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Multifamily NOI Soars 238% in Q2 2026
15 Aug
Summary
- Multifamily NOI increased 238% year-over-year, reaching $638,000.
- Office NOI declined to $4 million due to a $2.4 million increase in JV loss.
- Same-store multifamily occupancy hit 95.3% by June 30, 2026.
In the second quarter of 2026, multifamily property performance demonstrated significant growth, with Net Operating Income (NOI) soaring by 238% year-over-year to $638,000. By June 30, 2026, same-store multifamily occupancy reached a strong 95.3%, an increase of 1,190 basis points from the prior year. Overall multifamily occupancy stood at 93.6% as of quarter-end.
Conversely, the office sector experienced a downturn, with NOI decreasing to $4 million from $5.5 million in the comparable period. This decline was primarily attributed to a $2.4 million increase in joint venture losses, influenced by non-cash items. Office leased occupancy, excluding the Oakland property, did see an improvement, rising to 84.4%.
The hotel segment reported an 11% year-over-year increase in NOI, reaching $4.6 million for Q2 2026. However, the company recorded a $455,000 casualty loss due to water damage at a hotel property during the quarter. Funds From Operations (FFO) for the period was negative $3.5 million, an improvement from the previous year's negative $7.9 million.
