Meridian's portfolio is operationally healthy with one concentrated risk area. Lakeview Commons lease-up is pacing 1.2 move-ins per month below plan — at current velocity, stabilization slips from Q4 2026 to Q1 2027, a 1-quarter delay that adds ~$45K of foregone NOI. Ridgewood remains the structural weak point: 68% occupancy with $52K of impaired AR. Highland Park and Cedar Hill are both outperforming pro forma and provide the cash flow that funds Lakeview lease-up incentives. Portfolio cash runway sits at 18.7 months even without disposition proceeds, giving Meridian room to execute the Lakeview push without urgency.