This pack provides deterministic lowering for a minimal Commercial Real Estate developer lifecycle:

• construction (cre.construction_stub)
• lease-up (cre.lease)
• stabilized operations (cre.ops_revenue, cre.ops_expense)
• exit (cre.exit_cap)

Pack identity

• name = "cre"
• version = "0.1.0"

Models activate this pack with:

use pack "cre" version "0.1.0"

Canonical contract kinds

The current pack host lowers by contract name. The following names are stable in lowering/rules.toml:

• cre.construction_stub
• cre.lease
• cre.ops_revenue
• cre.ops_expense
• cre.exit_cap
• cre.lease_unit.<id>, cre.rollover.<id>, cre.property_opex, cre.vacancy_loss, cre.percentage_rent, cre.exit_forward

Expected terms (authoring contract)

Contract terms { ... } payloads are captured as a lightweight key/value map and validated by CRE lowering-time checks (E6xxx_*) during compile.

Simple whole-property contract reference

Every contract below is term-gated: its streams run from term_start to term_end, and time inside an expression is measured from term_start. No amount, rate, or date is supplied by the pack — required terms have no defaults, so a missing one fails compilation with E5006 naming the term.

cre.lease applies an optional straight-line lease-up ramp:

occupancy(m) = clamp((m + 1) / lease_up_months, 0, 1)
rent(m)      = base_rent * occupancy(m)

where m is months since term_start. With the default of 1 the ramp is inert and rent is full from the first month.

cre.exit_cap values the sale as noi_value / exit_cap — state the stabilized annual NOI you are capitalizing. To value off NOI the engine derives from the modeled streams instead, use cre.exit_forward.

CRE contracts are additionally checked at compile time by pack validations (E6xxx_*) covering missing required terms, term ranges outside the model timeline, and out-of-range cap rates.

Scenario testing (run config overrides)

The engine supports deterministic scenario overrides through run config files. CRE fixtures and examples include:

• run.base.json
• run.stress.json
• run.json (single run containing multiple named scenarios)

Scenario knobs currently demonstrated:

• stream.cre.lease.base_rent:amount
• stream.cre.ops.expense:amount
• stream.cre.exit.sale:amount

Example:

./target/debug/cfdl run /tmp/cre.ir.json --out /tmp/cre.results.json --config fixtures/valid/cre_developer_scenarios/run.json --packs packs

Provenance

All streams lowered by this pack include:

• source contract file/span
• generated_by.pack.name = "cre"
• generated_by.pack.version = "0.1.0"
• generated_by.rule_id = <rule id>

Determinism guarantees for this pack:

• deterministic file-based pack loading
• deterministic lowering rule application order
• deterministic IDs from compiler seed + stable keys
• deterministic results under identical IR + run config inputs

Owner binding notes:

• Lowering rules use owner_entity = "${subject}".
• ${subject} resolves to the contract subject entity declared in source.
• If a contract omits on entity, compiler compatibility fallback binds to the model's first declared entity.

Validations status

CRE domain checks are enforced during lowering-time validation (compile path) and emitted as standard diagnostics (E6xxx_*), without a separate pack validation stage.

Current codes:

• E6001_CRE_LEASE_MISSING_BASE_RENT
• E6002_CRE_LEASE_INVALID_TERM_RANGE
• E6003_CRE_LEASE_UP_MISSING_MONTHS
• E6004_CRE_LEASE_UP_INVALID_OCCUPANCY
• E6010_CRE_EXIT_MISSING_EXIT_CAP
• E6011_CRE_EXIT_INVALID_EXIT_CAP
• E6012_CRE_EXIT_MISSING_NOI_REF_OR_VALUE
• E6020_CRE_OPS_MISSING_AMOUNT
• E6021_CRE_OPS_INVALID_SCHEDULE

Lease-by-lease contracts (institutional DCF parity)

Per-tenant contracts use suffixed names (cre.lease_unit.tenant_a); one rule lowers every instance, emitting per-instance streams (cre.unit.base_rent.tenant_a). Metrics aggregate them with .* wildcards. Escalations anchor to lease anniversaries (months_between(term_start, time.date)), not model years.

Recoveries support expense stops with a gross_up_factor (opex grossed to stabilized occupancy before the stop test); a base-year structure is the stop set to year-0 grossed-up opex.

Rollover downtime follows industry-standard expected-value semantics: the window starts at expiry, the first downtime_months pay only the renewal-scenario rent (p × renewal), and the full probability-weighted blend applies after. cre.exit_forward derives the sale-year NOI from the modeled streams over the 12 months after the sale date (requires time ... project 12); cre.exit remains for analyst-supplied forward NOI. Remaining simplification (documented): blended rollover TI/LC pays entirely at expiry rather than splitting the new-lease portion to after downtime.

Simple whole-property contracts

cre.lease, cre.ops_revenue, cre.ops_expense, cre.exit_cap, and cre.construction_stub model a property at the whole-asset level, for when lease-by-lease detail isn't warranted. They follow the same conventions as the lease-by-lease set: schedules run over the contract's own term, time is measured from term_start, and every material value is a required term — the pack supplies no amounts, rates, or dates of its own.

Quick start

A two-tenant office tower: lease-by-lease rent, recoveries above an expense stop, property operating expenses, and probability-weighted rollover.

version 0.1
model "my-office"
use pack "cre" version "0.1.0"
time calendar monthly from 2026-01 for 120 project 12

entity asset tower

// Full expense stop at the year-1 level: the tenant reimburses its share of
// opex growth above that stop, not the base.
contract cre.lease_unit.tenant_a on entity asset.tower {
  term 2026-01..2030-12
  terms {
    rent_year = 480000
    free_rent_months = 3
    escalation = 0.03
    opex_year = 300000
    opex_escalation = 0.025
    expense_stop_year = 300000
    pro_rata_share = 0.40
    ti_total = 120000
    lc_total = 80000
  }
}

// A lower stop: this tenant reimburses its share above $180k from day one.
contract cre.lease_unit.tenant_b on entity asset.tower {
  term 2026-07..2033-06
  terms {
    rent_year = 360000
    escalation = 0.025
    opex_year = 300000
    opex_escalation = 0.025
    expense_stop_year = 180000
    pro_rata_share = 0.30
    ti_total = 100000
    lc_total = 50000
  }
}

// The expense the recoveries above are measured against.
contract cre.property_opex on entity asset.tower {
  term 2026-01..2036-12
  terms {
    opex_year = 300000
    escalation = 0.025
  }
}

// Rollover starts AT EXPIRY. During downtime only the renewal scenario pays.
contract cre.rollover.tenant_a on entity asset.tower {
  term 2031-01..2036-12
  terms {
    renewal_probability = 0.7
    renewal_rent_year = 520000
    market_rent_year = 560000
    market_escalation = 0.03
    downtime_months = 3
    renewal_ti_lc = 100000
    new_ti_lc = 350000
  }
}

The project 12 tail extends evaluation past the hold so exit valuation sees a full forward year. Rollover windows start AT EXPIRY; escalations step on lease anniversaries.

Run it

cfdl compile my-office --packs packs --out my-office/ir.json
cfdl run my-office/ir.json --packs packs --pack cre --out my-office/results.json --rate 0.07

Recipes

Exit on engine-derived forward NOI:

contract cre.exit_forward on entity asset.tower {
  term 2035-12..2035-12
  terms { exit_cap = 0.0625 }
}

Property-level opex (escalating):

contract cre.property_opex on entity asset.tower {
  term 2026-01..2035-12
  terms { opex_year = 300000 escalation = 0.025 }
}

Stochastic rollover — draw the renew/re-lease outcome per trial instead of expected-value blending; see fixtures/valid/cre_stochastic_rollover/ and the stochastic-modeling docs.

Full worked models: benchmarks/cre/office_two_tenant/ (full institutional-parity case), benchmarks/cre/retail_strip/ (base-year gross-up + percentage rent), and the CRE office notebook in examples/notebooks/.

Metrics reference

Computed automatically whenever a model runs with the cre pack, alongside the core metrics (NPV, IRR, MOIC, payback, WAL). Enumerated from the pack definition, so this list is always complete.

Validations reference

Checked at compile time. Each is a stable diagnostic code that is never renamed or reused; see diagnostics.

Worked example models

Benchmark cases are validated period-by-period against an independent reference implementation.

• CRE: two-tenant office
• CRE: retail strip with expense stops
• CRE examples overview
• Lease-up
• Developer lifecycle
• Phased development
• Multi-file model
• Development with financing