Portfolio insights

Revenue up 4.2% MoM driven by ADR strength; payroll ran 1.8% over budget; group segment continues to outperform.

Construction 65% complete; MEP change orders added $340K but contingency remains at 4.2%. Delivery moved to Q1 2027.

Phase 2 tracking ahead of schedule; projected profit intact at $2.1M on $12M sale target.

Occupancy holding at 89%; expense control strong; one large tenant lease expires Q4 2026 with rollover risk.