Multi-tenant DCF — expected monthly cash flows

Enter current annual rent at the valuation date, or initial rent for a future lease. Annual indexation starts from that reference date. Past rent steps are assumed already included in current rent. Start and end months are included; rent-free months apply at the actual lease start.

A supplied early exit date is assumed exercised at month-end. After that exit or lease expiry, expected rent equals ERV × occupancy probability × (1 − ERV vacancy). ERV is constant. There are no random draws or simulated reletting schedules.

Tenant reimbursements are matched by equal expenses and create no profit. Fixed non-recoverable costs include costs retained during vacancy. Fit-out contribution is paid once at the actual lease start. The recurring annual CAPEX reserve is deducted from cash flows and the terminal base.

Terminal value capitalises forecast recurring year N+1 cash flow and then holds it constant forever. Selling costs and the known N+1 fit-out contribution, discounted one year, are deducted. Later changes are not projected: choose a horizon covering key expiries and test exit assumptions.

This valuation is not an investment return calculation. Acquisition price, financing and tax are not modelled; no IRR is inferred from the calculated price.