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: $0.00
    - Operating Expenses: -$2,906.06
    - NOI: -$2,906.06
    - Net Operating Cashflow: -$2,906.06

    - 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: -$2,520.63 (Lofty curr_maintenance_reserve)
    - ECO Operating Cash: -$7,439.78 (ECO Systems General Ledger Column E (39 rows))

## 2026-04-06

- **Property Update (04/06/2026):**
    - Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
    - Yhome Net Due TO DAO: $6,218.91
    - Lofty Operating Cash: $-2,282.17
    - ECO Operating Cash: $-3,819.30
    - Outstanding Liabilities (Unpaid Bills): $0.00
    - DAO Net Cash (Capital Call): $-1,127.64
    - Estimated Owners' Equity: $180,970.79
    - DAO Estimated NAV Per Token: $53.41
    - DAO Tokens: 3367
    - Current PM: ECO (Selling)

## 2025-09-09

- **Property Update (09/09/2025):**
    - Governance Results for 9634 S Green St:
    - The Governance Voting results are back for the owner-proposed governance vote.
    - The winning vote is:
    - Option 1: Approve and Ratify the Organizational Resolution.
    - This voting option received 1142 / 1152 token votes which is equal to 99% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3205597882) or by searching the application ID: 3205597882

## 2025-07-29

- **Property Update (07/29/2025):**
    - Governance Results for 9634 S Green St:
    - The Governance Voting results are back for the owner-proposed governance vote.
    - The winning vote is:
    - List Property for Sale on open market
    - This voting option received 1,425 / 1,561 token votes which is equal to 91% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3144418986) or by searching the application ID: 3144418986

## 2025-07-22

- **Property Update (07/22/2025):**
    - Governance Vote for 9634 S Green St:
    - An owner with the following [wallet address](https://allo.info/account/QDTN5SITNPO4AMXPTOAFJDE2NSOHGKQE4LUHD2MUEWBJKHEPAHYEYBO6VM) has proposed a governance vote.
    - The owner proposing this vote holds 70 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 all token holders. Currently the status of this property is as follows:
    - Property Status:
    - Due to the inability to communicate with the tenant (invalid or deactivated phone and email address), a 5-day notice of termination for non-payment of rent along with updated payment instructions has been sent via USPS Certified Priority Mail.
    - Eviction proceedings will begin 5 days after confirmation of delivery if tenant fails to pay and/or establish communication.
    - Financial Status:
    - Unpaid Bills due to HRG: $2,789.64
    - Yhome Total Due to DAO: $5,100 ($2000 March rent + $4000 security deposit applied to April and May rent, less 15% PM Fee to Yhome)
    - EARLDAO Balance: $1,000 for painting and fixing the basement and unpaid invoice to handyman carried over from Yhome
    - Unpaid Taxes Due: $1,903.11
    - DAO Net Cash: -$592.75
    - ECO Systems - our property manager has suggested we list the property for sale to unlock the best NAV compared to current token price. With the tenant potentially being evicted, this could be the right time to list and sell.
    - Vote options:
    - 1) List Property for Sale on open market
    - 2) Do not list property for sale
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Tuesday, July 29th once the voting period ends.

## 2025-07-19

- **Property Update (07/19/2025):**
    - The new owner-elected property manager, Earl with ECO Systems LLC, provided the following update:
    - Due to the inability to communicate with the tenant (invalid or deactivated phone and email address), a 5-day notice of termination for non-payment of rent along with updated payment instructions has been sent via USPS Certified Priority Mail.
    - Eviction proceedings will begin 5 days after confirmation of delivery if tenant fails to pay and/or establish communication.

## 2025-06-13

- **Property Update (06/13/2025):**
    - The tenant has been delinquent on rent according to the previous PM, Yhome Nursing LLC. The tenant paid March rent and two months' security deposit at lease signing, currently being withheld by Calixte Duffaut.
    - Earl and Hemlane have been unable to reach the tenant via email or phone as they have been disconnected.
    - Earl will send a 5-day Notice to Pay or Vacate via Certified Mail and will seek an attorney to file for eviction.
    - Unpaid Bills due to HRG: $2,789.64
    - Yhome Total Due to DAO: $5,100 ($2000 March rent + $4000 security deposit applied to April and May rent, less 15% PM Fee to Yhome)
    - EARLDAO Balance: $1,000 for painting and fixing the basement and unpaid invoice to handyman carried over from Yhome
    - Unpaid Taxes Due: $1,903.11
    - DAO Net Cash: -$592.75
    - [View Owner Statement](https://www.dropbox.com/scl/fi/r7puwjhes6bd419ru12wk/Owner-Statement-May-2025-9634-S-Green-Street-Chicago-IL-60643.pdf?rlkey=5g8ty2axz0cy33qko4blbzh5p&dl=0)
    - [View Financial Reconciliation Details](https://www.dropbox.com/scl/fi/0yf0syxxxm58zpguib5nz/Yhome-Transition-Reconciliation.xlsx?rlkey=4rurmo3m2swur63oxq0hafr01&dl=0)
    - The Operating Reserve structure and related information will be updated upon completion of the property management transition from Yhome Nursing LLC to ECO Systems LLC.

## 2025-04-25

- **Property Update (04/25/2025):**
    - The previous property manager, Yhome Nursing LLC, provided an update for owners. This property is starting the transition to the new owner-elected manager, ECO Systems LLC.
    - Dear Investors, I wanted to update you on the property, which has experienced multiple sewer issues since the tenant moved in. Despite our efforts to address these problems, they have continued to persist.
    - After conducting a camera inspection, we discovered a broken pipe, which means that the city will need to be involved. This will require more extensive work to resolve the issue.
    - I will keep you all informed as we progress.
    - Best regards, Cal"

## 2025-04-24

- **Property Update (04/24/2025):**
    - Cal, the owner of Yhome Nursing LLC, has shared an update intended for all owners whose properties he has managed in Chicago, both currently and in the past. He would like owners of properties he previously managed to receive this update as well.
    - [View Update](https://drive.google.com/file/d/1_Vf3IqHErCbvJoiLnkEHBQnVzIq9xbgM/view)

## 2025-04-21

- **Property Update (04/21/2025):**
    - Governance Results:
    - The Governance Voting results are back for the owner-proposed governance vote to change the property manager to ECO Systems LLC.
    - The winning vote is:
    - Yes, hire ECO Systems LLC
    - This voting option received 1,344 / 1,346 token votes which is equal to 99.8% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/2944593117) or by searching the application ID: 2944593117
    - The property management migration will commence right away. ECO Systems LLC's management agreement can be viewed [here](https://www.dropbox.com/scl/fi/bo44y2ckfvxizb8en0xqp/Property-Management-Agreement-9634-S-Green-St-Chicago-IL-60643.docx?rlkey=87tcbzibnd7c1o0uslwreyu9d&e=3&st=1sdkyl0z&dl=0).

## 2025-04-17

- **Property Update (04/17/2025):**
    - Governance Vote:
    - An owner with the following [wallet address](https://allo.info/account/NKCGAJML3X56QQMQLAXJFT6JDYRZEABKVO42FLBYLXBEOJHYIS6ES4XLUI/assets) has proposed a governance vote.
    - The owner proposing this vote holds 10 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.
    - Evening all,
    - In my eyes, Jerry’s recent announcement doesn’t change the challenges we’ve recently faced with yhomes. There’s been a lack of documentation, and the initial property manager agreement hasn’t been abided by.
    - To avoid complications and bring stability back to Green Street, I recommend we transition to ECO Systems LLC as the property manager. Earl has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties.
    - Earl provides stability and transparency we can trust and has agreed to a rate of 10% of gross rent to help protect the DAO. Here’s a link to his full contract so you can see more.
    - https://www.dropbox.com/scl/fi/bo44y2ckfvxizb8en0xqp/Property-Management-Agreement-9634-S-Green-St-Chicago-IL-60643.docx?rlkey=87tcbzibnd7c1o0uslwreyu9d&e=2&st=1sdkyl0z&dl=0
    - Voting Options:
    - Yes, hire ECO Systems LLC
    - No, don’t change the property manager today
    - The new management terms for Yhome Nursing LLC can be viewed [here](https://drive.google.com/file/d/19YNKyrBYojoZwmu0DHK1vLgC8eD3149i/view).
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Monday, April 21st once the voting period ends.

## 2025-03-20

- **Property Update (03/20/2025):**
    - The new owner-elected property manager, Cal with Yhome Nursing LLC, confirmed a new tenant was approved and moved in on 3/3/25.
    - The tenant signed a 12-month lease at $2,000, a $158 increase from the previous lease.
    - The lease term is from 3/3/25 - 3/3/26.
    - The tenant paid a deposit of $4,000.
    - The property manager charges a leasing commission of first month's rent, which will be deducted from March's rent.
    - The property manager confirmed the lease has a typo in the lease terms, they are working to get this corrected.
    - The updated lease will be shared once it has been finalized.

## 2025-03-05

- **Property Update (03/05/2025):**
    - The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:
    - "Dear Investors, I’m pleased to share that Yhome officially took over this property on January 20, 2025, and we have successfully placed a tenant. While tenants in this area can be high-risk, we have exercised caution and selected a suitable candidate.
    - We have also undertaken necessary repairs, and I anticipate that the financials will be available soon, showing significantly lower costs than the previously quoted $20,000. Yhome is committed to ensuring the tenant's comfort and that all systems are fully operational.
    - We will keep you updated on our progress and are in the process of preparing a final report to clarify our current standing. Our focus will now be on tenant stability as we approach the next quarter.
    - Thank you for your continued support.
    - Best regards,
    - Yhome Team"

## 2025-01-20

- **Property Update (01/20/2025):**
    - Governance Results:
    - The Governance Voting results are back for the owner-proposed governance vote to change the property manager to Yhome Nursing LLC.
    - The winning vote is:
    - Yes [change management to Yhome Nursing LLC]
    - This voting option received 986 / 1,0