10 Federal in 2024: 27 New Properties & Exceeding Industry Benchmarks

10 Federal Storage, a leader in automated self-storage operations, has announced outstanding full-year 2024 results, significantly outperforming industry benchmarks. Amidst a challenging market where many operators struggled to maintain revenue and NOI growth, 10 Federal's technology-driven, data-centric approach delivered outstanding results across its investment offerings. In 2024, 10 Federal added 27 properties to its portfolio—7 through acquisitions and 20 through third-party management. The company's technology-driven, data-centric approach delivered outstanding results across its investment offerings.

Exceptional 2024 Results in a Challenging Market

While publicly traded self-storage REITs reported negative to flat growth in 2024, 10 Federal achieved double-digit NOI increases, demonstrating the strength of its technology-driven operational model:

• Self-Storage Offering 3 (10FSSAC3): Normalized same-store NOI grew 29.9% year-over-year. Additionally, 10 Federal successfully exited an asset in Q4, achieving a 2.71x equity multiple and a 25.96% IRR.
• Self-Storage Offering 4 (10FSSAC4): Achieved a 10.4% year-over-year increase in same-store total revenue for Q4. While still in the capital deployment phase, the offering has shown a strong start across 17 existing assets.
• Self-Storage Opportunistic Offering 1 (10FOppCo1): Raised over $35M in the last four months of 2024 and is actively deploying capital. Major Class-A developments have broken ground in Dripping Springs, TX, and Charlotte, NC—both progressing on budget and positioning for long-term market strength.
  
  

Leveraging Data Science & Technology to Outperform

Unlike traditional self-storage operators, 10 Federal has embedded technology and automation into nearly every aspect of its operations. In 2024, the company expanded predictive analytics capabilities, allowing for smarter acquisitions, optimized pricing strategies, and enhanced portfolio performance.

"10 Federal has built a proprietary system that identifies the best submarkets, optimizes pricing, and ensures maximum efficiency at every facility," said Brad Minsley, Co-Founder of 10 Federal. "Leveraging real-time data and automation to enhance revenue and control costs has been a game-changer, especially in today's market."

Strategic Growth & Development Initiatives

10 Federal continues to expand its portfolio and optimize asset performance through targeted acquisitions and development projects:

• New Acquisitions: Added properties in Texas and North Carolina, bringing 592 units and 165,000+ NRSF into the portfolio in Q4 2024
• Expansion Projects: Over 105,000 NRSF of expansions in Magnolia and Montgomery, TX, set for completion in early 2025, ahead of peak leasing season.
• Technology-Enabled Efficiencies: Continued rollout of AI-driven management systems, improving customer experience and operational margins.
  
  

Third-Party Management Sees Explosive Growth

To start 2025, 10 Federal expanded its third-party management platform, bringing on nine new properties in January alone. "Strong demand continues from owners seeking a better, more efficient management approach," said Jacob Mortensen, Vice President of Operations. "10 Federal's ability to leverage real-time data, SEO-driven marketing strategies, and operational efficiencies has consistently driven above-market performance."

A More Efficient Model

10 Federal's commitment to efficiency and cost control has been a key factor in its ability to outperform the industry. In 2024, the company significantly reduced operating expenses while maintaining high service standards, driving further NOI growth.

• Marketing Strategy Paying Dividends: 10 Federal's SEO-focused marketing strategy has driven record organic lead generation, reducing reliance on paid advertising and lowering customer acquisition costs. This data-driven approach has resulted in higher occupancy rates at lower marketing spend, directly improving bottom-line performance.
• Call Center Optimization: Through strategic restructuring of call center operations, 10 Federal reduced staffing costs while maintaining a high-quality customer experience. This shift has led to improved leasing efficiency and better customer service at lower operational expense.
• Payroll Efficiency: As 10 Federal's property count continues to grow, the company has successfully leveraged economies of scale to reduce payroll expenses. By centralizing operations, optimizing staffing, and implementing streamlined management processes, the company has lowered per-property labor costs while maintaining high operational standards.
  
  

About 10 Federal Storage

10 Federal Storage is a leading operator of automated self-storage properties across the United States, managing over 90 facilities nationwide. By integrating proprietary autonomous management technologies, including artificial intelligence and advanced automation, the company streamlines operations, enhances customer experiences, and maximizes profitability.

Recognized as a pioneer in remotely managed self-storage, 10 Federal leverages data analytics and automation to set new standards in efficiency and customer service within the self-storage industry. The company has been honored as an Inc. 5000 Fastest Growing Company in America, an Inside Self-Storage (ISS) Top 100 Operator, a Top Performing Real Estate Fund by Preqin, and a Top Fundraiser by Juniper Square. As one of the largest owners and operators of fully automated self-storage facilities in the U.S., 10 Federal's innovative systems continue to deliver superior risk-adjusted investor returns.

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