10 Federal Storage Reports Record Third-Quarter Results and Expands Third-Party Management Platform

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Nov 22, 2024, 05:00 ET

RALEIGH, N.C., Nov. 22, 2024 /PRNewswire/ -- 10 Federal Storage, a leader in autonomous self-storage operations, is pleased to announce record-breaking third-quarter performance, with standout growth across its offerings. Building on this success, the company is expanding its third-party management platform to a limited number of properties and select self-storage owners starting in Q1 2025. Over the past three months, 10 Federal has added 23 properties to its portfolio, demonstrating the growing demand for its proven, tech-enabled management model.

10 Federal Storage Reports Record Third-Quarter Results and Expands Third-Party Management Platform

Exceptional Q3 2024 Results in a Challenging Market
In a self-storage market marked by declining street rates and reduced search demand, 10 Federal Storage has achieved remarkable performance, far exceeding industry trends. While many operators are struggling to maintain revenue and NOI growth, 10 Federal has delivered double-digit increases across both metrics in its primary offerings:

Self-Storage Offering 3: Same-store year-to-date (YTD) revenue up 10.3% and net operating income (NOI) up 29.8% year-over-year (YoY).
Self-Storage Offering 4: Same-store quarterly revenue up 14.3% and NOI up 38.7% YoY.
Opportunistic Offering 1: Breaking ground on new Class-A developments in Texas and Georgia after closing a $17M equity raise in September.

"Our third-quarter results demonstrate that even in a challenging market, it's possible to achieve exceptional outcomes through innovation and operational excellence," said Andrew Capranos, President of 10 Federal Storage. "While many operators face compressed margins, lower street rates, and declining demand, our technology-driven approach and data-focused strategies have consistently unlocked growth opportunities and delivered superior results for our stakeholders."

Expanding Third-Party Management Services in 2025
In response to market demand and growing dissatisfaction with traditional management services, 10 Federal Storage is opening its third-party property management platform to new applicants. The company's proprietary system integrates AI, automation, and data-driven strategies to optimize operations, reduce costs, and enhance customer experiences.

"We've seen a strong appetite from self-storage owners seeking a better approach to property management," said Jacob Mortensen, Vice President of Corporate Operations, who oversees 10 Federal's third-party management business. "Our platform has proven its ability to deliver consistent growth even in a tougher environment, and we're excited to bring these capabilities to forward-thinking owners who want to maximize the potential of their properties."

Partnering with Select Owners
10 Federal Storage will accept a limited number of properties and owners to join its proprietary, automated third-party management platform starting in Q1 2025. This strategic approach ensures the company can maintain its high standards of service and deliver exceptional performance across its growing portfolio.

About 10 Federal Storage
10 Federal Storage is a leading operator of automated self-storage properties across the United States, managing over 80 facilities nationwide. By integrating proprietary autonomous management technologies, including artificial intelligence and advanced automation, the company streamlines operations, enhances customer experiences, and maximizes profitability, redefining self-storage management for the modern era.

Recognized as a pioneer in remotely managed properties, 10 Federal leverages data analytics and automation to set new standards in efficiency and customer service within the self-storage industry. The company has been honored as an Inc. 5000 Fastest Growing Company in America, an Inside Self-Storage (ISS) Top 100 Operator, a Top Performing Real Estate Fund by Preqin, and a Top Fundraiser by Juniper Square. As one of the largest owners and operators of fully automated self-storage facilities in the U.S., 10 Federal's innovative systems deliver superior risk-adjusted investor returns.

Corporate Contact:
Jacob Mortensen
Vice President of Corporate Operations
10 Federal Storage
Email: [email protected]
Website: 10federalstorage.com

SOURCE 10 Federal