Weekly Reporting Guideline

Purpose (Why we do this):

Horizon managers submit weekly reports on Monday to provide the partners with a financial update for their property.

Policy (What you're supposed to do):

The weekly Source report needs to be submitted for partner review on Mondays by 10 am PST. Your Source login is your Office 365 information. 

Procedure (HRA Way!):

You need to save the Entrata reports you use to complete your weekly to your property SharePoint in the Weekly Report folder.

FINANCIALS: For budgeted numbers report the budgeted numbers from the Income Statement: Budget vs Actual

• GPR always needs to be pulled from the GPR report in Entrata.
  • Reports > Company Reports > Accounting > GPR Report - Potential Rent Total for “Non-Excluded Units”total
• Vacancy Loss should be reported from your Income Statement Budget vs Actual.
  • Reports > Company Reports > Regional Site Visits/Financial > Income Statement – Budget vs Actual
• Bad Debt should be reported from your Income Statement Budget vs Actual.
  • Reports > Company Reports > Regional Site Visits/Financial > Income Statement – Budget vs Actual
• Concessions & Cash Back should be reported from your Income Statement Budget vs Actual.
  • Reports > Company Reports > Regional Site Visits/Financial > Income Statement – Budget vs Actual
• Rental Income needs to be manually calculated by subtracting the income loss section on your Income Statement Budget vs Actual from the GPR number on your GPR report.
  • Rental Income = GPR – Income Loss (i.e. vacancy, bad debt, concessions, etc) from Income Statement Budget vs Actual
  • If GPR on “Income Statement” matches GPR from “GPR Report” then rental income will not need to be manually calculated.
• Other Income should be reported from your Income Statement Budget vs Actual.
  • Reports > Company Reports > Regional Site Visits/Financial > Income Statement – Budget vs Actual
• Delinquency should be reported from the Delinquency Report.
  • Reports > Company Reports > Accounting > Delinquency
  • Only report Current and Notice DQ
  • Report the amount for Total DQ
• Lease Renewal %: There is currently no report in Entrata that will calculate this. Please manually track your expiration and calculate your lease renewal %.
  • Renewal % = (Approved Renewals for the current month / Total Expirations) x 100.

Weekly information is populated from the Property Pulse Report and the Box Score Report for Conventional Properties. Please follow the steps below for correct reporting.

• Reports > Company Reports > Leasing/Marketing > Property Pulse
  • Filter according to the “Period” to custom date range for the HRA reporting week which is Monday – Sunday of the previous week.
    • New Leases – See Below – report the “Leases Approved”
    • Renewals – See Below – report the “Renewal Leases Approved”
    • New Notices – See Below – report the “Notices"
• For Evictions/Skips & Cancel/Denial you will refer to the Box Score Report:
  • Reports > Company Reports > Leasing/Marketing > Box Score
    • Filter according to the HRA reporting week which is Monday – Sunday of the previous week.
      • Evictions/Skips
      • Cancel/Denial - Refer to the “Lead Conversions (selected date range)”
• Vacancy information will be reported from your availability reports. Please report your 30-day net. 
  • Operations > Misc > Availability Select Property
  • Unavailable Statuses – select all except “Occupied No Notice”
  • Group By – Floor Plan
  • Accept all other defaults
• Total Vacant = All Vacant Statuses
  • Vacant Ready (Available)
  • Vacant Ready (Unavailable)
  • Vacant Not Ready (Available)
  • Vacant Not Ready (Unavailable)
  • Vacant Leased = All Vacant Statuses (Unavailable)
• Total On Notice = All “On Notice” + “Notice Rented” Statuses
  • On Notice (Available)
  • Notice Rented (Unavailable)
• Total On Notice Leased = All Notice Rented (Unavailable)

REPORT NARRATIVE:

Executive & Financial Highlights

• This is your opportunity to provide the partners with an executive-level update on happenings at your property. If a partner walked into your office today, what would you need to tell them about your property? Think about the current priorities (leasing, staffing, maintenance, capx), what is most important that they need to know? This is your "elevator pitch".

Executive and Financial Highlights 

Weekly Reporting tips:

Remember your Audience-The Partners and Executives 

• High level communication  
• High level concerns or property standouts
• Use bullet points to share clear facts or results for previous week
• Do not regurgitate information that is on Source or in financial statements
• Plug in the proper information into the correct category; Leasing, Specials, DQ & BD
• If you do not have any highlights for that week, we all approve. “We have nothing to report for the week.”  

Here are some good examples but keep in mind that some elements change weekly for each property.  

1. Collections started on 10 New Parking spaces = $1,000 gain in Other Income moving forward.  
2. GPR growth - ONLY 10 BEDS LEFT TO LEASE! Last week we increased prices on our 2-bedroom spaces up to $979 = 17% increase from the start of the leasing season. We also increased our 5 bedrooms up to $779 = 30% increase.  
3. Cap X Expense-Timing issue with the large expense of pool furniture that will be paid this month, total of $20,965.63. Patio Options had a delay in their stock, so we had to choose an alternative style. 
4. After our site visit with Loren, the asset management team, & our vendors this past week we are working on finalizing our 5-year Capital plan. 
5. Exterior Update-We are still waiting on our paint vendor to finish up our interior upgrades at Coffee House and Campus Ridge as well as exterior paint at Coffee House as weather permits.  
6. Winter Storm: We successfully survived the first winter storm of 2022 with no damages to the property! 
7. Being officially 30% ahead of history, we are raising rents $50 per bedroom, which pushed the forecasted GPR to $217k vs a budgeted goal of 208K. 
8.  To address the foundation issues at building 1 and 5, a plumber will be out Monday/Tuesday to repair the sewage line. Immediately to follow, the foundation repair will take place Wed/Thursday 

Leasing

• Backfill Results
• Pre-Leases & Renewals (leases secured last week)
• Special for the current week

DQ/Bad Debt

• DQ/Bad Debt Highlights

Pledge FUN Fact of the Week

• Answer the Pledge question posted on the manager channel. When there isn't a question posted please share what you are doing with your team to keep them engaged with The Pledge.

Resource:

• HRA Preferred Reporting