Forme — Weekly Operations Dashboard · Week Ending May 5, 2026

Forme — Leasing Overview

5501 La Branch St, Houston, TX 77004 · New Delivery Lease-Up

Houston, TX ▼ Lease-Up Phase · Critical STAY LIVE 96.5% Vacant

Units

230

Current Occ

3.5%

Market Rent

$2,689

Current Occupancy

Portfolio Box Score · May 5, 2026 · 230 unfurnished units

Total Units

230

Unfurnished

Current Occ %

3.5%

~8 units leased

ATR Units

216

93.9% of total

Market Rent

$2,689

Per unit/mo

In-Place Rent

$2,495

-7.2% vs market

Eff RevPAR

$87

Effective/mo

Current Occupancy vs. Stabilized Target

3.5%

vs stabilized target 93.0%

−89.5pp

Occupied — 8 of 230 units

Stabilized Target — 93% (214 units)

Available to Rent — 216 units

⚠ Occupancy is critically below stabilized target. 216 units available to rent. Immediate lease-up acceleration required — at current pace, stabilization takes 3+ years.

Occupancy Trend Outlook

Based on current leasing velocity

14-Day Trend

4.3%

Leases needed to stabilize: 199

30-Day Trend

4.8%

Leases needed to stabilize: 196

60-Day Trend

4.8%

Leases needed to stabilize: 193

⚡ At ~1 net lease/week, stabilization at 93% takes 3+ years. Target 5+ net leases/week to reach stabilization within 9 months.

Weekly Leasing Funnel

Week ending May 5, 2026

Leads

This week

Tours

↓ from 16

Net Leases

This week

Gross Leases

Signed

Renewals

—

NTV / Evictions

—

Lead → Tour

5.1%

vs 15–20% target

Tour Closing %

25.0%

Strong close rate

T4 Net Leases

Trailing 4 weeks

Stale Units

215

No recent activity

ℹ Lead volume is healthy at 78/week. Bottleneck is lead-to-tour conversion (5.1% vs 15–20% typical). Focus on response time, follow-up cadence, and digital experience to convert more leads into tours.

4-Week Leasing Activity Trend

Apr 24 – May 15, 2026

Week Ending	Occ %	ATR	Net Leases	Gross	Leads	Tours	Close %	Lead→Tour
Apr 24, 2026	1.3%	221	0	0	81	12	0%	14.8%
May 1, 2026	1.3%	219	0	0	68	13	0%	19.1%
May 8, 2026	1.7%	217	2	2	83	16	13%	19.3%
May 15, 2026 (current)	3.5%	216	1	1	78	4	25%	5.1%
4-Wk Avg / Total	—	—	3 total	3	78 avg	11 avg	9.5%	14.6%

⚡ Tour volume dropped sharply from 16 to 4 this week — investigate scheduling barriers, staffing coverage, and online booking friction. The closing rate of 25% is strong, indicating quality leads when tours do happen.

Pricing Position

Unfurnished units

Market Rent

$2,689

Asking rate

In-Place Avg Rent

$2,495

−$194 vs market

Discount to Market

−7.2%

Concessions impact

Effective RevPAR

$87

Total eff. rent/unit

ℹ With 96.5% vacancy, consider targeted concession strategy (1–2 months free rent on 12-month leases) to accelerate absorption while protecting face rents. Track in-place discount as a leasing KPI.

Forme — STR / Hotel (Stay)

Short-term rentals & hotel-style bookings · OTB as of May 5, 2026

▼ 74% Below Budget 1,116 Avail Nights/Mo Group Blocks Jun + Jul

OTB Rooms

1,611

Avg Occ

12%

YTD Revenue

$183K

Stay KPIs

STAY_Pickup_OTB · 5/5/2026

Total OTB Rooms

1,611

All of 2026

YTD Revenue OTB

$182,683

−74% vs budget

OTB ADR

$151

Avg across 2026

WTD Pickup

+13 rms

$1,733 added

Best Month OTB

Apr '26

518 rooms · $141 ADR

Monthly OTB Summary — Full Year 2026

Data from RCM Stay Segment Report

Month	OTB Rooms	Revenue	ADR	Avail	Occ %	Status
Jan 2026	1	$999	$999	1,116	0.1%	Pre-Open
Feb 2026	0	$0	—	1,008	0%	Pre-Open
Mar 2026	24	$4,324	$180	1,116	2%	Critical
Apr 2026	518	$78,672	$152	1,080	48%	Strong
May 2026	304	$51,115	$168	1,116	27%	Active
Jun 2026	466	$66,583	$143	1,080	43%	Group Block
Jul 2026	258	$34,392	$133	1,116	23%	Group Block
Aug 2026	24	$3,905	$163	1,116	2%	Critical
Sep 2026	2	$376	$188	1,080	0%	Critical
Oct 2026	12	$2,985	$249	1,116	1%	Critical
Nov 2026	0	$0	—	1,080	0%	Empty
Dec 2026	2	$301	$151	1,116	0%	Critical
TOTAL 2026	1,611	$243,652	$151	13,020	12%	—

⚡ Jun–Jul anchored by group blocks (396 + 209 nights @ $119 flat). Aug–Dec nearly empty — transient demand generation is the H2 priority. Oct shows high ADR ($249) suggesting premium opportunity.

Group vs Transient Split (OTB)

May 2026
Transient Nights	297
Transient ADR	$167
Group Nights	5
Group ADR	$119
Blended ADR	$168
Top Segment	Int'l Non-Op (198 nts)

Jun 2026
Transient Nights	70
Transient ADR	$278
Group Nights	396
Group ADR	$119
Blended ADR	$143
Group Dilution	−$135 ADR impact

Jul 2026
Transient Nights	49
Transient ADR	$194
Group Nights	209
Group ADR	$119
Blended ADR	$133
Group %	81% of nights

ℹ Transient ADR is strong in Jun ($278) and Jul ($194). Consider displacing group at lower-contribution nights in H2 with direct corporate outreach at $180+ rates.

Monthly Occupancy Visual

Stay OTB pace by month

Stay Occupancy % by Month (2026)Bubble = OTB rooms

Forme — Extended Stay (Live)

Furnished units · Corporate extended-stay · Monthly+ rentals

▼ 87% Below Budget (YTD) BAR-Only Segment Sep–Dec Empty

2026 OTB Rooms

265

Avg Occ (2026)

19%

2026 Revenue

$31K

Live KPIs

Furnished_2026 · 5/5/2026

Total OTB Rooms

265

2026 booked nights

YTD Revenue

$30,913

−87% vs budget

Avg ADR (OTB)

$117

BAR segment only

Avg LOS (May)

55 days

Corporate ext-stay

Avg LOS (Jun)

61 days

Longer bookings

Monthly Live OTB Summary

Month	OTB Rooms	Revenue	ADR	Avail (est.)	Occ %	Avg LOS	Status
Jan 2026	0	$0	—	5,487	0%	—	Pre-Open
Feb 2026	0	$0	—	4,956	0%	—	Pre-Open
Mar 2026	0	$0	—	5,487	0%	—	Pre-Open
Apr 2026	63	$6,883	$109	5,310	1%	45 days	Ramping
May 2026	105	$13,034	$124	5,487	2%	55 days	Active
Jun 2026	66	$7,610	$115	5,310	1%	61 days	Active
Jul 2026	31	$3,387	$109	5,487	1%	—	Light
Aug 2026	0	$0	—	5,487	0%	—	Empty
Sep 2026	0	$0	—	5,310	0%	—	Empty
Oct 2026	0	$0	—	5,487	0%	—	Empty
Nov 2026	0	$0	—	5,310	0%	—	Empty
Dec 2026	0	$0	—	5,487	0%	—	Empty
TOTAL 2026	265	$30,913	$117	—	~1%	~55 days	—

⚠ Aug–Dec 2026 completely empty for Live. Corporate relocation, oil & gas sector, and long-term project staffing prospecting (60–120 day stays) urgently needed for Q3/Q4 fill.

Floor Plan Inventory — Furnished Units

Studio Suite (SS000)

units

1BR Suite (SS001)

units

2BR Suite (SS002)

units

3BR Suite (SS003)

units

Total Furnished Units

Across all floor plans

Available to Sell (H2)

Zero H2 bookings

Segment Profile — Live Bookings

Month	Segment	Nights	Revenue	ADR	Avg LOS	Lead Days
Apr 2026	BAR	63	$7,481	$119	45 days	3 days
Apr 2026	NOSHOW	—	−$599	—	—	—
May 2026	BAR	105	$13,034	$124	55 days	4 days
Jun 2026	BAR	66	$7,610	$115	61 days	14 days
Jul–Dec 2026	No Live bookings on record	—	—	—	—	—

ℹ All Live bookings are BAR rate (single segment). Average LOS trending upward (45 → 55 → 61 days). Consider launching Preferred Corporate and Consortia rate programs to diversify and grow corporate account pipeline.

OTB & Weekly Pickup Summary

On-the-books revenue & week-over-week pace · STAY + LIVE combined

Stay OTB

$183K

Live OTB

$31K

Combined

$213K

OTB Revenue Summary — Stay + Live

Stay OTB Revenue

$182,683

−74% vs budget

Live OTB Revenue

$30,913

−87% vs budget

Combined OTB

$213,596

−$1.0M+ vs budget

WTD Pickup (Stay)

+13 rms

+$1,733 this week

WTD Pickup Detail — Stay (May 5 vs May 4)

Month	WTD Rooms	WTD ADR	WTD Revenue	Running OTB Rooms	Running OTB Revenue
Mar 2026	0	—	$0	24	$4,324
Apr 2026	0	—	$0	518	$78,672
May 2026	+11	$118	$1,303	304	$51,115
Jun 2026	+1	$275	$275	466	$66,583
Jul 2026	0	—	$0	258	$34,392
Aug 2026	−1	$163	−$163	24	$3,905
Sep 2026	+2	$188	$376	2	$376
Oct–Dec	0	—	$0	14	$3,286
TOTAL 2026	+13	$133	$1,791	1,611	$243,652

✓ Positive pickup week. May pacing ahead of prior week. Jun group block (396 nts) firm and unchanged week-over-week. Jun transient ADR ($275) shows premium opportunity — prioritize direct bookings.

Live WTD Pickup Detail

Month	WTD Rooms	WTD ADR	Running OTB	Running Revenue	Avg LOS
Apr 2026	0	—	63	$6,883	45 days
May 2026	+28	$124	105	$13,034	55 days
Jun 2026	+2	$115	66	$7,610	61 days
Jul 2026	0	—	31	$3,387	—
Aug–Dec	0	—	0	$0	—
TOTAL 2026	+30	$117	265	$30,913	~55 days

⚡ Strong Live pickup in May (+28 rooms WTD) but zero bookings Aug–Dec. Corporate leads typically book 4–14 days out — aggressive Q3 outreach campaigns needed now.

Revenue Gap to Budget

Stay Budget Gap

−$700K

Full year 2026 vs budget

Live Budget Gap

−$321K

Full year 2026 vs budget

Combined Gap

−$1.02M

Total hotel revenue gap

H2 Opportunity

11K+ nts

Empty Stay nights Aug–Dec

Market Segment Analysis

Stay + Live segment performance · RCM Market Segment Reports · Week ending May 3, 2026

Stay — Segment Performance by Month

RCM Market Segment Stay · 5/3/2026

Month	Segment	Nights CW	Revenue CW	ADR	vs PW Nights	Avg LOS	Avg Lead Days
Mar '26	Internet Non-Opaque	17	$2,927	$172	0	1.4	1.9
Mar '26	BAR	7	$1,397	$200	0	1.0	4.0
Apr '26	Internet Non-Opaque	373	$52,368	$140	+25	1.3	3.4
Apr '26	BAR	112	$19,456	$174	+11	2.0	1.4
Apr '26	Consortia	21	$3,386	$161	0	6.2	7.3
Apr '26	Preferred Corporate	10	$1,487	$149	0	7.0	1.6
Apr '26	GDS BAR	2	$267	$134	0	1.0	—
May '26	Internet Non-Opaque	198	$32,249	$163	+57	2.8	20.6
May '26	BAR	58	$11,381	$196	+33	3.0	8.0
May '26	Consortia	18	$2,998	$167	+2	10.9	27.2
May '26	Preferred Corporate	23	$2,930	$127	+3	11.0	5.0
Jun '26	Group Reserved	396	$47,124	$119	0	43	47
Jun '26	Internet Non-Opaque	58	$15,629	$269	+14	2.8	55.7
Jun '26	BAR	11	$3,511	$319	+5	2.0	47
Jul '26	Group Reserved	209	$24,871	$119	0	47	46
Jul '26	Internet Non-Opaque	45	$8,242	$183	+25	3.8	78
Jul '26	BAR	4	$1,278	$320	+4	—	—

Stay ADR by Segment — May 2026

BAR Rate

19.5%

$196

Consortia

6.1%

$167

Internet Non-Opaque

66.7%

$163

Preferred Corporate

7.7%

$127

Group Reserved (Jun/Jul)

—

$119

ℹ BAR is highest ADR at $196 (19.5% of May nights). Internet Non-Opaque drives 66.7% of volume at $163 — the OTA backbone. Growing corporate direct (Consortia + Preferred Corp) reduces OTA dependency and lifts blended ADR.

Stay — Full Year 2026 Segment Totals

Segment	Total Nights	Total Revenue	Avg ADR	Avg LOS	Avg Lead Days	Share of Nights
Internet Non-Opaque	731	$118,983	$163	2.1	24	45%
BAR	193	$38,023	$197	2.3	8	12%
Group Reserved	610	$72,590	$119	44	47	38%
Consortia	39	$6,384	$164	8.4	17	2%
Preferred Corporate	33	$4,417	$134	9.8	4	2%
GDS BAR	3	$585	$195	1	16	0.2%
NOSHOW	—	$2,671	—	—	—	—
COMP	2	$0	$0	2	15	0.1%
TOTAL 2026	1,611	$243,652	$151	18.5	30	100%

Live — Market Segment Detail

Month	Segment	Nights	Revenue	ADR	Avg LOS	Lead Days
Apr 2026	BAR	63	$7,481	$119	45 days	3 days
Apr 2026	NOSHOW	—	−$599	—	—	—
May 2026	BAR	105	$13,034	$124	55 days	4 days
Jun 2026	BAR	66	$7,610	$115	61 days	14 days
Jul–Dec 2026	No Live bookings on record	—	—	—	—	—
2026 Total	BAR (100%)	265	$30,913	$117	~55 days	~9 days

⚡ Live is 100% reliant on BAR rate — no corporate programs loaded. Adding Preferred Corporate and Consortia rates creates a negotiated pipeline for H2 group fill. Lead time is only 4–14 days — response speed is critical.

Revenue Pace — Stay + Live Combined

Monthly OTB performance & pacing analysis · Full Year 2026

Stay Full Year

$244K

Live Full Year

$31K

Combined

$274K

Combined Monthly Revenue Pace

Monthly Revenue OTB — Stay vs Live (2026)

Stay

Live

Monthly Revenue Detail — Stay + Live

Month	Stay Rooms	Stay Revenue	Stay ADR	Live Rooms	Live Revenue	Live ADR	Combined Rev	Combined Occ
Jan 2026	1	$999	$999	0	$0	—	$999	—
Feb 2026	0	$0	—	0	$0	—	$0	—
Mar 2026	24	$4,324	$180	0	$0	—	$4,324	2%
Apr 2026	518	$78,672	$152	63	$6,883	$109	$85,555	48% / 1%
May 2026	304	$51,115	$168	105	$13,034	$124	$64,149	27% / 2%
Jun 2026	466	$66,583	$143	66	$7,610	$115	$74,193	43% / 1%
Jul 2026	258	$34,392	$133	31	$3,387	$109	$37,779	23% / 1%
Aug 2026	24	$3,905	$163	0	$0	—	$3,905	2% / 0%
Sep 2026	2	$376	$188	0	$0	—	$376	0% / 0%
Oct 2026	12	$2,985	$249	0	$0	—	$2,985	1% / 0%
Nov 2026	0	$0	—	0	$0	—	$0	—
Dec 2026	2	$301	$151	0	$0	—	$301	—
FULL YEAR 2026	1,611	$243,652	$151	265	$30,913	$117	$274,565	—

⚠ Aug–Dec 2026 has only $7,566 booked across both products. H2 is effectively empty. Need proactive outreach to fill 10,000+ available nights at $140+ ADR to meaningfully close the budget gap.

H1 vs H2 Revenue Split

H1 2026 (Jan–Jun) — Stay

$201,593

Apr + Jun group blocks driving bulk of H1 volume

H2 2026 (Jul–Dec) — Stay

$42,059

Aug–Dec nearly empty · Major demand generation needed

H1 2026 (Apr–Jun) — Live

$27,527

Only BAR segment · 55-day avg LOS · corporate profile

H2 2026 (Jul–Dec) — Live

$3,387

Jul only · Aug–Dec completely empty

AI Strategy & Action Recommendations

Generated by Claude · Powered by Anthropic · Week ending May 5, 2026

✦ Claude AI Lease-Up · Stay · Live

AI Strategy & Action Recommendations

Week ending May 5, 2026

ℹ Click above to generate AI-powered strategic recommendations based on this week's leasing, Stay, and Live performance data. Powered by Claude via Cloudflare Worker proxy.