Feb occupancy (area)
90.32%
Unit occupancy: 89.85%
Healthy stabilized occupancy
Investor update
February showed encouraging momentum, with operations returning to near plan after the January transition period.
ButterKrust generated February 2026 revenue of $83,495, slightly ahead of budget, with NOI of $49,550, only 1.7% below budget. Occupancy remained healthy at 90.3% by area and 89.9% by unit. January came in lighter at $77,112 revenue and $31,844 NOI, but management should view that month in the context of the transition from cash to accrual accounting in 2026, including potential expense carryovers from 2025 used to start the year on a clean basis. Overall, the February results suggest the property is moving in the right direction.
Feb 2026 revenue
$83,495
vs. budget $83,240 | +0.3%
Feb 2026 NOI
$49,550
vs. budget $50,410 | -1.7%
2026 YTD NOI
$81,394
January + February combined
Collections YoY
+8.4%
$92,174 vs. $85,045
Feb controllable OPEX
$14,656
Uncontrollable OPEX: $19,289
Expense base settling into a more normal run rate
Feb debt service cash flow
$3,706
After interest $15,454 and principal $11,939
Positive monthly post-debt cash flow
Cash balance
$61,969
Mortgage balance: $4,665,157
Liquidity improved as February cash flow turned positive
Rentable area
64,731 SF
Stabilized since September 2023
Operating base remains intact
January revenue
$77,112
Budget: $81,769 | -5.7%
Transition month with room for normalization
January NOI
$31,844
Budget: $49,856 | -36.1%
Reflects accounting transition carryovers more than ongoing trend
30+ day delinquency
$4,951
33 units carried $9,999.84 unpaid charges
Collections improved, with continued upside as receivables normalize
January–February 2026 operating trend
This panel is designed to mirror an owner-statement summary format: monthly actuals first, then operating interpretation. February performance indicates a constructive return toward plan after the January opening period under the new accrual-based accounting convention.
Monthly performance bridge
| Metric | Jan 2026 Actual | Feb 2026 Actual | Change |
|---|---|---|---|
| Total Revenue | $77,112.34 | $83,495.16 | +$6,382.82 |
| Controllable OPEX | $19,257.49 | $14,656.00 | -$4,601.49 |
| Uncontrollable OPEX | $26,010.61 | $19,289.00 | -$6,721.61 |
| NOI | $31,844.24 | $49,550.00 | +$17,705.76 |
| SF Occupancy | 90.55% | 90.32% | -0.23 pts |
| Unit Occupancy | 88.18% | 89.85% | +1.67 pts |
Management interpretation
- February revenue came in slightly above budget, reinforcing that top-line demand remains solid.
- NOI was effectively in line with plan in February, which is a positive sign for near-term operating momentum.
- January should not be read in isolation because the property transitioned from cash to accrual accounting at the start of 2026, which likely created one-time carryover expense noise from 2025.
- The property has been described as stabilized since September 2023, supporting the view that February is a more representative read on current performance.
- YTD through February stands at $160,607.50 of revenue and $81,394 of NOI, providing a solid base for the remainder of the year.
Budget & variance review
The visual layout below is built to resemble lender / investor budget-comparison pages: quick variance flags supported by a concise table, with emphasis on February’s return to a steadier run rate.
February variance bars
Variance takeaways
Revenue vs. budget+$255 | +0.3%
NOI vs. budget-$860 | -1.7%
Jan revenue vs. budget-$4,656 | -5.7%
Jan NOI vs. budget-$18,012 | -36.1%
YTD bad debt vs. budget$5,601 vs. $5,196
Investor note
For investor reporting, February appears to be the better indicator of true run-rate operations. January variances are best footnoted as part of the first-month accrual conversion process rather than interpreted as the ongoing earnings profile of the property.
| Metric | Jan 2026 Actual | Jan 2026 Budget | Variance | Feb 2026 Actual | Feb 2026 Budget | Variance |
|---|---|---|---|---|---|---|
| Total Revenue | $77,112.34 | $81,768.84 | -$4,656.50 | $83,495.16 | $83,240.00 | +$255.16 |
| NOI | $31,844.24 | $49,856.03 | -$18,011.79 | $49,550.00 | $50,410.00 | -$860.00 |
| Unit Occupancy | 88.18% | 84.24% | +3.94 pts | 89.85% | — | — |
| SF Occupancy | 90.55% | 88.66% | +1.89 pts | 90.32% | — | — |
Operations, pricing & leasing activity
These figures are organized to resemble the property performance report visuals, with focus on occupancy, rate realization, and leasing velocity.
Occupancy & space
Rentable SF64,731
Jan rented SF58,611
Feb SF occupancy90.32%
Feb unit occupancy89.85%
Stabilization statusStabilized since Sep 2023
Rate strategy
Disciplined rent increasesOngoing
Increase notices sent60
Average increase$43.84
Customers staying50
Attrition on increases16.7%
Retained increase value$2,098
Operational commentary
- Management commentary points to February recovery and improving operating consistency after the January transition month.
- Pricing appears disciplined rather than overly promotional, which supports quality revenue growth.
- Occupancy remains strong enough to support incremental revenue management actions.
- Additional operational items such as online holds, GA4 traffic, and move activity were referenced in the performance report and can be added if a more granular screenshot or extract is provided.
Collections & tenant receivables
Collections strengthened on a year-over-year basis, and while delinquency still warrants monitoring, the broader collections trend is moving in a favorable direction.
Collections snapshot
| Measure | Value | Observation |
|---|---|---|
| Collections YoY | +8.4% | Improved to $92,174 from $85,045 |
| Total unpaid charges | $9,999.84 | Across 33 units |
| 30+ day delinquency | $4,951.09 | Manageable with continued follow-up |
| Bad Debt YTD actual | $5,600.86 | Slightly above budget |
| Bad Debt YTD budget | $5,196.06 | Modestly above plan by $404.80 |
Investor interpretation
- Collections growth is encouraging and supports the view that February normalized.
- The receivables stack still warrants attention, but it appears manageable relative to the property’s improving operating trend.
- For a lender-style dashboard, the delinquency panel should remain visible even as top-line performance improves.
- If desired, this page can later incorporate aging buckets and collection waterfall graphics.
Debt, liquidity & post-debt cash flow
Built for investor readability: simple debt snapshot, then monthly free-cash interpretation.
Debt snapshot
Mortgage balance$4,665,157
February interest expense$15,453.99
February principal$11,938.52
Cash on hand$61,969
February post-debt cash flow$3,705.86
Coverage framing
February NOI of $49,550 comfortably exceeded that month’s scheduled interest and principal burden of roughly $27,393, producing positive residual cash flow. The February month therefore reads as a constructive operating month from a debt-service perspective.
Accounting transition note
Starting in 2026, reporting shifted from cash to accrual accounting. January likely includes cleanup / carryover expense recognition from late 2025. For investors, this should be footnoted to avoid overstating recurring expense pressure.
Source references & implementation notes
This HTML is standalone and can be dropped directly into your Netlify folder. Keep ssc_logo.png in the same directory as this HTML file so the sticky logo renders correctly in the upper-left corner.
| Source | Use in dashboard |
|---|---|
| February 2026 Financials PDF | February revenue, OPEX, NOI, YTD totals, cash, mortgage, occupancy, debt service |
| February 2026 Performance Report | Revenue vs. budget, NOI vs. budget, collections YoY, stabilization and rent strategy commentary |
| January 2026 Owner Statement extract from reporting package | January revenue, NOI, occupancy, rented SF, delinquency, bad debt, budget comparisons |
| February 2026 Budget Comparison workbook | Visual modeling reference for budget-vs-actual presentation |