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Operating model · Register interest

Retail performance, anchor and specialty.

Contracted rent, percentage rent, MAT and recoveries across the hold. Operating NOI reflects the tenant mix, not a single rent line.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

Retail operating operating model, end to end.

Run the retail centre across the rent roll. Anchor rent, specialty rent and percentage rent feed operating NOI, with recoveries, marketing levy and re-leasing as live inputs.

Calculation flow05 steps
  1. 01

    Asset

    GLA, tenant schedule, anchor, specialty and MAT captured.

  2. 02

    Contracted rent

    Anchor and specialty rent, fixed escalation and percentage rent applied.

  3. 03

    Recoveries

    Outgoings recovery, marketing levy and sinking fund split out.

  4. 04

    Hold cashflow

    NOI runs across the rent roll, with re-leasing and incentives 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 retail operating operating model schema. 7 input blocks feeding 8 output metrics, with the calculation engine in between.

Inputs07 blocks
  1. 01

    Asset

    GLAAnchor tenantSpecialty countMAT
  2. 02

    Contracted rent

    Anchor rentSpecialty rentFixed escalationPercentage rent
  3. 03

    Recoveries

    Outgoings recoveryMarketing levySinking fundBad debt
  4. 04

    Operating cost

    Centre managementMarketingInsuranceOutgoings
  5. 05

    Re-leasing and capex

    DowntimeLetting feeFit-out contributionRefurb capex
  6. 06

    Hold finance

    Existing debtRefinance yearInterestCoupon
  7. 07

    Hold and exit

    Hold yearsExit cap rateSelling costInflation
Outputs08 metrics
Primary outputAt base case
Operating yield6.6%
MetricValue
  • Year-one NOI$8.4M
  • Exit value$127.0M
  • Anchor rent$320 /m²
  • Specialty rent$780 /m²
  • MAT$84M
  • Hold-period IRR11.4%
  • Cash-on-cash6.8%

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the retail 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

    Specialty rent, MAT and vacancy as scenario levers.

  2. 02

    Re-leasing downtime and fit-out contribution per scenario.

  3. 03

    Refurb capex and centre upgrade 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 rent roll, with annual aggregation alongside.

  2. 02

    Anchor and specialty rent step by fixed escalation; percentage rent layered on top.

  3. 03

    Recoveries net against outgoings; marketing levy and sinking fund separate.

  4. 04

    Re-leasing downtime, letting fees, fit-out contribution at expiry.

Excel replacement

Where the workbook quietly fails.

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

SpreadsheetPopurise model
  • 01Anchor and specialty in one rent lineAnchor and specialty as separate inputs
  • 02Percentage rent ignoredPercentage rent layered on top of base rent
  • 03Marketing levy buried in management feeMarketing levy and sinking fund split out cleanly

Use and verify

What it decides. What to check first.

The decisions the retail 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

    Anchor and specialty rent through the rent roll. NOI follows.

  2. 02

    Track MAT and percentage rent

    MAT and percentage rent as live inputs. Revenue reflects the centre.

  3. 03

    Plan re-leasing

    Downtime, letting fee and fit-out contribution at expiry.

  4. 04

    Pressure-test exit cap rate

    Exit cap rate sensitivity. Hold IRR follows.

Pre-flight checklist05 checks

  • Anchor and specialty rent as separate inputs.

  • Percentage rent layered on top of base rent.

  • Marketing levy and sinking fund split out.

  • Re-leasing downtime, letting fee and fit-out contribution at expiry.

  • Exit cap rate sensitivity as a scenario.

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

Retail operating operating model, answered.

How Popurise handles the retail operating operating model.

How is this different from the retail feasibility model?

Feasibility answers whether to build. Operating answers how the centre runs across the rent roll.

Does it handle percentage rent?

Yes. Percentage rent and MAT live as separate inputs, layered on top of base rent.

How is marketing levy modelled?

Marketing levy sits in recoveries, not buried in management fee.

Can I model anchor renewal?

Yes. Anchor expiry, renewal terms and re-leasing downtime sit as live inputs.

Shape the retail 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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