#10 Federal Storage #self-storage #autonomy #United States #Raleigh

10 Federal Storage Achieves Record Growth

In a remarkable display of resilience, 10 Federal Storage has announced its record-breaking performance for the third quarter of 2024, marking a significant achievement in the self-storage sector despite widespread industry challenges. In an era where many companies struggle with declining demand and rising operational costs, 10 Federal has not only sustained its performance but has seen impressive growth across its offerings.

Exceptional Market Performance

While the self-storage market is grappling with a decrease in street rates and lower search inquiries, 10 Federal Storage has performed remarkably well, setting its own trend of growth. The company reported double-digit year-on-year increases in both revenue and net operating income (NOI) across its primary offerings. Notable highlights from their performance include:

• - Self-Storage Offering 3: Year-to-date revenue surged by 10.3%, with NOI rising by an incredible 29.8% compared to the previous year.
• - Self-Storage Offering 4: Quarterly revenue witnessed a spike of 14.3%, while NOI climbed a staggering 38.7% year-on-year.
• - Opportunistic Offering 1: The company is set to undertake new Class-A developments in Texas and Georgia, backed by a successful $17 million equity raise in September.

According to Andrew Capranos, President of 10 Federal Storage, these results highlight the potential for exceptional outcomes through innovation and operational excellence. He emphasized that while many operators confront reduced margins and low demand in the current market, 10 Federal's technology-driven strategies have paved the way for consistently unlocked growth opportunities, ensuring robust returns for their stakeholders.

New Management Services in 2025

Responding to the shifting dynamics within the self-storage industry, 10 Federal Storage is taking steps to expand its third-party management services starting in the first quarter of 2025. The company is inviting a limited number of self-storage property owners to join its proprietary management platform. This initiative aims to tap into an evident demand for modernized management solutions that prioritize efficiency and customer satisfaction.

Jacob Mortensen, Vice President of Corporate Operations at 10 Federal, noted a rising interest from self-storage owners in seeking alternatives to traditional property management methods. The proprietary system utilized by 10 Federal integrates cutting-edge technology, including artificial intelligence and automation, to optimize operations, mitigate costs, and enhance customer experiences.

Mortensen stated, “Our platform has proven its ability to deliver consistent growth even in tough environments, and we are excited to bring such capabilities to innovative owners aiming to maximize their property potential.”

Strategic Partnering with Select Owners

As the demand for this new management approach continues to mount, 10 Federal Storage will carefully select the properties and owners eligible to participate in the automated third-party management platform. This strategic decision ensures that the company maintains its high service standards while delivering exceptional outcomes across its growing portfolio.

About 10 Federal Storage

10 Federal Storage stands as a leader in automated self-storage operations in the US, managing over 80 facilities nationwide. The company relies on its proprietary autonomous management technologies to streamline operations, enhance customer service, and boost profitability, effectively redefining the self-storage experience.

Recognized as a pioneer in the field of remotely managed properties, 10 Federal Storage integrates data analytics and automation to set higher standards for efficiency and service quality. The company has been honored as an Inc. 5000 Fastest Growing Company in America and featured as a top operator by Inside Self-Storage (ISS).

In conclusion, as 10 Federal Storage navigates this transformative period, it not only champions an innovative approach to self-storage but also establishes itself as a promising leader ready to capitalize on future growth opportunities in the industry.