Atala — Asset Management Dashboard

Occupied & Leased

64 / 343

18.7% leased · 81.3% exposure

Leased (signed)

+ 18 occupied = 64 total

Available

275

of 339 rentable (4 excluded)

Gap to 20% milestone

target = 68 units

Days since TCO

TCO 3/12/26

Avg leased rent

$3,099

$3.17/sf · vs property $3.07/sf

Reporting note: 4 model units excluded from rentable inventory Headline = Occupied & Leased. Rent roll captures only "Vacant Rented Not Ready"; occupied units roll off once active.

Window

Cadence

Affects trajectory, daily tour activity, and lead generation charts. Stocks (trajectory) use end-of-period values; flows sum within each period.

Lease-up trajectory · 3/12 – 5/13/26

Total Occupied & Leased 10% target (34) 15% target (51) 20% target (68)

Concession period: 4 weeks free (3/12 – 3/19) 6 weeks free (3/20 – 4/22) 2 months free (4/23 onward)

Continuous daily axis. Targets at floor(343 × percentage). Concession band per period is colored by the regime in effect at the end of that period (so weekly/monthly views aggregate to a single dominant color). 4/22+ from DARs; earlier dates from box scores and inferred net activity.

Funnel conversion · 4/15 – 4/27 (13 days)

New leads

263

100%

Tours completed

30% of leads

Applications

~30

38% of tours

Net new leases

53% of apps

Tours = scheduled + walk-ins. Net leases reflects 28 → 44 over the period. Lead-to-lease all-in: ~6.1%.

Daily traffic

Traffic (incl. virtual tours)

DAR row 14 (Traffic). Pre-4/28 dates derived from prior tour-type splits summed.

Daily lease activity

Gross leases Cancellations / denials

DAR rows 15 + 16. Net leases (= Gross − Cancel) shown in the separate chart below.

Unit-mix detail

Unit-mix velocity

Leased (signed) Available Excluded

Leased = "Vacant Rented Not Ready" on rent roll (signed leases waiting move-in). Excluded = employee + model units. Bars sum to total inventory of each mix.

Unit-mix breakdown

Mix	Total	Excl	Rent.	Leased	Avail.	Lsd %	Avg rent	$/sf
Studio (Aster)	11	1	10	0	10	0.0%	$0	$0.00
1BR (Zinnia)	115	1	114	0	114	0.0%	$0	$0.00
1BR + Den (Zinnia K)	31	1	30	0	30	0.0%	$0	$0.00
2BR (Cosmos)	130	1	129	0	129	0.0%	$0	$0.00
2BR + Den (Cosmos M/N)	28	0	28	0	28	0.0%	$0	$0.00
3BR (Lavender)	28	0	28	0	28	0.0%	$0	$0.00
Total (signed)	343	4	339	46	293	13.6%	$3,099	$3.17
+ Occupied (already moved in)	—	—	—	18	—	—	—	—
Occupied & Leased	343	4	339	64	275	18.9%	—	—

Property baseline (all 343 units): avg rent $3,018 · $3.07/sf. Leased rents are tracking at $3.17/sf — 3.3% vs budget.

Daily net leases

Net leases Net cancellations

Lead source mix

Drive By Property Website Zillow Other

Move-ins

Total leases (committed)

across 4 months

Already moved in

as of 5/13/26

Upcoming move-ins

next starts 5/24/26

Peak month

April

20 move-ins

Move-ins by month

Leases by agent

Upcoming move-in schedule (next 25)

Unit	Resident	Agent	Move-in
1-205	Bracamonte, Abigail	Britney Vargas	5/24/26
1-218	Rosado, Grace	Norelis Madera	5/24/26
1-602	De Grazia, Anyela	Britney Vargas	5/24/26
1-604	Fernandez,, Lester	Norelis Madera	5/24/26
1-607	Grullon, Joel	Britney Vargas	5/24/26
1-213	santacruz quiroga, Ruben	Norelis Madera	5/25/26
1-217	Ganges, Minerva	Britney Vargas	5/26/26
1-106	Ramirez, Eric	Britney Vargas	5/27/26
1-415	FORERO, CESAR	Britney Vargas	5/27/26
1-425	Manzanares, Gisselle	Maggie Ramos	5/27/26
1-604	Fernandez, Lester	Norelis Madera	5/27/26
1-235	Betancourt, Glenda	Norelis Madera	5/31/26
1-328	Madera, Norelis	Norelis Madera	6/2/26
1-207	Rivera, Linette	Britney Vargas	6/4/26
1-407	Beristain, Valentina	Norelis Madera	6/18/26
1-805	Lacayo, Alenairam	Norelis Madera	6/30/26
1-826	Jones, Reilly	Britney Vargas	6/30/26
1-126	Buritica, Daniel	Norelis Madera	7/2/26
1-329	Paez, Maira	Norelis Madera	7/2/26
1-405	Tortolani, Nicole (primary	Norelis Madera	7/9/26
1-234	Casas, David	Norelis Madera	7/19/26
1-704	Tortolani, Gaetano	Norelis Madera	7/19/26

Source: RangeWater "Projected Move-ins" XLSX, refreshed daily. Once a resident moves in, they roll off the rent roll into Occupied status.

Leased rent by floor plan (weighted)

Code	Mix	Leases	Avg sqft	Avg leased rent	$/sf
S1	Studio (Aster)	10	622	$2,265	$3.64
S2	Studio (Aster)	1	550	$2,380	$4.33
S3	Studio (Aster)	2	809	$2,360	$2.92
A1	1BR (Zinnia)	19	744	$2,576	$3.46
A2	1BR (Zinnia)	22	750	$2,593	$3.46
A3	1BR (Zinnia)	13	738	$2,608	$3.53
A4	1BR (Zinnia)	9	612	$2,461	$4.02
A5	1BR (Zinnia)	14	725	$2,571	$3.55
A6	1BR (Zinnia)	9	798	$2,692	$3.37
A7	1BR (Zinnia)	7	777	$2,604	$3.35
A8	1BR (Zinnia)	26	809	$2,682	$3.32
A8A	1BR (Zinnia)	7	809	$2,756	$3.41
A9	1BR (Zinnia)	1	850	$2,815	$3.31
AD1	1BR + Den (Zinnia K)	42	847	$2,765	$3.26
B1	2BR (Cosmos)	20	1,110	$3,390	$3.05
B10	2BR (Cosmos)	2	1,196	$3,465	$2.90
B2	2BR (Cosmos)	29	1,000	$3,274	$3.27
B3	2BR (Cosmos)	1	1,115	$3,455	$3.10
B4	2BR (Cosmos)	17	1,018	$3,366	$3.31
B5	2BR (Cosmos)	8	1,230	$3,519	$2.86
B5A	2BR (Cosmos)	8	1,230	$3,514	$2.86
B6	2BR (Cosmos)	16	1,102	$3,398	$3.08
B7	2BR (Cosmos)	6	1,115	$3,396	$3.05
B8	2BR (Cosmos)	16	1,026	$3,263	$3.18
B9	2BR (Cosmos)	16	1,205	$3,483	$2.89
BD1	2BR + Den (Cosmos M/N)	5	1,263	$3,600	$2.85
BD2	2BR + Den (Cosmos M/N)	19	1,238	$3,574	$2.89
BD3	2BR + Den (Cosmos M/N)	7	1,274	$3,768	$2.96
C1	3BR (Lavender)	32	1,422	$4,074	$2.86
Weighted total (384 leases)		384	979	$3,099	$3.17

Weighted by lease count. Source: rent roll (Vacant Rented Not Ready). 2 occupied units (already moved in) not included here — they roll off rent roll once active.

Recent leased units (rent roll · top 15)

Bldg-Unit	FP	Mix	SQFT	Resident	Rent	$/sf
1-101	B6	2BR (Cosmos)	1,102	-- Vacant --	$3,465	$3.14
1-102	AD1	1BR + Den (Zinnia K)	847	-- Vacant --	$2,795	$3.30
1-103	B2	2BR (Cosmos)	1,000	-- Vacant --	$3,315	$3.31
1-104	B1	2BR (Cosmos)	1,110	-- Vacant --	$3,415	$3.08
1-105	AD1	1BR + Den (Zinnia K)	847	-- Vacant --	$2,795	$3.30
1-106	B10	2BR (Cosmos)	1,196	-- Vacant --	$3,465	$2.90
1-107	S1	Studio (Aster)	622	-- Vacant --	$2,315	$3.72
1-108	A9	1BR (Zinnia)	850	-- Vacant --	$2,815	$3.31
1-109	B3	2BR (Cosmos)	1,115	-- Vacant --	$3,455	$3.10
1-110	B4	2BR (Cosmos)	1,018	-- Vacant --	$3,335	$3.28
1-111	B4	2BR (Cosmos)	1,018	-- Vacant --	$3,360	$3.30
1-112	B1	2BR (Cosmos)	1,110	-- Vacant --	$3,495	$3.15
1-113	B2	2BR (Cosmos)	1,000	-- Vacant --	$3,370	$3.37
1-114	AD1	1BR + Den (Zinnia K)	847	-- Vacant --	$2,850	$3.36
1-115	B5A	2BR (Cosmos)	1,230	-- Vacant --	$3,570	$2.90

Source: rent roll (data as of 05/13/2026 08:03 PM EDT). Showing top 15 of 389 leased units. All currently in "Vacant Rented Not Ready" status (signed but not moved in).

Financial Performance

YTD Operating Revenue

$9,350

3 months reported · pre-stabilization (no rent yet)

YTD Total OpEx

$121,729

$40,576 / mo avg

YTD NOI

$-112,379

lease-up burn — turns positive once revenue scales

YTD Net Loss

$-123,241

incl. $-10,863 non-operating

Latest month

Mar 2026

Source: Atala Reporting (01.26-03.26)

Monthly P&L

Line item	Jan 2026	Feb 2026	Mar 2026	YTD
Operating Revenue	$0	$1,150	$8,200	$9,350
Operating Expenses:
Property Payroll	$7,583	$14,396	$25,318	$47,297
Advertising & Marketing	$0	$3,735	$21,899	$25,635
General & Administrative	$594	$12,996	$8,754	$22,345
Total Operating Expenses	$14,629	$41,128	$65,972	$121,729
Net Operating Income (Loss)	$-14,629	$-39,978	$-57,772	$-112,379
Non-Operating Income/(Expense)	$-7,800	$-10,328	$7,265	$-10,863
Net Income / (Loss)	$-22,429	$-50,306	$-50,506	$-123,241

Source: Atala Reporting (01.26-03.26). Each column = that month's PTD; YTD column = running total from the latest statement.

Monthly OpEx breakdown

Property Payroll Marketing G&A

NOI & Net Loss trend

NOI (loss) Net Income/(Loss)

Actual vs PM Budget vs Owner Proforma

Calendar anchor: Jan 2026 = M1 across all three streams PM Budget: RangeWater Lease-Up M1-M12 Proforma (06/27/25) Owner Proforma: BP v18 P1 MCF (Jan 2026 = col 37 / M30 of model)

Apples-to-apples adjustment: Actual OpEx + NOI in this section include imputed Insurance + Property Taxes at the same monthly rate as the Owner Proforma (RangeWater hasn't booked those costs yet — first tax assessment and insurance billing aren't posted, but they're inevitable). PM Budget's Insurance + Taxes were blank in the M1-M12 file and likewise use the BP's monthly values, so all three streams carry identical T&I. The standalone Monthly P&L table above shows raw actuals as RangeWater reported them. Actual data extends through Mar 2026; budget/proforma lines extend through Dec 2026.

Revenue · monthly

Actual PM Budget Owner Proforma

OpEx · monthly

Actual PM Budget Owner Proforma

NOI · monthly

Actual PM Budget Owner Proforma

Avg leased rent

Actual (rent roll, $3,099) PM Budget (gross potential, $3,346) Owner Proforma (monthly trajectory)

Aggregation

Annualization: sum of last N reported months × (12/N). Budget streams aligned to the same months as actuals (apples-to-apples).

Line item	Actual	PM Budget	Δ vs PM	Owner Proforma	Δ vs BP
Revenue	—	—	—	—	—
Payroll	—	—	—	—	—
Repairs & Maintenance	—	—	—	—	—
Marketing / Advertising	—	—	—	—	—
Contracted Services	—	—	—	—	—
Turnover / Make-Ready	—	—	—	—	—
Utilities	—	—	—	—	—
General & Admin	—	—	—	—	—
Management Fee	—	—	—	—	—
Replacement Reserves	—	—	—	—	—
Controllable OpEx	—	—	—	—	—
Controllable NOI	—	—	—	—	—
Insurance	—	—	—	—	—
Real Estate Taxes	—	—	—	—	—
Total Operating Expenses	—	—	—	—	—
Net Operating Income (NOI)	—	—	—	—	—
Debt Service	—	—	—	—	—
Non-Operating Income / (Expense)	—	—	—	—	—
Net Income / (Loss)	—	—	—	—	—

PM Budget and Actuals share the same Insurance ($411,600/yr) and Real Estate Taxes ($313,702/yr based on 2025 TRIM). Owner Proforma keeps its own (higher) BP-derived T&I. BP doesn't break out controllable categories — payroll/marketing/etc. show "—" for that stream. Debt Service is currently $0 (loan not yet funding). Net Income = NOI − Debt Service + Non-Operating.

Marketing — April 2026

Source: RangeWater Strategic Marketing (Rachel Stevenson, Hyly.AI report). · Download full PDF

End of Period Occupancy

0.9%

Budgeted 0.0% · 30-day exposure 87.2%

Next-Period Occupancy Goal

16.62%

296 leads · 98 tours · 23 leases needed

Lead Funnel — Conversion

Window:

Funnel volume by month

Conversion rates by month

Lead Funnel — Volume

Newly Created Contacts

451

+107.83% vs 217 prior month

1st Toured + Walk-In

131

+65.82% vs 79 prior month

Gross Leases (Applied)

+118.75% vs 16 prior month

Net Leases (after denials)

+73.33% vs 15 prior month

Total Spend

$12,862

-5.86% vs $13,662 prior month

Cost per Contact

Cost / Created (All)

$28.52

-54.70% vs $62.96 prior month

Cost / Created (Paid)

$42.17

-57.40% vs $99.00 prior month

Cost / Toured (All)

$176.19

-27.78% vs $243.96 prior month

Cost / Toured (Paid)

$367.49

-46.20% vs $683.10 prior month

Cost / Net Applied (All)

$494.69

-42.31% vs $857.47 prior month

Cost / Net Applied (Paid)

$857.47

-53.33% vs $1,837.43 prior month

Top Spend Sources

#	vs prior	Source	Spend	% of total	prior mo.
1	—	SEM/SEO/PPC	$7,328	57.0%	$7,328
2	—	Apartments.com	$3,530	27.4%	$3,530
3	—	Zillow	$1,635	12.7%	$1,635
5	▼ 1	Apartment List	$69	0.5%	$869

Top Lead Sources (by Created Contacts)

#	vs prior	Source	Leads	% of total	prior mo.
1	▲ 1	SEM/SEO/PPC	166	36.8%	55
2	▼ 1	Drive By	95	21.1%	64
3	—	Apartment List	67	14.9%	51
4	▲ 1	Apartments.com	48	10.6%	15
5	NEW	Signage	35	7.8%	0
6	▼ 2	Zillow	24	5.3%	17
7	—	Facebook/Social Media	4	0.9%	5
7	▲ 1	Unknown	4	0.9%	1
8	▼ 2	Employee Referral	3	0.7%	6
9	▼ 1	Property Referral	2	0.4%	1

Top Lead Sources (by 1st Toured)

#	vs prior	Source	Tours	% of total	prior mo.
1	—	Drive By	31	42.5%	26
2	—	SEM/SEO/PPC	28	38.4%	14
3	—	Apartments.com	4	5.5%	4
3	NEW	Signage	4	5.5%	0
4	—	Property Referral	2	2.7%	3
4	▲ 1	Zillow	2	2.7%	2
5	NEW	Apartment List	1	1.4%	0
5	▼ 1	Employee Referral	1	1.4%	3

Recent Updates

Increased SEM budget 5/1 to $8728 to be in line with budget- focus on PPC & CLTV
Apartments.com photos & Matterports completed 4/27- discuss addition to website

Recommendations

Deploy 2nd of 4 email blasts
"Now Open" verbiage & current special
Coordinate Zillow Photoshoot- discuss media options
Drone video, virtual staging, amenity vs. unit virtual tours

Refreshed monthly. Going forward Rachel will add: 30/month leasing goal, denial ratio, and lead/tour & tour/lease conversion ratios. Costar photos & virtual tours pending addition to the gallery; SEO/GEO opportunities to follow.

Concessions

Source: Entrata "Atala Concession Burn Off" · data as of 05/13/2026 · 2026-05-13__Atala Concession Burn Off 05132026.xlsx

Total Concessions Committed

$193,571

across 34 leases · $5,693 avg per lease

Burned Off So Far

$5,308

2.7% of total · already hit P&L

Remaining to Burn

$188,263

future rent reductions over remaining lease terms

Recurring vs One-Time

$44,100 / $149,471

22.8% recurring · 77.2% one-time

Read: One-time concessions ($149,471, 77.2% of total) hit revenue at move-in. Recurring concessions ($44,100, 22.8%) amortize monthly over each lease term — so $-108/mo per impacted lease is the rough hit, but the actual monthly burn depends on lease start dates. $5,308 has already burned off (2.7% of the program).

By Lease Status

Status	Leases	Total Concession	Remaining	Burned
Applicant	5	$24,580	$24,580	$0
Future	15	$79,551	$79,551	$0
Current	14	$89,440	$84,133	$5,308

Top Concessions (sorted by total $)

Unit	Resident	Status	Move-In	Term	Total $	Remaining $	Breakdown
1-206	Ramos, Maggie	Current	2026-04-25	12 months	$22,017	$18,795	$22,017 recurring
1-106	Ramirez, Eric	Future	2026-05-28	15 months	$9,931	$9,931	$5,153 recurring + $4,778 one-time
1-237	Cordoba, Paola	Current	2026-04-24	12 months	$9,880	$8,400	$9,880 recurring
1-425	Manzanares, Giselle	Future	2026-05-28	15 months	$8,220	$8,220	$8,220 one-time
1-806	Gonzalez, Lloyd	Current	2026-05-09	7 months	$7,874	$7,330	$7,874 one-time
1-606	Obregon, Edgardo	Current	2026-05-05	15 months	$7,322	$7,310	$7,322 one-time
1-207	Rivera, Linette	Future	2026-06-05	15 months	$7,050	$7,050	$7,050 recurring
1-704	Tortolani, Gaetano	Future	2026-07-24	15 months	$6,720	$6,720	$6,720 one-time
1-105	Pena, Abraham	Applicant	2026-06-19	13 months	$5,590	$5,590	$5,590 one-time
1-215	Serrano Aguilar, Claudia	Current	2026-05-01	13 months	$5,520	$5,520	$5,520 one-time
1-505	Hernandez Franceschi, Arnaldo	Future	2026-07-10	15 months	$5,460	$5,460	$5,460 one-time
1-807	Garcia, Marisel	Current	2026-05-01	15 months	$5,415	$5,415	$5,415 one-time
1-730	Guzman, Daniel	Future	2026-06-11	15 months	$5,400	$5,400	$5,400 one-time
1-607	Grullon, Joel	Future	2026-05-25	12 months	$5,325	$5,325	$5,325 one-time
1-218	Rosado, Grace	Future	2026-05-25	12 months	$5,318	$5,318	$5,318 one-time
1-234	Casas, David	Applicant	2026-07-20	15 months	$5,205	$5,205	$5,205 one-time
1-434	Reiche, Ryan	Applicant	2026-07-06	15 months	$5,180	$5,180	$5,180 one-time
1-413	Goncalves, Andreina	Current	2026-05-11	12 months	$5,093	$5,093	$5,093 one-time
1-324	Patel, Dipeshkumar	Applicant	2026-05-25	13 months	$5,080	$5,080	$5,080 one-time
1-213	santacruz quiroga, Ruben	Future	2026-05-26	15 months	$5,070	$5,070	$5,070 one-time

Showing top 20 of 34 leases with concessions. Current = moved in. Future = signed, scheduled to move in. Applicant = in approval pipeline.

Atala — asset management dashboard

Lease-up trajectory · 3/12 – 5/13/26

Funnel conversion · 4/15 – 4/27 (13 days)

Daily traffic

Daily lease activity

Unit-mix detail

Unit-mix velocity

Unit-mix breakdown

Daily net leases

Lead source mix

Move-ins

Move-ins by month

Leases by agent

Upcoming move-in schedule (next 25)

Leased rent by floor plan (weighted)

Recent leased units (rent roll · top 15)

Financial Performance

Monthly P&L

Monthly OpEx breakdown

NOI & Net Loss trend

Actual vs PM Budget vs Owner Proforma

Revenue · monthly

OpEx · monthly

NOI · monthly

Avg leased rent

Marketing — April 2026

Lead Funnel — Conversion

Lead Funnel — Volume

Cost per Contact

Top Spend Sources

Top Lead Sources (by Created Contacts)

Top Lead Sources (by 1st Toured)

Recent Updates

Recommendations

Concessions

By Lease Status

Top Concessions (sorted by total $)