Physical Occupancy (Sq Ft)
88.9%
57,546 / 64,731 SF | budget 92.1%
Physical Occupancy (Units)
88.7%
540 / 609 units
In-Place Rent / SF
$1.39
vs $1.41 budget | effective $1.33 after concessions
Economic Occupancy
125.4%
In-place rates well above street GPR
June Revenue
$86,570
vs $92,161 budget (-6.1%)
June NOI
$51,440
vs $56,749 budget (-9.4%)
YTD Revenue vs Budget
-2.8%
$504,131 actual vs $518,589 budget
YTD NOI
$291,518
Budget $321,185 | -$29,666 (-9.2%)
Net Absorption (June)
-3 units
30 move-ins / 33 move-outs | improved from -9 in May
Waiting List
86 units
Up from 71 in May — demand signal remains strong
Manager Commentary (Westport)
Q2 closed with occupancy at 88.9% as the property transitions into the busier summer season. Strategy remains focused on maximizing rent increases, building online visibility through Google reviews, and monitoring rates and move-in specials to stay competitive. No new competition entered the market this quarter. Staffing is a strength: the experienced property manager continues to lead effectively, and a new assistant manager began training in late June. With summer demand ramping up, the store is positioned to push occupancy into the 90% range.
Quarter Highlights & Priorities
POSITIVE
Demand indicators strengthening: waiting list grew to 86 units and net move-out pace improved meaningfully in June (-3 vs -9 in May). Existing tenant rates run well above street, supporting revenue quality.
WATCH
Occupancy below plan: 88.9% SF vs 92.1% budgeted. Summer leasing season plus the strengthened on-site team are the path back above 90%; sponsor is monitoring monthly.
WATCH
Operating expenses above budget: YTD controllable expenses are running ~11% over plan, the main driver of the NOI gap. Sponsor has a line-by-line review underway with Westport ahead of the mid-year reforecast.
FOCUS
Large-unit vacancy: 10x15 units are the biggest vacancy block (10 of 74 vacant). Pricing and promotion of larger units is a Q3 leasing focus.