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Move-Ins: 70Move-Outs: 76Net Rentals: –6 units (seasonal year-end churn)Lead Activity: 211 total leadsConversions: 89 rentalsConversion Rate: ~42%December softness driven by higher move-outs across several sites, partially offset by strong lead volume.
Move-Ins: 1,121Move-Outs: 981Net Rentals: +140 unitsLead Activity: 300 tracked leadsConversions: 152 rentalsConversion Rate: ~51%Net rentals more than tripled vs. 2024, driven by higher leasing velocity and improved retention.Portfolio ended the year approximately 77% occupied, reflecting meaningful occupancy growth.
Top Net Contributors:Danville (Henning & Oakwood): +62 units (largest driver of portfolio growth)Fort Payne: +21 unitsMansfield: +17 unitsYorkville: +15 unitsTurnaround Story:Hampton improved from –20 net units in 2024 to –3 in 2025, nearly stabilizing.High-Volume Market:Monroe posted the highest turnover and lead volume but still finished net positive (+6 units).Stable Performers:Hiawatha and Franklin sites remained steady with modest net gains and strong conversion efficiency.
2025 was a strong growth year for the T10 portfolio with broad-based site improvement.Leasing execution was strong, with conversion rates well above typical industry benchmarks.Opportunity going forward: increase lead generation to match strong conversion performance and continue focus on retention to reduce move-outs.
Depot Albertville: December – 7 move-ins, 23 move-outs (net –16 for the month). FY 2025 – 170 move-ins, 165 move-outs (net +5 units). This is a positive swing from the previous year (which had a net loss of 7 units), indicating improved move-in volume overcoming attrition. Albertville’s conversion rate was around 39% for the year (17 of 43 leads converted), a bit lower than the portfolio average, suggesting potential room to improve lead conversion.Depot Fort Payne: December – 9 move-ins, 6 move-outs (net +3). FY 2025 – 110 move-ins, 89 move-outs (net +21 units). Fort Payne saw one of the most significant net gains year-over-year (2024 was roughly net zero). Notably, Fort Payne had no recorded move-ins in Dec 2024 (likely an outlier or due to a late-year pause), but in 2025 it maintained steady leasing and ended with a strong positive net. This suggests much improved occupancy at Fort Payne, with move-outs well controlled.Depot Franklin (5100 & 6413): December – 2 move-ins, 2 move-outs at Franklin 5100; 3 move-ins, 0 move-outs at Franklin 6413 (combined net +3 for Franklin sites in Dec). FY 2025 – 36 in/32 out at 5100 and 45 in/34 out at 6413, totaling 81 move-ins and 66 move-outs combined (net +15 units for Franklin overall). Both Franklin facilities contributed to a higher net gain in 2025 versus 2024’s combined net of +6. The Franklin locations had relatively few recorded leads (13 combined) but a high conversion rate (~61.5% combined), implying many renters were successfully captured despite low lead volume.Depot Hampton: December – 7 move-ins, 4 move-outs (net +3). FY 2025 – 62 move-ins, 65 move-outs (net –3 units). Hampton was the only site in 2025 to end with a slight net loss for the year, though this is a marked improvement over 2024 (which had around 53 in vs 73 out, net –20). The negative net in 2025 is marginal and suggests Hampton nearly stabilized; improved retention or more aggressive leasing could push it to net positive next year.Depot Hiawatha: December – 4 move-ins, 4 move-outs (net 0). FY 2025 – 65 move-ins, 63 move-outs (net +2 units). Hiawatha maintained a small net gain, similar to the prior year’s net +2. It indicates a steady state where move-ins just outpaced move-outs. The flat December performance (equal ins and outs) mirrors this stability. Focusing on increasing move-ins (more leads or promotions) could help Hiawatha grow occupancy further.Danville (Henning & Oakwood): December – 6 in/6 out at Henning, 7 in/7 out at Oakwood (each net 0 in Dec). FY 2025 – Henning 108 in/83 out, Oakwood 134 in/97 out; combined 242 move-ins and 180 move-outs (net +62 units). Danville’s two facilities together had the highest move-in volume in the portfolio, contributing substantially to overall growth. The combined net gain increased from +52 last year to +62 this year. Both sites achieved balanced Decembers and strong annual gains, indicating healthy demand. Danville Henning in particular converted an impressive 11 of 15 leads (~73% conversion), highlighting an outstanding leasing performance efficiency.Depot Mansfield: December – 8 move-ins, 4 move-outs (net +4). FY 2025 – 117 move-ins, 100 move-outs (net +17 units). Mansfield improved from a net +8 in 2024 to +17 in 2025. It sustained consistently higher move-in rates throughout the year while keeping move-outs in check. Its lead conversion was around 71% (15 of 21 leads), one of the higher rates in the portfolio, albeit on a low volume of leads – suggesting most inquiries were successfully turned into rentals.Depot Monroe: December – 12 move-ins, 13 move-outs (net –1). FY 2025 – 189 move-ins, 183 move-outs (net +6 units). Monroe is one of the larger sites (second only to Danville in move-in count) and did see high turnover (183 move-outs is the highest in the portfolio). However, it still ended the year net positive (improving from a slight net loss of –3 in 2024 to +6 in 2025). Monroe also generated the most leads (75) of any site and converted 33 of them, about a 44% conversion rate. The slight net loss in December is notable, perhaps due to year-end churn, but overall the site managed to grow occupancy over the year.Depot Yorkville: December – 5 move-ins, 7 move-outs (net –2). FY 2025 – 85 move-ins, 70 move-outs (net +15 units). Yorkville more than doubled its net gain compared to the prior year (+5 in 2024 to +15 in 2025). Despite a modest dip in December, Yorkville’s yearly performance was strong – it maintained low move-out totals and steadily increased move-ins. Conversion rate was around 60% (12 of 20 leads), indicating effective capture of limited leads.
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T10 December MTD
Storage Depot T10 Portfolio – Performance Summary
December 2025
Full Year 2025
Key Site-Level Highlights
Overall Takeaways
Rate Increases
Storage Depot T10 Portfolio Performance Update (December 2025 & FY 2025)
Consolidated Portfolio Summary
In December 2025, the T10 portfolio recorded 70 move-ins and 76 move-outs, resulting in a net rental change of –6 units (more move-outs than move-ins for the month). Lead generation was strong in December with 211 new leads recorded (by various channels), of which 89 were converted into move-ins (approximately a 42% conversion rate for the month). This monthly conversion rate, while high, is slightly below the full-year average since many leads came in late in the year.
For the full year 2025, the portfolio achieved 1,121 move-ins against 981 move-outs, yielding a net gain of +140 units across all facilities. This represents a substantial improvement in net rentals compared to the previous year (2024), which saw an approximate net gain of only +43 units (based on 976 move-ins vs 933 move-outs in 2024, per the EOM report data). In other words, net rentals more than tripled year-over-year. Move-ins grew around 15% year-over-year, while move-outs increased by about 5%, indicating better retention and higher occupancy growth in 2025.
Lead activity for 2025 totaled 300 leads (as tracked in the system), and 152 of those leads converted into new tenants – a conversion rate of ~50.7% for the year. This conversion rate is quite robust, suggesting that roughly half of all recorded leads resulted in a rental. (Note: Lead tracking data for prior year was not available in the provided reports, but the high conversion rate in 2025 suggests improved marketing and sales effectiveness. It’s also worth noting that the volume of recorded leads in 2025 appears relatively low given the move-in count, implying many renters may have come through untracked channels such as direct walk-ins or call-ins.)
Comparison to Targets: The provided data did not explicitly include target metrics for 2025, so direct comparisons to goals are limited. However, the strong full-year net gain (+140 units) and ~51% conversion rate likely met or exceeded typical industry targets (often net positive rentals and ~25-30% conversion). Occupancy at year-end was around 77% of units (1,263 occupied of 1,640 total units portfolio-wide), which may be near target levels or leaves room for improvement depending on company goals.
Year-over-Year Highlights: Every key metric improved versus 2024. Total move-ins increased (1,121 vs ~976), move-outs were only modestly higher (981 vs ~933), and thus net rental absorption was dramatically higher in 2025. The result was a significant boost in occupied units across the portfolio. Additionally, the conversion of leads to rentals improved (with 152 conversions on 300 leads in 2025, whereas 2024 data is not fully available, the conversion efficiency in 2025 is likely higher given the portfolio growth). Overall, the portfolio’s performance trended positively in 2025, with greater leasing velocity and improved occupancy gains than the prior year.
Figure: 2025 Move-Ins vs Move-Outs by Site. Most facilities had more move-ins (blue) than move-outs (orange) for the full year, resulting in positive net rentals. Notably, the larger sites (e.g., Danville and Monroe) drove a significant portion of the portfolio’s move-ins. A few sites were nearly balanced or slightly negative (e.g., Hampton with 62 in vs 65 out), but overall net rentals were positive in 10 of 11 sites.
Individual Site Performance
Each facility in the T10 portfolio showed unique performance patterns, but generally all sites improved net rentals compared to the prior year. Key metrics for December 2025 and full-year 2025 at each site are summarized below, along with notable trends or outliers:
Overall, no major negative outliers appear in the site-by-site performance for 2025 – almost every facility achieved net positive rentals for the year, and those that didn’t were very close to break-even. The notable trends include: the Danville facilities and Monroe driving a large share of leasing activity (accounting for a significant portion of total move-ins), Hampton’s turnaround from a large net loss in 2024 to near-stability in 2025, and Fort Payne’s surge to a +21 net (after stagnation last year). The relatively high conversion rates across many sites (often 40–70%) also stand out, suggesting that when leads are generated, the leasing teams are successful in converting them to tenants. Focus areas for improvement in 2026 might include boosting lead generation (since total leads were fairly low relative to the size of the portfolio) and continuing to reduce move-out causes (improving retention) to build on 2025’s positive momentum.
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