Multi-Property Portfolio Reporting

This use case explains how to consolidate and report across multiple properties in a real estate portfolio using Model Reef.

You will:

• Represent each property as a branch under a portfolio structure.

• Attach rental or development cashflow models per property.

• Add central overheads, group debt and equity where relevant.

• Produce property level and portfolio level P&L, Cashflow, Cash Waterfall and valuation outputs.

The aim is to have a single model that supports both asset level and portfolio level decision making.

When to use this pattern

Use this pattern when:

• You own or manage multiple income producing or development properties.

• You want to compare performance and cash generation across assets.

• You need consolidated reporting for lenders, investors or boards.

• You plan to test acquisition, disposal or refinancing strategies at portfolio level.

It typically builds on:

• Property Cash Flow (Rental or Lease) for income assets.

• Development Feasibility Model for projects.

• Loan or Interest Sensitivity Planning for funding.

Architecture overview

Multi property portfolio reporting uses:

1. Branch tree

   • Portfolio root branch.

   • One branch per property, grouped by region, sector or strategy.

   • Central overhead and holding structure branches.

2. Property level models

   • Rental cashflow models for stabilised assets.

   • Development feasibility models for in flight projects.

3. Central structures

   • Management and head office costs.

   • Group level debt and equity.

   • Shared capex or corporate assets.

4. Reporting and dashboards

   • Property level metrics.

   • Portfolio level roll ups.

   • Scenario comparison views.

1

Build a portfolio branch structure

Create a branch tree such as:

• Portfolio

  • Region - City A

    • Property - Office A1

    • Property - Retail A2

  • Region - City B

    • Property - Industrial B1

  • Development Projects

    • Project - Mixed Use C1

  • Central Overheads

This allows you to:

• View assets by region, sector or strategy.

• Keep development projects visible but distinct from stabilised income assets.

• Isolate central overheads from asset level performance.

2

Attach property cashflow and development models

For each property branch:

• Implement a rental cashflow model using the Property Cash Flow (Rental or Lease) pattern for stabilised assets, or

• Implement a development feasibility structure for projects that are not yet stabilised.

Ensure consistent naming and categorisation across properties, for example:

• Revenue - Base Rent.

• Opex - Outgoings.

• Debt - Senior Loan.

• Capex - Refurbishment.

Consistency makes portfolio level reporting straightforward.

3

Add central overheads and group financing

Create a Central Overheads branch for costs and financing that support the portfolio as a whole, for example:

• Portfolio management fees.

• Central asset management and operations staff.

• Corporate legal, tax and compliance.

• Shared IT and systems.

At the portfolio branch or within Central Overheads, include:

• Group debt facilities that are not ring fenced to individual assets.

• Equity injections and distributions at holding company level.

• Corporate capex such as head office fit outs or systems.

This setup keeps asset level performance distinct from group level structuring and costs.

4

Build property and portfolio level reports

Use reports and dashboards to show:

Property level views:

• Net operating income per property.

• Yield and margin metrics per asset.

• Debt service and cashflow before and after financing.

• Simple valuation metrics where desired.

Portfolio level views:

• Total rental income, NOI and EBITDA across all assets.

• Aggregate debt, LVR and interest cover.

• Portfolio level Cashflow Statement and Cash Waterfall.

• Regional or sector breakdowns.

You can also create custom reports such as:

• Top and bottom performing properties by NOI or yield.

• Cash contribution by property.

• Exposure by region or sector.

5

Implement allocation and management fee structures if needed

If the portfolio manager charges fees or allocates costs to assets:

• Represent base and performance fees as Opex at portfolio or asset level.

• Use allocation drivers (for example by asset value, NOI or revenue) to distribute central costs to properties in reporting views.

You can also create separate views:

• Before allocations, to show pure asset performance.

• After allocations, to show net performance after management layers.

6

Use scenarios for acquisitions, disposals and refinancing

Clone the portfolio model into scenario models to test strategic moves, for example:

• Acquiring or disposing of specific properties.

• Changing leverage levels or debt structures.

• Executing capex programmes or refurbishments.

• Bringing development projects into the stabilised portfolio.

In each scenario, adjust:

• Branch structure (add or remove property branches).

• Asset level cashflow assumptions.

• Central overheads and financing.

Compare scenarios using:

• Portfolio NOI, EBITDA and cash.

• Debt metrics and covenant headroom.

• Portfolio valuation metrics from the Valuation Engine.

• Distribution capacity and growth.

Check your work

• Property list and structure match the real portfolio.

• Asset level models reconcile to recent performance once calibrated.

• Central costs and financing are neither double counted nor omitted.

• Portfolio metrics behave as expected when you add, remove or change assets.

Troubleshooting

Portfolio results do not match existing consolidated reports

Reconcile property level and central assumptions against existing consolidation models and adjust mappings and opening balances as needed.

Difficult to compare properties with very different sizes or types

Use normalised metrics such as yield, NOI per square metre or debt per unit to complement absolute metrics.

Model is becoming too large

Group smaller properties into pools and reserve detailed individual modelling for larger or more strategic assets.

Related guides

• Dashboards & Reporting

• Build a Stress Test / Downside Case

• Equity

• Selecting Driver Type