SALE AND LEASEBACK - COMPANION FILES
julianrsterling.com/slb

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Revised 24 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's four workbooks, corrected
   Sale_and_Leaseback_Model.xlsx      the whole book: tape, decomposition, cash flow,
                                      ladder, sensitivities, inversions, master lease,
                                      credit, lender, seller; 191 checks
   Covenant_Monitor.xlsx              Chapter 4
   Lease_Abstract.xlsx                Chapters 11, 12 and 22
   Bid_Sheet.xlsx                     Chapters 20, 21 and 24
   00_START_HERE.md                   what changed is at the end
   Each workbook closes on a checks sheet.

2. Blank_Model_Set/  (new)
   The four workbooks with every input emptied, for your own transaction.
   Each checks sheet counts what is still missing and tests what holds for
   any inputs. The book's figures are in book_inputs.txt: type them back in
   and the book's results come back.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the ten-minute rent check, the covenant and the
   perimeter, vacant possession underwritten, the decomposition, criticality
   and the hand-back test, the credit slice and the ladder, indexation and the
   residual, the cash flow in eight lines, the lender, the seller and IFRS 16,
   the restructuring, sizing the bid, the levers and monitoring, and the
   committee paper. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_The_Review_At_Year_Ten.xlsx         Chapters 12 and 22
   Case_2_The_Floor_Beneath_The_Floor.xlsx    Chapter 5
   Case_3_The_Keys_Arrive_Late.xlsx           Chapters 14, 19 and 21
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
