Free download · XLSX
Real Estate Pro Forma Template (Excel) — 10-Year DCF
Free Excel pro forma for commercial real estate. 10-year cash flow, levered and unlevered IRR, equity multiple, DSCR, and a built-in exit-cap sensitivity table.
Download the XLSX templateDirect download. No email required.
What's inside
- Acquisition assumptions: price, closing costs, total basis
- Year-1 operations: GPR, other income, vacancy, expenses, reserves
- 10-year annual cash flow with rent and expense growth applied line by line
- Debt sizing: LTV, rate, amortization, auto-computed debt service and payoff
- Returns: levered and unlevered IRR, equity multiple, cash-on-cash, Year-1 DSCR
- Exit-cap sensitivity table at ±25 / ±50 / ±75 bps with IRR per scenario
A pro forma that shows its work
Most free pro forma templates are either a single NOI line with a cap rate slapped on, or a 40-tab monster you need a week to trust. This one sits where screening actually happens: a 10-year annual model with real debt math, real exit math, and a sensitivity table, small enough to audit every formula in ten minutes.
Built on the same conventions as institutional models
Revenue grows from a Year-1 base, vacancy applies to GPR, reserves sit below NOI, and the exit values Year-11 NOI at the exit cap: the convention lenders and appraisers expect. Debt service and the payoff balance come from standard amortization functions, not approximations.
The sensitivity table is the point
Any deal looks fine at one exit cap. The Sensitivity tab reprices net proceeds, total profit, equity multiple, and levered IRR at seven caps from −75 to +75 bps, with the base case shaded. If the IRR only clears your hurdle at the tight end of the range, you have your answer before the IC meeting does.
When to graduate from template to platform
A property-level pro forma is right for screening. Once a deal goes under contract, the assumptions need to come from the actual documents: every lease’s steps, recoveries, and options, reconciled against the T-12. That reconciliation is the slow, error-prone part of diligence, and it is exactly what Moraine automates: upload the documents, get the tenant-level model with citations.
How to use the template
- 1
Enter the acquisition and operating assumptions
Everything drives off the Assumptions tab: price, Year-1 revenue and expenses, growth rates, debt terms, and exit cap. Each input carries a guidance note in the third column.
- 2
Check the 10-year cash flow
The Cash Flow tab builds GPR through cash-flow-after-debt for ten years, plus the exit block: Year-11 NOI, gross and net sale value, and loan payoff. Every line is a live formula; nothing is hardcoded.
- 3
Read the returns
Levered and unlevered IRR, equity multiple, average cash-on-cash, and Year-1 DSCR compute on the Returns tab. The DSCR row flags against the 1.25x lender threshold.
- 4
Stress the exit
The Sensitivity tab reprices the deal at seven exit caps from −75 to +75 bps, with net proceeds, total profit, equity multiple, and levered IRR for each.
Underwrite from documents, not blank cells
Moraine builds this model from the rent roll and operating statements automatically, tenant-level cash flows, recoveries, and debt, with every number cited to its source page.
See the underwriting engineTemplate FAQ
A pro forma is the projected operating statement and cash flow for a property under explicit assumptions: revenue, expenses, capital costs, debt, and exit. It is the document every acquisition decision is underwritten from, and the first thing a lender or LP asks to see.
A 10-year annual cash flow from GPR down to cash flow after debt service, plus exit value at your chosen cap rate, loan payoff, levered and unlevered IRR, equity multiple, average cash-on-cash, and Year-1 DSCR. An exit-cap sensitivity table stresses the result at ±75 bps.
Yes. Enter LTV, rate, and amortization on the Assumptions tab; loan amount, annual debt service, and the payoff balance at exit compute automatically using standard amortization math.
Argus models lease-by-lease cash flows with recovery logic per tenant. This template models at the property level, right for screening, IC discussion, and sanity-checking a broker pro forma. When you need tenant-level treatment tied to the actual leases, that is what Moraine's underwriting engine does.
The grid is built on a 10-year hold, which is the institutional default. For a shorter hold, read exit value off the sensitivity logic at your target year's NOI, or model it in Moraine, where hold period is a single input.
Want this auto-generated from your actual data?
Moraine builds the filled-in version from your leases, rent rolls, or offering memorandum — in minutes.