Waterfall Structures Decoded: How We Split Profits With Our LPs — And Why We Structured It This Way

Why We Build in Texas, Florida & the Carolinas | The AAA Storage Podcast #37

Join host Paul Bennett as he unpacks what truly drives demand in self-storage, debunking the myth that population size is the main factor. This episode explores the critical impact of domestic migration, the Six Ds of storage demand, and the importance of hyperlocal market analysis. Paul offers firsthand insight into standout states like Texas, Florida, and the Carolinas, sharing real-world examples of how growth, supply imbalances, and market corrections shape successful investments. Tune in for practical perspectives and proven strategies that set self-storage apart from the rest of the real estate landscape. Ready to talk about your investment strategy? Reach out at aaastorageinvestments.com [https://aaastorageinvestments.com/] New episodes every two weeks. Subscribe on Apple Podcasts, Spotify, or wherever you listen to podcasts, and send this to an investor in your network who needs to hear it. Chapters (00:00) What Drives Self Storage Demand (02:46) Balancing Demand and Supply Imbalance (04:02) Texas Market Focus and City Skirt Strategy (10:02) Understanding Rate Declines and Overbuilding (14:52) Market Corrections and Supply Pipeline (16:19) Florida’s Shifting Demand and Six Ds (20:30) Growth and Migration in the Carolinas (27:52) Gastonia Case Study and Area Transition Follow and Connect with Us • LinkedIn: https://www.linkedin.com/company/aaa-storage-investments/ [https://www.linkedin.com/company/aaa-storage-investments/] • Instagram: https://www.instagram.com/aaastorageinvestments/ [https://www.linkedin.com/company/aaa-storage-investments/] • X: https://x.com/investments_aaa [https://x.com/investments_aaa] • Facebook: https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/ [https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/] Download our free guides to take your investing to the next level: 10 Due Diligence Questions to Vet Any Real Estate Sponsor: https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor [https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor] First-Time Real Estate Syndication Investor Checklist: https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist [https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist]

Ground-Up Flex Industrial: How We Build It, Pre-Lease It, and Drive Returns

Join us for a behind-the-scenes look at how execution drives returns in industrial real estate development. Paul Bennett sits down with Shawn Beichler, AAA Storage’s Director of Development and Construction, to break down the project lifecycle—from land acquisition and permitting to custom tenant build-outs. Discover how AAA Storage’s hands-on approach, local expertise, and focus on flexibility create lasting value for both tenants and investors. If you’re curious about how real results are built from the ground up, this episode is packed with practical insights you won’t want to miss. Ready to talk about your investment strategy? Reach out at aaastorageinvestments.com [https://aaastorageinvestments.com/] New episodes every two weeks. Subscribe on Apple Podcasts, Spotify, or wherever you listen to podcasts, and send this to an investor in your network who needs to hear it. Chapters (00:00) Development Leadership and Experience (03:00) Project Lifecycle and Key Processes (06:00) Unique Construction and Integration Approach (10:00) Custom Tenant Finish-Outs (12:00) Execution and Risk Management (17:00) Permitting and Civil Engineering Challenges (27:00) Flexibility, Market Experience, and Investor Advantages We believe good investing starts with a conversation, so if today's episode got you thinking about your investment strategy, reach out to us through our Contact Form and let's start building together: https://www.aaastorageinvestments.com/contact [https://www.aaastorageinvestments.com/contact] Follow and Connect with Us • LinkedIn: https://www.linkedin.com/company/aaa-storage-investments/ [https://www.linkedin.com/company/aaa-storage-investments/] • Instagram: https://www.instagram.com/aaastorageinvestments/ [https://www.linkedin.com/company/aaa-storage-investments/] • X: https://x.com/investments_aaa [https://x.com/investments_aaa] • Facebook: https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/ [https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/] Download our free guides to take your investing to the next level: 10 Due Diligence Questions to Vet Any Real Estate Sponsor: https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor [https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor] First-Time Real Estate Syndication Investor Checklist: https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist [https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist]

Small-Bay Industrial: The Asset Class Institutions Just Discovered

Small bay industrial flex space has held under 3% vacancy nationwide for three consecutive years. Some major markets have no available inventory at all. One of AAA's Texas projects delivered a 1,300% IRR. And most commercial real estate investors have never even heard of this asset class. If you are an accredited investor looking for where serious capital is moving in 2026, this episode is for you. Paul Bennett, who has been developing small bay industrial since 2011, answers the nine questions investors are asking right now: what this asset class actually is, why supply is structurally constrained, how AAA underwrites to a 10.5% yield on cost, why a $12M project can stabilize at $21M in value, how triple net leases protect investors from rising property taxes and insurance, and how small bay pairs with self-storage inside Growth Fund 2 to give investors diversification across two product types and four markets in a single investment. Next episode: AAA's Shawn Beichler walks through design, construction, and lease-up on a live project. Ready to talk about your investment strategy? Reach out at aaastorageinvestments.com New episodes every two weeks. Subscribe on Apple Podcasts, Spotify, or wherever you listen to podcasts, and send this to an investor in your network who needs to hear it.   Chapters (00:00) Why Small Bay Industrial Is Outperforming Every Asset Class Right Now (01:00) What Industrial Flex Actually Is and Who Leases It (03:10) Sub-3% Vacancy and Critically Low Inventory in Major Markets (06:30) Why a $12M Project Is Worth $21M at Stabilization (09:00) How Triple Net Leases Protect Investors From Rising Costs (12:00) Why This Tenant Base Is More Recession-Resilient Than You Think (18:57) AAA's Turnkey Build-Out Model and Why It Fills Space Faster (25:04) How Self-Storage and Small Bay Work Together in Fund 2 We believe good investing starts with a conversation, so if today's episode got you thinking about your investment strategy, reach out to us through our Contact Form and let's start building together: https://www.aaastorageinvestments.com/contact [https://www.aaastorageinvestments.com/contact] Follow and Connect with Us • LinkedIn: https://www.linkedin.com/company/aaa-storage-investments/ [https://www.linkedin.com/company/aaa-storage-investments/] • Instagram: https://www.instagram.com/aaastorageinvestments/ [https://www.linkedin.com/company/aaa-storage-investments/] • X: https://x.com/investments_aaa [https://x.com/investments_aaa] • Facebook: https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/ [https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/] Download our free guides to take your investing to the next level: 10 Due Diligence Questions to Vet Any Real Estate Sponsor: https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor [https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor] First-Time Real Estate Syndication Investor Checklist: https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist [https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist]

Oil, Wells & Monthly Cash Flow: How Accredited Investors Are Diversifying Into the Permian Basin with King Operating

Join us as we explore the world of oil and gas investing with Rachel Griffith and Tom Gray from King Operating Corporation. Together with Paul Bennett, we discuss how oil and gas can play a strategic role in a diversified portfolio, break down King Operating’s unique approach, and address the real risks and returns in today’s market. Discover practical insights on technology-driven de-risking, tax advantages, and smart asset allocation for investors looking beyond commercial real estate. Whether you’re seasoned in alternatives or exploring new opportunities, this episode delivers expert guidance and candid perspectives you won't want to miss. Chapters (00:00) Why Oil and Gas for Diversified Portfolios (02:01) Guest Introductions and Company Background (05:02) King Operating’s Unique Investment Model (08:23) Overview of Fund Structure and Returns (09:31) Understanding Risk and De-risking Strategies (22:00) Return Profile and Exit Strategy (26:00) Tax Advantages of Oil and Gas Investments (32:00) Portfolio Allocation Across Asset Classes Learn more about King Operating Corporation: https://kingoperating.com/ [https://kingoperating.com/] We believe good investing starts with a conversation, so if today's episode got you thinking about your investment strategy, reach out to us through our Contact Form and let's start building together: https://www.aaastorageinvestments.com/contact [https://www.aaastorageinvestments.com/contact] Follow and Connect with Us • LinkedIn: https://www.linkedin.com/company/aaa-storage-investments/ [https://www.linkedin.com/company/aaa-storage-investments/] • Instagram: https://www.instagram.com/aaastorageinvestments/ [https://www.linkedin.com/company/aaa-storage-investments/] • X: https://x.com/investments_aaa [https://x.com/investments_aaa] • Facebook: https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/ [https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/] Download our free guides to take your investing to the next level: 10 Due Diligence Questions to Vet Any Real Estate Sponsor: https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor First-Time Real Estate Syndication Investor Checklist: https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist

Waterfall Structures Decoded: How We Split Profits With Our LPs — And Why We Structured It This Way

In this episode, Paul Bennett demystifies the mechanics of investment waterfalls—how profits and returns are distributed between investors and sponsors. He explores the critical differences between American and European waterfall structures, why sponsor alignment and fee transparency matter, and how AAA Storage’s approach protects investor interests. Whether you’re new to private equity or looking to sharpen your due diligence skills, you’ll take away practical insights for evaluating real estate investment opportunities with confidence. Chapters (00:00) Understanding the Waterfall Structure (01:26) Legal Governance and Transparency (03:36) Incentives and Sponsor Alignment (06:02) American vs European Waterfalls (09:49) Distribution Priority and Capital Return (12:47) Preferred Return and Split Rationale (17:14) Simplicity vs Complexity in Waterfalls (20:09) Fee Structure and Sponsor Profitability (23:59) Complex Tiered Waterfall Examples (27:41) Due Diligence and Fairness for Investors We believe good investing starts with a conversation, so if today's episode got you thinking about your investment strategy, reach out to us through our Contact Form and let's start building together: https://www.aaastorageinvestments.com/contact Follow and Connect with Us • LinkedIn: https://www.linkedin.com/company/aaa-storage-investments/ [https://www.linkedin.com/company/aaa-storage-investments/] • Instagram: https://www.instagram.com/aaastorageinvestments/ [https://www.instagram.com/aaastorageinvestments/] • X: https://x.com/investments_aaa [https://x.com/investments_aaa] • Facebook: https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/ [https://www.facebook.com/people/AAA-Storage-Investments-LLC/61575027573292/] Download our free guides to take your investing to the next level: 10 Due Diligence Questions to Vet Any Real Estate Sponsor: https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor [https://www.aaastorageinvestments.com/info/10-due-diligence-questions-to-vet-any-real-estate-sponsor] First-Time Real Estate Syndication Investor Checklist: https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist [https://www.aaastorageinvestments.com/info/first-time-real-estate-syndication-investor-checklist]