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Recommend monitoring leads closely in the next two weeks to ensure leasing pace doesn’t slow into September.
Net Rentals: Dropped from +52 in Q2 to –41 in Q3 — fewer move-ins and more move-outs.Occupancy: Held steady at ~79% overall, despite the net loss in units.Revenue: Slight decrease to $1.20M in Q3 (from $1.23M in Q2).Gross Potential Rent: Fell from $438.9K to $413.3K, driven by both lower occupancy and rate adjustments.
Move-ins vs Move-outs: Slight net gain of +3 units across the portfolio — a positive reversal from Q3 losses.Occupancy: Stable at ~78.8%.Revenue: $391.8K for the month.Gross Potential Rent: $405.8K, slightly down from September but showing early Q4 stability.
Strong October Rebounds:Flat Rock (+10 net rentals) and East Flat Rock (+3) led early Q4 recovery.Stable Performers:Mooresville and Piedmont maintained high occupancy (~81–84%) and steady revenue.Areas to Watch:High Point and Mint Hill continued to see elevated turnover and declining occupancy
October 2025: High Point saw 30 move-ins and 32 move-outs (net –2) in October, a much smaller loss than Q3’s overall trend, suggesting stabilization. End-of-month occupancy was 74.5%, a slight dip from September. October revenue totaled $65,068, and gross potential rent was $69,634 (reflecting a pricing update that raised potential despite lower occupancy).
October 2025: Piedmont recorded 30 move-ins and 34 move-outs (net –4) in October. Occupancy ended slightly down at 83.8%, just below the Q3 level but still healthy. October revenue was $86,933, and gross potential stood at $97,380 (down slightly from September’s peak, but higher than Q2 levels).
October 2025: Gastonia had 11 move-ins and 11 move-outs (net ±0) in October, holding occupancy steady. Occupancy was 69.9% at the end of October, continuing a gradual downward trend. Monthly revenue for October was $22,675, and gross potential rent remained at $21,696 (unchanged from September), suggesting stable rates.
October 2025: Mooresville saw 19 move-ins and 17 move-outs (net +2) in October, nudging occupancy up. Occupancy at month-end was 81.7%, slightly above Q3’s level. October revenue came in at $59,684, and gross potential was $50,288 (a bump up from September, reflecting the occupancy gain).
October 2025: East Flat Rock logged 15 move-ins and 12 move-outs (net +3) in October. Occupancy ticked up to 87.2% at October’s end, slightly above Q3. October revenue was $51,348, and gross potential was $38,628 (a drop from Q3, possibly due to seasonal rate adjustments, though occupancy remains high).
October 2025: Flat Rock had 23 move-ins and 13 move-outs in October, a net gain of +10 – a sharp rebound after Q3’s losses. This pushed occupancy to 84.0% at month-end, up nearly one point from September. October revenue was $41,710, and gross potential was $43,013 (continuing to trend down with earlier unit losses, but likely to improve if October’s net gain holds).
October 2025: Mint Hill saw 13 move-ins and 19 move-outs (net –6) in October, continuing the downward trend in occupancy. Occupancy slipped to 67.9% as of October 31. October revenue was $64,415, and gross potential was $85,133 (further decline, consistent with the occupancy drop).
October 2025: No change – no move-ins/outs and 0% occupancy. The facility is expected to begin leasing activity in future months.
Move-ins declined in Q3 (395, down from 445 in Q2), while move-outs increased (436 vs 391). This reversed the portfolio’s net absorption – net rentals swung from +52 units in Q2 to –41 in Q3, indicating a modest overall occupancy loss in the third quarter.Square-foot occupancy for the portfolio remained approximately 79% at quarter-end (78.9% at the end of Q2 vs 78.9% at Q3 end). In other words, the slight net unit losses had minimal impact on the overall occupancy percentage, suggesting they were concentrated in smaller units or offset by gains elsewhere.Total revenue dipped slightly quarter-over-quarter. The portfolio collected ~$1.23 million in Q2 compared to ~$1.20 million in Q3, a decrease of about 2% in quarterly rental income.Gross potential rent (monthly potential if fully occupied) fell from $438.9k in June to $413.3k in September. This ~6% drop in potential revenue capacity reflects reduced occupancy and rate adjustments in Q3 (e.g. properties like Mint Hill and Gastonia saw lower occupancy and/or pricing changes).October 2025: The portfolio had 141 move-ins and 138 move-outs in October, for a small net gain of +3 units in the first month of Q4. Occupancy at October’s end was approximately 78.8%, essentially flat with Q3. October revenue for the portfolio was $391,833 (one-month), and gross potential stood at $405,772 as of October – slightly below September, indicating that Q4 began with stable but not significantly improved occupancy. Overall, October’s positive net absorption (albeit small) is a positive sign that the downward trend in occupancy may be leveling off as we move further into Q4.
251118 ModBox Meeting Notes
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Gastonia and Mooresville remain a focus
@Dave Keenum
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
@Dave Keenum
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
Tue, Dec 16
There are no rows in this table
Cubby
Marketing Update
📊 Portfolio Summary: Q3 vs Q2 & Q4 Kickoff (October)
🔹 Quarter-over-Quarter Comparison (Q3 vs Q2)
🔹 October Performance (Q4 Kickoff)
🏘️ Property Highlights
Table 14
Facility
Customers Impacted
Total $ Increase
Avg. % Increase
Guardian RV Storage
41
$1,025
4.8%
ModBox Mooresville
346
$7,146
22.4%
ModBox East Flat Rock
54
$1,308
14.7%
ModBox Flat Rock (783 S Allen Rd)
34
$770
17.8%
ModBox High Point
225
$4,878
18.4%
There are no rows in this table
💬 Rent Increase Update – December 2025
"As we move into December, we're seeing a significant volume of scheduled rent increases across the portfolio. In total, over 700 customers are impacted this month, with notable revenue lift and meaningful price movement across key sites.
The most impactful site is ModBox Mooresville, where 346 tenants are set to receive rent increases averaging 22.4%, representing a $7,146 monthly revenue gain. This is a strategic catch-up in pricing for that facility, which had previously lagged behind market averages.
ModBox High Point follows with 225 tenants impacted and a projected $4,878 monthly increase, averaging 18.4% per customer. Meanwhile, East Flat Rock and Flat Rock will see smaller—but still material—rent adjustments, with average increases around 15–18%.
Guardian RV Storage is also rolling out increases this month, with 41 tenants seeing modest hikes averaging just under 5%, totaling a $1,025 boost in monthly revenue.
In summary, December’s rate action is positioned to add over $15,000 in recurring revenue, strengthening our Q4 close and setting the stage for a stronger rent roll heading into 2026. The approach remains balanced—targeting underpriced units while staying within reasonable thresholds for retention."
Q3 vs Q2 2025 Performance and Q4 Kickoff Summary (ModBox Portfolio)
Overview: This report compares each ModBox property’s performance in Q3 2025 (Jul–Sep) versus Q2 2025 (Apr–Jun) across key metrics, and provides an early look at Q4 2025 through October. Metrics include move-ins, move-outs, net rentals (net change in occupied units), square-foot occupancy, revenue, and gross potential rent. (Lead inquiry data was not provided in the EOM report and is omitted.) Overall, Q3 saw mixed results with some properties experiencing higher turnover and slight occupancy declines. October’s results give an early indication of Q4 trends, generally showing stable or improving occupancy for most locations.
High Point
Q3 performance at High Point trailed Q2. Move-ins fell while move-outs jumped significantly, resulting in a net loss of occupancy in Q3 (net ‑37 units vs net +11 in Q2). Despite this turnover, square-foot occupancy remained roughly flat (ending Q3 at 75.7% vs 75.9% in Q2) due to new rentals earlier in the year. Revenue dipped quarter-over-quarter (Q3 revenue $220k vs $231k in Q2), consistent with the slight occupancy loss. Gross potential rent (monthly potential if fully leased) was relatively unchanged by quarter’s end ($60.6k in Sep vs $62.2k in Jun).
Table 5
High Point
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
101
91
30
Move-Outs
90
128
32
Net Rentals *
+11
–37
–2
SF Occupancy (end)
75.9%
75.7%
74.5%
Revenue
$231,082
$220,375
$65,068
Gross Potential
$62,192
$60,621
$69,634
There are no rows in this table
-Net Rentals = move-ins minus move-outs (net change in occupied units).
Piedmont
Piedmont delivered strong occupancy results in Q3, building on Q2 gains. Move-ins ticked up slightly in Q3 (103 vs 99 in Q2) while move-outs also increased (100 vs 78), yielding a small net rental gain of +3 units for Q3 (down from +21 in Q2). Occupancy improved to 84.1% at Q3’s end (vs 82.8% in Q2), indicating Piedmont maintained growth despite higher turnover. Revenue grew modestly quarter-over-quarter (Q3 $251.9k vs Q2 $245.2k), aligning with the occupancy uptick. Notably, gross potential rent rose to $101.2k by September (from $89.2k in June), suggesting increased rates or added rentable space.
Table 6
Piedmont
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
99
103
30
Move-Outs
78
100
34
Net Rentals
+21
+3
–4
SF Occupancy (end)
82.8%
84.1%
83.8%
Revenue
$245,191
$251,867
$86,933
Gross Potential
$89,224
$101,216
$97,380
There are no rows in this table
Gastonia
Gastonia’s Q3 activity slowed relative to Q2. Move-ins were lower (30 in Q3 vs 43 in Q2), and move-outs held about the same (28 vs 27), resulting in a marginal net gain of +2 units in Q3 (down from +16 in Q2). Occupancy by square feet edged down to 71.8% at Q3 end (from 73.7% in Q2) despite the small unit gain – indicating the units added were likely smaller or lower-rent. Revenue was essentially flat (around $63k each quarter). Gross potential rent dipped to $21.7k (Sep) from $24.8k (Jun), reflecting the slight decrease in occupied square footage or rate adjustments.
Table 7
Gastonia
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
43
30
11
Move-Outs
27
28
11
Net Rentals
+16
+2
0
SF Occupancy (end)
73.7%
71.8%
69.9%
Revenue
$62,244
$63,356
$22,675
Gross Potential
$24,782
$21,696
$21,696
There are no rows in this table
Mooresville
Mooresville continued to perform well. Although move-ins were slightly lower in Q3 (75 vs 82 in Q2), a similar dip in move-outs (73 vs 58) meant Q3 still saw a net gain of +2 units (down from +24 in Q2’s strong growth). Square-foot occupancy was basically stable at 80.7% (vs 81.3% in Q2). Revenue held steady quarter-to-quarter (around $198k in Q3 vs $202k in Q2). Gross potential rent was $46.1k in September, down from $50.6k in June, likely due to occupancy leveling off after Q2’s big gains.
Table 8
Mooresville
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
82
75
19
Move-Outs
58
73
17
Net Rentals
+24
+2
+2
SF Occupancy (end)
81.3%
80.7%
81.7%
Revenue
$201,782
$197,571
$59,684
Gross Potential
$50,568
$46,111
$50,288
There are no rows in this table
East Flat Rock
East Flat Rock remained highly occupied and relatively stable. Q3 had a slight uptick in activity: move-ins increased (42 vs 37 in Q2) while move-outs decreased (35 vs 40), resulting in a net gain of +7 units in Q3 (versus –5 in Q2). Occupancy held essentially flat at 86.8% (vs 86.9% in Q2). Revenue was steady (approximately $150k each quarter). Gross potential rent fell to $45.4k in September from $50.4k in June, potentially due to some rate changes or unit mix despite stable occupancy.
Table 9
East Flat Rock
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
37
42
15
Move-Outs
40
35
12
Net Rentals
–5
+7
+3
SF Occupancy (end)
86.9%
86.8%
87.2%
Revenue
$153,074
$150,321
$51,348
Gross Potential
$50,449
$45,398
$38,628
There are no rows in this table
Flat Rock
Flat Rock experienced some churn in Q3, but showed improvement moving into Q4. Q3 saw fewer move-ins (30, down from 50 in Q2) and also fewer move-outs (41 vs 55). The net effect was a net loss of –11 units in Q3 (worse than Q2’s net –5). However, occupancy actually inched up to 83.1% by Q3 end (from 82.5% in Q2), indicating higher occupancy of larger units or rate changes mitigating unit losses. Correspondingly, revenue rose in Q3 ($135.1k vs $127.6k in Q2). Gross potential rent was $48.7k in September, slightly down from $53.4k in June, aligning with the net unit loss.
Table 10
Flat Rock
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
50
30
23
Move-Outs
55
41
13
Net Rentals
–5
–11
+10
SF Occupancy (end)
82.5%
83.1%
84.0%
Revenue
$127,554
$135,144
$41,710
Gross Potential
$53,420
$48,735
$43,013
There are no rows in this table
Mint Hill
Mint Hill faced softening demand in Q3. Move-ins declined (24 in Q3 vs 33 in Q2) and move-outs also fell (31 vs 43), but the reduction in move-outs wasn’t enough to avoid an occupancy loss – net –7 in Q3 (vs –10 in Q2). Occupancy eased to 68.8% at Q3 end (from 69.6% in Q2). This drop was reflected in revenue, which declined to $183.5k in Q3 (from $205.1k). Gross potential rent was $89.5k in September, down from $108.3k in June – a substantial decrease tied to prior occupancy losses and possibly rate concessions.
Table 11
Mint Hill
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
33
24
13
Move-Outs
43
31
19
Net Rentals
–10
–7
–6
SF Occupancy (end)
69.6%
68.8%
67.9%
Revenue
$205,089
$183,479
$64,415
Gross Potential
$108,295
$89,519
$85,133
There are no rows in this table
Guardian RV
(Note: Guardian RV is a new addition to the portfolio and had no rental activity during the periods examined.) Guardian RV reported no move-ins or move-outs in Q2 or Q3, and no revenue yet (the site was effectively not operational or still in lease-up phase). Occupancy remained 0% (no occupied units) through the end of Q3.
Table 12
Guardian RV
Q2 2025 (Total)
Q3 2025 (Total)
October 2025
Leads
N/A
N/A
N/A
Move-Ins
0
0
0
Move-Outs
0
0
0
Net Rentals
0
0
0
SF Occupancy (end)
0%
0%
0%
Revenue
$0
$0
$0
Gross Potential
$0
$0
$0
There are no rows in this table
Portfolio-Wide Summary (All Properties)
Across the entire portfolio, Q3 2025 saw a softening compared to Q2 2025 in some key metrics, though overall occupancy held steady around 79%. The table below aggregates Q2 vs Q3 totals:
Table 13
Portfolio Total
Q2 2025 (Apr–Jun)
Q3 2025 (Jul–Sep)
Move-Ins
445
395
Move-Outs
391
436
Net Rentals
+52
–41
SF Occupancy (end)
78.9%
78.9%
Revenue
$1,226,017
$1,202,113
Gross Potential
$438,930
$413,296
There are no rows in this table
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