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SSD Year End Review

2025 Year-End Performance Summary

Portfolio Overview:

Occupancy: Ended in the mid-70% range, stable year-over-year.

Revenue: Up overall, driven by several high-performing sites.

Unrentable Units: Improved portfolio-wide, though some sites still have significant units offline.

Leasing Trends: Strong move-ins in the first half, offset by Q4 move-outs in some markets.

Site-by-Site Highlights:

📈 Panama City:

+14 net rentals (best in portfolio)

Revenue up 32% ($232K vs. $176K)

Unrentables improved: 41 → 12

📈 Monroe:

Net –5 rentals

Revenue up 32% ($132K vs. $100K)

Unrentables improved: 47 → 14

📈 Okoboji:

Net –6 rentals

Revenue up 17% ($142K vs. $122K)

Unrentables stable at 3

📉 Phenix City:

Net +3 rentals, stable occupancy (~76%)

Revenue down 13% ($190K vs. $219K)

Unrentables improved: 21 → 3

📈 Monteagle:

Net –12 rentals, high turnover

Revenue up 18% ($256K vs. $216K)

Unrentables still high: 62 units

📉 Thomson:

Net –9 rentals, lowest occupancy (56%)

Revenue down 2% ($156K vs. $159K)

Unrentables slightly improved: 14 → 12

📈 Valley:

Net +8 rentals

Revenue up 4.5% ($314K vs. $301K)

Unrentables increased: 24 → 28

January 2026 Performance Update (Jan 1–14)

Occupancy: Stable across the board, a few small gains at sites like Panama City and Valley.

Revenue: ~$188.6K collected (mostly via credit cards), tracking slightly ahead of last January.

Delinquencies: Low; rent collection efficiency remains strong.

Focus Areas: Sustain momentum at top sites; improve underperformers (especially those with high vacancy or unrentable units).

2025 Year-End Performance Review – Storage Depot SSD Facilities

Executive Summary

The Storage Depot SSD portfolio delivered mixed performance in 2025, with some facilities achieving notable gains in occupancy and revenue while others faced challenges with high move-outs or units out of service. Overall, portfolio occupancy ended around the mid-70% range, roughly on par with last year, and total annual revenues increased year-over-year (driven by select sites). Move-in volumes were strong in the first half of the year – especially at sites like Panama City – but a surge of move-outs in Q4 eroded some occupancy gains. Several facilities reduced their count of unrentable units significantly (freeing up inventory for rental), although a few locations still have many units offline, constraining potential income. The table below summarizes key 2025 metrics by site, followed by detailed site-by-site analysis:

Table 37

Table 37

Site

Move-Ins (2025)

Move-Outs (2025)

Net Rentals (2025)

Occ % Dec 2024

Occ % Dec 2025

Revenue 2024 ($)

Revenue 2025 ($)

Unrentable Units (Dec 2024)

Unrentable Units (Dec 2025)

Monroe

171

176

–5

65.5%

62.6%

99,864

132,059

Monteagle

218

210

–12

58.2%

59%

216,150

255,949

Okoboji

–6

80.3%

77%

121,830

142,025

Panama City

275

261

+14

70.4%

75.6%

175,853

232,366

Phenix City

152

149

76.3%

75.7%

219,474

190,000

Thomson

110

119

–9

62%

56.3%

159,187

155,697

Valley

205

197

72.5%

74.9%

300,519

313,938

There are no rows in this table

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Key highlights: Panama City led the portfolio in net rental gain (+14) and revenue growth (+32% YoY), boosting its occupancy to ~76%. Monroe achieved the largest revenue jump (+32%) despite a slight occupancy dip, thanks in part to rate adjustments, though it still struggles with only ~63% occupancy. Okoboji maintained the highest occupancy (~77% at year-end) after peaking above 90% mid-year, while Phenix City sustained ~76% occupancy but saw a revenue decline (–13% YoY), indicating potential rate or economic occupancy issues. Monteagle and Thomson are underperforming areas – both finished 2025 around only 55–60% occupied and lost net renters over the year. Monteagle in particular still has dozens of units unrentable (62 units), hampering its rental potential. Valley and Panama City stand out as strengths, each improving occupancy and showing solid financial performance in 2025. Below is a breakdown by individual site with analysis of move-ins, move-outs, net rentals, unrentable units, gross potential, occupancy rates, and revenue for 2025, as well as areas of strength or concern for each.

Monroe (T10)

Monroe had a dynamic year, with strong leasing in mid-2025 but some backslide by year-end. Total move-ins for the year (171) were nearly offset by move-outs (176), resulting in a net loss of 5 tenants. Notably, Monroe saw a surge of move-ins in Q2 (peaking in May with 27 new rentals) but also experienced elevated move-outs in Q4. This pattern led to a seasonal occupancy high of ~71% in the summer, then a decline to 62.6% occupancy by December 2025, slightly below the 65.5% level of Dec 2024. The chart below illustrates Monroe’s monthly move-in and move-out trends, highlighting a mid-year net gain followed by net losses in late 2025:

Monroe (T10) – Monthly move-ins vs. move-outs in 2025. Green shading indicates months with a net gain in occupied units, while red indicates net losses.

Despite ending the year with lower occupancy, Monroe’s financial performance was a bright spot. Revenue for 2025 increased ~32% to $132k (from ~$100k in 2024), suggesting effective rate increases or fee collections. This is underscored by a rise in Revenue Collected vs. Gross Potential. In mid-2025, Monroe’s revenue was approaching its gross potential rent, though by year-end the gap widened as occupancy fell. The chart below shows Monroe’s monthly revenue compared to its gross potential rent:

Monroe (T10) – 2025 monthly revenue collected vs. gross potential rent. The narrowing gap mid-year reflects high economic occupancy, whereas the widening in Q4 indicates unrealized potential due to vacancy or concessions.

A major success for Monroe was reducing its unrentable units from 47 at the end of 2024 to just 14 by end of 2025, through repairs/maintenance. This likely contributed to the revenue jump, as more units were rentable even though many remained vacant. Monroe’s strengths include the revenue growth and mid-year occupancy peak, but it remains underleveraged – at only 62% occupied, there is significant upside if those 14 unrentable and other vacant units can be filled. Areas for improvement in 2026: focus on conversion of vacant rentable units (which numbered 63 in Dec) through marketing and possibly pricing tweaks, and ensure the remaining 14 unrentables are addressed to further increase gross potential.

Monteagle (SSD)

Monteagle finished 2025 roughly flat on occupancy (59.0% vs 58.2% a year prior), but this masks significant churn during the year. Monteagle actually had the highest move-in volume in the portfolio (218), yet still ended with 12 fewer occupied units (net –12) because move-outs were also very high (210). This indicates a high turnover rate – many new tenants were gained, but an almost equal number departed. Occupancy peaked at ~71% in spring but fell sharply in the second half of the year. Contributing factors may include seasonal demand swings or competition. The facility’s occupancy rate trend is visualized below:

Monteagle (SSD) – Occupancy rate (%) by month for 2025. After a spring peak, occupancy declined steadily, ending just below where it started the year.

Financially, Monteagle grew annual revenue by ~18% (to $255.9k in 2025 from $216.1k in 2024), thanks in part to those strong move-in numbers and improved occupancy early in the year. However, revenue could have been higher – Monteagle’s gross potential rent remained far above actual revenue due to many units sitting unrented. A critical issue is the large number of unrentable units: 62 units were still out of service as of Dec 2025 (only a modest improvement from 74 a year prior). These offline units (about 18% of total units) drag down both occupancy and potential revenue.

Strengths: Monteagle demonstrates that it can attract tenants (as seen by the high move-ins). It also maintained revenue growth despite occupancy challenges, implying effective rate management for occupied units. Underperforming areas: Occupancy and retention are key concerns – the steady occupancy drop in 2H 2025 and net tenant loss signal an operational issue (perhaps customer service or competition). Moreover, the high number of unrentable units is a serious underperformance: these units represent lost revenue opportunity and need capital attention. Focus for improvement: in 2026 Monteagle should prioritize turning those 62 units rent-ready (which could immediately raise occupancy into the 70+% range if filled) and stemming move-outs (improve customer retention to capitalize on the strong leasing traffic).

Okoboji (SSD)

Okoboji is a consistently high-performing site with regards to occupancy. It began 2025 at ~81% occupied, climbed to a peak of ~91% in May (the highest point of any SSD facility during the year), and ended the year at a solid 77.0% occupancy. This is a slight decline from 80.3% a year earlier, attributable to a wave of move-outs in the fall. In total, Okoboji had 58 move-ins and 64 move-outs in 2025, for a net loss of 6 tenants. The second half saw more move-outs (especially a spike of 10 in November) which brought occupancy down from its summer high. Still, maintaining ~3/4 of units rented is a strength, making Okoboji one of the best-occupied facilities in the group.

Financially, Okoboji’s revenue grew ~16.6% year-over-year to $142.0k. Through most of 2025, actual revenue closely tracked gross potential, reflecting efficient leasing of available units. By year-end, revenue dipped in line with the occupancy slide, but the site continues to realize most of its potential – notably, unrentable units remain minimal (only 3 units) and unchanged from 2024. This indicates strong maintenance and full utilization of nearly all units. Okoboji’s strengths are its high occupancy and low unrentable count, which together produce steady cash flow. The only underperforming aspect was the Q4 retention: losing multiple tenants late in the year caused occupancy to fall below target. Management should watch move-out reasons – if seasonal, plan promotions to backfill units in winter; if competitive, ensure rates remain attractive. Overall, Okoboji is in a healthy position entering 2026, needing mostly to maintain what is working (quality service and upkeep) to keep occupancy high.

Panama City (SSD)

Panama City was a standout performer in 2025. It recorded 275 move-ins versus 261 move-outs, achieving a net gain of +14 – the highest net increase of any site. This drove occupancy from 70.4% in Dec 2024 to 75.6% in Dec 2025. The facility saw steady leasing momentum through the year, with particularly strong net gains in Q1 and Q2. Occupancy peaked in late summer around 82% before settling in the mid-70s by year-end. Importantly, Panama City also addressed operational issues: it reduced its unrentable units from 41 to 12 over the year, freeing up 29 units to generate income (a major improvement in maintenance and turnaround).

The financial impact was significant – annual revenue jumped to $232.4k, up 32% from 2024’s $175.9k. Panama City’s revenue growth mirrors its occupancy growth, suggesting that not only did it fill more units, but it did so at healthy rental rates. By year-end, the gap between revenue and gross potential had narrowed, meaning the site is capturing a larger share of its potential rent (helped by fewer unrentable units and higher occupancy). Strengths: Panama City’s strong leasing pipeline and successful fill of units drove both higher occupancy and revenue. It is effectively monetizing previously unrentable space, contributing to the revenue surge. Additionally, ending the year with only 12 units unrentable is a great improvement, though there is room to reach zero. Underperforming areas: With occupancy still mid-70s, there remains upside; continued marketing could push this site above 80% sustained occupancy. Also, move-outs (261) were high – while many were offset by move-ins, reducing turnover through customer retention programs could further boost net occupancy gains. Panama City should carry its positive momentum into 2026, focusing on renting the last few unrentables and raising occupancy closer to 85–90%, which would significantly lift revenue towards its gross potential.

Phenix City (SSD)

Phenix City maintained solid occupancy around the mid-70% range throughout 2025, finishing at 75.7% (just a hair below 76.3% a year prior). It saw 152 move-ins and 149 move-outs, effectively breaking even with a net +3. Occupancy trended in a narrow band (roughly 73–80% range) during the year, indicating relative stability in its tenant base. The site also made great progress in physical operations by cutting unrentable units from 21 to just 3 by year-end – an achievement that maximizes its rental inventory (only ~1.7% of units now unrentable).

However, financial performance in Phenix City was unexpectedly down. Annual revenue was $191.0k, a 13% decrease from $219.5k in 2024. This drop, despite stable occupancy, signals an issue with rate yield or concessions. It’s possible Phenix City had to reduce rental rates or offer discounts to maintain occupancy, or perhaps 2024 included some one-time revenues (e.g. lien sales or fees) that did not recur. The result is that even with most units occupied, the revenue per unit fell. Phenix City’s strengths include its steady occupancy and now nearly full stock of rentable units (virtually no space is offline). Areas needing focus: revenue management is the clear weakness – in 2026, the team should evaluate pricing strategy, push rate increases carefully where market-justified, and ensure ancillary revenue (insurance, fees) is optimized. With occupancy relatively healthy, the site should be generating more revenue; thus, the goal is to improve economic occupancy (the percentage of potential rent actually collected). Also, keeping those last 3 unrentable units on track to be repaired will fully eliminate physical inefficiencies. In summary, Phenix City is operationally stable but needs a sharper financial strategy to translate occupancy into income.

Thomson (SSD)

Thomson had a challenging 2025, with both occupancy and revenue slipping. Move-ins (110) could not keep pace with move-outs (119), yielding a net loss of 9 tenants. As a result, occupancy declined from 62.0% in Dec 2024 to 56.3% in Dec 2025 – the lowest year-end occupancy among the sites. The facility struggled to rent units in the face of continual tenant churn; occupancy peaked around only ~60% during summer and fell steadily toward the low-50s by late fall. While Thomson did eliminate a couple of unrentable units (down to 12 from 14), it still has a substantial number of units that are vacant or out of service (over 40% of its units were unoccupied at year-end).

Revenue mirrored this downward trend: 2025 revenue was $155.7k, slightly below 2024’s $159.2k (–2%). The drop would likely have been worse if not for any rental rate increases offsetting some occupancy loss. Gross potential rent remains far higher than actual revenue for Thomson, underlining how much revenue is left on the table by low occupancy. Strengths: Thomson’s bright spot is minor – it kept unrentable units under control (only 12 units, which is about 5.8% of total, somewhat reasonable and slightly improved from last year). Also, the fact that it attracted 110 new move-ins shows there is demand if it can better retain those customers. Underperforming aspects: occupancy and net rentals are the core issues – Thomson is under-occupied and losing tenants. Customer retention efforts, facility improvements, or local marketing may be needed to reduce move-outs and draw in more move-ins to turn the tide. Additionally, with over half the facility empty or offline, aggressive promotional leasing or possibly repositioning rates may be necessary in 2026. Thomson should be a focus area for improvement, as its low occupancy not only hurts revenue but could compound (low activity can signal a lack of momentum to prospective tenants). Management might also audit why tenants are vacating (feedback on pricing, service, security, etc.) to address root causes. In short, Thomson needs a turnaround plan to boost occupancy and recapture revenue growth.

Valley (SSD)

Valley ended 2025 on a generally positive note. Occupancy improved from 72.5% to 74.9% year-over-year, thanks to net +8 rentals (205 move-ins vs. 197 move-outs). Throughout the year, Valley consistently hovered in the mid-70s% occupancy and even touched 78–80% during some mid-year months. This stability indicates a relatively balanced inflow/outflow of customers and solid demand. Valley’s revenue rose about 4.5% to $313.9k (from $300.5k in 2024), which, while modest compared to some high-growth sites, is notable given it was already the top-grossing facility in this group. It suggests Valley is nearing a saturation point in its current configuration – most of its units were occupied for much of the year, limiting huge revenue jumps without rate increases.

One concern is that unrentable units ticked up slightly at Valley, from 24 to 28 by year-end. This increase is contrary to the trend at other sites and implies some units became un-rentable during 2025 (perhaps due to maintenance issues or remodeling). While 28 unrentables is only about 8.6% of Valley’s large unit count, it is an area to watch – bringing those units back online would help push occupancy into the 78–80% range consistently. Strengths: Valley boasts the highest annual revenue among these facilities and a healthy occupancy rate, reflecting strong market demand and effective management. Tenant churn is reasonably well-managed (net positive rentals), and the site likely benefits from economies of scale (327 total units). Areas for improvement: The uptick in unrentable units is a minor red flag; management should prioritize addressing those to prevent further occupancy stagnation. Additionally, while revenue is high, the year-over-year growth was lower than peers – investigating whether rental rates are at market max or if there’s room for strategic increases could be worthwhile. Overall, Valley is a stable, well-performing facility; the focus for 2026 should be incremental gains: push occupancy to the high-70s by reactivating offline units, and consider slight rate adjustments to bolster revenue given the strong occupancy.

January 2026 Performance Update (Management Summary)

Operationally, the SSD portfolio has had a steady start to 2026 (Jan 1–14). Occupancy levels as of mid-January remain comparable to late December across most facilities, with no drastic swings. Collectively, the facilities saw a balance of move-ins and move-outs in the first two weeks, yielding only a small net change in occupied units. This is expected for the early January period, which often sees move-out activity from year-end offset by new year move-ins. Notably, initial reports indicate improved collections of rent and fewer delinquencies – a positive sign for operational efficiency.

Financially, the year has started on track. In the first 14 days of January, the consolidated SSD facilities collected about $188.6k in payments (almost entirely via credit card payments, as customers continue to favor digital channels). This figure is roughly half of a typical month’s revenue, putting the portfolio on pace to meet or slightly exceed budget for January. It’s an encouraging start, especially when compared to the prior year – early January revenue is slightly higher than the same period in 2025, indicating growth. The heavy use of electronic payments (credit card, ACH) also suggests continued strength in collection processes and possibly higher timely payments.

From an occupancy standpoint, the portfolio’s occupied rate is essentially holding steady versus end-of-year 2025, with a handful of sites seeing minor upticks. For example, Panama City and Valley have each added a couple of net rentals in the first two weeks, building on their 2025 momentum. A few others (like Thomson and Monteagle) experienced small net losses in early January, which will be important to monitor, but these are not outside normal variance for the season. Importantly, no site has shown an alarming drop; overall occupancy is in line with the trend from Q4 2025.

In summary, Q1 2026 is off to a stable start. The portfolio is financially on pace – about 50% of monthly rent potential was realized in the first half of January, aligning with expectations and slightly improving on last year’s performance. Operationally, the focus areas identified in the year-end review (boosting underperforming sites’ occupancy and converting unrentables) remain priorities, but the early indicators for 2026 are positive. Management should continue to capitalize on the strengths (high-demand sites and efficient revenue collection) while executing improvement plans for the weaker facilities. Maintaining this steadiness and addressing the noted challenges will position Storage Depot SSD for a successful 2026.