Offering Memorandum Analysis

What it extracts

18 extraction fields

Offering Summary

The deal-level facts that describe the offering as a whole - name, single-asset versus portfolio, property count and types, seller, aggregate size, guidance price, blended cap rate, markets, and sale conditions - captured once per OM.

Listing Brokers

The brokerage team representing the seller, one row per named broker with firm, title, role, and contact - so the analyst knows who to call and which firms are co-listing the deal.

Properties in Offering

The spine of the record - one row per property with the headline attributes an analyst filters and compares on (type, location, size, occupancy, WALT, in-place NOI, going-in cap, price), and the Property Name that joins every other property-level table.

Property Physical Specs - Common

The physical specifications that apply to any property type - net rentable area, building and story counts, FAR, zoning, construction, roof, and parking - one row per property, joined to the spine.

Property Specs - Type-Specific

The specifications that matter only for a property's type - clear height and dock doors for industrial, floor plate and elevators for office, center type and anchors for retail, amenities for multifamily - populated by type and left null otherwise.

In-Place Financials

The current, in-place income and expense detail per property (plus an optional portfolio total) - NOI, going-in cap, rent, recoveries, effective gross revenue, and each expense line - read from the current column, not the pro forma.

Broker Underwriting Assumptions

How the broker modeled the deal, not actual terms - hold period, market rent and expense growth, renewal probability, mark-to-market, downtime, vacancy, reserves, and new-versus-renewal lease term, free rent, TI, and commissions - the assumptions an analyst must scrutinize.

NOI / Cash Flow Projection

The broker's projected cash flow, one row per year per scope - occupancy, market and in-place rent, revenue, expenses, NOI, and year-over-year NOI growth - so the analyst can see the trajectory the pricing rests on.

Return Projections

The pricing and return metrics the OM presents or that the agent computes - going-in, stabilized, and exit cap rate, unlevered and levered IRR, equity multiple, cash-on-cash, yield on cost, and price per SF or unit - each tagged broker-projected, actual, or computed.

Debt and Financing Guidance

Any debt the OM discloses - assumable in-place financing with its lender, balance, rate, maturity, and prepayment terms, the loan-to-value at guidance, in-place DSCR, and any suggested new financing - or a clear note that the asset is offered unencumbered.

Rent Roll

The full rent schedule for every tenant, one row per distinct rent period, capturing every scheduled bump and escalation, recovery type, and market rent - the granular income backbone of the deal.

Tenant Roster & Lease Terms

One row per tenant summarizing the full lease - term, size, industry, guarantor, recovery type, renewal options, free rent, and standout clauses like ROFO, ROFR, termination, and co-tenancy - the terms that drive risk and value.

Lease Expiration Schedule

The rollover schedule, one row per expiration year per scope - leases and SF expiring, cumulative percentage, and contract versus market rent at expiration - so the analyst can see rollover risk and mark-to-market opportunity over the hold.

Unit Mix

The residential unit mix for multifamily or unit-based assets, one row per unit type per property - count, average SF, in-place and market rent, and share of units - the income structure for residential deals.

Market & Submarket Profile

The market context the broker presents, one row per named submarket - inventory, vacancy, net absorption, asking rent and growth, construction pipeline, demand drivers, major employers, and demographics - framed to the relevant property type.

Comparable Sales

The comparable sales the OM presents to support its pricing, one row per comp - size, sale date, price, price per SF or unit, cap rate, and parties - the evidence the analyst tests the asking price against.

Underwriting Scrutiny and Validation Checks

The analytical heart - recompute the going-in cap rate as in-place NOI over price, size the pro-forma versus in-place NOI lift and explain what drives it, recompute price per SF or unit against comps, foot the rent roll to the financials, and flag broker assumptions that look aggressive against the market, each marked Pass, Fail, Review, or Aggressive.

Investment Summary & Highlights

The one-look synthesis of the whole offering - thesis, key strengths, key risks (drawing on the flagged validation checks), value-add levers, notable deal tidbits, and a suggested next step - so an analyst scanning many deals can triage quickly.

Where it fits

What it needs

What it produces

Review model

An acquisitions analyst reviews the flagged validation checks - the recomputed cap rate, the pro-forma versus in-place NOI delta, and any assumptions flagged as aggressive - and the cited source values before the deal advances to full underwriting. The agent screens and abstracts; it does not replace the analyst's go or no-go judgment.

Who uses it

Volume fit

Grounded in

• CRE Finance Council Investor Reporting Package (CREFC IRP)verified as of 2026-07-22
• NCREIF PREA Reporting Standards (Real Estate Information Standards)verified as of 2026-07-22
• Analytical stance - the OM is the seller's marketing documentverified as of 2026-07-22

Changelog

• July 2026