Framework Real Estate LLC

Total Revenue by Month

Revenue Trend: September accrual revenue of $80,472 is up +$5,986 (+8.0%) on August and the second-best month on record, behind July's $90,995. The quality of the mix improved: recurring Property Management + Technology fees hit a record $51,483 (+$7,264 M/M), while leasing eased to $14,500 as the summer season faded. Two newly onboarded properties — 420-440 S Depew ($6,067 in its first billing month) and Townhomes at Sloan's Lake ($5,303 in its first full month) — added $11,371. Cash collections were $78,838 (+4.3%). The rolling T-12 (Oct 2025 – Sep 2026) closed at $775,390 accrual revenue.

Net Operating Income by Month

T-12 Summary: Accrual NOI: $165,084.08 | Cash NOI: $180,667.73 · September accrual NOI of $16,706 (20.8% margin) eased -$1,565 from August as payroll stepped back up faster than revenue. Cash NOI held steady at $20,622 (+$282) — $3,915 above accrual, because September's contractor and accounting invoices were accrued ahead of payment (contractors $15,250 booked vs $11,750 paid). Over the T-12, cash NOI runs $15,584 ahead of accrual as collections caught up on earlier billing.

Labor Efficiency Trend (Income / Payroll Ratio)

September Note: Accrual efficiency slipped to 1.49x from 1.61x — the lowest reading since June's 1.35x — as the payroll base rose +$7,882 to $54,121 against +$5,986 of revenue. The increase was contractors (+$4,750 to $15,250), outsourced accounting (+$1,693 to $10,037, the highest month in the window) and bonuses (+$1,300); salaries were flat at $24,000. Cash efficiency held at 1.61x. T-12 blended efficiency: Accrual 1.57x | Cash 1.61x.

Executive Insights

1
Recurring revenue reached a new high. Property Management + Technology fees totaled $51,483 in September, a record by more than $5,000 and up +$7,264 (+16.4%) on August. Management fees alone set a record at $43,833. This is the durable part of the revenue line, and it grew while leasing cooled — the opposite of the summer pattern.
2
New doors are already paying. 420-440 S Depew ($6,067, first billing month) and Townhomes at Sloan's Lake ($5,303, first full month) ranked #5 and #6 by September revenue — together 14% of the month. Their first-month figures likely carry onboarding and leasing activity, so expect a lower steady-state run rate from both.
3
Payroll grew faster than revenue this month. The payroll base rose +$7,882 to $54,121: contractors +$4,750 to $15,250, outsourced accounting +$1,693 to $10,037, bonuses +$1,300. Accrual NOI eased to $16,706 (-$1,565) and labor efficiency to 1.49x. Contractor spend is still well below the June–July run rate of ~$22K, so the cost base has come down from its peak — but it should be watched against the post-season revenue level.
4
The run rate has stepped up materially. T-12 accrual revenue $775,390 with net income of $171,606 — a 22.1% net margin. Cash net income was $191,127. The last six months averaged $76,697 of revenue per month — a $920K annualized pace, 46% above the $52,535 average of the six months before.
5
A/R is lower and mostly current, with one problem account. The book fell to $42,921 (-$1,446, -3.3%); past due is 24.5% (23.9% at 8/31, down from 36.3% at 7/31). 1400-1430 Moline cleared -$4,085. 4710 Enid Way at $5,708 is 100% past due, with $4,366 now 61–90 days — escalate it. 3048 W Amherst has $2,843 past due. The $10,181 at 11800 E Colfax is 98% current September billing.

Total Revenue by Month

Net Operating Income by Month

Labor Efficiency Trend (Income / Payroll Ratio)

Revenue by Category (T-12)

Expense by Category (T-12 Accrual)

Revenue by Property – Top 10 (T-12 Accrual)

Executive Insights