{"summary":{"engine":"mf-acq","engine_version":"mf-acq-2.0.0","passed":3,"failed":0,"pending":0,"all_passing":true,"workbook_sha256":"e08b59c463e1a94f48b33efef0afff0fef70f9691654e9a7eed0bf1df82a5a20","checked_at":"2026-09-05T13:30:28.357757+00:00"},"conventions":{"basis":"Basis = purchase price x (1 + buy closing %). Debt = LTV x purchase price; equity funds the down payment plus buy closing costs.","stub_month":"The acquisition month is 100% vacant (no revenue or opex); stabilized operations begin the following month.","income":"GPR from the unit mix, stepped on the calendar year. Net rent = GPR x (1 - vacancy). Other income = % of net rent. OpEx = % of GPR. NOI = net rent + other income - opex.","debt":"Standard monthly amortisation; the full remaining balance is repaid at exit.","sale":"Sale value = trailing-12-month NOI / exit cap rate, less sale costs.","returns":"Unlevered and levered. IRR via the composed XIRR engine (ACT/365) on monthly month-end dated cash flows — same convention as the XIRR agent. Equity multiple = inflows / outflows. Project-level (pre-waterfall)."},"tolerances":{"cash":0.6,"irr":0.0003,"moic":0.001},"cases":[{"id":"mf_acq_project_base","status":"pass","source":{"workbook":"mf_acq.xlsx","sha256":"e08b59c463e1a94f48b33efef0afff0fef70f9691654e9a7eed0bf1df82a5a20","cells":"Summary N23/O23 (unlev IRR/MOIC), N24/O24 (lev IRR/MOIC), J31 NOI, J41/J43 sale, J45/J52 project cash flow, J39/O27 basis/equity","note":"Stub acquisition month is 100% vacant; opex 38% of GPR; other income 4% of net rent; growth on the calendar year. IRR = XIRR (ACT/365) on Proforma (M) rows 84 (unlevered) / 103 (levered); the engine composes the XIRR agent."}},{"id":"mf_acq_hold_9yr","status":"pass","source":{"workbook":"mf_acq_hold.xlsx","sha256":"6139db98e5d2cb333f60d68ff76c73b830b334d2c915c5d6a69f66dddb7133a5","cells":"Summary N23/O23/N24/O24 returns, J31/J39/J41/J43/J45/J52/O27"}},{"id":"mf_acq_unlevered","status":"pass","source":{"workbook":"mf_acq_unlevered.xlsx","sha256":"21680c3b4ece990adc6d91945ea416fe3491f486443f97b304bca434fb0ab2a9","cells":"Summary N23/O23/N24/O24 returns, J31/J39/J41/J43/J45/J52/O27"}}]}