Asset Performance

Riverbend Lofts · 1060 · Sep '25 – Aug '26

cash and accrual statements

NOI · T12 cash

$1.92M

59.3% of revenue · budget $2.00M

Net income · T12 cash

$779k

accrual $725k

Revenue · T12 cash

$3.24M

opex $1.32M · 40.7% ratio

DSCR

2.80

$1.92M NOI / $687k 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$779k

Accrual NI$725k

Cash NOI$1.92M

Accrual NOI$1.93M

Cash net income is $54k 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	$3,227,949	$1,157,855	$2,070,094	64.1%	$797,260
FY2025	$3,228,860	$1,283,643	$1,945,217	60.2%	$701,057
FY2026	$3,268,147	$1,334,068	$1,934,078	59.2%	$725,187
FY2026 vs FY2025	+1.2%	+3.9%	-0.6%		+3.4%

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
Riverbend Lofts 1060	Palm Coast Savings Bank	$10,497,591	4.35%	11/01/2031	$686,980	$1,922,223	2.8	18.3%	$1,235,242	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
Riverbend Lofts 1060	$278,275	$248,675	$16,800	6.3%

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

Riverbend Lofts59.3% $20k/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.