This model is from the perspective of the Equity investor’s position in a 20 year REIT deal that has multiple equities and debt deployments in the first 5 years and then cash flows following.
This is for ramping, so in the first 5 years, you can define various debt and/or equity deployments. The NOI (net operating income) will be determined by total deployments each year (per starting cap) and then a defined inflation rate from there on out for each deployment round (up to 5).
You can have more than one building per year, but this top-down style model will assume the NOI is a blanket number based on total capital deployed each year in the first 5 years.
i.e. if you deploy 100mm in year 2 across 3 different properties, the NOI will be an aggregate of all 3 based on the total cost and starting cap defined.
The debt is a defined % of equity per year. You can easily change this by manually entering figures into column Z instead of letting it use the debt to equity % defined in B10.
Debt can be toggled between either everything being a bond with a fixed interest payment and redemption at year 20, or p+I loans where you define the terms of each loan in tabs Loan1-Loan5.
Note, the loans in each tab will define their loan amount based on the total debt that is used in each of the first 5 years. i.e. loan1 starts in year 1, loan2 starts in year2, etc…
The aggregate effect of all 5 loans is accounted for in the ‘Amortization by year’ which tracks principal + interest payments and total outstanding balance. This allows for a proper cash projection at the exit year.