Introduction to Comparative Lease Analysis
Suppose that a medium sized accounting firm is looking to expand its footprint by leasing office space in a new city. ...
Read article →ARTICLES AND INSIGHTS
Commercial Real Estate Blog
Practical guides to commercial real estate finance, valuation, underwriting, leases, development, market analysis, and investment returns.
Use the library to build your foundation, then explore the latest articles and worked examples.
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ARTICLES AND INSIGHTS
Commercial Real Estate Articles
Browse practical articles on commercial real estate finance, valuation, underwriting, leases, development, and investment analysis.
EVERGREEN CRE KNOWLEDGE LIBRARY
Learn the concepts behind every CRE deal
Start with a foundational article in each learning path, then use the supporting guides to go deeper.
01 · PROPERTY CASH FLOW & LEASES
Build the property model
Understand the income, expenses, lease structures, and assumptions that drive a commercial property’s cash flow.
BEST PLACE TO START
What Is a Real Estate Proforma?
See how income, expenses, capital costs, and financing come together in one property forecast.
02 · VALUATION & RETURNS
Understand what the property is worth
Move from property income to value, compare return measures, and understand what each metric can—and cannot—tell you.
BEST PLACE TO START
Cap Rate: A Practical Guide
Connect net operating income to value and see why cap rates are so widely used.
03 · DCF & FINANCIAL MATH
Account for timing and risk
Build the intuition behind present value, discounting, DCF analysis, and the return measures used for multi-period cash flows.
BEST PLACE TO START
The Time Value of Money
Understand why timing matters before moving into present value, NPV, IRR, and DCF.
Prefer a guided sequence? Explore the Real Estate Finance guide →
04 · DEBT & CREDIT
Understand what the property can support
Follow the lender’s logic from cash flow and collateral through loan sizing, repayment capacity, structure, and approval.
BEST PLACE TO START
How CRE Loan Underwriting Works
See how lenders evaluate the borrower, property cash flow, collateral, structure, and repayment.
05 · DEVELOPMENT & CAPITAL
Model the project from costs to returns
Connect development costs, construction financing, lease-up, capital structure, and partnership economics.
BEST PLACE TO START
Yield on Cost: A Beginner’s Guide
Compare stabilized NOI with total project cost and understand the development spread.
06 · MARKETS & APPROVALS
Ground the model in the real world
Use market, location, supply-and-demand, and land-use analysis to support the assumptions in the financial model.
BEST PLACE TO START
Why Real Estate Market Analysis Matters
See how market conditions shape rent, vacancy, growth, absorption, exit, and development assumptions.
EXPLORE THE INDUSTRY
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WORKED EXAMPLES
Put the concepts together
Follow complete analyses that show how the assumptions, financing, valuation, and returns connect.
CASE STUDY
Industrial Warehouse Analysis
Work through an industrial acquisition from assumptions to returns.
CASE STUDY
Tax Increment Financing Analysis
See how TIF affects project feasibility and public-private financing.
RECENTLY PUBLISHED
More commercial real estate articles
Browse the newest additions to the PropertyMetrics library, including practical explanations, worked examples, and decision frameworks for CRE professionals.
Understanding the Co-Tenancy Clause
A typical retail shopping center or mall works under a tried and true business plan. The owner and/or developer of ...
Read article →How the Development Spread Works
The development spread is a back of the envelope calculation widely used by real estate developers. It is a fast ...
Read article →The Texas Ratio: A Key Indicator of Bank Stability
In the banking system, a fundamental agreement exists. When a customer opens an account and deposits money, they trust the ...
Read article →Understanding the Construction Draw Schedule
In some ways, a commercial real estate construction project is just like any other project. There is a start date, ...
Read article →How The Double Net Lease Works
There is a wide spectrum of lease types in commercial real estate. To make it easier to communicate with others, ...
Read article →How to Calculate an Interest Reserve for a Construction Loan
There’s no doubt about it, construction lending is tough. From changing interest rates, long lead times, and freak weather events, ...
Read article →Eleven Types of Risk in Commercial Real Estate
Every investment involves a certain amount of risk. There are certain general sources of risk that influence all assets – ...
Read article →How The Single Net Lease Works
In the commercial real estate industry there are a variety of lease types and also various names used to describe ...
Read article →READY TO MODEL A DEAL?
Put these concepts to work in PMX Proforma
Build the lease-by-lease cash flow, test the assumptions, and see how each decision changes property value, debt coverage, and investor returns.