> For the complete documentation index, see [llms.txt](https://help.modelreef.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.modelreef.io/use-cases/real-estate-and-property/multi-property-portfolio-reporting.md).

# 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.

{% stepper %}
{% step %}

### 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.
  {% endstep %}

{% step %}

### 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.
{% endstep %}

{% step %}

### 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.
{% endstep %}

{% step %}

### 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.
  {% endstep %}

{% step %}

### 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.
  {% endstep %}

{% step %}

### 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.
  {% endstep %}
  {% endstepper %}

## 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

<details>

<summary>Portfolio results do not match existing consolidated reports</summary>

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

</details>

<details>

<summary>Difficult to compare properties with very different sizes or types</summary>

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

</details>

<details>

<summary>Model is becoming too large</summary>

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

</details>

## Related guides

* [Dashboards & Reporting](/how-tos/dashboards-and-reporting.md)
* [Build a Stress Test / Downside Case](/how-tos/scenarios-and-planning/build-a-stress-test-downside-case.md)
* [Equity](/help/financial-outputs-and-valuation/equity.md)
* [Selecting Driver Type](/syntax/drivers-syntax/selecting-driver-type.md)