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250129 OSG Meeting Notes

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Check walk in traffic
Thu, Oct 30
Covered parking demand
Thu, Oct 30
gross profit is not matching EOM reports in financials
Thu, Jan 29
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Cocoa:
Move-ins increased (15 in Jan vs. 12 in Dec), move-outs slightly up.
Net rentals improved to +7 in Jan.
Occupancy rose from ~93% to ~94%.
Revenue held steady, slight drop (~$700).
Coleman:
Move-ins rose to 15, move-outs dropped to 11.
Net rentals increased to +4.
Occupancy stayed around 88%.
Revenue dipped by ~$2,200.
Overall: Cocoa showed better leasing momentum and occupancy growth. Coleman improved in leasing but saw a slight revenue drop.

Performance Update: Cocoa and Coleman (Dec 2025 vs Jan 2026)

This report provides a performance update for the Cocoa and Coleman properties, comparing key operational metrics from December 2025 to January 2026. The metrics analyzed include move-ins, move-outs, net rentals (move-ins minus move-outs), actual occupancy rate, and actual revenue. The tables below break down these metrics by property and month, followed by a summary of month-over-month changes.

Cocoa Property Performance

Cocoa – Key Metrics (Dec 2025 vs Jan 2026):
Table 1
Metric
December 2025
January 2026
MoM Change (Jan – Dec)
Move-Ins
12
15
+3
Move-Outs
7
8
+1
Net Rentals
5 (net gain)
7 (net gain)
+2
Occupancy Rate
~93% (260 of 280 units)
~94% (264 of 280 units)
+~1 pp
Actual Revenue
$94,231 (collected)
$93,517 (collected)
–$714
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Highlights for Cocoa:
Leasing Activity: Cocoa saw increased move-ins in January (15, up from 12 in Dec) along with a slight uptick in move-outs (8, up from 7). This resulted in a net gain of 7 rentals in Jan, improving from a net gain of 5 in Dec.
Occupancy: The occupancy rate improved from approximately 93% in December to 94% in January, reflecting an increase from 260 to 264 occupied units out of 280. This is about a +1 percentage point rise in occupancy month-over-month.
Revenue: Actual revenue remained roughly flat. Cocoa collected about $93.5k in January compared to $94.2k in December, a slight decrease of ~$700 (≈0.8% drop) despite the higher occupancy. This suggests revenue was essentially steady month-over-month.

Coleman Property Performance

Coleman – Key Metrics (Dec 2025 vs Jan 2026):
Table 4
Metric
December 2025
January 2026
MoM Change (Jan – Dec)
Move-Ins
13
15
+2
Move-Outs
12
11
–1
Net Rentals
1 (net gain)
4 (net gain)
+3
Occupancy Rate
~88% (243 of 275 units)
~88% (242 of 275 units)
~0 pp
Actual Revenue
$48,586 (collected)
$46,352 (collected)
–$2,234
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Highlights for Coleman:
Leasing Activity: Coleman experienced higher move-ins in January (15, up from 13 in Dec) while move-outs declined (11 in Jan, down from 12). This led to a net rental gain of 4 in Jan (versus a net gain of 1 in Dec), indicating improved tenant retention and growth.
Occupancy: The occupancy rate held steady at approximately 88% in both months. Coleman had 242 occupied units at the end of January vs. 243 in December, so effectively no significant change in occupancy level month-over-month.
Revenue: Actual revenue dipped slightly. Coleman collected about $46.4k in January, down from $48.6k in December. This ~$2.2k decline (roughly –4.6%) occurred despite similar occupancy, suggesting possible rate differences or timing of payments.
Overall, Cocoa showed stronger leasing momentum going into January with increased move-ins and higher occupancy, while Coleman's occupancy remained flat with modest improvement in net rentals. Both properties' revenues were relatively stable, with Cocoa essentially flat and Coleman seeing a slight drop in January. The month-over-month changes are summarized in the tables above for a clear comparison of December 2025 vs. January 2026 performance per property.

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