THE TTWELVE SIGNAL AS OF AUGUST 19, 2026

SMITH CAPITAL PORTFOLIO

The Madison

284 units · Columbus, OH

01  PROPERTY OUTLOOK

WATCH ↘

Leasing is recovering, but the rent cost is steep.

Concessions stopped the rise in vacancy. But effective rents on new leases are down 9.6%. At the current leasing pace, that means about $185,000 less rent a year. Occupancy is improving, so the property remains WATCH. If leasing stalls while concessions remain high, the outlook could be downgraded.

02  FORWARD SCORECARD

Income (NOI)WATCH ↘
BudgetWATCH ↘
LeasingWATCH ↗
OccupancyWATCH ↗
RenewalsSTABLE ↗
RentsCRITICAL ↘
CollectionsDETERIORATING ↘
ExpensesSTABLE ↘
MaintenanceNOT ASSESSABLE
ExperienceSTABLE →

03  MANAGEMENT REVIEW

LEASING  Leasing slowed in early July. Management raised concessions to six weeks free. Conversion improved four straight weeks and vacancy exposure stopped rising. Working, but at a cost.

THE COST If new leases keep signing 9.6% below prior rents at the current pace, the rent give-up is about $185,000 a year, before the benefit of higher occupancy. THE OUTLOOK Occupancy gains must continue without deeper concessions.

COLLECTIONS  Management started payment plans three weeks ago. New delinquency is still rising, and any impact of the plans is not yet visible in the results. Too early to tell.

THE COST Balances over 60 days grew from $31K to $52K since June, now 13% of a month’s billing. THE OUTLOOK New delinquency must begin to fall.

04  ACCOUNTABILITY

ISSUE RESPONSE DAYS OPEN STATUS
Leasing slowdown Concessions raised to six weeks free 12 OPEN
Rising delinquency Payment plans started 18 OPEN
Insurance premium double-billed Credit posted in July financials 37 RESOLVED

05  REPORTING VISIBILITY

NOT PROVIDED  Maintenance / work orders · Operating / box score · Manager narrative

STALE  Renewals (Jul 25)

CURRENT  Rent roll (Aug 16) · Leasing (Aug 15) · Delinquency (Aug 15) · Financials (Jul 31)

KEY

Color shows status importance  ·  ↗ improving  ·  → unchanged  ·  ↘ declining

The TTwelve Signal is an independent assessment based on information available to TTwelve as of the date shown. Source information may be incomplete or inaccurate, and the Signal may contain errors or omissions. Assessments, estimates, and calculations may change as new information becomes available and are not predictions or guarantees of future results. The Signal is not investment, legal, tax, or accounting advice.

THE TTWELVE SIGNAL
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The Madison is a fictional property. This is illustrative and does not represent any actual clients or results.