The details that change the deal.
Fifteen worked cases show what happens when the controlling asset-class details are carried through the model. Each article begins with a current deal record and follows the change into NOI, debt, equity or returns.
Living
7 worked cases
Multifamily · 15 minute read
Reforecasting multifamily NOI when the rent roll runs ahead of collections
A 286-unit acquisition rebuilt from occupancy, concessions, collections, utility recoveries and current operating expense.
Read the case →Build-to-rent · 15 minute read
Reforecasting build-to-rent from home delivery to occupied days
A phased community carried from builder completion through owner acceptance, rent-ready inventory and occupied home-months.
Read the case →Condominium development · 15 minute read
Reforecasting a condominium development after a 45-day delay
A completion delay carried through unit closings, release payments, remaining draws, interest and equity.
Read the case →Student housing · 15 minute read
When student-housing preleasing outruns executed rent
A bed-level lease-up rebuilt from applications, executed leases, guaranties, concessions and academic-year collections.
Read the case →Senior housing · 15 minute read
When senior-housing occupancy improves faster than the labor model
A resident-day forecast carried through care mix, agency labor, staffing ratios and operating margin.
Read the case →Affordable housing · 15 minute read
Underwriting affordable housing before post-rehab rents become effective
A rehabilitation case carrying restricted rents, resident qualification, relocation and conversion timing into permanent debt.
Read the case →Manufactured housing · 15 minute read
When site occupancy hides the rental-home case
A community separated into resident-owned homes, occupied rental homes, turns and homes held for resident sale.
Read the case →Commercial
4 worked cases
Office · 15 minute read
Reforecasting an office acquisition after a 20,000-square-foot giveback
A tenant giveback carried through downtime, free rent, tenant improvements, leasing commissions, debt and equity.
Read the case →Retail · 15 minute read
Reforecasting a shopping-center acquisition after the anchor goes dark
An anchor closure carried through co-tenancy remedies, percentage rent, recoveries, rollover and lender proceeds.
Read the case →Industrial · 15 minute read
Reforecasting a logistics acquisition when rent follows landlord delivery
Utility, dock, fire-protection and trailer-yard obligations carried through lease delivery, cash rent and closing equity.
Read the case →Medical office · 15 minute read
Re-underwriting a medical office acquisition around one clinical lease
A signed imaging lease carried through clinical delivery, rent commencement, lease credit, landlord capital and debt yield.
Read the case →Specialized
4 worked cases
Hotels · 15 minute read
Reforecasting a hotel acquisition after the final brand PIP
A final property-improvement plan carried through room displacement, operating performance, reserves and acquisition equity.
Read the case →Self-storage · 15 minute read
Reforecasting self-storage revenue after a rent-increase campaign
A unit-level campaign rebuilt from street rates, in-place rents, promotions, churn and achieved collections.
Read the case →Life sciences · 15 minute read
Re-underwriting a signed lab lease after the work letter is resolved
A lab lease carried through base-building obligations, tenant work, allowance draws, delivery and cash commencement.
Read the case →Data centers · 15 minute read
When contracted data-center megawatts are not yet billable
A powered-shell delivery carried from contracted capacity through commissioning, billing milestones and remaining capital.
Read the case →Bring the live case
Review the source files, model and asset-class mechanics in one working session.