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COMMERCIAL-REAL-ESTATE4 MIN READ

DCF Assumption Battlecards

Respond to common DCF assumption challenges with evidence, sensitivity, and decision relevance.

Rent growth Why should we believe year-three rent growth? IC challenges a major NOI driver. Your line Base growth comes from signed comps and broker pipeline; at 2% growth, IRR falls 150 bps but still clears, and below 1% we need a price adjustment. Do not answer with market enthusiasm alone. It combines evidence, sensitivity, and decision consequence. Exit cap Is the exit cap too tight for this lease risk? Partner worries the terminal value is doing too much work. The base exit cap is 50 bps wider than recent trades; we also show a 75 bps downside where the…

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