That distinction he named is the actual lesson: numbers report the past, and investors want to know what you are doing with the present.
A reporting update that lists what happened is useful. What it does not do is tell your investor whether you are steering. When he read that the Śródmieście unit was vacant, he had no way to know if you saw it as a problem, a routine gap, or something you were already fixing. So he waited two weeks to find out, and when nothing came, he called. The silence was not about trust in you, it was about information he needed and did not have.
The fix is small. After each data section, add a paragraph that says what you make of the number and what, if anything, you are doing because of it. Something like: "The unit has been vacant 23 days. My target is 30. I have two showings scheduled this week and I dropped the ask by 150 zloty. If I have not signed by day 35, I will revisit the price again." That is the whole paragraph. It tells him you are watching, you have a threshold, and you have a next move.
One thing worth knowing: investors who have been with you since 2021 and say nothing for years are often the ones who need the most reassurance when something looks different, because they built their comfort on a pattern. A break in the pattern, even a normal vacancy, reads louder than you expect.
For the strategy side of this, the Guide tab on the Raising Capital page has a section on reporting and transparency that goes deeper into what sustains long-term investor commitments.
What does your current update template look like structurally? Knowing whether you have a fixed format or write it fresh each quarter would help me give you something more specific.
