Portfolio Performance & Asset Valuation

Meridian Capital Partners • Q4 2024 • $620M AUM • 14 Assets

Portfolio NOI (TTM)
$48.7M
+6.1% YoY
Blended Cap Rate
5.84%
-57 bps
Mkt: 6.12%
Avg DSCR
1.34x
Healthy
Min: 1.09x
Portfolio Occupancy
93.7%
+2.5% vs Mkt
Mkt: 91.2%
Avg LTV
58.2%
Conservative
Unrealized Gain
$74M
+11.9%
vs Basis

NOI Variance vs. Underwrite (TTM)

Cap Rate Spread by Asset Class

DSCR Distribution

Occupancy Trend vs. Market (12M)

Loss-to-Lease by Asset

Asset Detail – Valuation & Leverage Summary

Asset ID Type Market NOI (TTM) Cap Rate Current Value LTV DSCR Occupancy WALE (Yrs) Status
MF-09 Multifamily Austin, TX $4.2M 5.6% $75.0M 54% 1.42x 96% 1.3 Strong
IND-02 Industrial Dallas, TX $5.8M 5.2% $111.5M 52% 1.58x 100% 4.7 Strong
MF-03 Multifamily Phoenix, AZ $3.6M 5.9% $61.0M 61% 1.31x 92% 1.1 Watch
OFF-03 Office Chicago, IL $2.1M 7.1% $29.6M 68% 1.09x 78% 2.4 Risk
RET-01 Retail Atlanta, GA $2.9M 6.4% $45.3M 59% 1.27x 88% 3.2 Monitor
IND-07 Industrial Tampa, FL $4.9M 5.4% $90.7M 55% 1.46x 98% 5.1 Strong
MF-12 Multifamily Nashville, TN $3.8M 5.7% $66.7M 57% 1.38x 94% 1.4 Strong
OFF-08 Office Boston, MA $2.4M 6.8% $35.3M 64% 1.18x 82% 2.9 Monitor

CapEx Spend vs. Reserve Balance

Effective Gross Income Growth (12M)

Unlevered IRR vs. Underwritten IRR by Vintage Cohort

Avg WALE

2.8 yrs

Weighted average lease expiry across portfolio. IND assets anchor stability (4.7–5.1 yrs).

Debt Maturing 12M

$48M

2 assets (MF-03, RET-01) with loans maturing Q2-Q3 2025. Refi window open given strong DSCR.

Disposition Candidates

3

MF-09 (cap rate compression + 96% occ), IND-02 (peak NOI), OFF-03 (exit before reversion).