District Operating Rollup
Combined stabilized-year performance across all amenity verticals. Shared services are centralized at the district level and excluded from individual amenity P&Ls. Courts pro forma excluded pending programming inputs.
District Revenue
$10.43M
6 amenities combined
Amenity NOI
$4.27M
before shared services
District NOI
$2.52M
after shared services
Blended Margin
24.2%
district net margin
Total Leasable SF
87,900
excl. 141K courts
Revenue & NOI by Amenity
| Amenity | Sq Ft | NNN / SF | Revenue | Direct Exp | NNN Lease | Amenity NOI | Margin |
|---|---|---|---|---|---|---|---|
| Boutique Hotel | 15,000 | $22.00 | $1,518,000 | $507,000 | $330,000 | $681,000 | 44.9% |
| Event Arena | 45,000 | $18.00 | $3,838,000 | $1,659,000 | $810,000 | $1,369,000 | 35.7% |
| Food Hall & Beer Garden | 11,000 | $28.00 | $2,178,000 | $655,000 | $308,000 | $1,215,000 | 55.8% |
| Tree Cabins | 6,900 | $15.00 | $686,000 | $300,000 | $103,500 | $282,500 | 41.2% |
| Sports Medicine | 3,000 | $32.00 | $1,061,000 | $683,000 | $96,000 | $282,000 | 26.6% |
| Kids Play Center | 7,000 | $24.00 | $1,144,000 | $532,000 | $168,000 | $444,000 | 38.8% |
| Courts | 141,000 | TBD | TBD | — | — | — | — |
| Combined (excl. Courts) | 87,900 | $20.66 | $10,425,000 | $4,336,000 | $1,815,500 | $4,273,500 | 41.0% |
Utilization by Amenity
| Amenity | Utilization Metric | Rate | Rev / SF | NOI / SF |
|---|---|---|---|---|
| Boutique Hotel | Annual occupancy | 68% | $101 | $45 |
| Event Arena | Events per year | 67 events | $85 | $30 |
| Food Hall & Beer Garden | Avg capacity utilization | 72% | $198 | $110 |
| Tree Cabins | Booked nights / year | 134 nights | $99 | $41 |
| Sports Medicine | Patient slot fill rate | 74% | $354 | $94 |
| Kids Play Center | Avg capacity utilization | 65% | $163 | $63 |
| District Blended | — | — | $119 | $49 |
NNN Lease Schedule (to Property Entity)
| Amenity | Sq Ft | Space Type | Rate / SF | Annual NNN |
|---|---|---|---|---|
| Boutique Hotel | 15,000 | Hospitality / lodging | $22.00 | $330,000 |
| Event Arena | 45,000 | Entertainment / arena | $18.00 | $810,000 |
| Food Hall & Beer Garden | 11,000 | Restaurant / retail | $28.00 | $308,000 |
| Tree Cabins | 6,900 | Specialty lodging | $15.00 | $103,500 |
| Sports Medicine | 3,000 | Medical office | $32.00 | $96,000 |
| Kids Play Center | 7,000 | Entertainment / retail | $24.00 | $168,000 |
| Total NNN | 87,900 | $20.66 avg | $1,815,500 |
Shared Services (District Level)
| Line Item | Annual | Notes |
|---|---|---|
| Centralized Management | $450,000 | CEO, COO, ops director, admin |
| General & Administrative | $280,000 | Legal, accounting, HR, insurance, office |
| Sales & Marketing | $380,000 | Brand, digital, advertising, PR, partnerships |
| Event Booking & Coordination | $220,000 | Tournament scheduling, arena booking, group sales |
| Landscaping & Grounds | $180,000 | 50-acre campus grounds, trails, forest maintenance |
| Shared Facility Maintenance | $240,000 | Common areas, walkways, parking, signage, shared HVAC |
| Total Shared Services | $1,750,000 | 16.8% of district revenue |
District Net Operating Income
| Metric | Value |
|---|---|
| Combined Amenity Revenue | $10,425,000 |
| Combined Direct Expenses | ($4,336,000) |
| Combined NNN Lease Payments | ($1,815,500) |
| Amenity NOI (before shared services) | $4,273,500 |
| Shared Services | ($1,750,000) |
| District Operating NOI | $2,523,500 |
| District NOI Margin | 24.2% |
| NNN Lease Income (to property entity) | $1,815,500 |
| Total Combined Cash Flow | $4,339,000 |
Key Assumptions
Model structure: Operating entity generates amenity revenue and pays direct costs + NNN lease. Property entity collects NNN. Total cash = District NOI + NNN.
Shared services at 16.8% is in line with multi-venue entertainment district benchmarks (15–20%).
NNN rates reflect median asking rents by space type in Clackamas County / East Portland submarket, early 2026.
Courts excluded pending programming and revenue model inputs. When added, district totals will increase.
Demand drivers: 32 tournament weekends, 34 pro game nights, 6 graduations, 10 corporate events, 10-week summer camp.
Boutique Sports Hotel
25-room sports-themed boutique hotel. 10 coach/officials mini suites (XL twin), 15 premium rooms (Cal King). Forest-edge location.
15,000 SF
Total footprint
$22.00 / SF
NNN — Hospitality / lodging
$330,000 / yr
Annual NNN lease
Revenue
$1.52M
stabilized
Amenity NOI
$681K
44.9% margin
Blended ADR
$219
weighted avg
Occupancy
68%
annual
Revenue
| Line Item | Annual |
|---|---|
| Room Revenue — Mini Suites (10 rooms) | $438,000 |
| ADR $179 × 67% occ × 365 | |
| Room Revenue — Premium Kings (15 rooms) | $876,000 |
| ADR $239 × 67% occ × 365 | |
| Ancillary (market, parking, packages) | $204,000 |
| Total Revenue | $1,518,000 |
Direct Operating Expenses
| Line Item | Annual | % Rev |
|---|---|---|
| Rooms Dept (housekeeping, front desk, supplies) | $365,000 | 24.0% |
| Utilities | $76,000 | 5.0% |
| FF&E Reserve | $66,000 | 4.3% |
| Total Direct | $507,000 | 33.4% |
| NNN Lease (15,000 SF × $22.00) | $330,000 | 21.7% |
| Total Expenses | $837,000 | 55.1% |
Amenity NOI
| NOI (before shared services) | $681,000 |
| Margin | 44.9% |
| RevPAR | $149 |
| Revenue / Key | $60,720 |
Key Assumptions
NNN $22.00/SF: Median hospitality/lodging rate, Clackamas County submarket
Shared services excluded: Mgmt, G&A, sales, marketing, landscaping, maintenance at district level
Staffing: Lean front desk + outsourced housekeeping; no restaurant (guests use food hall)
Potential Operators
5
| Operator | Type | Status | Notes |
|---|---|---|---|
| Provenance Hotels | Boutique mgmt | Target | Portland-based (Hotel Lucia, Sentinel). Strong local brand. |
| McMenamins | Hospitality | Research | Oregon-iconic. Unconventional hotel conversions. |
| Marriott Tribute Portfolio | Flag / franchise | Research | Soft brand. Loyalty program. 25 rooms may be below minimums. |
| Sage Hospitality Group | Hotel mgmt | Research | Denver-based, PNW experience. |
| Self-Operated | In-house | Research | GM + outsourced housekeeping. Highest margin. |
Championship / Event Arena
3,000-seat multi-purpose arena. Two pro teams (17 home games each), graduations, corporate conferences, concerts. 65+ events/year.
45,000 SF
Arena footprint
$18.00 / SF
NNN — Entertainment / arena
$810,000 / yr
Annual NNN lease
Revenue
$3.84M
stabilized
Amenity NOI
$1.37M
35.7% margin
Events / Year
67
all types
Avg Attendance
2,100
blended
Revenue
| Line Item | Events | Annual |
|---|---|---|
| Pro Game Tickets | 34 | $1,870,000 |
| Pro Game F&B | 34 | $598,000 |
| Graduation Rentals | 6 | $108,000 |
| Corporate Conferences | 10 | $120,000 |
| Other Events | 17 | $272,000 |
| Sponsorships & Naming | — | $350,000 |
| Premium Seating / VIP | — | $240,000 |
| Merch & Parking | — | $280,000 |
| Total Revenue | 67 | $3,838,000 |
Direct Operating Expenses
| Line Item | Annual | % Rev |
|---|---|---|
| Event Ops (staff, security, A/V, setup) | $920,000 | 24.0% |
| F&B COGS | $240,000 | 6.3% |
| Facility Utilities | $384,000 | 10.0% |
| Capital Reserve | $115,000 | 3.0% |
| Total Direct | $1,659,000 | 43.2% |
| NNN Lease (45,000 SF × $18.00) | $810,000 | 21.1% |
| Total Expenses | $2,469,000 | 64.3% |
Amenity NOI
| NOI (before shared services) | $1,369,000 |
| Margin | 35.7% |
| Revenue / Event | $57,280 |
| Revenue / Seat (annual) | $1,279 |
Key Assumptions
NNN $18.00/SF: Entertainment/arena rate, suburban Portland metro
Shared services excluded: Sales, marketing, event booking coordination, G&A at district level
Concessions $8/head below national avg ($12–15) due to food hall cannibalization
Potential Operators
5
| Operator | Type | Status | Notes |
|---|---|---|---|
| Sports Academy | JV partner | In talks | Core JV. Tournament programming + arena co-management. |
| Oak View Group | Arena mgmt | Research | National leader. May be too large for 3K seats. |
| Spectra Venue Mgmt | Venue mgmt | Research | 350+ venues. Good fit for mid-size. |
| ASM Global | Venue mgmt | Research | World's largest. Corporate + graduation pipelines. |
| Self-Operated | In-house | Research | Needs arena GM + booking team. |
Food Hall & Secured Beer Garden
15-stall food hall (automated + craft vendor mix) with secured beer garden connected to arena. FP collects rent + override on stalls, operates beer garden in-house.
11,000 SF
Food hall 8K + beer garden 3K
$28.00 / SF
NNN — Restaurant / retail
$308,000 / yr
Annual NNN lease
Revenue
$2.18M
landlord + operator
Amenity NOI
$1.22M
55.8% margin
Food Stalls
15
mixed format
Beer Garden
250 cap
secured
Revenue
| Line Item | Annual |
|---|---|
| Stall Base Rent (15 × $3,600/mo) | $648,000 |
| Percentage Override (8%) | $270,000 |
| Common Area Charges | $72,000 |
| Food Hall Subtotal | $990,000 |
| Beer Garden Beverage | $960,000 |
| Beer Garden Food | $156,000 |
| Beer Garden Subtotal | $1,116,000 |
| Event Surcharge Revenue | $72,000 |
| Total Revenue | $2,178,000 |
Direct Operating Expenses
| Line Item | Annual | % Rev |
|---|---|---|
| Beer Garden COGS | $335,000 | 15.4% |
| Beer Garden Staff (bar, security, servers) | $248,000 | 11.4% |
| Waste, Cleaning, Sanitation | $72,000 | 3.3% |
| Total Direct | $655,000 | 30.1% |
| NNN Lease (11,000 SF × $28.00) | $308,000 | 14.1% |
| Total Expenses | $963,000 | 44.2% |
Amenity NOI
| NOI (before shared services) | $1,215,000 |
| Margin | 55.8% |
Key Assumptions
NNN $28.00/SF: Restaurant/retail rate, Clackamas County
Stall operators bear their own COGS and labor; FP collects rent + 8% override above breakpoint
Beer garden COGS: ~30% on beverage (typical for draft/wine/cocktails)
Potential Operators
7
| Operator | Type | Status | Notes |
|---|---|---|---|
| Hyper Food Robotics | RaaS kitchen | Target | Robotic modules. Plug-and-play. |
| Levy Restaurants | Venue F&B | Research | Premier sports venue food ops. |
| McMenamins Brewing | Beer garden | Research | Oregon-iconic brand for taproom. |
| Local craft vendors (TBD) | Food stalls | Research | 3-4 curated Portland operators. |
| Self-Operated | Beer garden | Research | Simple ops. OLCC license required. |
Elevated Tree Cabin Village
6 elevated bunk cabins, 102 beds total (6 triple XL twin bunks per cabin). Summer camp style. One shared bathhouse. Tournament weekends + 10-week summer camp season.
6,900 SF
6 cabins (850 ea) + bathhouse (900)
$15.00 / SF
NNN — Specialty lodging
$103,500 / yr
Annual NNN lease
Revenue
$686K
stabilized
Amenity NOI
$283K
41.2% margin
Beds
102
6 × 17
Bookable Nights
134
annual
Revenue
| Line Item | Nights | Annual |
|---|---|---|
| Tournament Weekends | 64 | $261,000 |
| Summer Camp | 50 | $306,000 |
| Other (retreats, off-season) | 20 | $73,000 |
| Linen & Amenity Fees | — | $46,000 |
| Total Revenue | 134 | $686,000 |
Direct Operating Expenses
| Line Item | Annual | % Rev |
|---|---|---|
| Cabin Attendants & Bathhouse Staff | $130,000 | 18.9% |
| Housekeeping & Laundry | $62,000 | 9.0% |
| Utilities | $38,000 | 5.5% |
| Bridge & Structure Maintenance | $48,000 | 7.0% |
| Linen & Supplies | $22,000 | 3.2% |
| Total Direct | $300,000 | 43.7% |
| NNN Lease (6,900 SF × $15.00) | $103,500 | 15.1% |
| Total Expenses | $403,500 | 58.8% |
Amenity NOI
| NOI (before shared services) | $282,500 |
| Margin | 41.2% |
| Revenue / Bed | $6,725 |
| Revenue / Cabin | $114,333 |
Key Assumptions
NNN $15.00/SF: Specialty lodging, discounted from standard due to elevated structure complexity
Tournament: 32 weekends × 2 nights = 64 nights; team block bookings
Camp rate $75/bed/night includes programming premium over tournament rate ($50)
Potential Operators
4
| Operator | Type | Status | Notes |
|---|---|---|---|
| Out'n'About Treesort | Design / consult | Target | Garnier Limb system. Cave Junction, OR. |
| Sports Academy | Camp programming | In talks | Summer camp curriculum + coaching staff. |
| KOA | Cabin mgmt | Research | Franchise model. May not fit elevated concept. |
| Self-Operated | In-house | Research | 1-2 attendants + outsourced cleaning. |
Sports Medicine & Rehab Clinic
4-5 treatment rooms, ~3,000 SF. PT, sports rehab, injury eval, concussion protocol, performance screening. Tournament acute-care + community patient base.
3,000 SF
Medical office
$32.00 / SF
NNN — Medical office
$96,000 / yr
Annual NNN lease
Revenue
$1.06M
stabilized
Amenity NOI
$282K
26.6% margin
Patient Visits
5,800
annual
Treatment Rooms
5
3,000 SF
Revenue
| Line Item | Annual |
|---|---|
| Community PT / Rehab (~4,000 visits × $155) | $620,000 |
| Tournament Acute Care (~1,200 × $180) | $216,000 |
| Performance Screening & Team Contracts | $120,000 |
| Cash-Pay Services | $105,000 |
| Total Revenue | $1,061,000 |
Direct Operating Expenses
| Line Item | Annual | % Rev |
|---|---|---|
| Clinical Staff (2 PTs, 1 ATC, 1 aide) | $480,000 | 45.2% |
| Front Office / Billing | $85,000 | 8.0% |
| Supplies & Equipment Lease | $58,000 | 5.5% |
| Malpractice Insurance | $42,000 | 4.0% |
| EMR / Billing Software | $18,000 | 1.7% |
| Total Direct | $683,000 | 64.4% |
| NNN Lease (3,000 SF × $32.00) | $96,000 | 9.0% |
| Total Expenses | $779,000 | 73.4% |
Amenity NOI
| NOI (before shared services) | $282,000 |
| Margin | 26.6% |
| Revenue / Visit | $183 |
| Revenue / SF | $354 |
Key Assumptions
NNN $32.00/SF: Medical office rate, Happy Valley / Clackamas County submarket
Payer mix: 65% commercial, 15% cash-pay, 10% team contracts, 10% tournament acute
Operator model: Could be FP-operated or leased to Therapeutic Associates, Providence, OHSU
Potential Operators
5
| Operator | Type | Status | Notes |
|---|---|---|---|
| Therapeutic Associates | PT chain | Target | Largest PNW PT network. 100+ clinics. |
| Providence Sports Med | Health system | Research | Imaging pipeline. Parent brand trust. |
| OHSU Sports Medicine | Academic | Research | Research credibility. |
| ATI Physical Therapy | National chain | Research | National. Less local equity. |
| Independent Sports PT | Private practice | Research | High-profile local PT. Highest brand alignment. |
Kids Indoor Play Center
7,000 SF compact indoor play. Ages 2-12. Climbing, trampolines, soft play, party room. Sibling destination on tournament weekends + year-round family traffic.
7,000 SF
Indoor play / entertainment
$24.00 / SF
NNN — Entertainment / retail
$168,000 / yr
Annual NNN lease
Revenue
$1.14M
stabilized
Amenity NOI
$444K
38.8% margin
Annual Visits
46,000
all channels
Footprint
7,000 SF
compact
Revenue
| Line Item | Annual |
|---|---|
| General Admission (~38K × $19.50) | $736,000 |
| Birthday Parties (~480 × $400) | $192,000 |
| Group / Field Trip Bookings | $72,000 |
| Snack Bar & Merch | $108,000 |
| Memberships / Multi-Visit | $36,000 |
| Total Revenue | $1,144,000 |
Direct Operating Expenses
| Line Item | Annual | % Rev |
|---|---|---|
| Staff (mgr + 4-6 PT + party hosts) | $340,000 | 29.7% |
| Equipment Maintenance & Safety | $68,000 | 5.9% |
| Insurance (youth / high-activity) | $72,000 | 6.3% |
| Snack Bar COGS | $38,000 | 3.3% |
| Software (POS, waivers, booking) | $14,000 | 1.2% |
| Total Direct | $532,000 | 46.5% |
| NNN Lease (7,000 SF × $24.00) | $168,000 | 14.7% |
| Total Expenses | $700,000 | 61.2% |
Amenity NOI
| NOI (before shared services) | $444,000 |
| Margin | 38.8% |
| Revenue / SF | $163 |
| Revenue / Visit | $24.87 |
Key Assumptions
NNN $24.00/SF: Entertainment/retail rate, suburban Clackamas County
Tournament uplift: ~25% of annual visits are tournament-driven sibling traffic
Party revenue: ~9/week avg, $400 package (8 kids, 90 min, food, host)
Potential Operators
5
| Operator | Type | Status | Notes |
|---|---|---|---|
| Kids Empire | Franchise | Target | Flexible on footprint. Strong party model. |
| Sky Zone | Franchise | Research | 7K SF below typical minimums. |
| Rockin' Jump | Franchise | Research | Smaller-format options available. |
| Local independent | Startup | Research | Custom FuturePlay Kids Zone brand. |
| Self-Operated | In-house | Research | Needs dedicated manager + liability coverage. |
Tournament Courts
141,000 SF purpose-built basketball and volleyball tournament facility. 32 tournament weekends per year. Pro forma pending.
141,000 SF
Main facility footprint
$—.— / SF
NNN Lease Rate (TBD)
TBD
Annual NNN lease
Revenue
TBD
stabilized
Amenity NOI
TBD
before shared services
Tournaments
32
weekends / year
Footprint
141,000 SF
purpose-built
Pro forma pending
Revenue model, direct operating expenses, and NNN lease structure to be added. Template structure matches other amenity tabs.
Template (ready to populate)
| Section | Status |
|---|---|
| Revenue | Awaiting inputs |
| Tournament reg fees, court rentals, league fees, clinic revenue | |
| Direct Operating Expenses | Awaiting inputs |
| Court staff, referees, equipment, utilities, floor maintenance | |
| NNN Lease (141,000 SF × $TBD) | Rate TBD |
| Amenity NOI | — |
Potential Operators
2
| Operator | Type | Status | Notes |
|---|---|---|---|
| Sports Academy | JV partner | In talks | Core JV. Tournament programming, scheduling, court ops. |
| Self-Operated | In-house | Research | Direct ops with contracted tournament directors per sport. |