Our approach
The work begins before we buy. It continues after.
A facility is a property and a working business. We want to understand both before deciding whether it belongs in our care.
We would rather lose a deal because our underwriting was too conservative than own a deal because our assumptions were too optimistic.
Before an acquisition
Start with what we can verify.
Underwriting is the work of checking whether a purchase makes sense. We look at the records, the condition of the property, the local market and the cost of operating it.
Our approach is to separate what we know from what we hope might happen. Conservative assumptions leave room for repairs, uneven demand and work that takes longer than expected.
Read the records.
Understand occupancy, rental income, expenses and maintenance history. Ask about gaps and changes.
Walk the property.
Look at roofs, doors, drainage, access and the condition of the units. Compare the records with what is on the ground.
Study the surroundings.
Understand nearby storage options, access roads and the people and businesses a facility serves.
The decision
Be willing to walk away.
A purchase should not depend on everything going right. If the information is incomplete or the assumptions need too much optimism, our approach is to pause, ask more questions or walk away.
Choosing not to buy is part of the work.
After an acquisition
Make a plan for the everyday details.
We believe the work really begins after an acquisition. Before buying, we want a clear view of what the facility will need and how we would take care of it.
Technology with a purpose.
Look for tools that make renting, paying and managing access easier. Keep a clear way for customers to reach a person when they need help.
Upkeep that gets attention.
Plan for routine maintenance and repairs. Keep track of what needs doing and follow through.
Care for the customer.
Use clear rental information, answer questions thoughtfully and explain changes. Remember that a storage unit often comes with a larger story.
Over time
Keep paying attention.
Our aim is to build a company that can care for its facilities over the long term. That means revisiting assumptions, learning from the people using the property and making thoughtful improvements.