Commercial Real Estate Excel Model Template (Excel XLSM)

Commercial Real Estate Excel model which generates the cash flows of the project as well as for equity investors and calculates the relevant metrics (debt yield, debt service coverage ratio, cap rates, and interest coverage ratio).

The model structure is as follows:

Manual: main conventions used in the model.

Inputs (in yellow whatever can be amended as an assumption): detailed inputs for inflation, occupancy rates, new tenants and leases expiry, property management fees, annual operating expenses, taxes, capital expenditures, improvements, brokers commissions, cap rates, selling costs, loan to value ratios, loan issuance fees, etc…

Calculations: This is where all calculations are performed. Maximum potential gross revenue is calculated followed by gross income, expenses, capital expenditures and improvements, debt schedule amortization, and sources and uses of funds.

Outputs: everything is aggregated here into the relevant cash flow projections for the property, the project, and the equity shareholders.

Ratios & Charts: on the ratios tab you will find all the relevant KPIs summarized and on the charts tab the most important metrics are displayed through graphs.

Checks: A dedicated worksheet that makes sure that everything is working as it should!

Important Notice: Yellow indicates inputs and assumptions that the user is able to change, Blue cells are used for called-up cells, and white cells with black characters indicate calculation cells.