ButterKrust Self Storage — 2002 Ayers St

Physical Occupancy (Units)

90.64%

552 / 609 units | +4.27 pts vs budget

Physical Occupancy (Sq Ft)

90.76%

58,751 / 64,731 SF

Economic Occupancy

119.3%

In-place rates above street GPR

In-Place Rent / SF

$1.37

Effective $1.28 vs $1.34 budget (-4.5%)

GPR (Street Rates)

$67,440

Actual occupied: $80,477 (+$13,037)

Net Absorption (April)

-3 units

34 move-ins / 37 move-outs

Waiting List

54 units

Strong demand signal

YTD Revenue vs Budget

+0.1%

Essentially on plan

YTD NOI

$184,281

Budget $207,433 | -$23,152 (-11.2%)

YTD Controllable OpEx

$64,824

Budget $52,722 | +$12,102 (+23%)

Overlocked Units

AR: $9,529 (50 accounts)

Bad Debt MTD / YTD

$765 / $7,691

0 auctions April (2 YTD)

Active Alerts & Action Items

HIGH

Payroll + Benefits Overrun: YTD $32,730 vs $17,488 budget (-$15,242 / -87% over). Benefits alone $6,383 vs $660 budget (9.7x). Budget likely set incorrectly OR staffing changed materially. Requires immediate explanation and restatement before mid-year review.

HIGH

Unclassified Non-Operating Revenue $559,387: Recorded in April with no budget and no explanation. Distorts all financial reporting. Must be classified (refi proceeds? capital contribution? legal settlement?) before mid-year reporting.

HIGH

Premium Unit Vacancy: Premium 10x15 at 46.7% occupied (7 vacant). Premium 8x10 at 33.3% (2 of 3 vacant). If premium tier cannot hold occupancy at current pricing, consider repricing toward standard rates to drive absorption.

MEDIUM

Waiting List Not Converting: Net absorption -3 units against 54-unit waiting list. Investigate intake process — are leads being contacted, shown, and converted promptly? Every unworked waiting list unit is a revenue miss.

MEDIUM

Street Rate vs In-Place Gap: Street rate $1.04/sf vs in-place $1.37/sf (31% premium). 67% of tenants paying above street. New move-ins will reset downward as tenants churn. Implement periodic street rate increases to close the gap proactively.

MEDIUM

Auction Process Inactive: 0 auctions in April (2 YTD) despite 5 accounts 91+ days past due. Confirm auction process is actively managed and delinquency timeline is being enforced.

April Revenue Performance vs Budget

Line Item	Actual	Budget	Variance $	Status
Gross Rental Income	—	—	-$5,258 (-6%)	UNFAV
Fee Revenue	—	—	+$2,097 (+44%)	FAV
Net Self-Storage Revenue	—	—	+$435	SLIGHT FAV
YTD Revenue	On plan		+0.1%	ON PLAN
YTD NOI	$184,281	$207,433	-$23,152 (-11.2%)	UNFAV
YTD Controllable OpEx	$64,824	$52,722	+$12,102 (+23%)	OVER
YTD Payroll + Benefits	$32,730	$17,488	-$15,242 (-87%)	CRITICAL
Non-Operating Revenue (April)	$559,387	$0	Unbudgeted	UNCLASSIFIED

Unit Mix & Vacancy Exposure

Unit Type	Vacant Units	Occupancy	Rate Tier	Exposure
Premium 10x15	7	46.7%	Premium	HIGH
Premium 8x10	2 of 3	33.3%	Premium	HIGH
Standard 10x15	11	—	Standard	MEDIUM
All Other Types	37 combined	90.64% portfolio avg	—	LOW-MED

Revenue Buffer: 67% of tenants (372 units) are paying ABOVE current street rate ($1.04/sf). Average in-place rate of $1.37/sf represents a 31% structural premium that will compress as tenants churn and new move-ins reset to street rates.

Accounts Receivable Aging — 50 Accounts / $9,529 Total

Aging Bucket	Accounts	Balance	% of Total	Severity
0–10 days	0	$494	5.2%	LOW
11–30 days	31	$5,855	61.4%	LOW–MED
31–60 days	12	$1,873	19.6%	MEDIUM
61–90 days	2	$595	6.2%	MEDIUM
91–120 days	2	$185	1.9%	HIGH
121–180 days	2	$481	5.0%	HIGH
181–360 days	1	$45	0.5%	HIGH
>360 days	0	$0	0%	—
TOTAL	50	$9,529	100%

Auction Gap: 5 accounts 91+ days past due (totaling $711). Zero auctions initiated in April (2 YTD). Overlocked count: 34 units. Confirm enforcement process is active.

Rate Structure & Revenue Analysis

In-Place vs Street Rates

Street Rate / SF $1.04

In-Place Rate / SF $1.37

Premium Over Street +31%

Tenants Above Street 372 units (67%)

Effective Rate (net concessions) $1.28 / SF

Revenue vs GPR

GPR (Street Rates) $67,440

Actual Occupied Rent $80,477

Premium vs GPR +$13,037 (+19.3%)

Economic Occupancy 119.3% of GPR

Waiting List 54 units