Storage Unlocked

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...

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...

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...

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 d...

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 t...

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 e...

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 Sto...

I n 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 thei...

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 i...

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 phone...

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...

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 are...

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 th...

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:...

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 pursue...

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...

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 deta...

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" ha...

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...

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...

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 dis...

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...

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...

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 numb...

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...