Real Estate Private Equity (REPE) Financial Model
Originally published: 20/04/2022 11:31
Last version published: 23/04/2024 07:33
Publication number: ELQ-26423-2
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Real Estate Private Equity (REPE) Financial Model

Financing Model presenting a Real Estate Private Equity Fund scenario.

New Version Updates:
• The model supports now up to 50 properties
• Updated Acquisition, Financing and Operations Assumptions and Output Reports
• New Investors Distribution Waterfall & Fund Summary

Real estate private equity (REPE) firms raise capital from outside investors, called Limited Partners (LPs), and then use this capital to acquire and develop properties, operate and improve them, and then sell them to realize a return on their investment. REPE firms usually focus on commercial real estate – offices, industrial, retail, multifamily, and specialized properties like hotels.

This financial model presents a business scenario of a REPE firm and analyzes property acquisitions costs, debt financing, property operating income, property level cash flows and returns, fund level cash flows and partnership cash flows and return metrics.

Outputs of the model include Monthly & Annual Cash Flow per Property, Portfolio Annual Cash Flows & Returns, Fund Annual Cash Flows & Returns, Partnerships Cash Flow and a professional Executive Summary presenting Fund's overall performance.

The structure of the template follows Financial Modeling Best Practices principles and is fully customizable.

• Fund Level Assumptions (incl. Investments Assumptions, Set up costs & Fund Level Expenses, Investors Contributions & Distributions Assumptions)
• Properties Acquisition & Disposition Assumptions (incl. Purchase date, Purchase Price, Hold Period, Sale Price, Transactions Fees, etc.)
• Debt Financing Assumptions (incl. Loan to Value, Interest Rates, I/O Period, Loan Term)
• Debt Refinancing Assumptions (incl. Refinancing Option, Refinancing Timing, Loan to Value, Interest Rates, I/O Period, Loan Term )
• Properties Revenue Assumptions (incl. Rental Rates, Vacancy %, Rent Deposits)
• Properties OpEx & CapEx Assumptions (incl. Mgmt Fees, Property Taxes, Leasing Commissions, G&A, TIs & Reserves CapEx, etc.)

• Monthly Cash Flow Analysis per Property (incl. EGR, NOI, Property Disposition, Net CF before and after Debt, Unlevered and Levered Cash Flows)
• Monthly Cash Flow Sumary per Year
• Annual Cash Flow per Property including Unlevered and Levered Cash Flows & Return Metrics (IRR, MOIC)
• Portfolio Cash Flow including Equity & Debt Financing, Unlevered and Levered Cash Flows & Return Metrics (IRR, MOIC)
• Fund Level Annual Cash Flow (including Portfolio Cash Flows, Fund Level Expenses and Fund Return Metrics)
• Partnership Returns Waterfall analyzing the distribution between LPs and GPs, including calculation of GP Catch up (Before or After Principal) and Carried Interest.
• Executive Summary presenting overall REPE performance

Detailed instructions on the use of the model are included in the Excel file.

Help & Support

Committed to high quality and customer satisfaction, all our templates follow best practice financial modeling principles and are thoughtfully and carefully designed, keeping the user’s needs and comfort in mind.
No matter if you have no experience or you are well versed in finance, accounting, and the use of Microsoft Excel, our professional financial models are the right tools to boost your business operations!
If you however experience any difficulty while using this template and you are not able to find the appropriate guidance in the provided instructions, please feel free to contact us for assistance.
If you need a template customized for your business requirements, please e-mail us and provide a brief explanation of your specific needs.

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Further information

Presents a business scenario of a Real Estate Private Equity Fund

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