Best Practices for Monitoring Multifamily Properties Part I – Analysis of Financial Statements and Operating Reports
You recently joined Canyon LIHTC Capital as a multifamily asset manager. Your portfolio consists of 50 tax credit partnerships in various life cycle phases. You reviewed the portfolio summary report and noticed declining operating trends with Sierra Heights Apartments, LP. Yet the former asset manager had rated the property an ‘A’ in the prior quarter. Your intuition tells you something’s not right. So the question is, what financial statements and operating reports will you gather for your desk review? What story will you tell the investor in the coming quarter’s watch list report? Seasoned asset managers routinely deal with challenged properties such as Sierra Heights. But, if you’re new to multifamily housing, Best Practices Part I is for you.
Join Vinnie Viola, Principal of Birch Island Real Estate Consulting, for this 90-minute introductory-level training that gets into the weeds— that is, picks apart financial statements and reports— to troubleshoot multifamily property operations. Training topics include:
- Asking rents vs. maximum LIHTC rents
- Income statement and budget variances
- Debt service coverage ratio & expense coverage ratio
- Balance sheet & working capital
- Collections and bad debt
- Occupancy- physical vs. economic
- Unit availability- what’s on the ready line?
- Watch list ratings in a nut shell
- Asset management action plan
- Vinnie’s Property Operations Dashboard
Is This Training For Me?
Vinnie offers his seasoned asset manager’s perspective in this introductory level training. If you’re new to multifamily housing, this training will expand your working knowledge of rental property operations and key performance metrics. This training is ideal for:
- Junior asset managers
- Property managers with limited operations experience
- Development staff that want to learn the other side of the business
- Others that want to learn the basics of evaluating multifamily operating performance