CRE: retail strip with expense stops

version 0.1
model "retail-strip"
use pack "cre" version "0.1.0"
time calendar monthly from 2026-01 for 84

entity asset strip_center

// Anchor grocer: base-year stop (stop = year-0 grossed-up opex), 95% gross-up,
// 60% pro-rata, plus percentage rent above a $12M breakpoint.
contract cre.lease_unit.anchor on entity asset.strip_center {
  term 2026-01..2032-12
  terms {
    rent_year = 540000
    escalation = 0.02
    opex_year = 240000
    opex_escalation = 0.03
    expense_stop_year = 228000
    gross_up_factor = 0.95
    pro_rata_share = 0.60
    ti_total = 150000
    lc_total = 60000
  }
}

contract cre.percentage_rent.anchor on entity asset.strip_center {
  term 2026-01..2032-12
  terms {
    sales_year = 11500000
    sales_growth = 0.03
    breakpoint_year = 12000000
    overage_pct = 0.02
  }
}

// Inline shops: single lease with net recoveries (no stop), 30% share.
contract cre.lease_unit.shops on entity asset.strip_center {
  term 2026-07..2031-06
  terms {
    rent_year = 288000
    free_rent_months = 2
    escalation = 0.025
    opex_year = 240000
    opex_escalation = 0.03
    gross_up_factor = 0.95
    pro_rata_share = 0.30
    ti_total = 90000
    lc_total = 40000
  }
}

contract cre.vacancy_loss on entity asset.strip_center {
  term 2026-01..2032-12
  terms {
    rate = 0.03
    potential_gross_year = 850000
  }
}

contract cre.property_opex on entity asset.strip_center {
  term 2026-01..2032-12
  terms {
    opex_year = 240000
    escalation = 0.03
  }
}

contract cre.exit on entity asset.strip_center {
  term 2032-12..2032-12
  terms {
    noi_forward_year = 640000
    exit_cap = 0.0675
    selling_costs = 0.015
  }
}

{
  "deterministic": {
    "annual_discount_rate": 0.0775
  }
}