Commercial Lease · Part of the EiP Academy
How to Model a Commercial Lease
Rent reviews, break clauses, incentives and cash flow forecasting, taken step by step from the lease to a working model.
Intermediate
10 CPD hours
about this course
From the lease to the cash flow
This course shows you how to turn a commercial lease and its heads of terms into a tenancy schedule and cash flow, including rental growth, voids, rent free periods, service charge and business rates.
You then model break clauses, reletting assumptions and tenant incentives, measure WAULT and occupancy.
Who this course is for
Analysts who build asset and portfolio models
Asset managers
Surveyors and valuers who review leases
Acquisitions teams
Graduates learning lease analysis
Candidates preparing for modelling tests
What you'll end up with
This is what you'll learn to do
By the end of the course, you will be able to build a lease-by-lease model and explain what drives the income.
Pull the key dates and terms out of a lease and heads of terms
Build a tenancy schedule and tenant timeline
Model rental growth, voids, rent free periods and incentives
Deal with break clauses, reletting and refurbishment
Measure WAULT and occupancy, and stress test your assumptions
What you will learn
Skills you can use at work straight away
Reading leases and heads of terms
Reading and understanding tenancy schedules
Key dates and timelines
Rental growth and indexation
Voids and rent free periods
Break clauses and incentives
WAULT and occupancy
Stress testing assumptions
Practical examples
Excel examples and downloadable files to work through.
Supporting materials
Everything you need alongside the lessons.
Academy access
Included in the EiP Academy, with future updates while your membership is active.
Want more than one course?
Get all our courses in the EiP Academy
All of our courses, the EiP Model Library and a community of property professionals, in one membership.
FAQs
How do you model a commercial lease in Excel?
You start with the key dates and terms from the lease, then build the income period by period, allowing for rental growth, voids and rent free periods. The course takes you through each step.
Does the course cover break clauses and tenant incentives?
Yes. It covers break clause penalties and incentives, rent free periods, half rent and capital contributions, as well as reletting assumptions and letting fees.
What is WAULT, and will I learn how to calculate it?
WAULT is the weighted average unexpired lease term, a measure of how long the income is secured. The course shows you how to calculate it, along with physical and economic occupancy.
How long will I have access?
You have unlimited access for 12 months, in line with the EiP Academy, which is a 12-month programme. Nothing renews automatically, and you can renew when the period ends.
Do I get instant access?
Yes. Access is sent to you by email as soon as your order is confirmed.
Is this course included in the EiP Academy?
Yes. It is included in the EiP Academy, together with the other courses, the EiP Model Library and a community of property professionals. If you want more than one course, take a look at the Academy.
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