UPDATES.md

# Property Updates

## 2026-07-14

- Property Update (07/14/2026):
    - Hi everyone,

    - This month's update includes the current reviewed financial summary from the guarded monthly workflow.

    - Financial summary from FINANCIALS.md:

    - Financial data is shown as of 2026-06.

    - Cash Flow Snapshot (2026-06):

    - Revenue: $10,443.90
    - Operating Expenses: -$9,479.41
    - NOI: $964.49
    - Net Operating Cashflow: $964.49

    - Monthly Cash Position (2026-06):

    - Revenue and operating expenses are scoped to the reporting month. ECO Operating Cash is the current complete DAO-attributed total of Column E across every row in the property-split ECO Systems GL, including accruals.

    - Lofty Operating Cash: $1,147.19 (Lofty curr_maintenance_reserve)
    - ECO Operating Cash: -$8,571.75 (ECO Systems General Ledger Column E (1344 rows))

## 2025-11-15

- Property Update (11/15/2025):
    - Owners will be receiving the net cash flow for October on a daily basis from November 15th through December 14th.
    - October's net cash flow totaled $2,505.32, compared to September's net cash flow of $879.91 (185% increase).
    - [P&L Statement](https://www.dropbox.com/scl/fi/v2yw9z98zh3mcysk8v37d/P-L-88-Madison-Ave-Albany-NY-12202.xlsx?rlkey=gxbrcwvfo5ilrhzg2450u97ka&dl=0)
    - [View Maintenance Log](https://docs.google.com/spreadsheets/d/1pxDWSGpQJs4SeOVxK5NRGlKnXI0qWlV_ulo1ewKGzkM/edit?usp=sharing)
    - Note that cleaning, repairs, and maintenance for the prior month are accounted for the following month, i.e. October R&M will come out of November NOI.
    - All financial data are in [Dropbox](https://asset.lofty.ai/LFTY0314) and Metrics are in [Hospitable](https://share.hospitable.com/metrics/c6a240ab-21f0-478e-9f35-5c937abe437e). Email earl@earlbnb.com if something is missing.

## 2025-06-13

- Property Update (06/13/2025):
    - Owners are currently receiving the net cash flow for May on a daily basis through July 12th.
    - May's net cash flow totaled $17, compared to April's net cash flow of $1,849.67 (99% decrease). This is because we needed to repaint the entirety of the Floor 1 apartment due to 6 years of wear and tear from guests, among other [maintenance and upkeep items totaling $6,642.50](https://docs.google.com/spreadsheets/d/1pxDWSGpQJs4SeOVxK5NRGlKnXI0qWlV_ulo1ewKGzkM/edit?usp=sharing) we decided to do to prevent further 1-star reviews before the incoming summer wave. As a result, we have drained the OR of $3,000, depleted the NOI for May, and still owe a balance of $2,000 which will come out of June's NOI unless owners vote otherwise.
    - Owners may propose a vote to back a capital call of $2,000 via a short-term loan, pay the balance out of the NOI in June, or dilutively issue 32 governance shares at $65/share to pay off this balance.
    - [P&L Statement](https://www.dropbox.com/scl/fi/v2yw9z98zh3mcysk8v37d/P-L-88-Madison-Ave-Albany-NY-12202.xlsx?rlkey=gxbrcwvfo5ilrhzg2450u97ka&dl=0)
    - [Bank Statements](https://www.dropbox.com/scl/fo/d16nywge8p0hgxkt91lte/AP8dc8VrEmMVbRB7vlaXlmE?rlkey=fvyh8p807yvdyvlhefttai6hk&dl=0)
    - [Reservations (2025-05)](https://www.dropbox.com/scl/fi/o76okcsvrenhqpygqyrk8/Reservations-2025-05-88-Madison-Ave-Albany-NY-12202.csv?rlkey=0tyo48wv4x0eko4btzkry2j6k&dl=0)
    - [KPIs (2025-05)](https://www.dropbox.com/scl/fi/aaskneisxkversh2k8xx8/KPIs-2025-05-88-Madison-Ave-Albany-NY-12202.csv?rlkey=5m5blc4wt7gyhdyiq0r6o40x8&dl=0)
    - [Mortgage Statements](https://www.dropbox.com/scl/fo/6rwi4hvzz8lgeqnyw0puj/AIqJi5dKhfpV8kVV4rPRro0?rlkey=hzvk2co5j14jmooswsgqz8kqr&dl=0)

## 2025-05-17

- Property Update (05/17/2025):
    - Owners are currently receiving the net cash flow for April on a daily basis through June 12th.
    - April's net cash flow totaled $1,849.67, compared to March's net cash flow of $1,792.23.
    - Earl, the co-owner and Property Manager, has shared additional details for investors, outlined below:
    - "NOI: $1,849.67 (3% increase over March) + $62.50 DAO LLC Fees = $1,912.17"
    - [P&L Statement](https://www.dropbox.com/scl/fi/v2yw9z98zh3mcysk8v37d/P-L-88-Madison-Ave-Albany-NY-12202.xlsx?rlkey=mxzr8ry7yjo00ou1roovwb4d5&e=1&st=zxzx42t6&dl=0)
    - [Bank Statement](https://www.dropbox.com/scl/fi/68dx0aqiem1g0spo37quh/Baselane-Bank-Statement-2025-04-88-Madison-Ave-Albany-NY-12202.pdf?rlkey=j1etgsajks83ugd0bpqy0vj01&e=1&st=135rdq11&dl=0)
    - [Reservations (2025-04)](https://www.dropbox.com/scl/fi/pdikqdn6153v6hj6k4lbw/Reservations-2025-04-88-Madison-Ave-Albany-NY-12202.csv?rlkey=k6qpbflix9xj87bedr5ufj96v&e=1&st=aaetv8g8&dl=0)
    - [KPIs (2025-04)](https://www.dropbox.com/scl/fi/4lmjvllfn83aq4ahkl651/KPIs-2025-04-88-Madison-Ave-Albany-NY-12202.csv?rlkey=efmtrz6ydxf3wazbngmi0moq4&e=1&st=mi3h1ldt&dl=0)
    - [Mortgage Statement](https://www.dropbox.com/scl/fi/jow3kr8szquoc6y4eelnk/Mortgage-Statement-2025-05-88-Madison-Ave-Albany-NY-12202.pdf?rlkey=0r6q8x9ckyp4mpqlxshycqv00&e=1&st=h92wk17o&dl=0)

## 2025-04-19

- Property Update (04/19/2025):
    - Owners are currently receiving the net cash flow for March on a daily basis through May 14th.
    - March's net cash flow totaled $1,792.23, compared to February's net cash flow of $2,324.84.
    - Earl, the co-owner and Property Manager, has shared additional details for investors, outlined below:
    - "NOI: $1792.23 (23% decrease over February) + 62.50 DAO LLC Fees = $1,854.73"
    - [P&L Statement](https://www.dropbox.com/scl/fi/v2yw9z98zh3mcysk8v37d/P-L-88-Madison-Ave-Albany-NY-12202.xlsx?rlkey=mxzr8ry7yjo00ou1roovwb4d5&e=1&st=bfzg1lp2&dl=0)
    - [Bank Statement](https://www.dropbox.com/scl/fi/4evktv4hb95h2ovmz1gik/Baselane-Bank-Statement-2025-03-88-Madison-Ave-Albany-NY-12202.pdf?rlkey=deb54jxg9p7aul4thq4u4vwkf&e=1&st=sukeaedc&dl=0)
    - [Reservations (2025-03)](https://www.dropbox.com/scl/fi/48gm1ab6r0yuy9sqsnhq3/Reservations-2025-03-88-Madison-Ave-Albany-NY-12202.csv?rlkey=y8xss16p8yiozyn7e8gnytomp&e=1&st=397fi32a&dl=0)
    - [KPIs (2025-03)](https://www.dropbox.com/scl/fi/1zgy4rdlnnce4ep69ozkp/KPIs-2025-03-88-Madison-Ave-Albany-NY-12202.csv?rlkey=crcogs9z91ae06oqil56q5h13&e=1&st=vxqrt9oi&dl=0)
    - [Mortgage Statement](https://www.dropbox.com/scl/fi/vzc6mtrdnd3bzr2k1zaoz/Mortgage-Statement-2025-04-88-Madison-Ave-Albany-NY-12202.pdf?rlkey=u6jbmci6zzpq8iue7wa5kwxg6&e=1&st=rkcro1l5&dl=0)
    - The co-owner and property manager, Earl, is available in this property's Discord channel to answer questions from owners.

## 2025-04-08

- Property Update (04/08/2025):
    - Owner-proposed Governance Results:
    - The governance results are back for the most recent governance vote.
    - The winning vote is:
    - Utilize the operating reserve to buy 60 tokens at 50 per token and market sell them at or above $62 per token. The net proceeds after refilling the 3,000 from the operating reserve are distributed to holders.
    - This was voted on by 38 participants in total. Out of the total number of participants, 19 voted for the winning vote, totaling 59.68% of the voting power. This is a co-ownership property, which means the governance mechanism used the [scaled governance calculations](https://loftyai.notion.site/Governance-Mechanism-For-Partial-Property-Sales-e74b184f52124e219c320bb61b2b89b8) as opposed to the default of 1 token equals 1 vote.
    - The alternative voting option required at least 60% of the total votes to pass, as the option above had already been declared the winner in a previous governance vote.
    - The voting results can be found on chain [here](https://allo.info/application/2912560855) or by searching the application ID: 2912560855

## 2025-04-01

- Property Update (04/01/2025):
    - Owner-Proposed Governance Vote:
    - The governance voting results are back for the owner-proposed governance vote, which can be viewed on the property page.
    - The winning vote is:
    - Utilize the operating reserve to buy 60 tokens at 50 per token and market sell them at or above $62 per token. The net proceeds after refilling the 3,000 from the operating reserve are distributed to holders.
    - This was voted on by 55 out of 98 participants in total and was declared the winner in Round 2 via the Ranked Choice Voting method, totaling 61.35% of the voting power. This is a co-ownership property, which means the governance mechanism used the [scaled governance calculations](https://loftyai.notion.site/Governance-Mechanism-For-Partial-Property-Sales-e74b184f52124e219c320bb61b2b89b8) as opposed to the default of 1 token equals 1 vote.
    - The voting results can be found on chain [here](https://allo.info/application/2882880956) or by searching the application ID: 2882880956
    - An Owner with the following [wallet address](https://allo.info/account/3C7357IPWLBMAPWYL344I45TXYKBTJ4S75EHPEAK7R54AC6A7OLWZEOZGM) is proposing a follow-up governance vote.
    - This owner holds 16 tokens in this property.
    - The owner's reasoning is below, word-for-word:
    - Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Hello 88 Madison Owners,
    - I'd like to submit a counter proposal to include an option to distribute the $3000 to all tokens holders instead of making principal payments on the mortgage. Unfortunately, Lofty has unilaterally decided to disallow this option be added to the current vote. Therefore, once the current vote ends, a follow up proposal will be sent to decide between the winning vote and my proposed option to distribute the $3000 to all token holders as yield.
    - The mortgage on this property is only 4.75%, which is not nearly high enough to justify accelerating the mortgage and diluting current owners in the process.
    - Distributing the $3000 to token holders over one month would provide approximately $0.027/token/day, which amounts to an additional 15% annualized yield at the current market price of $62.
    - I encourage all owners to choose no token dillution on this vote, and then decide between the incumbant winning vote and a potential cash distribution in the following vote.
    - The results will be determined by a 60% Supermajority and will be sent to all owners on Monday, April 7th once the voting period ends.

## 2025-03-25

- Property Update (03/25/2025):
    - Owner-Proposed Governance Vote:
    - An Owner with the following [wallet address](https://allo.info/account/3C7357IPWLBMAPWYL344I45TXYKBTJ4S75EHPEAK7R54AC6A7OLWZEOZGM) is proposing a governance vote.
    - This owner holds 16 tokens in this property.
    - The owner's reasoning is below, word-for-word:
    - Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Good Afternoon 88 Madison Owners,
    - After some discussion with other owners and property manager Earl, I believe we have discovered an opportunity to benefit holders.
    - The current token price is 62.32, but Earl is willing to allow the DAO to pay down the loan principal and receive tokens at 50 per token.
    - There are a couple of different ways to utilize this opportunity to our advantage, but the best one is to utilize $3,000 from the operating reserve to buy 60 tokens and then sell those tokens at the market price provided it remains above $62. After fees and slippage I estimate the returns on the sale will be ~$3,500. The $3,000 is then returned to the operating reserve netting ~500 dollars for the DAO.
    - There are a lot of ways this money could be utilize but I think the vote should revolve around these three choices:
    - 1: Utilize the operating reserve to buy 60 tokens at 50 per token and market sell them at or above $62 per token. The net proceeds after refilling the 3,000 from the operating reserve are distributed to holders.
    - 2: Utilize the operating reserve to buy 60 tokens at 50 per token and market sell them at or above $62 per token. The net proceeds after refilling the 3,000 from the o