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Property funds and services

Property funds manager financial model, built free.

A three-statement Excel model for a property funds manager, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Manages listed and unlisted property funds and mandates for investors, earning base fees on assets under management plus transaction, development and performance fees, and co-investing alongside investors.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued four ways

    Discounted cash flow, trading multiples, sum of the parts and net asset value, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Property funds manager sample model.xlsx
The Summary sheet of the sample property funds manager model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a property funds manager.

  1. How it earns revenue3 formulas
    Base management fees · All managed property funds
    Base management feesAverage fee base × yearsManagement fee rate (% a year)
    Transaction, development, property management and licence fees · All managed property funds
    Transaction feesAcquisition feesDisposal fees
    Transaction, development, property management and licence fees · All managed property funds
    Total value transactedAcquisitionsDisposals
  2. What drives its costs1 formula
    Operating expenses · Across the business
    Operating expensesStaff costs (annual)Marketing (annual)Occupancy (annual)Administration (annual)share of the year
  3. How it is funded3 formulas
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
    Dividends and distributions
    Closing dividends payableOpening dividends payableDividends declaredDividends paid
  4. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

19 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastCPI glide path
  • Operating expensesOperating expense line items
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalDays-based working capital
  • Income taxCorporate rate with tax losses
  • DebtSingle debt facility
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Net asset valueBook net asset value
  • Key-metric summaryStandard growth, margin and leverage metrics
  • Discount rate (WACC)CAPM at target gearing
  • Sum of the partsRegister of parts on mixed bases
  • Enterprise value to equity bridgeNet debt at the valuation date
  • Assets under managementAUM with net flows and revaluation %The fund's assets under management over time — the base on which most fees are charged.
  • Base management feesFee rate × average AUMRecurring fees charged on the fund's assets, equity or commitments.
  • Transaction, development, property management and licence feesFee % × transaction volumeFees for acquisitions and disposals, equity raising, development management, property management and leasing, and brand licensing.
  • Performance feesGuided performance feesFees earned when fund returns beat a benchmark or hurdle.
  • Co-investment in managed fundsEquity-accounted share of fund earningsThe manager's own stake in the funds it manages and the income it earns from that stake.
Key numbers

The numbers it tracks.

  1. 01AUM
  2. 02base fee margin (bps)
  3. 03performance fees
  4. 04operating earnings per share
  5. 05cost-to-income
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

More in property funds and services.

Every real estate model

Looking for a property funds manager financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.