# Sunrise — Glossary

*Part of the Sunrise AI Starter Kit. Reference doc for AI conversations on Sunrise work — paste at the top of a new chat, or attach as a file if your AI tool supports uploads. Pair with the **Sunrise AI System Prompt** and **Sunrise — Company State** for full context.*

*Questions or updates: Carlos Terrazas ([carlos.terrazas@mysunrisecommunity.com](mailto:carlos.terrazas@mysunrisecommunity.com)).*

Industry and company acronyms. No property-specific or current-quarter financial figures.

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## Property & Industry

| Term | Definition |
|------|------------|
| **MHP** | Manufactured Housing Park — what we operate. Also called MHC, mobile home community. |
| **MHC** | Manufactured Housing Community — same as MHP, used in industry / institutional contexts. |
| **RPS** | Resident Paid Space — a lot occupied by a tenant who pays lot rent. |
| **POH** | Park-Owned Home — a home Sunrise owns and rents to a resident (rent covers home + lot). |
| **TOH** | Tenant-Owned Home — resident owns the home, pays Sunrise lot rent only. The healthy economic model. |
| **Lot rent** | Monthly rent for the lot/space, paid by TOH residents. |
| **Loss-to-Lease (LTL)** | Gap between market rent and actual rent. Core value-add lever. Formula: (Market − Actual) × Occupied lots. |
| **RUBS** | Ratio Utility Billing System — allocates utility costs back to residents by formula. |
| **Sub-metering** | Direct metering of resident utility usage; preferred over RUBS where feasible. |
| **Make-ready** | Process of preparing a vacant lot or home for new resident. |
| **Fill rate** | % of lots occupied (occupancy from operator's perspective). |
| **Pass-through** | Charge billed to resident that recovers a Sunrise expense (utilities, taxes). |

## Acquisitions

| Term | Definition |
|------|------------|
| **Buy Box** | Sunrise's acquisition criteria — geography, size, deal type, expected return. |
| **Cap Rate** | NOI / Purchase Price. |
| **NOI** | Net Operating Income — revenue minus operating expenses, before debt service / capex. |
| **LOI** | Letter of Intent — non-binding offer initiating diligence. |
| **PSA** | Purchase & Sale Agreement — binding. |
| **DD** | Due Diligence. |
| **IC** | Investment Committee — internal approval body for acquisitions. |
| **Value-add** | Buying underperforming assets and forcing appreciation through operations. |
| **Mom-and-pop** | Independent operators (typical Sunrise sellers) — distinct from institutional sellers. |

## Finance

| Term | Definition |
|------|------------|
| **GL** | General Ledger |
| **AP** | Accounts Payable |
| **AR** | Accounts Receivable |
| **CapEx** | Capital expenditure (major repairs, infrastructure, value-add improvements) |
| **OpEx** | Operating expense (recurring, expensed in current period) |
| **CAM** | Common Area Maintenance |
| **PM Fee** | Property Management fee — what Sunrise Communities charges Sunrise Capital Investors |
| **Same-store** | Properties owned across both comparison periods (excludes new acquisitions) |
| **NOI Margin** | NOI / Revenue, expressed as % |

## Investor Relations

| Term | Definition |
|------|------------|
| **AUM** | Assets Under Management |
| **LP** | Limited Partner — investor in a Sunrise fund |
| **GP** | General Partner — Sunrise Capital Investors |
| **Pref / Preferred Return** | Hurdle rate paid to LPs before GP earns carry |
| **Carry / Carried Interest** | GP's profit share above the preferred return |
| **K-1** | Tax form distributed to LPs annually (partnership income/loss) |
| **NPS** | Net Promoter Score — investor satisfaction metric |
| **Capital Call** | Request for committed capital from LPs |

## Operations & Compliance

| Term | Definition |
|------|------------|
| **Fair Housing** | Federal law prohibiting discrimination in housing on protected-class basis |
| **Protected class** | Race, color, religion, national origin, sex, familial status, disability (federal); state laws may add more |
| **AUP** | Acceptable Use Policy — Sunrise's rules for AI tool usage |
| **EOS** | Entrepreneurial Operating System — leadership / accountability framework |
| **L10** | Weekly leadership meeting (EOS Level-10) |
| **Rock** | Quarterly priority commitment (EOS) |
| **Scorecard** | Weekly KPI tracking (EOS) |

## Internal Tools

| Term | Definition |
|------|------------|
| **RM / RentManager** | Property management system of record |
| **Sunny** | Sunrise's internal AI assistant |
| **Aurora** | Carlos's strategic-partner AI |
| **Sentinel** | Always-on AI agent on Mac Mini server |