28 practitioner guides by Julian R. Sterling, best read first at the top. Each one is built on a single worked case, and every figure it prints is a live formula in a free workbook.
The quickest way into real estate investing, finance and fund management is Real Estate Fund Management, the most read title in this list. The others go deeper into one job or one asset each. Every book below has a free companion page with the workbooks, so the arithmetic can be checked before the book is bought.
Every figure the book prints as live formulas: the waterfall of 6.11, the build-to-core of 8.7, and the proceeds gap. Five free Excel workbooks.
Worked example: How do you calculate yield on cost in real estate development?
Worked example: Does a 20 per cent promote actually pay the GP 20 per cent?
Worked example: Does an interest rate cap protect your DSCR?
Worked example: How do you close a refinancing gap: paydown or preferred equity?
Worked example: How do you get from T-12 NOI to underwritten NOI?
Worked example: How do you calculate economic occupancy vs physical occupancy?
Worked example: What is a good cap rate for a commercial property?
Worked example: How much IRR does a 50 bp higher exit cap rate cost?
Worked example: How do you split a rent variance into occupancy and rate?
Worked example: How do you calculate NOI on a commercial property?
Worked example: How do you calculate a property's income return and capital return?
Worked example: How do you calculate replacement reserves for a commercial property?
Worked example: How are leasing commissions calculated on a commercial lease?
Worked example: How do you calculate loss to lease on a multifamily property?
Worked example: What is a good debt yield for a commercial real estate loan?
Worked example: How do you calculate the weighted average cost of debt for a fund?
Worked example: How is a commercial property management fee calculated?
Worked example: How far can values fall before a property fund breaches its LTV limit?
Worked example: What is a good operating expense ratio for an apartment building?
Worked example: Is a property tax appeal worth it on a commercial property?
The Complete A to Z Guide: Strategies, Structures, and Insights for Investors, Sponsors, and Professionals
Both worked waterfalls of Chapter 12 reproduced to the dollar, the two capital stacks of Chapter 21, and the performance measures as live formulas.
Worked example: Core vs value-add vs opportunistic real estate: what are the returns net of fees?
Worked example: European versus American waterfall: what the clawback is really worth
Worked example: How much does 70% LTV amplify real estate equity returns?
Worked example: Mezzanine vs preferred equity: which costs the sponsor more?
Worked example: How much does quarterly compounding add to a preferred return?
Worked example: How do you calculate cash-on-cash return in real estate?
Worked example: What IRR does a sponsor earn on its co-invest with the promote?
Worked example: How do you calculate levered vs unlevered IRR in real estate?
Worked example: How do you calculate the blended cost of a real estate capital stack?
Worked example: What is a good equity multiple in real estate?
Worked example: How do you calculate the return on a value-add unit renovation?
Worked example: How do you calculate a preferred equity return in real estate?
Worked example: How does a cash-out refinance change IRR and equity multiple?
Worked example: Who loses first in a real estate capital stack when value falls?
Worked example: How much does a 1% disposition fee cost a real estate investor?
Worked example: Do distributions pay the preferred return or capital first?
Worked example: What is negative leverage in real estate, and what does it cost?
Worked example: How do you calculate a property's discount to replacement cost?
Worked example: Ground lease or buy the land: which gives a higher equity IRR?
A Practitioner's Guide to Conduit and SASB Deals, Tranching, Servicing, and Where the Losses Actually Land
The six workbooks that produced every figure in CMBS and CRE CLOs, completed and checked, with a blank set, thirteen working documents, forty questions and three cases. Free, no sign-up.
Worked example: Why is realised loss severity higher than appraisal severity?
Worked example: How is the overcollateralisation test calculated in a CRE CLO?
Worked example: How is credit enhancement calculated in CMBS?
Worked example: How do you price a CMBS B-piece for a target yield?
Worked example: How do you calculate the equity return on a CRE CLO?
Worked example: How does a CMBS waterfall work?
Worked example: How is CMBS risk retention calculated?
Worked example: How are CMBS special servicer fees calculated: workout vs liquidation?
Worked example: How is the interest coverage test calculated in a CRE CLO?
Worked example: How is the weighted average life of a CMBS bond calculated?
Worked example: How is the coupon on a CMBS interest-only X-A class calculated?
Worked example: How do you calculate the weighted average DSCR of a CMBS pool?
Worked example: How does a CMBS servicer decide an advance is nonrecoverable?
Worked example: How do you calculate the Herfindahl score of a CMBS pool?
Worked example: How do you calculate a CRE CLO's weighted average cost of funds?
Worked example: How are SASB CMBS tranches sized with debt yield?
Worked example: CRE CLO vs repo: which financing gives the lender a better return?
Worked example: How is yield maintenance split between CMBS bonds and the IO class?
Worked example: How does a net WAC cap cut a CMBS bond's coupon?
Worked example: How is a pari passu loan split across CMBS trusts?
A Practitioner's Guide to What Actually Produced the Return, and Who Was Paid for It
The four workbooks behind Commercial Real Estate Investing: one estate's income account with the void applied, the six numbers people call the entry yield, all twenty-four attribution orders, and the waterfall that pins the investor at the hurdle.
Worked example: Does more gearing always increase the manager's promote?
Worked example: How do you calculate the equivalent yield on a property?
Worked example: How do you attribute a property IRR to leverage, growth and yield?
Worked example: How do you calculate IRR in Excel for a real estate investment?
Worked example: Is a property's unlevered IRR equal to the cap rate plus growth?
Worked example: How much does a lease expiry cost in lost rent and fees?
Worked example: How do you calculate the gross rent multiplier on a property?
Worked example: What rent growth does a property need to hit its target IRR?
Worked example: How do you calculate NPV for a commercial property investment?
Worked example: Term and reversion vs hardcore method: do they give the same value?
Worked example: Should the exit cap rate be higher than the going-in cap rate?
Worked example: How do you calculate years' purchase (YP) in property valuation?
Worked example: How do you convert a nominal yield to a true yield on quarterly rent?
Worked example: How long must you hold a property to recover the purchase costs?
Worked example: What is a vendor rent guarantee on vacant space worth to a buyer?
Worked example: How do you value a commercial ground rent investment?
Worked example: How do you value a leasehold profit rent with dual rate YP?
Worked example: How do you calculate marriage value when a lease and freehold merge?
Worked example: How much tax does a 1031 exchange defer on a commercial property?
Worked example: How much does building depreciation cut a property's IRR?
Ein Praxis- und Karriereleitfaden für das Management privater Immobilienfonds
Der Bestand, den eine Warteschlange verlangt, ist nicht die gesetzliche Mindestquote: 241 Anfangsbestände, 13,2 Prozent — zwei Punkte davon nicht dem Manager.
Worked example: Wie hoch muss ein Rücknahmeabschlag sein, damit die Bleibenden nicht zahlen?
A Practitioner's Guide to What Every Clause Does to Net Operating Income, Value and Risk
The chapter names three refinements and performs none. The third is already inside the headline, working the wrong way: 5,788,000 becomes 807,365.
Worked example: What a lease mark-to-market is actually worth after three refinements
Worked example: Cumulative vs non-cumulative CAM cap: how much do they differ?
Worked example: How do you calculate the natural breakpoint for percentage rent?
Worked example: How does a base year expense stop work in an office lease?
Worked example: How do you calculate a tenant's pro rata share of CAM charges?
Worked example: Gross vs triple net lease: how do you compare the two rents?
Worked example: How do you amortise tenant improvements into the rent?
Worked example: How do you calculate rentable square feet from usable area?
Worked example: How do you calculate a lease termination fee?
Worked example: How do you calculate straight-line rent on a commercial lease?
Worked example: How large should a commercial lease security deposit be?
Worked example: How is holdover rent calculated on a commercial lease?
Worked example: How does a good guy guarantee limit the guarantor's exposure?
Worked example: What is a lease renewal option worth?
Worked example: How is sublease profit shared in a commercial lease?
Worked example: How is a CAM administrative fee calculated?
Worked example: Can a landlord pass a property tax reassessment through to tenants?
Worked example: How much can a tenant recover from a CAM audit?
Worked example: How is a CAM reconciliation calculated at year end?
Worked example: How is rent abated after a fire or casualty in a commercial lease?
A Practitioner's Guide to Covenants, Cash Traps, Recourse and What Happens When the Test Is Missed
One cure costs 11.2 times the other, and the ratio is 1/(k·c) — it runs from 8.7 to 13.7 on two terms the borrower negotiates. Every number is the book's.
Worked example: Why prepaying to cure a covenant costs eleven times a deposit
Worked example: How do you calculate yield maintenance on a commercial mortgage?
Worked example: How long does a cash sweep take to cure a debt yield trigger?
Worked example: How do you calculate DSCR under a commercial loan agreement?
Worked example: How do you calculate defeasance cost on a commercial mortgage?
Worked example: How much paydown does a loan extension test require?
Worked example: How is default interest calculated on a commercial real estate loan?
Worked example: How is a release price calculated on a portfolio loan?
Worked example: How much cash cures an LTV covenant breach?
Worked example: How does the cash waterfall work in a commercial real estate loan?
Worked example: How is spread maintenance calculated on a floating-rate loan?
Worked example: How much does a bad boy guarantee expose the sponsor to?
Worked example: Historic vs projected ICR: which loan covenant breaches first?
Worked example: How does a recourse burn-down work on a commercial loan?
Worked example: How do lenders size a TI/LC reserve on a commercial loan?
Worked example: How are guarantor net worth and liquidity covenants tested?
Worked example: How is a tax and insurance escrow calculated on a commercial loan?
Worked example: How does a lease sweep work in a commercial real estate loan?
Worked example: How much does a carry guarantee expose a sponsor to?
Worked example: T-3 annualised vs T-12 NOI: how much does the DSCR test change?
A Practitioner's Guide to Warehouses, Last-Mile Networks and the Investment Case
Rent per square metre, per cubic metre and net effective three ways; term and reversion on an ageing asset; and the development letting decision.
Worked example: How much more rent will an occupier pay to cut its labour cost by five per cent?
Worked example: Should warehouse rent be priced per cubic metre of clear height?
Worked example: Why does multi-let industrial trade on a higher yield than single-let?
Worked example: Fixed uplifts or capped CPI: which rent review is worth more?
Worked example: How many pallet positions fit in a warehouse?
Worked example: How long can a speculative warehouse stay unlet?
Worked example: How do you calculate net effective rent on an industrial lease?
Worked example: How much does it cost to build a warehouse per square metre?
Worked example: How much warehouse space does $1 billion of online sales need?
Worked example: How many dock doors does a warehouse need?
Worked example: How much does warehouse storage cost per pallet per week?
Worked example: How much more rent is a last-mile warehouse worth?
Worked example: How much land does a warehouse need? Site coverage worked out
Worked example: Does rooftop solar on a warehouse pay the landlord?
Worked example: What rent does a cold storage warehouse need to justify its cost?
Worked example: Does a mezzanine floor in a warehouse pay for itself?
Worked example: Industrial outdoor storage vs a warehouse: which yields more on cost?
Worked example: Should a business buy or lease its warehouse? The NPV compared
Worked example: When is an old warehouse worth less than its land?
Worked example: At what land value does a multi-storey warehouse make sense?
A Practitioner's Guide to Obsolescence, Re-Leasing Economics, Repositioning and What an Office Building Is Actually Worth
Five free Excel workbooks: a 6 per cent office yield that returns 3.2 per cent once the re-letting cycle is paid for, the net effective rent arithmetic, and an eighty-question acquisition checklist.
Worked example: How do you compute a capital-adjusted yield on an office?
Worked example: What headline rent delivers a target net effective rent?
Worked example: What does a tenant break option cost an office landlord?
Worked example: When does an office-to-residential conversion pay?
Worked example: How do you calculate the reversionary yield on an office?
Worked example: Does an energy upgrade pay for itself on an office?
Worked example: How much does an office cost per desk per year?
Worked example: How fast does an office building depreciate?
Worked example: How do you value a vacant office building?
Worked example: How do you calculate net absorption in an office market?
Worked example: Renew or relocate: what does moving office really cost?
Worked example: Cat A+ or Cat A: does a fitted office floor pay the landlord?
Worked example: How much office space do you need per employee?
Worked example: How much does a high service charge cost an office landlord?
Worked example: Flex office or a traditional lease: which costs less per desk?
Worked example: How much value does an office lose as its lease runs down?
Worked example: How do you calculate an office's CRREM stranding year?
Worked example: Does converting an office floor to amenity space pay for itself?
Worked example: Does splitting an office floor into smaller suites pay?
Worked example: What desk-sharing ratio should a hybrid office use?
A Practitioner's Guide to FFO, AFFO, NAV and the Public-Private Bridge in Listed Real Estate
Every figure Chapter 19 publishes reproduced as live formulas, five figures corrected. Five workbooks, a blank set, thirteen working documents, forty questions and three cases, free.
Worked example: Can a REIT trading at a discount to NAV still acquire accretively?
Worked example: How do you calculate a REIT's implied cap rate?
Worked example: How do you calculate AFFO from FFO?
Worked example: How do you calculate a REIT's NAV per share?
Worked example: How do you value a REIT using the P/FFO multiple?
Worked example: How do you calculate same-store NOI growth for a REIT?
Worked example: How do you calculate a REIT's FFO from net income?
Worked example: How do you calculate a REIT's net debt to EBITDAre?
Worked example: How much do rising interest rates cut a REIT's value?
Worked example: How much does external management cost a REIT?
Worked example: How do you calculate a REIT's cash and GAAP leasing spreads?
Worked example: How do you value a REIT's development pipeline in NAV?
Worked example: How do you calculate a REIT's 90% distribution requirement?
Worked example: How do you calculate EPRA NTA, NRV and NDV?
Worked example: Is a REIT share buyback at a discount to NAV accretive?
Worked example: How do you calculate EPRA LTV, and why is it higher?
Worked example: How much will refinancing its debt cut a REIT's AFFO per share?
Worked example: What AFFO growth does a REIT's share price imply?
Worked example: How much headroom does a REIT have on its bond covenants?
Worked example: How do you calculate a REIT's fixed charge coverage ratio?
A Practitioner's Guide to Strategy, Track Record, Terms and Getting to First Close
The printed funnel does not obey the rule printed beside it: 192 names, not 180, and the eight investors do not arrive as eight investors.
Worked example: Does a first close cover the management company's costs?
Worked example: What does an anchor investor's fee discount really cost the GP?
Worked example: Is a 2 per cent placement agent fee worth paying?
Worked example: How do you calculate the right size for a real estate fund?
Worked example: How many investors must you contact to raise a real estate fund?
Worked example: How do you calculate a pro forma net IRR for a track record?
Worked example: How much does it cost to set up a real estate fund?
Worked example: Management fee on committed vs invested capital: how big is the gap?
Worked example: How much does a real estate fund manager earn from fees and carry?
Worked example: How much do acquisition fees add to a real estate fund's cost?
Worked example: What does a GP seeding deal cost a real estate fund manager?
Worked example: Fund or deal-by-deal syndication: which pays a manager more?
Worked example: Separate account or commingled fund: which is worth more to a manager?
Worked example: 8% vs 10% preferred return: what does it cost a real estate GP?
Worked example: Should a fund buy warehoused assets at cost or at appraised value?
Worked example: 1.5 and 20 vs 1.25 and 25: which pays a real estate GP more?
Worked example: What gross IRR does a real estate fund need for a 12% net IRR?
Worked example: How much carry does a two-year exit delay cost a real estate GP?
Worked example: How does a management fee waiver fund the GP commitment?
Worked example: How big a deal pipeline does a real estate fund need at first close?
A Practitioner's Guide to Debt, Credit Structures and What a Property Is Worth to a Lender
The four workbooks behind Real Estate Finance: the recovery bridge, the binding sizing test, the thirty-eight loan tape and its waterfall, and the unsmoothing of a net asset value.
Worked example: Does the over-rent in a sale-and-leaseback repay the over-price?
Worked example: LTV, DSCR or debt yield: which loan covenant breaches first?
Worked example: How is an appraisal reduction amount calculated in CMBS?
Worked example: How do you calculate break-even occupancy on a commercial loan?
Worked example: How do you calculate the all-in cost of a commercial mortgage?
Worked example: How much does a 25 bp rise in the cap rate cut property value?
Worked example: What is a good DSCR for a commercial real estate loan?
Worked example: How much do higher interest rates cut a commercial loan?
Worked example: What is a good LTV for a commercial real estate loan?
Worked example: Interest-only vs amortising commercial loan: what is the difference?
Worked example: What interest cover ratio do commercial property lenders require?
Worked example: How do you estimate the probability of default of a CRE loan from LTV?
Worked example: How is mortgage lending value calculated, and how far below market?
Worked example: How much is an assumable commercial mortgage worth?
Worked example: Fixed vs floating rate commercial mortgage: which is cheaper?
Worked example: How far can property value fall before the lender loses money?
Worked example: How much less will a lender lend on an over-rented property?
Worked example: How much capital does a bank hold on a CRE loan under slotting?
Worked example: Is LTV based on the purchase price or the appraised value?
Worked example: Should a mezzanine lender cure a senior loan default?
A Practitioner's Guide to Building Property, Development and Fund Models, and Passing the Modeling Test
Every number a live formula, every figure the book publishes reproduced exactly, and the modelling test worked end to end. Five free Excel workbooks.
Worked example: Is a combined downside worse than the sum of the individual moves?
Worked example: Should you multiply a quarterly IRR by four to annualise it?
Worked example: How do you calculate the break-even exit yield on a property?
Worked example: Should the exit cap rate apply to forward or trailing NOI?
Worked example: How do you blend renewal probability into leasing assumptions?
Worked example: How do you back-solve a property's purchase price for a target IRR?
Worked example: How do you build a tornado chart for a property IRR?
Worked example: How do you calculate MIRR for a real estate investment?
Worked example: How do you build a sources and uses table for a property acquisition?
Worked example: Equity first or pro rata funding: which gives a higher IRR?
Worked example: How do you build a two-way data table for property IRR in Excel?
Worked example: How do you model lease-up of a vacant building in a cash flow?
Worked example: Direct capitalisation vs DCF: why do the property values differ?
Worked example: How do you model a five-yearly rent review in Excel?
Worked example: How do you build a scenario analysis for a property IRR?
Worked example: How do you run a Monte Carlo simulation on a property IRR?
Worked example: How do you calculate profit erosion in a development appraisal?
Worked example: How do you use timing flags in a real estate financial model?
Worked example: Does a deferred land payment raise a developer's IRR?
Worked example: How do you calculate after-tax IRR on a commercial property?
A Practitioner's Guide to Sponsor-Investor Structures, Promote Waterfalls, Control Rights and Exits
The Chapter 9 waterfall as a live engine with all three appendix structures beside it, the complete venture rebuilt end to end, and failure to fund priced.
Worked example: What does a missed capital call actually cost a sponsor?
Worked example: How is a JV buy-sell price calculated?
Worked example: IRR hurdle vs equity multiple hurdle: which pays more promote?
Worked example: How do you calculate a multi-tier IRR waterfall in a real estate JV?
Worked example: How much does a JV sponsor earn from fees vs the promote?
Worked example: How much does the promote reduce the investor's IRR in a JV?
Worked example: How are refinance proceeds split in a JV waterfall?
Worked example: How does a promote lookback work in a real estate JV?
Worked example: How do you value land contributed to a real estate JV?
Worked example: Deal-by-deal vs pooled promote: what changes in a programmatic JV?
Worked example: At what exit price does a JV promote start to pay?
Worked example: What does it cost to remove a JV sponsor?
Worked example: How is the promote split between a sponsor and a co-GP?
Worked example: Subordinated vs pari passu sponsor co-invest: what is it worth?
Worked example: How does rescue capital change the promote in a real estate JV?
Worked example: JV asset management fee on equity or gross asset value: what changes?
Worked example: Who really pays a cost overrun in a development JV?
Worked example: How do you value a JV promote before the exit?
Worked example: How is the promote crystallised in a JV recapitalisation?
Worked example: Is the JV promote paid on operating cash flow or only at sale?
A Practitioner's Guide to Technical, Legal and Financial Diligence Before You Sign
Chapter 19 reports eighteen basis points and understates its own answer in its own unit: it is 31.1, not 17.8. Two workstreams paid for everything.
Worked example: What a diligence exercise actually recovers
Worked example: How do you price building survey capex into the purchase price?
Worked example: How do you adjust a purchase price for a rent-free period?
Worked example: How do you calculate net initial yield with purchaser's costs?
Worked example: Is a Phase II environmental assessment worth the cost?
Worked example: How much does due diligence cost on a commercial property deal?
Worked example: Tipping vs deductible basket: what can a property buyer recover?
Worked example: How do you size a retention on a property purchase?
Worked example: Share deal vs asset deal: how is the latent tax discount priced?
Worked example: How do you audit a rent roll in property due diligence?
Worked example: How are rents and expenses prorated at a commercial property closing?
Worked example: How do you price tenant default risk into a purchase price?
Worked example: How much are capital allowances worth when buying a property?
Worked example: What does losing TOGC treatment cost a property buyer?
Worked example: How do you price flood risk into a commercial property purchase?
Worked example: What does a floor area shortfall found in due diligence cost?
Worked example: How do you price an outstanding rent review into a purchase?
Worked example: How do you calculate SDLT on a commercial property purchase?
Worked example: Is title indemnity insurance worth it for a restrictive covenant?
Worked example: How do you price a sub-E EPC (MEES) into a property purchase?
A Practitioner's Guide to Occupancy Cost, Turnover Rent, Tenant Mix and the Only Asset Class Whose Tenants Report Their Sales
Five free Excel workbooks: the occupancy cost of every unit in a shopping centre, the 16 per cent of the rent roll no tenant can sustain, and an eighty-question retail acquisition checklist.
Worked example: What does losing the anchor actually cost a shopping centre?
Worked example: How do you calculate a retailer's occupancy cost ratio?
Worked example: How much sales growth does a retailer need to keep paying its rent?
Worked example: How do you calculate Zone A rent on a shop?
Worked example: How is turnover rent calculated on a retail lease?
Worked example: How much service charge does a shopping centre landlord pay?
Worked example: How do you value a shopping centre?
Worked example: How do you calculate footfall conversion rate in retail?
Worked example: How do you calculate four-wall EBITDA for a store?
Worked example: How do you calculate like-for-like sales growth in retail?
Worked example: How do you calculate sales per square foot in retail?
Worked example: How do you use the Huff model to estimate a shopping centre's sales?
Worked example: How much does a retailer's CVA cost the landlord?
Worked example: How do online sales affect turnover rent?
Worked example: How much rent should a landlord cut to keep an anchor tenant?
Worked example: When is converting vacant retail space worth it?
Worked example: How much is a radius clause worth to a retail landlord?
Worked example: What does a sales kick-out clause cost a retail landlord?
Worked example: How much capital contribution can a retail landlord afford?
Worked example: What does an exclusive use clause cost a retail landlord?
A Practitioner's Guide to Rent Cover, Over-Rent, Covenant Risk and the Part of the Price That Is Not Property
Four free Excel workbooks, corrected and live: the model behind a €179.5 million sale and leaseback, rent cover on the entity that actually signs the lease, and the bid. Plus a blank set, thirteen working documents, forty questions and three cases.
Worked example: Does a sale and leaseback pay more than the tenant's bonds?
Worked example: How do you calculate rent cover in a sale and leaseback?
Worked example: How do you calculate the gain on a sale and leaseback under IFRS 16?
Worked example: Is a sale and leaseback cheaper than a mortgage?
Worked example: Does a sale and leaseback reduce net debt to EBITDA?
Worked example: What cap rate should you pay for a sale and leaseback?
Worked example: How much cash does a sale and leaseback actually raise?
Worked example: How does lease length change a sale and leaseback price?
Worked example: Is a sale and leaseback tax efficient? The after-tax cost
Worked example: How do you price a buyback option in a sale and leaseback?
Worked example: How do you account for a failed sale-leaseback under ASC 842?
Worked example: Master lease vs individual leases: what is it worth in a leaseback?
Worked example: How do you account for a successful sale-leaseback under ASC 842?
Worked example: How much debt can a sale and leaseback property support?
Worked example: What is a parent company guarantee worth on a leaseback?
Worked example: What default rate does a sale and leaseback price imply?
Worked example: Does a sale and leaseback create value in an LBO?
Worked example: Does a sale and leaseback improve ROCE?
Worked example: How much can a landlord claim if a leaseback tenant files Chapter 11?
Worked example: Is a sale and leaseback accretive to EPS?
A Practitioner's Guide to Street Rate, In-Place Rate, Length of Stay and the Rent Roll That Has No Leases
Four free Excel workbooks: the cohort engine behind a 590-unit self-storage store, the rate-increase decision, a lease-up tracker and a bid sheet.
Worked example: What does a half-price move-in offer actually cost a self-storage store?
Worked example: How many move-outs can a self-storage rate increase afford?
Worked example: How do you calculate REVPAF for a self-storage store?
Worked example: How do you value a self-storage facility?
Worked example: How long does a self-storage lease-up take?
Worked example: What occupancy does a self-storage facility need to break even?
Worked example: How do you calculate average length of stay in self-storage?
Worked example: How do you calculate self-storage square feet per capita?
Worked example: What is the optimal ECRI for self-storage customers?
Worked example: How do you calculate average rent per sq ft in self-storage?
Worked example: How much does tenant protection add to a self-storage store's value?
Worked example: How much does it cost to build a self-storage facility per sq ft?
Worked example: Is climate-controlled self-storage worth the investment?
Worked example: Is converting a warehouse to self-storage cheaper than building new?
Worked example: How much can you borrow on a self-storage facility?
Worked example: How much does a new competitor cost a self-storage facility?
Worked example: Is a self-storage third-party management fee worth paying?
Worked example: How much value does a self-storage expansion create?
Worked example: How much does delinquency cost a self-storage facility?
Worked example: Is splitting large self-storage units into smaller ones worth it?
A Practitioner's Guide to Rent Cover, Payor Mix, EBITDARM and What an Operating Asset Is Actually Worth
Four free Excel workbooks: the resident engine behind a 70-bed nursing home, the conversion of self-funders, a rota and employer-cost calculator and a bid sheet.
Worked example: What multiple is an investor really paying at 1.80x cover and a 6.0 per cent yield?
Worked example: How does payor mix change a care home's average weekly fee?
Worked example: What occupancy does a care home need to cover its rent?
Worked example: How do you calculate EBITDARM for a care home?
Worked example: How many staff does a care home need?
Worked example: How long does a new care home take to fill?
Worked example: How do you value a care home?
Worked example: How much does it cost to build a care home per bed?
Worked example: How much does a minimum wage rise cost a care home?
Worked example: How are care home fees calculated from the cost of care?
Worked example: How much does an admissions embargo cost a care home?
Worked example: How much debt can a care home support?
Worked example: How much does agency staff cost a care home?
Worked example: How fast does rent cover fall on an index-linked care home lease?
Worked example: Is converting care home rooms to en-suite worth it?
Worked example: RIDEA vs triple-net lease: which earns a senior housing owner more?
Worked example: How do you calculate RevPOR in senior living?
Worked example: Refundable vs non-refundable CCRC entrance fee: which costs less?
Worked example: How much maintenance capex should a care home budget per bed?
Worked example: What fee premium does a dementia care unit need to break even?
A Practitioner's Guide to Bed-Weeks, RevPAB, Nomination Agreements and the Rent Roll That Is Re-Sold Every September
Free companion files: the model behind a 520-bed student housing scheme with 269 of the book's figures checked live, the letting campaign week by week, the cost base per bed, the bid sheet, a blank set, twelve working documents, forty questions and three cases.
Worked example: What does a university nomination agreement actually cost?
Worked example: How do you calculate RevPAB for student housing?
Worked example: What occupancy does a student housing scheme need to break even?
Worked example: How do you calculate NOI for a student housing scheme?
Worked example: How do you value student accommodation per bed?
Worked example: Should a student housing scheme cut rent to fill beds?
Worked example: Is summer letting worth it for student accommodation?
Worked example: How do you calculate a city's student-to-bed ratio?
Worked example: How much does an energy price rise cost a student housing scheme?
Worked example: How much does capex take off a student housing yield?
Worked example: What share of the maintenance loan does student rent take?
Worked example: 44-week vs 51-week tenancy: which earns more in student housing?
Worked example: How much does it cost to build student accommodation per bed?
Worked example: How much debt can a student housing scheme support?
Worked example: How do you forecast student housing occupancy from booking pace?
Worked example: Studios vs cluster flats: which earns more in student housing?
Worked example: How much does a student accommodation management fee cost?
Worked example: What does missing the September opening cost a student housing scheme?
Worked example: Is a rebooking discount worth it in student housing?
Worked example: Is an upfront payment discount worth it in student housing?
Note Investing by the Numbers: How to Price, Buy and Work Out Performing and Non-Performing Real Estate Notes
The two workbooks behind The Mortgage Note Investor: a performing note priced to a yield, a non-performing note bid from its foreclosure floor, the modification and deed-in-lieu paths, and an eight-loan pool taken apart loan by loan.
Worked example: How much does a judicial foreclosure take off the price of a non-performing note?
Worked example: How do you price a performing mortgage note for a target yield?
Worked example: Modify or foreclose: which makes a non-performing note worth more?
Worked example: How do you price a partial mortgage note?
Worked example: How does an early payoff change the yield on a mortgage note?
Worked example: How do you price a non-performing second lien mortgage note?
Worked example: How much do servicing fees reduce a mortgage note's yield?
Worked example: How much should a note investor offer for cash for keys?
Worked example: What is a good ITV for a non-performing mortgage note?
Worked example: How do you price default risk into a performing mortgage note?
Worked example: How do you bid on a pool of mortgage notes?
Worked example: Does leverage increase the return on a non-performing note?
Worked example: How do you calculate a mortgage reinstatement amount?
Worked example: What interest rate should you charge on a seller-financed note?
Worked example: How do you calculate a mortgage payoff amount with per diem interest?
Worked example: How much does a seller earn on a wraparound mortgage?
Worked example: How much do tax and insurance advances cost a note investor?
Worked example: How much is a re-performing note worth after 12 months of payments?
Worked example: How does a Chapter 13 bankruptcy change a mortgage note's value?
Worked example: What is the lowest short sale a note investor should approve?
Doing nothing costs 4,770,000 — the chapter called The Cost of Doing Nothing contains no number at all. Plus the two calculations the book returns to most.
Worked example: Why does the cheaper refurbishment package lose money at the exit?
Worked example: How do you calculate WAULT to expiry and to first break?
Worked example: How long can a landlord hold out for a higher rent?
Worked example: How do you run a hold vs sell analysis on a property?
Worked example: How much rent-free should a landlord give for a lease regear?
Worked example: How do you calculate the reversionary potential of a property?
Worked example: How do you calculate ERV from comparable lettings?
Worked example: Should you refurbish a building before selling it?
Worked example: How do you calculate a lease surrender premium?
Worked example: How do you calculate a dilapidations claim at lease end?
Worked example: How do you calculate the EPRA vacancy rate?
Worked example: What is an upward-only rent review worth to a landlord?
Worked example: How do you calculate the EPRA cost ratio?
Worked example: How do you calculate a rent collection rate?
Worked example: How do you measure tenant concentration in a rent roll?
Worked example: How do you calculate like-for-like rental growth on a portfolio?
Worked example: Is a lower rent from a stronger tenant worth more to a landlord?
Worked example: Rent deferral or rent concession: which costs a landlord less?
Worked example: How do you calculate a bad debt provision on tenant rent arrears?
Worked example: How does underinsurance cut a commercial property insurance claim?
A Practitioner's Guide to Underwriting, Structuring, Pricing and Working Out Loans Secured on Property
Gross margin says the loan wins by 350 basis points, nearly three times. Return on capital says 3.4 points, a tenth. The floor priced, and prepayment.
Worked example: Margin says one thing, return on capital says another
Worked example: What NOI does a bridge loan need to refinance at maturity?
Worked example: How do you calculate an interest reserve on a bridge loan?
Worked example: How do you calculate the maximum loan on a commercial property?
Worked example: How do you calculate mezzanine attachment and detachment points?
Worked example: How do you calculate the mortgage constant on a commercial loan?
Worked example: How do you calculate a balloon payment on a commercial loan?
Worked example: How does a 5-4-3-2-1 step-down prepayment penalty work?
Worked example: How much does actual/360 add to a commercial loan's interest?
Worked example: How does back leverage boost a real estate debt fund's return?
Worked example: As-is vs as-stabilised LTV: how do you calculate both?
Worked example: How does the cost-to-complete test work on a construction loan?
Worked example: How do you size an interest rate cap reserve on a bridge loan?
Worked example: How is a bridge loan earn-out calculated?
Worked example: How much does cross-collateralisation cut a lender's loss?
Worked example: What interest rate should a mezzanine real estate loan charge?
Worked example: How do you calculate the yield on a construction loan?
Worked example: How far can RevPAR fall before a hotel loan breaches its DSCR?
Worked example: How much can you borrow against a leasehold commercial property?
Worked example: Should a mezzanine lender buy out the defaulted senior loan?
A Practitioner's Guide to Land, Appraisal, Consent, Cost, Procurement and Delivery
The concession costs 1.91 times its own NPV, and the pre-let wins in every outcome up to a 15 per cent discount. Residual appraisal, worked scheme, risk register.
Worked example: What does a pre-let rent discount actually cost?
Worked example: How do you calculate residual land value?
Worked example: How do you calculate interest on a development loan?
Worked example: What IRR does a 20 per cent profit on cost give a developer?
Worked example: Profit on cost vs profit on GDV: how do you convert them?
Worked example: How do you run a sensitivity analysis on a development appraisal?
Worked example: How do you calculate GDV for a development?
Worked example: LTC vs LTGDV: how much development finance can you borrow?
Worked example: How much does affordable housing reduce residual land value?
Worked example: How does the net-to-gross ratio change residual land value?
Worked example: How do you calculate peak funding on a development?
Worked example: How much should you pay for land subject to planning?
Worked example: Forward funding vs forward commitment: which pays the developer more?
Worked example: How is an overage payment calculated on a land sale?
Worked example: How is CIL calculated on a new development?
Worked example: Option vs promotion agreement: which pays the landowner more?
Worked example: How much does a slower sales rate cost a residential developer?
Worked example: How much is a ransom strip worth? The one-third rule, worked
Worked example: Is a 10 per cent performance bond enough if the contractor fails?
Worked example: How is a late-stage viability review payment calculated?
A Practitioner's Guide to Pricing an Appraisal, LP Portfolios and Real Estate Continuation Vehicles
Five free Excel workbooks: an 18 per cent discount to net asset value that is really 9.18, the unsmoothing arithmetic, and the seventy-two-question checklist.
Worked example: What does an 18 per cent discount to net asset value actually buy?
Worked example: How do you unsmooth appraisal-based real estate returns?
Worked example: What discount is worth taking to skip a redemption queue?
Worked example: How do you get from GAV to NAV in a real estate fund?
Worked example: How do you mark fixed-rate debt to market in a real estate fund NAV?
Worked example: How much cap rate expansion does a secondary discount absorb?
Worked example: How do you calculate the discount on a portfolio of LP interests?
Worked example: What is a real estate fund interest worth in wind-down?
Worked example: How do you calculate INREV NAV from a fund's IFRS NAV?
Worked example: How much deferred tax should you deduct from a property fund's NAV?
Worked example: How do you value a property fund interest from the asset tape?
Worked example: How much carried interest does a real estate secondary buyer inherit?
Worked example: How do you calculate look-through LTV on a property fund portfolio?
Worked example: How does a refinancing gap change a real estate secondary price?
Worked example: How do you calculate the IRR on a real estate secondary?
Worked example: How do remaining management fees change a real estate secondary price?
Worked example: How do you price a real estate fund interest that holds a development?
Worked example: REIT discount or fund secondary: which buys property cheaper?
Worked example: How does a drawn subscription line change a secondary price?
Worked example: How do you test a property fund's appraisals against its sale prices?
A Practitioner's Guide to Defaults, Extensions, Discounted Payoffs and Getting Value Out of a Broken Loan
Four free Excel workbooks: four ways out of one broken loan, discounted to today so they are comparable — and the 58.7 cents at which a payoff beats enforcement.
Worked example: What a month of delay costs in an enforcement
Worked example: How do you size the A note in an A/B note loan restructuring?
Worked example: How do you calculate a discounted payoff price on a defaulted loan?
Worked example: Extend or enforce: when does a loan extension beat foreclosure?
Worked example: How much is a personal guarantee worth to a lender in a workout?
Worked example: How do you calculate a loan loss provision on a defaulted CRE loan?
Worked example: How do you price a non-performing commercial real estate loan?
Worked example: Deed in lieu vs foreclosure: which recovers more for the lender?
Worked example: Should a lender hold or sell a repossessed (REO) property?
Worked example: How do you calculate a modification loss under IFRS 9 on a CRE loan?
Worked example: How does a pay rate and accrual rate loan modification work?
Worked example: How much should a lender credit bid at a foreclosure sale?
Worked example: Share pledge vs mortgage enforcement: which recovers more?
Worked example: How do you calculate the forced sale value of a commercial property?
Worked example: Is a forbearance agreement worth it for a CRE lender?
Worked example: Consensual sale vs enforcement: which recovers more on a CRE loan?
Worked example: Should a lender fund leasing costs on a defaulted CRE loan?
Worked example: Should a lender appoint a receiver on a defaulted CRE loan?
Worked example: How does a swap termination payment change a CRE lender's recovery?
Worked example: How much must a single asset real estate debtor pay its lender?
The companion files of Real Estate Appraisal: four workbooks that reproduce every figure in the book, a reviewer's checklist, blank working sheets and a 60-minute test with its answer key.
Coming soon on Amazon · Free companion files
The companion files of The Tax Lien Investor: three workbooks that reproduce every figure in the book, blank templates for your own certificates, five working forms and forty questions.
Worked example: How low can you bid on a tax lien certificate and still earn 8 per cent?
Coming soon on Amazon · Free companion files
Start with Real Estate Fund Management by Julian R. Sterling. It is the most read title in this list, and like the others it is built on one fully specified worked case whose every printed figure is reproduced in a free Excel workbook.
Yes. Every title in this guide has a free companion page on julianrsterling.com with the workbooks, blank templates and checklists. They need no account and no email address.
Analysts, associates and managers who need to compute the numbers rather than describe them: each book follows one case from the first input to the decision, at practitioner level.
Private equity and private markets · Credit, private credit and distressed debt · Infrastructure, data centres and energy · Corporate finance, valuation and markets · Regulation, compliance and banking · Business operations: cost, contracts, pricing and supply chain · Personal finance and investing for beginners