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Strong early 2024 performance, peaking in Q2–Q3 2024Seasonal softening in Q4 2024 – Q1 2025Significant recovery throughout mid–2025Stabilization at healthy levels in Q3–Q4 2025
Q1 & Q4: Move-outs exceed move-ins → negative net rentalsQ2 & Q3: Strong leasing season → positive net rentals
Move-ins across both properties routinely exceed 20–30/month combined.Move-outs remain controlled, delivering positive net rentals over multiple months.Minimal auction activity—indicating cleaner portfolios and better tenant quality.
2024 Growth: Significant increase through mid-2024.Late-2024 Dip: Seasonal + churn of higher-rate tenants.2025 Rebound: Steady climb through mid-2025.Peak 2025 Performance:Layton hitting $22k–23kWest Valley hitting $27k–28k+Combined: $49k–51k per month in Q3–Q4 2025, the strongest period of the year.
Combined early-2024: ~$50kCombined mid-2024 peaks: ~$55k–59kEarly-2025 softeningRecent months:Layton: $24–25kWest Valley: $30–33k
→ Combined: $54k–58k, representing some of the highest revenue totals to date.
Layton remains a budget/value property ($0.40–$0.55 PSF)West Valley carries the premium profile ($0.85–$1.20 PSF)As occupancy strengthens in both, effective rates have steadily risen in 2025, most notably at West Valley.
AR >30 dropped from 5–7% mid-2024 down to ~2–3% in most recent months.
Fell from 10–12% in late 2024 to 2–4% in late 2025.
Major YTD reduction in delinquency.One of the strongest operational improvements across all SDU sites.Cleaner move-outsLower auction volumeHigher net effective revenue
Occupancy is holding 83–88% for both properties combined—among the best levels seen in two years.Revenue growth is accelerating, with some of the highest combined monthly totals recorded in Q3–Q4 2025.Delinquency significantly reduced, creating more stable, paying tenant bases.Net rentals positive in the strong leasing months, lifting occupancy and improving rate leverage.Protection plan revenue remains strong, adding to NOI consistency.
OccupancyRate strengthRevenue collectedDelinquency control
High stabilized occupancyBetter collectionsRevenue at or near historical highsStrong tenant quality and reduced churn
2024 Start: 75% (Jan)2024 Peak: 88% (May–July)2024 End: 80–81% (Nov–Dec)2025 Rebound: Climbs again to 86%+ by Aug–Sep 2025, settling at 85% in Nov 2025
Q1 & Q4 typically experience higher move outs and negative net rentals.Q2 & Q3 show strongest net gains (Spring/Summer leasing cycle).Most recent months (Aug–Sep 2025) show:Move-ins: 20–25 per monthMove-outs: 10–15Positive net rentals +3 to +10
Early 2024: ~$26.7k2024 Peak: ~$27.9–28.5k (Aug–Oct)2025 Dip: ~$25.2k in Mar (seasonal + move-out heavy mix)2025 Recovery: Returns to ~$28.6k by Nov 2025
Early 2024: ~$27.7k2024 Peak: ~$31–32k (Jul–Oct)Early 2025: Soft at ~$27kRecent (Fall 2025): $30k–$33k monthly
→ This is one of the highest revenue periods for the property.
$1.12 PSF in early 2024Climbs to $1.20+ PSF in peak 2025 monthsStabilizes at $1.16–$1.22 PSF late 2025
Protection enrollment: Holding 82–90% range most months2025 Avg: ~85%
This is excellent and consistent—one of the most stable components of the property’s performance.
Early 2024: 5–7% delinquencyLate 2024 spike: 8–12%2025 trend: Falls sharply mid-yearRecent 2025: 2–4% rangeStronger collections processPossible cleanup of long-term delinquent tenantsReduced auction-related volatility
Achieving $30k–33k in multiple months.Rate per SF is improving.
Highest revenuesStrong move-in volumeImproved AR performanceHealthy occupancy balance at 85%+
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Dec 2025 YTD West Valley Performance Update
📊 SDU Portfolio (Layton + West Valley) – Combined YTD Performance Update
1. Combined Occupancy Performance
YTD Trend Across Both Sites
Both Layton and West Valley follow similar seasonal patterns:
Combined Occupancy Averages by Quarter
Table 29
Quarter
Layton
West Valley
Combined SDU Avg
Notes
Quarter
Layton
West Valley
Combined SDU Avg
Notes
Q1 2024
84–86%
75–78%
80–82%
Strong start for Layton; WV recovering
Q2 2024
84–86%
82–88%
83–87%
Best combined occupancy of 2024
Q3 2024
81–84%
84–86%
83–85%
Very stable quarter
Q4 2024
77–82%
80–81%
79–81%
Seasonal decline, but still stable
Q1 2025
79–82%
76–80%
78–81%
Lowest period of the cycle
Q2 2025
83–84%
80%
82%
Start of upswing
Q3 2025
86–89%
84–86%
85–88%
Best occupancy of YTD 2025
Q4 2025 YTD
81%
85%
83%
Holds strong despite seasonal slowdown
There are no rows in this table
Key Takeaway
The SDU portfolio is now operating at one of its highest stabilized occupancy levels across the two-year period, driven primarily by strong late-summer leasing and lower churn.
2. Leasing Activity & Net Rentals
Across both properties:
Consistent patterns:
Most Recent Trend (Aug–Nov 2025):
This leasing momentum is one of the reasons combined occupancy is holding above 83–85% late in the year.
3. Revenue & Rate Performance (Combined)
Actual Occupied Rent Trend
Both sites show a similar revenue arc:
Revenue Collected
Shows even better growth:
Rate PSF Trend
Combined SDU effective rate growth is positive quarter-over-quarter.
4. Collections & Delinquency
One of the strongest areas of improvement across the SDU portfolio:
Layton
West Valley
Combined SDU Portfolio
This has a direct impact on:
5. Protection Plan Performance
Layton: 75–90%
West Valley: 80–90%
Combined SDU protection plan participation is steadily in the 80–88% range, which is excellent portfolio-level penetration.
6. Overall SDU Portfolio Narrative
The combined Layton + West Valley SDU portfolio is demonstrating strong stabilization and revenue growth throughout 2025.
Key Improvements Noted:
Highest-Performing Period
Q3 2025 stands out as the best quarter for the combined SDU portfolio in terms of:
Current State (Most Recent Months)
The SDU portfolio enters late 2025 in one of its strongest positions:
📊 West Valley – YTD Performance Update (2024–2025)
1. Occupancy & Leasing Performance
🔹 Overall YTD Trend (2024 → 2025)
West Valley has shown strong seasonal improvement, with occupancy recovering after a soft Q4 2024.
Quarter-over-Quarter Occupancy
Table 28
Quarter
Avg. Occupancy
QoQ Change
Notes
Quarter
Avg. Occupancy
QoQ Change
Notes
Q1 2024
~76%
—
Slow season, negative net rentals
Q2 2024
~85%
+9 pts
Strong leasing, stabilized occupancy
Q3 2024
~86%
+1 pt
Plateau but stable
Q4 2024
~80%
–6 pts
Seasonal decline
Q1 2025
~78%
–2 pts
Winter softening; move-outs elevated
Q2 2025
~80%
+2 pts
Recovery begins
Q3 2025
85–86%
+6 pts
Strongest quarter of 2025
Q4 2025 YTD
~85%
Flat
Stable & healthy
There are no rows in this table
Leasing Activity
This contributed to the sustained 85%+ occupancy heading into late 2025.
2. Revenue Performance
Actual Occupied Rent (AOR)
This is the biggest story—AOR has steadily improved alongside occupancy mix and rate integrity.
Revenue Collected
Revenue follows the same trend but grows more sharply in strong leasing periods.
Rate Performance
Actual PSF (Monthly) steadily strengthens:
This suggests strong rate discipline and improved tenant mix.
3. Protection Plan / Ancillary Performance
4. Delinquency (AR > 30 Days)
A key improvement area.
This indicates:
5. Operational Highlights & Improvements
Most Recent Quarter (Q3–Q4 2025) — What’s going well:
✔ Occupancy holding strong at ~85%
Sustained despite seasonal headwinds.
✔ Revenue hitting some of the highest levels to date
✔ Delinquency significantly reduced
Large drop from double-digit late 2024 levels.
✔ Move-in demand remains strong
25 move-ins in Sept and Nov highlight strong local demand.
✔ Auctions minimal
Indicates cleaner tenant portfolio and better collections.
6. Overall Narrative Summary
West Valley continues to strengthen across 2024 and 2025, showing resilient occupancy, improving revenue, and significantly better operational control.
Despite the typical seasonal dips in late 2024 and early 2025, the property shows excellent recovery, with Q3 2025 being the strongest quarter:
The most recent months (Aug–Nov 2025) represent the best stabilized performance the property has produced, combining high occupancy, strong rate growth, and reduced delinquency.
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