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

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.