Safe Space Storage Portfolio

Self-Storage Assets | Institutional Portfolio View

Portfolio Dashboard

Period Ending: December 31, 2025

Portfolio NOI ($)

($115,403)
Single asset: 906 Southmore

Portfolio NOI / SF

($1.17)
Weighted average

Total Revenue ($)

$29,910
All assets combined

Net Rent ($)

$25,601
Storage revenue

Other Income ($)

$2,027
Ancillary revenue

Total Revenue / SF

$0.30
Weighted by rentable SF

Controllable OPEX ($)

$26,522
All assets combined

Uncontrollable OPEX ($)

$118,791
All assets combined

Total OPEX ($)

$145,313
All assets combined

Controllable OPEX / SF

$0.27
Weighted average

Uncontrollable OPEX / SF

$1.20
Weighted average

Total OPEX / SF

$1.47
Weighted average

Avg Unit Occupancy %

40.8%
Weighted by total units

Avg SF Occupancy %

41.1%
Weighted by rentable SF

Avg Net Rent / SF

$0.63
Weighted by rentable SF

Portfolio Net Absorption

+18 units
December activity

Portfolio Delinquency (30d+)

$273
0.4% of Gross Potential Rates

Portfolio Cash

$32,290
All assets combined

Portfolio Debt

$5,000,000
7.25% interest-only

Portfolio Weighted Avg DSCR (T12)

(0.74)
Lease-up phase

Portfolio Summary

Property Location Units Rentable SF Occ % NOI (Dec) YTD NOI
906 Southmore Pasadena, TX 767 99,034 41.1% ($115,403) ($269,907)
Portfolio Total 99,034 41.1% ($115,403) ($269,907)

📊 Portfolio Composition

Current Portfolio: Single self-storage asset (906 Southmore Avenue, Pasadena TX) representing 100% of portfolio metrics.

Asset Status: Lease-up property opened January 2025, currently 12 months into operations.

Key Milestone: Achieved 41% occupancy in first year, exceeding budgeted stabilization curve of 32% by 9 percentage points.

Top Budget Exceptions (Ranked by NOI Variance $)

Property Metric Actual Budget Variance ($) Variance (%) Severity
906 Southmore NOI (Dec) ($115,403) ($10,226) -$105,177 -1,029% HIGH
Real Property Taxes $90,604 $1,093 +$89,511 +8,190% HIGH
Package Insurance $23,248 $8,333 +$14,915 +179% HIGH

💡 Exception Analysis

Primary Driver: December NOI variance driven by annual billing of real property taxes ($90,604) and insurance ($23,248) captured in single month. Combined impact: +$104,426 vs budget.

YTD Context: Year-to-date NOI variance is only -$5,321 (-2.0%), demonstrating monthly timing issue rather than structural underperformance.

Revenue Overperformance: Total revenue exceeded budget by +$5,005 (+20.1%), partially offsetting uncontrollable expense overruns.

Highest-Risk Properties

Property Risk Factor Current Status Risk Level
906 Southmore NOI vs Budget OFF TRACK (Dec: -1,029% var) HIGH
DSCR Negative T12 DSCR: (0.74) HIGH
Occupancy 41% in lease-up (Year 1) MODERATE

💡 Risk Context

Lease-Up Phase: All "high risk" indicators are typical for lease-up properties. Asset is performing ahead of budgeted stabilization curve (41% actual vs 32% budgeted occupancy).

Debt Service: Interest-only loan extended through January 2027 at 7.25% provides runway for continued lease-up without principal amortization pressure.

Equity Support: 2026 cash call of $338,096 planned to fund operations through stabilization.

Positive Indicators: Revenue exceeding budget (+20.1%), controllable OPEX below budget (-13.0% YTD), occupancy ahead of plan (+9 percentage points).

Portfolio Occupancy & Leasing Trends

Property Total Units Occ % (Units) Occ % (SF) MoM Change Net Absorption (Dec)
906 Southmore 767 40.8% 41.1% +2.3% units / +1.6% SF +18 units (YTD)
Portfolio Weighted Avg 767 40.8% 41.1% +2.3% / +1.6% +18 units

💡 Portfolio Leasing Velocity

December Activity: Move-ins: 3 | Move-outs: 6 | Net absorption (MTD): -3 units

Rented Area Increase: +1,550 SF in December, indicating favorable unit mix shift toward larger units despite negative unit net absorption.

Year 1 Performance: 41% occupancy achieved in 12 months (Jan 2025 opening), representing strong lease-up velocity in competitive Pasadena market.

2026 Strategy: Additional 10x10 unit conversions planned to expand rentable unit count and capture demand.

Portfolio Collections & Delinquency

Property Receipts (Dec) 30d+ Delinquency % of GPR Status
906 Southmore $33,080 $273 0.4% NORMAL
Portfolio Total $33,080 $273 0.4% NORMAL

💡 Collections Health

Low Delinquency Risk: 30-day+ delinquency of $273 is well below both red-flag thresholds (< $1,000 AND < 2% of GPR).

Total Delinquency Breakdown: $2,687 total (3.8% of GPR), with 81% in 11-30 day bucket (lower risk).

Receipts Collected (Dec): $33,080 including rent ($25,601), fees ($2,281), insurance ($3,994), and merchandise ($713).

Portfolio Debt & Liquidity

Property Cash Debt Balance Rate Maturity T12 DSCR
906 Southmore $32,290 $5,000,000 7.25% Jan 2027 (0.74)
Portfolio Total $32,290 $5,000,000 — — (0.74)

Portfolio Debt Service Analysis

Metric Portfolio Total
T12 NOI ($269,907)
T12 Interest Expense ($281,194)
T12 Principal Payments $0
T12 Total Debt Service ($281,194)
T12 DSCR (0.74)
T12 Levered Cash Flow (after debt & admin) ($528,635)
T12 Equity Contributions $560,925
Net Cash After Equity $32,290

💡 Portfolio Debt Strategy

Loan Structure: $5M interest-only loan at 7.25%, extended 12 months through January 2027. New monthly payment: $30,208.

2026 Cash Call: $338,096 equity contribution planned to support continued lease-up operations and bridge to stabilization.

DSCR Context: Negative DSCR expected during lease-up. Asset is performing ahead of underwritten stabilization curve (41% vs 32% budgeted occupancy).

Liquidity Runway: Current cash of $32,290 plus planned 2026 equity provides adequate runway through stabilization target of 85-90% occupancy.