Physical Occupancy
81.7%
Down from 85.3% in March — worst April since Sep 2025
Occupied / Total Units
416 / 509
71 vacant | 22 unaccounted
Area Occupancy
86.3%
Larger units filling well
Economic Occupancy
89.1%
Above physical — strong rate performance
April Revenue
$60,942
Budget $58,176 | +$2,766 (+4.8%)
April Net Absorption
–13 units
13 move-ins, 26 move-outs — worst since Sep 2025
April NOI
$27,382
Budget $29,514 | –$2,132 (–7.2%)
YTD NOI (Jan–Apr)
$72,457
Budget $106,149 | –$33,692 (–31.7%)
YTD Net Income
$10,279
Budget $57,299 | –82%
YTD Payroll + Benefits
$40,303
Budget $25,136 | +$15,167 (+60%)
April G&A
$5,033
Budget $1,663 | +$3,370 (+203%)
Total AR (29 units)
$6,496
12.9% of GPR | 27 overlocked
Critical Alerts
#1 PRIORITY — BankPlus Loan Maturity June 14, 2026 (25 Days): $3,405,210 at 3.95% fixed. No refinancing activity referenced in financial packet. Contact lender immediately to confirm extension or begin emergency refi process. Default on this date is not recoverable.
Drive-Up 8x20 at 15% Occupancy: Only 3 of 20 units occupied. VACC = ~$1,683/month. Targeted rate reduction or dedicated marketing campaign required immediately.
April Net Absorption –13 Units: Worst month since September 2025. Same-month student pricing activation on 4/1/2026 may be masking a structural issue. Monitor May closely but do not wait to respond.
On-Site Payroll 60% Over Budget YTD: $40,303 vs $25,136 budget (+$15,167). This is the primary NOI drag on an otherwise revenue-positive asset. Requires immediate management review and justification.
April G&A +203% Over Budget: $5,033 vs $1,663 budget in a single month. Itemized breakdown required. Determine if one-time or structural.
32 Units Paying >50% Below Street Rate: Legacy pricing creating revenue leakage. Execute rate increase or vacate notices. Do not allow these tenants to subsidize operations indefinitely.
Action Items
CRITICALBankPlus Loan — June 14 Maturity: Contact BankPlus relationship manager TODAY. Request 12-month extension or begin emergency refinance process. Brief ownership this week. Engage capital markets advisor if needed. Track daily.
CRITICALDrive-Up 8x20 Campaign: 17 of 20 vacant. Reduce street rate and launch Google/Facebook ads targeting moving households and contractors. Offer first-month-free promotion. Goal: 10+ units leased by June 30.
HIGHPayroll Audit: $40,303 YTD vs $25,136 budget. Obtain itemized payroll by employee and role. Determine if staffing levels are appropriate or if overstaffing occurred. Present to ownership by May 28.
HIGHG&A Audit — April $5,033: Request itemized G&A detail for April. Identify one-time vs. recurring items. If structural, reset budget expectations and identify cuts.
HIGHCollections — Lien/Auction Eligible: Units 1078 (Donaldson, 1/31 last payment), 1020 (Justice, 2/28), 1048 (Robinson, 2/28), 1069 (Petty, 2/28) — all eligible for lien notice or auction under TX law. Issue notices this week.
HIGH32 Units >50% Below Street Rate: Pull list by unit, current rate, and street rate. Issue 30-day rate increase notices to all 32 units. Track responses and prepare to re-lease if tenants vacate.
HIGHRV/Parking at 42.1%: 11 of 19 spaces vacant. Review competitor pricing for outdoor storage in Waco. Reduce street rate or launch local advertising. Goal: 15 of 19 spaces filled by July.
MEDIUMStudent Pricing Monitoring: New program activated April 1. Lease-up typically lags 30–60 days. Track May move-ins vs. April baseline to determine whether absorption recovers. Set May 31 checkpoint.
MEDIUM27 Overlocked Units: Review collection posture for each. Set 30-day resolution deadline. Escalate 90+ day accounts to auction timeline immediately.