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2026-08-06 · 09:50:34 PM
Meeting
Q3 Board Review
Location
AIREx HQ · Room 4A + Remote
Quorum
7 of 9 confirmed
Sensitivity
CONFIDENTIALBoard eyes only
AI briefing
Prepared for this board — five-point view
Executive summary
Portfolio value $1.284B (+3.2% QoQ); yield 6.10% above 6.0% target. Two investment decisions ready for vote and one policy resolution up for discussion.
Risk summary
Three critical signals: PNW office softening, Chicago affordability ordinance draft, and Fed rate volatility narrowing Q4 refi window.
Opportunity summary
Sunbelt logistics fund II shows weighted IRR 17.2% (>15% hurdle); 1120 Broadway TDR at $41M holds within ZOPA with financing ready.
Recommended actions
Approve D-041 with conditional pricing floor; scale D-042 in tranches to manage concentration; adopt LTV target 50% (D-043).
Questions to discuss
How much office exposure is acceptable at cycle turn? What triggers Q4 refi execution? Is 15% IRR hurdle still calibrated to risk?
AI briefing is a preparation aid; the board's discussion and decisions govern.
Live KPIs
Portfolio pulse
Portfolio value
$1.284B
+3.2% QoQ
NOI (TTM)
$78.4M
+2.1% QoQ
Portfolio yield
6.10%
target 6.0%
Dry powder
$312M
42% committed
Weighted LTV
51%
target ≤ 55%
Active projects
23
4 in construction
AIRScore avg
81
+4 QoQ
Signals open
14
3 critical
Exports
Board deliverables
Exports are informational drafts. Authorized officers must review and sign before external distribution.
Boardroom outputs are informational and prepared for authorized board members. AIREx does not execute votes, transactions, or communications. Decisions, minutes, and votes must be captured by authorized officers of record.