Explore every episode of the podcast Storage Unlocked
Dive into the complete episode list for Storage Unlocked. Each episode is cataloged with detailed descriptions, making it easy to find and explore specific topics. Keep track of all episodes from your favorite podcast and never miss a moment of insightful content.
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Title
Pub. Date
Duration
Millrose accused of fraud in $200M home purchase from Lennar
16 oct. 2026
00:47:34
What happens to self-storage fundamentals when residential homebuyer demand falls below its 2008 Great Financial Crisis low ?
I am your host, Thaddeus Campbell (Director of Business Development and Strategic Branding at S3 Partners), and on this episode of Storage Unlocked, I sit down with Chris Berg (Abernathy Holdings, host of The Self Storage Report) to break down the cracks widening across the housing and commercial real estate landscape .
We unpack the shareholder lawsuit against Lennar spinoff Millrose Properties, which alleges Millrose improperly bought over 700 homes, including 356 in the final week of a quarter, to prop up Lennar's earnings. We discuss why housing demand has hit 1995 lows, how 7.22% mortgage rates are locking up mobility, and what a stalled housing market means for self-storage rental rates and construction debt .
In this episode, I cover:
The Millrose Spinoff Allegations: Why shareholders are suing over claims Millrose overpaid for 700 to 1,096 homes to help Lennar hit quarterly revenue numbers .
The Executive Stock Overlap: The conflict of interest behind Lennar's CEO owning 43% of Millrose stock while Millrose absorbs negative-cash-flow inventory .
Demand Worse Than 2008: Data showing U.S. homebuyer demand falling to 30-year lows while unsold home supply reaches a 10-year high .
The Moving Deficit: Why self-storage operators face discounted street rates when residential relocations—historically 40% of storage demand—freeze up .
Pro Forma Reality: How $40/month introductory move-in promotions are causing lenders to reject regional construction pro formas .
Institutional Technology Shifts: Public Storage's move to map 10 million U.S. micro-markets and the expansion of AI-native remote management .
The 5-Year Refi Trap: Why Assets Are Selling at a Loss
09 oct. 2026
00:51:18
What happens to your underwriting when borrowing costs move faster than cap rates ?
I am your host, Thaddeus Campbell (Director of Development at S3 Partners), and on this episode of Storage Unlocked, I am joined by Lauren Feeney, Director of Acquisitions at Trojan Storage .
Lauren lives in the underwriting trenches every single day . In this episode, we break down why capital costs are eating returns, the emerging wave of below-basis asset sales, and how conservative operators structure capital to survive macro downturns .
In this episode, I cover:
The Cost-of-Capital Reality: Why a 5.3% 10-year Treasury is compressing buyer spreads, and why macro energy and AI data center debt competition keep yields under pressure.
The Sensitivity Test: A direct breakdown of how 7% debt slashes cash-on-cash yield from roughly 7% to 4% on an identical $10M acquisition .
Below-Basis Sales: Why 50% of broker transactions over the last four months closed at or below original basis, alongside a 20% to 30% drop from initial price guidance .
The Maturing Debt Wall: How multi-year extensions on 2021–2022 loans are setting the stage for forced exits .
The Reserve Requirement: Trojan's rule requiring construction reserves equal to two times the annual debt service ($2.5M+ on a $30M loan) plus operating reserves .
AI Market Underwriting: Integrating Claude with TractIQ to cross-reference 5-year unit rate histories against new supply deliveries
Small bay industrial base camp has become a go to resource for investors owners and developers.
25 sept. 2026
00:34:58
Why are commercial real estate operators pivoting away from big-box industrial and traditional storage toward 1,500- to 5,000-sq-ft multi-tenant bays ?
I am your host, Thaddeus Campbell (Business Development Director at S3 Partners), and in this episode of Storage Unlocked, I sit down with Will Skillman, President and CEO of Trowbridge Development and founder of Small Bay Industrial Base Camp .
Will shares how he leveraged his background as a former general contractor and mobile home park operator to build one of the fastest-growing communities in commercial real estate, scaling to 550+ members in under four months .
In this episode, I cover:
The Missing Industrial Middle: Institutional logistics funds and traditional storage operators bypass the 1,500–5,000 sq ft bay, creating an enormous supply-demand imbalance for local tradesmen .
Low-TI Tenant Economics: Structuring leases with minimal upfront buildouts protects cash flow while incubating high-growth small business tenants .
Base Camp Community Growth: By focusing on adding genuine value through weekly Friday expert sessions and interactive networking, built an active group where 10% of members have completed 10+ deals .
Underwriting in a 5.1% Treasury Climate: Elevated debt yields and high replacement costs are slowing speculative ground-up builds and pushing capital toward value-add multi-tenant conversions .
The Decades-Long Horizon: Small business workforce growth provides small-bay flex industrial with an estimated 10- to 20-year runway before institutional consolidation takes hold .
We break down the state of storage with a 20 year veteran of the industry.
18 sept. 2026
00:36:51
Can an independent self-storage operator survive the wave of institutional consolidation while still relying on a five-dollar padlock and an angle grinder ?
In this edition of Storage Unlocked, I am joined by Rob Kopp, founder of KISS Locks and owner of American Storage South . Drawing from more than two decades of developing, owning, and operating facilities, Rob shares a hard-hitting look at the operational, financial, and technological hurdles facing storage owners in 2026 .
In this episode, I cover:
The New Operational Reality: Why the historic post-COVID tailwinds have fully faded and how the 10-year Treasury breaking 5% is exposing operators with approaching debt maturities .
The Reality of Trade Show Choice Paralysis: Navigating the sheer flood of new AI voice agents, FMS platforms, and access control vendors without locking up your business workflows .
The 48% Independent Footprint: What it means for mid-tier and mom-and-pop operators as institutional players steadily chip away at national square footage .
Why NFC Beats Bluetooth: The physics behind using Near Field Communication (the same tech powering NFL ticket entry and passport chips) to secure units within a 20 mm range.
Battery-Free Electronic Locking: How harvesting energy directly from the customer's smartphone eliminates battery maintenance, dead circuits, and failed lock cutoffs .
The One Lock Hybrid: A look at hardware built to handle standard disc locks for legacy tenants, remote tap-to-clear overlocks, and a $5/month digital access revenue stream.
Cody Payne explains the rise of Small Bay and what is happening in both acquisition and development
11 sept. 2026
00:36:40
Can you justify building small-bay flex at $15 to $16 NNN when vintage local inventory sits at $12 NNN ?
On this episode of Storage Unlocked, I sit down with Cody Payne, partner at FlexParks USA and founder of Small Bay Feasibility . Cody brings two decades of transaction and feasibility data to show developers how to separate viable flex dirt from costly mistakes .
In this episode, I cover:
Cross-Asset Capital Flows: How post-2023 rate pressure in storage, office, and multifamily is driving investors toward low-TI small bay industrial assets .
The Sideline Bottleneck: Why conference attendance is surging, but first-time developers often struggle to take dirt vertical—leading to a spike in shovel-ready land sales .
The 3X Radius Rule: Why population and business counts must expand by at least 3X from a 2-mile to a 5-mile ring to support steady tenant absorption .
The Spending per Capita Metric: Why areas with under $10,000 to $10,500 in per capita spending struggle to achieve rates above $12/sq ft .
Size vs. Absorption Speed: Why 1,000–1,500 sq ft bays lease in 30 to 60 days, while larger 2,000+ sq ft spaces linger for 3+ months .
Bank Underwriting Strategy: How to prove to lenders that a new flex park will capture a 20% premium over older 1980s stock .
Why did Storage need another option. Travis Morrow says exactly what made him enter the arena.
09 sept. 2026
00:37:23
Can an industry event be engineered to deliver genuine operational ROI rather than the same recycled panels ?
On this episode of Storage Unlocked, I sit down with Travis Morrow, President of National Self Storage and publisher of Modern Storage Media . Travis pulls back the curtain on the design, economics, and vision behind MSM's The Show, taking place November 4–6, 2026, in Atlanta at the Georgia World Congress Center and Signia Hotel .
In this episode, I cover:
The Return to Normal: Why operating at sea level requires expanding education, refining operational systems, and increasing marketing visibility rather than cutting budgets .
The Exhibitor-Operator Balance: Engineering a trade show environment strictly focused on the ratio of owner-operators to vendors .
Floor Plan Architecture: Placing networking cafes directly in the center of the exhibition hall and eliminating competing breakout sessions during trade show hours .
Deep-Dive Tracks: Advanced 200-level sessions built around Operations, Development, Investment, and Data .
Live Deal Analysis: The Tracked IQ Deal Room, where real acquisitions and feasibility studies are analyzed live on stage .
Store Manager Development: The Manager's Office track, crafted to give on-site store managers immediate tools to improve property-level execution .
Main-Stage Production: Bringing outside production standards to self-storage with keynotes from Chipper Jones, storage-owning members of Congress, CNN's Scott Jennings, and an opening reception at the Georgia Aquarium .
Head to msmtheshow.com and use code unlocked to save $100 on registration .
Brought to you by our title sponsor, PB Brown General Contractors - https://pbbrown.com/
2M Truckers needing a safe place to rest, are helping solve storage operators' shrinking margins.
03 sept. 2026
00:32:15
Can monetizing dead pavement and underutilized expansion land protect your facility's net operating income in today's rate environment ?
On this episode of Storage Unlocked, I sit down with Sydnie Wilda, Vice President of Property, Self Storage at Truck Parking Club . Sydnie brings years of hands-on property management experience to break down how self-storage operators are generating new revenue by providing secure spaces for commercial truck drivers .
In this episode, I cover:
The Daily Turnover Yield: How generating $15 to $20 per night on daily truck parking can outpace flat month-to-month vehicle rentals .
The National Parking Crisis: Addressing the reality that 70% of truck drivers lack access to safe overnight parking, with 2.4 million drivers competing for only 697,000 legal spots .
Security & Verification: How automated email and SMS alerts give facility owners full visibility over incoming drivers, vehicle types, and stay durations .
Why Independent 3PMs Move Faster: How smaller third-party operators implement ancillary revenue streams and adapt tech without the delays of corporate REIT committees .
The 6-to-8-Month Rule: Why facility owners must set realistic operational horizons for search engine indexing, unit cleanup, and revenue management to show meaningful gains .
Executive Leadership Moves: Breaking down Noah Springer's appointment as CEO of Extra Space and what it signals for industry competition .
Noah Starr, CEO of TractIQ, breaks down Q2 Storage earnings and the PSA acquisition of NSA
21 août 2026
00:41:59
Is the frozen housing market actually protecting self-storage operations from a severe downturn?
I am your host, Thaddeus Campbell, and on this edition of Storage Unlocked, I am joined by Noah Starr, CEO of Tracked IQ (TractIQ), the market intelligence platform monitoring over 72,000 facilities nationwide.
Every quarter, the self-storage REITs release their numbers—and Noah joins me to cut through the corporate spin and examine what the underlying metrics mean for private owners, developers, and syndicators.
In this episode, I cover:
The Length-of-Stay Metric: How customer retention increased by an average of 1.5 months year-over-year, keeping move-out churn low and preserving net operating income.
The Mortgage Lock-In Dynamic: Why homeowners and renters stuck in sub-4% mortgages are staying put and relying on self-storage units longer, giving operators room to execute rate increase strategies.
Extra Space's Margin Strength: Analyzing Extra Space's negative expense growth (-0.5%) and broad guidance lift across same-store pools.
The $10.5B PSA / NSA Integration: What happens when Public Storage expands into tertiary markets, unlocks 14,000 offline units, and applies institutional pricing power to 1,100 acquired properties.
Pipeline Intelligence: How tracking validated municipal permits prevents developers from overbuilding into saturated submarkets.
Tune in for an unfiltered, data-driven look at where self-storage fundamentals stand today.
Brought to you by our title sponsor, PB Brown General Contractors: https://pbbrown.com/
Maurice Pogoda on 40 Years of Storage: Where Is the Market Heading?
14 août 2026
00:50:16
In this episode of Storage Unlocked, I am joined by Maurice Pogoda, founder and president of National Storage. Starting in 1987 with a map and a Rolodex, Maurice has built a 70+ facility Midwestern footprint that has stood the test of every major economic cycle over the last four decades.
In this episode, I cover:
The Cycle Playbook: Why post-COVID peaks were an anomaly and how a conservative "tortoise" approach consistently outlasts speculative boom-and-bust developers.
The Supply Dilemma: Maurice reflects on refusing to build at 2 sq ft per capita in the '90s versus managing through today's 7+ sq ft national average.
The Deconstruction of PSA/NSA: What Public Storage's acquisition of National Storage Affiliates reveals about brand consistency, operational economies of scale, and tertiary market validation.
The Mid-Tier Tech Filter: How National Storage integrates AI chatbots and revenue management tools without getting lost in vendor hype or losing the essential human, local touch.
Disciplined Capital: Why underwriting to realistic 7% prefs protects your equity, while double-digit recapitalization promises signal desperation.
Tune in for an unfiltered, four-decade masterclass on disciplined real estate operations and sustainable portfolio growth!
Connect with Thaddeus Campbell (S3 Partners): Email: thaddeus@s3.partners LinkedIn: https://www.linkedin.com/in/itsthadcampbell/
Connect with Maurice Pogoda (National Storage Management):
PB Brown General Contractors: The trusted GC for your multi-million-dollar storage and small-bay flex legacy developments from Manhattan to Miami. Visit pbbrown.com.
Zach Sette saw opportunity and the unique skill sets of he and his brother made a solution possible.
07 août 2026
00:34:55
Welcome back to Storage Unlocked! I am your host, Thaddeus Campbell, and in this episode, I am joined by Zach Sette, co-founder and CEO of Outbidd.
Drawing from a lifetime in commercial construction and development, Zach shares a unique multi-asset perspective on the macro forces reshaping commercial real estate. We unpack the looming $900+ billion debt refinancing wall hitting the market in the second half of 2026, evaluate why rising construction costs are driving developers away from ground-up builds toward acquisitions, and explore how AI software is bringing total transparency to owner project management.
In this episode, I cover:
The Refinancing Wall: Navigating balloon payments as 2021–2022 loans locked in at 4% face refinancing at 6%+.
Build vs. Buy: Why 25% higher construction costs make asset acquisition more attractive than new builds.
CRE Sector Heat Check: Why small bay flex and data centers are thriving while office conversions and localized multifamily struggle.
Outbidd AI Technology: How Zach and his team built an AI-powered owner's rep tool to digitize RFPs and level contractor bids side-by-side.
Breaking down Warehouse Anywhere's stunning acquisition of XPS. What's it mean for both companies!
31 juil. 2026
00:30:02
What happens when you combine the leading 3PL business storage network with the premier 24/7 call center in self-storage?
I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Laura Holmes (CEO of Warehouse Anywhere) and Shannon Charbonneau (VP of XPS Solutions) to pull back the curtain on their landmark acquisition.
Together, we explore how integrating 24/7 live call support with enterprise logistics technology creates an unbeatable end-to-end management solution for storage operators and corporate clients alike.
In this episode, I cover:
The 24/7 Scale Upgrade: Why expanding call center operations to 168 hours a week directly addresses the urgent needs of corporate field technicians visiting units at 2:00 AM.
The Economics of Business Storage: Why commercial tenants provide higher lifetime value, longer average stays (2+ years), and zero seasonal churn compared to traditional residential renters.
Spotting Market Gaps: Laura shares the strategic vision behind acquiring Warehouse Anywhere out of Life Storage and building a high-growth platform that traditional REITs overlooked.
Preserving Human Connection: Shannon explains why live, high-empathy call answering remains essential for resolving complex tenant issues alongside modern tech stacks.
Cultural Integration: How two customer-first organizations successfully aligned their teams within 30 days of closing the deal.
Tune in to discover how this powerful acquisition is reshaping tenant support and driving new revenue streams for storage operators!
PB Brown General Contractors: Our Title Sponsor and premier commercial builders specializing in multi-million dollar storage and small-bay flex developments. Get them involved early at pbbrown.com.
Big Money in Small Bay Flex: Shane Decker & Andrew Dunn on Institutional Capital
24 juil. 2026
00:43:18
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.
Andrew Jones returned to storage with a clear goal: helping Go Store It elevate 3rd-party Management
17 juil. 2026
00:31:56
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.
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/
UPenn grad and AI startup founder explains why this technology will help jobs
10 juil. 2026
00:29:18
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.
Brought to you by our title sponsors, PB Brown General Contractors. https://pbbrown.com/
Award-Winning AI Meets Industry Change: Jessica Johnson's Storage Forecast
03 juil. 2026
00:47:29
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.
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/
Chief AI Officer at 10 Federal says AI will create jobs not cost them. But you will work differently
27 juin 2026
00:37:47
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 .
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 .
https://pbbrown.com From 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.com Giving the industry the data it needs to make Responsible Investment a Reality.
Two of the Best Brokers in Storage break down the state of the market.
12 juin 2026
00:41:37
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 .
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 .
Why NSA Is Trading ABOVE Public Storage's Implied Buyout Price
29 mai 2026
00:29:37
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 .
Small Bay Institutionalized: Tech-Native Tenants, $40K Cobots, and the Eversource Power Crisis
22 mai 2026
00:54:12
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.
Storage Unlocked recaps all the goings on at the Northeast Storage Expo.
15 mai 2026
00:25:43
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 .
Noah Starr, TractIQ CEO, breaks down the data from a newsworthy Q1 for Self Storage REITs
08 mai 2026
00:30:11
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.
Three of the Best Private 3rd Party Operators Reveal the Reality of AI in Storage Ops.
01 mai 2026
00:50:59
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.
The Self Storage Industry hits the main stream of CRE with feature article in Wall Street Journal
24 avr. 2026
00:23:16
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 .
Take a Master Class from three of the most experienced minds in Small Bay Flex.
17 avr. 2026
00:52:45
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.
Another Half Billion in Storage Capital and the 1st C-Suite Head of AI in the Industry
10 avr. 2026
00:23:32
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.
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.
Technology may be taking over, but our Operator Roundtable was clear on what the goal needs to be!
27 mars 2026
00:57:23
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.
Shockwaves in Self Storage as Public Storage announces acquisition of National Storage Affiliates.
20 mars 2026
00:29:07
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.
What is AI really doing in Self Storage? We asked three of the leaders in the space.
13 mars 2026
00:43:41
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.
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.
The Lay of Land for Self Storage from three industry giants.
27 févr. 2026
00:51:39
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.
One of the bright lights of the Storage Industry passes away
20 févr. 2026
00:27:35
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.
Is a $6M lawsuit against extra space a sign of more to come in NYC.
13 févr. 2026
00:30:19
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 .
The largest deal in 3 years sees Manhattan Mini Storage hit the boroughs
06 févr. 2026
00:24:57
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.
Three leading men in Self Storage Brokerage break down 2025 and preview 2026
30 janv. 2026
00:38:03
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.
Noah Starr and TractIQ are reinventing what it means to underwrite SelfStorage
23 janv. 2026
00:33:39
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.
Kiwi II Construction sells to Janus International in the first huge Storage transaction of 2026.
17 janv. 2026
00:26:25
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!
Extra Space has named Chief Strategic Officer Noah Springer their new President
09 janv. 2026
00:21:42
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.
Blackrock just hit 9 figures with one Self Storage Investment
02 janv. 2026
00:28:32
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!
A definitive rise in storage transactions as 2025 comes to a close.
26 déc. 2025
00:26:53
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!
Capital Markets Roundtable: The Truth About Lending in 2026
19 déc. 2025
00:35:04
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.
What does a .25% Federal Fund Rate cut mean for Self Storage?
12 déc. 2025
00:27:34
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!
Brett Henry's Operations Excellence led him to develop Storages premier software management system
05 déc. 2025
00:33:55
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.
TSSR reports on the incredible long term performance of storage
28 nov. 2025
00:30:22
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!
Making sense of ground up construction in self storage
21 nov. 2025
00:47:23
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.
Do $2B of extended CMBS loans pose a threat to Storage?
14 nov. 2025
00:37:28
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.
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!
Storage Stocks dropped sharply before and after Q3 Earnings. What caused it and what does it mean?
31 oct. 2025
00:33:48
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.