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T10 Year End Review

Revenue change by facility (2025 vs 2024)

Albertville: Up +$30,185 (+19.6%) — $154,084 ➝ $184,269

Boyle: Up +$18,678 (+6.5%) — $286,240 ➝ $304,918

Danville: Up +$54,646 (+19.6%) — $278,567 ➝ $333,213

Fort Payne: Up +$14,863 (+10.1%) — $147,597 ➝ $162,461

Franklin: Up +$36,807 (+21.4%) — $171,879 ➝ $208,686

Hampton: Up +$18,440 (+12.8%) — $144,390 ➝ $162,830

Hiawatha: Up +$28,203 (+22.9%) — $123,105 ➝ $151,308

Mansfield: Up +$29,494 (+34.5%) — $85,437 ➝ $114,930

Yorkville: Up +$14,757 (+7.7%) — $190,792 ➝ $205,549

Site-by-site highlights (2025)

Albertville

Net rentals: -5 (163 in / 168 out)

Occupancy: ~65% ➝ 62% (down)

Revenue: ~$184K

Key issue: Still low occupancy despite reducing unrentables (41 ➝ 24).

Focus: Leasing/marketing + retention; continue repairs.

Boyle

Net rentals: +14 (217 in / 203 out)

Occupancy: ~71% ➝ 76% (up)

Revenue: ~$305K

Key issue: Unrentables spiked (5 ➝ 35) limiting upside.

Focus: Repair/return units to service; improve late-year retention.

Danville (Top performer)

Net rentals: +51 (231 in / 180 out)

Occupancy: ~75.5% ➝ 86% (strong uptrend)

Revenue: ~$333K

Key strength: Consistent leasing + minimal unrentables (14 ➝ 13).

Focus: Rate/revenue optimization; maintain retention as it fills.

Fort Payne

Net rentals: +4 (109 in / 105 out)

Occupancy: ~75.7% ➝ 80.4% (modest up)

Revenue: ~$162K

Key win: Unrentables improved (13 ➝ 4).

Focus: Push leasing to reach 85%+; reduce churn.

Franklin

Net rentals: +9 (79 in / 70 out)

Occupancy: ~88% ➝ 90% (high and stable)

Revenue: ~$209K

Key strength: Near-capacity performance, minimal unrentables (2 ➝ 3).

Focus: Optimize rates and keep units rent-ready.

Hampton (Biggest concern)

Move-outs exceeded move-ins (62 in / 79 out)

Occupancy: ~86.4% ➝ 74% (major decline)

Revenue: ~$163K

Key issue: Heavy churn in back half + unrentables rose to 5.

Focus: Retention plan + stronger leasing/marketing; address causes of move-outs.

Hiawatha

Net rentals: -2 (63 in / 61 out)

Occupancy: 92.2% ➝ 86% (down)

Revenue: ~$151K

Key issue: Unrentables rose sharply (1 ➝ 8).

Focus: Fix unrentables—likely quickest path back to 90%+.

Mansfield

Net rentals: +11 (115 in / 104 out)

Occupancy: ~68.4% ➝ 74% (improving but still low)

Revenue: ~$115K

Key issue: Still plenty of vacancy; unrentables increased (6 ➝ 8).

Focus: Drive demand + conversion; repair unrentables; reduce turnover.

Yorkville

Net rentals: -1 (84 in / 85 out)

Occupancy: ~82.7% ➝ 87% (up)

Revenue: ~$206K

Key strength: High occupancy, low unrentables (5 ➝ 4).

Focus: Maintain momentum; push into consistent 90%+.

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January 2026 kickoff (Jan 1–14)

Portfolio net: +4 tenants (35 move-ins / 31 move-outs)

Portfolio occupancy: ~76.7% (1,259 occupied / 1,640 total)

Early winners: Albertville (+4), Fort Payne (+4), several small positives (Hampton, Hiawatha, Mansfield, Yorkville).

Watch list: Danville started slightly negative; Monroe (newly included, replacing Boyle) showed a notable early decline (4 in / 12 out).

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Biggest 2026 focus areas (across the portfolio)

Reduce unrentables (fastest lever to lift occupancy + revenue).

Retention strategy at declining/churn-heavy sites (Hampton, Albertville).

Revenue optimization at high-occupancy sites (Franklin, Danville).

2025 Year-End Performance Review – Storage Depot T10 Facilities

This report provides a comprehensive review of the 2025 performance for Storage Depot’s T10 facilities, broken down by site. Key operational metrics – including move-ins, move-outs, net rentals, unrentable units, gross potential rent, occupancy rates, and revenue – are summarized for each location, along with areas that require focus going forward. Following the site-by-site review of 2025, a brief update on the beginning of 2026 (January 1–14, 2026) is included to show how the new year has kicked off.

Albertville Facility

Figure: Albertville’s monthly occupancy rate (%) for 2025. The occupancy trended downward slightly over the year, finishing around 62% in December.

Albertville had a challenging 2025, with 163 move-ins but 168 move-outs, resulting in a net loss of 5 rentals for the year. This negative net rental activity led to a slight decline in occupancy – starting the year at ~65% and dropping to 62% occupied by year-end. The occupancy dip in the latter part of the year is visible in the trend chart above. Seasonal fluctuations were present (a mid-year uptick followed by a decline toward winter), indicating that move-outs outpaced move-ins in key months.

Revenue generation at Albertville was modest relative to its potential. The facility collected approximately $184,000 in total revenue over 2025. By December, the gross potential rent (the revenue if all units were rented at standard rates) was about $13,116 per month, which is substantially higher than the actual monthly revenue being collected. The low occupancy (62%) combined with 24 unrentable units at year-end constrained the site’s ability to realize its full revenue potential. Notably, Albertville made progress on maintenance – unrentable units were reduced from 41 at the start of 2025 down to 24 by the end, opening up more inventory for rental. Areas for focus: Despite freeing up units, filling them remains an issue. Albertville needs to improve its marketing and retention in 2026 to turn around the occupancy decline. With many units still vacant (and some still unrentable), the site should focus on converting inquiries to move-ins and further repairing any remaining down units to boost occupancy and revenue.

Boyle Facility (SSD)

Figure: Boyle’s monthly occupancy rate (%) for 2025. Occupancy improved over the year, ending in the mid-70s, despite a late-year dip.

The Boyle facility showed overall improvement in 2025. It recorded 217 move-ins and 203 move-outs, yielding a net gain of +14 rentals for the year. This translated into occupancy rising from about 71% in January to 76% by December. The occupancy trend climbed through mid-year – peaking around 91% in late summer – before falling back down to the mid-70% range at year-end. Boyle’s ability to achieve net positive rentals indicates effective leasing during peak season, although retention slipped in the final months (as seen by the dip on the chart).

Financially, Boyle’s performance left room for growth. Annual revenue collected was roughly $305,000, but the gross potential rent in December was about $21,784 per month – indicating significant upside if occupancy improves. A key concern is the surge in unrentable units: Boyle went from only 5 units unrentable at the start of 2025 to 35 units unrentable by the end of the year. Over 11% of the facility’s 299 total units were offline in December, which directly lowers the occupancy percentage and revenue potential. Areas for focus: The top priority for Boyle in the coming year is addressing the high number of unrentable units – getting those 35 units repaired or otherwise returned to inventory will immediately increase available supply and potential income. Additionally, sustaining the leasing momentum from the summer and improving tenant retention (especially toward year-end) will be important, so that occupancy gains are not lost in the off-season. Overall, Boyle should aim to convert its net rental gains into an even higher occupancy while recapturing the revenue lost due to offline units.

Danville Facility

Figure: Danville’s monthly occupancy rate (%) for 2025. Occupancy climbed steadily through the year, ending at one of the highest levels among the facilities.

Danville was a standout performer in 2025. The facility saw 231 move-ins versus 180 move-outs, for an impressive net gain of +51 rentals. Correspondingly, occupancy rose markedly from about 75.5% in January to 86% in December, a jump of over 10 percentage points. The occupancy trend chart shows a steady upward trajectory – Danville filled units consistently throughout the year, with occupancy peaking at 87% in late fall. This indicates strong demand and effective management of vacancies at this location.

Revenue followed the positive occupancy trend. Danville collected approximately $333,000 in revenue over the year. By December, its gross potential rent stood around $20,836 per month, and with physical occupancy in the mid-80s percent, a large portion of that potential was being realized. Unrentable units were minimal and improved slightly (starting the year with 14 unrentable and ending with 13 unrentable units), so almost all of Danville’s 354 total units were in service. Areas for focus: With occupancy at 86% and climbing, Danville is nearing a high utilization rate – the focus should shift to optimizing rental rates and revenue. Ensuring that rent increases or rate optimizations are implemented carefully will help maximize income without sacrificing occupancy. Additionally, maintaining the strong leasing performance and high move-in volume will be key; as the facility gets fuller, customer retention will become even more critical to avoid backsliding on occupancy gains. Overall, Danville should build on its 2025 success by aiming for 90%+ occupancy in 2026 and capitalizing on its strong market demand.

Fort Payne Facility

Figure: Fort Payne’s monthly occupancy rate (%) for 2025. Occupancy improved modestly over the year, ending just above 80%.

Fort Payne had a solid but modest year in 2025. The facility logged 109 move-ins and 105 move-outs, ending the year with a small net rental gain of +4. Occupancy edged up from roughly 75.7% in January to 80.4% in December. As the chart illustrates, Fort Payne’s occupancy was relatively stable with a gentle upward trend – it hovered in the low 80% range for much of the second half of the year. The slight improvements indicate the site was able to replace move-outs with new move-ins, but did not see a dramatic occupancy jump.

In terms of revenue, Fort Payne generated around $162,000 in 2025. The gross potential rent at year-end was approximately $12,698 per month, suggesting there is still significant revenue upside if occupancy can be increased further. One positive operational achievement was the reduction in unrentable units. At the start of 2025 Fort Payne had 13 units out of service, but by December that number had been brought down to 4 unrentable units. Bringing those units back online likely contributed to the slight occupancy gain and will continue to help going forward. Areas for focus: Fort Payne should aim to accelerate its leasing pace in 2026 – with only about 80% of units occupied, there is room to grow occupancy. Marketing efforts could be boosted to increase move-ins beyond just offsetting move-outs. Additionally, with so few units remaining unrentable, the emphasis can shift to filling vacant rentable units and potentially adjusting rental rates to improve revenue. Retention could also be improved; keeping more of the existing tenants (to reduce the 105 move-outs) would help the net rental figure turn more strongly positive. In summary, Fort Payne should focus on driving occupancy above 85% through enhanced leasing while maintaining the property in fully rentable condition.

Franklin Facility

Figure: Franklin’s monthly occupancy rate (%) for 2025. Occupancy remained high throughout the year, ending around 90%.

Franklin maintained strong performance in 2025, building slightly on an already high occupancy. The site had 79 move-ins and 70 move-outs, yielding a net gain of +9 rentals over the year. Occupancy was in the high 80s to low 90s for the entire year – it began around 88% in January and finished at 90% in December. The occupancy trend line shows relatively minor fluctuations, reflecting that Franklin was near capacity most of the time. The small uptick toward the end of the year pushed it to the 90% mark, which is excellent for a storage facility.

Financially, Franklin’s high occupancy translated into strong revenue relative to its size. Total revenue for 2025 was about $209,000. By December, gross potential rent (if 100% occupied) was roughly $15,506 per month for Franklin. At 90% occupancy, the site is capturing most of that potential income. Unrentable units remained low, with 2 units unrentable at the start of the year and 3 unrentable by year-end – a slight increase, but still only about 2.8% of the facility’s 108 total units. Areas for focus: Franklin is performing well, so the focus is on optimization rather than major corrective action. With occupancy around 90%, the facility can look at revenue management – for instance, modest rate increases for existing or new tenants – to ensure it is maximizing income on its occupied units. Also, pushing occupancy even higher into the mid-90% range without sacrificing rate should be a goal; this could involve targeted promotions for the few remaining vacant units. Monitoring the condition of the property will be important too, to prevent any rise in unrentable units that could stall this progress. Overall, Franklin should continue its steady management, as 2025’s results were strong.

Hampton Facility

Figure: Hampton’s monthly occupancy rate (%) for 2025. Occupancy declined significantly in the second half of the year, after a mid-year peak.

Hampton experienced a difficult year, with a notable drop in occupancy by year-end. The facility saw 62 move-ins but 79 move-outs in 2025, resulting in a net loss of -17 (actually, net rentals were -9; however, move-outs exceeded move-ins significantly). Occupancy started high at about 86.4% in January but fell to 74% by December, a decline of over 12 percentage points. The occupancy chart shows Hampton peaking near 89–90% around mid-year, then a steady decline in the latter half of 2025. This indicates that the second half had much higher tenant churn or fewer move-ins, leading to a substantial occupancy drop.

Revenue correspondingly may have been impacted by the lower occupancy. Approximately $163,000 was collected in revenue for the year, and December’s gross potential rent was around $12,524 per month. With only 74% of units occupied at year-end, a significant gap exists between actual revenue and potential. Additionally, unrentable units emerged as a minor issue – Hampton had 5 unrentable units by December (where it had none at the start of the year). While 5 units (out of 125 total) is not huge, it did slightly reduce the inventory of rentable units and could have contributed to the occupancy decline if those units went offline toward year-end. Areas for focus: Hampton clearly needs to focus on reversing the occupancy decline. The high number of move-outs suggests a need to improve tenant retention and possibly address any factors causing tenants to leave (such as rate increases, customer service, or local competition). Marketing should also be stepped up to boost move-ins, especially during the slower fall and winter seasons. Bringing the few unrentable units back online quickly will help ensure there are units to rent when demand arises. In summary, Hampton should prioritize filling vacancies and stopping further occupancy loss – regaining the ground back toward 85–90% occupancy will be the primary challenge for 2026.

Hiawatha Facility

Figure: Hiawatha’s monthly occupancy rate (%) for 2025. Occupancy started very high but drifted downwards over the year, ending mid-80s.

Hiawatha began 2025 near full occupancy but encountered a slight downturn as the year progressed. The facility had 63 move-ins and 61 move-outs, for a small net change of -2 (essentially flat, with slightly more move-outs than move-ins). Initially at an excellent 92.2% occupancy in January, Hiawatha finished the year at 86% occupancy. The trend shown in the chart reflects a gentle decline: occupancy remained above 80% all year, but the consistent low-level net loss each month accumulated to a noticeable drop from the starting point.

Even with the occupancy dip, Hiawatha’s revenue generation was strong given its size. Total revenue in 2025 was about $151,300. The gross potential rent for a fully occupied Hiawatha (90 total units) was roughly $10,713 per month as of December. At 86% occupancy, Hiawatha is capturing a large share of that potential, but there’s still room for improvement. A contributing factor to the occupancy decline was an increase in unrentable units: Hiawatha went from just 1 unrentable unit in January to 8 unrentable units by December. Nearly 9% of the facility’s units were out of service, which directly reduces how many units can be occupied (and thus pushes down the occupancy percentage). Areas for focus: For 2026, Hiawatha should prioritize repairing or restoring the 8 unrentable units to expand available inventory. Given the high demand evidenced by starting at over 90% occupancy, those units likely can be filled if they are made rentable. Additionally, efforts should be made to stabilize occupancy – since the site can clearly achieve 90%+, the goal should be to maintain those levels. This might involve bolstering tenant satisfaction to avoid move-outs and perhaps offering promotions or improvements to attract new customers as soon as vacancies occur. With better control of maintenance and retention, Hiawatha can return to the 90% occupancy range and maximize its revenue potential.

Mansfield Facility

(No chart: Mansfield’s occupancy trend was generally upward in 2025, improving from the high-60s to mid-70s percentage by year-end.)

Mansfield showed encouraging improvement in 2025, though its occupancy remains lower than most other T10 sites. The facility recorded 115 move-ins and 104 move-outs, resulting in a net gain of +11 rentals for the year. Occupancy in January was about 68.4%, which was the lowest starting occupancy of the group, but by December Mansfield had raised its occupancy to 74.0%. In other words, occupancy climbed roughly 5.6 percentage points over the year. This upward trend is positive, though Mansfield is still only about three-quarters full, indicating plenty of vacancy to fill. The monthly data suggest that Mansfield’s occupancy rose into the mid-70% during summer, dipped slightly, and ended around the same high point of the year.

In terms of revenue, Mansfield brought in approximately $114,930 in 2025. The gross potential rent at year-end (with 100% occupancy) was around $5,387 per month, which is relatively low – reflecting that Mansfield may have smaller-sized units or lower rates compared to other sites. With actual occupancy at 74%, a significant portion of potential revenue remains untapped. Unrentable units increased slightly during 2025, from 6 up to 8 unrentable units by December. These unrentable units comprise about 4.5% of the facility’s 177 total units, which contributes to the lower occupancy (since those 8 units cannot currently be rented). Areas for focus: Mansfield clearly has opportunity for further occupancy growth. At roughly 26% of units vacant (plus the 8 unrentables), this site should focus heavily on marketing and local outreach to drive more move-ins. The fact that 115 move-ins were achieved shows demand exists, but losing 104 customers to move-outs indicates retention could be improved as well. Reducing turnover will help boost net occupancy gain. Maintenance should address the unrentable units so they can be leased out. Since Mansfield’s rental rates or unit mix yield a lower gross potential, increasing occupancy is the primary lever to increase revenue. In summary, Mansfield made progress in 2025, but for 2026 the goal should be to continue that trajectory – pushing occupancy into the 80% range by attracting new tenants and keeping current ones satisfied, all while ensuring nearly all units are in service.

Yorkville Facility

(No chart: Yorkville’s occupancy stayed strong through 2025, with a slight uptick by year-end, roughly in the mid-80s to upper-80s percentage range.)

Yorkville had a relatively stable year in 2025, ending with occupancy a bit higher than where it began. The facility saw 84 move-ins and 85 move-outs, essentially -1 net rentals for the year – effectively flat growth. Despite the equal churn, occupancy managed to improve from about 82.7% in January to 87.0% in December. This apparent discrepancy (flat net rentals but higher occupancy) can be attributed to minor adjustments in unit counts or previously unrentable units coming back online. Yorkville’s monthly occupancy hovered in the 85–95% range throughout the year, even reaching the mid-90s at one point before settling back down. By December the site was comfortably in the high-80s, which is a healthy occupancy level.

The facility’s revenue for 2025 totaled around $205,550. As of December, gross potential rent for Yorkville was about $16,210 per month. With an 87% occupancy rate, most of that potential was being captured, though fully closing the gap would further boost revenue. Yorkville slightly reduced its unrentable units, going from 5 unrentable units at the start of the year to 4 unrentable units at year-end. Only a small fraction of the 133 total units (around 3%) were offline, which is good. Areas for focus: For Yorkville, the focus should be on maintaining its solid occupancy and finding incremental gains. With occupancy already in the upper 80s, pushing into the 90+% range consistently would maximize both revenue and asset utilization. This could involve a combination of competitive pricing and strong customer service to retain tenants (since move-outs matched move-ins last year). Even a small positive net rental in 2026 could raise occupancy to the low 90s. Additionally, leasing up any unit that becomes available quickly will be important, given how tight the occupancy is. Addressing the last few unrentable units (the 4 remaining) could provide a bit of new inventory to rent out, which would also contribute to higher occupancy and revenue. Overall, Yorkville is performing well; the aim for 2026 is to convert that performance into full potential by filling the few vacancies and keeping turnover low.

2026 Kickoff – Early January Performance Update

As of mid-January 2026, the Storage Depot T10 portfolio has had a moderately positive start to the new year. In the period from January 1 through January 14, 2026, the consolidated data for these facilities shows a total of 35 move-ins and 31 move-outs, for an overall net gain of +4 tenants across the portfolio. This net increase is a welcome sign, indicating that – in aggregate – occupancy is inching upward in the early weeks of 2026.

Current physical occupancy (as of January 14) stands at approximately 76.7% of units occupied across the T10 facilities (1,259 units occupied out of 1,640 total units in the group). This is roughly in line with where the portfolio ended 2025, so the overall occupancy rate has been maintained and slightly improved upon with the net rental gain. In terms of individual facility performance, most locations have held steady or improved in the first two weeks of January:

Albertville and Fort Payne each had a strong start with +4 net rentals (Albertville: 7 move-ins vs 3 move-outs; Fort Payne: 7 in vs 3 out), which should boost their occupancies.

Hampton, Hiawatha, Mansfield, and Yorkville all saw small net gains (for example, Hampton had 2 move-ins and 0 move-outs, Yorkville 3 in vs 1 out), contributing positively to the portfolio’s occupancy.

Franklin was nearly flat with a slight gain (2 in vs 1 out), essentially maintaining its high occupancy.

Danville had a minor net loss to start the year (2 move-ins vs 5 move-outs), which is a trend to watch given its stellar growth last year, but at 300 occupied units it remains one of the higher occupancy sites.

The Monroe facility (newly added to the T10 group, replacing the Boyle site) encountered some challenges in early January, with 4 move-ins against 12 move-outs, a net –8 decline. This significant early loss at Monroe has offset some of the gains from other sites and will require attention to understand and remedy the causes (e.g. were there year-end contract expirations, rent increases, or other factors driving unusual move-out volume?).

In summary, through the first two weeks of January 2026 the T10 facilities collectively are slightly ahead in occupancy compared to the end of 2025, setting a cautiously optimistic tone. Most sites are stable or improving, carrying forward the momentum from last year’s successes. The focus for the coming weeks will be on sustaining move-in activity (to keep the positive net rental trend) and addressing any site-specific issues – particularly at Monroe and any other location with early move-out spikes – to ensure that 2026 continues on an upward trajectory. With continued marketing efforts and operational improvements (especially regarding unit maintenance and tenant retention programs), Storage Depot’s T10 facilities are positioned to build on the prior year’s performance and drive occupancy and revenue higher in 2026.