Chartwell — Asset Management Dashboard

Key Performance Indicators

Physical Occupancy

98.6%

T-1 (Mar)

Econ Occ (incl L2L)

68.1%

NRI ÷ UW Mkt · T-1 (Mar)

Econ Occ (excl L2L)

99.0%

NRI ÷ Scheduled · T-1 (Mar)

Avg In-Place Rent

$938

T-1 (Mar)

NOI (Ann.)

$920.0K

T-1 (Mar)

NOI Margin

58.0%

T-1 (Mar)

DSCR

1.25×

T-1 (Mar)

Implied Value / Unit

$101.1K

@ 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 (98.9% vs. 68.1%) 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.)

-$668.7K

T-1 (Mar)

Occupancy & Rent

Physical Occupancy Monthly Trend

Feb–Mar 2026 (limited history; pre-Feb data not delivered)

Unit Mix & Rent Analysis

Mar 2026 in-place vs. market

Unit Type	Units	In-Place	Market (PM-reported)	UW Market (Chartwell UW)	Gap to UW
2BR - 1BTH	12	$828	—	$1,305	-36.6%
2BR - 1BTH TH	37	$821	—	$1,305	-37.1%
2BR - 1BTH TH RR	3	$830	—	$1,305	-36.4%
2BR - 2BTH	51	$990	—	$1,356	-27.0%
2BR - 2BTH RR	5	$1,000	—	$1,356	-26.3%
2BR - 2BTH Loft	7	$1,049	—	$1,356	-22.6%
2BR - 2BTH Loft RR	1	$1,105	—	$1,356	-18.5%
3BR - 2BTH	12	$986	—	$1,450	-32.0%
4BR - 2BTH	12	$1,059	—	$1,550	-31.7%
TOTAL	140	$938	—	$1,362	-31.1%

Financial Performance

Monthly Revenue vs Expenses vs NOI

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

Expense Breakdown

T-1 (Mar 2026) by category

Category	Amount	% of OpEx
Payroll & Benefits	$11,171	20.1%
Property Management	$9,438	17.0%
Repairs & Maintenance	$1,167	2.1%
Insurance	$7,254	13.0%
Property Taxes	$11,534	20.7%
Utilities	$9,079	16.3%
Marketing	$2,285	4.1%
G&A	$3,345	6.0%

Monthly Income Statement (T-1: Mar 2026)

9-Month P&L Summary

Feb–Mar 2026 + Trailing Period Totals

Line Item	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Total

Debt & Returns

DSCR Monthly Trend

With 1.20x floor target

Capital Stack

Annual Debt Svc

$738K/yr

NOI Cover

$920K

Annual CapEx

$851K

Net Cash Flow

-$669K

Loan Balance

$12.04M

Loan-to-Cost

70.7%

Int. Rate

6.13%

Equity

$5.00M

Valuation Sensitivity

NOI delta × Cap rate — scroll or use arrows

NOI Δ	5.0%	5.5%	6.0%	6.5%	7.0%	7.5%	8.0%
-15%	$15.6M	$14.2M	$13.0M	$12.0M	$11.2M	$10.4M	$9.8M
–10%	$16.6M	$15.1M	$13.8M	$12.7M	$11.8M	$11.0M	$10.4M
–5%	$17.5M	$15.9M	$14.6M	$13.4M	$12.5M	$11.7M	$10.9M
Base	$18.4M	$16.7M	$15.3M	$14.2M	$13.1M	$12.3M	$11.5M
+5%	$19.3M	$17.6M	$16.1M	$14.9M	$13.8M	$12.9M	$12.1M
+10%	$20.2M	$18.4M	$16.9M	$15.6M	$14.5M	$13.5M	$12.7M
+15%	$21.2M	$19.2M	$17.6M	$16.3M	$15.1M	$14.1M	$13.2M

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%	1.06×	$738K	$44K	Tight
-10%	1.12×	$738K	$90K	Tight
-5%	1.18×	$738K	$136K	Adequate
Base	1.25×	$738K	$182K	Good
+5%	1.31×	$738K	$228K	Good
+10%	1.37×	$738K	$274K	Strong
+15%	1.43×	$738K	$320K	Strong

Leasing & Collections

In-Place vs Market Rent by Unit Type

Mar 2026, grouped by bedroom count

Collections & Delinquency

Econ Occ (vs UW Mkt)

68.1%

NRI ÷ Market Rent (Mar)

Collection Rate

99.0%

NRI ÷ Scheduled (Mar)

Bad Debt (Mar)

$1,336

AR Records

Mar 31

AR Aging (Mar)	Records	Balance
0–30 days	77	$-72,183
31–60 days	1	$-1,970
61–90 days	0	$0
91+ days	0	$0
Total	78	$-74,153

Negative balances = tenant credits / prepayments. Strong collections — $74K of credit balances across 78 tenants, zero positive 31–60+ delinquency.

Cash Returns & Asset Valuation

Monthly Net Cash Flow + YTD Cumulative

Bar chart + cumulative line (dual Y-axis)

Implied Property Value Monthly

6.5% cap rate, with stabilized target

Year-over-Year Snapshot

YTD (Jul–Mar) Proforma, Actual, and Variance

Metric	Proforma	YTD Actual	Variance	Var %
Year-over-year comparison requires 12+ months of operating data. Chartwell only has Feb–Mar 2026 delivered to date — YoY snapshot will populate once 2027 data arrives.

Commentary

Strengths

NOI beating budget by +22.8% in Mar — $77K actual vs $62K plan; OpEx tracking 24% under budget more than offsets the small 2.4% revenue miss

98.6% physical occupancy (138/140) — strong demand at current pricing

Strong collections — net $74K credit balance across 78 tenants (prepaid rent), zero 31-60+ aging

Concerns

$938 avg in-place rent sits 31% below $1,362 UW market — large loss-to-lease gap (~$59K/mo, ~$713K/yr at UW basis)

DSCR at 1.25× (T-1) — modest cushion above lender covenants; only 2 months of actuals so T-3/T-6/T-12 toggle averages the same Feb–Mar period

Budget anchored to Year 1 ramp ($847K annual NOI) — Year 2 UW stabilized target is materially higher at $1.11M NOI / $17.1M value

Next Steps

Push renewal pricing toward UW market on 2BR-1BTH TH ($821→$1,000+) and 2BR-2BTH ($990→$1,150+) — closing UW gap drives $713K/yr NOI uplift

Execute renovation plan — 138 units remaining in $893K program; 2 completed at +$380–$450/mo rent lift vs prior

Once Apr–Jun actuals arrive, refresh T-3 budget variance to confirm the +22.8% NOI beat trend holds

Expense Insights & Commentary

What's Working

Property Tax & Insurance escrowed — predictable monthly accrual ($11.5K tax + $7.3K insurance in March)

Mgmt Fee at 3.07% of EGI — competitive vs. typical 4-5% for similar-size properties

Watch Items

Water/Sewer $8,439 in March — 13× the prior month ($647 in Feb); investigate seasonal vs. leak vs. catch-up billing

R&M climbing ($1,167 in March vs. $0 in Feb) — early signs of deferred-maintenance catch-up

Insurance $7,254/mo — equates to ~$622/unit/year, on the high end for Ohio multifamily

Next Steps

Compare Mar water/sewer to historical norm once more months come in; consider RUBS program

Continue monthly tracking — v10 operating budget loaded ($72.8K/mo OpEx Feb→$75.3K Jan'27); actuals tracking 24% under in Mar

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

42.0%

Mar OpEx ÷ Mar EGI

Controllable Exp %

43.3%

Payroll+Mgmt+R&M+Mktg

Lancaster, OH — Submarket Snapshot

Chartwell Phys. Occ

98.6%

Mar 2026 (per RR Summary)

Chartwell Avg Rent

$938

Range: $821–$1,105

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

$938

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

98.6% physical occupancy — strong demand at current pricing (138/140 occupied per RR Summary - Mar)

Covered parking — only Lancaster Ridge offers this among comps

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

Gaps

2BR rents (~$990) 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 ~$36.8K/mo (Mar GL); 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

137

Per PM dashboard 4/29/26

Vacant + Pre-Leased

3 + 3

3 vacant, 3 pre-leased, 1 leased

MTM Tenants

Month-to-month leases

Apr Leads (4 weeks)

7 tours · 1 signed lease

Monthly Leasing Activity

Leasing Pipeline & Conversions

Source: PM Dashboard 4/29/26 (Apr–Jun 2026)

Month	Renewals	Move-Ins	Move-Outs	Net Abs	Projected Occ	Traffic	Apps	Approvals
Mar 2026	—	0	1	-1	97.9%	—	—	—
Apr 2026	—	0	2	-2	95.7%	64 leads · 7 tours	4 apps	1 signed
May 2026	—	1	1	0	95.0%	—	—	—
Jun 2026	—	3	0	+3	96.4%	—	—	—
Source: PM Dashboard PDF (4/29/26). Renewals, weekly traffic/conversion data not yet broken out by month.

Move-In / Move-Out Detail (Apr–Jun 2026)

Move-Outs

From PM Dashboard 4/29/26

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

All at $1,350 — significant rent uplift

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 1543	6/24/26	$1,350	+$325

Weekly Leads / Tours / Applications (April 2026)

Leasing Funnel

From PM Dashboard 4/29/26

Week	Leads	Tours	Pending	Approved	Signed
4/10/26	9	1	2	1	1
4/17/26	17	3	1	0	0
4/24/26	19	2	1	1	0
5/1/26	19	1	0	0	0
4-Week Total	64	7	—	2	1

Lease Expiration & Rent Analysis

Lease Expiration Schedule

Next 12 months (Mar 2026 – Feb 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

98.6% physical occupancy through Mar 2026 (138/140 occupied; 1 Model unit at Fuller 1400 + 1 vacant at Ivan 1503)

4 move-outs all re-leased at $1,350 — Ivan 1503 (5/1), Kent 1472 (6/1), Wind 1543/1550 (Jun) — confirms renovated-unit rent ceiling is well above current in-place

Strong collections — net credit balance of $74K (78 prepaid tenants) and zero 31-60 day delinquency

Watch Items

Renovation rent uplift validated — 4 reno-then-vacate units (Ivan 1503, Kent 1472, Wind 1543/1550) all re-leasing at $1,350 vs prior $970–$1,025; avg +$354/mo lift ($4,250/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–Mar 2026

Average Rent Trajectory

With market comparison

Unit Type Rent Evolution

Rent Growth by Unit Type

Mar 2026 in-place rents (limited history)

Unit Type	—	Mar 2026	Growth $	Growth %
Multi-month rent growth analysis requires 3+ months of data. Chartwell only has Feb–Mar 2026 delivered to date. Awaiting Apr 2026 close for first growth comparison.

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

Multi-month rent growth not yet trackable — only Feb-Mar 2026 data delivered. Will populate once Apr 2026 close arrives.

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

Physical occupancy steady at 98.6% with 1 vacant unit (Ivan 1503). Renovation program (per UW: 140 units · $893K total) is in early phase.

Structural Challenges

Collection rate at 98.9% on scheduled in-place rent — strong tenant performance. Versus new UW market rent, NRI runs at 68.1% (the 30.8 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). 36 of 37 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 $938 avg in-place and $1,362 avg UW market would add ~$59.4K/mo (~$713K/yr) to NOI. At 6.5% cap that's ~$11.0M of value uplift, from $14.15M to ~$25.1M. PM-recorded LtL in Mar GL was -$36.8K (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 ~$713K/yr loss-to-lease ($1,362 UW market vs $938 in-place) through renovation + lease rollovers would lift NOI and economic occupancy materially.

Renovation Program — Snapshot (Mar 2026)

Units in Tracker

140

Per Reno Tracker

Total Reno Budget

$893K

All categories (per Budget tab)

Building Items

DONE

Paint, countertops, vinyl, etc.

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 (Mar 2026)

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

UW = post-reno proforma (Chartwell UW workbook) · PM = current OneSite-reported market

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, $71K Mar CapEx — Fuller 1340 + Ivan 1503 done; Mar GL shows $71K total 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 March CapEx ($71K) — apartment renovations vs. common area / paving / amenities; reconcile to Unit Renovation Tracker

Budget Performance — Feb–Mar 2026 vs v10 Operating Plan

Source: v10 operating budget from Chartwell - 2026 KPI Workbook · Budget Summary tab · monthly detail rows 62+, col D=Feb $133,443 EGI, col E=Mar $135,440 EGI. Full 12-month plan covering Feb 2026 – Jan 2027 with rents growing 0.25%/mo and expenses 0.32%/mo. Annual NOI target ramps from $60.7K monthly (Feb) to $80.6K (Jan'27), totaling $847K for the period. Note: Mar GPR ($168K) 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 ($36.8K). Mar NRI ($129.8K) is the comparable revenue line vs Feb NRI ($114.6K).

Revenue vs Budget (Mar)

-2.4%

Actual $132K vs Budget $135K

OpEx vs Budget (Mar)

-23.9%

Actual $56K vs Budget $73K

NOI vs Budget (Mar)

+22.8%

Actual $77K vs Budget $62K

Annual Budget NOI Target

$847K

12-mo ramp Feb'26–Jan'27 ($60.7K–$80.6K monthly)

Operating Budget vs. Feb–Mar 2026 Actuals (v10 — full 12-mo plan)

Monthly Variance Detail

UW values per Monthly CF tab (Feb-Mar 2026 stabilized)

Line Item	Annual Budget (v10)	Feb Budget	Feb Actual	Mar Budget	Mar Actual	Mar Variance %
Effective Gross Income	$1,735K	$133,443	$114,868	$135,440	$132,256	-2.4%
Total Operating Expenses	$889K	$72,772	$47,605	$73,002	$55,588	-23.9%
Net Operating Income	$847K	$60,671	$67,262	$62,438	$76,667	+22.8%

Budget vs Actual — Monthly Charts

EGI: Actual vs UW Budget

v10 operating budget (Feb–Mar 2026)

NOI: Actual vs UW Budget

v10 operating budget (Feb–Mar 2026)

Period Snapshot — Feb–Mar 2026 Actuals

DSCR (T-1, Mar)

1.25×

YTD avg (Feb–Mar): 1.15×

Expense Ratio (Mar)

42.0%

T-1: Mar OpEx $55,588 ÷ Mar EGI $132,256 (workbook KPIs tab shows 41.8% T-3 period basis)

Budget vs Actual — Commentary

Budget Wins

NOI beating budget by +22.8% in Mar — $76.7K actual vs $62.4K plan; OpEx -24% under is the main driver

OpEx 24% under budget — Payroll, Property Mgmt fee, contract services, marketing all tracking well below v10 plan

Property Tax & Insurance on plan — fixed escrowed accruals tracking at $11.5K/mo tax + $7.3K/mo insurance, near v10 budget

Budget Misses

Revenue just slightly under plan — Mar EGI $132K vs $135K plan (-2.4%); not yet realizing the rent growth assumed in v10 ramp

Feb NOI miss — Feb NOI $67K vs $61K plan (+11%); first month of accrual recording, will normalize

Annual NOI target $847K — vs UW Year 2 stabilized $1.11M; v10 plan is Year 1 ramp pace, not stabilized run-rate

Action Items

Sustain the OpEx beat — confirm Mar's $55.6K run-rate 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

Refresh budget variance monthly as Apr–Jun actuals arrive; T-3 toggle will then average 3 real months