{"text_format":"2","workbook":"xlsx","n_sheets":5,"sheets":["Executive Summary","Storage Lot","Properties","Normalization Schedule","Sources & Notes"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"run_cost":"one","rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Executive Summary","index":0,"n_rows":25,"n_cols":8,"rows_kept":25,"cut":false,"hidden":false,"merged":[[0,0,1,7],[3,0,3,7],[17,0,17,7],[24,0,26,7]]}
["MICHIGAN STORAGE\nADJUSTED NET OPERATING INCOME (NOI)"]
[]
[]
["Three-Year Broker Underwriting Summary | 2024, 2025 and 2026 YTD"]
[]
["Business Component","Metric ($)","2024","2025","2026 YTD","2026 Annualized*","2025–2024 Change","Source / Status"]
["Storage Lot","Gross Income",63067.09,73316.31,47726.69,{"$f":"E7/201*365","v":86667.86990049752},{"$f":"D7/C7-1","v":0.16251296833261208},"Owner P&L"]
["Storage Lot","Reported Net Income",7221.09,2306.31,10284.69,{"$f":"E8/201*365","v":18676.178358208956},{"$f":"D8/C8-1","v":-0.6806146994428819},"Owner P&L"]
["Storage Lot","Adjusted NOI",61821.09,71836.31,46164.69,{"$f":"E9/201*365","v":83831.40223880598},{"$f":"D9/C9-1","v":0.1620032904628501},"Normalized"]
["Properties","Gross Income",90450,103200,58550,{"$f":"E10/201*365","v":106322.13930348259},{"$f":"D10/C10-1","v":0.14096185737976774},"Owner P&L"]
["Properties","Reported Net Income",-9290.36,2790.08,34622.72,{"$f":"E11/201*365","v":62872.10348258707},{"$f":"D11/C11-1","v":-1.3003199014892857},"Owner P&L"]
["Properties","Adjusted NOI",51129.96,67846.13,42226.25,{"$f":"E12/201*365","v":76679.50870646766},{"$f":"D12/C12-1","v":0.32693493208287294},"Normalized"]
["Combined","Gross Income",153517.09,176516.31,106276.69,{"$f":"E13/201*365","v":192990.00920398012},{"$f":"D13/C13-1","v":0.14981537234714382},"Calculated"]
["Combined","Reported Net Income",-2069.27,5096.39,44907.41,{"$f":"E14/201*365","v":81548.28184079603},{"$f":"D14/C14-1","v":-3.4628927109560377},"Calculated"]
["Combined","Adjusted NOI",112951.05,139682.44,88390.94,{"$f":"E15/201*365","v":160510.91094527364},{"$f":"D15/C15-1","v":0.23666349272538856},"Calculated"]
[]
[]
["KEY UNDERWRITING METRICS"]
["Metric","2024","2025","2026 YTD"]
["Combined Adjusted NOI",112951.05,139682.44,88390.94]
["NOI Margin",{"$f":"B20/C13","v":0.7357555435684718},{"$f":"C20/D13","v":0.7913288012875411},{"$f":"D20/E13","v":0.8317058049135704}]
["Total Adjustments",{"$f":"B20-C14","v":115020.32},{"$f":"C20-D14","v":134586.05},{"$f":"D20-E14","v":43483.53}]
[]
[]
["*2026 annualized figures extrapolate January 1–July 20, 2026 over 365 days. Annualization is mathematical only and not a forecast. Adjusted NOI reflects client-directed exclusions and should be reconciled with supporting records before reliance."]

{"sheet":"Storage Lot","index":1,"n_rows":24,"n_cols":7,"rows_kept":24,"cut":false,"hidden":false,"merged":[[0,0,1,6],[16,0,16,6]]}
["STORAGE LOT — ADJUSTED NOI SCHEDULE"]
[]
[]
["Line Item","Classification","2024","2025","2026 YTD","NOI Treatment","Underwriting Rationale"]
["Storage Lot Rent","Income",63067.09,73316.31,47726.69,"Included","Recurring operating income"]
["Storage Rental Refund","Excluded Expense",440,232,0,"Excluded","Client-directed exclusion"]
["Bank Service Charges","Excluded Expense",120,120,30,"Excluded","Client-directed exclusion"]
["Fee","Operating Expense",50,50,0,"Included","Retained as operating expense"]
["Insurance","Operating Expense",921,1135,1237,"Included","Property operating expense"]
["Legal Services","Excluded Expense",0,1278,0,"Excluded","One-time/non-operating normalization"]
["Accounting","Operating Expense",275,295,325,"Included","Retained as operating expense"]
["Rent / Owner Rent","Excluded Expense",53000,60000,35000,"Excluded","Ownership/intercompany expense"]
["Repairs - Yard Maintenance","Excluded Expense",340,0,0,"Excluded","Client-directed repairs exclusion"]
["Repairs & Maintenance","Excluded Expense",500,7600,825,"Excluded","Client-directed repairs exclusion"]
["Security Deposit Card","Excluded Expense",200,300,25,"Excluded","Deposit-related/non-operating item"]
[]
["NOI RECONCILIATION"]
["Metric","2024","2025","2026 YTD"]
["Gross Income",63067.09,73316.31,47726.69]
["Reported Net Income",7221.09,2306.31,10284.69]
["Excluded Expense Add-Backs",{"$f":"SUM(C6:C7,C10,C12:C15)","v":54600},{"$f":"SUM(D6:D7,D10,D12:D15)","v":69530},{"$f":"SUM(E6:E7,E10,E12:E15)","v":35880}]
["Adjusted Operating Expenses",{"$f":"B19-B23","v":1246},{"$f":"C19-C23","v":1480},{"$f":"D19-D23","v":1562}]
["Adjusted NOI",{"$f":"B20+B21","v":61821.09},{"$f":"C20+C21","v":71836.31},{"$f":"D20+D21","v":46164.69}]
["NOI Margin",{"$f":"B23/B19","v":0.9802432615806437},{"$f":"C23/C19","v":0.9798134957965015},{"$f":"D23/D19","v":0.9672719813588582}]

{"sheet":"Properties","index":2,"n_rows":31,"n_cols":7,"rows_kept":31,"cut":false,"hidden":false,"merged":[[0,0,1,6],[23,0,23,6]]}
["RENTAL PROPERTIES — ADJUSTED NOI SCHEDULE"]
[]
[]
["Line Item","Classification","2024","2025","2026 YTD","NOI Treatment","Underwriting Rationale"]
["Rental Income","Income",37450,43200,23550,"Included","Recurring rental income"]
["Uncategorized Income","Income",53000,60000,35000,"Included / Verify","Confirm source before reliance"]
["Automobile Expense","Operating / Review",5228,5460,0,"Included","Not removed under current instructions"]
["Bank Business Payment","Excluded Expense",36000,44197.73,0,"Excluded","Financing/non-operating expense"]
["Bank Service Charges","Excluded Expense",120,120,30,"Excluded","Client-directed exclusion"]
["Computer & Internet","Excluded Expense",1549.22,2034.17,454.82,"Excluded","Client-directed exclusion"]
["Gas","Operating Expense",51.61,115.08,94.74,"Included","Property operating expense"]
["Insurance","Operating Expense",6367.64,3303,3177,"Included","Property operating expense"]
["License / Fee","Operating Expense",207,857,148,"Included","Property operating expense"]
["Meals & Entertainment","Operating / Review",2028.48,1051.72,684.93,"Included","Not removed under current instructions"]
["Office Supplies","Operating Expense",520.98,255.99,156,"Included","Administrative operating expense"]
["Professional Fees","Operating / Review",375,395,425,"Included","Not removed under current instructions"]
["Repairs & Maintenance","Excluded Expense",22751.1,18704.15,7118.71,"Excluded","Client-directed repairs exclusion"]
["Security Deposit Refund","Operating / Review",300,600,0,"Included","Not removed under current instructions"]
["Property Taxes","Operating Expense",10634.82,11163.09,4625.77,"Included","Property operating expense"]
["Telephone","Operating / Review",875.55,522.88,260.4,"Included","Not removed under current instructions"]
["Trash Pick Up","Operating Expense",1342.78,1682.07,879.37,"Included","Property operating expense"]
["Utilities","Operating Expense",11167.18,9948.04,5872.54,"Included","Property operating expense"]
[]
["NOI RECONCILIATION"]
["Metric","2024","2025","2026 YTD"]
["Gross Income",90450,103200,58550]
["Reported Net Income",-9290.36,2790.08,34622.72]
["Excluded Expense Add-Backs",{"$f":"SUM(C8:C10,C17)","v":60420.32},{"$f":"SUM(D8:D10,D17)","v":65056.05},{"$f":"SUM(E8:E10,E17)","v":7603.53}]
["Adjusted Operating Expenses",{"$f":"B26-B30","v":39320.04},{"$f":"C26-C30","v":35353.869999999995},{"$f":"D26-D30","v":16323.75}]
["Adjusted NOI",{"$f":"B27+B28","v":51129.96},{"$f":"C27+C28","v":67846.13},{"$f":"D27+D28","v":42226.25}]
["NOI Margin",{"$f":"B30/B26","v":0.5652842454394693},{"$f":"C30/C26","v":0.6574237403100776},{"$f":"D30/D26","v":0.721199829205807}]

{"sheet":"Normalization Schedule","index":3,"n_rows":21,"n_cols":8,"rows_kept":21,"cut":false,"hidden":false,"merged":[[0,0,1,7]]}
["NORMALIZATION AND ADJUSTMENT AUDIT TRAIL"]
[]
[]
["Component","Expense","2024","2025","2026 YTD","Classification","Treatment","Reason"]
["Storage Lot","Storage Rental Refund",440,232,0,"Non-operating","Excluded","Client-directed exclusion"]
["Storage Lot","Bank Service Charges",120,120,30,"Administrative","Excluded","Client-directed exclusion"]
["Storage Lot","Legal Services",0,1278,0,"One-time","Excluded","Normalization adjustment"]
["Storage Lot","Owner Rent",53000,60000,35000,"Owner/intercompany","Excluded","Not a recurring real estate operating expense"]
["Storage Lot","Repairs - Yard Maintenance",340,0,0,"Repairs","Excluded","Client-directed exclusion"]
["Storage Lot","Repairs & Maintenance",500,7600,825,"Repairs","Excluded","Client-directed exclusion"]
["Storage Lot","Security Deposit Card",200,300,25,"Deposit-related","Excluded","Non-operating/deposit item"]
["Properties","Bank Business Payment",36000,44197.73,0,"Financing","Excluded","Debt/business financing payment"]
["Properties","Bank Service Charges",120,120,30,"Administrative","Excluded","Client-directed exclusion"]
["Properties","Computer & Internet",1549.22,2034.17,454.82,"Administrative","Excluded","Client-directed exclusion"]
["Properties","Repairs & Maintenance",22751.1,18704.15,7118.71,"Repairs","Excluded","Client-directed exclusion"]
[]
["Summary","2024","2025","2026 YTD","2026 Annualized"]
["Storage Lot Add-Backs",54600,69530,35880,{"$f":"D18/201*365","v":65155.22388059701}]
["Properties Add-Backs",60420.32,65056.05,7603.53,{"$f":"D19/201*365","v":13807.405223880596}]
["Combined Add-Backs",115020.32,134586.05,43483.53,{"$f":"D20/201*365","v":78962.62910447762}]
["Combined Adjusted NOI",112951.05,139682.44,88390.94,{"$f":"D21/201*365","v":160510.91094527364}]

{"sheet":"Sources & Notes","index":4,"n_rows":17,"n_cols":6,"rows_kept":17,"cut":false,"hidden":false,"merged":[[0,0,1,5],[13,0,13,5],[14,0,14,5],[15,0,15,5],[16,0,16,5]]}
["SOURCES, ASSUMPTIONS AND REVIEW NOTES"]
[]
[]
["Reference","Document / Page","Period","Use","Status","Notes"]
["S-01","Xerox Scan_07212026122348.pdf — page 5","2024","Storage Lot P&L","Reviewed","Image-based statement; values transcribed from the uploaded scan."]
["S-02","Xerox Scan_07212026122348.pdf — page 6","2024","Properties P&L","Reviewed","Image-based statement; values transcribed from the uploaded scan."]
["S-03","Xerox Scan_07212026122348.pdf — pages 2 and 4","2025","Storage Lot and Properties P&Ls","Reviewed","Owner-prepared cash-basis statements."]
["S-04","Xerox Scan_07212026122348.pdf — pages 1 and 3","2026 YTD","Storage Lot and Properties P&Ls","Reviewed","Period shown as January 1 through July 20, 2026."]
["A-01","Client instruction","All periods","Expense normalization","Applied","Storage Lot excludes bank charges, storage refunds and repairs; Properties excludes bank charges, computer/internet and repairs."]
["A-02","Underwriting normalization","All periods","Other add-backs","Applied","Owner/intercompany rent, bank business payments, deposit-card items and identified one-time legal expense excluded from NOI."]
["A-03","2026 annualization assumption","2026 YTD","Annualized presentation","Applied","201 elapsed days through July 20; annualized as YTD ÷ 201 × 365."]
["R-01","2024 Properties P&L","2024","Uncategorized income","Requires verification","The statement reports $53,000 as Uncategorized Income. Confirm source before lender/investor reliance."]
[]
["IMPORTANT DISCLOSURE"]
["This workbook is a broker underwriting presentation, not an audit, tax return or assurance engagement."]
["Adjusted NOI follows the client's requested exclusions and may differ from a lender's final underwriting treatment."]
["Prospective users should verify all income, expenses, occupancy, leases and supporting documentation independently."]