Physical Occupancy (Sq Ft)
89.81%
58,136 / 64,731 SF | budget 90.04%
Physical Occupancy (Units)
89.00%
542 / 609 units | budget 85.55% (ahead of plan)
Rent / SF
$1.30
vs $1.46 budget | street GPR/SF $0.92
Economic Occupancy
126.7%
In-place rates well above street rate
August Revenue
$84,463
vs $92,648 budget (-8.8%)
August NOI
$46,408
vs $57,391 budget (-19.1%)
August Net Cash Flow
$24,922
NOI less debt service interest ($21,486)
Net Absorption (August)
+5 units
37 move-ins / 32 move-outs | first positive month in 3
YTD NOI
$387,421
Budget $435,456 | -$48,035 (-11.0%)
YTD Net Cash Flow
$195,295
Budget $267,260 | -$71,965 (-26.9%)
Manager Commentary (Westport)
August closed at 89.81% occupied on a square-footage basis, up from 87.45% in July and just 0.23 points below the 90.04% budget — the strongest monthly improvement of the summer. Unit-count occupancy held well ahead of plan at 89.00% against an 85.55% budget. Street rates leveled off in August at $59,867 gross potential rent, essentially flat versus July's $60,281 after two straight months of cuts. In-place tenant rates were $1.30 per square foot against a $1.46 budget, and existing tenants continue to pay well above the current street rate. Net absorption turned positive for the first time in three months (37 move-ins, 32 move-outs, net +5). No new competition entered the market this quarter, and the assistant manager who began training in June is now fully on the floor alongside the property manager.
Highlights & Priorities
POSITIVE
Occupancy turned the corner: square-footage occupancy climbed to 89.81% in August from 87.45% in July — the gap to budget narrowed from -4.66 points to just -0.23 points, and net absorption was positive (+5) for the first time in three months. Sponsor is watching whether this holds into September as the leading indicator of the fall leasing push.
WATCH
On-site management costs remain well over budget: YTD spend is $55,698 against a $36,908 budget (+51%), driven by payroll and benefits. Sponsor continues to press Westport for a written explanation and a reforecast ahead of Q4.
FOCUS
Net cash flow running behind plan: $195,295 YTD against a $267,260 budget (-26.9%). The occupancy and expense gaps above are the primary drivers, plus interest expense running 14.2% over budget YTD from a one-time January accrual-accounting transition. Sponsor is tracking both lines separately with Westport.
POSITIVE
Collections performance remains strong: bad debt is running 42% under budget YTD and admin/late-fee income is up 55% YTD — this continues to offset part of the rent shortfall.
Rent Roll Summary by Unit Type
| Unit Type | Occupied | Vacant | Total | Occ % |
|---|
| 10x10 | 138 | 18 | 156 | 88.5% |
| 10x15 | 66 | 8 | 74 | 89.2% |
| 5x10 | 73 | 2 | 75 | 97.3% |
| 5x5 | 45 | 4 | 49 | 91.8% |
| 10x20 | 50 | 0 | 50 | 100.0% |
| 10x25 | 16 | 1 | 17 | 94.1% |
| 10x18 | 6 | 3 | 9 | 66.7% |
| 5x8 | 26 | 4 | 30 | 86.7% |
| 10x5 | 23 | 2 | 25 | 92.0% |
| 5x7 | 8 | 2 | 10 | 80.0% |
| 5x12 | 2 | 1 | 3 | 66.7% |
| Other sizes (remaining unit types) | 89 | 18 | 107 | 83.2% |
| Unrentable (out of service) | — | — | 4 | N/A |
| Total | 542 | 63 | 609 | 89.0% |
Vacancy remains concentrated in 10x10 and 10x15 units — 26 of the 63 vacant units — though both sizes improved from July. Fall leasing focus stays on pricing and promotion for these two sizes.
Unit Turnover (Lease Expirations N/A)
Self-storage tenants rent month-to-month; there are no fixed-term lease expirations to track.
August unit turnover: 37 move-ins, 32 move-outs, net +5 units — the first positive month since April. Fiscal-year-to-date: 289 move-ins, 271 move-outs, net +18 units.
Delinquency & Collections
Total accounts receivable outstanding: $13,373 across 48 tenant accounts, down from 65 accounts in July. Overlocked units for non-payment: 37. Four units went to auction in August (39 fiscal-year-to-date). Full aging detail is tracked internally and available on request.