Entries by Spencer Burton

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Tenant Sales and Occupancy Cost in Retail Underwriting

When underwriting a retail investment, rollover risk is an incredibly important consideration. You, as a prospective debt or equity investor in the property, need to understand how secure the cash flows you’re buying are; or in other words, how likely each tenant is to renew their lease at the end of their lease term. This is […]

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Single Family Home Construction Pro Forma for Home Builders

I received a request this week to build a model to assess the financial feasibility of building a new single-family home. Given that I wanted to get a model up before the New Year and that I have a number of single-family home building models in my personal library, I figured this would be a simple and […]

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Single Tenant NNN Lease Valuation Model

I’ve been meaning for some time to put together a single tenant net lease (NNN) valuation Excel model for the blog. I had some post-turkey day free time and so I sat down and hammered out a model that I think is pretty cool. The model is different from your typical DCF in that I use […]

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Watch Me Build a Tenant Rollover Analysis Model

The feedback has been positive on the ‘Watch Me Build a Multifamily Model’ video I recorded earlier this year. So I thought I’d follow that up with another. This time I build a Real Estate Tenant Rollover Analysis Model and talk through the methodology, keyboard shortcuts, and formulas I use as I build the model. […]

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Bonus Content – Gantt Chart and Weighted Average with Multiple Conditions

I have two updates/improvements to previous posts I thought I’d share with our readers today; call it, bonus content! The first, is a dynamic Gantt Chart tool I recently added to my Construction Draw and Interest Calculation Model. The second, is an enhancement to my post on writing conditional weighted average formulas that shows you how to include multiple conditions in […]

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Refinance Risk Analysis Tool in Excel

Simply put, equity real estate investors spend their time modeling the upside while their debt partners spend their time modeling the down side. Equity investors generally focus on an investment’s internal rate of return, cash-on-cash return, equity multiple and other return metrics while debt investors focus on debt coverage, loan to value, debt yield and refinance […]