Portfolio Occupancy
86%
↓ 5 pts vs Q4 2023
Total Revenue (YTD)
$1.89M
-5% vs budget ($1.99M)
Total NOI (YTD)
$778K
-11% vs budget ($875K)
Portfolio Units
754
5 properties
Portfolio Performance — Actual vs. Budget (YTD Q1 2024)
Revenue by Property · Actual vs. Budget
NOI by Property · Actual vs. Budget
Occupancy — Q4 2023 vs. Q1 2024
Average Occupancy by Property
Key Operational Metrics — Q1 2024
Claxton & Pecan
Occupancy86%
Collections87%
Renewal Rate69%
Units to Reno12 ↓
Avg Rent/Unit$942
Lakeside Lakeview
Occupancy82%
Collections90%
Renewal Rate63%
Units to Reno31
Avg Rent/Unit$893
The Lamar
Occupancy80%
Collections95%
Renewal Rate22%
Units to RenoN/A
Avg Rent/Unit$1,569
The Landings
Occupancy95%
Collections99%
Renewal Rate53%
Units to Reno2 ↓
Avg Rent/Unit$1,082
Westminster Club
Occupancy88%
Collections96%
Renewal Rate73%
Units to Reno90
Avg Rent/Unit$1,300
Property P&L — YTD Q1 2024 Drill-Down
Claxton & Pecan
Lakeside Lakeview
The Lamar
The Landings
Westminster Club
2024 Forecast vs. Underwriting — Full Year View
Claxton & Pecan
Fcst Revenue$2.01M
UW Revenue$2.42M
Rev Variance-17%
Fcst NOI$1.03M
UW NOI$1.57M
NOI Variance-34%
Lakeside Lakeview
Fcst Revenue$2.15M
UW Revenue$2.63M
Rev Variance-18%
Fcst NOI$1.07M
UW NOI$1.59M
NOI Variance-33%
The Lamar
Fcst Revenue$686K
UW Revenue$796K
Rev Variance-14%
Fcst NOI$341K
UW NOI$512K
NOI Variance-33%
The Landings
Fcst Revenue$1.82M
UW Revenue$2.05M
Rev Variance-12%
Fcst NOI$829K
UW NOI$1.29M
NOI Variance-36%
Westminster Club
Fcst Revenue$2.09M
UW Revenue$2.32M
Rev Variance-10%
Fcst NOI$1.01M
UW NOI$1.39M
NOI Variance-27%
Loan Portfolio — 2024 Review
| Property | Lender | Type | Rate |
Balance | Maturity | Covenant | Status |
Claxton & Pecan
202 units |
Axonic |
Variable |
L + 5.25%
~7.25% |
$13,909,559 |
Jan 2025* |
DY > 6% |
Near Maturity |
Lakeside Lakeview
216 units |
Walker & Dunlop |
Variable |
SOFR + 4%
~6.25% |
$12,496,563 |
Jan 2025* |
DSCR 1.25x |
Near Maturity |
The Landings
140 units |
Bancorp |
Variable |
SOFR + 4.2% |
$14,992,350 |
Aug 2025 |
DY > 8.5% |
Near Maturity |
The Lamar
40 units |
Bellwether Enterprise |
Fixed |
4.59% |
$5,038,059 |
Dec 2027 |
DSCR 1.25x |
Stable |
Westminster Club
156 units |
Fannie Mae |
Variable |
SOFR + 2.12%
~4.64% |
$12,816,000 |
Oct 2032 |
DSCR 1.25x |
Stable |
* Extended maturities