Report Card — rubric

RUBRIC

Every KPI, its four cut-points and its weight · edit here, no deploy needed
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Cut-points read best-first. For a "higher is better" KPI they descend; for "lower is better" they ascend. A value at or beyond the first scores 1, past the fourth scores 5.
Weights are relative within a component and renormalise around whatever is missing, so they need not total 100% — but they do today, and keeping them there makes the numbers easier to reason about.
Weight 0 means "defined, not yet fed". Thirty of the KPIs Morgan asked for have no data source yet. They carry a full definition and cut-points so that the moment a feed exists, the value lands somewhere that already knows how to band it. Typing a weight turns one on.

THE LETTER SCALE

A
score < 1.8
B
score < 2.5
C
score < 3.2
D
score < 4.0
F
and above

These are Morgan's, from the Grade Scale sheet of the KPI proposal he reviewed. Read as [from, to): a 2.49 is a B, a 2.50 is a C.

Worth knowing when you read the distribution. A blend of 91 KPIs does not sit on the same scale as one KPI — averaging many indicators shrinks the spread, so the book runs about 1.7 to 4.7 and most deals land in the middle letters, even though the KPIs underneath discriminate hard (their band distribution is bimodal). That is a finding about the ladder to put in front of Morgan, not one to act on here: moving a cut-point changes what a B means.

They are fixed, not fitted. Cutting at the book's own quintiles would force one deal in five to fail for ever, however good the book got — a ranking rather than a standard — and a mean-based ladder would move a deal's grade because other deals moved. These stay put, so a grade belongs to the deal.

PERFORMANCE 25% of the overall grade · 65 KPIs · weights total 100%

Code KPI Department Direction Cut-points (best → worst) Weight On
P-1 Physical occupancy ⓘ Occupancy & Leasing
P-2 Economic occupancy ⓘ Occupancy & Leasing
P-3 Collections ⓘ Collections & Delinquency
P-4 NOI vs budget ⓘ Financial Control
P-5 NOI vs underwriting ⓘ Financial Control
P-6 NOI trend (year over year) ⓘ Financial Control
P-7 Leasing flow ⓘ Occupancy & Leasing
P-8 New rent vs market ⓘ Occupancy & Leasing
P-9 Renewal rate ⓘ Occupancy & Leasing
P-10 R&M and turnover per unit ⓘ Building & Maintenance
P-11 Contract services per unit ⓘ Building & Maintenance
P-12 G&A per unit ⓘ Admin
P-13 Insurance per unit ⓘ Insurance
P-14 Bad debt % of GPR ⓘ Collections & Delinquency
P-15 Utilities per unit ⓘ Utilities
P-16 Water and sewer per unit ⓘ Utilities
P-17 Electricity per unit ⓘ Utilities
P-18 Utility recovery ⓘ Utilities
P-19 Real estate taxes per unit ⓘ Taxes
P-20 Payroll per unit ⓘ Payroll
P-21 Payroll as % of income ⓘ Payroll
P-22 Operating expenses per unit ⓘ Financial Control
P-23 NOI margin ⓘ Financial Control
P-24 Effective gross income per unit ⓘ Financial Control
P-25 Expense variance to budget ⓘ Financial Control
P-26 Revenue variance to budget ⓘ Financial Control
P-27 Marketing per unit ⓘ Occupancy & Leasing
P-28 Other income per unit per month ⓘ Occupancy & Leasing
P-29 Concessions as % of GPR ⓘ Occupancy & Leasing
P-30 Asking versus effective gap ⓘ Occupancy & Leasing
P-31 Actual rent per square foot ⓘ Occupancy & Leasing
P-32 Market rent per square foot ⓘ Occupancy & Leasing
P-33 Rent growth, year over year ⓘ Occupancy & Leasing
P-35 CapEx spend versus plan ⓘ Building & Maintenance
P-36 Rent against market ⓘ Occupancy & Leasing
P-37 Renovation schedule variance ⓘ Building & Maintenance
P-38 Renovation payback ⓘ Building & Maintenance
P-39 Renovation premium ⓘ Building & Maintenance
P-40 Renovation throughput ⓘ Building & Maintenance
P-41 Electricity consumption per occupied unit ⓘ Utilities
P-42 Vacancy by unit type ⓘ Occupancy & Leasing
P-43 At risk of move-out ⓘ Occupancy & Leasing
P-44 Units turned, last 30 days ⓘ Building & Maintenance
P-45 Units waiting to turn ⓘ Building & Maintenance
P-46 Days vacant ⓘ Building & Maintenance
P-47 Make-ready time ⓘ Building & Maintenance
P-48 Concession position against market ⓘ Occupancy & Leasing
P-49 Delinquency aged 31-60 days ⓘ Collections & Delinquency
P-50 Delinquency aged 61-90+ days ⓘ Collections & Delinquency
P-51 Delinquency rate ⓘ Collections & Delinquency
P-52 Payment plan success ⓘ Collections & Delinquency
P-53 Applications, last 30 days ⓘ Occupancy & Leasing
P-54 Showings, last 30 days ⓘ Occupancy & Leasing
P-55 New leases, last 30 days ⓘ Occupancy & Leasing
P-56 Move-outs, last 30 days ⓘ Occupancy & Leasing
P-57 Work orders completed against open ⓘ Building & Maintenance
P-58 Average work order completion ⓘ Building & Maintenance
P-59 Renewal rate ⓘ Occupancy & Leasing
P-60 Turnover rate, annualized ⓘ Occupancy & Leasing
P-61 Renewal acceptance rate ⓘ Occupancy & Leasing
P-62 Eviction timeline ⓘ Collections & Delinquency
P-63 Eviction rate ⓘ Collections & Delinquency
P-64 Months since last rent increase ⓘ Occupancy & Leasing
P-65 Cost per lead ⓘ Occupancy & Leasing
P-67 Turnover cost per unit ⓘ Building & Maintenance

RETURNS & CASH FLOW 25% of the overall grade · 7 KPIs · weights total 100%

Code KPI Department Direction Cut-points (best → worst) Weight On
CF-1 Current cash yield ⓘ —
CF-2 Lifetime annualized operating return ⓘ —
CF-3 Distribution recency ⓘ —
CF-4 Actual vs underwritten cash yield ⓘ —
CF-5 Distribution coverage ⓘ —
CF-6 Unpaid preferred return ⓘ —
CF-7 Months of cash ⓘ —

DEBT 20% of the overall grade · 9 KPIs · weights total 100%

Code KPI Department Direction Cut-points (best → worst) Weight On
P-66 Reserve balance per unit ⓘ —
D-1 DSCR ⓘ —
D-2 LTV ⓘ —
D-3 Months to maturity ⓘ —
D-4 Rate structure ⓘ —
D-5 Refinance gap [PUBLIC DATA] ⓘ —
D-6 Debt yield ⓘ —
D-7 Covenant headroom ⓘ —
D-8 Recourse exposure ⓘ —

VALUE 15% of the overall grade · 3 KPIs · weights total 100%

Code KPI Department Direction Cut-points (best → worst) Weight On
V-1 Total value multiple ⓘ —
V-2 Appreciation vs all-in basis ⓘ —
V-3 Value trend ⓘ —

MANAGER 15% of the overall grade · 7 KPIs · weights total 100%

Code KPI Department Direction Cut-points (best → worst) Weight On
M-1 Reporting timeliness ⓘ —
M-2 Reporting completeness ⓘ —
M-3 Financial accuracy ⓘ —
M-4 Responsiveness ⓘ —
M-5 Transparency & track record ⓘ —
M-6 Unit turn time ⓘ —
M-7 Preventive maintenance completion ⓘ —
Static demo · synthetic data · read-only  ↩