfolio’s economic occupancy (actual rent as % of GPR) was ~107% for October, up from ~90% a year ago, reflecting both improved occupancy and strong pricing power on existing rentals.Move-Out Reasons: “No longer needing storage” was the top move-out reason reported in October, cited by many departing tenants. In fact, roughly 60 move-outs (the largest share) were simply due to customers having fulfilled their storage need and leaving. The next most common driver was tenants who vacated without notice (~52 cases), indicating a continued need to monitor unexpected skips. Lien auction disposals were the third major category (~47 units went to auction in October), reflecting delinquency resolutions. Smaller numbers of move-outs were due to moving to a new location, consolidating units, or other personal reasons. Only one reported move-out was due to dissatisfaction (“unhappy with service”), which is low, suggesting that operational service issues were minimal. Overall, the data indicates move-outs are primarily driven by normal lifecycle reasons (need ended or moving) and delinquency/auction processes, rather than competitive or service issues.Existing Customer Rate Increases: The portfolio continued its revenue management strategy of raising rents on existing tenants. Approximately 950 existing customers received rent increases effective in October 2025, representing roughly 40% of occupied units. These rent adjustments collectively added an estimated five-figure boost in monthly rent (on the order of ~$10K+ per month across the portfolio). Many tenants saw 10–20% rent hikes on their units. As a result of these and prior increases, the average in-place rent is about 15–20% higher than standard rates for the same units. For example, a 10x10 non-climate unit with a $100 street rate might be paying around $115–$120 after recent increases. The average percentage increase per affected customer in October was around 10% of their rent. These proactive rate adjustments are reflected in the portfolio’s strong economic occupancy and revenue growth. Going forward, scheduled rate increase programs will continue (e.g. another batch slated for December), aiming to systematically push rents while balancing occupancy.
Move-Ins/Outs: 9 move-ins vs 17 move-outs in Oct 2025 (net -8 units). This was slightly better than Oct 2024 (8 ins, 18 outs, net -10).Occupancy: 81.3% unit occupancy at end of Oct 2025, up from 74.9% a year prior. Boyle gained over 6 percentage points in occupancy YoY, reflecting improved retention and fill of vacant units.Revenue: $28,053 total revenue in Oct 2025, a +21% increase from $23,106 in Oct 2024【76†】. Higher occupancy and tenant rate increases boosted Boyle’s revenue.Leads & Conversion: 19 new leads generated in the month, of which 10 converted to rentals (~52.6% conversion). Lead volume was up from 13 leads in 2024 (which had a 61.5% conversion), indicating steady demand and effective closing despite a slight drop in conversion percentage.
Move-Ins/Outs: 4 move-ins vs 3 move-outs (net +1) in Oct 2025. Cahaba managed to end positive, versus net zero a year ago (4 ins, 3 outs in 2024 as well). It was one of the only sites with net gain this October.Occupancy: 75.2% occupied, marginally above the 74.3% level of last year. Occupancy at Cahaba has held steady and improved by about +0.9 points YoY.Revenue: $10,179 in monthly revenue, up from $9,043 in Oct 2024 (≈+13% YoY growth). This increase came from modest occupancy and rate gains.Leads & Conversion: 5 leads in Oct 2025, all of which were qualified (3 move-ins giving a strong 60% conversion rate). Lead flow was down from 2024 (when 7 leads yielded 3 rentals, 42.9% conversion), but efficiency improved this year.
Move-Ins/Outs: 3 move-ins vs 5 move-outs (net -2) in Oct 2025, a slight improvement from net -4 in 2024 (3 ins, 7 outs last year).Occupancy: 79.9% occupied in Oct 2025, up from 76.9% prior year (+3.0 pts). Cleveland’s occupancy trend is positive, nearing 80% threshold.Revenue: $18,895 collected for the month, just about +18% higher than $16,0<span></span>**<span>**078 in Oct 2024. Increased occupancy and tenant rates contributed to the gain.Leads & Conversion: 7 leads were received in 2025, with 3 converting to rentals (42.9% conversion). Lead volume was down from 13 leads in 2024 (when 8 converted, a higher 61.5% rate), suggesting fewer but perhaps better-targeted inquiries this year.
Move-Ins/Outs: 16 move-ins vs 21 move-outs (net -5) in Oct 2025, improved from net -8 a year ago (16 ins, 24 outs in 2024).Occupancy: 75.9% occupied, which is actually a slight decline from 80.1% in Oct 2024 (–4.2 pts). Despite strong leasing activity, Elizabethton saw occupancy dip as move-outs outpaced move-ins over the year.Revenue: $20,449 in October revenue, up ~+4.7% YoY (from $19,530 in 2024). While occupancy fell a bit, revenue still rose on the back of rate increases (economic occupancy remained healthy around 91%).Leads & Conversion: 30 leads came in during Oct 2025 – the highest volume of any SSD site. 16 of those leads converted to move-ins (53.3% conversion). Comparatively, last year saw 28 leads with 13 conversions (46.4%). The site’s marketing generated ample interest, and over half of prospects rented, driving its large number of move-ins.
Move-Ins/Outs: 15 move-ins vs 13 move-outs (net +2) in Oct 2025. This is a big turnaround from Oct 2024, which had 13 ins and 25 outs (net -12). Griffin shifted from a steep loss last year to a modest gain this year.Occupancy: 63.1% occupied, up sharply from just 49.5% a year ago【69†】【68†】. This +13.6 point occupancy jump is one of the largest improvements in the portfolio, indicating strong leasing momentum at Griffin.Revenue: $18,339 for the month, rising about +19% from $15,474 in Oct 2024. The revenue growth mirrors the occupancy gains, as many previously empty units are now contributing rent.Leads & Conversion: 26 leads were logged, with 15 converting to rentals (57.7% conversion). Lead volume was slightly lower than 2024’s 30 leads, but conversions improved (2024 had 13 conversions, 43.3%). Griffin’s performance benefited from better closing and presumably targeted marketing (the site was a focus for lease-up given last year’s low occupancy).
Move-Ins/Outs: 4 move-ins vs 3 move-outs (net +1) in Oct 2025, similar to net zero last year (5 ins, 5 outs in 2024). Small numbers, but positive direction.Occupancy: 52.8% occupied, up from 42.9% in 2024 (+10.0 pts YoY). Harpersville, though still the lowest occupancy in the portfolio, made significant strides in filling units over the past year.Revenue: $7,881 in monthly revenue, up ~+19% from $6,640 in Oct 2024. Even at just ~53% occupancy, the site’s revenue growth shows effective rate management and the impact of that 10-point occupancy rise.Leads & Conversion: 9 leads generated, 4 converted to rentals (44.4%). Lead flow was comparable to last year (8 leads, 3 converted at 37.5%). Continued marketing efforts are needed to accelerate leasing given the still-low occupancy, but progress is evident.
Move-Ins/Outs: 16 move-ins vs 24 move-outs (net -8) in Oct 2025, slightly worse than net -7 in 2024 (17 ins, 24 outs). Move-out volume remained high, leading to net negative absorption.Occupancy: 83.2% occupied, down a bit from 90.1% a year ago (–6.9 pts). LaFollette had a very high occupancy in 2024, and while it’s come down to 83%, it is still among the higher-occupied sites in the portfolio.Revenue: $40,175 in October revenue, a +18.3% jump from $33,963 last year. Despite the occupancy dip, revenue climbed strongly – likely owing to aggressive rent increases on existing tenants (economic occupancy ~88.6%). This suggests significant rate uplift year-over-year.Leads & Conversion: 26 leads were recorded (equal to last year’s volume), with 17 converted in 2025 (65.4% conversion). This is slightly lower conversion than 2024’s 17 of 26 (65.4% vs 2024’s 73.1%), but still a high rate. The demand pipeline remains robust; the occupancy decline appears to be more due to elevated move-outs (including auctions) rather than lack of demand.
Move-Ins/Outs: 10 move-ins vs 9 move-outs (net +1) in Oct 2025, similar to net zero last year (8 ins, 8 outs in 2024). McCalla maintained equilibrium.Occupancy: 81.7% occupied, up from 74.0% in 2024 (+7.8 pts). McCalla made solid occupancy gains over the year, crossing the 80% mark.Revenue: $27,750 for Oct 2025, up +27.7% from $21,735 in 2024. This was one of the largest revenue increases among the sites. The boost reflects the occupancy jump and considerable rent raises (economic occupancy actually exceeded 100% – i.e., collected rent was ~110% of standard rent potential【66†】).Leads & Conversion: 14 leads received, 10 converted (71.4% conversion). In 2024, 11 leads yielded 6 rentals (54.5%). McCalla’s high conversion rate in 2025 indicates efficient leasing; nearly three out of four prospects ended up renting.
Move-Ins/Outs: 14 move-ins vs 21 move-outs (net -7) in Oct 2025, comparable to net -6 last year (13 ins, 19 outs in 2024).Occupancy: 57.9% occupied, essentially flat versus 57.3% in 2024 (+0.6 pts). Monteagle remains around the mid-50s occupancy, indicating plenty of vacancy but holding steady YOY.Revenue: $23,251 in revenue, up +25.3% from $18,544 in 2024. Interestingly, Monteagle achieved a quarter increase in revenue despite flat occupancy – pointing to significant rent rate increases and improved collections (economic occupancy ~83.6% vs 73.5% last year). The site is monetizing its occupied units far better than before.Leads & Conversion: 18 leads in 2025, with 13 converting (72.2%). Last year saw 19 leads and 9 conversions (47.4%). Monteagle’s leasing team converted a much higher share of inquiries this year, which helped offset the high move-out count to keep occupancy steady.
Move-Ins/Outs: 4 move-ins vs 9 move-outs (net -5) in Oct 2025, improved from net -7 in 2024 (2 ins, 9 outs last year). Though net loss continued, move-ins doubled YOY.Occupancy: 84.1% occupied, down slightly from 87.9% in 2024 (–3.8 pts). Occupancy remains strong in the mid-80s despite the slippage.Revenue: $12,492 in revenue, about +15.5% higher than $10,804 in Oct 2024. Rate increases have clearly bolstered Okoboji’s revenue (economic occupancy ~89.8%, up from 85%).Leads & Conversion: 6 leads were generated (versus 5 last year), with 4 converting to rentals (66.7% conversion). In 2024, 3 of 5 converted (60%). Demand is modest but consistent; nearly all who are interested end up renting, indicating a small but efficient funnel.
Move-Ins/Outs: 15 move-ins vs 13 move-outs (net +2) in Oct 2025, a positive swing from net -6 in 2024 (7 ins, 13 outs). Increased move-in activity turned the tide for Panama City.Occupancy: 90.0% occupied at Oct 2025’s end, a huge jump from 74.5% in 2024 (+15.5 pts). Panama City is now effectively full (90%+), marking the highest occupancy in the portfolio after a year of aggressive leasing.Revenue: $22,504 in October revenue, soaring +59% YoY from $14,162 last year【42†】. This was the largest revenue gain of any site, reflecting the combined effect of the occupancy surge and rent increases. In fact, current monthly revenue at Panama City now far exceeds what the site’s GPR was last year, indicating an excellent turnaround.Leads & Conversion: 18 leads were captured in Oct 2025, with 13 converting (72.2% conversion). This compares to 12 leads and 6 conversions in 2024 (50%). Marketing and on-site teams successfully channeled strong interest into rentals, which, coupled with improved retention, drove the occupancy and revenue gains.
Move-Ins/Outs: 5 move-ins vs 4 move-outs (net +1) in Oct 2025, better than net -2 last year (3 ins, 5 outs in 2024).Occupancy: 78.1% occupied, slightly down from 80.5% in 2024 (–2.4 pts). Occupancy dipped a bit year-over-year, but remains fairly high.Revenue: $17,681 for the month, essentially flat (-2.5% vs $18,131 in 2024). Phenix City was one of only two sites with a small YoY revenue decline【49†】. The slight revenue drop aligns with the minor occupancy loss and perhaps some rate sensitivity in this market.Leads & Conversion: 5 leads were recorded in 2025, 3 of which converted (60%). In 2024, 7 leads yielded 4 rentals (57%). Lead volume decreased, but conversion held steady. To grow occupancy back up, increasing lead flow (through marketing) may be necessary since the closing rate is already solid.
Move-Ins/Outs: 6 move-ins vs 11 move-outs (net -5) in Oct 2025, improved from net -9 the prior year (5 ins, 14 outs in 2024).Occupancy: 69.6% occupied, down from 74.5% in 2024 (–4.9 pts). Thomson saw occupancy slip under 70%, one of the few sites with a notable decline. High move-out volume (including several delinquency auctions) weighed on occupancy.Revenue: $15,308 in October revenue, slightly -3.5% lower than $15,859 in 2024【48†】. Thomson was the only site besides Phenix City to see a revenue drop. Even with rent increases, the loss of paying tenants dragged revenue down a bit.Leads & Conversion: 6 leads were generated, 4 converted (66.7%). Last year’s lead count was identical (6 leads, 3 converted for 50%). Demand has not been the main issue – conversion actually improved – but backfilling move-outs has been challenging. Focus for Thomson should be on retention and targeted promotions to rebuild occupancy.
Move-Ins/Outs: 6 move-ins vs 7 move-outs (net -1) in Oct 2025, a stabilization from net -2 in Oct 2024 (5 ins, 7 outs).Occupancy: 78.5% occupied, down slightly from 82.1% a year ago (–3.6 pts). Valley’s occupancy dipped but remains near the portfolio average.Revenue: $29,497 in revenue, up +21.8% from $24,212 in Oct 2024. This strong revenue gain, despite the occupancy slip, suggests significant rent raises and improved collection of delinquencies. Valley’s economic occupancy is high, indicating it’s maximizing income on the occupied units.Leads & Conversion: 9 leads were received, with 6 converted (66.7% conversion). In 2024, the site had 11 leads and 5 conversions (45.5%). The increased conversion rate this year helped Valley maintain near-flat occupancy with fewer move-ins; however, marketing may need to bring in more prospects to push occupancy back above 80%.
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SSD October 2025 YoY
📊 SSD Portfolio Summary – October 2025 vs. 2024
📦 Move-Ins, Move-Outs & Net Rentals
📈 Lead Activity
🏠 Occupancy
💰 Revenue
📤 Move-Out Reasons – October 2025
📈 Scheduled Rate Increases (Dec 2025)
📊 SSD Portfolio Summary – October 2025 vs. 2024
🏢 Site-Level Trends
Rate Increases
Facility
Customers with Increase
Avg $ Increase
Avg % Increase
McCalla (AL)
32
$17.9
17.8%
Griffin (GA)
28
$18.3
17.2%
Cahaba (AL)
24
$18.8
16.5%
Valley (AL)
24
$17.4
16.5%
Boyle (MS)
15
$16.5
22.8%
Thomson (GA)
15
$17.5
18.1%
Monteagle (TN)
13
$17.6
17.6%
Cleveland (MS)
12
$18.3
16.5%
Phenix City (AL)
12
$19.1
13.8%
LaFollette (TN)
11
$19.5
16.3%
Elizabethton (TN)
10
$16.8
28.9%
Panama City (FL)
10
$17.2
26%
Okoboji (IA)
7
$16.1
21.2%
Harpersville (AL)
3
$15.0
52.3%
There are no rows in this table
✅ Takeaways
Move Out Reason
Table 12
Move-Out Reason
Total Count
Don't need storage anymore
60
Vacated without notice
52
Auction
47
Moving
5
Location Change
3
Consolidating units
3
Terminated
2
Unhappy with service
1
There are no rows in this table
October 2025 SSD Portfolio Performance Report
Portfolio-Level Summary
The Storage Depot (SSD) portfolio saw improved performance in October 2025 compared to October 2024. Overall move-outs declined and revenue increased, despite a slight dip in lead volume. Key highlights at the portfolio level include:
Distribution of lead sources for Oct 2025. Walk-in customers (local and drive-by traffic) made up the majority (≈55% of new leads), followed by online inquiries (≈42%) and phone calls (≈3%). This chart illustrates that in-person and web channels dominate lead generation, while call-in leads are minimal. The heavy share of walk-ins suggests strong local demand or signage effectiveness, whereas the significant online share (including website and aggregators) underscores the importance of digital marketing. The relatively small portion of phone leads indicates most customers are finding information and reserving via other channels.
Occupancy rate by site in October 2025 vs October 2024. Most sites (blue bars for 2025) show higher or similar occupancy compared to a year ago (orange bars for 2024). Notable improvements are seen at Panama City FL and Griffin GA, which climbed into the 60–70% range from around 50% last year. A few sites like Elizabethton TN and Thomson GA experienced slight occupancy dips. Overall, the chart highlights a positive upward trend in occupancy across the majority of the SSD portfolio, reflecting improved leasing momentum and retention in 2025.
October 2025 vs 2024 revenue by site. Every site (blue bars) except Phenix City AL and Thomson GA showed YoY growth in monthly revenue (orange bars). Several facilities achieved double-digit percentage revenue growth, notably Panama City FL (+59% YoY) and McCalla AL (+27% YoY), driven by occupancy gains and higher rental rates. In contrast, Thomson GA saw a slight decline (~-3.5%). This chart underscores that overall portfolio revenue rose robustly in October 2025, with most properties contributing increased income.
Detailed Site-Level Breakdowns
Below is a site-by-site analysis for October 2025, including comparisons to October 2024 performance. Each site summary covers move-in/out activity, occupancy level, revenue, and lead funnel metrics:
Storage Depot – Boyle MS (SSD)
Storage Depot – Cahaba (SSD)
Storage Depot – Cleveland (SSD)
Storage Depot – Elizabethton TN (SSD)
Storage Depot – Griffin GA (SSD)
Storage Depot – Harpersville AL (SSD)
Storage Depot – LaFollette TN (SSD)
Storage Depot – McCalla (SSD)
Storage Depot – Monteagle TN (SSD)
Storage Depot – Okoboji IA (SSD)
Storage Depot – Panama City FL (SSD)
Storage Depot – Phenix City AL (SSD)
Storage Depot – Thomson GA (SSD)
Storage Depot – Valley AL (SSD)
Conclusion
In summary, October 2025 was a markedly stronger month for the SSD portfolio on a year-over-year basis. Move-outs moderated, leading to smaller occupancy losses (and even slight gains at a few sites), while concerted efforts in revenue management (rate increases) propelled a nearly 20% jump in monthly revenue YoY. The portfolio’s occupancy is trending upward overall, and most properties contributed to the improved financial performance. Lead generation has become more efficient, yielding higher conversion rates even on lower volume, with walk-ins and online sources dominating the funnel.
The top focus areas moving forward are to continue recapturing occupancy at underperforming sites (e.g. Harpersville, Monteagle, Thomson) through local marketing and promotions, and to maintain the successful existing tenant rate increase program to bolster revenue (while watching for any impact on move-outs). Additionally, monitoring move-out reasons confirms most departures are routine or unavoidable (need fulfilled, relocation, or delinquency issues), with very few service-related losses – a positive sign for operational quality. By sustaining these leasing and revenue management strategies, SSD is on track to finish the year with healthier occupancy and record-high revenues, positioning the portfolio for a strong performance going into 2026.
Storage Depot SSD – October 2025 Performance Report
October 2025 Operational Performance (vs. October 2024)
Move-Ins, Move-Outs & Net Rentals
October is typically a slower season, but 2025 showed improved retention compared to 2024. In October 2025, the SSD portfolio recorded 152 move-ins and 193 move-outs, for a net loss of 41 units. This is a notable improvement from October 2024 which had 161 move-ins and 248 move-outs (net –87 units). In other words, move-ins were slightly lower (down ~5.6% YOY), but move-outs dropped dramatically (–22% YOY), resulting in a much smaller net decline in occupied units. Many facilities still saw seasonal net move-out loss, but the magnitude was generally less than the prior year. For instance, the LaFollette TN site went from 48 leads and 23 move-ins in Oct 2024 to 26 leads and 16 move-ins in Oct 2025 – a reflection of weaker inquiry volume but also fewer tenants leaving (24 move-outs vs 33 the year before). Overall, fewer tenant departures in 2025 helped moderate the usual fall occupancy dip.
Lead Activity (Volume, Conversion Rate, Sources)
Lead generation slowed year-over-year. The portfolio received ~242 new leads in Oct 2025, a decline of about 26% from roughly 327 leads in Oct 2024 (consistent with softer demand). Despite lower inquiry volume, conversion efficiency improved significantly. Approximately 63% of 2025 leads converted to rentals, up from about 49% in 2024 – indicating stronger sales execution and/or more qualified prospects. Every facility saw fewer inquiries than last year, but many maintained or even increased their move-in counts due to this higher close rate. For example, LaFollette TN converted 16 rentals from 26 leads in 2025 (61.5% conversion) versus 23 rentals from 48 leads in 2024 (47.9% conversion).
In terms of lead sources, on-site walk-ins continued to dominate in October 2025, accounting for roughly half of all new leads. Internet-driven inquiries (online marketing and web reservations) made up about 40–45%, while direct phone calls were a smaller segment (under 10%). This mix is similar to historical patterns – the majority of tenants find these facilities by driving by or local awareness, with a substantial secondary stream from online listings/aggregators. The improved conversion rate in 2025 suggests that the quality of leads (especially walk-ins) was higher or that follow-up processes have become more effective.
Occupancy and Revenue Performance
Physical occupancy across the SSD portfolio ended at ~73% (unit occupancy) on October 31, 2025, which is roughly on par with the prior year’s end-of-October level (slight improvement given the smaller net loss in 2025). Total occupied units portfolio-wide were 2,365 out of 3,230 rentable units. Occupancy varied widely by facility: higher-performing sites like Okoboji IA and LaFollette TN were about 84% and 83% occupied respectively, whereas a few locations (e.g. Harpersville AL at ~53% occupancy) have significant vacancy. Notably, even facilities with lower occupancy have considerable economic occupancy due to existing tenants on higher rates – many long-term tenants are paying above current street rates, bolstering revenue despite physical vacancies.
Rental revenue grew year-over-year, reflecting rate increases and stabilized occupancy. In October 2025 the portfolio collected approximately $240.6k in rental income, a +16% increase from about $207.0k in October 2024 (monthly rental receipts) as per company records. For example, the Elizabethton TN facility’s October revenue rose from $19,546 in 2024 to $20,449 in 2025. Every site showed higher rental revenue YOY, indicating successful rent rate adjustments and fewer concessions. When including ancillary income (insurance fees, etc.), total October 2025 gross receipts were even higher (around $280k across all sites).
Despite the revenue gains, there remains a gap between actual income and the gross potential. If all units were occupied at standard street rates, the portfolio’s gross potential rent would be roughly $272k per month (for storage rent alone). Actual October rental revenue (~$240.6k) is about 88% of this gross potential, implying an economic occupancy of ~88%. In other words, the stores are capturing nearly 90% of the maximum possible rent – a healthy figure, supported by revenue management practices that have many tenants above current street rate (making up for the ~27% vacancy factor). The YOY improvement in revenue, in conjunction with stable occupancy, suggests strong rate management and growth in tenant rates over the past year.
Move-Out Reasons – October 2025
Move-out reasons for October 2025. Most customers cited simply not needing storage any longer, followed by skip/no-notice vacates and auction-related removals.
Understanding why customers leave provides insight into retention challenges. As shown above, the majority of October 2025 move-outs were due to normal life-cycle reasons rather than service issues. The top specific reason given was “Don’t need storage anymore” – 60 tenants (about one-third of move-outs) reported that they no longer required the space, indicating move-outs driven by personal situation changes (end of temporary need, decluttering finished, etc.). The next largest category was vacating without notice, with 52 instances. These are unannounced departures where tenants simply stopped paying or cleared out without informing management. A significant number of move-outs (47, ~25%) were due to auction dispositions, meaning those units were emptied because the tenant defaulted and the contents were auctioned off. These three reasons combined accounted for roughly 85% of all move-outs in the month.
Lesser reasons were cited far less frequently. Moving residences was noted in 5 cases, and location change (transferring to a different facility or unit) in 3 cases. Additionally, 3 tenants consolidated units (moved belongings from multiple units into one). Only 2 move-outs were listed as “terminated” by management (e.g. evictions for cause), and just 1 tenant cited dissatisfaction (“unhappy with service”) as their reason for leaving. About 17 move-outs had no specific reason recorded (“unspecified”). Overall, the data suggests that most move-outs in October 2025 were voluntary and not due to facility issues – customers often left because their need for storage ended, not because of price or service problems. The high incidence of auctions and no-notice vacates does highlight ongoing challenges with delinquency and defaulting tenants, but these are being addressed through the standard lien sale process.
Scheduled Rate Increases (as of Nov 2025)
As part of the portfolio’s revenue management strategy, many existing tenants are slated for rent increases. As of early November 2025, the company has 217 customers scheduled for rate increases effective December 1, 2025 (these are planned increases, not yet implemented as of the report date). Typically, Storage Depot schedules rent raises in periodic batches – the upcoming December wave is reflected in the data. On average, impacted tenants will see about a $18 per month increase, which equates to roughly a 19% jump in their rate. For example, a tenant at the Boyle, MS facility paying $71/month is scheduled to increase to $86/month on 12/1/25 (a $15 increase, ~21% uptick). Most raises are of similar magnitude – in dollar terms generally in the $15–$20 range.
Portfolio-wide Summary: The 217 planned rent hikes represent a broad cross-section of units and customers. The average current rate among these tenants is around $95/month, and after increases it will be roughly $113/month (again ~18–19% higher). This will boost monthly revenue by approximately $3.9K once all are effective (217 * ~$18 avg increase), assuming no additional move-outs as a result. Notably, even after these adjustments, many of the affected rents will still be at or below today’s street rates for their unit types, given that numerous long-term tenants were significantly below market before. The increases are aimed at closing the gap between long-time tenant rates and current market rates while remaining sensitive to occupancy risk.
Breakdown by Facility: Every facility in the SSD portfolio has at least a few scheduled rate increases for December, though the volume and percentage vary. The table below details the count of impacted customers at each site along with average increase amounts:
Table 13
Facility
Customers with Increase
Avg $ Increase
Avg % Increase
McCalla (AL)
32
$17.9
17.8%
Griffin (GA)
28
$18.3
17.2%
Cahaba (AL)
24
$18.8
16.5%
Valley (AL)
24
$17.4
16.5%
Boyle (MS)
15
$16.5
22.8%
Thomson (GA)
15
$17.5
18.1%
Monteagle (TN)
13
$17.6
17.6%
Cleveland (MS)
12
$18.3
16.5%
Phenix City (AL)
12
$19.1
13.8%
LaFollette (TN)
11
$19.5
16.3%
Elizabethton (TN)
10
$16.8
28.9%
Panama City (FL)
10
$17.2
26%
Okoboji (IA)
7
$16.1
21.2%
Harpersville (AL)
3
$15.0
52.3%
There are no rows in this table
Several observations emerge from this facility-level view. Higher-occupancy stores and those with more long-term tenants (like McCalla, AL and Griffin, GA) have the greatest number of increases scheduled (30+ each), whereas a smaller site like Harpersville (with chronically low occupancy) has only 3 tenants up for an increase. The average dollar increase is fairly consistent across most locations – generally around $15–$19 extra per month. However, the percentage increase can vary widely. Facilities that had very low legacy rents are enacting larger % jumps (e.g. Harpersville’s 3 tenants face ~52% increases on average, since their current rents are extremely low). In contrast, Phenix City AL’s increases average nearly $19 but that’s only ~14% because those units were closer to market rate already.
Overall, the scheduled rate increase program will impact roughly 7% of the occupied units in the portfolio come December. The initiative is expected to materially grow monthly revenue while still keeping rents within competitive market ranges. Management will monitor move-outs closely in response to these increases, but given the historically low tenant turnover from rate hikes, the portfolio is likely to realize most of the ~$4K/month of potential rent upside from December onward. These scheduled adjustments underscore a proactive approach to revenue management – ensuring that as market rents rise and occupancy stabilizes, existing customer rates are periodically brought up to reduce discounts and drive NOI growth.
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