Hearthfire Holdings is pleased to announce the successful completion of the N Fail Rd self-storage expansion, a significant development milestone for the Hearthfire Income Portfolio and our broader footprint across Northwest Indiana.

A Strategic Acquisition with Long-Term Vision Acquired in October 2022 from a long-time tenant and property owner, N Fail Rd offered a rare opportunity: a well-situated site in a supply-restricted corridor with the capacity for meaningful expansion.

Recognizing its potential, our team advanced plans for a major redevelopment to unlock long-term income and operational value.

Project Overview Original Size: 66 units Expansion Delivery: 53,165 new NRSF | 482 additional units Total Property: 64,575 NRSF | 548 units Project Cost: $8 million Construction: May 2024 → September 2025

The new expansion dramatically enhances the property’s income profile and strengthens operational leverage within the region.

Partnership & Execution Excellence

This project was delivered through strong collaboration between our internal team and best-in-class industry partners:

• Groundwork Ltd, led by architect Russell Thiele, provided design leadership and technical guidance.
• Patterson Horth executed construction with precision, driven by Project Manager David Ramirez and Superintendent Les Marcum.
• Hearthfire’s Pete McDaniel and Dan Paetzold oversaw the project, ensuring alignment, quality assurance, and timely delivery.

Their collective work reflects the disciplined approach we apply to every development across the Hearthfire platform.

Positioning the Income Portfolio for the Future

With the expansion complete, N Fail Rd is now one of the most competitive facilities in its submarket — increasing:

• Revenue potential
• Operational efficiency across the region
• Long-term cash flow stability for the Income Portfolio

This milestone is an important contribution to the diversified, income-oriented strategy of the fund.

Learn More To explore current investment opportunities or speak with our Investor Relations team, visit:➡️ https://hfirecapital.com/investments/