Glossary
Pro forma
A forward-looking financial model projecting a property's income, expenses, cash flow and returns under a set of assumptions.
A pro forma is the projected financial model for a property — income, expenses, net operating income, financing, cash flow and returns — built on a set of assumptions about rents, growth, vacancy and exit.
Building the pro forma is the output of underwriting. Its credibility depends entirely on the quality of the inputs and assumptions, which is why source traceability back to the documents matters.
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