SmartHelping / Real Estate / Excel
Sale-Leaseback Model
Compare owning, financing and sale-leaseback strategies from both the tenant and landlord perspectives. Model the property, lease, debt and tax effects across 20 years, including NOL carryforwards, depreciation recapture and cost segregation.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the model in action
Walk through the ownership, lease and tax scenarios.
See how the model compares property ownership with a sale-leaseback while keeping both tenant cost and landlord return perspectives visible.
What the model includes
A complete comparison of ownership and leaseback economics.
Build the property, financing, rent and tax assumptions once, then evaluate the transaction from four distinct tenant and landlord perspectives.
Model the full decision horizon
Forecast annual property, lease, debt, tax and cash-flow activity for as many as 20 years.
See both sides of the transaction
Compare tenant sale-leaseback, tenant buy-and-finance, landlord sale-leaseback and landlord third-party-tenant scenarios.
Model a new or already-owned property
The tenant sale-leaseback scenario can begin with a purchase and immediate sale in Period 0 or with the sale of a building the tenant already owns.
Build the transaction terms in detail
Enter original cost basis, accumulated depreciation, appreciation, sale value, rent, lease escalations, operating expenses and useful lives.
Connect financing and sale proceeds
Model property debt and give the tenant the option to reinvest positive net cash proceeds generated at closing in a sale scenario.
Capture tax effects beyond the property
Enter other business taxable income and follow net operating loss carryforwards as ownership and leasing create different deductions and gains.
Build a more detailed depreciation forecast
Use three cost-segregation slots with separate useful-life assumptions to estimate depreciation timing more accurately.
Compare cost and return on a consistent basis
Use tenant DCF analysis to identify the lower-cost option and landlord NPV and IRR outputs to evaluate investment performance, supported by annual cash-flow summaries.
Four points of view
Evaluate the transaction from every relevant side.
The same property can create very different economics depending on who owns it, who occupies it and whether the transaction begins as a conventional purchase or a sale-leaseback.
Tenant buys and finances
Follow property acquisition, debt service, depreciation, operating costs, eventual sale proceeds and related tax effects from the tenant's perspective.
Tenant sells and leases back
Model an immediate purchase-and-sale transaction or the sale of an existing building, including tax effects, rent payments and optional reinvestment of the net sale proceeds.
Landlord buys from a third party
Evaluate a conventional investment where the landlord acquires the property, collects rent from a third-party tenant and ultimately exits the asset.
Landlord completes a sale-leaseback
Evaluate the acquisition from the tenant-seller, including lease income, property expenses, depreciation, financing, taxes, sale proceeds and investor returns.
How to use it
Move from property facts to a side-by-side decision.
Define the property and starting point
Enter the current ownership position, original cost basis, accumulated depreciation, market value and expected appreciation.
Set the lease, financing and operating terms
Add rent and escalation assumptions, debt terms, operating expenses, tax rates, cost-segregation inputs and useful lives.
Complete the tax and reinvestment assumptions
Enter other taxable business income, review NOL carryforwards and choose whether sale proceeds are reinvested in the applicable tenant scenario.
Compare cost, cash flow and return
Review the tenant DCF and NPV comparison, landlord IRR and NPV, annual cash-flow summaries and exit tax effects across all four views.
Who gets value from it
Built for the people structuring, evaluating or financing the transaction.
Business owners and tenants
Compare the long-term cost of owning a facility with selling it and leasing it back.
Real estate investors and landlords
Evaluate rental cash flow, debt, depreciation, taxes, exit value and investment returns.
Acquisition and finance teams
Test whether sale proceeds and lease obligations improve liquidity without weakening long-term economics.
Analysts, accountants and advisors
Use visible assumptions to explain cost basis, depreciation, NOLs, recapture, DCF, NPV and IRR.
Also available in these bundles
Need a broader real estate or accounting toolkit?
The Sale-Leaseback Model is also included in the Real Estate, Accounting and Super Smart template bundles.
Real Estate Bundle
Explore acquisition, development, operating, financing and investor-return models across multiple property strategies.
View Real Estate BundleAccounting Templates Bundle
Get models for accounting schedules, costing, tax-related analysis, valuation and business planning.
View Accounting BundleSuper Smart Bundle
Get the complete SmartHelping template collection for real estate, finance, accounting, valuation and more.
View Super Smart BundleRelated financial models
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Explore the real estate modelQuestions before you buy
A few useful details.
Which transaction views are included?
The model includes tenant buy-and-finance, tenant sale-leaseback, landlord purchase with a third-party tenant and landlord sale-leaseback views.
Can the tenant start with a property it already owns?
Yes. The tenant sale-leaseback scenario can model the sale of an already-owned building using original basis, accumulated depreciation and related tax assumptions. It can also model a purchase and immediate sale in Period 0.
How are the tenant alternatives compared?
The tenant scenarios include discounted cash flow analysis so you can compare net present value and identify which option produces the lower modeled cost.
Does the model include NOL carryforwards and depreciation recapture?
Yes. The model includes an NOL carryforward waterfall. In the tenant buy-and-finance scenario, any remaining NOL at exit can be applied against depreciation recapture.
How is cost segregation handled?
The template includes three cost-segregation slots with separate useful-life inputs to support a more detailed depreciation forecast.
Is the model included in a bundle?
Yes. The Sale-Leaseback Model is included in the Real Estate, Accounting and Super Smart bundles linked above.
Put every side of the transaction in one model
Compare ownership and leaseback with the full cash flow in view.
Evaluate tenant cost, landlord return, financing, taxes, NOLs, depreciation recapture and exit value across four 20-year scenarios. One-time purchase for $45.
