Build and verify a pro forma analysis

Data, sources, and access to prepare

• Full Financials selected
• A Unit-by-Unit Pro Forma or Unit-Mix Pro Forma rent-roll type
• Current and stabilized assumptions

• In-Place deducts the rent and reimbursements of vacant spaces as vacancy loss.
• Pro Forma counts every vacant space as leased at its Pro Forma rent and reimbursement, with no vacancy deduction.
• Each side includes its own reimbursement and additional-income values.
• Each side subtracts its own total operating expenses.
• NOI equals effective gross income less operating expenses for that column.
• Pro Forma is not a time-based projection and does not apply annual growth or custom escalation schedules.

Pro-forma steps

1. 1

   Choose Pro Forma

   Rent Roll, projection selector

   Select Pro Forma.

   Expected result: The projection choice is highlighted.

   If this step does not work

   If annual growth is required instead, choose Multi-Year Cash Flow.

2. 2

   Choose the row layout

   Rent Roll, layout selector

   Select Unit-by-Unit or Unit Mix.

   Expected result: Current and pro-forma input columns appear in the selected layout.

   If this step does not work

   Choose the layout that matches individual records or grouped source data.

3. 3

   Complete both rent cases

   Rent Roll rows and detail drawer

   Enter current and pro-forma rent and reimbursement for every applicable row.

   Expected result: Each row has a complete two-column comparison.

   If this step does not work

   Do not leave a pro-forma field blank merely because the current value is unchanged. Enter the stabilized value.

4. 4

   Complete both statement cases

   Income & Expenses

   Enter In-Place and Pro Forma values for every additional-income and expense row.

   Expected result: Both column totals reconcile to the underwriting.

   If this step does not work

   Check for explicit zero values and omitted rows separately.

5. 5

   Review the NOI table

   Valuation, Pro Forma Analysis

   Compare gross rent, reimbursements, other income, EGI, expenses, and NOI for both columns.

   Expected result: Each subtotal can be traced to a saved input.

   If this step does not work

   Return to the source row for the first subtotal that differs.

   

   View full size

6. 6

   Set optional financing and reserves

   Valuation, Assumptions

   Enter financing and reserve inputs when you want to show them.

   Expected result: Debt service and reserves appear below NOI.

   If this step does not work

   Reserves equal rate x total SF, units, keys, or pads.

7. 7

   Verify the document page

   Review & Customize

   Confirm the generated analysis is labeled and presented as a pro-forma comparison.

   Expected result: The final page matches the two wizard columns.

   If this step does not work

   Return to the wizard if the output uses an unexpected model or value.

Comparison ready

• Every row has a current and a stabilized value
• Both EGI totals tie out
• Both expense totals tie out
• Both NOI values tie out
• Any stabilized vacancy allowance is built into Pro Forma rents and footnoted