New research examines how institutional scale is expanding financing options for industrial outdoor storage portfolios
CHICAGO, Oct. 20, 2026 /PRNewswire/ — Partner Valuation Advisors (Partner) today announced the release of a new industrial outdoor storage (IOS) report from Vytas Norusis, MAI, Executive Vice President and National Practice Lead for IOS, examining how financing structures are evolving as the sector attracts greater institutional investment.
The report, “From Mortgages to Equity Pledges: How IOS Financing Is Evolving with Institutional Scale,” explores the emergence of pledge-of-equity financing as an alternative to traditional property-level mortgages for certain large, diversified IOS portfolios.
Norusis analyzed 26 announced IOS financings exceeding $75 million across 2025 and year-to-date 2026, representing approximately $5.48 billion in total financing volume. Approximately 73% of that volume occurred in 2026, reflecting the recent acceleration of large-scale lending activity within the sector.
“Pledge-of-equity financing will not replace traditional mortgages. Instead, it expands the range of tools available to scaled IOS operators and provides another indication that the sector’s capital markets are becoming more varied and sophisticated,” said Vytas Norusis, MAI.
The report examines recent institutional-scale financings involving Alterra IOS, Blackstone Real Estate Debt Strategies, Truist Financial, KeyBank and Zenith IOS, while outlining how equity-pledge structures differ from traditional mortgages and mezzanine financing. It also addresses the potential benefits and considerations for borrowers and lenders as IOS portfolios continue to scale.
Recent transactions suggest that equity-pledge financing is becoming a viable option for certain institutional-scale portfolios, providing another indication of the continued maturation of IOS capital markets.
Read the full report: From Mortgages to Equity Pledges: How IOS Financing Is Evolving with Institutional Scale
About Vytas Norusis, MAI
Vytas Norusis, MAI, is Executive Vice President and National Practice Lead for IOS at Partner Valuation Advisors. With more than a decade of industrial valuation experience, Norusis has appraised more than $10 billion in assets and advises operators, institutions and lenders on portfolio strategy and complex IOS properties.
About Partner Valuation Advisors
Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 valuation and advisory firm nationally. Partner Valuation Advisors has more than 165 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states, and the firm maintains a national office presence. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.partnerval.com.
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