Occupancy — Rentable SF
68.6%
vs 59.2% budgeted — 9.4 pts AHEAD of lease-up plan
Physical Occupancy (Q2 Trend)
+4.1 pts
50.2% (April) → 54.3% (late June), all-in basis
Net Absorption
+111 units
YTD: 254 move-ins / 143 move-outs | +12,592 SF
Rent / Occupied SF
$0.69
vs $0.79 budget — introductory pricing driving velocity
June Revenue
$41,815
vs $53,228 budget | YTD -9.8% vs plan
Waiting List
77 units
Strong demand pipeline into summer
Manager Commentary (Westport)
Pasadena Southmore demonstrated strong lease-up performance in Q2 2026, with physical occupancy increasing from 50.2% in April to 54.3% by late June. On a rentable-square-foot basis the property is running 9.4 points ahead of its lease-up budget. Move-in velocity remains the best in the portfolio at 254 year-to-date, supported by targeted digital marketing. As additional units are brought online and rates season toward market, revenue will follow occupancy.
Lease-Up Progress
| Measure | Actual | Lease-Up Plan | Status |
|---|
| Occupancy (rentable SF) | 68.6% | 59.2% | AHEAD |
| Net units gained YTD | +111 | — | STRONG |
| YTD Revenue | $222,270 | $246,307 | -9.8% |
| YTD NOI | -$29,882 | -$8,886 | BEHIND PLAN |
As a lease-up asset, Pasadena is budgeted to operate at a loss through stabilization; occupancy gains are the leading indicator. NOI is behind the lease-up plan primarily on rate ($0.69 vs $0.79/SF) — a deliberate velocity-first pricing strategy. Full detail in the Q2 2026 investor report.