2309-11 Baronne St + 1802 Philip St + 2311 Baronne St — 20 units | Report Period: June 2026 | Investor Summary
Occupancy 90%June NOI +31% vs BudgetDistribution Paid
Occupancy
90.0%
18 / 20 units — both vacants in lease-up
June NOI
$15,580
vs $11,853 budget (+31%)
YTD NOI
~$77,120
Tracking to $144.5K annual forecast
June Net Income
$10,723
After $4,857 interest expense
June Owner Distribution
$15,606
Paid June 2026
June Revenue
$22,356
vs $19,225 budget (+16%)
6-Month NOI Trend (Jan–Jun 2026)
June NOI $15,580 vs $11,853 budget — +31% favorable, the second-strongest month of the year.
June Income Summary
Line Item
June Actual
June Budget
Variance
Total Income
$22,356
$19,225
+$3,131 (+16%)
Total Operating Expenses
($6,777)
($7,372)
+$595 favorable
Net Operating Income
$15,580
$11,853
+$3,727 (+31%)
Interest Expense
($4,857)
—
—
Net Income
$10,723
—
—
June expenses include a one-time 3-month trash billing catch-up (~$760 of prior-period cost) and a full unit turnover; normalized run-rate is favorable to budget.
Leasing Pipeline & Priorities
POSITIVE
Strong quarter close: June collections +16% over budget, one new lease signed (unit turned, deposit collected), and rent increases applied on renewal. May and June were the two best NOI months of the year.
FOCUS
Summer leasing cycle: 2 units are vacant (one fully rent-ready and listed, one available July 1 with July/August rent already secured from the prior tenant) and 2 tenants have given notice for 7/31. Active marketing is underway on all four; this is normal summer turnover for the portfolio and the make-ready work is largely complete.