920 N. Valley Mills Drive — Monthly Storage Dashboard

Safe Space Storage • Waco, TX • Month End 12/31/2025

Tax normalization applied: remove $44,804.62 (Dec 2025)

Primary sources: Financial Packet + Mgmt Summary

Prepared: 2026‑02‑10

NOI (Reported) — Dec

$-33,993

PTD Actual • Financial Packet

NOI / Rentable SF — Dec

$-0.64

NOI ÷ 53,215 SF

NOI (Tax-normalized) — Dec

$10,812 Adjusted

Adds back $44,804.62 property taxes

Total Revenue — Dec

$53,985 +5.3% vs Bud

Net Rent + Other Income

Net Rent — Dec

$41,734

Budget Comparison (Financial Packet)

Other Income — Dec

$12,251

Fees + Non‑storage + Protection plan

Total OPEX — Dec

$87,978 High variance

Controllable + Uncontrollable

Controllable OPEX — Dec

$22,999

≈ -8.6% vs budget (favorable)

Uncontrollable OPEX — Dec

$64,978 Driver

Property taxes + insurance timing

Unit Occupancy — Dec

85.4%

Mgmt Summary

SF Occupancy — Dec

83.3%

Mgmt Summary

Net Rent / SF — Dec

$0.85

Financial Packet / Mgmt Summary

Effective Rate After Concessions

$0.80/SF

Mgmt Summary

Gross Potential Rates

$33,661

Mgmt Summary

Actual Occupied Unit Rates

$43,123

Mgmt Summary

Net Absorption (Units)

Move‑ins 30 − Move‑outs 26 (Mgmt Summary)

Rented Area Increase

+2,250 SF

Mgmt Summary

30+ Day Delinquency

$867 Below flag

Flag ≥ $1,000 • Mgmt Summary

Cash (Bank)

$12,163

Balance Sheet

Mortgage Balance

$3,448,830

Balance Sheet "Mortgage notes"

DSCR (Monthly)

-1.54x Below 1.0x

T12 Cash Flow (NOI ÷ (Interest+Principal))

DSCR (Trailing‑12)

0.56x Below 1.0x

Jan–Dec 2025 totals

Levered Cash Flow (After Debt & Admin)

$-33,335

Dec "Total cash flow" (T12 Cash Flow)

Rentable Capacity

456 Units / 53,215 SF

Financial Packet capacity

NOI vs Budget (Primary)

High

Actual $-33,993 vs Budget $23,767
Variance $-57,760 (‑243.0%)

Revenue vs Budget

Moderate

Actual $53,985 vs Budget $51,284
Variance $+2,701 (+5.27%)

OPEX vs Budget

High

Actual $87,978 vs Budget $27,516
Variance $+60,461 (+219.7%)

Controllable NOI vs Budget

Track separately

Controllable OPEX Actual $22,999 vs Budget $21,173
Variance $+1,827 (8.63%) — below $2,500

Manager Note: Successfully negotiated removal of $250/month marketing staff expense and secured full Tenant Insurance revenue for 6 months. Team preparing for loan renewal (June 2026).

Budget & Variances

Rates & Pricing

Occupancy & Absorption

Collections

Debt & Liquidity

Data Gaps

December 2025 — Budget Exceptions (PTD)

Line Item	Actual	Budget	Var $	Severity
Total NOI	$-33,993	$23,767	$-57,760	High
Total Revenue	$53,985	$51,284	$+2,701	Moderate
Total OPEX	$87,978	$27,516	$+60,461	High
Controllable OPEX	$22,999	$21,173	$+1,827	Below threshold
Uncontrollable OPEX	$64,978	$6,344	$+58,634	High

Tax-normalized view (Dec 2025): Reported NOI of $-33,993 becomes $10,812 by removing $44,804.62 property taxes per instruction.

Variance severity rules: Moderate if ≥10% OR ≥$2,500; High if ≥20% OR ≥$5,000. Primary KPI is Total NOI vs Budget. Source: Financial Packet (Budget Comparison).

Revenue Reconciliation (Required Structure)

Component	Dec 2025	YTD 2025
Net Rent	$41,733.63	$443,380.28
Other Income	$12,250.90	$171,526.80
Total Revenue	$53,984.53	$614,907.08

Total Revenue = Net Rent + Other Income. Source: Budget Comparison within Financial Packet.

Rate Stack (Mgmt Summary)

Metric	Dec 2025	Notes
Net Rent / SF	$0.85	Reported rent metric
Effective Rate After Concessions	$0.80/SF	Effective after concessions
Gross Potential Rates	$33,661	Mgmt Summary KPI
Actual Occupied Unit Rates	$43,123	Mgmt Summary KPI

Source: Management Summary & Occupancy Statistics.

Pricing Actions / Notes

• Competitive rates noted in manager commentary.
• Manager note: secured full Tenant Insurance revenue for 6 months (supports Other Income runway).
• Consider documenting the insurance revenue allocation method (timing) for consistency month-to-month.

Occupancy (Mgmt Summary)

Metric	Dec 2025	Cadence
Unit Occupancy	85.4%	MoM + YoY (YoY not provided)
SF Occupancy	83.3%	MoM + YoY (YoY not provided)
Total Units	474	Mgmt Summary total units
Total SF	58,815	Mgmt Summary total area

Note: capacity differs by source (Financial Packet shows 456 units / 53,215 SF). See Data Gaps for reconciliation item. Source: Management Summary.

Leasing Velocity (Mgmt Summary)

Activity	Dec 2025	Definition
Move‑Ins	30	MTD
Move‑Outs	26	MTD
Net Absorption (Units)	+4	Move‑ins − Move‑outs
Transfers	21	Supplemental
Rented Area Increase (SF)	+2,250	MTD

Source: Management Summary Activity section.

Delinquency & Aging (Mgmt Summary)

Metric	Dec 2025	Flag rule
30+ Day Delinquency ($)	$867.20	Flag if ≥$1,000
Unpaid Charges (Current Tenants)	$3,922.28	Watchlist
Aging 0–10 days	$328.12
Aging 11–30 days	$2,726.96
Aging 31–60 days	$867.20
Aging 61+ days	$0.00

Source: Management Summary Delinquency/Aging block.

Receipts Collected (Cash Basis) — Placement Rule

Metric	Dec 2025	YTD 2025
Receipts Collected (Cash Basis)	$51,196.15	$545,545.46

Per rule: receipts collected are shown only in Collections tab + Memo (not in KPI strip). Source: Management Summary deposits/receipts totals.

Debt & Liquidity (Financial Packet)

Metric	As of 12/31/2025	Source-of-truth
Cash (Bank)	$12,162.90	Balance Sheet
Accounts Receivable	$5,603.92	Balance Sheet
Mortgage Notes Payable	$3,448,829.83	Balance Sheet "Mortgage notes"
Interest Rate	3.95% fixed	Loan details
Maturity	06/14/2026	Loan details
Lender	Bank Plus	Loan details

Source: Financial Packet Balance Sheet and loan detail page.

DSCR Basis (T12 Cash Flow)

Monthly (Dec 2025): NOI $-33,993.01 ÷ (Interest $12,522.02 + Principal $9,497.47) = -1.54x

Trailing‑12 (Jan–Dec 2025): NOI $146,523.94 ÷ (Interest $141,127.74 + Principal $123,106.14) = 0.56x

Forward DSCR: Not provided (requires 12‑month forecast with debt service schedule).

DSCR numerator uses T12 Cash Flow "Net operating income/(loss)" (not Net Income). Source: Financial Packet 12‑month cash flow / forecast section.

Data Gaps / Items Needed (No numbers invented)

Property tax adjustment discrepancy: instruction says remove $44,804.62 while packet line "Real Property Taxes" shows $43,981.94. Please confirm which amount reflects the true one‑time accrual/payment timing in Dec 2025.
Capacity reconciliation: Financial Packet indicates 456 units / 53,215 SF, while Mgmt Summary indicates 474 units / 58,815 SF. Confirm the correct rentable capacity for per‑SF normalization going forward.
Forward DSCR / refinance planning: a 12‑month forward debt service schedule (or lender's renewal term sheet assumptions) is needed to compute Forward DSCR for renewal prep.
YoY / MoM occupancy and rate comps: prior-year December occupancy and rate metrics not provided in the current packet, so YoY deltas are displayed as Not provided.

Definitions: NOI uses Financial Packet NOI when provided; if absent, NOI = Revenue − Operating Expenses. All per‑SF metrics use Total Rentable SF as denominator (capacity reconciliation noted).
Sources: Financial Packet (Dec 2025) and Management Summary (Dec 2025).