Companion files
A Practitioner's Guide to Building Property, Development and Fund Models — and Passing the Modeling Test
These are the four Excel workbooks that go with the book. Every number in them is a live formula, and every figure the book publishes is reproduced exactly. Nothing is locked, protected or watermarked — open them, break them, rebuild them. That is what they are for.
Free to download. No sign-up, no email address, nothing to fill in.
Chapter 19
The full worked model, built to the seven-sheet architecture of Chapter 2: Read Me, Summary, Assumptions, Rent Roll, Cash Flow, Debt, Returns, Sensitivity. It reproduces the chapter exactly — net initial yield 5.22%, loan sized at 12,925,000 on the binding loan-to-value test, unlevered IRR 8.21% at a 1.44× multiple, levered 11.07% at 1.64×, exit at 30,287,357 gross. Six checks sit at the top of the Summary sheet and all six pass. Change the exit yield on the Assumptions sheet and watch what moves — the fastest way to understand why Chapter 15 says the exit yield is the assumption that carries the answer.
DownloadXLSX · 28 KBChapters 2 and 3
The same architecture, empty, for your own deal. The header block, the flag rows, the three debt tests, the covenant grid and the check block are already built. Fill in the Assumptions and the Rent Roll; the rest calculates. One example row shows the expected format — overwrite it.
DownloadXLSX · 22 KBAppendix C
The three timed cases, each with the brief, a blank working area and a live solution: single-let logistics in 45 minutes; a development residual in 60 minutes, where the land cell is the one you iterate; an equity waterfall in 30 minutes. Work them against a clock before you look at the solution block.
DownloadXLSX · 16 KBAppendix B · Chapters 16 and 18
All 53 items of Appendix B with a status dropdown, a notes column and a counter at the top; the Chapter 16 two-hour protocol for auditing a model you did not build, with the twelve things that are usually wrong ranked by frequency; and the Chapter 18 allocation for a modeling test under time pressure.
DownloadXLSX · 15 KB| Blue text | a hardcoded input — you may edit these |
| Black text | a formula — do not overtype these |
| Green text | a link to another sheet |
| Yellow fill | the assumptions that carry the answer |
The book publishes annual figures; the model behind them is quarterly. Rebuilding a quarterly lease-event engine from a printed annual table requires convention choices the text does not spell out. So the Cash Flow sheet of the Meridian model carries a live income engine and the published figures beside it, with the variance shown — it lands within about 0.3% across the hold. The Debt, Returns and Sensitivity sheets run off the published cash flow, so every headline number in Chapter 19 reproduces exactly.
That visible variance is deliberate. Chapter 3, Rule 4: a model must contain checks, and they must be impossible to ignore. A companion file that quietly buried 0.3% would teach the opposite of the book.
The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline — there are none.