Sample report · Real Estate & Facilities
We re-derived a published figure from the public record.
An asset manager has to turn a quarterly filing into a board-ready property report. We typed in Plymouth Industrial REIT's published $47.1M rental revenue and $13.7M operating expenses for Q2 2025 — and withheld the NOI margin. The app came back with a 70.8% NOI margin and $133.3 million in annualized NOI, matching Plymouth's own filing to the decimal — the headline figures reconciled to Plymouth's own numbers.
The situation
A quarterly filing, turned into a defensible NOI report.
An asset manager or REIT analyst has to present quarterly property performance to the board or investment committee. They already have the quarterly filing — they just need it turned into a clean, board-ready NOI and occupancy report. Plymouth Industrial REIT (NYSE: PLYM) publishes both the line items and the headline NOI, which makes it a clean reconcile.
We used it as a reconcile test: feed the revenue, operating expenses and occupancy, withhold the NOI margin, and see whether the report lands on the REIT's own published number from those inputs alone — from arithmetic, not recall.
What we supplied
Only public inputs — each one sourced.
We typed in the numbers a user would read straight off Plymouth's filing. We deliberately omitted the NOI margin and the annualized NOI, so the app had to derive them.
| Input | Value | Source |
|---|---|---|
| Asset class | Industrial / Logistics & Warehouse | Plymouth Industrial REIT |
| Portfolio size | Institutional (32.07M sqft) | Q2 2025 supplemental |
| Hold strategy | Core-Plus / Stabilized Income | — |
| Rental revenue (quarter) | $47,058K | Q2 2025 10-Q, Statements of Operations |
| Property operating expenses (quarter) | $13,735K | Q2 2025 10-Q, Statements of Operations |
| Portfolio occupancy | 94.6% | Q2 2025 supplemental |
Source: Plymouth Industrial REIT Q2 2025 (10-Q + supplemental) · download the source document we used.
The report
The finished, board-ready output.
This is the actual rendered report — interactive charts and all. Nothing was edited after generation.
Reconcile
Our output vs. the published figures.
| Metric | Published | Ours (computed) | Match | Note |
|---|---|---|---|---|
| NOI margin | 70.8% ((47,058−13,735)/47,058) | 70.8% | ✓ exact | Withheld from the app — it derived it from revenue and opex |
| Annualized NOI | $133.3M (33,323K × 4) | $133.3M | ✓ exact | Derived: (revenue − opex) × 4 |
| Quarterly NOI | $33,323K | $33,323K (47,058 − 13,735) | ✓ | Carried through |
| Portfolio occupancy | 94.6% | 94.6% | ✓ | Carried through |
Integrity check: the NOI margin (70.8%) was never supplied — it's computed as (revenue − opex) / revenue, then annualized ×4. The app sensibly grossed effective revenue up to potential revenue using occupancy and annualized the quarter; neither broke the reconcile. Figures Plymouth didn't disclose (renewal rate, work-order SLAs, OpEx ratio targets) were generated as labeled operational estimates, kept distinct from the reconciled hard numbers.
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