Physical Occupancy (Sq Ft)
85.52%
43,790 SF occupied | budget 89.75%
Physical Occupancy (Units)
80.66%
367 / 455 units | +3 net MTD
Rent / Occupied SF
$0.96
vs $1.25 budget (-23.2%)
August Revenue
$46,939
vs $63,465 budget (-26.0%)
August NOI
$12,646
vs $30,074 budget (-58.0%)
August Net Cash Flow
$5,930
NOI $12,646 minus debt service $6,717
YTD NOI
$108,250
Budget $213,159 | -49.2%
YTD Net Cash Flow
$50,514
YTD NOI $108,250 minus YTD debt service $57,736
Net Absorption (August)
+3 units
31 move-ins / 28 move-outs
Manager Commentary
Occupancy held roughly steady at 85.52% of rentable square feet in August (85.95% in July), while unit occupancy improved to 80.66%, up from 80.00% in July, on 31 move-ins against 28 move-outs. Rent per occupied square foot rose to $0.96 — the second straight monthly increase — though it remains below the 2026 budget of $1.25 per square foot. This month's Westport budget reflects a lower occupancy assumption (89.75%) than July's (92.24%), consistent with the second-half reforecast the sponsor and Westport were finalizing as of last month's report. Competitor rate analysis along the S. Padre Island Drive corridor shows a wide pricing range (roughly $1.20–$1.89 per square foot at nearby operators) with no new competitors identified, supporting continued rate stability. Leasing focus remains on maximizing rent increases, building online reviews, and targeted move-in specials.
Highlights & Priorities
WATCH
Revenue and NOI remain well below plan. Occupancy (85.52% vs 89.75% budget) and rate ($0.96 vs $1.25/SF) continue to drive the gap. August's budget reflects Westport's revised second-half occupancy assumption, a more realistic baseline for tracking variance going forward.
POSITIVE
Unit-level leasing kept improving. August delivered a second straight month of positive net absorption (+3 units, following July's +11), and rent per occupied square foot rose for the second consecutive month.
FOCUS
Fee waivers remain the largest controllable-revenue gap. YTD waivers total $8,363 against a $1,708 budget. Sponsor continues to press Westport on the waiver policy and is tracking it monthly.
WATCH
Operating expenses ran above budget again in August ($34,293 vs $33,392 budget), driven mainly by on-site management costs tied to continued temporary staffing. Sponsor is reviewing the detail with Westport ahead of the Q3 report.
Occupancy Detail
| Status | Units | % of Units | Area (SF) | % of Area |
|---|
| Occupied | 367 | 80.7% | 43,790 | 85.5% |
| Vacant | 82 | 18.0% | 7,414 | 14.5% |
| Unrentable | 6 | 1.3% | 0 | 0.0% |
| Total | 455 | 100.0% | 51,204 | 100.0% |
Occupied tenant mix by length of stay (367 occupied units, no tenant-level detail):
| Tenure | 0–30d | 31–60d | 61–90d | 91–180d | 181–360d | 1–2 yr | 2–3 yr | 3+ yr |
|---|
| Units | 36 | 32 | 19 | 52 | 87 | 103 | 36 | 2 |
| Avg Rent/Unit | $114.11 | $104.66 | $122.32 | $117.88 | $115.11 | $145.56 | $130.14 | $198.50 |
Unit Turnover (Lease Expirations Not Applicable — Month-to-Month Storage)
Self-storage tenants rent month-to-month; there is no lease expiration schedule. Turnover is tracked through move-ins and move-outs instead.
| Metric | August (MTD) | Fiscal YTD |
|---|
| Move-ins | 31 | 208 |
| Move-outs | 28 | 220 |
| Net units | +3 | -12 |
| Transfers | 9 | 54 |
Collections
| Metric | Amount |
|---|
| Total unpaid charges, current tenants (all aging) | $3,165.42 |
| Delinquency, current tenants >30 days | $345.60 |
Nothing in the current-tenant receivable balance is aged past 90 days. Full aging detail is in the quarterly report.
Trailing 12-Month Trend
| Month | Revenue (Act.) | Revenue (Bud.) | NOI (Act.) | NOI (Bud.) | Occ % SF (Act.) | Occ % SF (Bud.) |
|---|
| Sep-25 | $42,144 | $51,567 | $4,755 | $21,205 | 88.40% | 90.70% |
| Oct-25 | $44,138 | $52,322 | $4,722 | $28,117 | 91.24% | 90.45% |
| Nov-25 | $42,766 | $53,599 | $16,043 | $30,122 | 91.32% | 90.96% |
| Dec-25 | $46,268 | $54,807 | -$86,385 | $28,284 | 91.45% | 91.72% |
| Jan-26 | $38,389 | $47,940 | -$11,039 | $17,705 | 87.94% | 90.25% |
| Feb-26 | $45,058 | $52,595 | $23,004 | $22,305 | 88.41% | 90.50% |
| Mar-26 | $46,303 | $55,066 | $14,490 | $24,991 | 87.61% | 90.75% |
| Apr-26 | $47,586 | $57,375 | $20,977 | $27,053 | 84.03% | 90.99% |
| May-26 | $47,260 | $61,159 | $18,637 | $30,216 | 84.68% | 91.99% |
| Jun-26 | $47,339 | $63,395 | $19,743 | $31,263 | 83.47% | 92.24% |
| Jul-26 | $48,011 | $65,655 | $9,791 | $29,552 | 85.95% | 92.24% |
| Aug-26 | $46,939 | $63,465 | $12,646 | $30,074 | 85.52% | 89.75% |
Dec-25 NOI reflects the annual property tax accrual true-up; Feb-26 includes an $11,175 one-time lease-up marketing charge. Aug-26 budget occupancy reflects Westport's revised second-half assumption.
August Performance vs Budget (with Operating Expense Breakout)
| Line Item | August Actual | August Budget | Variance | YTD Actual | YTD Budget | Status |
|---|
| Total Revenue | $46,939 | $63,465 | -26.0% | $366,885 | $466,650 | BELOW |
| Total Controllable Expenses | $16,471 | $13,804 | -19.3% | $114,263 | $112,573 | YTD SLIGHT OVER |
| — Repairs & Maintenance | $1,600 | $1,667 | +4.0% | $13,521 | $13,333 | ~ON PLAN |
| — Contract & Recurring Services | $933 | $790 | -18.2% | $8,424 | $6,317 | OVER |
| — On-Site Management | $8,553 | $5,866 | -45.8% | $48,049 | $49,604 | YTD UNDER |
| — Marketing | $1,528 | $1,196 | -27.7% | $9,720 | $9,929 | UNDER |
| — G&A / Professional Services | $3,378 | $3,440 | +1.8% | $27,919 | $26,621 | YTD OVER |
| Total Uncontrollable Expenses | $17,822 | $19,587 | +9.0% | $144,372 | $140,919 | YTD OVER |
| Total Operating Expenses | $34,293 | $33,392 | -2.7% | $258,635 | $253,491 | SLIGHT OVER |
| Net Operating Income | $12,646 | $30,074 | -57.9% | $108,250 | $213,159 | BELOW |
| Debt Service (Interest) | $6,717 | $6,500 | -3.3% | $57,736 | $51,554 | OVER |
| Net Cash Flow (NOI − Debt Service) | $5,930 | $23,574 | -74.8% | $50,514 | $161,604 | BELOW |
Full line-item detail, balance sheet, and distribution statement will follow in the Q3 2026 investor report.
Cash Position
| Metric | As of 8/31/26 | As of 12/31/25 |
|---|
| Cash and cash equivalents | $222,670 | $34,729 |
| Mortgage balance | $1,200,000 | $1,074,914 |
| Distributions (current month / YTD) | $0 / $0 |