What does everyone use for modelling acquisitions and/or operating assets?
Obviously Argus is industry standard, but no one I know uses it below NOI. Well, down to TI/LC, sometimes capital. Does everyone shoot the data into excel and go from there? Any other solutions out there?
Especially when you get to operating and have accounting data to bring in, what solution are you using to marry actuals + forecast?
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Just Excel.
If I'm updating the underwriting for an existing investment, I add a tab for the actuals and pull in those numbers into the main pro-forma tab that's calculating the returns.
Most developers just use excel. I think the largest ones use some Argus too.
REPE firms, as you said, get the property level cash flows in excel, dump it into an excel doc and add capital structure and taxes.
IMO, the only real value-add of Argus is getting to an NOI number when you have a bunch of nonstandard leases with different expirations and expenses structures, etc. Excel from there. In single tenant or multifamily situations I find it has almost zero use.
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