Useful terms

The pace at which available storage units are rented over a period. High absorption shows strong demand.

Security systems regulating entry, e.g. keypad, card, mobile app. Often linked to CCTV.

Income from non-rent items like packing materials, insurance, or admin fees.

Formal estimate of asset value, typically based on NOI and yield.

Oversight of financial and operational performance of a property asset.

Previously developed land suitable for redevelopment into storage.

Conversion of raw space into lettable units, incl. partitions and compliance.

Upfront development/acquisition costs (land, build, tech).

The local area (10–15 min drive) from which customers are drawn.

Units with regulated temperature/humidity for sensitive items.

Property agent brokering land or asset deals for storage.

Adapting existing buildings (retail, industrial) into storage facilities.

Verification of financial, legal, and operational assumptions before investment.

Real-time rate adjustments based on demand, occupancy, and competitor prices.

Earnings before interest, taxes, depreciation, and amortisation; proxy for cash flow.

Analysis of demand, planning, costs, and returns to determine project viability.

Interior works to prepare facility for operation, incl. units, signage, IT systems.

Operating under an established brand in exchange for fees/royalties.

Total area of building before deducting partitions or unusable space.

Portion of building that can generate rental income.

Measurement standard for property valuations; includes internal walls.

Ancillary revenue from insuring customer goods.

Financial metric measuring project profitability over time.

Shared ownership structure between investor and operator or developer.

Metrics such as occupancy, RevPAF, NOI.

Portfolio of undeveloped land held for future development.

Time taken to reach stabilised occupancy (80–90%).

Ratio of debt to asset value in financing.

Contract where operator manages asset for a fee and incentives.

SEO, PPC, local search, referrals, aggregators driving demand.

Combining storage with retail/office/residential uses.

Revenue minus operating expenses, before debt/tax.

Legal contract safeguarding confidential information in transactions.

% of units let out; a core performance metric.

Day-to-day running costs (staff, utilities, marketing).

Authorisation to use land/buildings for storage.

Software managing reservations, billing, occupancy.

Systematic adjustment of rates to maximise NOI.

Short-term offers to stimulate move-ins during lease-up.

Replacing construction loans with long-term debt post-stabilisation.

Revenue ÷ total lettable area; a profitability metric.

Processes to reduce development or operational risks.

Systematic review of facility security measures.

Industry body providing research, standards, and advocacy.

Legal entity for holding a specific property investment.

Point where occupancy and NOI are consistent.

Sqft of storage per capita in a catchment area.

Rate at which tenants vacate units.

Capitalisation rate applied to NOI to determine value.

Optimising design/specifications to control costs without reducing performance.

Costs changing with occupancy (utilities, consumables).

Signage and navigation aids improving customer experience onsite.

Stabilised NOI ÷ total development cost.