Real Estate Pro Forma
Real Estate Excel Template (Free Download)
Turn land, construction, leasing, operating, financing, and exit assumptions into a commercial or residential real estate pro forma.
professionals from Deloitte
About this pro forma
This pro forma presents projected real estate development performance from land acquisition and construction through phased lease-up and stabilized operations. It links cost by phase, soft costs and contingency to leasing, rents, operating expenses, NOI, debt paydown, terminal value, and equity cash flows.
Use it to test construction budgets, absorption, financing, exit cap rates, and project returns. The underlying Excel model is the linked underwriting engine; the pro forma is the projected decision output for developers, lenders, and investors.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Real Estate Pro Forma
- Land, hard cost, soft cost, and contingency schedule
- Construction timeline and drawdown forecast
- Phased lease-up, rents, tenant mix, and rollover output
- Stabilized NOI and operating expense projection
- Construction and permanent debt paydown schedule
- Exit value, equity multiple, and project IRR outputs
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
What does this real estate pro forma cover?+
It covers land, construction, leasing, stabilized operations, financing, exit value, and equity returns.
Can I model lease-up timing?+
Yes. Adjust absorption, rents, tenant mix, and rollover to project the path to stabilization.
Are financing assumptions included?+
Yes. Construction-to-permanent debt, paydown, and stabilization financing can be reflected in projected cash flows.
What return metrics are produced?+
The pro forma produces NOI, terminal value, equity multiple, and equity IRR under the selected assumptions.
Have more financial modelling questions? Contact us
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