$6m−6.3% vs budget
Mar
Apr
May
Jun
Jul
Aug
ActualBudget
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Which assets explain the portfolio shortfall?
Mill
NOI is $400k below budget. Three assets explain the gap.
$6m−6.3% vs budget
Mar
Apr
May
Jun
Jul
Aug
ActualBudget
August actuals + approved budget
Which assets explain the portfolio shortfall?
Provisional actuals · 46 of 48 packages reviewed
From budget to actual NOI
August 2026 · USD
What changed
August NOI is $6m, $400k (6.3%) below budget. Rental income is $320k below plan; operating costs are $80k above plan.
Where to focus
Three assets explain the $400k gap. Riverside’s $210k shortfall combines $200k from a delayed lease start and $10k in additional void costs. The manager’s revised start date needs review. Kingsway contributes $80k; Parkside, $110k.
August operating statement.xlsxApproved budget 2026.xlsxAugust manager commentary.eml
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Northbridge · 48 assets
Quarterly portfolio review
Q2 2026Net operating income$18m−6.3% vs budget
Income − expenses
$25.2m − $7.2m
= $18m
$25.2m − $7.2m
= $18m
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Northbridge · Q2 2026
Net operating income$18mD20
Northbridge · Q2 actuals.xlsx
18Operating income$25,200,00019Operating expenses$7,200,00020NOI$18,000,000
D18 − D19 = D20
Every figure, traced to its source.
Asset reports / Sep 2026
Lease expiry review
Kingsway · Office
Sep 2026Kingsway
Executive summary
Leases covering $1.2m of annual rent expire in the next 12 months, 17.9% of Kingsway’s rent. Three renewals are below recent comparable lettings; review incentives before agreeing terms.
$1.2m of annual rent expires within 12 months. Three renewals need review.
Rent expiring · 12m
Sep 2026$1.2m17.9% of annual rent
WAULT to expiry4.2 years
Lease expiries$m annual rent
Sep 2026
1.50.750
Priority renewals
| Tenant | Expiry | Annual rent |
|---|---|---|
| Westbridge | Mar 2027 | $480k |
| Finch Partners | Jun 2027 | $400k |
| Meridian | Sep 2027 | $320k |
Every asset class, in its own terms.
From lease expiries and tenant exposure to fund reviews.
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Workflows
UK Core Fund
| Workflow | Latest finding |
|---|---|
| Covenant Watch | Forecast covenant risk |
| ESG Watch | Energy evidence missing |
| Internal Controls | Report approval missing |
Source documents
Riverside · Cashflow forecast
Q1 2027 forecast
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Track the business plan, explain material changes and review leasing opportunities.
Portfolio overview
Northbridge · August 2026
Gross asset value
$1.5bn
48 assets · 3 fundsMonthly NOI
$6m
−6.3% vs planOccupancy
92.8%
94.5% planLoan to value
40%
$600m debtNOI trend
Aug $6mLease expiries
$m annual rent| Asset | Occupancy | NOI | vs budget |
|---|---|---|---|
| RiversideOffice | 94.2% | $420k | −33.3% |
| KingswayOffice | 96.1% | $380k | −17.4% |
| ParksideIndustrial | 98.4% | $400k | −21.6% |
Northbridge
Aug 2026Gross value
$1.5bn
Monthly NOI
$6m
Occupancy
92.8%
Loan to value
40%
Lease expiries
$m annual rentYour portfolio, at a glance
Every asset. The metrics that matter.
NOI below budget
August NOI is $420k vs $630k planned. The manager reports a delayed lease start.
−$210kNOI against budget
- Delayed lease start
- −$200k
- Additional void costs
- −$10k
Actuals, budget + manager update
August actual / budget
- Rental income
- $580k / $780k
- Operating costs
- $160k / $150k
- Net operating income
- $420k / $630k
Understand what changed
Important changes, with the reasons behind them.
Rents below comparables
I found 3 renewals at $40/sq ft; comparables are $46.
+$180k / yeargross potential
Rent roll + recent lettings
Portfolio: 18 renewals across six assets, $480,000 annual gross reversion. Other 15 renewals: $300,000. Kingsway: 30,000 sq ft × ($46 − $40) = $180,000 annually. Illustrative gross uplift before incentives, fees and vacancy; subject to lease terms and comparable review.
XLSXRent roll + recent lettingsCheck Kingsway comparables
- Assignee
- Sarah Mitchell
- Due date
- 23 Sep 2026
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Overview, 1 of 3
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Which assets explain the NOI shortfall?
Riverside explains $210k of the $400k gap. Kingsway adds $80k; Parkside $110k. The other 45 assets are on budget.
Sources: Operating statement and Approved budget.
Which assets need a covenant review?
Riverside needs a review. Without the December renewal, debt cover falls to 1.18× against a 1.20× minimum. The base case is 1.40×.
Sources: Facility agreement and Cashflow forecast.
What still needs review before reporting?
46 of 48 packages reviewed. Riverside’s lease start and Kingsway’s cost mapping need sign-off. Totals remain provisional.
Sources: Reporting register.
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