Cold Storage Financial Model (Excel) | Pallet Positions, Occupancy, Storage & Handling, DSCR Debt

The Cold Storage Financial Model is an institutional, lender-grade Excel model for a temperature-controlled warehouse, built on the same rigour as a full real-asset underwriting. It takes a building, a rack of pallet positions and a customer base and turns them into a defensible investment case: revenue, coverage, returns and yield on cost, over a long hold.

Cold storage is an occupancy and energy business. Revenue comes from renting pallet positions, storage rent that depends on how full the building is, plus handling fees earned every time a pallet moves in or out. Against that sits refrigeration energy, the dominant variable cost, which runs whether the building is full or not. I build both explicitly, from a lease-up ramp to stabilised occupancy on one side and an energy intensity per pallet on the other.

What is inside

A capacity and occupancy engine: pallet positions, the lease-up ramp, stabilised occupancy and throughput.
A revenue build combining storage rent, handling and value-added income.
An energy and operating cost build, and a development capex and funding schedule with interest during construction and a replacement reserve.
DSCR-sculpted senior debt with a debt service reserve and covenants.
Traditional statements and reorganized statements (NOPLAT, invested capital, ROIC, economic profit) reconciled by three bridges that equal zero every period.
Capital allowances and deferred tax, a minimum operating cash balance, and a cash-based distribution policy.
Property and equity IRR, equity multiple, payback, minimum and average DSCR, yield on cost and break-even occupancy.
A four-case scenario manager, a tornado, a two-way sensitivity grid, break-even analysis and a sponsor equity cure, feeding a live dashboard.

Every calculation is formula-driven and transparent, with no macros. All inputs are illustrative and benchmarked to public industry ranges and clearly flagged; there is no reference to any specific project, company or private contract. The model is independently checked and carries zero formula errors. A 33-page development and modelling guide is included, covering the building and racking, the refrigeration system, occupancy and the revenue model, energy and operations, mapped to the model.

Who it is for: cold-chain and logistics developers, warehouse operators, real-asset investors, sponsors, and lenders sizing debt against a cold store.

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