When I decided to share my real estate equity waterfall model in Excel, I never imagined it would be as popular as it has. The model has been downloaded nearly a thousand times and many of you have written to extend your thanks for sharing. It is gratifying to know that the model has been put to good use and we welcome the opportunity to give back to the commercial real estate community in any way we can.
Recently, I received a nice email from someone requesting that I modify the model to include monthly, rather than annual, cash flow periods. The modification was rather simple, and you can download the monthly version below. Other than calculating for monthly cash flows, the model is identical. Just drop in your analysis start date, cash flow stream, sponsor vs. partner equity share, preferred return and IRR hurdles, and let the model do the rest. And again, it is not intended to be a standalone model, but it should be rather simple to plug into your own model.
There may be errors so please let me know if you find any. And as always, feel free to reach out with any comments or questions you may have.
Download The Model
To make this model accessible to everyone, it is offered on a "Pay What You're Able" basis with no minimum (enter $0 if you'd like) or maximum (your support helps keep the content coming - typical real estate models sell for $100 - $300 each). Just enter a price together with an email address to send the download link to, and then click 'Continue'. If you have any questions about our "Pay What You're Able" program or why we offer our models on this basis, please reach out to either Mike or Spencer.
Note (especially for Gmail users): The model is sent via email and occasionally is blocked by spam filters. If you don't see the email arrive within five minutes, check your spam folder.
Real Estate Equity Waterfall Model - Monthly Periods
- IRR hurdles
- Four tiers
- Up to 120 monthly periods
- Ready to plugin to your own Excel DCF model
This Excel file (the "software") is distributed as is, completely without warranty or service support. www.AdventuresinCRE.com and its authors are not liable for the condition or performance of the software. www.AdventuresinCRE.com owns the copyright and grants users a perpetual, irrevocable, worldwide, non-exclusive, royalty-free license with respect to the software as set forth below.
www.AdventuresinCRE.com and its authors hereby disclaim all implied warranties. www.AdventuresinCRE.com grants the users the right to modify, copy, and redistribute the software and documentation, both within the user's organization and externally, subject to the following restrictions:
1. The users agree not to charge others for use of the software, regardless of whether users have altered and/or improved the software in anyway.
2. In any use of the software, the users agree to acknowledge the www.AdventuresinCRE.com authors that developed the software.
3. The users agree to obey all government restrictions governing redistribution or export of the software.
4. The users agree to reproduce any copyright notice which appears on the software and documentation on any copy or modification of such made available to others.
About the Author: Born and raised in the Northwest United States, Spencer Burton has over 15 years of real estate investment and development experience. In his current position, Spencer assesses new acquisition, development, and debt opportunities for a $45bn real estate fund. He resides in Dallas, TX.