SELF-STORAGE REAL ESTATE - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back. Cell references are sheet!cell.

Self_Storage_Model_Blank.xlsx

   2. The tape!B5                    96                    Locker, 10 sq ft
   2. The tape!C5                    10                    Locker, 10 sq ft
   2. The tape!D5                    62.4                  Locker, 10 sq ft
   2. The tape!B6                    138                   Small, 25 sq ft
   2. The tape!C6                    25                    Small, 25 sq ft
   2. The tape!D6                    47                    Small, 25 sq ft
   2. The tape!B7                    152                   Medium, 50 sq ft
   2. The tape!C7                    50                    Medium, 50 sq ft
   2. The tape!D7                    37                    Medium, 50 sq ft
   2. The tape!B8                    108                   Large, 75 sq ft
   2. The tape!C8                    75                    Large, 75 sq ft
   2. The tape!D8                    32.1                  Large, 75 sq ft
   2. The tape!B9                    62                    Extra large, 125 sq ft
   2. The tape!C9                    125                   Extra large, 125 sq ft
   2. The tape!D9                    27                    Extra large, 125 sq ft
   2. The tape!B10                   34                    Container, 200 sq ft
   2. The tape!C10                   200                   Container, 200 sq ft
   2. The tape!D10                   23.4                  Container, 200 sq ft
   2. The tape!B13                   50000                 Gross internal area, sq ft
   3. Assumptions!B5                 0.5                   Move-in discount
   3. Assumptions!B6                 8                     Discount duration, weeks
   3. Assumptions!B7                 5                     First increase, months after move-in
   3. Assumptions!B8                 6                     Interval between increases, months
   3. Assumptions!B9                 0.082                 Size of each increase
   3. Assumptions!B10                1.62                  Cap, in-place over advertised
   3. Assumptions!B11                0.091                 Departure hazard, first month
   3. Assumptions!B12                0.0665                Departure hazard, background
   3. Assumptions!B13                0.03                  Additional hazard after an increase
   3. Assumptions!B14                2.4                   Response exponent
   3. Assumptions!B15                0.082                 Reference increase — the denominator of the response
   3. Assumptions!B16                0.75                  Maximum induced departure
   3. Assumptions!B17                0.796                 Occupancy, mature
   3. Assumptions!B18                0.93                  Physical ceiling
   3. Assumptions!B19                0.072                 Protection income, share of rent
   3. Assumptions!B20                0.021                 Box sales, share of rent
   3. Assumptions!B21                0.44                  Margin on box sales
   3. Assumptions!B22                0.013                 Late fees, share of rent
   3. Assumptions!B23                3.42                  Business rates, £/gross sq ft
   3. Assumptions!B24                102000                Store staff, £/yr
   3. Assumptions!B25                9400                  Management and pricing software, £/yr
   3. Assumptions!B26                0.0145                Card and payment fees, share of collections
   3. Assumptions!B27                1.34                  Energy, £/gross sq ft
   3. Assumptions!B28                0.71                  Repairs, £/gross sq ft
   3. Assumptions!B29                0.31                  Insurance, £/gross sq ft
   3. Assumptions!B30                0.55                  Other property costs, £/gross sq ft
   3. Assumptions!B31                126.2360350834671     Marketing, £ per move-in
   3. Assumptions!B32                0.055                 Management fee, share of revenue
   3. Assumptions!B33                0.019                 Bad debt, share of rent
   3. Assumptions!B34                0.42                  Ongoing capital, £/gross sq ft
   3. Assumptions!B35                12                    Refurbishment cycle, years
   3. Assumptions!B36                6.8                   Refurbishment cost, £/gross sq ft
   3. Assumptions!B37                4                     Years elapsed in the cycle
   3. Assumptions!B38                0.0605                Initial yield
   3. Assumptions!B39                0.0655                Exit yield
   3. Assumptions!B40                0.0845                Required return
   3. Assumptions!B41                0.029                 Rent growth
   3. Assumptions!B42                0.031                 Cost growth
   3. Assumptions!B43                0.066                 Acquisition costs
   3. Assumptions!B44                0.012                 Costs of sale
   3. Assumptions!B45                10                    Hold period, years
   3. Assumptions!B46                14                    Lease-up time constant, months
   3. Assumptions!B47                0.0415                Base rate
   3. Assumptions!B48                0.0275                Margin
   3. Assumptions!B49                0.6                   Maximum loan to value
   3. Assumptions!B50                1.9                   Minimum interest cover
   3. Assumptions!B51                1.35                  Minimum debt service cover
   3. Assumptions!B52                0.015                 Amortisation, a year
   3. Assumptions!B53                0.08                  Occupancy stress applied by the lender

   Result: length of stay 13.80 months, rent roll £991,178, net operating income £510,124, break-even 36.3%, optimum increase 12.82%, bid £7,279,057.

Rate_Increase_Planner_Blank.xlsx

   3. The decision!B5                590                   Units
   3. The decision!B6                58.74576271186441     Average unit size, sq ft
   3. The decision!B7                32.64956722446625     Advertised rate, £/sq ft/yr
   3. The decision!B8                0.796                 Occupancy held
   3. The decision!B9                0.5                   Move-in discount
   3. The decision!B10               8                     Discount duration, weeks (up to thirteen)
   3. The decision!B11               5                     First increase, months after move-in
   3. The decision!B12               6                     Interval between increases, months
   3. The decision!B13               1.62                  Cap, in-place over advertised
   3. The decision!B14               0.091                 Departure hazard, first month
   3. The decision!B15               0.75                  Maximum induced departure
   3. The decision!B16               0.082                 Increase currently applied
   3. The decision!B17               427899.9999999999     Fixed costs, £/yr
   3. The decision!B18               126.2360350887559     Marketing, £ per move-in
   3. The decision!B19               0.072                 Protection income, share of rent
   3. The decision!B20               0.021                 Box sales, share of rent
   3. The decision!B21               0.44                  Margin on box sales
   3. The decision!B22               0.013                 Late fees, share of rent
   3. The decision!B23               0.019                 Bad debt, share of rent
   3. The decision!B24               0.0145                Card and payment fees, share of revenue
   3. The decision!B25               0.055                 Management fee, share of revenue
   3. The decision!B26               0.0605                Initial yield, to put a value on a gain
   2. Your response curve!B21        0.082                 Increase applied
   2. Your response curve!B22        0.03                  Induced departure rate at that increase
   2. Your response curve!B23        2.4                   Response exponent — how convex the curve is
   2. Your response curve!B24        0.0665                Background departure hazard, per month

   Result: optimum 12.82% worth £23,962 a year; under five beliefs 17.45%, 16.43%, 12.82%, 10.84%, 10.13%.

Lease_Up_Tracker_Blank.xlsx

   2. Month by month!B2              590                   Units in the store
   2. Month by month!D2              13.80303434682015     Units in the store
   3. What a flow can hold!B6        0.796                 Reference occupancy
   3. What a flow can hold!B7        510124.3233643905     Net operating income at that occupancy
   3. What a flow can hold!B8        427899.9999999999     Fixed costs
   3. What a flow can hold!B9        0.93                  Physical ceiling

   Result: 34.0 move-ins a month hold 79.6%; break-even at 36.3%.

Bid_Sheet_Blank.xlsx

   2. The asset!B4                   50000                 Gross internal area, sq ft
   2. The asset!B5                   34660                 Net lettable area, sq ft
   2. The asset!B7                   590                   Units
   2. The asset!B8                   0.796                 Occupancy
   2. The asset!B9                   13.80303434682015     Length of stay, months
   2. The asset!B10                  32.64956722446625     Advertised rate, £/sq ft
   2. The asset!B11                  35.92610480133889     In-place rate, £/sq ft
   2. The asset!B13                  991178.2387336611     Rent roll
   2. The asset!B14                  1096243.132039429     Total revenue
   2. The asset!B15                  510124.3233250909     Net operating income
   2. The asset!B17                  8431806.997108942     Asking price
   2. The asset!B22                  427899.9999999999     Fixed costs, £/yr
   2. The asset!B24                  0.42                  Ongoing capital, £/gross sq ft
   2. The asset!B25                  6.8                   Refurbishment cost, £/gross sq ft
   2. The asset!B26                  12                    Refurbishment cycle, years
   2. The asset!B27                  4                     Years already elapsed in the cycle
   2. The asset!B28                  0.0655                Exit yield
   2. The asset!B29                  0.0845                Required return
   2. The asset!B30                  0.029                 Rent growth
   2. The asset!B31                  0.031                 Cost growth
   2. The asset!B32                  0.066                 Acquisition costs
   2. The asset!B33                  0.012                 Costs of sale
   2. The asset!B34                  10                    Hold period, years (up to ten)
   2. The asset!B35                  0.0415                Base rate
   2. The asset!B36                  0.0275                Margin
   2. The asset!B37                  0.6                   Maximum loan to value
   2. The asset!B38                  1.9                   Minimum interest cover
   2. The asset!B39                  1.35                  Minimum debt service cover
   2. The asset!B40                  0.015                 Amortisation, a year
   2. The asset!B41                  0.08                  Occupancy stress applied by the lender
   2. The asset!B42                  0.0665                Background departure hazard, per month
   2. The asset!B43                  0.05604893168765473   The same hazard, solved in the model to justify the asking price
   2. The asset!B44                  15.99177218125554     Length of stay at that hazard, months

   Result: present value £7,759,474, internal rate of return 6.44%, bid £7,279,057, facility 37.6% of price.

