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250813 Old Foundry Meeting notes

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Check small unit inventory and see if we can convert anything to larger

@Ernest Gomez

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Wed, Aug 13

Rates are flat to LY, LM and LW, look into pushing GPI up for highly occupied units

@Andrew Aue

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Wed, Aug 13

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@Ernest Gomez

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need to check comps this property is not in Veritec

Wed, Aug 13

There are no rows in this table

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A few rent increases went into effect this month, which should generated around $746. So, the site should have a small increase in revenue.

Old Foundry – Performance Overview (Jan–Jul 2025)

Occupancy Trends

Starting Occupancy (Jan): 81.7%

Ending Occupancy (Jul): 89.0%

Change: +7.3 percentage points

Square Footage Occupancy: Improved from 90.6% to 96.5% (+5.9 pp)

Unit Count Movement

Net gain of +3 occupied units over the period

Vacant units decreased by 6 units, showing strong absorption

Operational Notes

Steady growth in occupancy every few months, with strongest gain between April and July

Vacancies are now minimal, putting the site near optimal occupancy levels

Square footage occupancy is even higher than unit occupancy, indicating larger units are well-utilized

This is a strong upward trend for the first half of the year, suggesting continued demand and effective leasing.

Occupancy Performance (Jan–Jul 2025)

Starting Unit Occupancy: 81.7% → Ending: 89.0% (+7.3 pp)

Square Footage Occupancy: 90.6% → 96.5% (+5.9 pp)

Net Change in Occupied Units: +3 units

Vacancy Reduction: –6 units

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Financial Performance

Gross Potential Income (GPI):

Jan: $23,303

Jul: $21,735 (–6.7%)

Trend shows a gradual softening despite occupancy gains, likely from rate adjustments or unit mix shifts.

Revenue Collected:

Feb–Jul data shows normal fluctuations, with a notable spike in May ($34,768) followed by normalization around $19k/month.

Jan data appears to be a placeholder or incomplete entry, so trends should be measured from Feb onward.

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Key Insights

Occupancy growth is strong and approaching peak levels.

GPI is trending slightly down despite fuller occupancy, suggesting rate strategy review is needed to align with market demand.

Receipts generally stable except for an exceptional May collection spike—likely due to catch-up payments, annual prepay, or a large move-in.

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