Update formulas.txt

formulas.txt

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-# Property Analysis Formulas - Semantic Version
-# Converted from Excel cell references to descriptive variable names
-
-# ============================================================================
-# BASIC PROPERTY METRICS
-# ============================================================================
-
 Building_Efficiency = RENTABLE_SF / GROSS_SF
-# Description: Ratio of rentable to gross square footage
-
 Land_Value_Per_GSF = LAND_VALUE / GROSS_SF
-# Description: Total land value divided by gross square feet
-
 Land_Value_Per_RSF = LAND_VALUE / RENTABLE_SF
-# Description: Total land value divided by rentable square feet
-
 Land_Value_Per_Unit = LAND_VALUE / UNITS
-# Description: Total land value divided by number of units
-
 Price_Per_Unit = PRICE / UNITS
-# Description: Purchase price divided by number of units
-
 Price_Per_GSF = PRICE / GROSS_SF
-# Description: Purchase price per gross square foot
-
 Price_Per_RSF = PRICE / RENTABLE_SF
-# Description: Purchase price per rentable square foot
-
-
-# ============================================================================
-# ACQUISITION COSTS
-# ============================================================================
-
 Acquisition_Fee = LAND_VALUE * 0.02
-# Description: 2% acquisition fee on land value
-
 Closing_Costs_Per_GSF = CLOSING_COSTS / GROSS_SF
-# Description: Closing costs per gross square foot
-
 Closing_Costs_Per_RSF = CLOSING_COSTS / RENTABLE_SF
-# Description: Closing costs per rentable square foot
-
 Closing_Costs_Per_Unit = CLOSING_COSTS / UNITS
-# Description: Closing costs per unit
-
 Acquisition_Fee_Per_GSF = ACQUISITION_FEE / GROSS_SF
-# Description: Acquisition fee per gross square foot
-
 Acquisition_Fee_Per_RSF = ACQUISITION_FEE / RENTABLE_SF
-# Description: Acquisition fee per rentable square foot
-
 Acquisition_Fee_Per_Unit = ACQUISITION_FEE / UNITS
-# Description: Acquisition fee per unit
-
 Total_Acquisition_Cost = LAND_VALUE + CLOSING_COSTS + ACQUISITION_FEE
-# Description: Sum of land value, closing costs, and acquisition fee
-
 Total_Acquisition_Cost_Per_GSF = TOTAL_ACQUISITION_COST / GROSS_SF
-# Description: Total acquisition cost per gross square foot
-
 Total_Acquisition_Cost_Per_RSF = TOTAL_ACQUISITION_COST / RENTABLE_SF
-# Description: Total acquisition cost per rentable square foot
-
 Total_Acquisition_Cost_Per_Unit = TOTAL_ACQUISITION_COST / UNITS
-# Description: Total acquisition cost per unit
-
-
-# ============================================================================
-# CONSTRUCTION COSTS
-# ============================================================================
-
 Total_Construction_GMP = CONSTRUCTION_COST_PER_GSF * GROSS_SF
-# Description: Guaranteed Maximum Price for construction
-
 Construction_GMP_Per_GSF = TOTAL_CONSTRUCTION_GMP / GROSS_SF
-# Description: Construction GMP per gross square foot
-
 Construction_GMP_Per_RSF = TOTAL_CONSTRUCTION_GMP / RENTABLE_SF
-# Description: Construction GMP per rentable square foot
-
 Construction_GMP_Per_Unit = TOTAL_CONSTRUCTION_GMP / UNITS
-# Description: Construction GMP per unit
-
-
-# ============================================================================
-# SOFT COSTS
-# ============================================================================
-
 Architecture_And_Interior_Cost_Per_GSF = ARCHITECTURE_AND_INTERIOR_COST / GROSS_SF
-# Description: A&I design costs per GSF
-
 Structural_Engineering_Cost_Per_GSF = STRUCTURAL_ENGINEERING_COST / GROSS_SF
-# Description: Structural engineering costs per GSF
-
 MEP_Engineering_Cost_Per_GSF = MEP_ENGINEERING_COST / GROSS_SF
-# Description: MEP engineering costs per GSF
-
 Civil_Engineering_Cost_Per_GSF = CIVIL_ENGINEERING_COST / GROSS_SF
-# Description: Civil engineering costs per GSF
-
 Controlled_Inspections_Cost_Per_GSF = CONTROLLED_INSPECTIONS_COST / GROSS_SF
-# Description: Inspection costs per GSF
-
 Surveying_Cost_Per_GSF = SURVEYING_COST / GROSS_SF
-# Description: Surveying costs per GSF
-
 Utilities_Connection_Cost_Per_GSF = UTILITIES_CONNECTION_COST / GROSS_SF
-# Description: Utility connection costs per GSF
-
 Advertising_And_Marketing_Cost_Per_GSF = ADVERTISING_AND_MARKETING_COST / GROSS_SF
-# Description: Marketing costs per GSF
-
 Accounting_Cost_Per_GSF = ACCOUNTING_COST / GROSS_SF
-# Description: Accounting costs per GSF
-
 Monitoring_Cost_Per_GSF = MONITORING_COST / GROSS_SF
-# Description: Monitoring costs per GSF
-
 FF_And_E_Cost_Per_GSF = FF_AND_E_COST / GROSS_SF
-# Description: Furniture, fixtures, and equipment costs per GSF
-
 Environmental_Consultant_Fee_Per_GSF = ENVIRONMENTAL_CONSULTANT_FEE / GROSS_SF
-# Description: Environmental consulting fees per GSF
-
 Miscellaneous_Consultants_Fee_Per_GSF = MISCELLANEOUS_CONSULTANTS_FEE / GROSS_SF
-# Description: Misc consultant fees per GSF
-
 General_Legal_Cost_Per_GSF = GENERAL_LEGAL_COST / GROSS_SF
-# Description: Legal costs per GSF
-
 Real_Estate_Taxes_During_Construction_Per_GSF = REAL_ESTATE_TAXES_DURING_CONSTRUCTION / GROSS_SF
-# Description: RE taxes during construction per GSF
-
 Miscellaneous_Admin_Cost_Per_GSF = MISCELLANEOUS_ADMIN_COST / GROSS_SF
-# Description: Misc admin costs per GSF
-
 IBR_Cost_Per_GSF = IBR_COST / GROSS_SF
-# Description: IBR costs per GSF
-
 Project_Team_Cost_Per_GSF = PROJECT_TEAM_COST / GROSS_SF
-# Description: Project team costs per GSF
-
 PEM_Fees_Per_GSF = PEM_FEES / GROSS_SF
-# Description: Project/Engineer management fees per GSF
-
 Bank_Fees_Per_GSF = BANK_FEES / GROSS_SF
-# Description: Bank fees per GSF
-
 HPD_And_IH_Cost = (3500 * UNITS * 0.75) + (5000 * UNITS * 0.25)
-# Description: Housing Preservation & Development and Inclusionary Housing costs
-
 HPD_And_IH_Fees_Per_GSF = HPD_AND_IH_COST / GROSS_SF
-# Description: HPD & IH fees per GSF
-
 Retail_TI_And_LC_Cost = (RETAIL_REVENUE * 0.3) + (50 * RETAIL_SF)
-# Description: Retail tenant improvement and leasing commission costs
-
 Retail_TI_And_LC_Cost_Per_GSF = RETAIL_TI_AND_LC_COST / GROSS_SF
-# Description: Retail TI & LC costs per GSF
-
 Total_Soft_Cost = ARCHITECTURE_AND_INTERIOR_COST + STRUCTURAL_ENGINEERING_COST + MEP_ENGINEERING_COST + CIVIL_ENGINEERING_COST + CONTROLLED_INSPECTIONS_COST + SURVEYING_COST + UTILITIES_CONNECTION_COST + ADVERTISING_AND_MARKETING_COST + ACCOUNTING_COST + MONITORING_COST + FF_AND_E_COST + ENVIRONMENTAL_CONSULTANT_FEE + MISCELLANEOUS_CONSULTANTS_FEE + GENERAL_LEGAL_COST + REAL_ESTATE_TAXES_DURING_CONSTRUCTION + MISCELLANEOUS_ADMIN_COST + IBR_COST + PROJECT_TEAM_COST + PEM_FEES + BANK_FEES + HPD_AND_IH_COST + RETAIL_TI_AND_LC_COST
-# Description: Sum of all soft costs
-
 Total_Soft_Cost_Per_GSF = TOTAL_SOFT_COST / GROSS_SF
-# Description: Total soft costs per GSF
-
-
-# ============================================================================
-# CONTINGENCY AND RESERVES
-# ============================================================================
-
 Contingency_Cost = (TOTAL_CONSTRUCTION_GMP + TOTAL_SOFT_COST) * 0.05
-# Description: 5% contingency on construction and soft costs
-
 Development_Fee = (TOTAL_CONSTRUCTION_GMP + TOTAL_SOFT_COST) * 0.04
-# Description: 4% development fee on construction and soft costs
-
 Operating_Reserve = TOTAL_OPERATING_EXPENSES * 0.2
-# Description: 20% of annual operating expenses as reserve
-
 Contingency_Cost_Per_GSF = CONTINGENCY_COST / GROSS_SF
-# Description: Contingency per GSF
-
 Development_Fee_Per_GSF = DEVELOPMENT_FEE / GROSS_SF
-# Description: Development fee per GSF
-
 Financing_Cost_Per_GSF = FINANCING_COST / GROSS_SF
-# Description: Financing costs per GSF
-
 Interest_Reserve_Per_GSF = INTEREST_RESERVE / GROSS_SF
-# Description: Interest reserve per GSF
-
 Operating_Reserve_Per_GSF = OPERATING_RESERVE / GROSS_SF
-# Description: Operating reserve per GSF
-
-
-# ============================================================================
-# TOTAL PROJECT COST
-# ============================================================================
-
 Total_Financing_Contingency_And_Reserves = TOTAL_SOFT_COST + TOTAL_CONSTRUCTION_GMP + TOTAL_ACQUISITION_COST + CONTINGENCY_COST + DEVELOPMENT_FEE + FINANCING_COST + INTEREST_RESERVE + OPERATING_RESERVE
-# Description: Total project cost including all components
-
 Total_Project_Cost_Per_GSF = TOTAL_FINANCING_CONTINGENCY_AND_RESERVES / GROSS_SF
-# Description: Total project cost per GSF
-
 Total_Project_Cost_Per_RSF = TOTAL_FINANCING_CONTINGENCY_AND_RESERVES / RENTABLE_SF
-# Description: Total project cost per RSF
-
 Total_Project_Cost_Per_Unit = TOTAL_FINANCING_CONTINGENCY_AND_RESERVES / UNITS
-# Description: Total project cost per unit
-
-
-# ============================================================================
-# CAPITAL STACK
-# ============================================================================
-
 Pre_LTC_Budget = TOTAL_SOFT_COST + CONTINGENCY_COST + DEVELOPMENT_FEE + OPERATING_RESERVE + TOTAL_CONSTRUCTION_GMP + TOTAL_ACQUISITION_COST
-# Description: Budget before loan-to-cost calculation
-
 Loan_Amount = LTC_RATIO * PRE_LTC_BUDGET
-# Description: Total loan amount based on LTC ratio
-
 Financing_Amount = FINANCING_PERCENTAGE * LOAN_AMOUNT
-# Description: Amount of financing
-
 Interest_Rate_Decimal = (INTEREST_RATE_BASIS_POINTS + 430) / 10000
-# Description: Convert basis points to decimal rate
-
 Construction_Interest = LOAN_AMOUNT * 0.7 * (INTEREST_RATE_DECIMAL / 12) * CONSTRUCTION_MONTHS
-# Description: Interest during construction period
-
 Total_Debt = CONSTRUCTION_INTEREST + LOAN_AMOUNT + FINANCING_AMOUNT
-# Description: Total debt including interest and fees
-
 Total_Equity = TOTAL_FINANCING_CONTINGENCY_AND_RESERVES - TOTAL_DEBT
-# Description: Total equity requirement
-
 Debt_Percentage = TOTAL_DEBT / TOTAL_FINANCING_CONTINGENCY_AND_RESERVES
-# Description: Debt as percentage of total project cost
-
 Equity_Percentage = TOTAL_EQUITY / TOTAL_FINANCING_CONTINGENCY_AND_RESERVES
-# Description: Equity as percentage of total project cost
-
 Total_Capital_Stack = TOTAL_DEBT + TOTAL_EQUITY
-# Description: Sum of debt and equity
-
 Debt_Per_GSF = TOTAL_DEBT / GROSS_SF
-# Description: Debt per gross square foot
-
 Equity_Per_GSF = TOTAL_EQUITY / GROSS_SF
-# Description: Equity per gross square foot
-
 Debt_Per_Unit = TOTAL_DEBT / UNITS
-# Description: Debt per unit
-
 Equity_Per_Unit = TOTAL_EQUITY / UNITS
-# Description: Equity per unit
-
-
-# ============================================================================
-# OPERATING EXPENSES
-# ============================================================================
-
 Payroll_Per_Unit = PAYROLL / UNITS
-# Description: Annual payroll cost per unit
-
 Repairs_And_Maintenance_Per_Unit = REPAIRS_AND_MAINTENANCE / UNITS
-# Description: Annual R&M cost per unit
-
 Utilities_Per_Unit = UTILITIES / UNITS
-# Description: Annual utilities cost per unit
-
 Admin_And_Professional_Per_Unit = (ADMINISTRATIVE + PROFESSIONAL_FEES) / UNITS
-# Description: Admin and professional fees per unit
-
 Insurance_Per_Unit = INSURANCE / UNITS
-# Description: Annual insurance cost per unit
-
 Professional_Fees_Per_Unit = PROFESSIONAL_FEES / UNITS
-# Description: Professional fees per unit
-
 Total_Operating_Expenses = PAYROLL + REPAIRS_AND_MAINTENANCE + UTILITIES + ADMINISTRATIVE + PROFESSIONAL_FEES + INSURANCE + PROPERTY_TAXES
-# Description: Sum of all operating expenses
-
 Payroll_Percentage_Of_EGI = PAYROLL / EFFECTIVE_GROSS_INCOME
-# Description: Payroll as % of EGI
-
 Repairs_And_Maintenance_Percentage_Of_EGI = REPAIRS_AND_MAINTENANCE / EFFECTIVE_GROSS_INCOME
-# Description: R&M as % of EGI
-
 Utilities_Percentage_Of_EGI = UTILITIES / EFFECTIVE_GROSS_INCOME
-# Description: Utilities as % of EGI
-
 Admin_And_Professional_Percentage_Of_EGI = (ADMINISTRATIVE + PROFESSIONAL_FEES) / EFFECTIVE_GROSS_INCOME
-# Description: Admin & professional as % of EGI
-
 Insurance_Percentage_Of_EGI = INSURANCE / EFFECTIVE_GROSS_INCOME
-# Description: Insurance as % of EGI
-
 Professional_Fees_Percentage_Of_EGI = PROFESSIONAL_FEES / EFFECTIVE_GROSS_INCOME
-# Description: Professional fees as % of EGI
-
 Total_Operating_Expenses_Percentage_Of_EGI = TOTAL_OPERATING_EXPENSES / EFFECTIVE_GROSS_INCOME
-# Description: Total OpEx as % of EGI
-
 Operating_Expenses_Per_Unit = TOTAL_OPERATING_EXPENSES / UNITS
-# Description: Total operating expenses per unit
-
 Operating_Expenses_Per_GSF = TOTAL_OPERATING_EXPENSES / GROSS_SF
-# Description: Total operating expenses per GSF
-
-
-# ============================================================================
-# REVENUE PROJECTIONS
-# ============================================================================
-
 Trending_Term = LEASE_UP_MONTHS + STABILIZATION_MONTHS
-# Description: Total time to stabilization
-
 Term_Revenue_Inflation = (1 + REVENUE_INFLATION_RATE) ** (TRENDING_TERM / 12)
-# Description: Revenue inflation factor over trending term
-
 Term_Expense_Inflation = (1 + EXPENSE_INFLATION_RATE) ** (TRENDING_TERM / 12)
-# Description: Expense inflation factor over trending term
-
 Gross_Potential_Free_Market_Rent = FREE_MARKET_RENT_PSF * 0.75 * RENTABLE_SF
-# Description: Annual free market rent potential (75% of units)
-
 Gross_Potential_Affordable_Rent = AFFORDABLE_RENT_PSF * 0.25 * RENTABLE_SF
-# Description: Annual affordable rent potential (25% of units)
-
 Other_Income = OTHER_INCOME_PER_UNIT * UNITS * 12 * 0.75
-# Description: Annual other income
-
 Vacancy_Loss = VACANCY_RATE * (OTHER_INCOME + GROSS_POTENTIAL_FREE_MARKET_RENT + GROSS_POTENTIAL_AFFORDABLE_RENT)
-# Description: Total vacancy loss
-
 Effective_Gross_Income = GROSS_POTENTIAL_FREE_MARKET_RENT - VACANCY_LOSS + OTHER_INCOME + GROSS_POTENTIAL_AFFORDABLE_RENT
-# Description: EGI after vacancy
-
 Retail_Revenue = RETAIL_RENT_PSF * RETAIL_SF
-# Description: Annual retail revenue
-
 Management_Fee = MANAGEMENT_FEE_PERCENTAGE * EFFECTIVE_GROSS_INCOME
-# Description: Property management fee
-
 Real_Estate_Taxes = GROSS_SF * 30 * 0.1
-# Description: Estimated annual property taxes
-
 Total_Expenses = PAYROLL + REPAIRS_AND_MAINTENANCE + UTILITIES + REAL_ESTATE_TAXES + MANAGEMENT_FEE
-# Description: Total operating expenses including taxes
-
-
-# ============================================================================
-# RETURNS & PERFORMANCE
-# ============================================================================
-
 Net_Operating_Income = EFFECTIVE_GROSS_INCOME - TOTAL_EXPENSES + PARKING_INCOME + RETAIL_REVENUE
-# Description: NOI calculation
-
 NOI_Per_Unit = NET_OPERATING_INCOME / UNITS
-# Description: NOI per unit
-
 NOI_Per_GSF = NET_OPERATING_INCOME / GROSS_SF
-# Description: NOI per gross square foot
-
 Cap_Rate = (NET_OPERATING_INCOME / PRICE) * 100
-# Description: Capitalization rate as percentage
-
 Stabilized_Yield_On_Cost = (((EFFECTIVE_GROSS_INCOME + RETAIL_REVENUE - GROSS_POTENTIAL_AFFORDABLE_RENT) * TERM_REVENUE_INFLATION) - (TOTAL_EXPENSES * TERM_EXPENSE_INFLATION)) + GROSS_POTENTIAL_AFFORDABLE_RENT
-# Description: Stabilized NOI after inflation
-
 Yield_On_Cost_Percentage = NET_OPERATING_INCOME / TOTAL_FINANCING_CONTINGENCY_AND_RESERVES
-# Description: Yield on cost as percentage
-
 Stabilized_Yield_On_Cost_Percentage = STABILIZED_YIELD_ON_COST / TOTAL_FINANCING_CONTINGENCY_AND_RESERVES
-# Description: Stabilized yield on cost as percentage
-
 Cash_On_Cash_Return = ((NET_OPERATING_INCOME - ANNUAL_DEBT_SERVICE) / TOTAL_EQUITY) * 100
-# Description: Cash on cash return percentage
-
 Debt_Service_Coverage_Ratio = NET_OPERATING_INCOME / ANNUAL_DEBT_SERVICE
-# Description: DSCR metric
-
 Annual_Debt_Service = LOAN_AMOUNT * INTEREST_RATE_DECIMAL
-# Description: Annual debt service payment
-
-
-# ============================================================================
-# EXIT ANALYSIS
-# ============================================================================
-
 Property_Value_On_Sale = (STABILIZED_YIELD_ON_COST / EXIT_CAP_RATE_DECIMAL) + (STABILIZED_YIELD_ON_COST * 0.25)
-# Description: Property value at sale plus 25% of Year 1 cash flow
-
 Sale_Cost = SALE_COST_PERCENTAGE * PROPERTY_VALUE_ON_SALE
-# Description: Cost of sale
-
 Net_Sale_Proceeds = PROPERTY_VALUE_ON_SALE - SALE_COST
-# Description: Net proceeds after sale costs
-
 Cash_Remaining_After_Loan_Payback = NET_SALE_PROCEEDS - TOTAL_DEBT
-# Description: Cash after paying back debt
-
 GP_Investment = TOTAL_EQUITY * 0.2
-# Description: General partner 20% investment
-
 LP_Investment = TOTAL_EQUITY - GP_Investment
-# Description: Limited partner 80% investment
-
 GP_Preferred_Return_With_Principal = (1 + GP_PREF_RATE / 12) ** HOLD_PERIOD_MONTHS * GP_INVESTMENT
-# Description: GP preferred return accrual
-
 LP_Preferred_Return_With_Principal = (1 + LP_PREF_RATE / 12) ** HOLD_PERIOD_MONTHS * LP_INVESTMENT
-# Description: LP preferred return accrual
-
 Cash_Remaining_After_Preferred = CASH_REMAINING_AFTER_LOAN_PAYBACK - LP_PREFERRED_RETURN_WITH_PRINCIPAL - GP_PREFERRED_RETURN_WITH_PRINCIPAL
-# Description: Cash after preferred returns
-
 Promote_On_Joint_Venture = PROMOTE_PERCENTAGE * CASH_REMAINING_AFTER_PREFERRED
-# Description: Promote/carried interest
-
 Cash_To_LP = (CASH_REMAINING_AFTER_PREFERRED - PROMOTE_ON_JOINT_VENTURE) * (LP_INVESTMENT / (LP_INVESTMENT + GP_INVESTMENT))
-# Description: Total cash distribution to LP
-
 Net_To_LP_Investor = CASH_TO_LP + LP_PREFERRED_RETURN_WITH_PRINCIPAL
-# Description: Net return to LP investor
-
 LP_Multiple = NET_TO_LP_INVESTOR / LP_INVESTMENT
-# Description: LP equity multiple
-
 IRR_To_LP = ((NET_TO_LP_INVESTOR / LP_INVESTMENT) ** (12 / HOLD_PERIOD_MONTHS) - 1) * 100
-# Description: Estimated IRR to LP (simplified)
-
-
-# ============================================================================
-# RENT ANALYSIS
-# ============================================================================
-
 Blended_Rent_Per_RSF = (FREE_MARKET_RENT_PSF * 0.75) + (AFFORDABLE_RENT_PSF * 0.25)
-# Description: Weighted average rent per RSF
-
 Total_Free_Market_Rent = FREE_MARKET_RENT_PSF * 425 / 12
-# Description: Free market rent calculation
-
 Total_Blended_Rent = BLENDED_RENT_PER_RSF * 750 / 12
-# Description: Blended rent calculation
-
 Free_Market_Rent_Per_SF = TOTAL_FREE_MARKET_RENT * 110 / 12
-# Description: Free market rent per SF monthly
-
 Affordable_Rent_Per_SF = AFFORDABLE_RENT_PSF * 110 / 12
-# Description: Affordable rent per SF monthly
-
 Blended_Rent_Per_SF = TOTAL_BLENDED_RENT * 110 / 12
-# Description: Blended rent per SF monthly
-
 Average_Rent_Per_Unit = (GROSS_POTENTIAL_FREE_MARKET_RENT + GROSS_POTENTIAL_AFFORDABLE_RENT) / UNITS
-# Description: Average annual rent per unit
-
-Rent_Per_Unit_Per_Month = AVERAGE_RENT_PER_UNIT / 12
-# Description: Average monthly rent per unit
+Rent_Per_Unit_Per_Month = AVERAGE_RENT_PER_UNIT / 12