I have been involved in the property sector all my working life and now have over 25 years experience in the delivery of development projects across a variety of sectors and regions 

Recently I have focused on the self storage sector, owning and operating facilities as well as providing 3rd Party Management Services to both property owners and investors interested in getting involved in the self-storage sector. 

I have also been a trustee of Resurgo Trust (www.resurgo.org.uk) which helps communities overcome social challenges through church based social ventures and 1MoreChild (www.1morechild.org) which provides housing and schooling for children in Uganda. I am currently a trustee of The Branch (www.thebranchtrust.org) which is a community hub run by St Mary’s Church in Chipping Norton, Oxfordshire.

I can be contacted on 07767 896 292 or nick@wigwamstorage.co.uk

Nick Grant

𝐑𝐇𝐖𝐂𝐚𝐩𝐢𝐭𝐚𝐥.𝐜𝐨𝐦 
𝐒𝐭𝐨𝐫𝐞𝐇𝐞𝐫𝐞.𝐜𝐨𝐦

I joined RHW Capital in 2019 as Director of Acquisitions. We operate Store Here Self Storage, a nationally recognized operator with roots in the industry dating back to the late 1980s and a track record across 130+ submarkets.

Before Store Here, I spent five years as a commercial real estate broker, completing dozens of office and retail sales and lease transactions throughout Los Angeles.

Today, we’re actively growing our portfolio through acquisitions and offering third-party management backed by decades of operational expertise.

Armand Aghadjanians

EXR YE Earnings Notes

Same-store revenue +0.1% YoY; same-store NOI –1.7% (vs –1.5% last year).
Positive: T3 NOI flat, vs –3.5% last year.

41 acquisitions (vs 58 last year).

$409.4M of mortgage + mezz bridge loans originated, less than half of last year’s $980.2M. Worth noting that they have $1.5B of notes receivable on their books now vs. $1.25B last year.

3PM growth steady: +281 net stores, roughly in line with last year.

Expenses: +5% annually, but T3 only +1.1% (vs +9.5% YoY last year's T3). Cost deceleration?

Move-in rates: $111 in Q4 2025, up from $105 last year, though still below $119 in Q4 2023.

Markets with notable NOI change

Top 5
Raleigh–Durham, NC +7.8%
Seattle, WA +5.0%
St. Louis, MO +4.7%
Richmond, VA +4.6%
Sacramento, CA +3.7%

Bottom 5
Fort Myers, FL –13.3%
Memphis, TN –10.6%
Huntsville, AL –8.9%
Atlanta, GA –7.6%
San Antonio, TX –6.0% (Denver also –6.0%)

Self-Storage Acquisitions | 3PM | Consulting | RHWCapital.com

Chasing occupancy by cutting rates is an overly simplistic objective.

Assume 10 prospective tenants are in the market. Price at $10, capture all 10, and generate $100/month.

Suppose 3 of the 10 would have paid $60. Renting only to those 3 produces $180/month... 70% fewer move-ins, 80% more initial revenue.

That’s before accounting for CAC, CLS/ churn, or ancillary revenue. 

Also, discount-driven move-ins are disproportionately likely to leave when promotions expire because you're getting all the most price-sensitive renters.

Fill 10 units at $10 and try to move everyone to $30 in a few months, tenants churn simply because rent “tripled,” regardless of the nominal amount. Some of those churners may have paid $60 from day one but are upset at the increase. There’s a similar concept applicable to ECRIs.

The mistake is treating the “prospective renter” as a single, price-sensitive profile. It isn’t. You’re dealing with thousands of different profiles within a market annually.

Filling at any cost can be costly… it just doesn't show up on your P&L to tell you so.

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