For non-Flip and non-Back of the Envelope Analyses, Valuate calculates the Cumulative Capital Costs as the sum of all Leasing & Capital Costs over the total hold for the cash flow. In Valuate, the Leasing & Capital Costs can be found on the Cash Flow Screen in the area boxed in **blue** below:

The Total Leasing & Capital Costs are composed of the sum of the following underlined items:

any Capital Reserves - Capital Reserves are associated with all property types. In Valuate, Capital Reserves are found on the Cash Flow Screen and can be seen boxed in **yellow **below:

Any Tenant Improvements - This applies to office/industrial/retail property analyses where TI amounts are being pasted into the Detail Load

Any Leasing Commissions - This applies to office/industrial/retail property analyses where LC amounts are being pasted into the Detail Load

The inputs for any Tenant Improvements and Leasing Commissions can be found in the "Other Costs" line of the Cash Flow Screen boxed in **orange** below:

If the analysis was a Quick Load file the user can input specific dollar amounts for the TIs and LCs in the **bold blue** values in the Other Costs line highlighted above. As noted above, these values will be automatically populated if the analysis is a Detailed Analysis file.

Any Renovation Dollars Spent - Renovation costs are associated with all property types. Renovation Outlays are input on the Cash Flows screen as boxed in **red** below:

To match the month by month costs of renovation, the user should input an amount equal to the total that has been input in the Renovation Budget amount on the Purchase/Sale Screen boxed in **green**:

What they impact in the Valuate App: Cumulative Capital Costs impact the calculation of the Unlevered Income and Cash Return on the Home Screen as well as the Unlevered IRR as boxed in **green** below:

Levered IRR is also impacted by the Cumulative Capital Costs and can be found in the Returns Summary:

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