Riverside Arms
142-unit multifamily · Phoenix, AZ
88/100
Healthy — Strong Performer
Occupancy and rent collection are solid. NOI trending up 4.2% YTD.
📈 NOI — Last 12 Months
◎ Live Signals
Financial Performance
NOI · Delinquency · Expense Ratio
$ Net Operating Income (NOI)
$34,180
Revenue minus all operating expenses
↑ 4.2% YTD⚠ Delinquency Rate
2.1%
% of rent unpaid or late this month
↓ from 3.4% last mo.÷ Expense Ratio (OER)
38.4%
Operating Expenses ÷ Gross Income
— Stable vs. last quarter📊 Revenue vs. Expenses — 6mo
💳 Delinquency Trend
Leasing & Occupancy
Occupancy Rate · Avg. Days to Lease · Renewal Rate
⊡ Occupancy Rate
96.5%
136 of 142 units occupied
↑ from 94.2% last month📅 Avg. Days to Lease
11
Average re-letting time (days)
↓ from 18 days last quarter↩ Renewal Rate
74%
Tenants renewing vs. vacating
↑ from 68% YoY📈 Occupancy — 12 Month Trend
📋 Current Vacancies (6 units)
| Unit | Type | Vacant Since | Status |
|---|---|---|---|
| 04B | 1BR/1BA | 18 days | Showing |
| 11A | 2BR/2BA | 9 days | Application In |
| 22C | Studio | 6 days | Application In |
| 31D | 2BR/1BA | 31 days | No Activity |
| 38A | 1BR/1BA | 4 days | Showing Today |
| 41B | 3BR/2BA | 2 days | Listed |
Maintenance & Operations
Cost Per Unit · Work Order Turnaround · Open Items
⚙ Maint. Cost Per Unit
$87
Monthly average per occupied unit
↓ $12 vs. last month⏱ Avg. Work Order Turnaround
2.8 days
Submission to resolution (avg.)
↑ from 1.9 days — investigate📋 Open Work Orders
14
3 high · 8 medium · 3 low
↑ 5 new this week⚠ High & Medium Priority Work Orders
Unit 07C — Water leak under sink
Active drip; mold risk if unresolved. Plumber scheduled today.
Unit 19A — HVAC not cooling
Unit staying at 84°F. Technician dispatch pending.
Common Area — Pool pump fault
Pool closed. Parts on order.
Unit 33B — Garbage disposal
Not functioning. Scheduled Thursday.
Unit 12A — Door lock stiff
Deadbolt difficult to turn. Lubrication or replacement.
Unit 28D — Paint touch-up
Post-turnover touch-up requested by incoming tenant.
Tenant Satisfaction & Acquisition
Turnover Rate · Satisfaction Scores · Lease Expirations
↩ Tenant Turnover Rate
14.1%
Annualized · industry avg 47%
↓ Excellent retention⭐ Satisfaction Score
4.4/5
Annual survey · 89% response rate
↑ from 4.1 last year🌐 Google Rating
4.3/5
142 reviews · Apartments.com 4.5
— Stable 90 days📅 Leases Expiring (90d)
18
12 renewing · 6 undecided
— Outreach active📋 Upcoming Lease Expirations — Next 60 Days
| Unit | Tenant | Expires | Rent | Status |
|---|---|---|---|---|
| 03A | Rodriguez, M. | Jul 31 | $1,450 | Renewing |
| 09B | Chen, L. | Aug 1 | $1,625 | Renewing +3% |
| 14C | Thompson, D. | Aug 15 | $1,390 | Undecided |
| 21D | Patel, A. | Aug 15 | $1,550 | Undecided |
| 29A | Williams, K. | Aug 31 | $1,200 | Not Renewing |
| 36B | Garcia, T. | Sep 1 | $1,725 | Renewing |
Hotel Intelligence
The Brenton Hotel · 94 rooms · Scottsdale, AZ · 3rd-party managed
ADR (Avg. Daily Rate)
$154
↓ from $172 last year
Occupancy Rate
61%
↓ from 78% last quarter
ADR × Occ %
= RevPAR
$154 × 61%
=
= RevPAR
$154 × 61%
=
RevPAR
$94
↓ −22% over 90 days (was $121)
GOP Margin: 24.1%
vs. 38.4% same period last year
vs. 38.4% same period last year
📈 RevPAR — 12 Month Trend
RevPAR This Year
Prior Year
OTA Platform Rankings — Competitive Set
Booking.com
#30
↓ 18 positions in 60 daysScore: 7.2 / 10 · 312 reviews
TripAdvisor
#14
↓ 7 positions in 60 daysScore: 3.4 / 5 · 198 reviews
Expedia / Hotels.com
#9
— No change (30 days)Score: 7.8 / 10 · 89 reviews
Review Platform Breakdown
Google
3.2
★★★☆☆
284 reviews
↓ from 4.4 in 90 days
Booking.com
7.2
★★★★☆
312 reviews
↓ from 8.6 · 90 days
TripAdvisor
3.4
★★★☆☆
198 reviews
↓ from 4.1 · 60 days
Expedia
7.8
★★★★☆
89 reviews
— Stable
Department P&L Snapshot
Rooms
Revenue$267K
Expenses$112K
Dept. Profit$155K
Margin58.1%
F&B
Revenue$48K
Expenses$61K
Dept. Profit−$13K
Margin−27.1% ⚠
👥 Management & Staff Signals
General Manager — Departed
LinkedIn updated "Open to Work" · 45 days ago
Front Desk Supervisor — Departed
No replacement confirmed
F&B Manager — Status Unknown
No LinkedIn activity · dept running at a loss
Housekeeping Lead — Departed
Cleanliness complaints correlate with this departure
Competitive Set — RevPAR Index (MPI)
MPI > 100 = outperforming the market. The Brenton is 38 points below the set.
PropertyIndexMPI
Hyatt Place128
Marriott Courtyard118
Hilton Garden Inn109
Holiday Inn101
The Brenton ◀62
MPI 62 is severe underperformance. The market is healthy — this is an operator execution failure, not a demand problem.
AI Hotel Analysis — The Brenton
Verdict: CRITICAL (29/100) — Management breakdown confirmed. Four departures in 45 days. F&B losing $13K/mo. MPI 38 points below comp set. Comp set demand is healthy. Respond now or face a structural RevPAR reset taking 2–3 quarters to reverse.
Live Signal Feed
All properties · Updated continuously
◎ All Signals — Portfolio-Wide
The Brenton Hotel
OTA ranking dropped 18 positions in 30 days
Booking.com rank fell #12→#30. 6 recent 1-star reviews mentioning cleanliness and slow check-in.
2h ago
The Brenton Hotel
GM departure confirmed on LinkedIn
GM and front desk supervisor both "Open to Work." Two senior departures in 45 days.
1d ago
Westview Commons
Turnover rate rose to 28% annualized
7 move-outs in 60 days vs. 3 in same period last year. Exit survey response rate low.
2d ago
Harbor Point Plaza
Anchor retail tenant (3,200 sq ft) listed on LoopNet
Suite 101 — lease expires Oct 2025. Represents 18% of commercial revenue. Confirm renewal intent.
3d ago
Riverside Arms
Google rating held at 4.3 — 3 new positive reviews
Maintenance responsiveness praised this week. No negative reviews in 45 days.
4d ago
Riverside Arms
Permit filed: Building exterior re-paint (cosmetic)
City permit #2025-08841. No compliance concerns. Estimated 2-week completion.
5d ago
Harbor Point Plaza
Residential occupancy reached 91.2%
Three new lease signings this week — highest since Q2 2023.
6d ago
AI Property Briefing
On-demand intelligence · active property
AI Property Analysis
Portfolio Overview
Meridian Real Estate Partners · 4 assets · $48.2M AUM
$ FFO
$312K
Net income + D&A excl. depreciation
↑ 6.1% YoY$ AFFO
$274K
FFO − CapEx − leasing commissions
↑ 3.8% YoY⊡ Portfolio NOI
$94.2K
Total revenue − operating expenses
↑ 2.4% MoM% Blended Cap Rate
6.8%
Portfolio NOI ÷ Market Value
— vs. 6.9% market📋 Asset Health — All Properties
| Property | Type | Health | Occupancy | NOI/Mo | Cap Rate | Same-Store NOI | Signal |
|---|---|---|---|---|---|---|---|
| Riverside Arms | Multifamily | 88 | 96.5% | $34.2K | 7.1% | +4.2% | Healthy |
| Harbor Point Plaza | Mixed-Use | 74 | 91.2% | $28.9K | 6.4% | +1.8% | Watch |
| Westview Commons | Multifamily | 51 | 83.0% | $18.8K | 5.9% | −1.1% | Watch |
| The Brenton Hotel | Hotel | 29 | 61% | $12.3K | 4.2% | −8.4% | Critical |
AI Portfolio Briefing — Meridian Real Estate Partners
Portfolio Verdict: WATCH (65/100) — Three of four assets stable or improving. The Brenton Hotel is a material risk: RevPAR −22%, OTA ranking collapsed 18 positions, four management departures in 45 days. Westview needs a leasing audit. Harbor Point anchor retail renewal unconfirmed for Oct 2025.
Portfolio Strengths
- FFO up 6.1% YoY — solid growth
- Riverside Arms above all benchmarks
- Blended cap rate 6.8% competitive
- AFFO payout coverage at 1.14×
Risk Flags
- Brenton — operator breakdown confirmed
- Westview — same-store NOI negative
- Harbor Point anchor lease Oct 2025
- Portfolio D/E at 1.8 — monitor rates
30-Day Actions
- Initiate Brenton operator review now
- Audit Westview leasing strategy
- Confirm Harbor Point anchor in writing
- Model AFFO impact of Brenton on Q3 dividend
FFO & Cash Flow
Funds From Operations · Adjusted FFO · CapEx Tracking
FFO
$312K
Net income + D&A − gains on sale
↑ 6.1% YoYAFFO
$274K
FFO − CapEx − leasing commissions
↑ 3.8% YoYCapEx (YTD)
$38K
Capital expenditures this year
— On budgetFFO Payout Ratio
87.9%
Dividends as % of FFO
— Near 90% taxable income rule📈 FFO vs. AFFO — Quarterly
🏗 CapEx by Property
AFFO = FFO − CapEx − Leasing CommissionsAFFO is the truest measure of distributable cash — it subtracts real cash spent maintaining and re-leasing properties.
NOI & Cap Rates
Net Operating Income · Cap Rate · Same-Store NOI
$ Portfolio NOI
$94.2K
Revenue − Operating Expenses (excl. debt)
↑ 2.4% MoM% Blended Cap Rate
6.8%
NOI ÷ Market Value ($48.2M)
— vs. 6.9% market comp📊 Same-Store NOI Growth
+1.4%
Props held >12mo · excl. Brenton drag
Brenton dragging portfolio −2.1%⊡ NOI & Cap Rate by Asset
| Property | Monthly Revenue | Operating Expenses | Monthly NOI | Market Value | Cap Rate | Same-Store NOI |
|---|---|---|---|---|---|---|
| Riverside Arms | $55.1K | $20.9K | $34.2K | $5.8M | 7.1% | +4.2% |
| Harbor Point Plaza | $46.8K | $17.9K | $28.9K | $5.4M | 6.4% | +1.8% |
| Westview Commons | $33.2K | $14.4K | $18.8K | $3.8M | 5.9% | −1.1% |
| The Brenton Hotel | $28.4K | $16.1K | $12.3K | $3.5M | 4.2% | −8.4% |
Debt & Leverage
Debt-to-Equity · Debt-to-Assets · Interest Coverage Ratio
⚖ Debt-to-Equity
1.82×
Total Debt ÷ Total Equity
— Moderate; monitor rate increases÷ Debt-to-Total Assets
64.5%
Total Debt ÷ Total Asset Value
— Within REIT norms (<65%)$ Interest Coverage Ratio
2.8×
EBITDA ÷ Interest Expense · Target >2.0×
↑ from 2.4× last year📋 Debt Schedule by Property
| Property | Loan Balance | Rate | Maturity | LTV | Annual Debt Service | Status |
|---|---|---|---|---|---|---|
| Riverside Arms | $3.48M | 4.25% | Jan 2029 | 60.0% | $211K | Current |
| Harbor Point Plaza | $3.24M | 4.75% | Sep 2027 | 60.0% | $198K | Current |
| Westview Commons | $2.47M | 5.10% | Mar 2026 | 65.0% | $163K | Refi Due |
| The Brenton Hotel | $2.10M | 5.50% | Jun 2028 | 60.0% | $138K | DSCR Watch |
⚠ Westview loan matures Mar 2026 — begin refi by Q4 2025. Brenton DSCR below 1.2× — review covenant triggers with lender before Q3.
Dividends & Returns
Dividend Yield · Payout Ratio · Distribution Coverage
◉ Dividend Yield
6.4%
Annual dividend ÷ share price
— Above avg. residential REITs% FFO Payout
87.9%
Dividends ÷ FFO
— Compliant with 90% rule% AFFO Payout
100.4%
Dividends ÷ AFFO · >100% flagged
⚠ Marginally above AFFO$ Q2 Distribution
$274K
Total distributed to LPs
↑ 3.8% vs. Q2 last year📋 Distribution Analysis
AFFO Payout at 100.4% — Action Required
Distributing marginally above AFFO due to Brenton underperformance. Sustainable short-term — but model Q4 at 96–98% of AFFO if RevPAR doesn't stabilize in 90 days.
Westview Refi Risk
March 2026 maturity at ~6.8% vs. 5.1% existing will compress AFFO by $18–22K annually. Factor into Q1 2026 distribution modeling.