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]Cody 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