Component 2: Cash Inflows (Operating Financials)

Step 1: Primary Revenue Drivers

Define the core volume and pricing metrics that drive top-line revenue. The inputs differ by asset type; each block below lists the exact fields shown in the wizard.

🏨 Hotel — Room Revenues

• Total Keys / Rooms: Locked from Component 1 Step 5.
• ADR Year 1: AI-suggested, overridable; ADR inflation (annual %) (AI) rolls forward Years 2–10 with the formula Year t = Year 1 ADR × (1 + inflation%)^(t−1).
• Occupancy Year 1 (%) and Occupancy % increment p.a. (auto-fills Years 2–10 unless you override a specific year).
• Editable 10-year table: ADR and occupancy per year (editing a cell locks it with an amber border), room revenue per year, notes column, and the 10-year total room revenue; a projected room revenue chart follows.
• Resets: Reset ADR to formula, Reset ADR to benchmark, Reset occupancy to defaults.

📦 Warehouse / Industrial — Rent & Lease-Up

• Rental revenue: Total GFA (sqft) locked from Component 1 Step 5; Occupancy Rate (%) — Stabilized (AI); Rate per sqft / year (AI); Annual Rent Escalation % (AI); Lease-Up Period (years) (AI); Average Free Rent (months) (Default).
• Annual Gross Rent (Year 1) = GFA × Y1 occupancy (lease-up) × rate × free-rent factor.
• Other rental income: Yard / Hardstand Area (locked from Component 1 Step 5) × Yard Rate (AI) → Annual Yard Revenue; Parking — Cars and Parking — Trailers: spaces (from Component 1 Step 5) × Rate / month (AI).
• Resets: Reset rental, Reset other income.

🖥️ Data Centre — Primary Revenue

• IT load, GFA, and white space are locked from the Component 1 building configuration.
• Power Capacity Revenue: Total IT Load (kW) (from Component 1, MW × 1,000); Rate per kW / month (AI, wholesale colo lease rate) → Monthly Power Revenue (IT Load × Rate) → Annual Power Revenue (×12); Annual Escalation % (AI, applied to power and space rates from Year 2).
• Space Revenue: Total Building GFA and White Space Area (locked); Occupancy Rate % (AI, stabilized white-space occupancy); Rate per sqft / month — White Space (AI) → Monthly Space Revenue (White Space × Occupancy × Rate) → Annual (×12).
• Total Annual Revenue (Year 1) = Annual Power + Annual Space (stabilized inputs; the 10-year table shows lease-up Year 1).

🏢 Office — Base Rent & Lease-Up (office + ground-floor retail)

• Office portion: Gross Leasable Area (GLA) locked from Component 1 Step 5; Average Office Rent psf — Year 1 (AI, overridable); Annual Rent Escalation % (AI); Leased % at Opening; Target Leased %; Lease-Up Period (years); Average Free Rent (months).
• Retail portion (ground floor to G+2): Retail GLA; Average Retail Rent psf — Year 1 (AI); Annual Rent Escalation % (AI); Leased % at Opening; Target Leased %; Lease-Up Period (years); Average Free Rent (months).
• Include Percentage Rent? toggle: Average Retail Sales psf (AI), Annual Sales Growth %, Percentage Rent Rate % (AI), Breakpoint Type (Natural = Rent × Multiple), Breakpoint Multiple.
• Resets: Reset office, Reset retail.

🛍️ Retail / Shopping Mall — Base Rent & Lease-Up

• Gross Leasable Area (GLA) locked from Component 1 Step 5; Base rent Year 1 (psf p.a.) (AI); Rent escalation (annual %) (AI); Leased occupancy Year 1 %; Stabilized leased occupancy %; Lease-up period (years) with a linear ramp from Year 1 to stabilized.
• Base rent Year t = Year 1 × (1 + escalation%)^(t−1); revenue = GLA × rent × leased %.
• Editable 10-year table: base rent and leased % per year (amber = override), base rent revenue per year, 10-year total; projected base rent chart.
• Resets: Reset rent to formula, Reset lease-up to defaults.

🏠 Residential BTR — Lease / Rent Income

• Residential portion: Residential GLA locked from Component 1 Step 5; Avg blended residential rent psf — Year 1 (AI, overridable); Annual residential rent escalation % (AI, overridable); Leased % at opening; Target leased % (stabilized); Residential lease-up period (months); Average vacancy rate after stabilization %; Bad debt / rent loss %.
• Retail portion (ground floor, optionally G+1): Retail GLA; Average retail rent psf — Year 1; Annual retail rent escalation %; Leased % at opening; Target leased %; Retail lease-up period (years); Average free rent (months).
• Include percentage rent for retail? toggle.
• Resets: Reset residential, Reset retail.

Step 2: Revenue Mix & Other Income

Hotel uses a revenue-mix model (departmental percentages of total hotel revenue). All other assets model income beyond base rent — recoveries, parking, and ancillary fees — with explicit syncs from other steps.

🏨 Hotel — F&B and Other Sources of Revenues

• Total hotel revenue = room revenue ÷ (rooms % ÷ 100); every other stream = total × its category %. Shows Year 1 and 10-year room revenue carried from the room revenue step.
• Mix percentages (must sum to 100%): Rooms, Food, Beverage, Room service, Telecom / other, Spa & health, Rental & other — all AI-suggested.
• Reset % to benchmark; 10-Year Total Hotel Revenue Projection table.

📦 Warehouse — Other Income

• Sync banner: values sync from the Operating Expenses step (C2S3); if that step has not been visited yet, provisional OpEx from AI / benchmarks is used. Shows Total Annual Revenue from C2S1.
• 1. CAM Recoveries: Total CAM Expenses (from OpEx = Maintenance + Landscaping + Utilities + Security + Management Fee) × CAM Recovery % (AI, % billed to tenants).
• 2. Tax Recoveries: Estimated Property Tax (from OpEx) × Property Tax Recovery % (AI).
• 3. Insurance Recoveries: Total Insurance (from OpEx) × Insurance Recovery % (AI).
• 4. Advertising / Signage: annual signage revenue (AI).
• Total Other Income = CAM + Tax Recovery + Insurance Recovery + Signage.

🖥️ Data Centre — Other Income

• Rack count and IT load are locked from Component 1.
• Cross-Connect Fees: Number of Racks (from Component 1 Step 5) × Cross-Connect Rate (MYR / rack / month) (AI) × 12.
• Metered Power (Pass-Through): Total IT Load (kW) × Power Pass-Through (per kWh) (AI) × Utilisation % (AI) × 8,760.
• Maintenance Markup: Maintenance Cost synced from OpEx / store × Markup % (AI).
• Installation / Setup Fees: Number of New Racks (Year 1) (AI) × Setup Fee (per rack) (AI) — Year 1 only in the projection.
• Total Annual Other Income = Cross-Connect + Metered Power + Maintenance Markup + Installation.

🏢 Office — Other Income

• Parking Income: Total Parking Spaces locked from Component 1 Step 5 (formula: (Basement BUA + Podium BUA) ÷ 350); spaces reserved for office tenants × Monthly Pass Price (AI) × Office Pass Occupancy %; retail hourly parking = Retail Hourly Rate × Avg Daily Hours × Retail Spaces (typically total − office reserved) × Retail Utilization % × 365 operating days.
• CAM & Tax Recoveries: CAM expenses synced from the Operating Expenses step (some UI copy labels this source "Step 4" — it is the OpEx step); Property Tax % and Insurance % of gross rental revenue (AI) applied to base rent; Recovery Rate % (% billed to tenants).
• Advertising / Signage: rate per sqft GLA / year (AI) × total GLA.
• 10-year other income table.

🛍️ Retail / Shopping Mall — Other Mall Income

• 1. Percentage Rent (Overage): Avg Tenant Sales psf — Year 1 (AI), Annual Sales Growth %, Percentage Rent Rate % (AI), Breakpoint Type (Natural = Rent × Multiple), Breakpoint Multiple (with a worked example).
• 2. CAM & Tax Recoveries: CAM Expenses (AI), Property Tax % and Insurance % of gross rental revenue (AI, applied to base rent each year), Recovery Rate % (AI, % billed to tenants, vacancy/caps adjusted).
• 3. Parking Income: Total Parking Spaces locked from Component 1 Step 5 ((Basement BUA + Podium BUA) ÷ 350) × Revenue / Space / Day (AI) × Utilization % × 365 days.
• 4. Advertising, Kiosks, Events: rate per sqft GLA / year (AI) × total GLA.
• 10-year other income table.

🏠 Residential BTR — Other Income

• All lines scale with the effective leased % from C2S1. The header shows derived counts: parking spaces ((Parking BUA + Basement) ÷ 350) and estimated units (Residential GLA ÷ 800 sqft / unit).
• Parking income: Monthly parking fee per space × Parking uptake (% of units renting a space); Annual = spaces × fee × 12 × uptake × leased %.
• Amenity fees (gym, pool, lounge): Monthly amenity fee per unit × Amenity uptake (% of tenants paying).
• Utility recoveries (sub-metering): Monthly utility recovery per unit (AI) × Utility uptake (% of units with sub-meter) (AI).
• Other fees (storage, pets, etc.): Annual other fees per unit (Default) × Other fee uptake (% of units) (Default).
• 10-year other income table.

Step 3: Direct Costs (Hotel) / Operating Expenses (Other Assets)

For Hotel, this step is Direct Costs — variable departmental expenses driven by the Step 2 revenue mix. For all other assets, it is Operating Expenses — the property-level OpEx stack. Every rate carries an AI badge (or Default badge) and a per-card reset link.

🏨 Hotel — Direct Costs

Revenue streams from the Step 2 mix drive direct costs: each line is revenue × cost % for that department. F&B payroll and other apply to the combined food + beverage + room service revenue. Defaults match your hotel segment and location.

• Rooms — payroll and Rooms — other: % of room revenue.
• Food — cost of sales (% of food revenue); Beverage — cost of sales (% of beverage revenue).
• F&B — payroll and F&B — other: % of F&B revenue (food + beverage + room service).
• Telecom, Spa & health, Rental & other depts.: % of their respective revenues.
• Reset % to benchmark.

📦 Warehouse — Operating Expenses

• Property Taxes: rate (% of CapEx, AI) on Total CapEx auto-populated from Component 1.
• Insurance: rate (% of CapEx, AI) on the same CapEx base.
• Maintenance & Repairs: rate (% of building cost, AI) on Total Building Cost from Component 1.
• Landscaping (Common Area): Common Area (sqft) auto-populated from Component 1 Step 5 × Landscaping Rate (per sqft / year) (AI).
• Utilities (Common Area): Total GFA × Utility Rate (per sqft / year) (AI).
• Security: flat annual cost (AI).
• Management Fee and G&A: % of total annual revenue (AI).
• Footer: Total Operating Expenses and OpEx as % of revenue (industrial parks typically run higher OpEx ratios).

🖥️ Data Centre — Operating Expenses

• Power Cost (Facility Load): IT Load (kW) × PUE × 8,760 × Electricity Price (per kWh) (AI).
• Maintenance & Repairs: rate (% of M&E, AI) on the M&E CapEx base from Component 1; synced to the Other Income step for the maintenance markup.
• Labor & Staffing: Number of Staff (AI) × Average Salary (AI).
• Insurance & Property Tax: Insurance Rate and Property Tax Rate (% of CapEx, AI) on Component 1 Total CapEx.
• Security & Water / Utilities: flat annual amounts (AI).
• G&A & Management Fee: % of total annual revenue from the primary revenue step (AI).
• Footer: Total Annual OpEx (Year 1).

🏢 Office — Operating Expenses

• CAM: fixed base rate (per psf of BUA / year, AI) × total BUA from Component 1, plus variable rate (per psf × blended leased %, AI) × office + retail GLA × blended effective leased % (weights office and retail GLA from the rent step, including free-rent in Year 1).
• Property Tax & Insurance: % of gross rental revenue (AI), applied to office + retail rent each year.
• Marketing & G&A: % of total revenue (base rent + other income) (AI).
• Management Fee: base % of total revenue (AI).
• Renovation / Capex Provision: Year 1 / Year 2 / Years 3–10 % of EGI (AI).
• 10-year expenses table.

🛍️ Retail / Shopping Mall — Operating Expenses

• A. CAM: fixed base rate (per psf of BUA / year, AI) × total BUA from Component 1, plus variable rate (per psf of leased GLA, AI) × leased GLA from the rent step. Total CAM = (fixed × BUA) + (variable × leased GLA).
• B. Property Tax & Insurance: % of gross rental revenue (AI), applied to base rent each year.
• C. Marketing & G&A: % of total revenue (base rent + other income) (AI).
• D. Management Fee: base % of total revenue (AI).
• E. Renovation / Capex Provision: Year 1 / Year 2 / Years 3–10 % of revenue (AI); any year's amount can be overridden directly in the table.

🏠 Residential BTR — Operating Expenses

Expenses are primarily fixed or per-unit (gross lease — no CAM recoveries).

• Property Management: fee % of EGI (Default); EGI = Net Rent (rent step) + Other Income (other income step).
• Maintenance & Repairs: % of Residential GLA / year (AI), applied to Residential GLA from the rent step.
• Utilities (Common Areas + Vacant Units): % of common area + vacant GLA / year (AI), applied to (BUA − GLA) + (GLA × (100% − leased %)) — includes retail area and vacant units.
• Property Tax & Insurance: % of gross rental revenue (AI), applied to residential + retail rent each year.
• Marketing & Leasing: % of EGI (AI) — advertising, leasing staff, tenant acquisition.
• G&A: % of gross rental revenue (AI).
• Renovation / Capex Reserve: % of total GLA / year (AI) — for unit turnover and appliance replacement.

Step 4: Undistributed & Fixed Expenses (Hotel) / Depreciation & Working Capital (Other Assets)

For Hotel, this step is the overhead stack (undistributed & fixed expenses). For the other five assets, wizard step 4 is Depreciation, Amortization & Working Capital — see the per-asset blocks below.

🏨 Hotel — Undistributed & Fixed Expenses

• Undistributed lines use total hotel revenue from the revenue mix step: G&A, Marketing & sales, Property operations & maintenance, Utilities, and Renovation provision (Year 1 / Year 2 / Years 3–10), all % of total hotel revenue (AI).
• Base management fee: % of room revenue (AI).
• Incentive fee: % of EBITDA net of fee (AI); when the fee is a % of net EBITDA (after the fee), the system solves fee = r ÷ (1 + r) × EBITDA before incentive. Direct costs from the direct costs step feed that EBITDA.
• Reset % to benchmark.

📦 Warehouse — Depreciation, Amortization & Working Capital

• Bases from Component 1: Construction Cost (Building & Shell); Site Improvements Cost (Yard + Loading + Common Infra); FF&E Cost.
• Assumptions (AI): Building Useful Life, Site Improvements Life, FF&E Useful Life (years); FF&E Reserve (% of revenue); Accounts Receivable (days); Accounts Payable (days).
• Resets: Reset depreciations, Reset WC.

🖥️ Data Centre — Depreciation, Amortization & Working Capital

• Bases from Component 1 CapEx: Building Cost, M&E Cost, IT Hardware Cost.
• Useful lives (AI): Building, M&E, IT Hardware; FF&E Reserve (% of revenue) (AI). Annual building / M&E / IT hardware depreciation lines plus Total Annual Depreciation & Amortization.
• Working Capital: A/R days (AI) on auto total revenue; A/P days (AI) on auto total OpEx → Net Working Capital (A/R − A/P, Year 1 basis from C2S1 revenue and C2S3 OpEx).
• Resets: Reset depreciations, Reset WC.

🏢 Office — Depreciation, Amortization & Working Capital

• Bases from Component 1: Construction Cost; FFE Base; Office TI Allowance (e.g. 100 / sqft × office GLA); Retail TI Allowance (e.g. 167 / sqft × retail GLA); Office and Retail Leasing Commissions.
• Assumptions (AI): Construction Useful Life; FFE Useful Life; FFE Renovation (% of cost) at Year 6; Office / Retail TI Useful Life; Office / Retail Leasing Commission Life; Accounts Receivable (months of revenue); Accounts Payable (months of opex).
• Resets: Reset deprec, Reset TI/comm, Reset WC.

🛍️ Retail / Shopping Mall — Depreciation, Amortization & Working Capital

• Bases from Component 1: Construction Cost; FFE Base; Tenant Improvements (TI) Allowance (benchmark default 10% of construction); Leasing Commissions Capitalized (benchmark default 3.5% of construction).
• Assumptions (AI): Construction Useful Life (straight-line); FFE Useful Life; FFE Renovation (% of initial) at Year 6 (capitalized at Year 6, amortized over remaining life); TI Useful Life (lease term or building life); Leasing Commissions Life (matches average lease term); Accounts Receivable (months of revenue); Accounts Payable (months of opex).
• 10-year D&A + working capital table (const. deprec., FFE deprec., TI amort., leasing comm., total D&A, A/R, A/P, net WC).

🏠 Residential BTR — Depreciation & Working Capital

• Bases from Component 1: Construction Cost; FFE (Appliances, Fixtures, A/C). Note: residential typically has no separate tenant improvements — finishes are included in construction cost.
• Assumptions (AI): Construction Useful Life (straight-line); FFE Useful Life; FFE Renovation (% of initial) at Year 6 (capitalized at Year 6, amortized over remaining life); Accounts Receivable (months of revenue — rent collected monthly); Accounts Payable (months of opex — expenses paid monthly).
• Resets: Reset depreciation, Reset WC. 10-year depreciation & working capital table.

Step 5: Depreciation & Working Capital (Hotel Only)

Hotel-only step. Construction and FF&E bases come from Component 1. FFE is straight-lined over its useful life; from Year 6 an extra FFE tranche equal to the renovation % of initial FFE is capitalized and amortized over the same life. Working capital uses revenue from the revenue mix step and total opex from the undistributed & fixed step.

A 10-year depreciation & working capital table shows construction depreciation, FFE depreciation, total depreciation, A/R, A/P, and net WC per year. Reset to benchmark restores all assumptions.