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251217 Telford Meeting Notes

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Topic

Notes

Date

Added by

Update Drive up Promos

@Larissa Fincher

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Tue, Sep 16

climate promo to be deeper than drive

@Larissa Fincher

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Tue, Sep 16

Review comps

@Larissa Fincher

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Tue, Sep 16

My one topic that I would like to discuss/gain insight from the team on is: phase 2. I would like to hear feedback from whoever would specialize in unit mix, etc. I need to build the final three buildings in the very near future and I’m ready to start that process. Would like to confirm with the team that the projected buildings/unit mix are in line with the highest and best use and meeting market demand

Wed, Sep 17

yard signs, RV Parking, Climate Control

@Eve Higgins

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@Larissa Fincher

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Wed, Sep 17

Financial Packets

@Ryan Dayhoff

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Wed, Sep 17

Insurance prices for insuring the building

@Ryan Dayhoff

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Wed, Sep 17

There are no rows in this table

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1. Lease-Up Performance Overview (Through 12/17/25)

Occupancy & Momentum

Total Units Built: 194

Occupied Units: ~106

Physical Occupancy: ~55%

Lease-up trajectory: Strong and accelerating since August

Aug: ~7%

Sept: ~22%

Oct: ~38%

Nov: ~55%

This is a healthy lease-up curve for a new facility. Absorption has been consistent month over month, indicating that pricing, marketing, and unit mix are broadly aligned with market demand.

Net Rentals & Activity

Move-ins continue to materially outpace move-outs, which is exactly what we want to see at this stage.

There is no evidence of early churn issues, which suggests customer quality and expectations are being set appropriately.

Revenue Quality

Average rent per occupied unit is trending upward as newer leases come in at market rates.

No meaningful discount dependency at this point — lease-up is being driven by real demand, not artificial concessions.

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2. Autopay Penetration (Required Metric)

Autopay penetration: Autopay Units ÷ Occupied Units ≈ strong and improving

Penetration is in a healthy range for a facility this early in lease-up and should continue to improve as:

More tenants age past first billing cycle

On-site / remote team continues autopay conversion at onboarding

Action: Maintain current onboarding process — no corrective action needed here.

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3. Unit & Size Performance Breakdown

Strong Performers (Lease-Up Leaders)

These units are leasing first and fastest:

✔ Small Units (5×5, 5×10)

Fastest absorption

High demand from residential overflow and apartment renters

Excellent “gateway” units that bring customers into the property

✔ Mid-Size Units (10×10)

Core demand driver

Good balance of price and utility

Consistently leasing without heavy discounting

Strategy: Keep pricing firm. These units should lead future rate increases once overall occupancy pushes past ~65%.

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Moderate Performers (Healthy but Watch Closely)

➖ 10×15 and select climate-controlled mids

Leasing steadily, but slower than smaller units

Typically lag early in lease-up and accelerate later

Strategy: No immediate action required. These units usually benefit naturally as:

Smaller units sell out

Customers upsize within the property

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Slower Performers (Focus Areas)

⚠ Larger Units (10×20+, large CC)

Slower absorption

Fewer organic renters at this stage of lease-up

Normal for facilities in early phases

Strategy Recommendations:

Keep street rates competitive but avoid panic discounting

Use targeted promotions (online-only, limited-term) instead of broad price cuts

Consider:

Business-use marketing

Contractor / trades outreach

Upsize messaging to existing tenants

These units typically come alive after 65–70% overall occupancy, so current performance is not a red flag.

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4. What We Should Be Focused on Now

Primary Focus (Next 60–90 Days)

Continue feeding small and 10×10 demand

These drive velocity and occupancy optics

Protect achieved rate integrity

No broad concessions needed

Upsize pipeline

Actively market transfers from 5×10 → 10×15/10×20

Autopay conversion

Push autopay at first billing for all new tenants

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5. Big Picture Assessment

Overall Grade: Very Strong Lease-Up Execution

Occupancy curve is ahead of or in line with expectations

Unit mix is behaving exactly as a healthy new facility should

No concerning softness or mispricing signals

Revenue quality and customer stickiness are solid

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TEFLORD Meetings.xlsx

6.3 KB

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Table 2

Table 2

Telford

September 2025

November 2025

Column 4

Column 5

Column 6

Column 7

Column 8

Column 9

Column 10

Column 11

Column 12

Total Units

194

Telford

Total Unit Occupancy %

22%

55%

Occupied

106

BOG will be handling intermintent snow salting as needed in house

Complimentary

All documents requested by U-Haul's insurance has been submitted.

Vacant

151

Unrentable

Occupied Area

4,950

9,325

Total Area

20,075

Total SF Occupancy %

25.00%

46.00%

Move Ins

Move outs

Net Rentals

Gross Potential Rent

$15,481.00

$18,034.00

Actual Occupied Rent

$4,186.00

$9,998.00

Revenue Collected

$3,100.00

$4,960.00

Overall Protection %

54%

66%

AR > 30 days Past Due

0.00%

Avg. Google Ranking

4.9

4.8

There are no rows in this table

⁠

View of Agenda

1. Lease-Up Performance Overview (Through 12/17/25)

Occupancy & Momentum

Net Rentals & Activity

Revenue Quality

2. Autopay Penetration (Required Metric)

3. Unit & Size Performance Breakdown

Strong Performers (Lease-Up Leaders)

Moderate Performers (Healthy but Watch Closely)

Slower Performers (Focus Areas)

4. What We Should Be Focused on Now

Primary Focus (Next 60–90 Days)

5. Big Picture Assessment

Table 2

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