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Operating model · Register interest

BTR performance, after the keys are in.

Stabilised yield answers the build. Operating yield answers the asset. Model rent, occupancy, opex and refurb capex across the hold.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

BTR operating operating model, end to end.

Run the BTR asset across the hold horizon. Rent, vacancy and operating cost as live inputs. Hold-period NOI, cash-on-cash and equity IRR fall out for the operator, not the developer.

Calculation flow05 steps
  1. 01

    Asset

    Unit count, mix, NLA and amenity captured for the operating asset.

  2. 02

    Revenue stack

    Rent per unit, lease term, escalations and ancillary revenue assembled.

  3. 03

    Operating cost

    Operator fee, staffing, outgoings and capex reserve broken out.

  4. 04

    Hold cashflow

    NOI runs across the hold period, with refurb capex and re-leasing modelled.

  5. 05

    Exit

    Exit cap rate applied to forward NOI; hold-period equity IRR returned.

Schema

Every input. Every output. In one view.

The full btr operating operating model schema. 7 input blocks feeding 8 output metrics, with the calculation engine in between.

Inputs07 blocks
  1. 01

    Asset

    Unit countMixNLAAmenityYear stabilised
  2. 02

    Rent and revenue

    Rent per unitLease termRenewal rateAncillary
  3. 03

    Occupancy

    Stabilised occupancyVacancyRe-leasing downtimeBad debt
  4. 04

    Operating cost

    Operator feeStaffingOutgoingsInsurance
  5. 05

    Capex reserve

    Refurb cycleUnit turnoverCommon area capexReserve $/unit
  6. 06

    Hold finance

    Existing debtRefinance yearInterestCoupon
  7. 07

    Hold and exit

    Hold yearsExit cap rateSelling costInflation
Outputs08 metrics
Primary outputAt base case
Hold-period equity IRR11.8%
MetricValue
  • Year-one NOI$18.4M
  • Exit value$420.0M
  • Cash-on-cash6.4%
  • Operating cost ratio27%
  • Stabilised occupancy94%
  • Refurb capex reserve$1,200 /unit
  • Hold horizon10 years

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the btr operating operating model from a spreadsheet. Scenarios that share one project, and a monthly cashflow wired to every input.

Scenarios01 / 02

Multiple scenarios, one project

Switchable in a click. No copied files.

  1. 01

    Rent growth, vacancy and opex inflation as scenario levers.

  2. 02

    Refinance year and refinance terms per scenario.

  3. 03

    Refurb cycle and capex reserve per scenario.

  4. 04

    Each scenario carries its own hold horizon and exit cap rate.

Cashflow02 / 02

Monthly cashflow, fully connected

Every input touches the schedule.

  1. 01

    Monthly NOI across the full hold, with annual aggregation alongside.

  2. 02

    Rent escalates by mix; ancillary revenue sits as its own line.

  3. 03

    Operating cost build-up runs through inflation and operator fee.

  4. 04

    Capex reserve drawn against refurb cycle and unit turnover.

Excel replacement

Where the workbook quietly fails.

Every row is a recurring failure mode of the btr operating operating workbook, and how the model handles it once.

SpreadsheetPopurise model
  • 01Operating model copied off the dev feasoOperating workspace tied to the stabilised asset
  • 02Rent growth as one number through the holdRent growth, vacancy and inflation as scenario levers
  • 03Capex reserve as a single $/unit lineCapex split by refurb cycle, turnover and common area

Use and verify

What it decides. What to check first.

The decisions the btr operating operating model is built to support, alongside the things to verify before you trust it on a live deal.

What it decidesUse cases
  1. 01

    Forecast NOI

    Year-by-year NOI through the hold, with rent growth and vacancy as live inputs.

  2. 02

    Plan the refurb cycle

    Capex reserve split by refurb cycle and unit turnover. Margin reflects the cycle.

  3. 03

    Pressure-test exit cap rate

    Exit cap rate sensitivity across the hold. Hold IRR follows.

  4. 04

    Time the refinance

    Refinance year, terms and coupon as live inputs. Cash-on-cash follows.

Pre-flight checklist05 checks

  • Rent growth, vacancy and opex inflation as separate inputs.

  • Operating cost as a build-up, not a flat ratio.

  • Capex reserve split by refurb cycle and unit turnover.

  • Refinance year and terms as live inputs.

  • Exit cap rate sensitivity as a scenario.

Worth checking before you stake a live deal on the btr operating operating model.Register interest
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Questions

BTR operating operating model, answered.

How Popurise handles the btr operating operating model.

How is this different from the BTR feasibility model?

Feasibility answers whether to build. The operating model answers how the stabilised asset performs across the hold.

Does it model refinances?

Yes. Refinance year, coupon and terms live as separate inputs. Cash-on-cash follows the refinance.

How is capex modelled?

Split by refurb cycle, unit turnover and common area. Reserve drawn against the cycle, not a flat ratio.

Can I model multiple hold scenarios?

Yes. Hold horizon and exit cap rate sit as scenarios in the same project.

Shape the btr operating model in Popurise.

Tell us how your team runs this asset today. We are building the operating model with the owners and operators who will use it.

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