Asset Performance

Harbor Point · 1030 · Sep '25 – Aug '26

cash and accrual statements

NOI · T12 cash

$3.14M

63.7% of revenue · budget $3.22M

Net income · T12 cash

$1.22M

accrual $1.14M

Revenue · T12 cash

$4.93M

opex $1.79M · 36.3% ratio

DSCR

2.35

$3.14M NOI / $1.34M debt service

Monthly cash performance

12 months · revenue, operating expenses, net income

Cash book. The November and December dips are property taxes; the single-month spike in operating expenses is the insurance renewal; the March/April bump is the R&M project month.

Cash vs accrual

12-month totals

Cash NI$1.22M

Accrual NI$1.14M

Cash NOI$3.14M

Accrual NOI$3.16M

Cash net income is $86k higher: the accrual book carries the corporate allocation and the provision for doubtful accounts, and cash timing of taxes, insurance and vendor payments does the rest. Use as a bridge, not a return.

Year over year

fiscal years ending August · accrual

Fiscal year	Revenues	Operating expenses	NOI	Margin	Net income
FY2024	$4,747,734	$1,636,235	$3,111,499	65.5%	$951,735
FY2025	$4,871,701	$1,739,234	$3,132,467	64.3%	$1,042,985
FY2026	$4,978,986	$1,821,143	$3,157,843	63.4%	$1,135,228
FY2026 vs FY2025	+2.2%	+4.7%	+0.8%		+8.8%

Three fiscal years so trailing twelve and trailing twenty-four both have a comparison. Coral Ridge (1080) was sold in February 2026, so its FY2026 is five months plus the gain on sale.

Debt

one loan per property · DSCR = T12 cash NOI / annual debt service · debt yield = NOI / balance

Property	Lender	Balance	Rate	Maturity	Annual debt service	T12 NOI	DSCR	Debt yield	Cash flow after DS
Harbor Point 1030	Coastal Federal Bank	$17,966,595	3.60%	02/01/2030	$1,335,847	$3,144,408	2.35	17.5%	$1,808,561	Clear

Interest expense in the ledger is the prior month's balance × rate / 12 and principal is the balance-sheet roll; the verify script checks both. Thresholds from kpi_threshold.

Loss-to-lease

market rent less in-place rent on occupied units

Property	Potential rent	In-place rent	Loss-to-lease	% of market
Harbor Point 1030	$468,050	$417,420	$34,185	7.6%

Monthly figures from unit statistics. Potential rent is market rent on every unit; loss-to-lease is Σ (market − in-place) over occupied units and ties to the rent roll.

NOI margin by property

T12 cash

Harbor Point63.7% $27k/unit

Definitions & reconciliation

NOI = total revenues − total operating expenses; net income subtracts allocations, interest, other expenses and depreciation. Both are computed in a view from gl_balance, never stored. Revenue in the ledger is the prorated sum of lease charges, so the rent roll and this page agree. The four items the earlier Asset Performance page listed as still missing for investor returns — debt schedule, DSCR, debt yield and cash flow after debt service — come from the loan table and the balance-sheet mortgage roll.