40|M: what we read about your portfolio, and what The PM can do for your value-add apartment communities

Read on November 4, 2026. Prepared for Steve Hutto. Nothing here comes from your systems. It is what anyone can read from the outside, plus an example with every assumption written out. WHAT YOUR SITE LISTS (class: measured, fortym.com read November 4, 2026) - 350 Bush, San Francisco: office - Aperture Del Mar, San Diego: life science - Deluxe, Hollywood: office - The Market Common, Myrtle Beach: mixed-use - The Mercantile, Dallas: mixed-use - 222 Dexter / Skyglass, Seattle: multifamily, 335 residential units plus 8,000 SF of retail, delivered 2024 Your site describes your apartment work as value-add and boutique repositioning of apartment communities. It gives no street addresses and no unit counts for any apartment community other than 222 Dexter. AS IT IS TODAY 1. Five of the six projects on your site are office, life-science, retail or mixed-use. The one apartment tower, 222 Dexter, is listed by apartment sites under the name Skyglass at a different street address (757 Thomas St), and a trade-news headline reports its sale. We did not treat it as a building you run today. 2. Because your site names no apartment community you operate, we did not read any renter review pages and we did not draft any replies. We do not guess at buildings. WITH THE PM (class: can, a forecast, not a result and not a promise) - Every lead can be answered at once and the tour booked, from the first day of lease-up or a repositioning. - Every renter review can get a drafted reply the same day, and every repair request can become a ticket with a vendor and a date. - Each vendor invoice can be checked against its contract and the market price before it is paid. Repositioning generates many of them. - Rent collection and the month close can run in one place. AN EXAMPLE OF THE EFFECT (illustrative, not a client result) For example, for a value-add community of 200 units, The PM can answer every lead at once and schedule every turn, which can cut the days a unit sits empty by, say, 20%: vacancy loss falls from about $162K to $130K a year, NOI rises by about $31K a year, and building value by about $629K, or 1.2%, at a 5% cap rate. Assumptions, all ours and not yours: 200 units, average rent $1,800 a month, 45% of units turn each year, 30 empty days per turn, operating expenses 40% of income, management fee 3%, cap rate 5%. Estimated by us, not reported by you: unit count and rent. Your numbers will differ. The picture with every assumption: https://titleman.ai/property-management/example?process=vacancy&name=A+value-add+community&units=200&rent=1800&est=rent%2Cunits HOW WE MEASURED - Project list, asset types, cities and the 335 units: as shown on fortym.com on November 4, 2026. - The Skyglass address and the sale headline: apartment listing pages and a trade-news headline seen in a web search on November 4, 2026; we did not open the articles. - The example: computed from the assumptions above; nothing in it is a number about your buildings.