Physical Occupancy (Sq Ft)
83.5%
42,739 SF occupied | budget 92.2%
Physical Occupancy (Units)
77.6%
353 / 455 units
Avg Occupancy YTD vs Last Year
+10.5 pts
86.0% YTD 2026 vs 75.5% YTD 2025 — lease-up progressing
Rent / Occupied SF
$0.95
vs $1.16 budget | +35% vs last year ($0.70)
June Revenue
$47,339
vs $63,395 budget (-25.3%)
June NOI
$19,743
vs $31,263 budget (-36.9%)
YTD NOI
$85,812
Budget $153,534 | -44.1%
YTD Operating Expenses
On plan
Controllable costs 5.7% UNDER budget YTD
Net Absorption (June)
-5 units
23 move-ins / 28 move-outs
Waiting List
92 units
Strong demand pipeline for summer season
Manager Commentary (Westport)
Staffing changes were the key focus this quarter: a new property manager is now in place and an assistant manager is in training. These transitions set up a stronger operational rhythm for Q3, which will be critical for driving move-in volume and occupancy. Year-over-year the property continues to build — average occupancy is up 10.5 points and in-place rents are up 35% versus the same period last year. The store is positioned to capitalize on summer demand in the coming months.
Quarter Highlights & Priorities
WATCH
Revenue below plan: the 2026 budget assumed a faster lease-up. Occupancy (83.5% vs 92.2%) and rate ($0.95 vs $1.16/SF) are both behind plan, driving the NOI gap. This is a top-line issue — expenses are being managed at or under budget.
WATCH
Leasing momentum: move-outs outpaced move-ins in Q2. The new on-site team's mandate is converting the 92-unit waiting list and summer demand into occupancy gains; sponsor is tracking move-in volume monthly.
POSITIVE
Underlying trajectory intact: occupancy +10.5 pts and rent/SF +35% year-over-year, receivables are clean (no balances aged past 60 days), and cash position is healthy at $195K.
FOCUS
Mid-year reforecast: sponsor is working with Westport on a revised H2 revenue plan reflecting realistic lease-up pace, ahead of the Q3 report.