ON teh left side I noticed a pours and shaped concrete "cap" as if some one wanted to keep water from gettin gunder the wall. Also I seem to notice that if you are looking toward the read there seems to be a "drain stain" onthe white it kind of light in color so I was wonder if when it rains hard you get seepage.
I have the same problem on a work shop I closed the wall in. I'll live with it for now, but will need to take down the outer sheathing and address it probaly next year, water seepage is messing it up.