| Line | Budget | Actual | Variance |
|---|---|---|---|
| Gross rent | 2,580 | 2,612 | +32 |
| Voids & incentives | -148 | -171 | -23 |
| Service charge (net) | -26 | -24 | +2 |
| Operating costs | -262 | -249 | +13 |
| Net operating income | 2,144 | 2,168 | +24 |
| Finance costs | -712 | -712 | 0 |
| Net income | 1,432 | 1,456 | +24 |
NOI came in 3% ahead of budget, driven by the Brunel Park rent review settling above ERV. Voids ticked up at Kingsway House ahead of the Q4 break, partly offset by lower operating costs across the portfolio. Net income of £1.46m is £24k ahead of plan. No covenant headroom concerns this period; the next test falls due in September.
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