REAL ESTATE JOINT VENTURES - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back. Cell references are sheet!cell.
Figures in the blank files are what the book prints; percentages are entered as decimals (0.08 for 8%).

JV_Waterfall_and_Promote_Blank.xlsx  (Chapters 9 and 10, Appendix C)

   Structure 2!B5                            100
   Structure 2!B6                            0.9
   Structure 2!B8                            0.08
   Structure 2!B9                            0.5
   Structure 2!B10                           0.2
   Structure 2!B11                           0.14
   Structure 2!B12                           0.2
   Structure 2!B13                           0.3
   Structure 2!B14                           5
   Structure 2!B15                           250
   Structure 1!B5                            100
   Structure 1!B6                            0.08
   Structure 1!B7                            0.2
   Structure 1!B8                            5
   Structure 1!B9                            250
   Structure 3!B5                            100
   Structure 3!B6                            1.5
   Structure 3!B7                            0.1
   Structure 3!B8                            2
   Structure 3!B9                            0.2
   Structure 3!B10                           0.3
   Structure 3!B11                           250
   Comparison!B4                             100
   Comparison!B5                             250
   Comparison!B6                             0.08
   Comparison!B7                             0.14
   Promote and its cost!B4                   100
   Promote and its cost!B5                   0.9
   Promote and its cost!B6                   0.08
   Promote and its cost!B7                   0.14
   Promote and its cost!B8                   5
   Promote and its cost!B29                  250
   Promote and its cost!B30                  312.5
   Promote and its cost!B33                  0.6
   Promote and its cost!C33                  0.75

   Result: promote 33.43 and 216.57 to the partners at 250; Structure 1 20.61; Structure 3 27.64; 7.78 and 12.50 of promote at 60% and 75% leverage.

The_Complete_Venture_Blank.xlsx  (Chapter 23)

   Deal terms!B6                             100
   Deal terms!B7                             105
   Deal terms!B8                             6.5
   Deal terms!B9                             55
   Deal terms!B10                            4
   Deal terms!B11                            50
   Deal terms!B12                            0.9
   Deal terms!B16                            0.08
   Deal terms!B17                            0.5
   Deal terms!B18                            0.2
   Deal terms!B19                            0.14
   Deal terms!B20                            0.2
   Deal terms!B21                            0.3
   Deal terms!B24                            0.0075
   Deal terms!B25                            0.005
   Deal terms!B26                            0.05
   Deal terms!B27                            0.055
   Deal terms!B30                            10
   Deal terms!B31                            6
   Deal terms!B32                            126
   Deal terms!B33                            78
   Deal terms!B34                            2
   Deal terms!B35                            0.08
   Deal terms!B36                            160
   Deal terms!B37                            0.01
   Operations!B6                             6.5
   Operations!C6                             7.5
   Operations!D6                             6.2
   Operations!E6                             9
   Operations!F6                             10
   Operations!B8                             105
   Operations!C8                             110
   Operations!D8                             110
   Operations!E8                             122
   Operations!F8                             122
   Operations!B17                            -0.22
   Operations!C17                            0
   Operations!D17                            0
   Operations!E17                            -0.1
   Operations!F17                            -0.1
   Operations!B18                            0
   Operations!C18                            -0.6
   Operations!D18                            -0.6
   Operations!E18                            0
   Operations!F18                            0
   Operations!B19                            0
   Operations!C19                            0
   Operations!D19                            -0.9
   Operations!E19                            0
   Operations!F19                            0
   Operations!B20                            0
   Operations!C20                            -0.4
   Operations!D20                            0.4
   Operations!E20                            0
   Operations!F20                            0
   Downside!B4                               118
   Sources and uses!E7                       2.0
   Sources and uses!E8                       1.2
   Sources and uses!E9                       0.55
   Sources and uses!E11                      0.5
   Sources and uses!B23                      0.4
   Sources and uses!E23                      0.78
   Sources and uses!E24                      0.3
   Sources and uses!E25                      0.32
   Sources and uses!E26                      1.2
   Sources and uses!E27                      0.4
   Operations!B22                            3
   Operations!C22                            3
   Operations!D22                            1.6
   Operations!E22                            4
   Operations!F22                            5

   Result: promote 12.13, paid in cash 9.79; investor 15.0% and 1.81x; sponsor 37.3%; the promote first payable at an exit of 122.68; deemed liquidation at 126: 0.75.

Failure_to_Fund_Clawback_and_Removal_Blank.xlsx  (Chapters 7, 8, 11 and 19)

   Dilution!B5                               45
   Dilution!B6                               5
   Dilution!B7                               20
   Dilution!B8                               2
   Dilution!B9                               1.5
   Dilution!B10                              1.5
   Dilution!B11                              2
   Dilution!B26                              30
   Dilution!B27                              0.2
   Default loan and buyout!B5                2
   Default loan and buyout!B6                0.15
   Default loan and buyout!B7                2
   Default loan and buyout!B26               6
   Default loan and buyout!B27               0.75
   Default loan and buyout!B28               3
   Default loan and buyout!B29               0.1
   Clawback!B5                               100
   Clawback!B6                               0.9
   Clawback!B7                               0.08
   Clawback!B8                               0.5
   Clawback!B9                               0.2
   Clawback!B10                              0.2
   Clawback!B11                              3
   Clawback!B12                              160
   Clawback!B13                              4
   Clawback!B14                              60
   Clawback!B15                              7
   Clawback!B16                              40
   Clawback!B17                              0.4
   Removal!B5                                100
   Removal!B6                                0.1
   Removal!B7                                0.08
   Removal!B8                                0.5
   Removal!B9                                0.2
   Removal!B10                               0.14
   Removal!B11                               0.2
   Removal!B12                               0.3
   Removal!B13                               5
   Removal!B14                               250
   Removal!B15                               3
   Removal!B16                               180
   Funding!B6                                82
   Funding!B7                                6
   Funding!B8                                20
   Funding!B9                                5
   Funding!B10                               3
   Funding!B11                               2
   Funding!B12                               0.08
   Funding!B15                               0.6
   Funding!B18                               0.9
   Funding!B23                               10
   Funding!B24                               0.07
   Funding!B25                               3
   Funding!B29                               20
   Funding!B30                               0.5
   Funding!B31                               0.08
   Funding!B32                               6

   Result: the sponsor at 7.14%, 7.04%, 2.99% or 1.52%; clawback of 12.00 (7.20 net of tax); crystallised promote 17.98; total uses 120.

Term_Sheet_Checklist_and_Diligence_Blank.xlsx  (Appendices B, D and E)

   Term sheet checklist!D76                  8% per annum, compounded annually, on unreturned capital plus accrued and unpaid preferred return.
   Term sheet checklist!E76                  Answered
   Term sheet checklist!F76                  Neither
   Term sheet checklist!G76                  Base agreed at cl. 8.2. Confirm the definition of capital contributions picks up rescue equity.

   The one example row the book's file carries.

