NOI Bridge Analysis

Build an NOI bridge for [PROPERTY OR PORTFOLIO] from [STARTING-PERIOD OPERATING STATEMENT] to [ENDING-PERIOD OPERATING STATEMENT]. If [BUDGET OR UNDERWRITING CASE, IF APPLICABLE] is supplied, add a separate actual-versus-plan bridge.

Use only the supplied statements, [ACCOUNT MAPPING AND OPERATING NOTES], and explicitly provided definitions. Do not invent or infer occupancy, rent growth, recoveries, concessions, or expense causes. Flag inconsistent account mappings and mark unsupported explanations as "unconfirmed." Cite the source account, row, note, or page behind every bridge component.

Return:
1. The starting NOI, ending NOI, absolute change, and percentage change, with the NOI definition used.
2. A bridge table with driver, revenue or expense classification, starting value, ending value, NOI impact, recurring or nonrecurring status, evidence, and confidence.
3. Sub-bridges for base rent, occupancy or vacancy, concessions, recoveries, other income, controllable expenses, utilities, taxes, insurance, and other material items only when the source supports them.
4. A reconciliation proving that all driver impacts equal the total NOI change.
5. The three most decision-relevant drivers, unresolved questions, and a proposed monitoring action for each.

Keep timing differences separate from durable operating changes and avoid counting a single movement in more than one driver. The Asset Manager is the human decision owner; identify implications, but do not change the budget, valuation, or operating plan.