Asset Performance
Monthly cash performance
12 months · revenue, operating expenses, net incomeCash 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 totalsCash net income is $79k 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 | $3,601,762 | $1,963,405 | $1,638,357 | 45.5% | -$2,140,916 |
| FY2025 | $4,748,261 | $2,120,291 | $2,627,970 | 55.3% | -$886,115 |
| FY2026 | $4,787,361 | $2,241,933 | $2,545,428 | 53.2% | -$883,173 |
| FY2026 vs FY2025 | +0.8% | +5.7% | -3.1% | +0.3% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sawgrass Station 1050 | Meridian Life Insurance Co. | $27,210,757 | 6.10% | 06/01/2031 | $2,036,142 | $2,528,893 | 1.24 | 9.3% | $492,751 | Watch |
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 |
|---|---|---|---|---|
| Sawgrass Station 1050 | $445,485 | $384,150 | $15,900 | 4.0% |
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 cashDefinitions & 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.