Stories Behind the Door

I sit down with Nagesh Anupindi, CEO of Apoorva and SiteWare, for a masterclass in grit, innovation, and the "humble rebel" mindset . Nagesh shares his incredible journey from being a PhD student at the University of Rhode Island, studying complex Fourier transform algorithms, to becoming an interim CIO at Frontier Airlines and eventually a pioneer in self-storage technology . We explore the birth of SiteWare, which Nagesh purposefully built without VC money to ensure he could prioritize the features five-location operators actually need . We discuss why "everything but the PMS" is the future of facility management, how to use data to fix "leakage" across your portfolio, and why Nagesh believes the most successful operators in 2026 will use AI as a tool for amplification, not replacement . Key Takeaways from this Episode: The "Airline" Perspective: How Nagesh applied airline revenue optimization to the self-storage asset class . Entrepreneurial Timing: Lessons from starting a company in June 2001, just weeks before twin daughters were born and months before 9/11 . Enterprise Tech for All: Why SiteWare uses a per-location fee structure ($50/month) rather than a per-unit model to keep high-level tech accessible . Operational IQ: A real-world look at how automated audits can uncover why specific managers are underperforming in ways a simple spreadsheet can't catch . A Legacy of Education: Nagesh's story of going back for his MBA at age 53 and raising daughters who are now training as MDs at Harvard and UPenn . If you are an operator trying to find your competitive edge in an increasingly institutionalized market, Nagesh's infectious enthusiasm and technical clarity are exactly what you need to hear . Connect with Nagesh Anupindi: Email: [email protected] Website: https://apoorva.com/ Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://kiwiconstruction.com/

I sit down with Tyler Harper, Co-Founder of Homegrown Storage, for a fascinating look at how technology is finally providing an operating arbitrage in tertiary markets . Tyler's team, largely composed of Georgia Tech engineers, has built a platform that enables them to acquire roughly one facility per week while operating 30+ stores with only five people . We discuss the grit it took to sell their retirements and pitch 200 family offices, and how they eventually found "believers" who saw the same potential for tech-driven excellence . Tyler explains the philosophy behind Patchwork Labs, their software arm that "quilts" data from FMS systems and video feeds to automatically coordinate repairs and sales without human bottlenecks .

Key Takeaways from this Episode:

The Search Fund Influence: How watching hundreds of MBA students buy businesses influenced Tyler's view on thematic investing . The Tech Differentiator: Why Homegrown believes they can eventually scale to one staff member for every 30 facilities . Relationship-Driven Sourcing: Why personal connections still beat AI outbound calls when dealing with owners who have held assets for 50 years . Deterministic Workflows: How creating power dialers and automated sweep-out links tripled their team's output . The "Operating Arbitrage": Why focusing on smaller, sub-secondary markets offers the "sky is the limit" potential for those who can solve the management puzzle . If you are an owner, broker, or tech-enthusiast in the storage space, this conversation is a glimpse into the future of how our industry will be consolidated and managed in 2026 and beyond. Connect with Tyler Harper: Email: [email protected] Website: https://www.homegrownstorage.com Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://kiwiconstruction.com/

I sit down with Peter Smyth, Co-Founder and CEO of White Label Storage, for a deep dive into the technology and operational workflows that are reshaping the self-storage landscape. Peter shares his journey from working at Hines and attending Harvard Business School to disrupting the Brooklyn market with Local Locker . What started as a way to monetize "dead space" in New York City has evolved into a national service platform managing over 200 facilities . We explore how Peter leverages centralized call centers to turn expenses into revenue drivers and why he believes the most successful operators in 2026 will be the ones who bridge the gap between AI-driven efficiency and human-centered sales If you are an owner looking for third-party management options or a developer interested in the future of remote-managed assets, Peter's perspective is essential listening .

Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/

Connect with Peter Smyth (White Label Storage): [email protected] www.whitelabelstorage.com This episode was brought to you by: https://kiwiconstruction.com/

I sit down with Jane Sauls, President of Sauls Commercial Real Estate, for an episode that is as much about character and tenacity as it is about real estate. Jane brings nearly 20 years of experience to the microphone, having navigated the storage world since 2006. We explore Jane's "farm girl" roots and how that work ethic helped her survive the brutal market shifts between 2023 and 2026 . Jane shares the hard truths that owners need to hear right now: the market has reset, interest rates are finally predictable (even if they aren't "low"), and if you are being "sloppy on your expenses," you shouldn't be worrying about cap rates.

Key Takeaways from this Episode:

The "Figure-it-outer" Mentality: Why a mindset of persistence is the most valuable asset you can bring to a development project Dealing with the Bid-Ask Spread: Insights into how "natural sellers" are finally bringing market expectations back to earth in 2026 .

Independence in an Institutional World: Why Jane believes independent operators still have a massive opportunity if they leverage technology correctly .

The Legislative Front: Why you need to be registered to vote and active in your state associations to fight off rate caps and predatory local bills

Family Business Dynamics: How working with her son, Luke, provides a level of trust and candidness that you just can't find in a corporate environment.

Jane is a "game changer" who leads with kindness and serves with truth . Whether you are a long-time owner or looking to take your first entrepreneurial leap, Jane's perspective is the dose of reality and encouragement you need today.

Connect with Jane Sauls:

Email: [email protected]

Website: https://www.saulscre.com/

Connect with Thaddeus Campbell:

Website: https://s3.partners/

LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

This episode was brought to you by: https://kiwiconstruction.com/

In this episode of Stories Behind the Door, I sit down with Christen Bryant, Director of Development at S3 Partners. Christen has spent 18 years in the trenches of self-storage, rising from used truck sales to becoming the President of U-Haul's Dallas-Fort Worth storage operations .

In this episode, I cover:

REIT Insights: Christen shares the unique, customer-first operational model of U-Haul and how it gave her a different perspective on the "ECRI" craze . The "Ownership Mindset": Why Christen treats every underwriting project as if her own capital were on the line, and how that leads to better decisions for our clients .

The Return to Reality: Why the industry is shifting away from the "frenzy" of first-time developers back to seasoned operators who understand the core business .

Small Bay Flex & Hybrid Assets: Christen's take on why Small Bay Flex is the natural next step for storage investors .

Leadership & Faith: How a foundation of faith and family motivation has fueled a nearly two-decade career in the industry .

Tune in to learn from the "Killer of Dreams" and find out how to truly pressure-test your next storage investment.

Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: linkedin.com/in/itsthadcampbell/ Email: [email protected] This episode was brought to you by: Kiwi2 Construction 30+ years of self-storage steel expertise. Visit https://kiwiconstruction.com/

I sit down with Jennifer Barroqueiro, Vice President of Third-Party Management at All-Purpose Storage, to discuss the unique challenges and rewards of operating in the Northeast market. Jennifer brings eight years of experience, ranging from her days as District Manager #12 at SAM to her current leadership role, to a conversation that balances tactical operations with deep-rooted company culture . We discuss the current legislative "wave" hitting the industry in 2026 and why owners must be active in local associations like NESSA to protect their assets . Jennifer also reveals why All-Purpose Storage refuses to participate in the "race to the bottom" regarding street rates and how they use creative marketing and community focus to maintain occupancy in secondary markets .

Key Takeaways from this Episode:

Boutique Third-Party Management: Why scaling isn't just about the number of doors, but about having a leadership team that truly has your back . The "Roy the Goat" Mascot: A fun and functional look at how community-focused branding can differentiate you in crowded markets .

Automation and AI: Why Jennifer is currently testing AI agents and how she uses the EOS platform to keep her team "lean and mean"

Market Outlook for 2026: Why 2026 is shaping up to be a better—but still challenging—year for revenue management compared to post-COVID highs .

Personal Resilience: An emotional update on Jennifer's son and how his strength serves as an inspiration for her professional life .

Whether you're a New England owner looking for a partner with scale or an operator trying to navigate the 2026 rate environment, Jennifer's insights on hospitality-driven storage management are essential . Connect with Jennifer Barroqueiro: Email: [email protected] Website: www.storeallpurpose.com Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://kiwiconstruction.com/

I sit down with Adam Troso, CEO and Founder of Next Century Self Storage, for a masterclass in real estate financials and resilient leadership. Adam brings 25 years of Wall Street experience to the table, providing a sophisticated look at why self-storage remains the "best way to make money owning real estate".

We explore Adam's journey from underwriting CMBS loans in the 90s to navigating the turmoil of the Great Financial Crisis at JPMorgan . Adam shares how his time on the rugby pitch at BU informed his "Just Win Baby" approach to deal-making and why he believes the current industry pricing model is due for a major "rationalization".

Key Takeaways from this Episode:

The CapEx Advantage: A deep dive into why storage turnover costs are virtually zero compared to the massive "tenant improvements" required in office or retail . The Yoda Mindset: Why a great advisor (and principal) focuses on setting up their clients and investors to be the "Luke Skywalker" of the story . Automation as an ROI Driver: How the pricing of modern PropTech allows operators to transition to remotely managed models with extremely high returns on investment . Economic Prognostication: Adam explains why he is anticipating a period of low inflation and higher wage growth as we move further into 2026 . Strategic Acquisitions: Why Next Century focuses on the "East of the Mississippi plus Texas" corridor for its portfolio construction . Whether you are a seasoned institutional investor or a "mom and pop" owner looking to understand the future of automated operations, Adam's blend of Wall Street expertise and "front-row" grit is essential listening. Connect with Adam Troso: Email: [email protected] Website: www.nextcenturyselfstorage.com Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://www.kiwiconstruction.com/

I sit down with Tom Sherlock, Co-founder of Talonvest Capital, for an essential deep dive into the financial state of self-storage. With a career spanning back to 1985, Tom has lived through the RTC crisis, the Great Financial Crisis, and the current 2026 market shift . Tom shares the story of how his firm made a high-stakes bet on the "institutionalization" of storage back in 2011, pivoting their business just as the asset class began its meteoric rise . We discuss the current "reality check" for developers and owners who capitalized deals three years ago, the abundance of capital still chasing the sector, and why lender discipline is actually a sign of long-term health .

Key Takeaways from this Episode:

Navigating Disruption: Why Tom believes that the most successful firms are built during market disruptions rather than boom cycles . The Discipline of Capital: Insights into how life insurance companies, banks, and CMBS lenders are viewing storage today . Relationship + Technology: How Talonvest balances "old-school" relationship building with "new-school" data analytics to provide better options for their clients . Interest Rate Outlook: Why Tom agrees with Howard Marks that we should prepare for a "higher for longer" interest rate environment . Small Bay Interest: Why BKM and others are looking at small-bay industrial as the next frontier for diversified growth . Whether you are looking to structure a $10 million or $500 million financing package, Tom Sherlock's perspective from the front lines of Talonvest is the reality check every operator needs . Connect with Tom Sherlock: Email: [email protected] Website: www.talonvest.com Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://www.kiwiconstruction.com/

I sit down with Ken Woolley, the visionary Founder of Extra Space Storage, for a masterclass in industry history and leadership philosophy. Ken has been in the self-storage game for 56 years, witnessing the asset class transform from niche "garage rentals" into a mainstream institutional power player . Ken shares incredible stories from the early days, including his time as a management consultant in Boston and his 1973 study of the only 26 storage properties in Los Angeles . We discuss the current "tight spot" the industry finds itself in with cap rate shifts and excess supply, and why he remains bullish on the long-term demand driven by American consumerism .

Key Takeaways from this Episode:

Historical Context: How storage has evolved from $5/sq. ft. hard costs and 14% interest rates in the early 80s to the complex developments of today . The "Win-Win" Business Model: Why Ken rejected the idea that business is divided into "screwers and screwees," choosing instead to lead with kindness and partnership . Market Trends for 2026: Ken's take on why the Northeast and Midwest are currently stronger than the Sun Belt due to supply absorption . Acquisition Strategy: How Extra Space continues to deploy capital—buying $1.2 billion in 2025—despite a challenging stock and debt environment . Development Barriers: Why building in "tough" markets like Boston, New York, and California creates a long-term "quasi-monopoly" and superior cash flow . If you want to understand the soul of the storage industry, this conversation with one of its primary architects is essential listening. Connect with Thaddeus Campbell (S3 Partners): https://www.s3.partners https://www.linkedin.com/in/itsthadcampbell/ [email protected] Connect with Kenneth Woolley (Extra Space Storage): https://www.extraspace.com [email protected] This episode was brought to you by: https://www.kiwiconstruction.com

I sit down with Brett Turner, Senior Managing Director at BKM Capital Partners, for a masterclass in small bay industrial investment.

Brett and his team are currently managing approximately $3.4 billion in AUM, specializing in multi-tenant industrial parks . In this conversation, we discuss why this asset class is incredibly difficult to manage but yields massive rewards for those who are vertically integrated. We explore the "replacement cost" gap that makes ground-up development nearly impossible to pencil, the shifting demand from small businesses, and why the current interest rate environment is creating a "perfect setup" for cash-flow-focused investors.

Key Takeaways from this Episode:

Outcome over Interaction: How technology has minimized the space requirements for manufacturers while increasing the need for nimble, "last-mile" locations . Market Trends: A look at why BKM is heavily deploying capital into Houston, Dallas, Atlanta, and Phoenix, while still finding AI-driven opportunities in Northern California . Management-Intensive Assets: Why large institutions like JP Morgan are finally taking positions in this space but still need expert managers to handle the 200+ tenants per park. Sustainable Growth: Why the industry is moving away from "steroid-level" 35% rent growth back toward healthy, inflation-beating rates . Personal Discipline: Brett's perspective on being a competitive bodybuilder and how high-stakes fitness translates into high-stakes fund management . If you are an investor or developer looking to understand where the "arbitrage" is in commercial real estate today, Brett Turner's insights from the front lines of BKM are essential listening. Connect with Brett Turner: Email: [email protected] Website: www.bkmcapitalpartners.com Connect with Thaddeus Campbell: Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://www.kiwiconstruction.com/