Apers for Office
Office underwriting at the tenant level, not the building level.
Apers is the AI system for office lease rollover modeling — every tenant individually, expense stops, TI/LC, and renewal probability — so nothing hides in the blend.
The building's value isn't its NOI
You're underwriting a 250,000 SF office building with 18 tenants. The largest tenant (40% of NRA) has 3 years left on a below-market lease with an expense stop set in 2019. Two tenants have termination options in 18 months. Five small tenants are month-to-month. The building's value isn't its NOI — it's what happens when each of those leases rolls.
Each tenant has their own rent steps, TI allowance, free rent concession, expense stop, and renewal probability. In a building-level model, you average these into a blended assumption and lose the signal. In a tenant-level model, you spend 4 hours per tenant building the cash flow tab. For 18 tenants, that's a week of modeling before you've even run a sensitivity analysis.
Your largest tenant has a 2019 base year expense stop. Operating expenses have grown 22% since then — the tenant is absorbing pass-throughs that represent real revenue to the building. When that tenant rolls, the new lease resets the base year. That expense stop reset alone changes building NOI by $3/SF. Most models don't capture this correctly because they model expenses at the building level, not the tenant level.
Office underwriting is tenant underwriting. Every lease is a separate bet on timing, rental rates, and tenant credit. The buildings that look cheap on a trailing cap rate are often expensive once you model the lease-by-lease rollover. Apers models office assets the way office investors actually think — one tenant at a time.
What changes with Apers
Every tenant, every year, every scenario
Lease-by-lease rollover modeling: renewal probability, downtime, market rent at expiration, TI/LC at renewal, free rent concession. Each tenant modeled individually with their own assumptions — not a blended rollover rate.
The real cost of re-tenanting
TI allowances, leasing commissions, free rent months — the capital costs that determine whether a lease rollover creates or destroys value. Apers models these at the tenant level and shows the cash flow impact of each concession package.
Base year resets that change the deal
Expense stop modeling by tenant — base year, current pass-throughs, projected pass-throughs at different expense growth rates. When a tenant with a 2019 base year rolls to a 2027 base year, the NOI impact flows through automatically.
18 leases, extracted in minutes
Upload lease abstracts or full leases — Apers extracts rent, escalations, TI/LC, expense stops, options, and termination provisions for each tenant. The rent roll builds itself from the source documents.
See the building, not just the spreadsheet
Visual tenant stacking with lease terms, rent per SF, and expiration dates. Identify concentrated rollover risk, below-market leases, and the tenants driving building value — at a glance.
A deal, start to finish
A 250,000 SF Class A office building. 18 tenants. Largest tenant rolling in 3 years with a 2019 expense stop. Two termination options in 18 months. $85M acquisition.
Upload leases and financials
Upload 18 lease abstracts and the T-12. Apers extracts tenant details — rent per SF, escalation schedules, expense stop base years, TI/LC history, termination and renewal options — for every tenant in minutes.
Tenant-by-tenant model built
Complete model with each tenant's cash flow projected individually. Rent steps, expense stop pass-throughs by base year, downtime at rollover, TI/LC costs, and renewal probability — all at the tenant level, not building averages.
Rollover scenarios modeled
Year-by-year lease rollover with mark-to-market analysis. Anchor tenant renewal at market rent with base year reset. Termination option exercise scenarios for the two at-risk tenants. Small tenant turnover at blended assumptions.
Expense stop analysis
Building-level pass-through revenue modeled under current base years vs. post-rollover resets. The $3/SF NOI impact from the anchor tenant's base year reset is quantified and flows through to debt coverage and returns.
IC-ready output
Excel workbook with tenant stacking, lease-by-lease cash flow, rollover sensitivity, debt sizing, and return analysis. Every assumption traces to a lease abstract page number. Open the model, present the returns, defend the rollover assumptions.
Models built for office
A growing collection for every office strategy — from stabilized core with credit tenants to value-add repositioning.
Pocket Model: Office Lease Rollover
Single-sheet screener with lease rollover simplified to annual percentages. Quick risk assessment on one page.
Office Core Pro Forma
Stabilized office with credit tenants, long WALT, contractual escalations, and tenant credit risk assessment.
Office Value-Add Pro Forma
Repositioning with below-market rents, near-term lease expirations, spec suite buildouts, and phased lease-up projections.
Office Full-Service Lease Rollover
Detailed cash flow with complex lease rollover schedules, TI/LC packages, free rent periods, and expense stop modeling.
Redevelopment / Adaptive Reuse
Transformational redevelopment including office-to-residential conversion, historic adaptive reuse, and entitlement analysis.
Frequently Asked Questions
Does Apers model each tenant individually or use building-level averages?
Tenant-level. Apers models every tenant with individual rent steps, TI allowances, free rent concessions, expense stops, and renewal probabilities. Building-level averages hide the signal — especially when your largest tenant's expense stop was set years ago and the base year reset on renewal changes NOI by $3/SF.
How does Apers handle expense stops and pass-through calculations?
Apers models base year expense stops by tenant, tracks operating expense growth since the base year, and calculates the pass-through revenue for each lease individually. When a tenant rolls and the base year resets, the model captures the NOI impact automatically.
Can Apers model lease rollover scenarios for an 18-tenant building?
Yes. Apers models each tenant's lease expiration, renewal probability, downtime, TI/LC costs, and re-leasing assumptions individually. You can run scenarios — what happens if the anchor tenant doesn't renew, or if three small tenants go month-to-month simultaneously — and see the cascading cash flow impact.
Does Apers support different office lease structures?
Yes. The models handle full-service gross, modified gross with expense stops, and NNN structures. Each tenant can have a different lease type within the same building, and the model reconciles them into a single property-level operating statement.