thebrix
Property Intelligence
Tool № 01 live · retail lease underwriting · 64 formulae

Derive the answer.
Don't copy the ratio.

thebrix turns the methods in The Evidence-Led Shopping Centre into tools you can run on your own asset — evidence over rules of thumb, one formula at a time. It starts with institutional-grade retail lease underwriting.

Launch the Retail Lease Underwriter → Browse the toolkit
Evidence-led · Sourced to the literature · Live FX · Exports to PDF & Excel
The Toolkit
One tool per formula.
Each tool is one method from the book, made runnable — grouped by the book's parts, and citing the evidence it stands on. See all 64 formulae →
01 · Rigour
Institutional by default
Cash is king: cash returns rule every verdict — percentage rent over breakpoint, occupancy-cost ratios and true cash return on invested capital, with IFRS-16 figures alongside for the auditors.
02 · Speed
Underwrite in minutes
Live FX across 150+ currencies, sensible defaults and instant recalculation. Model a deal, stress it, and export a committee-ready memo before the meeting starts.
03 · One suite
Tools that talk to each other
A shared engine means a deal underwritten today flows into tomorrow's comparator, sensitivity model and portfolio roll-up — no re-keying, no drift.

Start with the tool that's ready today.

Sign in and underwrite your first retail lease in minutes — no setup, nothing to install.

Launch the Retail Lease Underwriter →

The 64-formula roadmap

Every quantitative method in The Evidence-Led Shopping Centre — each one becomes a tool, shipped slowly and deliberately. NN = built or in build.

thebrix
Property Intelligence · Retail Underwriting
Tool № 01 · Retail Lease Underwriting

The Retail Lease Underwriter.

Purpose-built for retail leases. Cash is king: cash-basis return on invested capital rules every underwrite — IFRS 16 kept alongside for reference. Occupancy cost, percentage rent over breakpoint, CAM, key money and live FX across 150+ currencies — for the leasing director, the asset manager and the CFO.

Tool № 01
Build 2026.06
Local · QAR / sqm / mo ◆ Reporting · USD / sqft / yr ◆ FX · awaiting fetch ◆ Hurdle · 12%
Fetching…

Scan a Document

§ 00 · AI Pre-Fill

Upload a lease, LOI, offer or term sheet (PDF, photo or text). The AI reads it and fills every field the document actually states — converted to your working units. Nothing is invented: fields the paper doesn't mention stay untouched. Review before relying on it.

The Premises

§ 01 · Lease & Location
NO LOGO
PNG / JPG · < 500KB
sub-location · e.g. East Wing, Atrium, Anchor adjacency
sqm
linear metres
years · from rent commencement
months · pre-lease, construction only
months · IFRS 16 incentive, straight-lined
—
m of frontage per sqm of GLA

The Calendar

§ 02 · Dates, Penalties & Payment Terms
lease term begins · first rent invoice
—
rent commencement − fit-out period
contractual deadline
leave blank if on target
QAR / day late
—
actual − target opening
—
value of timing vs annual-advance

The Rent

§ 03 · Recurring & Up-Front Charges
QAR/sqm/mo
% p.a.
%
QAR/sqm/mo
% p.a.
QAR · up-front

The Operation

§ 04 · Sales & Trading
QAR / year
% p.a.
% (Sales − COGS)
% of sales · commissions, utilities scaling, packaging
QAR/yr · payroll, base utilities, insurance
% p.a.
%
% of sales

Retail Opex Benchmarks

§ 04a · Fixed vs Variable

Directional benchmarks for the selected category — what a retailer typically spends beside rent, split the way the model wants it: variable opex as % of sales, fixed opex as a year-1 amount (shown here as % of forecast sales). Tune to the tenant's actual P&L when you have it.

Sets Variable Opex % and Fixed Opex · Year 1 from forecast sales.

The Investment

§ 05 · CapEx & Pre-Opening
QAR · total
QAR · total
QAR · offsets CapEx
years · defaults to lease term

The Workflow

§ 06 · Memo Signatories

Toggle each layer on or off; choose signatories from your configured roster. Manage your roster in .

thebrix
Property Intelligence · Lease Structuring
Tool № 02 · Lease Structuring

Net Effective Rent.

The rent the landlord actually earns once concessions are netted off. Rent-free, capital contribution and the discount inside a step-up ramp — each annualised across the term, straight-line and on a discounted basis.

Tool № 02
Build 2026.07
Ch 6 · House metric NER nets incentives out — strictly distinct from a gross-up (which adjusts base rent up to capture proven trade) and from a base-rent reset. It is the number a buyer's analyst reconstructs from your lease.
§ 01 The Lease
Display only — for formatting.
Leave 0 to work in total-per-annum figures.
Year-1 face rent, before any concession.
Compounding step-up applied from year 2.
§ 02 The Incentives
Abated at commencement, at the prevailing face rate.
Fit-out / TI paid at signing (a one-off cost).
Cash inducement, break-fee buyout, etc.
§ 03 Assumptions
Used for the discounted (NPV) NER only.
thebrix
Property Intelligence · Rent Escalation
Tool № 03 · Turnover & Escalations

Escalation Modeller.

Four ways to grow a rent over the term — fixed, CPI cap-and-collar, turnover ratchet and gross-up — modelled side by side. The honest test is not the rent line but the occupancy-cost path each one builds against the tenant's trade.

Tool № 03
Build 2026.07
Ch 7 · Escalation family Fixed is the most bankable escalator but blind to trade; CPI protects real value yet rises even when the tenant's sales fall — bound it with a collar and cap; the ratchet lifts base only on proven outperformance; the gross-up resets base to the level the percentage clause has already revealed.
§ 01 Lease & Trade
Leave 0 to work in total-per-annum figures.
All four escalators start here.
Total annual sales — drives OCR and the ratchet.
Fixed (stepped)
Compounding. Bankable — but set above market rent trend and it builds occupancy-cost stress.
CPI (cap & collar)
Applied rate = clamp(index, collar, cap). Collar = cap ⇒ fixed.
Turnover ratchet
Base lifts only in the year after sales clear the trigger.
Gross-up (reset)
Natural breakpoint = base ÷ rate.
Base holds, then steps up to capture proven overage.