The Imperial Arms — GP Asset Review

Executive summary

The thesis, right now

Imperial Arms, acquired late February 2026, is tracking to (and on a trailing-quarter basis modestly ahead of) underwriting in its first full quarter of Lombard in-house management: 98.2% occupancy, zero delinquency, trailing-3-mo NOI +15.9% vs budget, and $61,000 distributed to date at ~10.6% annualized cash-on-cash. The RUBS reposition and expense compression are the core value-add levers.

This week

What moved

OPS

Occupancy 98.2% (1 vacant, Unit 209); 401/303/511 turning on strong 2BR demand.

CREDIT

Zero true delinquency since the Feb 2026 takeover (AR-aging confirmed).

CAPITAL

Electrical-panel modernization underway; RUBS billback adds ~$65/unit/mo; trash re-bid saves ~$3,960/yr.

WATCH

Laundry income far under budget; URM earthquake-premium drag; Q3 renewal wave (~16-18 leases); boiler ~$8K warranty dispute.

REPORTING

Global Guru bookkeeping queries — T-Mobile billback landed in the SD account and does not reconcile

INSURANCE

Insurance renewal options — Insur3Tech captive quoted 10% below existing; Manna pitching admitted market

OTHER

CRITICAL work order #365-1 — resident locked out, unit 308 (key retrieval, not replacement)

Data coverage

What this record contains

rent roll: completefinancials noi: completedebt: partialvaluation: completedistributions: completedelinquency: completeleasing efficiency: completeexpenses: completefinancials: completemanagement load: completewatchlist: complete

This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.

Operations

Occupancy & income

94.4%

Occupancy (latest)

$551K

NOI run-rate

$476K

Plan NOI

116%

% of plan

Occupancy trend

Mar'26 → Jul'26 · 5 months

Income · NOI · Expense by month

IncomeNOIExpenses

Monthly operating detail

Month	Income	NOI	Expenses	Margin
2026-01	$0	$0	$0	—
2026-02	$31,036	$24,026	$7,010	77%
2026-03	$70,327	$55,978	$14,349	80%
2026-04	$68,678	$41,618	$27,060	61%
2026-05	$71,853	$38,946	$32,907	54%
2026-06	$67,874	$44,813	$23,060	66%

Rent roll

Unit-level rent roll

Current rent-roll module not attached for this asset. Run rent_roll_parse.py on the latest month and pass the modules dir.

Financials

Operating performance · 2026-01 → 2026-06 (6mo)

$499K

NOI run-rate

60.6%

NOI margin

+5%

vs plan

$6,013

Opex / unit

NOI over time

NOI margin % over time

Year over year

Year	Income	NOI	Margin	Opex
2026 (6mo)	$309,768	$205,381	66%	$104,386

Expense analysis

Where the money goes

$319K

Total opex / yr

$5,898

Opex / unit

38.6%

Opex ratio

35.4%

Non-controllable

Operating expense by category · annualized run-rate, % of EGI ■ controllable ■ fixed (tax/insurance)

Utilities

$97,716

11.9% EGI

Management

$65,519

8.0% EGI

Taxes

$59,566

7.2% EGI

Insurance

$53,181

6.5% EGI

Repairs & Maintenance

$28,695

3.5% EGI

Other

$12,485

1.5% EGI

Marketing

$1,200

0.1% EGI

Administrative

$144

0.0% EGI

Anomalies to research

rising

Utilities

Utilities up 615% (recent vs earlier) — 29.3% of opex, ~$73,339/yr.

rising

Taxes

Taxes up 42% (recent vs earlier) — 21.2% of opex, ~$53,213/yr.

rising

Management

Management up 258% (recent vs earlier) — 20.7% of opex, ~$51,856/yr.

rising

Repairs & Maintenance

Repairs & Maintenance up 2212% (recent vs earlier) — 9.1% of opex, ~$22,723/yr.

rising

Other

Other up 100% (recent vs earlier) — 2.0% of opex, ~$4,994/yr.

Rising = recent months vs earlier; spike = worst month ÷ typical. One-time acquisition/financing costs are stripped to NOI automatically.

Leasing efficiency

Pricing power & velocity

Market trade-out

-0.2%

4 re-leases

Renewal increase

+4.3%

8 renewals

Value-add reno lift

—

pending

Time to lease

24d

median · 4 turns

Trade-out = rent change re-leasing to a new resident; renewal = same-resident step-up; reno lift = outsized jump after a value-add turn. Together they separate market signal from manager pricing power from renovation premium.

Turn log · days off market

Unit	Type	Days off market	Category
305	Studio	16d	Market
207	Studio	59d	Market

Time-to-lease · detail

Actual days vacant, unit by unit

31d

Avg market re-lease (dated turns)

4/4

Turns with real move-out→move-in dates

Market trade-outs

Every market turn · days vacant = new resident move-in − prior resident move-out · newest first

Unit	Re-leased	Prior move-out	New move-in	Days vacant	Basis	Type
302	2026-07	2026-05-31	2026-06-30	30d	actual	trade-out
311	2026-07	2026-06-04	2026-06-22	18d	actual	trade-out
207	2026-06	2026-03-16	2026-05-14	59d	actual	trade-out
305	2026-05	2026-04-12	2026-04-28	16d	actual	trade-out

"Actual" rows use recorded move-out and move-in dates from the rent rolls; "est." rows fall back to the monthly-snapshot gap where a clean date pair is missing (which over-counts). Renovation turns are listed but excluded from the headline market time-to-lease; phantom same-lease name-changes are dropped upstream.

Rent growth · repricing impact

Trade-outs & renewals — what repricing is capturing

Trade-out rent impact

-$2/mo

4 re-leases · avg -0.2% · -$24/yr

Renewal rent impact

+$450/mo

8 renewals · avg +4.3% · +$5,400/yr

Combined repricing

+$448/mo

current-manager era · +$5,376/yr annualized

Trade-out impact = monthly rent gained (or lost) re-leasing vacated units to new residents; renewal impact = rent captured stepping up in-place residents who stayed. Together they show whether the current manager is growing scheduled rent — and through which lever. Figures are for the current-manager era.

$1,282→$1,281

Avg in-place rent (2026-03→2026-07)

-0.1%

In-place rent growth

-0.2%

Avg trade-out (4)

+4.3%

Avg renewal (8)

Average in-place vs market rent by month

2026-03 → 2026-07 · solid = in-place, dashed = market asking

In-place rentMarket asking

Every repricing event · dated · trade-outs, renewals & reno turns · newest first

Month	Unit	Prior rent	New rent	Δ $/mo	Δ %	Type
2026-07	101	$1,550	$1,550	+$0	0%	renewal
2026-07	302	$1,240	$1,275	+$35	+2.8%	trade-out
2026-07	311	$1,675	$1,695	+$20	+1.2%	trade-out
2026-06	402	$1,215	$1,245	+$30	+2.5%	renewal
2026-06	207	$1,025	$1,049	+$24	+2.3%	trade-out
2026-05	201	$1,595	$1,650	+$55	+3.4%	renewal
2026-05	308	$1,635	$1,790	+$155	+9.5%	renewal
2026-05	305	$1,130	$1,049	-$81	-7.2%	trade-out
2026-04	502	$1,280	$1,310	+$30	+2.3%	renewal
2026-04	305	$1,035	$1,130	+$95	+9.2%	renewal
2026-04	212	$1,015	$1,055	+$40	+3.9%	renewal
2026-04	203	$1,225	$1,270	+$45	+3.7%	renewal

Performance trends · since inception

Occupancy, rent & turnover across the hold

Physical occupancy (avg)

97%

Latest 94.4%

Economic occupancy (avg)

—

In-place ÷ market

Avg in-place rent

$1,285

$1282 → $1281 (-0.1%)

Avg loss-to-lease

—

per month · gross potential − in-place

Lease turns · time-to-lease

4 · 31d

median 24d · 4 date-verified

Avg trade-out

-0.2%

new-lease rent change

Charts and read-through load when this tab is opened.

Physical occupancy over time · occupied ÷ 54 units

In-place vs market (asking) rent

Economic occupancy & loss-to-lease

Not computable for this asset

This property's rent-roll export publishes a market (asking) rent only for vacant units — 10% coverage on occupied units. Gross potential rent therefore can't be measured, so economic occupancy and loss-to-lease are suppressed rather than shown as a misleading figure. Ask the manager to publish market rent on occupied units and this populates automatically.

Average in-place rent by floorplan

Turnover — days vacant & trade-out % per lease · bars colored by speed; line = trade-out %

Debt & coverage

Debt-service coverage

2.05x

DSCR

$244K

Debt service / yr

$256K

Leveraged CF / yr

56%

LTV

Positive leverage

Cost of debt 5.94% vs. ~6.5% cap rate — the asset out-yields its debt; leverage is accretive.

Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr

Lender	Balance	Rate	Structure	Debt svc/yr	Maturity
Everbank	$4.10M	5.94%	IO	$244K	2031-02-17

Leveraged cash flow by month · NOI minus debt service (≈$20K/mo)

Green = cash to equity that month, red = shortfall covered by reserves/equity.

Returns & capital structure

Underwritten returns & preferred

Underwritten LP IRR

21.1%

target

Equity multiple

2.3x

underwritten

Avg cash-on-cash

12.52%

underwritten

Underwritten targets from the deal model; realized returns track distributions and mark-to-market equity on the Valuation tab.

Valuation & equity

Valuation & returns engine

Two engines: a mark-to-market of investor equity right now (choose the NOI basis and cap rate), and a go-forward projected net IRR to the LP through a full waterfall (senior debt → senior pref → LP capital + preferred return → GP promote). All inputs are live — dial them and the numbers recompute. Marks are model-implied, not appraisals.

Distributions & capital

Cash to & from partners

active

Status

$53K

Distributed to date

10.6%

Cash-on-cash

Capital calls

Distribution history

Period	Amount
2026-03-31	$13,724
2026-06-30	$39,355

~10.6% annualized cash-on-cash; pacing in line with plan (ramps toward 12.5% avg as RUBS matures).

Risk & action items

What needs attention

Open watch list · 3 items · as of 2026-07-17

Priority	Theme	Item	Owner	Next step	$ impact	Raised
Medium	Reporting	Global Guru bookkeeping queries — T-Mobile billback landed in the SD account and does not reconcile	Vendor	Answer the remaining T-Mobile billback reconciliation queries.	—	2026-07-09
Medium	Insurance	Insurance renewal options — Insur3Tech captive quoted 10% below existing; Manna pitching admitted market	Insurer	Compare the captive proposal against Manna's admitted-market options and the current placement.	—	2026-07-10
Medium	Other	CRITICAL work order #365-1 — resident locked out, unit 308 (key retrieval, not replacement)	Lombard PM	Confirm Lombard PM resolved the unit 308 lockout.	—	2026-07-10

Source: Notion — Property Issues & Conversations Tracker + Outlook sweep. Each item carries a named owner and a next step; nothing sits here without one.

Hardened 30+ delinquency · as of 2026-06

Hardened (resident-owed, net of housing-authority subsidy and the 0–30 timing bucket) is $0. flat

0–30 balances are excluded as payment-timing noise; the trend on hardened is the real credit signal.

watch

REVENUE

Laundry income far below budget (May $535 vs $2,386, -78%); investigate machines/pricing/collection.

watch

WATCH

URM earthquake-insurance premium is a structural cost drag.

monitor

FINANCING

Mortgage amortization / P&I conversion - reconcile booked balance to lender schedule.

monitor

CAPEX

Boiler component failure ~$8,000, disputed under warranty; not yet in opex.

monitor

TIMING

Q3 2026 renewal wave (~16-18 leases) concentration to work.