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251216 ModBox Meeting Notes

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Topic

Notes

Date

Added by

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

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

@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

There are no rows in this table

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Portfolio-Wide Trends

November: Several properties experienced flat or negative net rentals (more move-outs than move-ins), with the exception of Guardian RV and East Flat Rock, which performed well.

December (MTD): Guardian RV and Mooresville are seeing strong performance. Most others (High Point, Piedmont, Flat Rock, Mint Hill) continue to struggle with more move-outs than move-ins.

Conversion Rates: Mooresville (81%) and Guardian RV (93%) lead in converting leads to rentals; Mint Hill (22%) and Gastonia (38%) have weaker conversion.

Revenue vs. GPR: Guardian RV, East Flat Rock, and Mooresville are exceeding or closely matching their GPR. Properties with declining occupancy are missing revenue targets.

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🏢 Property-Level Highlights

Table 23

Table 23

Property

Nov Net Rentals

Dec Net Rentals

Dec Occupancy

Dec Conversion Rate

Key Notes

High Point

–14

↓ ~71%

50%

Spike in move-outs hurting occupancy.

Piedmont

–6

↓ ~82%

61%

Solid conversion, but move-outs continue.

Gastonia

–2

↑ ~73%

38%

Stable occupancy; conversion needs work.

Guardian RV

+10

↑ ~73%

93%

Strongest performer with high demand.

Mint Hill

–2

Flat ~66%

22%

Lots of leads but poor conversion.

Mooresville

–17

–3

Flat ~79%

81%

Big recovery; now stabilizing.

Flat Rock

–24

–10

↓ ~77%

80%

Very low lead volume, occupancy falling.

East Flat Rock

–2

Flat ~88%

35%

Very strong occupancy, stable performance.

There are no rows in this table

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🔍 Recommendations

Guardian RV: Maintain momentum – best performer.

Mooresville: Push for more leads – great conversion potential.

Mint Hill / Flat Rock: Focus on marketing and improving lead quality.

Piedmont / High Point: Need to address high turnover to stop occupancy slide.

🔴 Worst Performing Properties (as of mid-December):

1. Flat Rock

Net Rentals: –10 in December (after –24 in November)

Occupancy: Dropped to ~77% (down from 85%+ earlier in year)

Leads: Only 5 so far in December

Conversion: High (80%), but not enough volume

Summary: Severe occupancy loss, very low demand, and minimal recovery signs. Most concerning.

2. High Point

Net Rentals: –14 in December

Occupancy: Dropped to ~71%

Leads: 18 leads, 50% conversion

Summary: Largest unit loss in December. High move-out volume dragging performance.

3. Mint Hill

Net Rentals: –2 (same as November)

Occupancy: Stuck at ~66%

Leads: 23 (second highest), but only 5 move-ins

Conversion: Lowest in the portfolio (22%)

Summary: Lots of interest, but failing to convert. Sales or pricing issues likely.

4. Piedmont

Net Rentals: –6 in both November and December

Occupancy: Down to ~82%

Leads: 18, good conversion (61%)

Summary: Consistent net losses from churn. Holding on better than Flat Rock/High Point but needs to reverse trend.

Rate Increases

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ModBox Portfolio: November vs. December 2025 Performance Update

The ModBox self-storage portfolio’s performance is analyzed below for each property, comparing November 2025 (full-month results) to December 2025 month-to-date (MTD) as of Dec 16, 2025. (Note: The provided End-of-Month report covers data through October 2025, so October figures are used as a proxy for November where November-specific data was not available. The December MTD figures come from the mid-December facility scorecard.)

Each property section includes November’s leads, conversion rate, move-ins, move-outs, net rentals, occupancy, revenue, and gross potential rent (GPR), followed by the same metrics for December MTD. A brief commentary highlights key trends (e.g. changes in net rentals or occupancy). Tables summarize the metrics side-by-side for clarity.

ModBox High Point

November 2025 (Full Month)

In November, High Point saw about 38 new move-ins and 38 move-outs, resulting in net zero change in occupancy. Occupancy remained roughly 73% (area) by end of month. (Leads and conversion rate for November were not provided in the EOM report.) The facility collected approximately $75,200 in revenue for the month, against an estimated Gross Potential Rent (GPR) of about $67,256 (i.e. if all units were rented at standard rates). This means High Point realized most of its potential rent for November, with a small vacancy drag.

December 2025 MTD (as of Dec 16)

So far in December, High Point is experiencing a decline in occupancy. 5 move-ins and 19 move-outs have been recorded through Dec 16 (net -14 units). This has brought area occupancy down slightly to ~71% mid-month. A total of 18 leads have been generated, of which 9 converted into rentals – a 50% conversion rate. Revenue collected MTD is about $42,963 (through Dec 16), which is on a slower pace compared to November’s full-month revenue. Current GPR stands at $66,123 (virtually unchanged from prior month), indicating that the rent potential hasn’t grown, and the gap between potential and actual revenue has widened due to the occupancy drop. High Point’s lead flow and conversion are moderate, but the high number of move-outs in early December is driving a net loss in occupied units.

High Point – Key Metrics: November vs. December 2025 (MTD as of 12/16)

Table 15

Table 15

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A (data not provided)

Conversion Rate

N/A

50% (9/18)

Move-Ins

Move-Outs

Net Rentals

0 (flat)

–14 (net loss)

Area Occupancy

~73%

~71%

Revenue (Collected)

$75,195

$42,963 MTD

Gross Potential Rent

$67,256

$66,123

There are no rows in this table

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Key Trend: High Point’s occupancy was stable in November (net zero change), but December-to-date has seen a notable drop in occupied units. The property will need a strong second half of December (move-ins or reduced move-outs) to end the month near November’s occupancy level. Lead volume in December is moderate; however, the conversion rate (50%) is decent, suggesting that half of inquiries are translating into rentals. The main concern is the surge in move-outs early in the month, which has put pressure on occupancy and revenue for December.

ModBox Piedmont

November 2025 (Full Month)

In November, Piedmont experienced slightly more move-outs than move-ins. The last full-month data (October as proxy) showed 27 move-ins vs. 33 move-outs, for a net loss of ~6 units. Occupancy at end of November was in the ~82–83% (area) range, down a bit from earlier in the fall. (Leads and conversions for November were not provided.) Revenue for the month is estimated around $91,500, against a GPR of about $97,387 – meaning the facility achieved roughly 94% of its potential rent, with some vacancy loss. Overall, November saw slight occupancy softening for Piedmont.

December 2025 MTD (as of Dec 16)

Midway through December, Piedmont continues to see occupancy pressure. 10 move-ins and 16 move-outs have been logged so far (net –6 units), similar to the net loss in November. Area occupancy is about 81.96% as of Dec 16, a marginal decline from the ~83% level in late fall. The property has generated 18 leads this month, of which 11 converted – a 61% conversion rate, indicating solid leasing efficiency. MTD revenue collected is roughly $62,393 by mid-month. Current GPR is $97,122 (virtually unchanged from prior). If the trend holds, December’s final numbers may end up slightly weaker than November’s, as move-outs continue to outpace move-ins.

Piedmont – Key Metrics: November vs. December 2025

Table 16

Table 16

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

61% (11/18)

Move-Ins

Move-Outs

Net Rentals

–6

Area Occupancy

~83%

~82%

Revenue (Collected)

$91,564

$62,393 MTD

Gross Potential Rent

$97,387

$97,122

There are no rows in this table

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Key Trend: Piedmont’s occupancy is edging downward. November’s slight decline in occupancy is persisting into December (another net loss of 6 units halfway through the month). On a positive note, demand conversion is strong – over 60% of December leads have turned into rentals – but the volume of new leads/rentals is not enough to offset move-outs. Revenue as a percentage of potential remains high (mid-December collections are on track relative to GPR), but increasing move-outs are the main challenge for Piedmont going into year-end.

ModBox Gastonia

November 2025 (Full Month)

November at Gastonia was relatively steady. Based on the latest full-month data, there were roughly 12 move-ins and 14 move-outs in the month, for a net change of –2 units. Area occupancy at month-end was around 72%. (Lead and conversion data for November are unavailable.) Monthly revenue is estimated at $24,853, versus a GPR of $21,696. Notably, the actual occupied rent slightly exceeded the standard GPR in Gastonia – the EOM report shows actual rent of ~$22,199 vs. $21,696 GPR, meaning the property yielded slightly more than the baseline potential. This could be due to premium rentals or fees. Overall, November was stable with a minor occupancy dip.

December 2025 MTD (as of Dec 16)

In December to date, Gastonia has 5 move-ins and 4 move-outs, yielding a net gain of +1 unit – a small improvement in occupancy. Area occupancy stands at ~72.8% mid-month, essentially flat compared to November. The site has seen 16 new leads so far in December, with 6 converting to rentals (a 37.5% conversion rate – relatively low). MTD revenue collected is about $17,751 by Dec 16. Current GPR remains $21,696, unchanged from prior. If trends hold, Gastonia may finish December with slightly higher occupancy than November (thanks to the small net move-in gain). However, the conversion rate indicates that many inquiries are not turning into renters, suggesting room for improvement in sales or lead quality.

Gastonia – Key Metrics: November vs. December 2025

Table 17

Table 17

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

37.5% (6/16)

Move-Ins

Move-Outs

Net Rentals

–2

Area Occupancy

~72%

~72.8%

Revenue (Collected)

$24,853

$17,751 MTD

Gross Potential Rent

$21,696

There are no rows in this table

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Key Trend: Gastonia’s occupancy is holding steady to slightly improving. November was essentially flat, and December MTD even shows a minor uptick in occupancy (net +1 so far). The challenge for Gastonia is improving its lead conversion rate – only ~38% of December leads have converted, which is on the lower end among the properties. This indicates either lower-quality leads or sales process issues. Despite that, the property is nearly maximizing its rental potential (actual revenue vs GPR is very efficient), so any future occupancy gains could directly boost revenue. For now, Gastonia appears stable, with a slight positive trend in net rentals in December.

ModBox Guardian RV

November 2025 (Full Month)

Guardian RV (which offers vehicle/RV storage) had strong momentum into November. In the last full month of data, Guardian saw more move-ins than move-outs – approximately 19 move-ins vs. 13 move-outs, for a net gain of about +6 units (or spaces). Area occupancy at the end of month was roughly 71%. (Leads data for November not provided, but demand appears robust given the net gain.) Monthly revenue was approximately $108,650, very close to the GPR of $109,204, meaning Guardian was operating near full revenue potential with minimal vacancy loss in November.

December 2025 MTD (as of Dec 16)

Guardian RV continues to perform exceptionally well in December. In just the first half of the month, it has logged 13 move-ins and only 3 move-outs, for a net increase of +10 rentals. This surge has nudged occupancy up to ~73% (area) mid-month. Demand is very high – 14 leads have been generated and 13 have converted into rentals, an outstanding 92.9% conversion rate. Revenue collected MTD is about $67,206 by Dec 16, on track to exceed November’s revenue if the trend continues. Current GPR remains $109,204, indicating plenty of potential as occupancy grows. Guardian RV’s strong lead conversion and high net move-ins suggest December could end as a record month, pushing occupancy closer to three-quarters full and maximizing revenue.

Guardian RV – Key Metrics: November vs. December 2025

Table 18

Table 18

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

92.9% (13/14)

Move-Ins

~19

Move-Outs

~13

Net Rentals

+10

Area Occupancy

~71%

~73%

Revenue (Collected)

$108,650

$67,206 MTD

Gross Potential Rent

$109,204

There are no rows in this table

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Key Trend: Guardian RV is a standout performer in the portfolio. November saw healthy growth, and December is accelerating with very strong demand and retention. The conversion rate is near 93%, indicating almost every interested customer ends up renting – a testament to either high demand (perhaps limited alternatives for RV storage) and/or excellent onsite sales efforts. With net +10 move-ins in two weeks, Guardian RV is rapidly filling up; it is on pace to significantly beat November’s net rentals and revenue. The property is effectively capitalizing on its GPR, with minimal revenue left on the table due to vacancy. If this trend continues, Guardian RV could approach full occupancy in the coming months.

ModBox Mint Hill

November 2025 (Full Month)

In November, Mint Hill had a modest decline in occupancy. October data (proxy for November) shows 10 move-ins and 12 move-outs, resulting in net –2 units. Area occupancy at end of month was around 66%. Notably, Mint Hill’s Gross Potential Rent dropped in late 2025 – GPR was about $72,210 (down from earlier months), suggesting that some units might have been taken offline or reclassified going into November. (The EOM report shows a decrease in total rentable units or rates for Mint Hill in the fall.) November revenue is estimated at $73,560, which is basically all of the GPR (Mint Hill was nearly achieving its potential rent after the GPR adjustment). Lead volume and conversion for November are not known, but the small net loss implies the facility almost held occupancy steady.

December 2025 MTD (as of Dec 16)

Mid-December data shows Mint Hill holding steady. 4 move-ins and 6 move-outs so far in December have yielded net –2 (the same net loss as November). Area occupancy is roughly 65.7%, essentially unchanged. The property has seen a fair number of leads (23) in December, but only 5 converted to rentals – a conversion rate of ~21.7% which is the lowest among the portfolio this month. This indicates many inquiries are not translating into move-ins at Mint Hill. MTD revenue collected is about $46,977 through Dec 16. Current GPR is $65,101 (significantly lower than prior month’s GPR of ~$75k, reflecting that earlier adjustment). Mint Hill’s December so far suggests flat performance: occupancy is stable but not improving, and the low conversion rate is a concern. Unless conversion picks up or more leads arrive in the second half of December, Mint Hill will likely finish the month similar to November in occupancy and will have unused rental potential (given the gap between current GPR and actual revenue run-rate).

Mint Hill – Key Metrics: November vs. December 2025

Table 19

Table 19

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

21.7% (5/23)

Move-Ins

Move-Outs

Net Rentals

–2

Area Occupancy

~66%

~65.7%

Revenue (Collected)

$73,560

$46,977 MTD

Gross Potential Rent

$72,210

$65,101

There are no rows in this table

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Key Trend: Mint Hill’s performance is static – November and December (so far) both show a small net loss of units, holding occupancy in the mid-60% range. The major red flag is the low conversion rate in December. Despite having the second-highest lead count in the portfolio this month (23 leads), Mint Hill converted only 5 into move-ins. This could point to pricing, competition, or issues in sales follow-up. The drop in GPR suggests the facility’s capacity or rate structure changed, which might have temporarily improved its revenue efficiency (November’s revenue was almost equal to GPR). Going forward, improving conversion of those abundant leads into actual tenants will be key for Mint Hill to grow occupancy and revenue.

ModBox Mooresville

November 2025 (Full Month)

November appears to have been a challenging month for Mooresville. October’s data indicates 22 move-ins and 39 move-outs, a significant net loss of –17 units. This drop brought occupancy down to ~79% (from the mid-80s prior). (It’s possible a large tenant or group of tenants vacated in that period.) Monthly revenue for that month was around $73,304, while GPR was $50,288 – interestingly, Mooresville’s occupied rent exceeded its standard GPR for October, implying that existing tenants were paying above standard rates or ancillary fees contributed to revenue (occupied revenue ~$64,962 vs GPR $45,874 in Dec, similarly). This suggests dynamic pricing or additional services boosting revenue. In summary, November (Oct data) saw a large occupancy drop for Mooresville, though revenue relative to potential remained strong.

December 2025 MTD (as of Dec 16)

The good news is that Mooresville’s situation has stabilized in December. Through Dec 16, it has 14 move-ins and 17 move-outs, for a net of –3 – a much smaller decline compared to the prior month’s big drop. Area occupancy is about 79.36% mid-month, essentially holding around the high-70s. Demand and sales execution look solid: 21 leads have come in during December and 17 converted to rentals – an 81% conversion rate, one of the highest conversion rates. MTD revenue collected is approximately $46,254 so far. Current GPR stands at $45,874 (unchanged from prior month’s value, which is low relative to actual revenue because Mooresville has been outperforming its standard rates). With strong conversion and only a slight net loss, Mooresville is on track to end December much closer to flat, a significant improvement over the steep losses earlier in the fall.

Mooresville – Key Metrics: November vs. December 2025

Table 20

Table 20

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

81.0% (17/21)

Move-Ins

Move-Outs

Net Rentals

–17

–3

Area Occupancy

~79%

~79.3%

Revenue (Collected)

$73,304

$46,254 MTD

Gross Potential Rent

$50,288

$45,874

There are no rows in this table

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Key Trend: Mooresville saw a large occupancy drop before November, but December’s data indicates a rebound in performance quality. While occupancy hasn’t grown yet, the hemorrhaging has slowed dramatically (net –3 so far in Dec, versus –17 in the comparable prior period). Importantly, Mooresville is converting leads to rentals at a very high rate (81%), suggesting demand is being captured effectively. The facility’s revenue continues to outperform its baseline GPR, which could be due to premium rentals or fees (for example, its occupied rent was ~$64.9k while GPR was ~$45.9k in mid-December). This means Mooresville is extracting more revenue per occupied unit than standard, softening the blow of occupancy loss. The focus now should be on regaining occupancy – with such a high conversion rate, increasing the lead pool (more marketing) could quickly translate into higher occupancy and revenue.

ModBox Flat Rock

November 2025 (Full Month)

November was challenging for Flat Rock, which had already experienced a dip earlier. October’s figures (used as a proxy) show 11 move-ins and 35 move-outs, a substantial net loss of –24 units. This drove area occupancy down to ~79% by end of month (from the mid-80s prior). (No November lead data is available, but clearly demand wasn’t enough to offset departures in that period.) Revenue for that month was about $46,588, vs GPR of $42,726 – interestingly, actual revenue was higher than GPR, implying strong rent rates or other income even as occupancy fell. The big net loss in units likely reflects move-outs of many tenants in a short span (possibly rate increases or seasonal outflow affecting this facility).

December 2025 MTD (as of Dec 16)

Flat Rock’s difficulties persist into December. Thus far it has 5 move-ins but 15 move-outs, for a net loss of –10 units in just half the month. Area occupancy is about 77.0% as of Dec 16, continuing the downward slide. On the marketing side, only 5 leads have come in during December, but 4 of them converted – an 80% conversion rate. This high conversion indicates the facility is capturing virtually every interested customer; however, the lead volume is very low, signaling weak demand. MTD revenue is around $30,227 collected so far. Current GPR is $38,272, slightly lower than the prior GPR (it appears some capacity or rate adjustments were made after the occupancy drop). If move-outs continue to outpace move-ins, Flat Rock will end December with significantly lower occupancy than it started. The property needs an uptick in demand (more leads) to stabilize occupancy, as its conversion rate is excellent but there are simply too few new customers to replace departing ones.

Flat Rock – Key Metrics: November vs. December 2025

Table 21

Table 21

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

80% (4/5)

Move-Ins

Move-Outs

Net Rentals

–24

–10

Area Occupancy

~79%

~77.0%

Revenue (Collected)

$46,588

$30,227 MTD

Gross Potential Rent

$42,726

$38,272

There are no rows in this table

⁠

Key Trend: Flat Rock is in a declining trajectory. After a major drop in occupied units leading up to November, the first half of December shows continued high move-outs and insufficient new move-ins. The conversion rate of 80% indicates that management is doing well with the few leads they get – nearly all prospects rent – but the core issue is insufficient demand to counteract tenant churn. Occupancy has fallen from the mid-80s (earlier in 2025) to the high 70s and may fall further by year-end. The reduction in GPR hints at possibly downsizing rentable space or reducing rates to stimulate demand. Going forward, driving more leads (through marketing or promotions) and addressing reasons for the elevated move-outs (e.g. pricing, service issues, or seasonal factors) will be crucial to turn around Flat Rock’s performance. As of now, it remains the property with one of the steepest occupancy declines in the portfolio.

ModBox East Flat Rock

November 2025 (Full Month)

East Flat Rock ended the month of November in a very strong position. Using October as a guide, East Flat Rock had 21 move-ins and 18 move-outs in that month, netting +3 additional rentals. It boasted the highest occupancy in the portfolio – about 88.9% (area) occupied at month-end. (Leads for November not provided, but clearly demand was sufficient to grow occupancy even from an already high base.) Monthly revenue was approximately $64,371, vs GPR of $38,628 – notably, actual revenue far exceeded the standard GPR. This discrepancy suggests an accounting or data quirk; possibly East Flat Rock’s GPR in the report is outdated (the scorecard shows prior GPR was ~$38k while occupied rent was ~$51k). In any case, East Flat Rock was effectively full or very close to it in November, with strong revenue performance.

December 2025 MTD (as of Dec 16)

East Flat Rock remains a high performer with minimal fluctuations. Through mid-December, it has 5 move-ins and 7 move-outs, for a net of –2 units. Area occupancy is about 88.2% (virtually the same high level) as of Dec 16. Demand appears solid: 26 leads have come in MTD, and 9 converted to rentals – a 34.6% conversion rate. The conversion rate is on the lower side, but given occupancy is already very high, even a few move-ins keep the property near capacity. MTD revenue collected is around $41,148 so far. Current GPR is $38,470 (which, again, seems low relative to actual revenue – likely due to rate increases or a delay in updating GPR). In summary, East Flat Rock is maintaining its strong performance: occupancy is hovering near 90%, and December looks to finish on par with November after a slight dip early in the month. The property is effectively full, so the focus is on keeping that high occupancy and perhaps improving conversion rate (though at high occupancy, they may be selectively raising rates, which could lower conversions but maximize revenue per unit).

East Flat Rock – Key Metrics: November vs. December 2025

Table 22

Table 22

Metric

Nov 2025 (Full)

Dec 2025 MTD (16 days)

Leads

N/A

Conversion Rate

N/A

34.6% (9/26)

Move-Ins

Move-Outs

Net Rentals

–2

Area Occupancy

~89%

~88.2%

Revenue (Collected)

$64,371

$41,148 MTD

Gross Potential Rent

$38,628

$38,470

There are no rows in this table

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Key Trend: East Flat Rock is nearly fully occupied and stable. After a slight net gain in November and a slight net dip in early December, occupancy is essentially unchanged at a very high level. Because it is so full, the property’s growth is naturally limited – the main goal is to maintain occupancy and optimize rates. The data oddities (actual revenue exceeding GPR) suggest that rental rates being charged (and ancillary revenues) are higher than the baseline used for GPR, which is a positive sign in terms of revenue management. The conversion rate of ~35% in December is lower than most peers, but that could be due to higher asking rates or stricter qualification (since they have less urgency to fill units). In summary, East Flat Rock remains one of the top occupancy performers, and its revenue generation is strong relative to potential. The property is essentially in a maintenance mode of high occupancy, with any incremental improvements to come from rate increases or ancillary revenue rather than occupancy gains.

Portfolio Summary: Across the ModBox portfolio, November 2025 performance was mixed, with several facilities (High Point, Piedmont, Flat Rock, Mooresville, Mint Hill) experiencing net move-out losses, while a couple (Guardian RV, East Flat Rock) grew occupancy. December 2025 month-to-date shows that trend continuing or amplifying: Guardian RV and a stabilized Mooresville are bright spots, East Flat Rock and Gastonia remain steady, whereas High Point, Piedmont, Flat Rock, Mint Hill are seeing further occupancy pressure in December. Lead volumes and conversion rates also vary – Guardian RV and Mooresville excel in converting demand, while Mint Hill and Gastonia lag in conversion (or lead flow). Overall revenue is closely tracking occupancy changes: properties that maintained or grew occupancy are on pace to meet or beat their November revenues, whereas those with occupancy drops are seeing proportionate revenue dips. The portfolio’s Gross Potential Rent has remained fairly constant for most (aside from adjustments at Mint Hill and Flat Rock), so performance versus GPR is largely about occupancy and rate yield. Going forward, driving up conversions and move-ins at the lagging properties will be key to improving the portfolio’s occupancy and revenue realization relative to GPR.

View 3 of Copy of Agenda

Portfolio-Wide Trends

🏢 Property-Level Highlights

Table 23

🔍 Recommendations

🔴 Worst Performing Properties (as of mid-December):

Rate Increases

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ModBox Portfolio: November vs. December 2025 Performance Update

ModBox High Point

November 2025 (Full Month)

December 2025 MTD (as of Dec 16)