Storage Unlocked

In this episode of Storage Unlocked, I am joined by two top-tier operators attacking small-bay from opposite sides of the country: Shane Decker (President of Decker Capital) and Andrew Dunn (Co-Founder of VAC Development, "The Value Add Cowboys"). Together, we break down the operational, development, and capital market realities of one of commercial real estate's most talked-about asset classes. In this episode, we cover: The Buyer Profile & Spec Differences: The contrast between acquiring existing 1,000–10,000 sq ft tradesman bays versus building 15,000–20,000 sq ft modern logistics spaces with heavy power and dock loading. The 1-to-2-Year Sourcing Pipeline: Why finding mismanaged, off-market mom-and-pop assets through direct relationships beats fighting 15 to 25 bidders on marketed deals. Operational Value-Add Mechanics: How converting modified gross leases to Triple Net (NNN), pushing 6% annual rent bumps, and right-sizing office footprints yielded a $20M value pop on an Orlando asset in 30 months. Ground-Up Execution: Andrew shares how VAC locks in Guaranteed Maximum Price (GMP) construction contracts to build in 10 to 12 months, achieving up to 40% pre-leasing prior to Certificate of Occupancy. Tenant Velocity: Why 1,000 to 3,000 sq ft units see the highest demand velocity as small business owners transition out of residential garages and self-storage units. Tune in to discover how to navigate cap rate compression, structure NNN leases for local contractors, and execute disciplined underwriting in today's small bay landscape. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Shane Decker (Decker Capital): Email: [email protected] LinkedIn: https://www.linkedin.com/in/shane-decker-255b6988/ Connect with Andrew Dunn (VAC Development): Email: [email protected] LinkedIn: https://www.linkedin.com/in/andrewmdunn41/ This Episode was brought to you by: https://pbbrown.com

Can an independent regional operator genuinely beat the monolithic REITs when their same-store revenue flatlines at a mere 0.1%? In this episode of Storage Unlocked, I sit down with Andrew Jones, the Senior Vice President of Third Party at GoStore It, to lay out the definitive operational blueprint for surviving the institutional aggregation wave in July 2026. Andrew brings an elite pedigree straight from Yardi and Extra Space to explain how independent owners can easily escape the asphyxiation of corporate scale without being forced to sell out at a loss. In this episode, I cover: The 8% Anomaly: How GoStore It managed to secure a massive 8% same-store growth rate in Q1 while the public REITs hit a total revenue standstill. Declaring War on Complacency: Andrew outlines his mission to destroy the "set it and forget it" standard of third-party management, shifting the narrative away from corporate acquisition funnels back to baseline family asset protection. The 6.7% Mortgage Barrier: Why the current 30-year fixed housing environment demands that operators break out of monolithic self-storage thinking and deploy holistic land layers, blending mini-storage with truck parking and small-bay flex industrial. The Human Capital Edge: Why building a highly motivated, nimble internal workforce, like GoStore It specialized corporate auction squad, outperforms billions of dollars in faceless corporate data algorithms. Ellie AI and Corporate Benchmarks: A raw look at Public Storage's newly unveiled automated voice metrics, resolving 74% of 60,000 inbound inquiries completely in the background. Tune in to discover how to inject raw nimbleness, rapid execution, and authentic relationship-driven management back into your commercial real estate footprint. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ PB Brown General Contractors: Our premier Title Sponsor and legacy builders for multimillion-dollar storage and small-bay flex developments. Get Guy Sacento and Hado Montoya involved early at https://pbbrown.com/

In this highly tactical episode of Storage Unlocked, I am sitting down with Kusiima Boswell, co-founder of Terrakotta, to uncover why the real alpha in July 2026 commercial real estate is about processing speed and data validation. We move beyond the basic chatbot surface layers to evaluate how independent operators use advanced Model Context Protocol (MCP) integrations to bypass expensive third-party list data entirely. In this episode, I cover: The Architecture of Terrakotta: How Kusiima built an AI-driven data and cold outreach engine that scrapes pristine tenant footprints, owner cells, and structural data before feeding them into a souped-up phone-dialer asset loop. The 3-Minute Inbox Sweep: I outline how I personally deploy advanced Codex workflows to synthesize and break down over 820 unread emails without ever clicking through an absolute mountain of inbox noise. The Code Inversion Matrix: Why software development has completely inverted from writing code blocks to running deep automated iterations and forcing engineers to act as system critics. The Design Alpha Over Tech: Why the true winners of the next decade won't be monolithic tech platforms, but hyper-focused niche operators who design superior human experiences—like local audio-scraping app Granola. IPOs and Token Economics: A raw look at the massive wave of public-market AI lab IPOs arriving next week and how shifts in public capital will impact your localized pricing models. Tune in to discover how to use deep commercial real estate domain structures to build an aggressive, high-margin pipeline that easily out-maneuvers legacy funds. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected]: https://www.linkedin.com/in/itsthadcampbell/ Connect with Kusiima Boswell (Terrakotta AI): Website: https://www.terrakotta.ai/ LinkedIn: https://www.linkedin.com/in/kusiimaboswell/ Brought to you by our title sponsors, PB Brown General Contractors. https://pbbrown.com/  

Is your facility a real estate business or a technology platform that happens to sell a storage product? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Jessica Johnson (The Storage Group) to pull back the curtain on the rapid, hyper-localized evolution of operational AI in July 2026. Fresh off winning the inaugural ISS Best in Business Award for their Aiden Chat engine, Jessica shares hard, absolute metrics on how automated intelligence is insulating independent operations against rising labor, tax, and insurance costs. In this episode, I cover: The $$1,440 Savings Matrix: A deep dive into concrete property data where AI handled 300 baseline inquiries, protecting 79 hours of staff time and boosting property margins. An Urgent Community Request: I share an important message regarding a humanitarian crisis hitting our producer, Erick Falck, whose family was heavily impacted by the devastating earthquakes in La Guaira, Venezuela. The Death of the IVR Maze: Why modern conversational phone and text interfaces are replacing old "press 1 for gate codes" mazes with seamless customer journeys. The Inbound Search Flip: How consumers shift away from Google's traditional search lines toward conversational models like ChatGPT changes exactly how you must structure your website metadata. Operational Pivots: Jessica opens up about her personal portfolio shift away from traditional mini-storage into boat/RV and flex-industrial developments. Tune in to discover how to use automated workflows to protect your local footprint against corporate REIT consolidation. Support the Venezuelan earthquake relief fund in Erick's name by donating here: https://www.gofundme.com/f/emergency-relief-for-venezuela-earthquake-victims Connect with Thaddeus Campbell (S3 Partners): Email: [email protected]: https://www.linkedin.com/in/itsthadcampbell/ Connect with Jessica Johnson (The Storage Group) Email: [email protected] Website: https://www.storageinternetmarketing.com/   Our Title Sponsor: PB Brown General Contractors: The premier builders specializing in high-rise, legacy self-storage developments from Manhattan to Hawaii. Get them involved early at: https://pbbrown.com/  

I am your host, Thaddeus Campbell, and in this blockbuster episode of Storage Unlocked, I sat down with Chris Taylor, the Chief AI Officer at 10 Federal, to deconstruct the massive technological consolidation rewriting the self-storage industry in 2026 . Chris brings an elite pedigree straight from the front lines of NVIDIA to reveal how true enterprise automation requires a foundational data layer rather than single-silo software products . In this episode, I cover: The Leverage Multiplier: How a lean three-person acquisition team deploys 40 to 50 autonomous AI agents to parse topography, wetland restrictions, and market rate data completely in the background . Modular Building Blocks: Chris outlines the exact steps to transition your business from single-skill prompts to complex agentic workflows and full orchestration layers . The 8-Second Accounting Pivot: A practical breakdown of how 10 Federal eliminated 150 hours of monotonous corporate labor by reconstructing systemic data paths . The QR-Code Consumer: Why changing demographic markers means your incoming Millennial and Gen Z tenants want zero human friction during their move-in window . Upskilling Over Headcount Cuts: Why the elite operators of the next decade are focused on turning team members into high-level technology architects rather than reducing their workforce . Tune in to discover how to weaponize data structures to outpace the largest institutional players in the market . Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Taylor (10 Federal): Email: [email protected] LinkedIn: https://www.linkedin.com/in/thechrisdtaylor/ This Episode was brought to you by: https://pbbrown.com/ https://s3.partners

In this episode of Storage Unlocked, I pull back the curtain on two decades of historical data to uncover why the microeconomics of storage are showing real signs of recovery despite intense macroeconomic turmoil . I evaluate the massive transition from the post-GFC development freeze to an era that added 1 billion square feet of self-storage to the US grid in just under eight years . In this episode, I break down: The Post-GFC Parallel: Why our current construction deceleration mirrors the post-2008 landscape, and why the stabilization of Q1 2026 REIT metrics means the tide is finally turning . The Generational Safe Haven: Why a massive 16% usage rate among tech-native Millennials and Gen Z is successfully insulating our properties against flatlined housing turnover and a national birth rate slowdown . The Evolving Consumer: Why modern commercial facility designs have successfully redefined our core audience, causing female renters to officially outnumber men across the country . The Data Arms Race: Why relying on primary-market metrics alone creates dangerous blind spots, and how tracking 72,000 facilities nationwide completely shifts your underwriting accuracy . Whether you are operating a single local facility or scaling a multi-state regional footprint, this historical and data-driven analysis will give you the exact baseline perspective you need to successfully execute your strategy in the back half of 2026 . Connect with me: Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://pbbrown.comFrom Manhattan to Miami, California to the Tropical Paradise of Hawaii, PB Brown is the GC to trust for your Multi-Million Dollar Storage Project. https://tractiq.comGiving the industry the data it needs to make Responsible Investment a Reality.

In this episode of Storage Unlocked, I sit down with institutional brokerage legends John Lindsey (Lindsey Self-Storage Group) and Austin McLeod (Matthews Real Estate) to map out the massive structural shifts rewriting the transaction market in June 2026 . We look directly past the headlines of Public Storage's pending third-quarter buyout of NSA to evaluate where actual values stand on the ground . In this episode, I cover: The Keys to the Middle Market: How Public Storage is using its low cost of capital and ultra-efficient operating margins to aggressively aggregate secondary and tertiary environments . The Valuation Disconnect: Why premium Class A trophy assets are completely insulated from interest rate shifts, while tertiary un-stabilized properties face rising cap rates and hyper-strict buyer pools . The 1,000-Loan Cliff: A raw look at the 1,000+ CMBS loan maturities hitting the market over the next 12 months and why the wall of private capital waiting on the sidelines is preventing bank foreclosures . The AI Validation Piece: Why your automated underwriting is only as good as the prompts you feed it, and why John warns against blindly trusting software outputs without human verification layers . The Pathway for New Portfolios: Austin outlines how nimble, private syndicators are successfully amassing 10- to 15-asset footprints by intentionally avoiding the major metros and targeting core-plus outskirts . Tune in to discover how to navigate a transaction environment driven by maturing debt, rapid demographic shifts, and accelerating institutional aggregation . Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with John Lindsey (Lindsey Self Storage Group) Email:[email protected] LinkedIn:https://www.linkedin.com/in/johncharleslindsey/ Connect with Austin McLeod (Matthews Real Estate)  Email: [email protected] LinkedIn:https://www.linkedin.com/in/austin-mcleod-a05975134/ This Episode was brought to you by: https://www.kiwisteel.com/

Can you scale a self-storage portfolio past 25 locations with only one employee managing the entire operation? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am sitting down with Ryan Chapman (Lumio), Tyler Harper (Homegrown Storage), and Albert Kim (StoragePilot) to break down the rapid evolution of conversational AI voice agents . Over the past 12 months, the baseline for facility automation has completely shifted, moving independent operators away from restrictive phone menus into a world of hyper-efficient, digital-first operational loops . In this episode, I cover: Plugging the Leaky Bucket: Why routine payment inquiries and basic support account for up to 90% of your total phone volume, and how after-hours AI capture protects your long-term monthly recurring revenue . Astronomical Marketing ROI: Tyler Harper reveals how Homegrown matches conversational call intent directly back to Google ad tracking, forcing the algorithm to aggressively drive down customer acquisition costs across 700 pilot stores . Headcount per Square Foot: Why remote management shouldn't just be about reshuffling human labor to a centralized node, but fundamentally expanding a single manager's capabilities to handle 30+ sites . The Flywheel of Internal Data: Albert Kim outlines the transition from customer-facing bots to the internal "AI District Manager" that synthesizes gate logs and field tasks without messaging chaos over Slack or WhatsApp . The Economics of the Token: A raw look at how massive tech lab subsidies from players like OpenAI and Anthropic are lowering distribution costs for the mid-market operator . Tune in to discover how to use deep storage domain expertise to build an unstoppable operating engine that can easily go toe-to-toe with the biggest REITs and Wall Street private equity firms . Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This Episode was brought to you by: https://pbbrown.com/

I am breaking down the massive macroeconomic and tech shifts defining our asset class in May 2026 . From Public Storage's blockbuster $10.5 billion deal to swallow NSA to a jaw-dropping discrepancy in same-store NOI growth, we are looking directly at the data points that prove the three-year downcycle has finally found its bottom . In this episode, I cover: The Cap Rate Inversion: Why active street transactions (like a recent secondary market 6-cap trade in Syracuse) indicate that public REIT stocks are deeply underpriced compared to their real-world property values . SmartStop's Quiet Masterclass: How the newest public REIT controlled expense growth at just 0.3% to lock in an industry-leading 2% same-store NOI expansion . The Cost of a Cold Winter: Inside CubeSmart's Q1 earnings drop, where dynamic marketing costs and freezing New Jersey snow removal fees swallowed 20% of their entire quarterly expense growth . Processing Speed as an Alpha Edge: Noah Starr (Tract IQ) details their massive new update that integrates exact CMBS data with AI workflows to let you screen hundreds of deals in seconds . Sneak Peeks: A preview of our upcoming roundtables featuring AI pioneers (Storage Pilot, Lumio, Homegrown Storage) and our Q2 Broker Wrap-up . Tune in to get the definitive financial and structural playbook for self-storage and alternative commercial real estate . Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This Episode was brought to you by: https://pbbrown.com/ https://s3.partners  

Are you building a Small Bay Flex portfolio for institutional capital, or are you building it for yourself?  I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I sit down with three titans of the industrial flex market: Brett Turner (BKM Capital Partners), Jeremiah Boucher (Patriot Holdings), and Brian Whitmer (Doors and Spaces). Together, we pull back the curtain on an asset class experiencing a massive surge in institutional demand. In this episode, we cover: The Management Intensity: Why Small Bay remains a full-contact, hand-to-hand combat operations sport where you act as your tenant's outsourced real estate department. The Power Crunch: Why massive tech shifts like robotics and cobot arms are forcing developers to fight utility companies for heavy three-phase power upgrades. The Demographics Matrix: How tech-native millennials are dropping the average small business owner age to 45 and shifting the tenant pool toward advanced localized manufacturing. The Fallacy of Kiosks: Why B2B tenants refuse to deal with AI automated workflows when a mechanical issue hits their shop floor. The Fund Hustle: Brett shares the brutal reality of raising a first-time fund and what it takes to accumulate scale from scratch. Tune in to find out why sticking to a dedicated thesis is the only way to win in a market where prices are high and execution certainty is completely unknown. Connect with Thaddeus Campbell (S3 Partners):
 [email protected]://www.linkedin.com/in/itsthadcampbell/ Connect with Brett Turner (BKM Capital Partners):
 [email protected] Connect with Jeremiah Boucher (Patriot Holdings) [email protected] Connect with Brian Whitmer (Doors and Spaces) [email protected] This episode was brought to you by:
 https://pbbrown.com/

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am recording live from the Northeast Storage Expo at Foxwoods . While the data says New England is outperforming the nation, the operators on the ground have a more nuanced story to tell. I sit down with industry legends and local power players to discuss how they are navigating legislative challenges and a transaction market that is defying high interest rates . In this episode, I cover: The Syracuse Anomaly: Why a recent trade at under a 6% cap on T12 earnings is proof that cash is still king in secondary markets . The Death of Fast Lease-ups: I discuss Lou Barnhole's warning to newer developers who underestimated their capital reserves during the 2021-2022 underwriting frenzy . Operational Necessity: Why education sessions are now packed with owners looking for "superpowers" to combat stagnant housing movement . Faith & Leadership: Shannon Charbonneau (XPS Solutions) shares how she integrates her convictions into her role as an industry-wide leader . The Round Table: I explain our new curated peer groups for high-level storage and flex-industrial operators . Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This Episode was brought to you by: https://pbbrown.com/ https://s3.partners

Are the days of "speculative underwriting" officially over? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Noah Starr (CEO of Tract IQ) to analyze the Q1 2026 REIT earnings reports . We move past the headlines of the $10.5 billion PSA/NSA merger to look at the raw numbers defining the "institutional era" of self-storage . In this episode, I cover: The Performance Gap: Why Extra Space reported +1.2% same-store NOI growth while Public Storage sat at +0.4%, and what that tells us about their competing bridge lending and third-party strategies . The Cost of Capital: What PSA's $500 million raise at 5% signals for future cap rates and why 2% debt is "far behind us" . Institutionalization: How the "Public 4.0" strategy is bringing massive REIT capital into secondary and tertiary markets for the first time . Verified Data: Noah explains how having access to achieved rates and occupancy for $50B in assets is allowing operators to make "defensible" decisions . Market Cycles: Why today's normalized rates and cash-flowing assets may represent a healthier entry point than the 2021-2022 frenzy . Tune in to get the data you need to thrive in a market that is no longer waiting for interest rates to drop. Connect with Thaddeus Campbell (S3 Partners):
 Email: [email protected]
 Linkedin: https://www.linkedin.com/in/itsthadcampbell/ Connect with Noah Starr (TractIQ)
 Email: [email protected]
 LinkedIn: https://www.linkedin.com/in/noah-starr/ This Episode was brought to you by:
 https://pbbrown.com  https://s3.partners

Are you a "partner" with your management company, or just a line item on a shareholder report? . I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Peter Smyth (White Label Storage), Melissa Stiles (Storage Asset Management), and Ronna Siegel (StorQuest) . We tackle the changing landscape of third-party management in an era where Public Storage is buying NSA and StorageMart is making billion-dollar moves in New York . In this episode, I cover: The Scaling Secret: How technology allows private operators to manage hundreds of stores with the precision of a single-site owner . AI Efficiency: Why automating delinquency calls and payment collections is the easiest way to immediately improve your bottom line . The Pricing War: A deep dive into the 1% NOI growth gap between the top REITs and why some pricing strategies create a "death spiral" of churn and bad reviews . Personalization over Kiosks: Why the "10,000 layers" of a REIT can't compete with the personalized communication of a dedicated third-party firm . The Path Forward: Why 2026 search trends and occupancy data suggest the industry is finally turning the corner . Tune in to learn how to weaponize AI and local market expertise to outperform the giants of self-storage. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Peter Smyth (White Label Storage): Email: [email protected] LinkedIn:https://www.linkedin.com/in/peter-smyth-15142484/ Connect with Melissa Stiles (Storage Asset Management): Email: [email protected] LinkedIn: https://www.linkedin.com/in/melissastiles/ Connect with Ronna Siegel (StorQuest/William Warren Group): Email: [email protected] LinkedIn: https://www.linkedin.com/in/rona-siegel-8969313/ This Episode was brought to you by:  https://pbbrown.com/ https://s3.partners

I am breaking down a monumental week where the self-storage industry took center stage in the Wall Street Journal . From the "tipping point" of municipal pushback to the surprising double-digit surge in storage REIT stocks, I dive into the data that shows why this asset class is defying broader economic trends . I also have a massive announcement for the S3 Partners community. After 10 months of development, Barry Sherman and I are officially launching The Round Table, a series of curated, high-level peer groups designed to help developers, owners, and architects level up their game through real-world feedback . Episode Highlights: The Wall Street Journal Feature: I analyze the "irony" of municipalities pushing back on storage while usage hits record highs . Noah Star (Tract IQ) reveals that 12% of Americans now use storage, with Millennials and Gen Z leading the charge at 16% . Legends in the Spotlight: Hear why icons like Maurice Picotta and legal legend Scott Zucker believe that superior design and flexible planning departments are the keys to overcoming modern development hurdles . REIT War Chests: SmartStop announces a $100 million JV with bridge lender AXCS Capital . This brings the total capital raised by REITs for acquisitions and lending to $1.7 billion in less than a year . The Stock Market Surge: I look at why NSA is up 54%, and Public Storage is up 19% year-to-date, despite a "bad news" backdrop in the housing market . Housing Market Reality Check: Median home prices are up over $5,000, and with mortgage rates ticking back to 6.37%, the cost of a 30-year loan has jumped by $31,000 for the average buyer . Introducing The Round Table: I reveal the structure of our new mastermind groups—nine members, once-a-month curated meetings, and a focus on solving the specific challenges of storage and flex-industrial operators . Connect with Thaddeus Campbell (S3 Partners):Email: [email protected] Linkedin: https://www.linkedin.com/in/itsthadcampbell/ This Episode was brought to you by:https://pbbrown.com/

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by a "superhero lineup": Barry Sherman (S3 Partners), Wayne Woolsey (Kiwi II Steel), and Cody Payne (Flex Parks USA). We pull back the curtain on an asset class that is currently outperforming storage in development returns and attracting massive attention from both private equity and local entrepreneurs . In this episode, we cover: The "Adolescent" Asset Class: Why Small Bay Flex has a "long way to go" and how to capitalize on the current supply-demand imbalance . Tenant Diversification: How "Answer Engine Optimization" and social media have allowed retail-style tenants to move into cheaper flex space . Critical Design Choices: Why unit flexibility and separation of utilities are vital for re-tenanting without blowing your budget on TI . The Cost of Verticality: Understanding how wind loads and larger door guides add to your steel costs as you grow from 16ft to 20ft clear height . Site Selection Savvy: Why you should look for "roofs and red dirt"—targeting sites across from HOA communities with restrictive parking rules . Tune in to find out why the "Speedboat" flexibility of Small Bay Flex is making it the smartest play in the 2026 commercial real estate market. Connect with Thaddeus Campbell: https://www.linkedin.com/in/itsthadcampbell/ [email protected] Connect with Barry Sherman: https://www.linkedin.com/in/barry-s-27b024a/ [email protected] Connect with Wayne Woolsey: https://www.linkedin.com/in/waynewoolsey/ [email protected] Connect with Cody Payne: https://www.linkedin.com/in/codypayne/ [email protected] This episode was brought to you by: https://pbbrown.com/

Has the self-storage market finally found its bottom? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I break down Public Storage's latest $500 million capital raise and what it signals for their aggressive 2026 expansion plans . I also explore a pivotal moment in industry history: 10 Federal hiring a Chief AI Officer out of Nvidia to build a foundation for the next era of storage operations . In this episode, I cover: The Development pullback: I am joined by Austin McLeod to discuss why rising rates and slow movement have finally throttled the ground-up development frenzy . Institutional Aggression: How REITs have raised over $1.7 billion recently for the specific purpose of devouring market share . Foundational AI: Why Christopher Taylor and Andrew Kapranos believe the "bolt-on" tech strategy is destined for failure . Community & Faith: Jane Sauls shares an inspirational story of resilience and faith-driven leadership. Tune in for the news and data you need to stay ahead of the massive consolidation currently reshaping our asset class. Connect with Thaddeus: [email protected] https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://pbbrown.com/

In this episode of Storage Unlocked, I am joined by guest host Tim Kane (co-founder of StorPro). We break down a year that has already seen a $10.5 billion merger and multiple nine-figure acquisitions, leaving independent operators wondering how to survive the institutional era. In this episode, I cover: The "Professional Storage" Pivot: Tim explains why he shifted from traditional storage to StorPro, a B2B model focused on contractors and luxury hobbyists with 0% delinquency. Macro Stability: Why 0% home price growth and steady interest rates are finally pushing home buyers and renters off the sidelines after three years of waiting . Efficient Development: The blueprint for 90,000+ sq ft facilities that use simple construction to keep hard costs low while providing high-end amenities like member clubhouses. The "Gestalt" Advantage: Why you should never be a "one-man band" in entrepreneurship and the power of the Scott Myers Mastermind community. Faith in Business: A special segment with Scott Myers on leading with faith as we head into Easter weekend. Tune in to learn why "niching down" is the most intelligent move you can make in the 2026 storage market. Connect with Thaddeus Campbell: https://www.s3.partners https://www.linkedin.com/in/itsthadcampbell Connect with Tim Kane: https://storpro.com/ [email protected] This episode was brought to you by: https://pbbrown.com/    

In this episode of Storage Unlocked, I bring together Shannon Charbonneau (XPS Solutions), Adam Wagner (Anytime Property Storage Management), and Gabriel Luna (Durell's Mini Storage) to look at the "boots on the ground" reality of running facilities in 2026 . We discuss the massive wave of REIT consolidation and how small-to-medium operators can actually use technology to beat the giants at their own game . In this episode, we cover: The Human Element: Why technology should supplement, not replace, the "concierge level" service that makes self-storage a people-centric business . The Cost of Silence: Shannon breaks down why every missed phone call is a potential $95 marketing loss and a missed opportunity for a long-term tenant . Tech Debt vs. Innovation: Why having "tech debt" from the mid-2010s might actually put older operators at a disadvantage compared to those starting fresh with AI-native tools today . Legislative Threats: Why price-cap proposals in states like New York are a wake-up call for every owner in the country to get involved in their local associations . Marketing with AI: Gabriel explains why you don't need a massive marketing budget if you have the "courage to pioneer" and experiment with the data you already own. Tune in to learn how to modernize your operations without losing the personal touch that builds long-term value. This episode was brought to you by: https://pbbrown.com/    

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I dive into the shocking $10.5 billion merger between Public Storage and National Storage Affiliates . I break down the financing that keeps the PSA balance sheet clean and what this means for the "PS 4.0" digital-first era . In this episode, I also cover: Small Bay Mania: I share my takeaways from the Small Bay Summit in Atlanta, where interest in flex industrial has tripled in just a few months The Private REIT Advantage: Why StorageMart Manhattan Mini Storage has outpaced the public REITs in NOI growth for 12 straight quarters Support Local SSAs: Why it is critical to attend regional events like the Northeast Storage Expo to fight back against proposed rent-cap legislation . Faith & Service: Adam Wagner discusses his unique calling to integrate faith into property management . Tune in for the numbers, the deals, and the community updates that are redefining self-storage and flex industrial in 2026. Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://www.pbbrown.com

Are we all going to be replaced by robots by 2030? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Maggie Bode (Unity AI), Jacob Pandl (NodaFi), and Tyler Sellars (Cactus AI) to discuss the "leapfrog moment" in self-storage technology . We are moving away from the era of spreadsheets and paper walkthroughs into a world where AI agents answer the phones and machine learning automates our facility audits. In this episode, we cover: Underwriting Automation: How Cactus AI is allowing analysts to use their own proprietary "IP" to generate pro formas in a fraction of the traditional time . Operational Efficiency: Jacob Pandl explains that NodaFi's goal is to handle the "machine work" so site managers can spend their time coaching teams and building tenant relationships. Virtual Sales Agents: Maggie Bode breaks down why AI agents like "Maya" are providing higher customer service by giving instant answers to gate codes and balance inquiries . Market Data: A look at how Tract IQ's newest CMBS data is finally giving operators a clear view of true "achieved" rates in their trade areas . The Hype Cycle: Why "vibe coding" and other buzzwords are cluttering the C-suite, and what actually works on the ground. Connect with Maggie Bode: [email protected] https://getuniti.com Connect with Jacob Pandl: [email protected] https://nodafi.com Connect with Tyler: [email protected] https://trycactus.com This episode was brought to you by: https://pbbrown.com/ https://tractiq.com/tssr

In this episode of Storage Unlocked, I break down the 2025 year-end earnings for the major storage REITs. I discuss why storage stocks are trading at a premium (15x to 18x FFO) compared to other real estate sectors and the massive leadership shift at the top of Public Storage . In this episode, I also cover: The Murphy Family Mission: I share the story of Decker's Blueprint, a fundraising effort for Duchenne's Muscular Dystrophy that is uniting the storage industry . Tract IQ Data Drop: I analyze the "inverse" correlation between population growth and rent—why low-growth markets in the Northeast and Midwest are currently the only ones seeing rate increases . Acquisition Alive & Well: How the biggest players spent nearly $1 billion each on portfolios and JV buyouts last year . Faith & Law: Scott Zucker joins me to discuss how his Jewish faith has guided his success as one of the most recognized legal voices in our sector . Tune in for the data, the strategy, and a story that puts the entire industry into perspective. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ [email protected] This episode was brought to you by: https://pbbrown.com/

In this very special edition of Storage Unlocked, I am joined by Zachary Dickens (Extra Space), Paul Spittel (Public Storage), and Alex Burnam (StorageMart) . These three firms have transacted on over $25 billion in storage assets in just the last half-decade . In this episode, we cover: Strategic Evolution: We discuss Public Storage's transition to PS 4.0 and their move to the Dallas-Frisco area to recruit top talent and accelerate growth . The Manhattan vs. Boroughs Debate: We breakdown StorageMart's massive $1.05 billion portfolio purchase and why they are betting long-term on Brooklyn and Queens .d The Scale Play: We discuss about Extra Space and the efficiencies gained from the Life Storage merger, and its role as the industry's largest third-party manager . Policy & Law: A candid look at the New York City DCWP lawsuit and the industry's proactive collaboration with the SSA to protect owner rights . The Tech Shift: From AI-driven predictive analytics to the rise of Answer Engine Optimization (AEO), we discuss what is disrupting storage marketing in the late 2020s . Tune in to hear from the leaders of the industry's three most consequential companies.

in this episode of Storage Unlocked, I offer a tribute to Deanie Burns, a beloved leader we lost far too soon . I also dive into the Public Storage Q4 earnings call, breaking down their $1.8 billion in available capital and the strategic shift toward PS 4.0 under incoming leader Tom Boyle . In this episode, I also cover: Legal Strategy: I sit down with 40-year veteran Scott Zucker to analyze the $6 million DCWP lawsuit against Extra Space. We discuss the legal right to raise rents versus the growing trend of legislative rate controls . Development Realities: Why negative leverage is becoming a permanent challenge for new builds and how developers can navigate an oversupplied market . Industry Milestones: Noah Starr (Tract IQ) welcomes a newborn daughter, and the SSA officially adds our Prayer Breakfast to the March schedule in San Antonio . Faith in Ops: Jesse Lamb discusses how her faith has been the anchor in her transition from operations at Strat to her new role at NodaFI. Tune in for the data, the leadership shifts, and the community updates you need to stay ahead in 2026. Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://pbbrown.com/  

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I dive deep into the multimillion-dollar lawsuit filed by New York City against Extra Space Storage . I analyze the allegations of deceptive pricing and the potential "ripple effect" this could have on how every major operator manages their same-store NOI growth . In this episode, I also cover: Operational Consolidation: Why Anytime Storage and The Storage Manager are merging to create a more powerful third-party management platform Data Transparency: Why Tract IQ's new CMBS data is seeing record adoption among developers and acquisitions teams . The Capital Market Forecast: I share competing visions for the 10-year Treasury from Tom Sherlock (Talonvest) and Adam Trosso (Next Century Self Storage) . Faith in the Metroplex: Logan Freeman discusses how he integrates his convictions into his day-to-day business dealings . The Heart of Storage: A heavy-hearted update on Denee Burns and how we can support a beloved member of our industry . Support Denee's Burns GoFundMe: https://www.gofundme.com/f/help-denee-access-lifesaving-cancer-treatment?attribution_id=sl:ab12ea43-a3ea-47dd-b3ba-6d1e6069e89c&lang=en_US&ts=1770839841&utm_campaign=fp_sharesheet&utm_content=amp17_control&utm_medium=customer&utm_source=copy_link This episode was brought to you by: https://pbbrown.com/ https://s3.partners/ Connect with Thaddeus Campbell: [email protected] https://www.linkedin.com/in/itsthadcampbell

Is New York City still the "Stronghold Market" for big equity? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I break down the news that StorageMart has acquired a 15-asset NYC portfolio for a reported $1.05 billion . I discuss what this means for the Manhattan Mini Storage brand and why institutional capital is becoming increasingly "picky" about the deals it pursues. In this episode, I also cover: A Legend's Perspective: I am joined by Ken Woolley, the founder of Extra Space, who shares how he built a storage empire over five decades and why he isn't waiting for rates to drop back to 2021 levels . Institutional Moves: The details on CubeSmart's $250M joint venture with CBRE and what it signals for management-led growth . The 10-Year Treasury Trap: Why Tom Sherlock and other capital market leaders see 6% to 6.5% interest rates as the long-term norm Youth in Storage: Maggie Bodie and the YLG's mission to bridge the link to the industry's future . Faith & Resilience: Therald Kimball shares his story of faith-driven leadership in the construction sector . Tune in for a deep dive into the high-level transactions and historical perspectives that are shaping the self-storage industry in 2026. Connect with Thaddeus Campbell: https://www.linkedin.com/in/itsthadcampbell [email protected] This episode was brought to you by: S3 Partners https://www.s3.partners Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage  

Is the storage market finally meeting in the middle? In this episode of Storage Unlocked, I bring together three of the most prolific brokers in the industry: Nathan Coe, Kevin Bledsoe, and Frank DiSalvo. We pull back the curtain on the "P&Ls most people never see" to tell you exactly where the transaction market is headed in 2026. In this episode, we cover: - Why the disconnect between buyers and sellers is finally starting to close, even as cap rates remain compressed against interest rates. - Why the "overbuilding" in growth markets like Atlanta and Phoenix is pushing smart capital toward the Mid-Atlantic and Northeast. - Why the industry continues to build at record levels despite saturation and how "barrier-to-entry" topography is the new holy grail. - Why "putting a number on paper" (even if you're far apart) is the only way to get a deal done in 2026. Tune in to get the "Alpha Unit" of market data from the brokers living in the trenches every day. Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ Connect with our guests: Frank DeSalvo - [email protected] Kevin Bledsoe - [email protected] Nathan Coe - [email protected] This episode was brought to you by:

 TractIQ - https://tractiq.com/

I am your host, Thaddeus Campbell, and I am kicking off 2026 with an episode that changes the rules of self-storage forever. I am joined by Noah Starr (CEO of Tract IQ) to unveil a massive data drop: verified, borrower-reported occupancy and financial performance for $40 billion in assets. No more "guessing" achieved rates or NOI margins. In this episode, I also cover: Major Acquisitions: The details behind Janus International's $97.2 million purchase of Kiwi II Construction and why the founders are staying on to lead. The Tech Race: Cubby secures a $63 million Series A led by Goldman Sachs—I explain why capital is flooding into AI-native property management. Market Tensions: How political pressure on the Federal Reserve is causing a flight to safety and pushing the 10-year Treasury higher. The Extra Space Playbook: I caught up with new President Noah Springer in Colorado to talk succession, saturation, and their 12% stock price rally. Faith & Business: Terry Campbell of Johnson Insurance joins me to discuss the practical integration of faith in a 30-year storage career. Tune in for the inaugural episode of the show where we unlock the real numbers behind the deals. Connect with Thaddeus Campbell: S3 Partners: s3.partners LinkedIn: linkedin.com/in/itsthadcampbell/ Our Featured Partners: Tract IQ: Get verified occupancy data at tractiq.com Johnson Insurance: Get a risk assessment at: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

Self-storage is entering a new era, and so is this podcast. In this episode, I break down the $97.5 million acquisition of Kiwi II by Janus International and what it means for the future of steel pricing and construction . We also go one-on-one with Noah Springer, the new President of Extra Space, to discuss their aggressive ECRI policies and why market saturation is forcing a "rate-cutting" hand in certain MSAs . We also cover: -The REIT Stock Surge: Why 2026 has started with a 12-17% rally for major storage stocks . -Macro Tensions: The ongoing battle between the White House and the Fed, and why investor sentiment on the 10-year Treasury is currently "shaky" . -AI & The Entrepreneur: Kusiima Boswell (Terrakotta) shares how he integrates his faith into building a game-changing AI dialer for the real estate space . -The Rebrand: I announce the transition of the show to its new name: STORAGE UNLOCKED. Tune in to catch the final "Report" and join us for the debut of Storage Unlocked next week! Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ Terrakotta AI https://www.terrakotta.ai/ This episode was brought to you by Tractiq: https://tractiq.com/tssr  

In this episode, I recap the NYSSA Investment Forum in New York, where over 350 industry leaders converged to discuss the future of the asset class. We break down the news of Noah Springer's promotion to President of Extra Space and what it signals for the future of the REIT. We also cover: The Moody's Outlook: Why we may face a five-year stagnation in home movement and what that means for storage demand Refinancing Distress: The rise of "Bridge-to-Bridge-to-Bridge" loans as 2021/2022 projects struggle to meet pro formas in a high-rate environment. REIT Spending Spree: Public Storage breaks $1 Billion in year-end acquisitions, while SmartStop and U-Haul aggressively expand north of the border. AI Evolution: Jacob Pandel (Notify) discusses why AI is great for data but still miles behind humans when it comes to strategy and sales. Faith in Leadership: Stan Bonilla (Safeguard) shares how his faith impacts his role as a Senior VP in one of the industry's most respected firms. Tune in for the most consequential data from the heart of the industry. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: QuikStorhttps://quikstor.com/ Tractiq https://tractiq.com/tssr Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage    

In our final episode of 2025, I break down the headline news: BlackRock has deployed $101.5 million to refinance a self-storage portfolio, signaling that smart money is still bullish on the sector despite interest rate headwinds. We also discuss: The 2026 Rebound: Stan Bonilla (SVP, Safeguard Self Storage) joins us to explain why a thawing housing market in 2026 will drive the absorption necessary to stabilize rates after years of oversupply. Supply Data: We dissect the DXD Capital Q3 Report, which confirms a significant slowdown in new deliveries, good news for operators looking to push rates next year. Top Growth Markets: We reveal the Top 10 MSAs for self-storage development in 2025, with Atlanta and Phoenix leading the pack. Faith in Business: Cody Baker shares a personal look at how his faith guides his decision-making in the capital markets. Tune in for the data you need to close out the year and prepare for a profitable 2026! Connect with Thaddeus Campbell: Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Our Partners: QuikStor: Get a free demo (and waive the $995 onboarding fee!) at https://quikstor.com/ Tract IQ: Visit https://tractiq.com/tssr/ Johnson Insurance: Get a free risk assessment at https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this episode, I break down the end-of-year data revealing a 20% jump in self-storage transaction volume, driven largely by Public Storage's $631 million spending spree. We analyze why cap rates remain stubbornly low (in the 5s) despite high interest rates and what that signals for 2026. We also cover: California Law Alert (SB 709): Going into effect Jan 1, 2026, this law forces operators to disclose rate hike limits and promotional terms in rental agreements. We explain exactly what you need to do to comply. REIT Rates: We dissect Skyview Advisors' latest report on "Achieved Rates," contrasting CubeSmart's stability with Extra Space's volatility following their aggressive rate increase strategies. The AI Standard: From Public Storage handling 85% of rentals via chatbots to QuikStor's automated management, we discuss why adopting AI is no longer optional for serious operators. Hidden NOI: We tease a new opportunity in New York involving Battery Energy Storage Systems (BESS), allowing owners to lease land to support the electrical grid. Tune in for the regulatory and financial updates you need to start 2026 on the right foot! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell Our Partners: QuikStor: https://quikstor.com/get-quikstor-demo/ Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this special roundtable episode, we are joined by three of the industry's top capital markets experts: Anna Siradze-Herdina (Talinvest), Andy Bratt (Gantry), and Cody Baker (Baker Capital Partners). We pull back the curtain on what lenders are really thinking as we close out 2025. We cover: The "Extension" Problem: Why lenders are done extending loans for stalled lease-up projects and what that means for borrowers stuck at 50-60% occupancy. Interest Rate Myths: The panel debunks the idea that Fed cuts equal immediate mortgage rate drops. We discuss why borrowers are moving to 7-10 year fixed debt instead of waiting for a market miracle. Construction Debt: Why banks have resurged as the primary source for construction loans, while life companies stick to permanent debt. Underwriting 2026: The #1 advice from our panel: Stop fluffing your pro forma. Lenders are scrutinizing rental rate assumptions more than ever, you need data to back up your story. Tune in for a masterclass on how to get your self-storage deal funded in the new year. Connect with Our Guests:  Anna Siradze-Herdina (Talinvest): [email protected] Andy Bratt (Gantry): [email protected] Baker (Baker Capital): [email protected] Connect with Thaddeus Campbell:LinkedIn:   / itsthadcampbell   Our Title Sponsor: QuikStor: Go to https://quikstor.com/ for a free demo!

In this episode, Thaddeus Campbell breaks down the Federal Reserve's quarter-point rate cut and the surprise guidance that only one more cut is expected in 2026. We discuss how the Fed's new $40 billion treasury buyback program is designed to flood banks with liquidity—and what that means for your ability to get a loan . We also cover: The Lending Data Anomaly: We dissect why construction lending surged in 2024 despite a slowdown in project deliveries, questioning if this signals a hidden boom or a market misalignment . Construction Costs: We share a critical update from Wayne Woolsey (Kiwi II Construction): Steel prices have finally stabilized at $900/ton, giving developers a green light to pencil new deals . Deal Killers: Thad walks through a real-world example of using Tract IQ to kill a deal in El Paso, TX, proving why granular data is the only protection against oversaturation . Faith & Discipline: We close with an inspiring segment featuring top UFC Fighter Shane Burgos, discussing the role of faith and discipline in achieving elite performance . Tune in for the financial data you need to navigate the start of 2026! Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage    

In this episode, we are joined by Brett Henry, CEO of Trojan Storage and the visionary new owner of QuikStor. Brett shares his masterclass in operations, detailing how he went from managing a 12-site portfolio to a $245 million exit, and why he's now betting big on software. We discuss: The Operator's Edge: Why Brett still personally reviews rent rolls for his 54 locations and how "living the numbers" is the secret to finding hidden value that others miss. The Software Problem: Brett reveals his frustration with industry-standard software (slow reports, lack of real-time data) that drove him to buy QuikStor and rebuild it from the ground up for the modern operator. Automation & Efficiency: How QuikStor enables true automation, centralized mailings, instant lease updates, and "no-key" rentals, allowing for significant labor savings and NOI growth. David vs. Goliath: Why independent operators don't need to sell out to the REITs to compete. Brett argues that, with the correct data and systems, regional players can outperform the giants. Tune in to hear how one of the industry's best operators is building the tools to help you win. Connect with Brett Henry: QuikStor: QuikStor.com Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this episode, we break down the blockbuster report from Heitman (managing $48B in assets) which confirms that self-storage has outperformed multifamily, industrial, office, and retail over the last 15 years. We discuss why thinking in "50-year asset" terms is the key to generational wealth. The Supply Opportunity: We analyze the Yardi Matrix data showing a "new all-time low" in the four-quarter trailing supply average. We explain why this is a bullish signal for developers to get shovels in the ground now while others are retreating . Consolidation News: Hear our take on the SmartStop/Argus deal and why technology is forcing smaller management companies to merge or sell. Hidden Risks: Our partner Terry Campbell reveals a critical insurance blind spot regarding Boat & RV tenants that could cost you your NOI . The Macro Play: We discuss the probability of a Fed rate cut in December and predict how a potential new Fed Chair in May could aggressively lower rates to save the economy before the midterms. Tune in for the data you need to make smart investment decisions this holiday season! Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Development): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ This Episode was brought to you by: TractIQ https://tractiq.com/tssr Johnson Insurance
 https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage  

The days of "throwing a dart at a map" are over. In this special roundtable episode, we (Chris and Thad) sit down with Lauren Feeney (Trojan Storage) and Cam Paktinat (DXD Capital) to pull back the curtain on the current state of self-storage development. We cover: The Supply Crisis: Why "negligent" developers are flooding markets and how to use defensive underwriting (like zoning maps) to protect your capital. Creative Wins: Hear the stories of how Trojan saved a deal in Inglewood by buying the neighbors' houses and how DXD built a daycare to secure a prime site in Rhode Island. Data & AI: How the top pros are using historical data and AI tools to underwrite deals, check zoning, and even create renovation mockups in seconds. The Outlook: Why we remain bullish on the asset class long-term, backed by data like Extra Space's record October occupancy. If you are buying dirt or building storage, this conversation is essential listening. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/

We're tackling the biggest market risks this week! We discuss the proposal for a 50-year mortgage as a desperate measure to keep the housing market afloat, which we view as a critical signal of a system under enormous financial pressure, consistent with the 18.6-year real estate cycle. The Biggest Threats: CMBS Loan Crisis: We reveal the $21 billion in CMBS loans outstanding in self-storage and how $2 billion are essentially delinquent, forcing lenders into an "extend and pretend" scenario by extending interest-only periods to delay mass foreclosures. Insurance Gaps: Our risk partner, Terry Campbell, warns against focusing only on rising premiums, urging you to audit your coverage for hidden gaps that could be devastating after a natural disaster . Boots on the Ground: We highlight the strategy of Wentworth Properties, who build custom assets by getting "boots on the ground" to understand true market need, rather than relying solely on easy data. And finally, Chris shares an incredibly powerful personal story from his Homes for Hope trip to Mexico, reinforcing our belief that business success is about more than just making money, it's about serving a higher purpose. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage Find the Show on YouTube: youtube.com/@theselfstoragereport

The Q3 REIT Earnings are in! We break down the true meaning of the latest financial reports with Noah Starr, CEO of Tract IQ and former institutional investor. Noah drops the bombshell: the real issue isn't Extra Space's controversial ECRI strategy; it's widespread oversaturation and poor capital allocation In this episode, we discuss: The Investor's Blind Spot: We analyze why most developers invest "on hope" using misleading metrics like square footage per capita, leading to millions in losses when markets are oversaturated. The Street Rate Dive: We break down the charts showing how Extra Space dropped street rates dramatically to maintain the highest occupancy, while Public and CubeSmart prioritized maintaining higher achieved rents . The Ultimate Risk: Noah shares his experience: ignoring REIT data is a "ten, eleven, twenty million dollar mistake". We challenge the industry to be more like the hotel space and share performance data publicly to eliminate bad deals. Tailwinds: We discuss the strong growth of micro-apartments, which drive self-storage demand by making storage a necessary amenity in small living spaces . Tune in for the unfiltered truth about where the self-storage market is headed! Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage Find the Show on YouTube: youtube.com/@theselfstoragereport

We're breaking down the earnings calls! We analyze Public Storage's surprising flat NOI and Extra Space's nine months of negative NOI. In this episode, you'll hear: The 30% Workforce Cut: We reveal how Public Storage leveraged technology to drive 85% of customer interactions to digital, leading to a massive 30% reduction in labor hours. The Development Warning: We discuss Public's stark prediction that development will be slow through 2027 due to high costs and low appraisal values. This news creates a massive opportunity for those of us who are still finding and underwriting deals The Cap Rate Wars: We dissect how Public is winning the acquisition game, buying assets at 5.25% to 5.5% cap rates thanks to their low cost of capital, a level most traditional developers can't touch. The Economy's Cracks: We analyze the persistent weakness in the labor market (layoffs at Amazon, UPS, etc.) and how the Fed's 50-bip cut has failed to move the 10-year Treasury, stifling the housing movement self-storage needs . New Segment: We introduce our new segment, "How Faith Fuels Your Business," featuring Cam Packtinat from DXD Capital. Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell This episode was brought to you by: Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

We sat down with Noah Springer, the Chief Strategy Officer of Extra Space, for a direct, uncensored conversation about the company's controversial ECRI (Existing Customer Rate Increase) strategy and the power of their data-driven pricing model. In this episode, you'll hear: The Data Advantage: Springer clarifies that Extra Space's core mission is a revenue strategy , and their ability to maximize profit comes from using massive data that smaller operators cannot access. The Supply Squeeze: We discuss how the artificially low introductory rates offered by the REITs make it impossible to underwrite new projects in many markets, which is directly contributing to the drastic cut in new supply. The Staggering Cost of Risk: We discuss the growing expense of operation, including the shocking fact that some commercial insurance premiums are up 80% this year , confirming why Terry Campbell from Johnson Insurance is a critical partner to help protect your NOI. Market Outlook: We analyze how the economic indicators (record auto repos, tightening bank credit) fit into the 18.6-year real estate cycle and signal a high probability of a "reset" by mid-to-late 2026. Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Find the Show on YouTube: The Self Storage Report: youtube.com/@theselfstoragereport This Episode was brought to you by: Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

California's New Law Just Raised Everyone's Rates: Here's Why In this critical episode, we dive deep into the impact of California's new self-storage disclosure law, SB 709, which has been signed by Governor Newsom. We reveal why this bill designed to protect consumers will actually force operators like Extra Space to eliminate low introductory rates and charge a higher rate from day one, ultimately costing many customers more money. We also cover the essential financial and political truths: The Next Battle: Senator Menjivar, the bill's sponsor, warned on the Senate floor that this is "only the first bite of the apple," confirming that rate caps are the next legislative target for our industry. Consolidation Accelerating: We share the staggering data showing that REITs already own over 33% of all institutional-sized self-storage facilities, and we discuss the huge UK acquisition by Blackstone, proving that capital is still flowing heavily into our resilient sector. The Lobbying Urgency: We stress the importance of actively funding the industry's political action committees (PACs) now, as we move into the crucial 2026 political cycle to fight against future detrimental legislation. Gold vs. Dollar: We examine the "Debasement Trade," where Gold and Bitcoin are hitting all-time highs as investors hedge against the continuously weakening US Dollar. Tune in to get the analysis you need to navigate the political and financial pressures facing self-storage. Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: https://tractiq.com/ https://gojohnsoninsurance.com/

We start with a major market signal: Treasury Secretary Scott Bessent is pushing for deregulations, a move that, according to the 18.6-year real estate cycle thesis, could ignite the final speculative boom before a major crash in late 2026. We welcome self-storage icon Terry Campbell (Jonhson Insurance) as our new insurance partner to discuss why costs are soaring due to catastrophic losses. In this episode, we discuss: The Debasement Trade: Why Gold, Silver, and Bitcoin are hitting all-time highs as investors lose confidence in the dollar's value due to government debt and monetary expansion. Lending & Risk: We analyze the push to change Basel Accords to get banks lending again with highly aggressive terms (e.g., 1.15 DSCR, 35-year amortizations), potentially leading to a market pop. The AI Advantage: We share how we use ChatGPT and Tract IQ data to generate a full feasibility study and rigorously vet potential sites. Residential vs. Commercial: We show the staggering math: many are better off renting their primary home because the mortgage payment far exceeds the rent. This highlights why commercial assets like self-storage—the highest performing asset class over the last 40 years—remain the smarter investment. Community: We conclude with personal reflections on the power of mentorship, faith, and community in building a successful life. Tune in for an in-depth analysis of the current market and a roadmap for investing in hard assets! Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Our Insurance Partner (Terry Campbell): Johnson Insurance Services: https://www.gojohnsoninsurance.com This episode was brought to you by: https://tractiq.com/

We're Just Going to Say It: Your Insurance Costs Have DOUBLED We are back from the New York SSA Fall Conference, and we're bringing you the most critical takeaways you need to navigate the next 18 months. This episode is packed with insider info on the legal and financial forces reshaping the self-storage landscape. Here's what we uncovered: The Legal Fight: We reveal a land use attorney's opinion that many local moratoriums on self-storage may be illegal under state law. We urge you to get involved with your state SSA to protect your assets. Consolidation Shock: We break down the SmartStop acquisition of Argus Professional Storage Management—a "game-changing deal" that signals 150 stores is the new scale required to compete with REITs on operational efficiency and data. Expense Crisis: The shocking truth: Insurance costs per square foot have nearly doubled since 2020/2021, severely impacting NOI. We introduce Terry Campbell from Johnson Insurance, our new partner, to help address this critical issue. Lending Reality: We explain why the predicted distressed asset crisis is not coming, thanks to developers securing long-term loan refis (10 and 20 years) during the low-rate environment. The Future is Service: The biggest lesson from the conference: successful technology focuses on improving the customer experience, not just on cutting expenses. Tune in now for an essential look at the operational, financial, and legal landscape of self-storage over the next 12-18 months! Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Find the Show on YouTube: The Self Storage Report: youtube.com/@theselfstoragereport This Episode was brought to you by: TractIQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/

Today are breaking down the Federal Reserve's recent 25 basis point rate cut. They get into the tough questions, like why the 10-year Treasury is rising and what that could mean for mortgage rates and the self-storage industry. They also discuss key economic data points that suggest we could be heading for a downturn similar to 2008. In this episode, you'll hear about: The recent Fed rate cut and the unexpected rise of the 10-year Treasury yield. Why searches for mortgage assistance are at an all-time high, surpassing the levels seen during the 2008 housing crisis. The hosts' analysis of the "real estate cycle" and why they believe a significant market shift could be coming in the near future. The potential for government intervention in the housing market and what that could mean for self-storage. A powerful and personal conversation about faith, community, and the importance of supporting one another through challenging times. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ This episode was brought to you by: https://tractiq.com/

Hey there, and welcome to The Self Storage Report, broadcasting live from Italy! We are breaking down the Federal Reserve's recent 25 basis point rate cut. They get into the tough questions, like why the 10-year Treasury is rising and what that could mean for mortgage rates and the self-storage industry. They also discuss key economic data points that suggest we could be heading for a downturn similar to 2008. In this episode, you'll hear about: The recent Fed rate cut and the unexpected rise of the 10-year Treasury yield . Why searches for mortgage assistance are at an all-time high, surpassing the levels seen during the 2008 housing crisis. The hosts' analysis of the "real estate cycle" and why they believe a significant market shift could be coming in the near future . The potential for government intervention in the housing market and what that could mean for self-storage. A powerful and personal conversation about faith, community, and the importance of supporting one another through challenging times. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ This episode was brought to you by: https://www.tractiq.com

We're starting this episode with some major news: the US government just revised job numbers downward by nearly a million jobs, a shocking development that signals significant economic softness. Your hosts, Chris Berg and Thaddeus Campbell, break down what this means for the economy and the self-storage industry. We also explore the growing impact of AI on the job market and its role in displacing workers, which could paradoxically lead to more self-storage demand. The conversation delves into the crucial decisions facing the Federal Reserve and the insights from industry CEOs on how to navigate today's competitive landscape. In this episode, you'll hear about: The recent downward revision of job numbers and what it signals about the health of the US labor market. How AI is contributing to job displacement and why this may be a driver of future self-storage demand. A look at the Federal Reserve's role in monetary policy and the potential for a rate cut based on new economic data. Why self-storage is considered a resilient asset class that can perform well even in a down economy. The importance of community networking and making informed investment decisions based on solid data. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

In this special episode, your hosts Chris Berg and Thaddeus Campbell are joined by guest Noah Starr, CEO of TractIQ, to give you a front-row seat to the conference. We discuss the key takeaways, from the surprising level of optimism to the stark reality that self-storage development has "never been this hard". We also explore the reasons behind this difficulty, including a lack of data transparency and the macroeconomic headwinds. Plus, we share a deeply personal conversation about faith, community, and the importance of personal responsibility in navigating today's challenging world. In this episode, you'll hear about: The SSA's incredible growth, going from 52 attendees 50 years ago to over 3,700 at this year's event. The prevailing sentiment of "cautious optimism" despite market challenges. A staggering stat from Noah Starr on the amount of capital that has recently flooded into the self-storage industry. How a lack of data transparency is holding back smaller developers and contributing to overbuilding. A personal conversation between Chris and Thaddeus about the state of the country, the debasement of the US dollar, and why they believe in personal responsibility. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Connect with Our Guest, Noah Starr: LinkedIn: https://www.linkedin.com/in/noah-starr/ Website: https://tractiq.com/

We're kicking off with a huge number: $800 million, the amount Extra Space is looking to raise in notes. This move, along with SmartStop's $500 million in Maple Bonds, suggests that some of the industry's biggest players are preparing to make some serious moves in the market. We also explore a fascinating story Chris uncovered using AI about a California city council meeting. The city of Cerritos is considering lifting a cap on the number of self-storage businesses, a move that could be a win for both developers and consumers. In this episode, you'll hear about: Why Extra Space and SmartStop are raising hundreds of millions in capital. What "Maple Bonds" are and why SmartStop's offering was a first for the self-storage industry. A real-world example of how AI can be used to find crucial information on local government meetings. The shift in a city's view of self-storage, from a limited asset to a needed service that provides economic opportunities. Why industry leaders are preparing to acquire assets at a discount and are seeing a potential for major market shifts. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ This episode was brought to you by: https://www.tractiq.com

This episode is packed with a truly shocking stat: the percentage of Americans moving is at its lowest point since 1948. We explore why this is happening and what it means for the self-storage industry, which is deeply tied to the moving process. We also discuss a few other major topics, including an exclusive clip with Alex Burnham from StorageMart, a deep dive into Warren Buffett's recent investments, and an analysis of homebuilders' desperate attempts to sell their inventory. In this episode, you'll hear about: The historical data showing how much moving has slowed down in the U.S. and its impact on self-storage The trend of building smaller homes, which may eventually create more demand for storage . The "funky" incentives homebuilders are using to move inventory, and why these are a red flag . Exclusive insights from Alex Burnham on his cautious outlook for the market's immediate recovery. Why patience is a key virtue in self-storage right now. The hosts' upcoming appearances at the SSA's 50th-anniversary event in Las Vegas . Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Our Data Partner, TractIQ: Email: [email protected] Website: https://tractiq.com/  

This episode is packed with insights from SmartStop's latest earnings, a deep dive into what's happening on the ground, and a conversation with industry leaders like Alex Burnham and Michael Schwartz. We talk about why the market is a "shrinking" one, why experience is key, and how some developers are finding new opportunities in challenging environments . Join us as we discuss the nuances of demand and supply, the importance of a long-term strategy, and what a recent lender survey reveals about the top concerns in the self-storage space. In this episode, you'll hear about: SmartStop's positive NOI growth, a rarity among recent REIT earnings. Alex Burnham's take on the market, which has outpaced the REITs for 10 straight quarters. Why the industry might be a "shrinking market," and what that means for marketing and demand. Lender concerns about oversupply and absorption risk. A case study on a portfolio deal that yielded a massive 42% IRR. The unexpected trend of LA cities becoming more receptive to self-storage projects. How having experience and an "end in mind" is crucial for navigating market challenges. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Connect with Our Data Partner, TractIQ: Email: [email protected] Website: https://tractiq.com/