Glossary

Trust states

The canonical definitions — every surface (Inspector, intake report, exports) uses these words with exactly these meanings:

Mapped — read from a source document. Carries the document, page, and quote in its source proof.

Inferred — derived from other values; not stated by any document.

Defaulted — the source was silent, so a house default filled the gap. Stays an open review item until you set the real value or accept the default.

Missing — nothing found and no default applies; the value needs you.

Reviewed — a flagged item you accepted from the intake report’s open items.

Overridden — a computed value you replaced by hand.

Reconciled — a stated-vs-modeled line whose delta is inside tolerance (under $1,000, or within 2% of the stated figure), or one you accepted.

Modeling terms

Blended (row) — the renewal-probability-weighted average of an MLA’s New and Renewal values: p × Renewal + (1 − p) × New. Engine-computed and read-only.

Changeset — the modeling agent’s reviewable list of proposed changes; each has its own accept, and Accept all applies the remainder atomically.

DSCR — debt service coverage ratio: NOI ÷ recurring debt service (origination fees, maturity balloons, and refi payoffs excluded). Per year in the Advanced Debt schedule, with average and minimum across the hold.

Equity Multiple — total distributions ÷ equity invested, levered and unlevered.

Exit Cap Rate — the cap rate applied to forward NOI at sale. An input; the going-in cap is derived from price and Year‑1 NOI.

IRR — internal rate of return over the hold, levered and unlevered.

Lease-up — a vacant suite’s path to income: market rent from its MLA, downtime, and TI/LC make-ready costs.

MLA — Market Leasing Assumption: a named set of rollover terms (market rent, renewal probability, downtime, TI/LC, abatements, term) a lease uses when it expires. See MLA Profiles.

NOI — net operating income: effective gross revenue less operating expenses, before capital costs, leasing costs, and debt.

Recovery pool — a bucket of expense lines a set of tenants reimburses together. See Recoveries.

Recovery ratio — recovered ÷ reimbursable operating expenses. The headline recovery metric.

Reference profile — an MLA profile with no tenants, kept for comparison; never drives a rollover.

Tie-out — a stated-vs-modeled check on the intake report (rent, recoveries, NOI). Passes under $1,000 absolute or 2% relative delta.

Treatment — a group of leases with identical recovery terms; the rows of the Recoveries matrix.

WALT — weighted average lease term, rent-weighted from the analysis start.

XIRR — IRR computed on actual dated cash flows rather than even periods. Reproducible with Excel’s =XIRR via the XIRR Working report.