NOI (Reported)
($47,956)
Dec-25Packet NOI
NOI (Tax-Adjusted)
$34,917
Removes property taxes $82,872.67
NOI / Rentable SF (Adj)
$0.54
64,631 SF
Total Revenue
$83,455
Net Rent $81,128Other $2,327
Total Revenue / SF
$1.29
Dec-25
Rental Revenue / SF (Net Rent)
$1.26
Dec-25
Controllable OPEX
$25,072
$0.39 /SF
Uncontrollable OPEX (Reported)
$106,339
Includes tax true-up
Total OPEX (Reported)
$131,411
$2.03 /SF
Total OPEX (Adj)
$48,539
$0.75 /SF
Unit Occupancy
87.33%
600 rentable units
SF Occupancy
87.60%
56,616 SF rented
Net Absorption (Units)
(11)
1 move-in, 12 move-outs
Rented Area Increase (SF)
(2,035)
Dec-25
30+ Day Delinquency ($)
$4,868
Red flag (>$1k)
Cash (Bank)
$38,583
Balance sheet 12/31/25
Mortgage Balance
$4,688,982
Mortgage notes payable
Loan Rate
5.08%
Fixed
Loan Maturity
11/21/2027
Investar Bank
DSCR (Monthly • Reported)
-1.42x
NOI basisDebt svc $33,710
DSCR (Monthly • Tax-Adj)
1.04x
Tax removedDebt svc $33,710
DSCR (Trailing‑12)
Not provided
T12 monthly series not extracted
DSCR (Forward)
Not provided
Requires forecast debt service by month
Levered Cash Flow after Debt & Admin
($84,059)
"Total cash flow" (Dec-25)
Total Revenue (FY 2025)
$1,002,478
YTD / FY
NOI (FY 2025)
$465,472
YTD / FY
Total Cash Flow (FY 2025)
($153,531)
Cash flow statement
NOI vs Budget (Dec-25)
Off track
-$100,901 (‑190.58%)
Revenue vs Budget (Dec-25)
On track
-$1,894 (‑2.22%)
OPEX vs Budget (Dec-25)
Off track
+$99,007 (timing)
Controllable NOI vs Budget (FY 2025)
Not provided
Needs budget controllable split
Budget-first exceptions (Dec-25)
Exception = ≥10% OR ≥$2,500
| Line item | Actual | Budget | Var ($) | Var (%) | Severity | Notes |
|---|---|---|---|---|---|---|
| Total NOI | ($47,956) | $52,945 | ($100,901) | -190.58% | High | Driven by uncontrollable expenses (tax/insurance timing) |
| Total Revenue | $83,455 | $85,349 | ($1,894) | -2.22% | — | Within exception thresholds |
| Total OPEX | $131,411 | $32,404 | $99,007 | +305.54% | High | Property tax true‑up and package insurance timing |
Tax adjustment (internal view only): remove $82,872.67 from Dec-25 OPEX to normalize NOI. This does not change GAAP/packet reporting; it is a timing normalization per asset management instruction.
FY 2025 vs Budget (summary)
As stated in packet
| Metric | FY 2025 | Variance vs Budget |
|---|---|---|
| NOI | $465,472 | -17.02% vs budget |
| Revenue | $1,002,478 | Not provided (percent cited previously but not re-confirmed) |
| OPEX | $537,006 | Not provided |
Manager note: plan to reduce staffing in the 2026 forecast (per asset management instruction).
Rates & pricing
Mgmt Summary screenshots provided
| Metric | Dec-25 | Source | Notes |
|---|---|---|---|
| Effective Rate After Concessions | $1.29 | Mgmt Summary screenshot | Per area (rentable SF basis) |
| Gross Potential Rates (GPR) | $0.94 | Mgmt Summary screenshot | Per area (rentable SF basis) |
| Actual Occupied Unit Rates | $1.40 | Mgmt Summary screenshot | Per area (occupied SF basis) |
Occupancy & absorption
Occupancy + activity from screenshots
| Metric | Dec-25 | MoM | YoY | Source |
|---|---|---|---|---|
| Unit Occupancy | 87.33% | Not provided | Not provided | Financial packet (summary) |
| SF Occupancy | 87.60% | Not provided | Not provided | Financial packet (summary) |
| Move‑Ins | 1 | — | — | Mgmt Summary screenshot |
| Move‑Outs | 12 | — | — | Mgmt Summary screenshot |
| Net Absorption (Units) | (11) | — | — | Calculated: 1 move-in - 12 move-outs |
| Rented Area Increase (SF) | (2,035) | — | — | Mgmt Summary screenshot |
Collections
Delinquency from screenshot; receipts collected captured via screenshot
Receipts timing note: deposits are fiscal-date based while receipts are calendar-based; receipts only match deposits made within the same period.
| Metric | Dec-25 | Flag | Source | Notes |
|---|---|---|---|---|
| 30+ Day Delinquency ($) | $4,868.21 | Red flag | Mgmt Summary screenshot | Current tenants >30 days total per screenshot; over $1,000 threshold. |
| Receipts Collected (Cash Basis) — MTD | $88,039.31 | Cash basis | Mgmt Summary screenshot | Calendar-based receipts total per Management Summary. |
| Receipts Collected (Cash Basis) — YTD | $1,052,121.15 | Cash basis | Mgmt Summary screenshot | Calendar-based receipts total per Management Summary. |
Debt snapshot
Mortgage balance source-of-truth: balance sheet
| Item | Value | Source |
|---|---|---|
| Mortgage notes payable | $4,688,982 | Balance sheet |
| Rate / type | 5.08% fixed | Debt summary |
| Maturity | 11/21/2027 | Debt summary |
| Interest (Dec-25) | $21,320 | T12 cash flow |
| Principal (Dec-25) | $12,389 | T12 cash flow / forecast |
DSCR panel (two bases)
Monthly DSCR = NOI ÷ (Interest + Principal)
| Basis | NOI | Debt Service | DSCR | Notes |
|---|---|---|---|---|
| Reported (packet) | ($47,956) | $33,710 | -1.42x | Uncontrollable spike driven by taxes/insurance timing |
| Tax-adjusted | $34,917 | $33,710 | 1.04x | Removes property taxes $82,872.67 per asset mgmt instruction |
Forward DSCR and T‑12 DSCR: not computed here because the monthly NOI/interest/principal series needed for summation was not extracted from the PDF.
Data gaps / items needed
Displayed as "Not provided" elsewhere
- Mgmt Summary occupancy/rate stack captured via screenshots (PDF text not extractable)
- Leasing activity captured via screenshot (move-ins/move-outs/transfers); transfers shown as 0
- Delinquency >30 days captured via screenshot; receipts collected (cash basis) captured via screenshot
- T‑12 DSCR and Forward DSCR need monthly debt service + NOI series (or export of T12 cash flow table)
Sources: Financial reporting package month ended 12/31/2025. Management Summary data captured from screenshots provided.