Physical Occupancy (Sq Ft)
79.2%
43,508 / 54,943 SF | budget 90.2%
Occupancy Trend (Q2)
+0.8 pts
78.4% → 79.2% over the quarter — steady climb
Net Absorption
+4 / +35
June / YTD units — move-ins outpacing move-outs
Rent / Occupied SF
$0.91
vs $1.15 budget — pricing to drive lease-up
June Revenue
$44,655
vs $65,189 budget (-31.5%)
June NOI
$13,826
vs $32,852 budget (-57.9%)
YTD NOI
$49,767
Budget $125,036 | -60.2%
YTD Controllable Expenses
2.6% under
$83,403 vs $85,644 budget — costs well managed
Receivables
Clean
~$1,700 total past due; nothing aged past 60 days
Waiting List
30 units
Demand steady into summer season
Manager Commentary (Westport)
Occupancy rose from 78.4% to 79.2% during Q2, reflecting ongoing work to optimize performance through strategic rent positioning. No new competitive supply entered the market this quarter, leaving the property well-positioned to sustain occupancy growth. Operationally the team is stable and performing well — the property manager continues to excel and a new assistant manager was recently hired to support day-to-day operations heading into the summer leasing season.
Quarter Highlights & Priorities
POSITIVE
Lease-up is moving in the right direction: positive net absorption every measure (+35 units YTD), occupancy climbing steadily, receivables clean, and controllable costs under budget. The operational foundation is sound.
WATCH
Revenue well below plan: the 2026 budget assumed 90%+ occupancy at $1.15/SF; the property is at 79.2% and $0.91. The resulting NOI gap (-60% YTD) is a budgeting issue as much as an operating one — sponsor is completing a realistic H2 reforecast with Westport.
WATCH
One-time repair costs: ~$22K of unbudgeted extraordinary repairs hit H1 (water remediation in one unit and door glass replacement). These are non-recurring but weigh on YTD results.
FOCUS
Summer conversion: with a stable team, no new competition, and demand steady, converting summer traffic into occupancy gains above 80% is the Q3 objective.