Framework Real Estate LLC – Unit Economics

Units Under Management

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September 2026

Occupancy

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Occupied units

Revenue per Unit

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September

Operating Profit per Unit

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September

Year to date
Jan–Sep

Revenue per unit—

Payroll per unit—

Operating cost per unit—

Operating profit per unit—

Operating margin—

Unit Economics by Month

Accrual basis

Units and Occupancy

Scope: properties billed a management fee that month

Occupancy climbed 25 points in nine months, 60.6% in January to 85.6% in September. Roughly half the gain is leasing and half is portfolio mix — the April-to-May step from 63.0% to 75.8% is mostly the exit of 1509 3rd Ave, 16300 E Colfax and 824-828 12th St, 72 units that were almost entirely vacant. September brought 90 units from two newly managed properties, 420-440 S Depew (54 units, 87.0% occupied) and Townhomes at Sloan's Lake (36 units, 88.9%), lifting the base from 536 to 626 units — and occupancy still rose. Occupied units grew every single month, 322 to 536, without exception. Nine-month average: 559 units, 402 occupied, 72.0%.

Detail by Month

Month	Units	Occupied	Occ %	Revenue	Payroll	Operating Cost	Operating Profit	Margin same on both views

Operating profit is net operating income — total income less total expenses, before non-operating items. Margin is operating profit over revenue and is the same on either denominator. YTD total is the nine-month total divided by the nine-month average unit count, so it is a cumulative figure, not a monthly rate; monthly average is that same figure divided by nine and is directly comparable to the rows above.

Report Generated: October 2026 | Framework Real Estate LLC

Period: January 1, 2026 – September 30, 2026

Unit counts and occupancy derived from AppFolio rent rolls exported 9/17/2026 (January–August) and 10/15/2026 (September, as of 9/30/2026), filtered each month to properties billed a property management fee in QuickBooks. Occupancy counts Current, Notice and Evict statuses as occupied, which reproduces AppFolio's own property-level occupancy on 391 of 392 property-months. The four legacy Moline building records (86 units, all vacant) are excluded as duplicates of 1400-1430 Moline St. A property in its final billing month is excluded when the fee collapses below half the prior month, which is what reconciles May to 512 units. Financial figures sourced directly from the QuickBooks Online API on 10/15/2026, shown as booked; August reflects the restated QuickBooks figures (accrual revenue $74,485.61, NOI $18,271.80) — unlike the Financial Executive Summary, the accrual figures here do not carry the Independent Contractor smoothing reclass. This section covers January–September 2026 rather than a rolling T-12, because the unit and occupancy data begins with the January 2026 rent roll. Four small properties billed a management fee — 13950 E Oxford #B109, 2120 Irving, 540 S Forest #1-203 and 3150 Fillmore — did not appear in the January–August rent rolls and sit in the numerator only for those months; the September rent roll includes the first three (one unit each, counted), and 3150 Fillmore was not billed a management fee in September. The "Excl. N. Mertens" view removes his salary and the employer payroll taxes on it ($60,667.66 over the nine months, identical on both bases) from payroll and operating cost; his February real-estate commission of $6,338 sits below operating profit and is unaffected.