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Operating model · Register interest

Healthcare performance, operator-led.

Operator lease, escalation, recoveries and plant capex across the hold. Operating NOI reflects the contracted lease, not theoretical demand.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

Healthcare operating operating model, end to end.

Run the healthcare asset across the operator lease. Operator rent, escalation, recoveries and re-leasing risk drive operating NOI, with plant capex reserved against the term.

Calculation flow05 steps
  1. 01

    Asset

    NLA, consulting rooms, theatres and operator schedule captured.

  2. 02

    Contracted rent

    Operator rent, fixed escalation, rent-free and incentives applied.

  3. 03

    Recoveries

    Outgoings recovery, management fee and bad debt split out.

  4. 04

    Hold cashflow

    NOI runs across the lease, with plant 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 healthcare operating operating model schema. 7 input blocks feeding 8 output metrics, with the calculation engine in between.

Inputs07 blocks
  1. 01

    Asset

    NLAConsulting roomsTheatresOperator type
  2. 02

    Operator lease

    Operator rentFixed escalationRent-freeIncentives
  3. 03

    Recoveries

    Outgoings recoveryManagement feeMarketing levyBad debt
  4. 04

    Operating cost

    Plant maintenanceOutgoingsInsuranceCleaning
  5. 05

    Capex reserve

    Plant replacementFit-out refreshCompliance capexReserve $/m²
  6. 06

    Hold finance

    Existing debtRefinance yearInterestCoupon
  7. 07

    Hold and exit

    Hold yearsExit cap rateSelling costInflation
Outputs08 metrics
Primary outputAt base case
Operating yield6.4%
MetricValue
  • Year-one NOI$2.4M
  • Exit value$38.0M
  • Operator rent$2.4M pa
  • Recovery ratio92%
  • Hold-period IRR10.8%
  • Cash-on-cash5.6%
  • WALE8.4 years

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the healthcare 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

    Operator escalation and re-leasing risk as scenario levers.

  2. 02

    Plant replacement cycle per scenario.

  3. 03

    Refinance year and refinance terms per scenario.

  4. 04

    Each scenario carries its own exit cap rate.

Cashflow02 / 02

Monthly cashflow, fully connected

Every input touches the schedule.

  1. 01

    Monthly NOI across the operator term, with annual aggregation alongside.

  2. 02

    Operator rent steps by fixed escalation through the term.

  3. 03

    Recoveries net against outgoings; bad debt and management fee split out.

  4. 04

    Plant capex reserved against compliance and refresh cycles.

Excel replacement

Where the workbook quietly fails.

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

SpreadsheetPopurise model
  • 01Operator rent as a flat lineFixed escalation, rent-free and incentives kept separate
  • 02Plant capex assumed awayPlant replacement and compliance capex reserved
  • 03Re-leasing risk ignoredRe-leasing downtime and incentives at term expiry

Use and verify

What it decides. What to check first.

The decisions the healthcare 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 hold NOI

    Operator rent, escalation and recoveries through the term.

  2. 02

    Plan plant capex

    Plant replacement and compliance capex reserved against the term.

  3. 03

    Stress-test re-leasing

    Re-leasing downtime and incentives at expiry. Hold IRR follows.

  4. 04

    Pressure-test exit cap rate

    Exit cap rate sensitivity. Hold IRR follows.

Pre-flight checklist05 checks

  • Operator rent with escalation, rent-free and incentives separated.

  • Recoveries, bad debt and management fee split out.

  • Plant replacement and compliance capex reserved.

  • Re-leasing downtime and incentives at term expiry.

  • Exit cap rate sensitivity as a scenario.

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

Healthcare operating operating model, answered.

How Popurise handles the healthcare operating operating model.

How is this different from the healthcare feasibility model?

Feasibility answers whether to build. Operating answers how the leased facility runs across the operator term.

Does it handle multi-operator assets?

Yes. Operator schedule and per-operator escalation live as live inputs.

How is plant capex modelled?

Plant replacement and compliance capex reserved against the term, not buried in opex.

Can I model lease re-set?

Yes. Re-leasing downtime, incentives and rent re-set at expiry sit as live inputs.

Shape the healthcare 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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