{{report.title}}: {{property.name}}

Report {{report.number}}
Prepared {{formatDate report.date 'D MMMM YYYY'}} for {{report.preparedFor}}

{{property.units}} units · {{property.address}}

Purchase price

{{formatCurrency property.pricePerUnit currency 0 0}} per unit · {{formatCurrency property.pricePerSqFt currency 0 0}} per sq ft

Cap rate

{{formatNumber metrics.capRate style='percent' minimumFractionDigits=2 maximumFractionDigits=2}}

Going-in, Year 1

Cash-on-cash

{{formatNumber metrics.cashOnCash style='percent' minimumFractionDigits=2 maximumFractionDigits=2}}

Year 1{{#each cashFlows}}{{#if @last}}, {{formatNumber cashOnCash style='percent' minimumFractionDigits=1 maximumFractionDigits=1}} in Y{{year}}{{/if}}{{/each}}

DSCR

{{formatNumber metrics.dscr minimumFractionDigits=2 maximumFractionDigits=2}}x

Covenant {{formatNumber loan.dscrCovenant minimumFractionDigits=2 maximumFractionDigits=2}}x

Levered IRR

{{formatNumber metrics.irr style='percent' minimumFractionDigits=1 maximumFractionDigits=1}}

{{exit.year}}-year hold

Equity multiple

{{formatNumber metrics.equityMultiple minimumFractionDigits=2 maximumFractionDigits=2}}x

On {{formatNumber capital.equity style='currency' currency=currency notation='compact' maximumFractionDigits=2}} equity

Occupancy

{{formatNumber metrics.occupancy style='percent' minimumFractionDigits=1 maximumFractionDigits=1}}

{{property.unitsLeased}} of {{property.units}} leased

Property facts

Investment summary

{{title}} {{text}}

Year 1 operating pro forma

Line item	Annual	Per unit
{{label}}	{{formatNumber annual style='currency' currency=@root.currency currencySign='accounting' maximumFractionDigits=0}}	{{formatNumber perUnit style='currency' currency=@root.currency currencySign='accounting' maximumFractionDigits=0}}
Effective gross income	{{formatNumber proForma.effectiveGrossIncome.annual style='currency' currency=currency currencySign='accounting' maximumFractionDigits=0}}	{{formatNumber proForma.effectiveGrossIncome.perUnit style='currency' currency=currency currencySign='accounting' maximumFractionDigits=0}}
{{label}}	{{formatNumber annual style='currency' currency=@root.currency currencySign='accounting' maximumFractionDigits=0}}	{{formatNumber perUnit style='currency' currency=@root.currency currencySign='accounting' maximumFractionDigits=0}}
Total operating expenses	{{formatNumber proForma.totalExpenses.annual style='currency' currency=currency currencySign='accounting' maximumFractionDigits=0}}	{{formatNumber proForma.totalExpenses.perUnit style='currency' currency=currency currencySign='accounting' maximumFractionDigits=0}}
Net operating income	{{formatNumber proForma.noi.annual style='currency' currency=currency currencySign='accounting' maximumFractionDigits=0}}	{{formatNumber proForma.noi.perUnit style='currency' currency=currency currencySign='accounting' maximumFractionDigits=0}}

Expense ratio {{formatNumber proForma.expenseRatio style='percent' minimumFractionDigits=1 maximumFractionDigits=1}} of EGI. {{proForma.note}}

Capital structure

Sources and uses

{{label}}	{{formatCurrency amount @root.currency 0 0}}
Total sources	{{formatCurrency capital.totalSources currency 0 0}}
{{label}}	{{formatCurrency amount @root.currency 0 0}}
Total uses	{{formatCurrency capital.totalUses currency 0 0}}

Loan terms

Rate and type	{{formatNumber loan.rate style='percent' minimumFractionDigits=2 maximumFractionDigits=2}} {{loan.rateType}}
Term / amortisation	{{loan.termYears}} / {{loan.amortizationYears}} years
Annual debt service	{{formatCurrency loan.annualDebtService currency 0 0}}
Balance at year {{exit.year}}	{{formatCurrency loan.balanceAtExit currency 0 0}}

{{len cashFlows}}-year cash flow projection

{{!-- Amounts in thousands. Deductions (vacancy, expenses, debt service) are sent positive and shown in brackets; NOI and cash flow are signed. --}} {{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}{{#each cashFlows}}{{/each}}

Year	{{year}}
Gross potential rent	{{formatNumber (math grossPotentialRent '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}}
Other income	{{formatNumber (math otherIncome '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}}
Vacancy ({{formatNumber assumptions.vacancy style='percent' maximumFractionDigits=1}})	({{formatNumber (math vacancy '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}})
Effective gross income	{{formatNumber (math effectiveGrossIncome '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}}
Operating expenses	({{formatNumber (math operatingExpenses '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}})
Net operating income	{{#if (lt noi 0)}}({{formatNumber (math noi '/' -1000) minimumFractionDigits=1 maximumFractionDigits=1}}){{else}}{{formatNumber (math noi '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}}{{/if}}
Debt service	({{formatNumber (math debtService '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}})
Cash flow after debt	{{#if (lt cashFlow 0)}}({{formatNumber (math cashFlow '/' -1000) minimumFractionDigits=1 maximumFractionDigits=1}}){{else}}{{formatNumber (math cashFlow '/' 1000) minimumFractionDigits=1 maximumFractionDigits=1}}{{/if}}
Cash-on-cash	{{formatNumber cashOnCash style='percent' minimumFractionDigits=1 maximumFractionDigits=1}}
DSCR	{{formatNumber dscr minimumFractionDigits=2 maximumFractionDigits=2}}x

{{currency}} thousands. Rents and other income grow {{formatNumber assumptions.rentGrowth style='percent' minimumFractionDigits=1 maximumFractionDigits=2}} a year, expenses {{formatNumber assumptions.expenseGrowth style='percent' minimumFractionDigits=1 maximumFractionDigits=2}} a year, vacancy held at {{formatNumber assumptions.vacancy style='percent' maximumFractionDigits=1}}. Sale at the end of year {{exit.year}} at a {{formatNumber exit.capRate style='percent' minimumFractionDigits=2 maximumFractionDigits=2}} cap on year {{inc exit.year}} NOI: gross price {{formatCurrency exit.salePrice currency 0 0}}, less {{formatCurrency exit.sellingCosts currency 0 0}} selling costs ({{formatNumber exit.sellingCostRate style='percent' maximumFractionDigits=2}}) and the {{formatCurrency exit.loanPayoff currency 0 0}} loan payoff, leaves net proceeds of {{formatCurrency exit.netProceeds currency 0 0}}.

Net operating income and debt coverage

Debt serviceCash flow after debt serviceDSCR, right axis (dashed: {{formatNumber loan.dscrCovenant minimumFractionDigits=2 maximumFractionDigits=2}}x covenant)

IRR sensitivity

Exit cap rate

Rent growth	{{formatNumber this style='percent' minimumFractionDigits=2 maximumFractionDigits=2}}
{{formatNumber (lookup @root.sensitivity.irr.rentGrowth @index) style='percent' minimumFractionDigits=1 maximumFractionDigits=2}}	{{formatNumber this style='percent' minimumFractionDigits=1 maximumFractionDigits=1}}

Levered {{exit.year}}-year IRR. Rows vary annual rent growth; expense growth held at {{formatNumber assumptions.expenseGrowth style='percent' minimumFractionDigits=1 maximumFractionDigits=2}}. Outlined cell is the base case.

DSCR sensitivity

Loan-to-value

Rate	{{formatNumber this style='percent' maximumFractionDigits=1}}
{{formatNumber (lookup @root.sensitivity.dscr.interestRates @index) style='percent' minimumFractionDigits=2 maximumFractionDigits=2}}	{{formatNumber this minimumFractionDigits=2 maximumFractionDigits=2}}x

Year 1 DSCR. Rows vary the {{loan.rateType}} interest rate, {{loan.amortizationYears}}-year amortisation. Red cells fall below the {{formatNumber loan.dscrCovenant minimumFractionDigits=2 maximumFractionDigits=2}}x lender covenant.

{{property.name}}