Physical Occupancy
67.5%
Target ~88% | –20.5 pts CRITICAL
Occupied / Total Units
322 / 477
139 vacant | 16 unrentable
Area Occupancy
78.4%
43,062 / 54,943 SF
Economic Occupancy
68.27%
Below physical — rate drag
April GPR
$59,145
Budget $59,812 | –$667
Actual Occupied Rent
$40,381
Budget $49,812 | –$9,431
Effective Net Rent
$35,937
Budget $46,361 | –$10,424
Effective Rate / SF
$0.83
Budget $1.09 | –$0.26/SF
April NOI
–$11,680
–50% vs budget
YTD NOI (Jan–Apr)
$19,538
Budget $62,335 | 24% of target
Concessions (April)
–$4,208
Budget –$2,491 | –$1,717 excess
Electricity YTD
$17,288
Budget $10,146 | +70% over
Critical Alerts
NOI Escalation Required: YTD NOI $19,538 vs $62,335 budget — only 24% of annual target ($324K). Property has been below the 80% threshold for an extended period. Formal escalation required per policy.
Unexplained Non-Operating Revenue: $181,875 recorded in Account 61-19999 in April. AP-Other shows ~$195K debit. Financials cannot be finalized until this entry is classified and explained.
Sharp April Occupancy Crash: 67.5% vs 76.7% in March — a 9.2-point single-month decline. Cause unknown. Investigate new competition, pricing changes, and service issues immediately.
Electricity Structural Overage: $17,288 YTD vs $10,146 budget (+70%). Multi-month pattern requires a utility audit and potential capex solution.
Extraordinary Repairs — Unbudgeted $21,827 YTD: Water damage Unit F ($14,315) + glass door replacement ($7,513). Review insurance recovery options.
Below-Rate Tenants — 45.7% of Roster: 147 of 322 occupied tenants paying below standard rate. Rate push needed without triggering vacancy spike.
Action Items
CRITICALNOI Escalation: Initiate formal escalation per below-80% policy. Ownership briefing + recovery plan by May 28, 2026.
CRITICALClassify Acct 61-19999: $181,875 non-operating revenue must be classified before financials close. Assign to controller with 48-hour deadline.
CRITICAL10x10 Standard Recovery: 38 vacant at $86/unit = ~$3,268/month gap. Targeted pricing, digital ads, and move-in specials needed now.
CRITICAL5x10 CC Recovery: 38 vacant at $61/unit = ~$2,318/month gap. Combined attainable with 10x10 standard = $5,586/month. Prioritize marketing both types immediately.
HIGHInvestigate April Occupancy Crash: Pull move-out reasons, audit competitor activity within 3-mile radius, review customer service and Google review activity for April.
HIGHUtility Audit: Engage vendor to audit electricity vs. building baseline. Identify HVAC, metering, lighting, or access control failure. $17K+ annual exposure.
HIGHInsurance Recovery: Confirm Unit F water damage ($14,315) submitted to insurer. Document glass door incident for potential claim.
MEDIUMConcession Controls: Implement manager approval threshold for discounts exceeding budget. Review current promotions for ROI justification.
MEDIUMRate Push — Below-Rate Tenants: Design phased rate increase for 147 tenants paying below standard. Target tenants with 12+ months tenure. Execute in June 2026.