|
Documenting my journey operating a $500 million self storage portfolio & running multiple real estate, and real estate technology companies with 60 employees.
Last quarter, I highlighted that the commentary out of the major self storage REITs was that pricing power had found stable ground. So what did the REITs say this quarter? Well, more of the same, pricing has indeed bottomed, and they are seeing web rates going positive for the first time in several years. Source: Company Financials, DXD Capital While the road to recovery remains gradual, positive new customer rate trends, stable occupancy, and expanding ancillary income streams all point to a...
Off went the starting pistol, and 115 runners sprinted ahead, jockeying for position. The first 6 miles of the race was straight uphill, and we had 100 miles to go. I was baffled. We would be running for over 24 hours straight—and 60 seconds into the race, I was in last place. I stuck to my guns and ran my race. I walked the first uphill miles, ran when the course turned flat or downhill, and then went back to walking every time the terrain gained elevation. After 31 hours and 15,500 feet of...
I started DXD with the idea that if we could find areas with high rental rates, we could build the most valuable storage properties in the country. Was I right? Yes, and no. Two of DXD’s first projects used this technology, which quickly led us to areas with high rates. That was only part of the equation. We then had to analyze the target and secure parcels zoned for self-storage. At scale, the heatmap rental rate technology increases our efficiency by ~10%-20%. I discovered that the real...