Physical Occupancy
78.24%
Budget 82.2% | –3.96 pts
Occupied / Total Units
356 / 455
99 vacant | Lease-up phase
Area Occupancy
84.03%
Better than unit count — larger units leased
Economic Occupancy
80.70%
Above physical — positive
April GPR
$51,348
Budget $57,375 | –$6,027
Actual Occupied Revenue
$41,438
VARC: +$2,287 (rate above budget)
Revenue vs Budget
–$9,789
–17.1% miss
April Net Absorption
–11 units
15 move-ins, 26 move-outs — WORST EVER
YTD Net Absorption
–23 units
Elevated churn Jan–Apr 2026
April NOI vs Budget
–$6,076
–22.5% miss
YTD NOI vs Budget
–$44,622
–48.5% miss
YTD Net Income
–$25,128
Budget +$46,372 | –$71,500 swing
Critical Alerts
Occupancy Declining Since Peak: 83.5% (Nov 2025) → 78.24% (Apr 2026) — net loss of 24 units over 5 months. April net absorption of –11 is the worst result since property inception.
YTD P&L Swing –$71,500 in 4 Months: Net loss of –$25,128 vs budget of +$46,372. Trend is worsening, not stabilizing.
Unit 1016 — Gutierrez: 91+ Days Delinquent: $1,085.80 owed, no payment since January 2026. Issue lien notice and begin auction process per Texas self-storage law immediately.
5×5 Units at 31% Occupancy: ~29 of ~42 units vacant. Lowest-performing unit type requiring immediate pricing or promotion action.
10×5 Units at 46% Occupancy: ~22 of ~41 units vacant. Two smallest unit types together represent the majority of vacancy exposure.
$6,098 One-Time Ad Valorem Tax Services in April: Inflated OPEX this month. Confirm whether recurring. If not, adjust May forward outlook.
Action Items
CRITICALUnit 1016 — Gutierrez ($1,086 / 91+ days): Issue formal lien notice today. Begin TX self-storage auction process. No further delay permitted.
CRITICALInvestigate Churn Root Cause: 26 move-outs in April is unsustainable. Pull exit surveys, contact departed tenants by phone, and check Google/Yelp reviews for service or facility complaints.
CRITICALNOI Recovery Plan: –$71,500 YTD swing demands a written 60-day recovery plan by May 28. Include occupancy targets, pricing strategy, churn reduction, and expense controls.
HIGH5×5 Units — Rate/Promo Action: ~29 vacant at ~31% occupancy. Launch immediate move-in special (first month free or 50% off) to drive traffic. Target digital and local advertising.
HIGH10×5 Units — Rate/Promo Action: ~22 vacant at 46% occupancy. Bundle with 5×5 campaign. Consider aggressive street rate reduction to build momentum.
HIGHDelinquency Sweep — 31–60 Day Accounts: Units 1081 ($441.60), 1109 ($296.30), 2039 ($208.10), 1174 ($184.00) — all paid through March. Call each tenant this week. Overlocking if no response by May 28.
HIGHVerify Ad Valorem Tax Services ($6,098): Confirm one-time vs. recurring. Adjust May budget accordingly and notify asset management team.
MEDIUMOverlocked Units — 18 Active: Confirm all 18 are captured in AR system and being actively worked. Set 30-day resolution deadline for each account.
MEDIUMWaiting List — 42 Units: Ensure all 42 prospective tenants are being contacted for appropriate unit size matches. Convert waiting list to leases before May churn season.