Chartwell — Asset Management Dashboard

Key Performance Indicators

Physical Occupancy

93.6%

Jul: 131 / 140 units

Econ Occ (incl L2L)

76.2%

NRI ÷ GPR · RR Summary Jul S11

Econ Occ (excl L2L)

88.2%

NRI ÷ (GPR − L2L) · RR Summary Jul S12

Avg In-Place Rent

$1,053

T-1 (Jul)

NOI (Ann.)

$854K

T-1 (Jul)

NOI Margin

56.1%

T-1 (Jul)

DSCR

1.14×

T-1 (Jul)

Implied Value / Unit

$100.2K

@ 6.5% cap, T-1

Reading the two Econ Occ figures: "Incl L2L" measures cash collected against full UW market potential — penalizes for vacancy + loss-to-lease + bad debt + concessions. "Excl L2L" measures cash collected against scheduled in-place rent — penalizes only for collection issues. The gap (88.2% vs. 76.2%) reflects the loss-to-lease drag against new UW market rents — current in-place rents sit ~31% below UW market potential.

Net Cash Flow (Ann.)

-$1.07M

MF V56 × 12 (Jul annualized)

Occupancy & Rent

Physical Occupancy Monthly Trend

Feb–Jul 2026

Unit Mix & Rent Analysis

Jul 2026 in-place vs. market — per-type avgs from Rent Roll Summary E12:E23; TOTAL row from R24 (= KPI N8: D8/D6)

Unit Type	Units	In-Place	Market (PM-reported)	UW Market (Chartwell UW)	Gap to UW
2BR - 1BTH	11	$994	—	$1,305	-23.8%
2BR - 1BTH RR	1	$815	—	$1,305	-37.5%
2BR - 1BTH TH	35	$898	—	$1,305	-31.2%
2BR - 1BTH TH RR	5	$1,325	—	$1,305	1.5%
2BR - 2BTH	48	$1,064	—	$1,356	-21.5%
2BR - 2BTH RR	8	$1,330	—	$1,356	-1.9%
2BR - 2BTH Loft	6	$1,148	—	$1,356	-15.3%
2BR - 2BTH Loft RR	2	$1,152	—	$1,356	-15.0%
3BR - 2BTH	8	$1,025	—	$1,450	-29.3%
3BR - 2BTH RR	4	$1,265	—	$1,450	-12.8%
4BR - 2BTH	10	$1,170	—	$1,550	-24.5%
4BR - 2BTH RR	2	$1,550	—	$1,550	0.0%
TOTAL	140	$1,053	—	$1,362	-22.7%

Financial Performance

Monthly Revenue vs Expenses vs NOI

Feb–Jul 2026, stacked revenue/expenses + NOI line

Expense Breakdown

T-1 (Jul 2026) — sourced from workbook Monthly Financials V col

Category	Amount	% of OpEx
Property Management	$9,999	15.9%
Payroll & Benefits	$13,771	21.9%
R&M (incl Turnover)	$101	0.2%
Utilities (Elec+Water+Gas)	$8,713	13.9%
Insurance	$8,372	13.3%
Property Taxes	$11,534	18.3%
Marketing	$2,074	3.3%
G&A (Admin+Legal)	$2,806	4.5%
Contract Services (incl Landscaping)	$5,510	8.8%
Other Expenses	$0	0.0%
Total Operating Expenses	$62,880	100.0%

Monthly Income Statement (T-1: Jul 2026)

6-Month P&L Summary

Feb–Jul 2026 actuals — Footer summary pulls from Jul T-1 annualized (MF V48/V56 × 12)

Line Item	Feb	Mar	Apr	May	Jun (T-2)	Jul (T-1)	Total

Debt & Returns

DSCR Monthly Trend

With 1.20x floor target

Capital Stack

Annual Debt Svc

$750K/yr

NOI (Annualized)

$854K

CapEx Budget (Total Program)

$1,008K

Net Cash Flow (Annualized)

-$1.07M

Loan Balance

$9.69M

Loan-to-Cost

65.6%

Int. Rate

7.50%

Equity

$5.00M

Valuation Sensitivity

NOI delta × Cap rate (Base = Jul NOI Ann $854K, MF V48 × 12)

NOI Δ	5.0%	5.5%	6.0%	6.5%	7.0%	7.5%	8.0%
-15%	$14.5M	$13.2M	$12.1M	$11.2M	$10.4M	$9.7M	$9.1M
–10%	$15.4M	$14.0M	$12.8M	$11.8M	$11.0M	$10.2M	$9.6M
–5%	$16.2M	$14.7M	$13.5M	$12.5M	$11.6M	$10.8M	$10.1M
Base	$17.1M	$15.5M	$14.2M	$13.1M	$12.2M	$11.4M	$10.7M
+5%	$17.9M	$16.3M	$14.9M	$13.8M	$12.8M	$12.0M	$11.2M
+10%	$18.8M	$17.1M	$15.6M	$14.4M	$13.4M	$12.5M	$11.7M
+15%	$19.6M	$17.8M	$16.4M	$15.1M	$14.0M	$13.1M	$12.3M

Cash Flow Sensitivity

Annual NCF at varying rent growth × expense growth

Rent ↓ / Exp →	-5%	-2.5%	Base	+2.5%	+5%

DSCR Sensitivity

At varying NOI levels vs. current debt service

NOI Δ	DSCR	Annual DS	Surplus / (Gap)	Status
-15%	0.97×	$750K	-$24K	Gap
-10%	1.02×	$750K	$19K	Tight
-5%	1.08×	$750K	$61K	Tight
Base (Workbook KPI N15)	1.14×	$750K	$104K	Adequate
+5%	1.20×	$750K	$147K	Adequate
+10%	1.25×	$750K	$189K	Good
+15%	1.31×	$750K	$232K	Good

Leasing & Collections

In-Place vs Market Rent by Unit Type

Jul 2026, grouped by bedroom count

Collections & Delinquency

Econ Occ (vs UW Mkt)

74.1%

NRI ÷ Market Rent (Jul)

Collection Rate

88.2%

NRI ÷ (GPR−L2L) (Jul)

Bad Debt (Jul)

$740

Delinquency

$1,219

3 units (Chel 1621, Ivan 1500, Kent 1548)

AR Records

Jul 31

AR Aging (Jul 31)	Records	Balance
0–30 days	77	$-75,538
31–60 days	1	$-150
61–90 days	0	$0
91+ days	4	$-7,780
Total	79	$-83,468

Negative balances = tenant credits / prepayments. Strong collections — $67K of credit balances across 79 tenants, zero positive 31–60+ delinquency.

Metric	Proforma	YTD Actual	Variance	Var %
Property acquired Feb 2026 (6 months of ownership data). YoY snapshot will populate once Feb 2027 data arrives.

Expense Insights & Commentary

What's Working

Property Tax & Insurance escrowed — predictable monthly accrual ($11.5K tax + $8.4K insurance (Jul); insurance flat at $8.4K/mo May→Jul)

Mgmt Fee at 7.46% of EGI — competitive vs. typical 4-5% for similar-size properties

Watch Items

Water/Sewer $8,876 Mar → $10,251 Apr → $6,510 May → $5,944 Jun → $6,552 Jul — Reverted to normal range after Mar/Apr spike; sub-$6K/mo run rate holding

R&M normalized ($1,167 Mar → $2,128 Apr → $585 May → $312 Jun → $102 Jul) — normalized to sub-$500/mo run rate — settled to sub-$300/mo run rate

Insurance $8,373/mo (Jul, held flat) — equates to ~$622/unit/year, on the high end for Ohio multifamily

Next Steps

Water/sewer May–Jul steady at ~$6-6.5K/mo range; consider RUBS program to shift future costs to tenants

Continue monthly tracking — operating budget loaded ($72.8K/mo OpEx Feb→$75.3K Jan'27); actuals tracking ~18% under in Jul ($62.9K vs $76.8K budget)

Insurance shop at next renewal — benchmark vs. similar Ohio assets

Expense Efficiency Metrics

YTD annualized operating benchmarks

Total OpEx / Unit (Ann.)

$4,765

OpEx / SF (Ann.)

$4.79

Expense Ratio

43.9%

T-3 May–Jul OpEx ÷ EGI

Controllable Exp %

43.3%

Payroll+Mgmt+R&M+Mktg

Lancaster, OH — Submarket Snapshot

Chartwell Phys. Occ

93.6%

Jul 2026 (per RR Summary)

Chartwell Avg Rent

$1,053

Range: $815–$1,550

Lancaster 2BR Comp Avg

$1,360

5 active comps (Apartments.com)

Cap Rate (Workbook)

6.5%

Per Assumptions tab B22

Chartwell vs Comp Avg

-31%

Portfolio avg vs $1,360 2BR comp

Chartwell Avg Rent

$1,053

Jul 2026 in-place across all units

2BR Comp Avg

$1,360

5 active Lancaster comps

Comp Set Size

5 props

36–132 units, 1970–2024

Rent Positioning — Chartwell vs. Market

In-Place Rent vs. Market Benchmarks by Unit Type

Chartwell in-place vs. comp set avg by bedroom

Positioning Summary

Chartwell vs. comp averages

Unit Type	Chartwell In-Place	Comp Avg	Spread	Gap to Close
2BR - 1BTH	$828	$1,360	-39.2%	$532/mo
2BR - 1BTH TH	$821	$1,360	-39.6%	$539/mo
2BR - 1BTH TH RR	$830	$1,360	-39.0%	$530/mo
2BR - 2BTH	$990	$1,360	-27.2%	$370/mo
2BR - 2BTH RR	$1,000	$1,360	-26.5%	$360/mo
2BR - 2BTH Loft	$1,049	$1,360	-22.9%	$311/mo
2BR - 2BTH Loft RR	$1,105	$1,360	-18.8%	$255/mo
3BR - 2BTH	$986	—	—	No 3BR comp data
4BR - 2BTH	$1,059	—	—	No 4BR comp data
2BR Portfolio Wtd Avg	$920	$1,360	-32.4%	$440/mo

Comparable Property Set

Comp Properties — Lancaster, OH 43130

Nearby multifamily comps, market rent survey data

Property	City	Units	Vintage	2BR Rent	2BR SF
Chartwell (Subject)	Lancaster, OH	140	2001	$990*	932
Lodge at River Village	Lancaster, OH	110	1980	$1,295	900
Courtship Village Townhomes	Lancaster, OH	132	1979	$1,299	700
Concord Manor Apartments	Lancaster, OH	36	1970	$1,100	700
Lancaster Midtown	Lancaster, OH	—	2024	$1,405	1,100
Lancaster Ridge (The Residences)	Lancaster, OH	111	2017	$1,700	1,175
Comp Average	—	—	—	$1,360	915

* Chartwell 2BR-2BTH avg in-place rent. Chartwell has no 1BR units (only 2BR/3BR/4BR). Comp rents are "starting at" rates from Apartments.com listings as of 2026-05-05.

Community Amenity Comparison

Community Amenities — Chartwell vs. Comp Set

Sources: Apartments.com listings May 2026 · Chartwell: 4 amenities | Comp range: 2–7

Community Amenity	Chartwell	Lodge at River Village	Courtship Village	Concord Manor	Lancaster Midtown	Lancaster Ridge
Pool	Yes	Yes	Yes	—	Yes	Yes
Fitness Center	—	Yes	—	—	Yes	Yes
Business Center	—	—	—	—	Yes	—
Clubhouse	—	Yes	—	—	Yes	Yes
Dog Park	—	—	—	—	Yes	—
Playground	Yes	Yes	—	—	Yes	—
EV Charging	—	—	—	—	Yes	—
Package Lockers	—	—	—	—	Yes	—
Covered Parking	—	—	—	—	Yes	—
Garages	—	—	—	—	Yes	Yes
Storage Units	Yes	—	—	—	—	—
Pet-Friendly	Yes	Yes	Yes	—	Yes	Yes
Valet Trash	—	—	—	—	Yes	—
TOTAL	4	5	2	0	12	5

Chartwell amenity gaps vs. premium comps (Lancaster Midtown, Lancaster Ridge): Pool, Fitness Center, Clubhouse, Business Center — potential value-add targets.

Unit Amenity Comparison

Unit-Level Amenities — Chartwell vs. Comp Set

Chartwell: 7 unit amenities | Comp range: 2–9

Unit Amenity	Chartwell	Lodge at River Village	Courtship Village	Concord Manor	Lancaster Midtown	Lancaster Ridge
In-Unit W/D	—	—	Yes	—	Yes	Yes
W/D Hookups	Yes	Yes	—	—	—	—
Air Conditioning	Yes	Yes	Yes	Yes	Yes	Yes
Dishwasher	—	Yes	—	—	Yes	Yes
Stainless Appliances	Yes	—	—	Yes	Yes	—
Granite Counters	—	—	—	—	Yes	—
Walk-In Closets	Yes	Yes	Yes	—	Yes	Yes
Patio/Balcony	Yes	Yes	Yes	—	Yes	—
Cable Ready	Yes	Yes	Yes	Yes	Yes	Yes
Hardwood/LVP Floors	—	—	—	Yes	Yes	Yes
TOTAL	6	6	5	4	9	6

Fee Comparison

Move-In & Recurring Fee Survey

Awaiting fee data

Amenity Sources (verified May 2026):
• Chartwell: Apartments.com — confirmed: on-site laundry, covered parking, dog park, pet-friendly, A/C, dishwasher, walk-in closets, patio
• Lodge at River Village: Apartments.com
• Courtship Village Townhomes: Apartments.com
• Concord Manor Apartments: Apartments.com
• Lancaster Midtown: Apartments.com
• Lancaster Ridge: Apartments.com

Fee Category	Chartwell	Lodge at River Village	Courtship Village	Concord Manor	Lancaster Midtown	Lancaster Ridge
Application Fee	$50/applicant	$45/applicant	$40/applicant	Contact office	$60/applicant	$50/applicant
Admin / Leasing Fee	$50	$100	—	—	$150	$100
Hold / Reservation Fee	$99	—	—	—	$200 (refundable)	$100
Security Deposit	$350–$850 (credit)	$400–$700 (credit)	$500	1× rent	$500–$1,000 (credit)	$300–$600 (credit)
Pet Fee — Dog (one-time)	$300	$250	$300	No pets	$300	$300
Pet Rent (per month)	$30	$25	$25	N/A	$35	$30
Pet Limit / Weight	2 / 25 lbs	2 / 50 lbs	2	0	2 / 75 lbs	2 / 50 lbs
Storage Rent	$50/mo	—	—	—	—	—
Valet Trash Fee	—	—	—	—	$25/mo	—
Renters Insurance	—	—	—	—	$100K GL req.	$100K GL req.
Late Fee	10% rent (5-day grace)	10% rent	$50 flat	$50 flat	10% rent	10% rent
NSF / Returned Pmt	$35	$35	$35	$35	$50	$35
Transfer Fee (mid-lease)	$500	—	—	—	$500	$300

Fee data sourced from Apartments.com listings (May 2026). Chartwell column reflects PM-confirmed values; comp columns are best-available public data.

Competitive Position Analysis

Strengths

93.6% physical occupancy (Jul) — 131 of 140 apartments occupied; 8 apartments vacant, all in Fuller/Wind buildings: Fuller 1345/1347/1403/1407/1466 + Ivan 1494 + Nott 1626 + Wind 1471. Fuller 1400 is the leasing office

Covered parking — only Lancaster Ridge offers this among comps

Pet-friendly with on-site dog park — matches premium comps

Gaps

2BR rents (~$1,053) at ~27% discount to comp average ($1,360) — significant LTL

No pool, fitness center, clubhouse — gap vs. Lancaster Midtown ($1,405) and Ridge ($1,700)

PM-recorded Loss-to-Lease ~$23.4K Jul (improving from $30.5K Jun, $33.4K May, $35.2K Apr, $36.8K Mar) — continued closure; UW-basis LtL gap = $59.4K/mo at new $1,362 UW market

Action Items

Push 2BR-2BTH renewal pricing toward $1,150–$1,250 (interim — UW market $1,356, comp avg $1,360)

Add fitness center + clubhouse — bridge premium-comp amenity gap

Execute reno plan: 140 units in tracker (2 done), $893K total budget; track post-reno rent uplift

Leasing KPIs

Currently Occupied

131

Per Rent Roll Summary - Jul (v19)

Vacant Apartments

Fuller 1345/1347/1403/1407/1466 + Ivan 1494 + Nott 1626 + Wind 1471 (all in Fuller/Wind buildings)

MTM Tenants

Derived: count of RR Summary - Jul rows where Status = MTM

Jul Leasing Activity

120

120 leads · 19 tours · 10 apps · 6 approved · 5 signed (per PM Dashboard 7/15/26)

Monthly Leasing Activity

Leasing Pipeline & Conversions

Source: Leasing Activity tab (May–Jul 2026 actuals)

Month	Renewals	Move-Ins	Move-Outs	Net Abs	Projected Occ	Traffic	Apps	Approvals	Conversion
Mar 2026	—	0	1	-1	98.6%	—	—	—	—
Apr 2026	1	1	2	-1	97.9%	—	—	—	—
May 2026	2	6	8	-6	93.6%	64 leads · 7 tours	7 apps · 4 approved	2 signed · 50% rate	—
Jun 2026	6	3	0	+3	95.7%	120 leads · 19 tours	10 apps · 6 approved	5 signed · 50% rate	—
Source: Leasing Activity tab (May–Jul 2026 actuals); June/July per PM Dashboard.

Move-In / Move-Out Detail (May–Jul 2026)

Move-Outs

Source: PM Dashboard 8/5/26 + RR 7/31/26 (July actuals)

Unit	Date Vacated	Prev Rent
Wind 1550	3/30/26	$985
Ivan 1503	4/30/26	$970
Wind 1543	4/30/26	$1,025
Kent 1472	5/31/26	$1,005

Move-Ins

Source: PM Dashboard 8/5/26 + RR 7/31/26 (July actuals)

Unit	Move-In Date	New Rent	Lift vs Prior
Ivan 1503	5/1/26	$1,350	+$380
Kent 1472	6/1/26	$1,350	+$345
Wind 1550	6/1/26	$1,350	+$365
Wind 1473	6/1/26	$1,425	+$395

Weekly Leads / Tours / Applications (Jun 26–Jul 17, 2026)

Leasing Funnel

Source: PM Dashboard 8/5/26 + RR 7/31/26 (July actuals)

Week	Leads	Tours	Pending	Approved	Signed
6/26/26	29	6	0	3	1
7/3/26	25	4	1	1	1
7/10/26	51	6	0	2	3
7/17/26	15	3	1	0	0
4-Week Total	120	19	2	6	5

Lease Expiration & Rent Analysis

Lease Expiration Schedule

Next 12 months (Jul 2026 – Jun 2027)

New vs Renewal Rents

Awaiting client data

Month	Avg New Lease	Avg Renewal	Variance
New vs. renewal rent comparison requires leasing activity data. Awaiting PM delivery.

Leasing Insights & Commentary

Positive Signals

93.6% physical occupancy (Jul 31; 131 of 140) — 131 Occupied + 8 Vacant (Fuller 1345/1347/1403/1407/1466 + Ivan 1494 + Nott 1626 + Wind 1471) + 1 Model (Fuller 1400 = leasing office). Vacancy uptick reflects two recent renovation move-outs awaiting re-lease at higher rent.

4 move-outs all re-leased at $1,350–$1,425 — Ivan 1503 (5/1), Kent 1472 (6/1), Wind 1473/1550 (Jun) — confirms renovated-unit rent ceiling is well above current in-place

Strong collections — net credit balance of $83K (79 prepaid tenants) and zero 31-60 day delinquency

Watch Items

Renovation rent uplift validated — 4 reno-then-vacate units (Ivan 1503 $1,350, Kent 1472 $1,350, Wind 1473 $1,425, Wind 1550 $1,350) re-leasing above prior rents vs prior $970–$1,025; avg +$371/mo lift ($4,455/yr per unit)

2BR-1BTH TH segment under-rented — 37 units at ~$821 avg in-place vs $1,305 UW market (–$484/mo gap); largest below-market segment by unit count

Pre-Feb 2026 leasing history not delivered — historical monthly traffic/applications/renewals not in workbook; trailing conversion + renewal rates can't be computed yet

Strategic Recommendations

Request from PM: monthly leasing activity (traffic, apps, approvals, move-ins, move-outs, renewals) + 12-month lease expiration schedule

At rollover, push renewals on 2BR-1BTH TH ($821→$1,000+ interim) and 2BR-2BTH RR ($800→$1,100+ interim) — both have material room to UW market ($1,305 / $1,356)

Execute renovation program — 138 units remaining in $893K plan; track per-unit cost + post-reno rent uplift to compute realized ROI

Occupancy Trends

Physical & Economic Occupancy

Feb–Jul 2026

Average Rent Trajectory

With market comparison

Unit Type Rent Evolution

Rent Growth by Unit Type

Jul 2026 in-place rents (Feb-Jul 2026, 6 months)

Unit Type	—	Jul 2026	Growth $	Growth %
Multi-month rent growth analysis: 6 months delivered (Feb–Jul 2026). Avg in-place rent Feb $926 → Mar $938 → Apr $946 → May $956 → Jun $1,006 → Jul $1,053 (+1.3% Feb→Mar, +0.9% Mar→Apr, +1.1% Apr→May, +5.2% May→Jun, +4.7% Jun→Jul). Unit-type-level rent growth continuing per PM tracker; sustained spot-market lifts.

Renovation Impact Analysis

Reno Program Performance

Units Completed

—

Total Spend

—

UW Cost/Unit

$8.7K

UW model reference

Units w/ Post-Reno Rent

Per Reno Tracker

Rent Premium Analysis

Avg Premium/Unit

—

Awaiting reno data

Annual Incremental Rent

—

Tracker: 140 units, 2 done

Simple ROI

—

Annual payback

Payback Period

—

Awaiting reno data

Valuation Impact

Reno Uplift

—

Awaiting completed reno data

Cost of Reno Program

—

No reno data delivered

Theoretical Upside

$11.0M

If LTL of $713K/yr closes (UW basis)

Total Reno Budget

$893K

Per Reno Tracker Budget tab

Rent Roll Insights & Commentary

Value-Add Thesis Validated

Rent growth tracking: Feb–Jul 2026 — Avg in-place: Feb $926 → Mar $938 → Apr $946 → May $956 → Jun $1,006 → Jul $1,053 (+13.7% portfolio-wide over 6 months, June +5.2%, July +4.7% — sustained spot-market lifts on turnovers (Kent 1472/Wind 1473/1550 Jun; Fuller 1281/1340 Jul)). Unit-type-level growth pending PM-provided series.

Renovation data tracked — 2 units complete (Fuller 1340 + Ivan 1503, both 4/22/26); see Renovation Insights tab for unit-level detail.

Physical occupancy at 93.6% (Jul; 131/140) — 8 vacant apartments (Fuller 1345/1347/1403/1407/1466 + Ivan 1494 + Nott 1626 + Wind 1471 (Fuller 1340 renovated 4/22/26; others per PM renovation tracker) awaiting re-lease at higher rent); Fuller 1400 is the leasing office (not rentable). Renovation program (per UW: 140 units · $893K total) is in early phase.

Structural Challenges

Collection rate at 94.4% on scheduled in-place rent — strong tenant performance. Versus new UW market rent, NRI runs at 74.1% (the 25.9 pt gap is loss-to-lease vs higher UW market, not collections).

2BR-1BTH TH at $821 avg is the lowest-rent segment at 39.6% below 2BR comp avg ($1,360). 31 of 32 units are currently occupied; this floor plan represents ~$240K/yr of potential rent uplift if pushed to comp parity.

Renovation in early phase — 140-unit program with $893K total budget ($6.4K/unit avg). 2 units completed (Fuller 1340 + Ivan 1503, both 4/22/26); 138 units remaining. Need PM to deliver ongoing completion log + post-reno rent uplift tracking.

Path to Stabilization

Theoretical upside if rents reach UW market: closing the gap between $1,053 avg in-place and $1,362 avg UW market would add ~$43K/mo (~$519K/yr) to NOI. At 6.5% cap that's ~$8.0M of value uplift, from current $13.1M to ~$21.1M. PM-recorded LtL in Jul GL was -$23.4K (gap from PM's lower market benchmark).

Prioritize 2BR-1BTH TH (37 units, ~$484/mo gap to UW market $1,305 / ~$539/mo to comp avg $1,360) — largest absolute rent lift opportunity per renovation dollar.

Closing the UW-basis ~$519K/yr loss-to-lease ($1,362 UW market vs $1,053 in-place) through renovation + lease rollovers would lift NOI and economic occupancy materially.

Renovation Program — Snapshot (Jul 2026)

Units in Tracker

140

Per Reno Tracker

Interior Reno Budget

$893K

Per CapEx Tracker R6 (Interior); Total CapEx program: $1,008K

Units Renovated

Of 140 tracked

Underwritten vs. Actual — Premium Rent (per unit-type cohort)

Premium Captured: Actual vs. UW Projection

Premium = renovated cohort\'s avg in-place rent − unrenovated baseline (same BD type)

BD Type	Reno Tier	# Units	Avg In-Place	Unreno Baseline	Actual Premium	UW Premium	Capture %

Headline: Building-level renovation items (paint, countertops, vinyl, cabinets, lighting) all DONE per client — total program budget $893K. Unit-by-unit renovations are ramping: 2 of 140 units individually renovated to date.

Underwritten vs. Actual — Reno Cost per Unit

Per-Unit Renovation Cost vs. UW Budget

2 completed unit renovations · Total program budget $893K (Reno Tracker)

Renovated Units — Detail

Unit	Type	Reno Date	Rent Before	Rent After	Actual Premium	Reno Cost	UW Cost	Cost Variance
Fuller 1340	—	04/22/2026	$875	$1,325	$+450	$15,825	$8,663	$+7,162
Ivan 1503	—	04/22/2026	$970	$1,350	$+380	$15,788	$8,663	$+7,125

Three-Way Rent Comparison by Unit Type (Jul 2026)

In-Place Rent vs. UW Market Rent vs. PM Market Rent

UW = post-reno proforma (Chartwell UW workbook) · PM Market = OneSite asking rent (NOT yet in workbook — needs PM-provided market benchmark; values shown are placeholder approximations)

Unit Type	BD	Reno Tier	#	Avg In-Place	UW Mkt	PM Mkt	vs UW	vs PM

Renovation Insights & Commentary

UW Plan

140 units in renovation tracker with total program budget of $893K. Per client: building-level items (paint, countertops, etc.) DONE. Individual units: 2 of 140 completed.

Reno reserve funded at acquisition — capital is in place to execute

Significant LTL opportunity — 2BR-2BTH in-place ~$990 sits ~$366 below UW market ($1,356) and ~$370 below comp avg ($1,360)

Pending Data

2 units complete; $67K Mar + $104K Apr CapEx — Fuller 1340 + Ivan 1503 done; GL shows $67K Mar + $104K Apr capex but unit-level cost allocation pending PM detail

No post-reno rent uplift data — need before/after rent by renovated unit

No PM market rent — PM has not provided post-reno comparable rent benchmarks

Action Items

Request renovation tracking spreadsheet from PM (unit #, completion date, scope, cost, post-reno rent)

Establish baseline: pre-reno rent for each candidate unit so post-reno premium can be measured

Categorize Mar–Jul CapEx ($67K + $104K + $22K + $95K + $98K = $386K) — apartment renovations vs. common area / paving / amenities; reconcile to Unit Renovation Tracker

Budget Performance — Feb–Jul 2026 vs Operating Plan

Source: Budget Summary tab — Budget (AN col), Actual (AO col), Variance (AP col) for Jul 2026. Equivalent Feb cols Y/Z/AA, Mar cols AB/AC/AD, Apr cols AE/AF/AG, May cols AH/AI/AJ, Jun cols AK/AL/AM. All values copied directly from workbook with no derived calculations on the dashboard side. Annual Adjusted NOI target ramps from $58K monthly (Feb) to $77K (Jan'27), totaling $812K for the period. Note: Mar/Apr/May/Jun GPR (~$168–170K); Jul $172.6K (+$2.8K vs Jun) is materially higher than Feb ($115K) because PM moved to full accrual accounting in Mar — booking gross market rent then offsetting via Loss-to-Lease (~$35–37K). Mar NRI ($129.8K) / Apr NRI ($129.6K) / Jun NRI ($131.5K) / Jul NRI ($131.5K) are the comparable revenue lines vs Feb NRI ($114.6K).

Revenue vs Budget (Jul)

-6.6%

Actual $134K vs Budget $144K

OpEx vs Budget (Jul)

-18.1%

Actual $62,880 (AO46) vs Budget $76,797

NOI vs Budget (Jul)

+6.6%

Actual $71,135 (AO48) vs Budget $66,719 (AN48) — Budget Summary tab

Annual Budget NOI Target

$812K

12-mo Adjusted NOI Feb'26–Jan'27 ($58K–$77K monthly)

Operating Budget vs. Feb–Jul 2026 Actuals (full 12-mo plan)

Monthly Variance Detail

UW values per Monthly CF tab (Feb–Jul 2026 stabilized)

Line Item	Annual Budget	Feb Bud	Feb Act	Mar Bud	Mar Act	Apr Bud	Apr Act	May Bud	May Act	Jun Bud	Jun Act	Jul Bud	Jul Act	Jul Var %
Effective Gross Income	$1,735K	$133,443	$114,868	$135,440	$133,954	$137,445	$139,917	$139,459	$135,377	$141,483	$143,258	$143,516	$134,014	-6.6%
Total Operating Expenses	$923K	$75,441	$55,784	$75,711	$56,025	$75,981	$61,230	$76,252	$59,412	$76,524	$57,941	$76,797	$62,880	-18.1%
Net Operating Income (NOI)	$812K	$58,002	$59,084	$59,729	$77,929	$61,464	$78,688	$63,207	$75,965	$64,959	$85,317	$66,719	$71,135	+6.6%

Budget vs Actual — Monthly Charts

EGI: Actual vs UW Budget

Operating budget (Feb–Jul 2026)

NOI: Actual vs UW Budget

Operating budget (Feb–Jul 2026)

Period Snapshot — Feb–Jul 2026 Actuals

DSCR (T-1, Jul)

1.14×

T-3 avg (May–Jul): 1.27×

Expense Ratio (Jul)

46.9%

T-1: Jul OpEx $62,880 ÷ Jul EGI $134,014 (T-3 May–Jul basis: 43.7%)

Budget vs Actual — Commentary

Budget Wins

NOI beating budget by +6.6% in Jul — $71,135 actual (BS AO48) vs $66,719 budget (BS AN48); OpEx 18.1% under is the main driver

OpEx 18.1% under budget in Jul — $62,880 actual vs $76,797 budget (BS AN46)

Property Tax & Insurance on plan — fixed escrowed accruals tracking at $11.5K/mo tax + $7.3K/mo insurance, near budget

Budget Misses

Revenue below plan in Jul — Jul EGI $134K vs $144K plan (-6.6%); Fee Income normalized to $2.5K after Jun spike ($11.8K)

Feb NOI beat — Feb NOI $59K vs $58K budget (+1.9%); first month post-acquisition, will normalize with more history

Annual NOI target $812K (Adjusted) — vs UW Year 2 stabilized $1.11M; plan is Year 1 ramp pace, not stabilized run-rate

Action Items

OpEx trend — Mar $56.0K → Apr $61.2K → May $59.4K → Jun $57.9K → Jul $62.9K stepped up on payroll/utilities; confirm it isn't masking deferred maintenance / one-time savings

Drive revenue toward UW market via renewals — closing the $59.4K/mo LtL gap drives an additional $713K/yr NOI

Budget variance now on 6 months (Feb–Jul); T-3 window is May–Jul, running -18.1% under