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Total Revenue (YTD)Total NOI (YTD)Performance Summary: “Winning” or “Losing” with Expense Win/Loss Notes
Revenue: $44,405NOI: –$72,795🔻 Losing – Early-stage lease-up facility with expenses far outpacing income.Expense Wins: Low utilities and admin costs.Expense Losses: Very high maintenance ($29K) and marketing ($18K), plus fixed staff/management costs too heavy for low revenue base.
Revenue: $218,318NOI: $14,566⚠️ Marginal – Near break-even. Profitable, but NOI is thin.Expense Wins: Controlled maintenance and utilities.Expense Losses: Large one-time expenses mid-year (e.g., July), likely taxes or insurance. Heavy management and advertising spend (~$26K each).
Revenue: $286,952NOI: $134,774✅ Winning – High margin, stable revenue, excellent operations.Expense Wins: Lean marketing and variable cost structure.Expense Losses: Property taxes (~$38K) are the main unavoidable hit, but well absorbed.
Revenue: $109,014NOI: $34,922✅ Winning – Consistent profit, though NOI margin is modest.Expense Wins: Low maintenance/utilities; minimal discretionary spend.Expense Losses: Property taxes and steady professional fees (~$29K); slight overspend on marketing (~$8K for low-growth revenue).
Revenue: $226,077NOI: $96,239✅ Winning – Strong revenue and NOI; mature operation.Expense Wins: Advertising (~$15K) yielded strong occupancy; management costs in line.Expense Losses: Large tax hit (~$44K), spiking expenses in Feb and Jun.
Revenue: $402,310NOI: $211,251🏆 Top Performer – Highest revenue and NOI.Expense Wins: Low variable costs (maintenance/marketing); efficient fixed costs.Expense Losses: Very high property taxes (~$86.8K); expected but heavily concentrated in Q1–Q2.
Revenue: $113,842NOI: $53,562✅ Winning – Quick ramp-up and profitability.Expense Wins: No large surprise costs; light maintenance.Expense Losses: Startup staffing/advertising expenses in spring (~$20K combined), though ROI appears strong.
Revenue: $224,304NOI: –$52,475🔻 Losing – NOI negative due to cost structure.Expense Wins: Basic operations (utilities, repairs) are lean.Expense Losses: Major fixed lease/rent expense (~$147K); high insurance and advertising—structural cost burden likely unfixable short term.
Revenue: $207,376NOI: $90,691✅ Winning – High NOI margin from stable revenue and disciplined spend.Expense Wins: Low day-to-day operations and moderate advertising.Expense Losses: Property tax (~$47K) hit hard in two months; otherwise very efficient.
Revenue: $196,350NOI: $95,306✅ Winning – Extremely lean operation, excellent NOI.Expense Wins: Minimal marketing; consistent low costs in most months.Expense Losses: Annual property tax (~$33.6K) and pro services (~$33K); both manageable due to strong margins.
Revenue: $184,350NOI: $86,323✅ Winning – Stable revenue with excellent cost efficiency.Expense Wins: Very low ongoing operations costs; no large repairs or marketing spend.Expense Losses: Property tax + utilities a bit high (combined ~$42K), but impact absorbed comfortably.
Revenue: $258,139NOI: $112,767✅ Winning – Strong, steady performer with healthy margins.Expense Wins: Well-controlled marketing and operating costs.Expense Losses: High property tax (~$49K), though spread across low-cost months.
YTD Revenue: ~$3.0 millionNet Unit Gain: +288 occupied unitsOccupancy Trend: Up from ~58% to ~67% average across sitesOverall NOI: Improving monthly; most properties now break-even or profitable
Granville, Orrville, Zanesville, Richards Rd, Marengo, Laurel ClimateHigh occupancy (80–90%+), strong revenueGood rent optimization (some collected over 100% of potential)Expenses well-managed; NOI consistently positive
Marion, New Albany, Greenbrier 277, BentonBig occupancy increases (e.g., +82 units at New Albany)NOI started negative, now trending positiveEarly-year losses due to fixed costs and promotions now stabilizing
Conway, Trimble, Greenbrier 508, MageeModest occupancy losses or plateauedNOI flat or slightly decliningNeed better leasing performance or rate adjustments
Little Rock: Not yet open; minimal revenueLaurel (standard) & Magee: Missing occupancy data, but moderate revenue suggests break-even or better
High occupancy helps spread fixed costsStrong revenue optimization (dynamic pricing, few concessions)Shared staffing or lean operations at smaller sites
Vacancy is the biggest drag (e.g., Benton early on, Conway)Promotional discounts reduce short-term NOIRising property taxes/insurance (across the board, not site-specific)
Occupancy = Key to NOI. Most profitable sites are 80–90% full.Continue leasing push at sites under 75% occupied.Watch marketing spend vs return at lagging sites.Opportunities to raise rates exist at high-occupancy sites like Granville and Zanesville.
Total Customers Impacted: 166Total Monthly Revenue Increase: $3,181Average % Increase per Customer: ~24.7%Premier Storage – Benton: 16 customers scheduled (total ≈$281/month increase, avg 24.5% increase)Premier Storage – Conway: 9 customers (total ≈$210/mo, avg 23.7% increase)Premier Storage – Granville: 4 customers (total ≈$100/mo, avg 16.7% increase)Premier Storage – Greenbrier – 508: 3 customers (total ≈$67/mo, avg 25.2% increase)Premier Storage – Greenbrier 277: 10 customers (total ≈$177/mo, avg 27.0% increase)Premier Storage – Laurel MS15: 6 customers (total ≈$117/mo, avg 25.1% increase)Premier Storage – Laurel N. 12th Ave.: 12 customers (total ≈$198/mo, avg 42.1% increase)Premier Storage – Little Rock: 0 customers (no increases scheduled)Premier Storage – MaGee: 13 customers (total ≈$260/mo, avg 22.0% increase)Premier Storage – Marengo: 7 customers (total ≈$108/mo, avg 25.5% increase)Premier Storage – Marion: 20 customers (total ≈$319/mo, avg 25.6% increase)Premier Storage – New Albany: 39 customers (total ≈$787/mo, avg 22.2% increase)Premier Storage – Orrville: 10 customers (total ≈$197/mo, avg 21.9% increase)Premier Storage – Trimble Road: 6 customers (total ≈$110/mo, avg 22.9% increase)Premier Storage – Zanesville Newark Rd: 2 customers (total $40/mo, avg 25.6% increase)Premier Storage – Zanesville Richards Rd: 9 customers (total ≈$210/mo, avg 24.4% increase)
Total Customers Impacted: 1,717Total Monthly Revenue Increase: $54,017Average % Increase per Customer: ~35.1%Premier Storage – Benton: 49 customers, +$1,101 total per month (avg +31.1%)Premier Storage – Conway: 149 customers, +$3,911/mo (avg +34.6%)Premier Storage – Granville: 149 customers, +$7,708/mo (avg +32.6%)Premier Storage – Greenbrier – 508: 73 customers, +$2,467/mo (avg +47.3%)Premier Storage – Greenbrier 277: 104 customers, +$3,696/mo (avg +43.2%)Premier Storage – Laurel MS15: 188 customers, +$4,518/mo (avg +19.3%)Premier Storage – Laurel N. 12th Ave.: 81 customers, +$1,768/mo (avg +31.1%)Premier Storage – Little Rock: 0 customers (no increases executed in 2025)Premier Storage – MaGee: 93 customers, +$1,593/mo (avg +24.5%)Premier Storage – Marengo: 78 customers, +$2,511/mo (avg +35.9%)Premier Storage – Marion: 204 customers, +$4,601/mo (avg +33.7%)Premier Storage – New Albany: 123 customers, +$3,960/mo (avg +32.2%)Premier Storage – Orrville: 110 customers, +$4,615/mo (avg +42.4%)Premier Storage – Trimble Road: 105 customers, +$3,723/mo (avg +37.5%)Premier Storage – Zanesville Newark Rd: 128 customers, +$5,114/mo (avg +51.0%)Premier Storage – Zanesville Richards Rd: 83 customers, +$2,797/mo (avg +40.2%)
Combined Customers Impacted: 1,883Combined Monthly Revenue Increase: $57,198
251114 Premier Storage Meeting Notes
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Review rates at Conway/Granville/Trimble/Magee
@Andrew Aue
@Larissa Fincher
Fri, Aug 8
Conway and Granville are College Properties. Is Marion?
Fri, Aug 8
Update on Benton drainage issues
Fri, Aug 8
All properties receipts are up to LY except Trimble
Fri, Aug 8
18% increases for 151 customer at $2272 for September
Fri, Aug 8
to dive into focus properties
@Larissa Fincher
Fri, Aug 8
check mansfield, OH for new comps
@Larissa Fincher
Fri, Aug 8
Menards is building storage on land
Fri, Aug 8
lower rates significantly at Trimble Road, get the property back on track and turn off veritec.
@Andrew Aue
@Larissa Fincher
Fri, Oct 10
Check on signage at Benton
@Larissa Fincher
Fri, Oct 10
Benton 2 months free promo
@Larissa Fincher
Fri, Oct 10
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CapEx Budgets
🧾 2025 YTD Financial Summary (Jan–Sep) – Premier Properties
Each property includes:
1. Benton
2. Magee
3. Laurel Climate
4. Marengo
5. Marion
6. Granville
7. Conway
8. Greenbrier (277 & 508)
9. New Albany
10. Orrville
11. Trimble Road
12. Zanesville
📊 Portfolio-Wide Summary (Jan–Oct 2025)
✅ Top Performing Sites (Strong NOI & Expense Control)
📈 Improving Sites (NOI Gaining with Occupancy)
⚠️ Watchlist (NOI at Risk or Flat)
❌ Non-Operational or Underperforming
💸 Where You're Winning on Expenses
🚨 Where You're Losing on Expenses
📌 Takeaways
Rate Increases
2025 Rate Increase Summary
Scheduled December 2025 Rate Increases (by Property)
Scheduled for December 2025
A total of 166 customers across all facilities are scheduled for rent rate changes effective December 1, 2025【12†】. Below is a breakdown by property, followed by a detailed list of each affected unit’s current vs. new rates:
Upcoming December Rate Changes – Unit Details: Each affected unit’s current monthly rate (with the date that rate began) and the new rate effective 12/1/2025 are as follows:
2025 Year-to-Date Executed Rate Increases (by Property)
🔹 Executed Year-to-Date (Jan–Nov 2025)
From January through November 2025, rate increases have been executed for existing customers in nearly every facility. Below is the breakdown by property (number of customers who received increases, total additional monthly rent, and average % increase per affected customer):
Year-to-Date Overall Impact (All Properties)
In total, approximately 1,717 customers have received rent increases across all properties in 2025, adding roughly $54,000 per month in rental revenue. This represents an average rent increase of about 35% for those customers. (In other words, the portfolio’s monthly income is now about $54K higher than it was prior to these increases, attributable to the YTD rate adjustments.)
🧮 Combined Total Impact
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Year-to-Date Financial Analysis (September 2025) – Premier Properties
Premier Storage Benton
Revenue
Premier Storage Benton generated approximately $44.4K in total revenue YTD (Jan–Sep 2025). Monthly rental income climbed dramatically from about $1.4K in January to $9.6K in September, reflecting robust lease-up of the newly opened facility. This steady upward trend in revenue indicates improving occupancy each month. Early-month revenues were very low due to initial vacancy, but consistent marketing and move-ins drove significant growth in the spring and summer.
Expenses
Total operating expenses through Q3 2025 were about $117.2K, far exceeding revenue. Benton’s costs were front-loaded and high: January expenses peaked (~$18K) due to start-up outlays (e.g. site supplies and setup). Key expense categories included Repairs & Maintenance (~$29K) and Advertising (~$18K) YTD, as well as Professional/Management fees (~$29K) and Staffing (~$21K). The facility “lost” on maintenance and marketing costs – for example, a major site work in August drove maintenance expense over $10K that month, and significant advertising spend was needed to attract customers. On the upside, Benton had relatively low spending in areas like office/admin and utilities, but these savings were small compared to the large outlays elsewhere.
Net Operating Income (NOI)
Benton’s NOI is negative at approximately -$72.8K YTD, meaning expenses have vastly outpaced revenue. The property has not yet broken even due to its lease-up stage: through September, operating costs were nearly three times the income. While revenue growth is a positive sign, it has not been enough to cover the high operating expenses incurred. In effect, Benton is still in a loss-making phase year-to-date, which is expected for a new facility ramping up occupancy.
Trend Observations
Benton’s monthly trends illustrate the growing pains of a new facility. Revenue rose each month (nearly a seven-fold increase from January to September), improving the monthly NOI over time. However, expenses were heavily front-loaded – January’s costs were extraordinarily high with one-time setup expenses, and another expense spike occurred in August (when a large maintenance project was undertaken). By contrast, spring months had more moderate expenses, which helped narrow the monthly losses temporarily. Overall, Benton’s profitability trend is one of gradual improvement (as higher rental income starts to offset costs), but the heavy early expenditures have left the property deep in the red through Q3. The key going forward will be continuing revenue growth while avoiding further large one-time costs so that Benton can move toward a break-even and positive NOI in coming months.
Premier Storage Magee
Revenue
Premier Storage Magee reported approximately $218.3K in revenue through September 2025, showing healthy growth. Monthly income grew from roughly $17.9K in January to $30.7K by September. This upward trend suggests improving occupancy and rental rates over the year. The facility already started with a solid revenue base in Q1 and saw a steady increase, with particularly strong summer performance. Magee appears to be in an active lease-up or rate enhancement phase, driving revenue upward each quarter.
Expenses
Magee’s total operating expenses YTD were about $203.8K, nearly as high as its revenue. The expense structure indicates tight margins. Major cost drivers were Legal & Professional fees (~$47K) – which include management fees and possibly one-time professional services – along with Staffing ($28.9K) and Advertising ($25.8K) for the year. These significant marketing and personnel costs suggest aggressive efforts to fill and manage the facility, but they have kept expenses elevated. Notably, July’s expenses spiked (over $43K in that month alone) due to what appears to be a one-time hit – possibly a large insurance payment or professional fee incurred. On the positive side, other operating costs (maintenance, utilities, etc.) were relatively moderate, indicating some cost control outside of those big categories. Overall, Magee is “losing” on overhead costs – heavy management and marketing expenditures are consuming most of the income – and there are few areas of obvious savings beyond those efforts.
Net Operating Income (NOI)
Magee achieved a small positive NOI of roughly $14.6K YTD, which is only about a 6–7% profit margin on revenue. Essentially, the property is operating at close to break-even. The slim NOI indicates that revenue just barely exceeded expenses through Q3. This is a cautious positive sign (“winning” in the sense of not being in the red), but the profitability is fragile. A single large expense (such as the July spike) nearly wiped out profits for the year. Magee will need to continue growing revenue or trimming costs to widen this margin and ensure sustained profitability.
Trend Observations
The monthly P&L trend for Magee highlights a mid-year volatility in expenses against a backdrop of rising revenues. Revenues climbed consistently each month, which improved monthly NOI – except in July, when an outsized expense surge caused that month’s profit to dip sharply. In fact, April had unusually low expenses (around $13.8K, almost half the monthly average), which boosted NOI in that month, whereas July’s high costs greatly reduced that month’s income. These swings suggest that some expenses (possibly property taxes or insurance) hit in lump sums. Aside from that, the general trend is positive: as occupancy increased, Magee’s monthly operating income improved modestly. By Q3 the facility is marginally profitable year-to-date, with August and September showing better net income after the expensive July. The key trend observation is that Magee is on the cusp of solid profitability, provided it can avoid further one-time expense spikes – continued revenue growth with controlled spending will turn its slight profit into a more comfortable margin.
Premier Storage Laurel Climate
Revenue
Premier Storage Laurel Climate collected about $286.9K in revenue through September, making it one of the higher-grossing properties in the portfolio. Unlike newer sites, Laurel’s monthly revenues were steady and strong – roughly in the $30K–$33K per month range throughout the year. It started around $31K in January, peaked at ~$33.5K in May, and was still about $31K in September. This consistency implies a high, stable occupancy and mature operations (the facility likely began 2025 near full occupancy, hence little growth trend). There were minor fluctuations (e.g. slightly lower spring numbers and mid-year peaks), but overall the revenue stream was very reliable month-to-month.
Expenses
Year-to-date expenses totaled approximately $152.2K, which is relatively low given the revenue, resulting in a healthy cost ratio. Laurel Climate’s largest expense was Taxes & Licenses (~$38.1K), presumably property taxes (a substantial fixed cost). These tax expenses hit in large chunks (likely semi-annual payments), but aside from that Laurel’s cost structure was lean. The next biggest costs were Professional/Management Services (~$22.5K) and Staffing (~$18.3K) for the nine months. Notably, Advertising costs were minimal – implying the facility didn’t need heavy marketing spend (consistent with being well-occupied). In summary, Laurel Climate is “winning” on expense control: day-to-day operating costs (maintenance, utilities, etc.) are modest, and management has kept discretionary spending low. The only significant “loss” on the expense side is the unavoidable property tax burden, which, while large, is outside management control.
Net Operating Income (NOI)
With high revenue and moderate costs, Laurel Climate achieved an NOI of about $134.8K YTD, which represents an excellent profit margin of roughly 47%. This strong NOI indicates that the facility is a top performer financially. It consistently generates solid operating profit each month. There were virtually no periods of operating loss during the year – even after paying property taxes and other expenses, Laurel remained in the black. The large NOI reflects the benefit of stable occupancy coupled with efficient cost management.
Trend Observations
Laurel Climate’s monthly financial trends were marked by expense timing rather than revenue changes. Revenue remained consistently high each month, so the fluctuations in monthly NOI came mostly from when big expenses occurred. For example, May saw a major expense spike (~$31.8K) – likely due to a property tax installment – which made that month’s otherwise robust revenue yield a lower net income. Similarly, January and September had higher expense totals (Jan around $28K, Sep around $27K, potentially insurance and a second tax payment respectively), temporarily reducing NOI in those months. Conversely, February’s expenses were extremely low (~$7.4K), which meant February’s net income was exceptionally high given normal revenue – possibly due to timing quirks (few bills paid that month). Despite these swings, the trend is that Laurel Climate remained highly profitable in virtually all months. The facility weathered the large expense months with only a dip in NOI, and in the low-expense months it posted outstanding margins. In short, Laurel Climate exhibits a stable high-revenue profile with predictable expense cycles, maintaining strong profitability throughout.
Premier Storage Marengo
Revenue
Premier Storage Marengo recorded approximately $109.0K in revenue for Jan–Sep 2025. Monthly revenue was relatively steady, averaging around $12K. It started near $12.9K in January, dipped to ~$10.7K in February, and generally hovered between $11K and $12.5K in most other months (ending at $12.6K in September). This suggests stable occupancy and rental rates, with perhaps minor seasonal or monthly fluctuations. There wasn’t a strong growth trend; instead, Marengo’s revenue pattern reflects a basically flat performance (neither significant increase nor decline), implying the facility was likely already stabilized and maintaining its tenant levels throughout the year.
Expenses
Total expenses for Marengo were about $73.7K YTD, which is quite low relative to revenue. The expense profile indicates prudent cost management. The largest single burden was Taxes & Licenses (~$9.3K), likely an annual property tax payment that occurred in March (when expenses spiked for that month). Beyond taxes, Professional/Management fees (~$29.1K) were a significant component – this includes the management services fees (which run steadily each month) and any professional charges. Advertising costs (~$8.3K) were present but modest, indicating some marketing spend to keep occupancy up, but not excessive. Notably, other costs like maintenance, utilities, etc., were minimal for Marengo; there were no expensive repair projects or abnormal operating costs recorded. Overall, the facility is “winning” on expense control: aside from fixed fees and a bit of marketing, Marengo did not incur high variable costs. We don’t see any major “losing” expense category – no evidence of runaway maintenance or staffing costs – which suggests efficient operations.
Net Operating Income (NOI)
Marengo produced an NOI of roughly $34.9K through September, equating to a healthy margin of about 32% of revenue. This indicates solid profitability. The positive NOI shows that revenue comfortably exceeded the sum of operating expenses. Given the stable revenue and low cost base, Marengo consistently generated profit each month, apart from perhaps the one high-expense month (March). In effect, Marengo’s operations translate into a reliable cash flow, with about one-third of every revenue dollar turning into operating income. This is a strong result, confirming that the facility’s performance is financially sound.
Trend Observations
The main trend to note for Marengo is the impact of periodic expenses on an otherwise steady state operation. March stands out as a month where expenses jumped to about $17.6K (more than double the typical level) due to the property tax payment, which likely caused a temporary dip in that month’s NOI. Outside of March, monthly expenses ranged roughly from $4K to $10K, which were easily covered by the ~$11–12K in monthly revenues. There wasn’t a significant trend in revenue (no strong upward or downward trajectory), which means monthly profitability mainly fluctuated with the timing of expenses. For instance, April and May had much lower expenses following the tax payment, resulting in higher net income in those months. Overall, Marengo’s trend is one of consistency – stable income and controlled costs. Once the big annual tax was paid in Q1, the facility enjoyed very favorable financial performance in subsequent months. This consistency in operations indicates that Marengo is a mature, well-managed property with predictable financial outcomes.
Premier Storage Marion
Revenue
Premier Storage Marion generated approximately $226.1K in revenue through September, placing it among the higher-revenue sites. Monthly revenue was in the mid-$20K range, reflecting strong occupancy. The year began at ~$23.2K in January, rose to a high of ~$27.6K in August, and finished Q3 around $25K in September. Marion’s revenue pattern shows a mild upward trend with seasonal variation: after a slight dip in spring, revenues climbed in summer (likely peak rental season) before a minor easing in September. This suggests good occupancy with possibly some rate increases or higher occupancies in summer months, yielding a generally growing revenue trend over the period.
Expenses
YTD expenses were about $128.8K, which is moderate relative to income, indicating a favorable cost structure. The largest expense by far was Property Taxes (recorded under Taxes & License Fees at ~$44.4K) – a substantial amount that likely hit in two installments (one in late winter and one in early summer, as evidenced by expense spikes in February and June). The next significant category was Legal & Professional Services (~$32.5K), which includes management fees and any professional charges – this cost accrues steadily, about $3–4K per month for Marion. Advertising expenses (~$15.7K) were also incurred, showing investment in marketing and promotions to keep occupancy up. Other operating costs (maintenance, utilities, staffing, etc.) were relatively low and did not individually contribute large amounts. In summary, Marion’s expenses were well-managed (“winning” on routine operations), with the only big outlays being those expected in running a successful facility (taxes, management, marketing). There’s no indication of wasteful overspending; even the marketing spend is reasonable for the revenue size. The only unavoidable “loss” in expense terms is the heavy property tax burden, which is simply a cost of doing business for a high-value property.
Net Operating Income (NOI)
With solid revenue and controlled costs, Marion achieved an NOI of approximately $96.2K YTD, translating to a robust profit margin of about 42–43%. This is a strong financial performance – nearly half of Marion’s revenue remains as operating profit after covering expenses. Importantly, NOI remained positive throughout the year; even in months when a tax payment spiked expenses, the facility was profitable on a YTD basis. This high NOI indicates Marion is a key profit center in the portfolio, demonstrating effective management and a favorable balance between income and expenditures.
Trend Observations
Marion’s monthly financial trend is characterized by two expense-heavy months amid an otherwise smooth trajectory. February saw expenses surge to around $28.2K, and June spiked even higher (over $30.9K) – these align with property tax payments or similar lump-sum costs. Those months would have seen much lower net income (and possibly February could have had a near break-even or small loss, given revenue ~$25K and expense $28K). In contrast, most other months had expenses in a much lower band (generally $6–12K), allowing Marion to post very strong NOI in those periods. Revenue, meanwhile, trended gradually upward, peaking in the summer: for example, August revenue (~$27.6K) was one of the highest months, which, combined with moderate expenses that month, yielded excellent NOI. After the second tax payment in June, the late summer months show both high revenue and normalized expenses, resulting in Marion’s most profitable stretch. Overall, the trend shows stable and rising revenue easily overcoming routine expenses, with only the timing of tax payments causing any dips in performance. The facility’s financial cadence – high revenue, controlled costs, and predictable tax hits – positions it to finish the year with a strong profit.
Premier Storage Granville
Revenue
Premier Storage Granville reported about $402.3K in revenue for the first three quarters, making it the top-grossing property in this group. Monthly revenues were very high and relatively consistent, averaging roughly $44–48K. The year started strong at ~$44.5K in January, dipped to ~$38.4K in February, and then stayed in the mid-to-upper $40Ks each month thereafter (reaching around $48.2K in September). This suggests Granville is a large, well-established facility with high occupancy. The small February dip might reflect seasonal move-outs or timing issues, but generally revenue was stable-to-growing, with September being the peak month. This consistent high revenue indicates Granville likely operated near full capacity for most of the year.
Expenses
Total operating expenses came to about $190.2K YTD, which is less than half of revenue – a very favorable ratio. The expense breakdown reveals one particularly large item: Taxes & Licenses at ~$86.8K, representing property taxes that were significantly higher than any other facility (likely due to Granville’s size/value). Indeed, Granville paid property taxes twice (roughly $29K in February and $30K in April per the records), accounting for those two early-year expense spikes. Excluding taxes, Granville’s other expenses were quite moderate. Professional Services/Management fees (~$49.5K) were the next largest, which is expected monthly overhead for such a big property. Utilities (~$13.0K) were also a notable cost – higher than in smaller facilities, but reasonable given Granville’s scale (possibly it includes climate-control or extensive lighting for a large site). Other costs like maintenance, advertising, and staffing were all relatively low in comparison. For example, maintenance/repairs totaled around $11.5K and advertising about $11.9K over nine months, both modest for the revenue generated. This indicates Granville is “winning” in cost efficiency: aside from the unavoidable property tax, the property did not incur heavy discretionary expenses. There were no major unplanned maintenance overages or extreme marketing costs – operating expenses appear well-contained relative to the income.
Net Operating Income (NOI)
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