RA-02 — Asset Operating Record

The periodic operating data of a real asset (RA-01) — occupancy, throughput, generation, net operating income — the data that drives the asset’s value and performance. One record per asset per reporting period.

Purpose

A real asset is not valued from a quoted price; its value is driven by what it does. A building earns rent and incurs operating cost; a toll road carries traffic; a wind farm generates power and sells it; a forest grows merchantable timber. The Asset Operating Record captures that period-by-period operating reality so that performance can be measured and the next appraisal (RA-05) can be grounded in observed cash generation rather than assumption.

Where the core Holding (E-04) records what is owned and Valuation (E-07) records what it is worth, RA-02 records how it performed — the operating layer between them. Net operating income is the pivot: it is the figure an income-approach appraisal capitalises, so the operating record and the valuation are directly linked.

Attribute schema

Column	Type	Definition
`operating_record_id`	varchar	Primary key.
`real_asset_id`	varchar (FK → RA-01)	The asset this record reports on.
`period_start`	date	Start of the reporting period.
`period_end`	date	End of the reporting period.
`gross_income`	decimal	Gross revenue earned in the period — rent, tolls, power sales, offtake, crop receipts.
`operating_expense`	decimal	Operating cost in the period — management, maintenance, utilities, rates, insurance.
`net_operating_income`	decimal	`gross_income` − `operating_expense` — the income-approach appraisal input.
`occupancy_rate`	float	For real estate — the share of lettable space let and income-producing.
`throughput`	decimal	For infrastructure — the volumetric measure of use: vehicles, passengers, MWh generated, tonnes handled.
`throughput_unit`	varchar	The unit `throughput` is expressed in.
`availability_pct`	float	For an availability-based asset — the share of the period the asset was available to the standard the contract requires.
`capacity_utilisation`	float	Output as a share of the asset’s rated capacity — the load / capacity factor.
`capex_incurred`	decimal	Capital expenditure incurred in the period — distinct from operating expense, it changes the asset rather than maintaining it.
`revenue_basis`	varchar	How revenue arises — `regulated` / `availability` / `contracted` / `merchant`; the basis governs how stable the income is.
`currency`	char	The currency the amounts are expressed in.
`source`	varchar	The source the record was captured from — an asset manager report, an operator statement, a property manager return.

Notes

revenue_basis is the risk discriminator. A regulated or availability asset earns a contracted, low-variability income; a merchant asset is exposed to price and volume. The same net_operating_income figure carries very different risk depending on this field, and the appraisal (RA-05) discount rate reflects it.
The metric set is deliberately superset: a given asset populates the fields its category uses — a building populates occupancy_rate and leaves throughput null; a wind farm populates throughput, capacity_utilisation and availability_pct and leaves occupancy_rate null.
Operating records are periodic facts — a record, once the period is closed, is not overwritten. A correction is a new record; restatement is detected by comparing records for the same period.

Out of scope

The asset the record reports on — that is RA-01 Direct Real Asset, referenced through real_asset_id; RA-02 is the operating data, not the asset.
What the asset is worth — that is E-07 Valuation and RA-05 Asset Appraisal; RA-02 records how the asset performed, the operating layer the income-approach appraisal capitalises.
The contractual leases that produce real-estate income — those are RA-03 Lease / Tenancy; RA-02’s gross_income is the sum the leases produce, not the lease detail.
The forecast / budget counterpart against which actuals are monitored — named as an open extension; RA-02 carries actuals only.

Owned and consumed by

Owned by: SD-04.10 Direct Real-Asset Management.
Populated via: SD-13.6 GP & Manager Report Ingestion (asset-manager and operator reporting is captured on the same on-ramp as GP reporting).
Consumed by: SD-08.3 Private-Asset Valuation (net operating income is the income-approach input), SD-09.1 Performance Measurement, SD-09.5 Investment Analytics & Insight, SD-05.2 Portfolio Management & Monitoring, SD-07.3 Liquidity Risk Management.

Open extensions

The forecast / budget counterpart — operating records carry actuals; the variance against an underwriting case is what stewardship monitors.
A finer expense breakdown for operating-expense-ratio analysis.
The link from a real-estate operating record to the underlying Lease set (RA-03), so portfolio income reconciles to the tenancy schedule.