quarterly-portfolio-review - SKILL.md Agent Skill

name: Quarterly Portfolio Review slug: quarterly_portfolio_review version: 0.1.0 status: draft category: residential_multifamily subsystem: residential_multifamily pack_type: workflow targets:

claude_code stale_data: | Market trend references, concentration thresholds, benchmark sets, watchlist scoring weights, and fund-level target returns drift. Every trend statement cites a reference. applies_to: segment: [middle_market] form_factor: [garden, walk_up, wrap, suburban_mid_rise, urban_mid_rise] lifecycle: [stabilized, renovation, lease_up, recap_support] management_mode: [self_managed, third_party_managed, owner_oversight] role: [asset_manager, portfolio_manager, coo_operations_leader, cfo_finance_leader, ceo_executive_leader] output_types: [operating_review, kpi_review, memo, dashboard] decision_severity_max: action_requires_approval references: reads:
- reference/derived/role_kpi_targets.csv
- reference/normalized/occupancy_benchmarks__{market}_mf.csv
- reference/normalized/collections_benchmarks__{region}_mf.csv
- reference/normalized/watchlist_scoring.yaml
- reference/derived/same_store_set__{org}.yaml
- reference/normalized/approval_threshold_defaults.csv writes: [] metrics_used:
same_store_noi_growth
occupancy_by_market
delinquency_by_market
turn_cost_by_market
portfolio_concentration_market
asset_watchlist_score
budget_attainment
forecast_accuracy
noi
noi_margin
dscr
debt_yield
blended_lease_trade_out
capex_spend_vs_plan
renovation_yield_on_cost
stabilization_pace_vs_plan escalation_paths:
kind: portfolio_risk_concentration to: portfolio_manager -> executive
kind: fund_covenant_breach_risk to: portfolio_manager -> cfo_finance_leader
kind: board_submission to: executive + finance/reporting lead -> approval_request(row 16) approvals_required:
board_final_submission
investor_quarterly_final_submission description: | Portfolio-level quarterly review covering same-store trend, market concentration, watchlist distribution, capex progress, lease-up status, forecast discipline, covenant posture, and fund-level context. Produces the board and investor narrative drafts.

Quarterly Portfolio Review

Workflow purpose

Roll the monthly AM outputs into a quarterly portfolio view. Narrative, not transactional. Provides the portfolio_manager, COO, CFO, and CEO with a view of trend, concentration, risk, and the board / investor story for the quarter.

Trigger conditions

Explicit: "quarterly portfolio review", "Q2 portfolio pack", "board packet", "LP quarterly".
Implicit: quarter close; fund calendar; watchlist distribution shift; concentration threshold crossed.
Recurring: quarterly.

Inputs (required / optional)

Input	Type	Required	Notes
AM reviews (3 months)	packs	required	from `workflows/monthly_asset_management_review`
Same-store set definition	yaml	required	frozen per quarter
Market references	csv	required	trend views
Watchlist scoring	yaml	required
Fund-level debt schedule	yaml	required	for fund covenant view
Investor report template	md	required	overlay-driven
Board packet template	md	required	overlay-driven

Outputs

Output	Type	Shape
Portfolio KPI dashboard	`dashboard`	same-store, market, watchlist, covenant
Trend narrative	`memo`	quarter over quarter, year over year
Concentration review	`memo`	market, segment, vintage
Watchlist movers	`kpi_review`	top movers up / down
Capex program summary	`kpi_review`	portfolio `capex_spend_vs_plan`, `renovation_yield_on_cost`
Board packet draft	`operating_review`
Investor / LP draft	`memo`

Output contract

Final-marked output MUST follow _core/executive_output_contract.md: verdict-first block (recommendation, 3-bullet rationale, confidence, materiality, next action), source-class labels on every numeric cell ([operator] / [derived] / [benchmark] / [overlay] / [placeholder]), and refusal-artifact shape when a required reference is absent. Period-seal gate: required_period_seal.minimum_close_status = hard_close (see reference_manifest.yaml); this workflow refuses if close_status is soft or draft at run time.

Required context

Asset_class, segment, market concentration, loan context.

Process

Inherit AM outputs. Roll 3 months of AM reviews. Flag any missing.
Same-store trend. same_store_noi_growth quarter and trailing 4 quarters.
Concentration. portfolio_concentration_market; segment and vintage concentration.
Watchlist distribution. Count by color and movers; top risk drivers.
Covenant posture (fund-level). DSCR / DY cushion across loans; any breach runway?
Capex. Portfolio capex_spend_vs_plan; program-level renovation_yield_on_cost.
Lease-up status. Any asset still in lease-up; stabilization_pace_vs_plan.
Forecast discipline. Portfolio forecast_accuracy; systematic bias review.
Market trend commentary. Pull from workflows/market_rent_refresh outputs where available.
Board and investor drafts. Compose per overlay templates; open approval_request rows 15 / 16 for final submissions.
Confidence banner. All references surfaced with as_of_date and status.

Metrics used

See frontmatter.

Reference files used

reference/derived/role_kpi_targets.csv
reference/normalized/occupancy_benchmarks__{market}_mf.csv
reference/normalized/collections_benchmarks__{region}_mf.csv
reference/normalized/watchlist_scoring.yaml
reference/derived/same_store_set__{org}.yaml
reference/normalized/approval_threshold_defaults.csv

Escalation points

Portfolio concentration above threshold -> portfolio_manager -> executive.
Fund-level covenant breach risk -> CFO.
Board submission -> row 16.

Required approvals

Board final submission (row 16).
Investor / LP quarterly final submission (row 15).

Failure modes

Quarterly narrative without citing trend references. Fix: every trend statement cites the source.
Same-store set shifting quarter to quarter without note. Fix: same-store set versioned and frozen; any change logged.
Board packet without approval. Fix: row 16 gate.
Watchlist distribution without drivers. Fix: top risk drivers in every watchlist section.

Edge cases

Fund mid-capital-raise: context note on capital deployment pace; does not alter operating narrative.
Recent acquisition or disposition: same-store treatment per overlay; explicit exclusion note.
Fund nearing harvest: disposition sensitivity view; pairs with workflows/capital_project_intake_and_prioritization for any late-cycle capex.
Debt maturity wave in coming 12 months: refi runway table.

Example invocations

"Run the Q2 2026 portfolio review; include watchlist movers and concentration."
"Build the LP quarterly packet for the core fund."
"Board packet for the residential portfolio, Q1 2026."

Example outputs

Output — Portfolio review (abridged, Q1 2026)

Same-store NOI growth. Within overlay band trailing 4 quarters.

Concentration. Charlotte weight within overlay threshold; other markets diversified per fund mandate.

Watchlist. Distribution by color; movers detailed with top drivers.

Covenant posture. Fund-level cushion adequate across loans; one loan on refi runway.

Capex program. Portfolio capex_spend_vs_plan within band; renovation_yield_on_cost at or above underwriting.

Lease-up. One asset in lease-up; stabilization_pace_vs_plan within band.

Forecast discipline. Portfolio forecast_accuracy within overlay band; no systematic bias flagged.

Board / LP. Draft prepared; approval_request row 15 and row 16 queued.

Confidence banner. References cited with as_of_date and status.