3112 Pass Rd – Safe Space Storage Gulfport | Dashboard Month End 01/31/26

NOI (Reported)

–$832.93

Incl. $10,927 annual tax

⚠ 1x Tax

NOI (Normalized)

$10,094

Ex. annual property tax

▲ +$4,053 vs Bgt

NOI / Rentable SF (Normalized)

$0.32

31,155 SF denominator

Total Revenue

$24,809

Budget $22,479 · +$2,330 (+10.4%)

▲ BEAT

Net Rent (Storage)

$19,341

Accrual rental income

Other Income

$5,467

Parking · Ins · Truck · Fees

Rental Revenue / SF

$0.621

Total rentable 31,155 SF

Total Revenue / SF

$0.797

$24,809 ÷ 31,155 SF

Controllable OPEX

$13,160

Adv · Pers · Util · Mgmt · Other

↓ Favorable

Uncontrollable OPEX

$12,482

Prop Tax $10,927 + Ins $1,555

Annual Tax

Total OPEX

$25,642

Budget $27,365 · –$1,724 (–6.3%)

Controllable OPEX / SF

$0.423

$13,160 ÷ 31,155 SF

Uncontrollable OPEX / SF

$0.401

$12,482 ÷ 31,155 SF

Total OPEX / SF

$0.823

$25,642 ÷ 31,155 SF

Controllable NOI

$11,649

Rev – Controllable OPEX

Unit Occupancy %

83.33%

175 / 210 units

SF Occupancy %

81.42%

25,365 / 31,155 SF

Net Rent / SF (Total)

$0.621

Rental ÷ 31,155 SF

Net Rent / Unit (Occ.)

$110.52

$19,341 ÷ 175 occ. units

Effective Rate (Actual)

$118.04

$20,657 ÷ 175 occ. units

Gross Potential Rate (GPR)

$25,884

Total street rate · $0.831/SF

Economic Occupancy

76.00%

7.3 pp gap vs physical 83.33%

Watch

Climate Ctrl Occupancy

87.00%

CC units · Mgmt Summary

Net Absorption (Units)

–5 Units

17 move-ins · 22 move-outs

⚠ Neg.

Move-Ins (MTD)

Rentals Jan 2026

Move-Outs (MTD)

Vacates Jan 2026

>30-Day Delinquency

$1,350

31-60d $867 · 61-90d $268 · 91+ $215

🚨 FLAG

Cash — Operating Account

$22,405

+ $200 drawer = $22,605 total

Mortgage Balance

$1,190,038

BankPlus loan · 3112 Pass Rd

Monthly DSCR (Reported)

–0.12×

–$833 NOI ÷ $7,088 DS · tax month

⚠ Tax Distortion

Monthly DSCR (Normalized)

1.42×

$10,094 NOI ÷ $7,088 DS

Normalized

T-12 DSCR (Est.)

0.77×

Normalized OPEX basis · Feb25–Jan26

Below 1.0×

Forward DSCR (Annl. Jan26)

1.42×

$10,094/mo annualized ÷ $85,058 DS

Levered Cash Flow (Net Inc.)

–$7,882

Net income after debt service Jan26

Tax Month

Revenue — Actual vs Budget (Jan 2026)

Line Item	Actual	Budget*	Variance $	Var %	Tag
Rental Income	$19,341	—	—	—
Parking Income	$852	—	—	—
Retail Income	$120	—	—	—
Admin Fees	$186	—	—	—
Late & NSF Fees	$1,057	—	—	—
Rental Insurance	$1,873	—	—	—
Truck Rental	$1,379	—	—	—
Total Revenue	$24,809	$22,479	+$2,330	+10.4%	On Track

* Per-line budgets not provided in packet; total budget only. Source: Financial Packet.

Operating Expenses — Actual vs Budget (Jan 2026)

Line Item	Category	Actual	Budget*	Variance $	Var %	Tag
Advertising & Mktg	Ctrl	$1,776	—	—	—
Personnel	Ctrl	$5,176	—	—	—
Repairs & Maint.	Ctrl	$736	—	—	—
Utilities	Ctrl	$751	—	—	—
Other Operating	Ctrl	$2,221	—	—	—
Management Fee	Ctrl	$2,500	—	—	—
Subtotal Controllable		$13,160	—	—	—
Prop. Tax (Annual)	Unctrl	$10,927	—	—	—	Annual
Insurance	Unctrl	$1,555	—	—	—
Subtotal Uncontrollable		$12,482	—	—	—
Total OPEX		$25,642	$27,365	–$1,724	–6.3%	Under Bgt

* Per-line budgets not provided; total budget only. Prop. Tax includes $10,926.95 annual booking in Jan.

NOI Summary

Metric	Actual	Budget	Variance	Status
Total Revenue	$24,809	$22,479	+$2,330	✅ Beat
Total OPEX	$25,642	$27,365	–$1,724	✅ Under
NOI (Reported)	–$833	–$4,886	+$4,053	✅ Better
NOI (Normalized)	$10,094	—	+$10,927	Ex. Tax
Controllable NOI	$11,649	—	—
Net Income (After DS)	–$7,882	—	—	⚠ Tax Mo.

⚠ Red Flags & Exceptions

🚨 Annual Property Tax Booked in Jan 2026

$10,926.95 property tax recorded as single line item, distorting reported NOI (–$833) and DSCR (–0.12×). Normalized NOI = $10,094; Normalized DSCR = 1.42×.

🚨 Negative Net Absorption: –5 Units

17 move-ins vs. 22 move-outs in January 2026. Unit count declined from prior period. Watch for continued trend in Feb 2026.

🚨 >30-Day Delinquency: $1,350

Exceeds $1,000 threshold and >2% of GPR ($25,884). Breakdown: 31–60d $867, 61–90d $268, 91+ $215. Auction/Bad Debt credits MTD: $1,292.

⚠ Economic vs Physical Occupancy Gap: 7.3 pp

Physical 83.33% vs Economic 76.00%. Gap indicates concessions, delinquency, or pre-paid/unapplied credits reducing effective rent collection.

⚠ T-12 DSCR Estimated Below 1.0× (0.77×)

Full year debt service $85,058 vs estimated T-12 NOI $65,328. Property is in lease-up phase. Forward (annualized Jan 2026) DSCR = 1.42×.

✅ Revenue Beat: +$2,330 vs Budget (+10.4%)

Driven by strong Jan 2026 rental income $19,341 (+16% YoY from Jan 2025 $16,655) and ancillary income $5,467.

T-12 Monthly Total Revenue (Feb 2025 – Jan 2026)

Rate Stack Summary — Jan 2026

Rate Metric	Value	Per SF (Total)	Per Unit (Occ.)
Gross Potential Rate (GPR)	$25,884	$0.831	$147.91 (÷175)
Actual Rate (Collected)	$20,657	$0.663	$118.04 (occ.)
Expected Income	$19,703	$0.633	$112.59 (total)
Rental Income (Accrual)	$19,341	$0.621	$110.52 (occ.)
Pre-Paid Rent	$719	$0.023	—
Economic Occupancy Rate	76.00%	—	—

Source: Management Summary (Mgmt Summary PDF). GPR = Total Street Rates. Expected Income = GPR × Economic Occ.

Ancillary Income Breakdown — Jan 2026

Income Type	Amount	% of Total Rev
Rental Income (Storage)	$19,341	77.9%
Truck Rental Income	$1,379	5.6%
Rental Insurance	$1,873	7.5%
Parking Income	$852	3.4%
Late & NSF Fees	$1,057	4.3%
Admin Fees	$186	0.7%
Retail Income	$120	0.5%
Total Revenue	$24,809	100%

YoY Rate Comparison

Metric	Jan 2025	Jan 2026	Change
Total Revenue	$20,312	$24,809	+$4,497 (+22.1%)
Rental Income	$16,655	$19,341	+$2,686 (+16.1%)
Rental Income/SF (Total)	$0.535	$0.621	+$0.086 (+16.1%)

Source: Rolling 12 P&L OCR extract. Jan 2025 total units were 197; Jan 2026 = 210 (13-unit expansion).

Occupancy Type Breakdown — Jan 2026

Unit Type	Occupancy %	Notes
Overall Unit Occupancy	83.33%	175 / 210 units
Climate Controlled (CC)	87.00%	Higher demand segment
Non-Climate Ctrl (NCC)	~82.00%	Mgmt Summary estimate
SF Occupancy	81.42%	25,365 / 31,155 SF
Economic Occupancy	76.00%	Effective rent basis

Discount & Concession Activity — Jan 2026

Credit Reason	Amount
Auction / Bad Debt	$1,292.39
Cancelled Service	$1,208.08
Discounts	$18.53
Waived Late Fees	$30.00
Total Credits (MTD)	$2,549.00

Source: Company Summary – Delinquency Credit Reasons MTD. $2,549 in credits = 9.8% of GPR ($25,884).

Deposits by Payment Type — Jan 2026

Payment Type	MTD Jan 2026	Dec 2025 (Last Mo.)	Change
Bank Draft (ACH)	$3,563	$2,746	+$817
Cash	$3,136	$2,495	+$641
Credit Card	$16,972	$17,122	–$150
Total Receipts	$23,671	$22,362	+$1,309

Cash basis receipts. Source: Company Summary PDF. 64 on auto credit card, 15 on auto bank draft.

Occupancy Summary — Jan 2026

Metric	Value	Prior (Dec 2025 Est.)	YoY (Jan 2025)
Total Units	210	210	197 (Jan 25)
Occupied Units	175	~180 (est.)	~150 (est.)
Vacant Units	35	~30 (est.)	~47 (est.)
Unit Occupancy %	83.33%	~85.7% (est.)	~76.1% (est.)
Occupied SF	25,365	—	—
Total Rentable SF	31,155	31,155	—
SF Occupancy %	81.42%	—	—
Economic Occupancy	76.00%	—	—
CC Unit Occupancy	87.00%	—	—

Prior month / YoY unit counts estimated from T-12 trends. Source: Mgmt Summary + Financial Packet.

Leasing Activity — Jan 2026

Activity Metric	Jan 2026	Notes
Move-Ins (Rentals)	17	MTD activity
Move-Outs (Vacates)	22	MTD activity
Net Absorption (Units)	–5	⚠ Negative
Customers w/ Email	162 of 175	92.6% digital reach
Insurance Policies Active	170	$1,130 total premium
Auto-Pay (Credit Card)	64 accounts	36.6% of occupied
Auto-Pay (Bank Draft)	15 accounts	8.6% of occupied

T-12 Revenue Trend — Monthly Total Income

Occupancy Trend Highlights

🚨 Negative Net Absorption in January: –5 Units

Jan 2026 saw 22 move-outs exceed 17 move-ins, resulting in –5 net units. This is the key leasing risk to monitor in February 2026.

✅ YoY Improvement — Revenue +22.1%

Jan 2026 Total Revenue $24,809 vs Jan 2025 $20,312 (+$4,497). Rental income up +16.1% YoY, demonstrating successful lease-up and rate growth.

⚠ Economic vs Physical Gap: 7.3 pp

Physical unit occupancy 83.33% vs economic occupancy 76.00%. The gap reflects $2,549 in MTD credits, delinquency, unapplied payments ($992), and pre-paid rent timing.

Unit Inventory

Status	Units	% of Total
Occupied	175	83.3%
Vacant	35	16.7%
Total	210	100%

Delinquency Aging — Jan 31, 2026

Aging Bucket	Balance	% of Total Unpaid	Status
Current (0–30 Days)	$4,041	73.2%	Normal
31–60 Days	$867	15.7%	Watch
61–90 Days	$268	4.9%	Watch
91+ Days	$215	3.9%	Action
Total Unpaid	$5,522	100%
>30-Day Total	$1,350	24.5%	🚨 RED FLAG

>30-day threshold: $1,000 OR 2% of GPR ($25,884 × 2% = $518). Both thresholds exceeded.

Receipts Collected — Cash Basis (Jan 2026)

This section reports cash receipts (deposits) — NOT accrual revenue. Source: Company Summary PDF.

Deposit Channel	MTD Jan 2026	YTD 2026	Dec 2025 (Last Mo.)	YTD 2025 (Prior)
Bank Draft (ACH)	$3,563	$3,563	$2,746	—
Cash	$3,136	$3,136	$2,495	—
Credit Card	$16,972	$16,972	$17,122	—
Total Receipts	$23,671	$23,671	$22,362	$21,592

MTD cash receipts $23,671 vs MTD accrual revenue $24,809 — $1,138 timing gap. YTD collections +$2,079 vs prior year YTD.

Deposits by GL Account (MTD Jan 2026)

GL Account	Amount	% of Total
Rental Income	$18,316	77.4%
Rental Insurance	$1,861	7.9%
Parking Income	$896	3.8%
Late & NSF Fees	$1,057	4.5%
Retail Income	$120	0.5%
Admin Fees	$186	0.8%
Sales Tax	$64	0.3%
Unapplied Payments	$992	4.2%
Total	$23,491	100%

Unapplied $992 may shift between categories once applied. Source: Company Summary.

Collections Watchlist

🚨 >30-Day Delinquency: $1,350 — RED FLAG

Exceeds both thresholds: $1,000 minimum AND 2% of GPR. 30 total delinquent accounts; 1 account >90 days. Auction/Bad Debt credits of $1,292 MTD suggest active lien/auction enforcement is underway.

⚠ Total Unpaid Charges: $5,522

Total A/R $5,522 includes $4,041 (0–30 days) which is normal cycle. Monitor 31–60 day bucket ($867) for potential escalation to lien candidates.

⚠ Unapplied Payments: $992

$992 in deposits recorded as "Unapplied" in Jan 2026. These should be reviewed and applied to tenant accounts promptly to reduce apparent A/R aging.

✅ Active Lien Enforcement

MTD auction/bad debt credits $1,292 and cancelled service $1,208 indicate active collection enforcement. 170 insurance policies = strong protection plan adoption.

Bank Reconciliation Snapshot — Jan 31, 2026

Item	Amount
Beginning Balance (Jan 1)	$19,078
Total Cleared Deposits (54 items)	+$44,832
Total Cleared Checks (26 items)	–$29,988
Cleared Balance	$14,845
Uncleared Transactions	–$11,518
Register Balance	$3,326
Ending Bank Balance	$4,002
Operating Account (QBO)	$22,405

Reconciliation gap noted: Bank ending balance $4,002 vs QBO operating account $22,405. Large cleared deposit $18,787 from Simmons Bank on 01/30/26 and BankPlus DS payment $7,088 on 01/21/26 among largest items. Source: Bank Recon PDF.

Balance Sheet Snapshot — Jan 31, 2026

Item	Balance	Source
ASSETS
Operating Account (Cash)	$22,405	Balance Sheet
Cash Drawer	$200	Balance Sheet
Building (Net of Dep.)	$1,141,631	Balance Sheet
Other Assets	$12,055	Balance Sheet
Total Assets	$1,176,290
LIABILITIES
BankPlus Mortgage (Mortgage Notes)	$1,190,038	Balance Sheet — Primary Source
Sales Tax Payable	$64	Balance Sheet
Total Liabilities	$1,190,102
EQUITY
Owner's Equity	–$123,260	Balance Sheet
Retained Earnings	$141,245	Balance Sheet
Net Equity	–$13,812	Liabilities exceed assets

Negative book equity reflects mortgage basis exceeding current book value. Market value not available in packet.

Debt Service Detail — Jan 2026

Component	Monthly	Annual (Est.)
Principal (Notes Payable)	$3,080	$36,964
Interest Expense	$4,008	$48,094
Total Debt Service	$7,088	$85,058
Lender	BankPlus
Property	3112 Pass Rd, Gulfport, MS
Loan Rate	Not Provided
Maturity Date	Not Provided

DSCR Analysis — All Three Views

Monthly (Reported)

–0.12×

–$833 ÷ $7,088
Annual tax distortion

Monthly (Normalized)

1.42×

$10,094 ÷ $7,088
Ex. $10,927 annual tax

T-12 DSCR (Est.)

0.77×

~$65,328 ÷ $85,058
Normalized OPEX basis

Forward DSCR (Annualized Jan 2026)

1.42×

$10,094/mo × 12 = $121,128 annualized NOI ÷ $85,058 annual DS
Based on Jan 2026 normalized NOI trajectory

T-12 DSCR: Numerator = estimated T-12 NOI using normalized monthly OPEX ($14,715/mo) + annual tax ($10,927). T-12 Revenue = $252,835 (Rolling 12 P&L, Feb25–Jan26). Full T-12 expense line items not fully extractable from OCR; see Data Gaps.

Liquidity Summary

Operating Cash (QBO) $22,405

Cash Drawer $200

Total Cash Position $22,605

Monthly Debt Service $7,088

Cash / Monthly DS Ratio 3.2× coverage

Mortgage Balance $1,190,038

Net Income (Jan, Levered) –$7,882

Net Income (Normalized) +$3,045

Normalized Net Income = Reported –$7,882 + $10,927 annual tax = $3,045. Cash position of $22,605 provides ~3.2 months of debt service coverage.

⚠ Data Gaps & Items Needed

⚠

Per-Line Budget Detail: Individual budget lines by revenue item and expense category not provided in packet. Only total budget provided: Revenue $22,479 / OPEX $27,365 / NOI –$4,886. Needed for variance analysis at line item level.

⚠

T-12 Monthly Expense Data (Per Line): Rolling 12 P&L PDF was image-only (no text layer). OCR extracted monthly income totals but expense line items were only captured as T-13 totals. Full monthly OPEX by line needed for precise T-12 NOI and DSCR calculation. T-12 DSCR currently estimated at 0.77× using normalized Jan 2026 OPEX rate.

⚠

Potential OCR Column Shift in T-13 P&L: OCR of Rolling 12 P&L showed December 2025 = $24,808.57 (same as Jan 2026). Company Summary shows Dec 2025 deposits of $22,362. Dec 2025 accrual revenue may have been ~$22,362–22,406. Flagged as uncertainty; confirm with source file review.

⚠

Loan Rate & Maturity Date: BankPlus mortgage interest rate and maturity date not provided in financial packet. Source needed: loan agreement or lender statement.

⚠

Prior Month Occupancy (Dec 2025): Unit occupancy for December 2025 not explicitly provided; estimated from T-12 trends. Needed for MoM occupancy delta calculation.

⚠

Rented Area Increase (SF): Move-in and move-out square footage by unit not provided. Net SF absorption not calculable beyond unit count (–5 units).

⚠

T-12 Utilities OCR Issue: T-13 utilities extracted as $39,252 (avg $3,019/mo) vs Jan 2026 actual $751. OCR likely misclassified or combined line items. Confirmed Jan 2026 utilities = $750.77; T-13 utilities total may include combined items. Review source PDF.

ℹ

Forward Budget (2026 Annual): 12-month 2026 budget not provided. Forward DSCR currently uses annualized Jan 2026 normalized NOI as proxy. Provide 2026 annual budget for proper forward DSCR computation.

ℹ

Bank Reconciliation Discrepancy: Bank ending balance $4,002 vs QBO operating account $22,405. The Simmons Bank deposit of $18,787 on 01/30/26 may represent a large tenant batch payment not yet cleared. Should reconcile to $22,405 with outstanding items applied.

ℹ

Manager Note: No manager note provided for January 2026. Recommend documenting: (1) property tax booking explanation, (2) negative absorption context, (3) any staffing/billing timing items.

All data sourced from: Company Summary PDF, Financial Packet PDF, Bank Recon PDFs, Rolling 12 P&L PDF (OCR), and XLS financials. Prepared: Feb 20, 2026.

Safe Space Storage — 3112 Pass Rd, Gulfport, MS