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251013 ModBox Meeting Notes

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Gastonia and Mooresville remain a focus

@Dave Keenum

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Mon, Aug 11

May need to pull down rates at these 2 properties

Mon, Aug 11

Guardian is on the come up

Mon, Aug 11

Guardian is pending CO for Row 4

Mon, Aug 11

Activity has slowed some for the Portfolio so far in August

Mon, Aug 11

Recommend monitoring leads closely in the next two weeks to ensure leasing pace doesn’t slow into September.

@Dave Keenum

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Mon, Aug 11

Mint Hill Construction

Tue, Oct 14

Guardian Inventory is in

Tue, Oct 14

Flat Rock Leads are dropping 43 move outs since 11/1

Tue, Dec 16

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Cubby Training 101

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Facility Peformance

📊 Portfolio Overview

Across the 10 ModBox sites, occupancy levels vary significantly — from strong performance in East Flat Rock and High Point to underperforming locations like Gastonia and Mint Hill. Below is a detailed site-by-site breakdown.

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🟩 ModBox – High Point

Occupancy: 86.1% (683 units total, 588 occupied)

SF Occupancy: 84.0%

Net Rentals: -15 (more move-outs than move-ins)

Revenue Collected: $74,678

YoY Revenue Growth: +5.8%

Protection Sales: 58.5% of tenants

AR >30 Days: 1.5%

Google Rating: ⭐ 4.8

Comment: High Point remains one of the stronger performers, with stable occupancy and solid protection plan penetration.

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🟩 ModBox – Mebane Arrowhead

Occupancy: 87.6% (522 units total, 461 occupied)

SF Occupancy: 88.2%

Net Rentals: +5

Revenue Collected: $56,107

YoY Revenue Growth: +12.4%

Protection Sales: 73.2%

AR >30 Days: 1.3%

Google Rating: ⭐ 4.9

Comment: Healthy occupancy and continued revenue growth — one of the portfolio’s best performers.

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🟨 ModBox – Mebane Compass

Occupancy: 72.2% (578 units, 416 occupied)

SF Occupancy: 86.6%

Net Rentals: +2

Revenue Collected: $68,419

YoY Revenue Growth: Flat (-0.2%)

Protection Sales: 78.6%

AR >30 Days: 1.7%

Google Rating: ⭐ 4.8

Comment: Stable revenue but lower unit occupancy — possible unit mix or pricing issue.

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🟨 ModBox – Piedmont

Occupancy: 71.6% (730 units, 523 occupied)

SF Occupancy: 73.2%

Net Rentals: +22

Revenue Collected: $68,186

YoY Revenue Growth: +21.7%

Protection Sales: 63.9%

AR >30 Days: 2.9%

Google Rating: ⭐ 4.7

Comment: Rapid growth in revenue despite lower occupancy — rent increases are effective but potential for occupancy improvement remains.

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🟥 ModBox – Gastonia

Occupancy: 58.2% (271 units, 157 occupied)

SF Occupancy: 66.5%

Net Rentals: -1

Revenue Collected: $21,407

YoY Revenue Growth: +14.9%

Protection Sales: 56.5%

AR >30 Days: 1.3%

Google Rating: ⭐ 0.04 (likely data error)

Comment: Underperforming with lowest occupancy; needs focused leasing and marketing support.

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🟩 ModBox – Mooresville

Occupancy: 82.1% (731 units, 600 occupied)

SF Occupancy: 87.7%

Net Rentals: +17

Revenue Collected: $72,686

YoY Revenue Growth: +3.8%

Protection Sales: 35.5%

AR >30 Days: 2.3%

Google Rating: ⭐ 4.4

Comment: Good occupancy but low protection sales; opportunity to drive ancillary income.

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🟩 ModBox – East Flat Rock

Occupancy: 90.1% (353 units, 318 occupied)

SF Occupancy: 89.7%

Net Rentals: +9

Revenue Collected: $47,829

YoY Revenue Growth: +3.4%

Protection Sales: 13.8% (low)

AR >30 Days: 1.2%

Google Rating: ⭐ 3.9

Comment: High occupancy but protection sales lag. Strong retention potential.

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🟨 ModBox – Flat Rock

Occupancy: 83.1% (390 units, 324 occupied)

SF Occupancy: 80.2%

Net Rentals: -7

Revenue Collected: $43,572

YoY Revenue Growth: +9.9%

Protection Sales: 23.7%

AR >30 Days: 0.9%

Google Rating: ⭐ 4.0

Comment: Solid occupancy but slightly negative rental trend in the period.

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🟥 ModBox – Mint Hill

Occupancy: 70.4% (675 units, 470 occupied)

SF Occupancy: 70.9%

Net Rentals: -2

Revenue Collected: $71,559

YoY Revenue Growth: +4.8%

Protection Sales: 62.7%

AR >30 Days: 0.8%

Google Rating: ⭐ 3.4

Comment: Moderate occupancy; newer site likely still stabilizing.

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🟩 ModBox – Guardian RV (RV & Boat Storage)

Occupancy: 78.8% (203 spaces, 160 occupied)

SF Occupancy: 79.1%

Net Rentals: -5

Revenue Collected: $77,872

YoY Revenue Growth: +30.6%

Protection Sales: N/A

AR >30 Days: 0%

Google Rating: ⭐ 5.0

Comment: Excellent performance for a specialty site — high ratings and no delinquency.

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🧩 Key Portfolio Insights

Top Performers: East Flat Rock, Arrowhead, and High Point (steady occupancy >85%).

Underperformers: Gastonia and Mint Hill (below 70% occupancy).

Average Occupancy (Units): ~78%

Average Protection Plan Participation: ~50%

Average AR >30 Days: ~1.7%

Overall Sentiment: Portfolio is trending positive in rent and revenue growth, with focus needed on underperforming sites and ancillary income opportunities.

Rate Increases

💸 Scheduled Rent Increases

Table 4

Table 4

Facility

Avg. $ Increase

Avg. % Increase

ModBox Storage – Mooresville

$19.27

33.45%

ModBox Storage – East Flat Rock

$20.82

14.3%

ModBox Storage – Flat Rock (783 S Allen Rd)

$22.05

17.83%

ModBox Storage – High Point

$19.32

12.89%

ModBox Storage – Mint Hill

$23.60

21.34%

ModBox Storage – Piedmont

$21.54

20.2%

ModBox Storage – Gastonia

$21.14

30.04%

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🧩 Portfolio Summary

Average scheduled increase: $21.11 per unit (+21.4%)

Most aggressive increases:

Mooresville (+33%) and Gastonia (+30%) — likely targeting below-market rents.

Moderate increases:

Piedmont, Mint Hill, and Flat Rock (17–21%)

Conservative increases:

High Point (+13%) and East Flat Rock (+14%)

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⚙️ Operational Notes

No future increases are currently scheduled for Guardian RV, Arrowhead, or Mebane Compass.

The scheduled increase profile appears focused on sites still stabilizing or below target rent per square foot.

If applied portfolio-wide, these adjustments could raise effective rent by roughly 4–6% assuming typical tenant retention.

Marketing Report

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