AI for real estate underwriting and asset management
Ultramarine Work reads the OM, rent roll, T-12 and leases in your deal folder. It returns a normalized pro forma, lease abstracts and IC materials, each figure cited to the lease page, ledger line or statement row it came from.
Deerfield-rr-t12-tieout.xlsxExample| Line item | Rent roll annualized | T-12 actual | Variance | Ties to |
|---|---|---|---|---|
| Anchor base rent, Halverson Market | $768,000 | $768,000 | 0 | Lease p. 18 sets $64,000 a month with no free rent, so the two figures are equal. |
| Shop base rent, 19 suites | $1,892,000 | $1,798,300 | −$93,700 | Kestrel Fitness free rent $62,500 and Marlowe Cleaners billed $31,200 under Amendment 2. |
| Percentage rent, Halverson Market | $0 | $22,400 | +$22,400 | 1.25% of sales over the $22.0M breakpoint, $23,792,000 reported (lease p. 24). |
| CAM, tax and insurance recoveries | $431,000 | $412,900 | −$18,100 | Halverson’s $3.10 per SF CAM cap absorbs $18,100 that the roll projects (lease p. 31). |
| Late fees and misc income | $0 | $8,900 | +$8,900 | Below the $10,000 threshold, so these six ledger lines were not traced in full. |
NoteRebill Marlowe Cleaners at $9,800 under Amendment 2, $2,600 a month back to June 2024, $44,200 total.
Ask it for
“Normalize the Deerfield Shops rent roll and T-12, reconcile them, and trace every difference over $10,000 to the lease or ledger line that explains it.”
Deerfield-rr-t12-tieout.xlsx“Abstract the 42 Ashgrove leases and every amendment, mark which document governs where two conflict, and list free rent and option notice dates through 2027.”
Ashgrove-lease-abstracts.xlsx“Update the Vista del Sol sources and uses for the GC’s revised hard costs, extend the draw schedule three months, and show the interest reserve and equity gap.”
Vista-del-Sol-sources-uses.xlsx“Compare the four Elm Creek term sheets: proceeds under each binding test (LTV, 1.30x DSCR, 10% debt yield), all-in cost with fees and cap, prepayment, recourse.”
Elm-Creek-term-sheets.xlsx“Explain Q3 NOI variance against budget for the Ridgeline portfolio property by property, and draft owner commentary on each adverse line over $25,000.”
Q3-owner-report-commentary.docx“Turn the 314 Elm Street model into an IC deck with action titles, base and downside cases, the exit cap grid, and the JV waterfall at 8% pref, then 80/20.”
314-Elm-IC-deck.pptx
Inside the Real Estate Investment & Asset Management mode
Executive storyline and decks
Assembles the IC deck or lender book the way committees read them: a governing message, action titles that carry each takeaway, every exhibit tied to the model.
Tie-out and page-turn review
Page-turns the OM, lender book or QoE against the rent roll, T-12 and leases, tickmarks each figure to support, and lists what it could not tie.
Market sizing and evidence synthesis
Sizes a submarket or trade area top-down and bottom-up, and benchmarks your buildings against comps on rent per SF, occupancy and cap rate.
Cre underwriting
Normalizes the rent roll and T-12, marks the rollover rents to market, sizes the loan on DSCR, debt yield and LTV, and runs the hold/sell returns.
Lease abstracts and rent rolls
Abstracts each lease with its amendments in sequence, stacks rent steps and free rent, and reconciles the rent roll to billing and arrears.
Real estate development underwriting
The development budget comes with sources and uses, a monthly draw schedule and interest reserve, and yield on cost set against the stabilized cap rate.
Property budget and owner report
Builds the property budget lease by lease with recoveries, vacancy and bad debt, and drafts NOI variance commentary for the quarterly owner report.
Cre leasing and tenant representation
Compares lease proposals and renewal offers on net effective rent after free rent, TI and commissions, with total occupancy cost for each.
Cre debt and equity placement
Lender and JV equity quotes go on one grid, each sized to the binding test of LTV, DSCR or debt yield, with all-in cost, fees, caps, prepayment and recourse.
Investment research and IC memos
Drafts the IC memo on a thesis that can be proved wrong, with a sized downside, a variant view and the diligence items still open.
Valuation
Runs direct cap and DCF values with comps quoted on the NOI basis buyers use, and bridges asset values to equity for the football field.
Fundraising and LP materials
Shows gross and net returns on one basis and period, labels extracted and predecessor performance, and drafts ILPA DDQ answers from fund data.
Fair value financial reporting valuations
Prepares quarterly fair value marks under ASC 820 and impairment tests under ASC 360 with the support appraisers and auditors ask for.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
How it works
- 1
Put the deal folder together
Drop the OM, the rent roll export from Yardi or MRI, the T-12, every lease with amendments and free rent schedule, GC bids, term sheets, third-party reports and last quarter’s owner report into the folder, saved the way they arrive.
- 2
Ask for the next piece of work
From that folder you get a rent roll that ties to the T-12, abstracts that flag where a later amendment supersedes, a pro forma with live formulas, a lender grid or the IC deck. Each file cites its sources and names what did not tie.
- 3
Tie it out, then take it to IC
Review it the way you would review an analyst’s first pass. The formulas are live, so you can rebuild NOI and debt sizing yourself, and the flagged gaps become broker questions. What the committee sees is your underwriting, not the tool’s.
Who it’s for
Acquisitions, development, asset management and portfolio professionals at real estate private equity funds, REITs, developers and institutional owners, from analyst to managing director.
Questions
Will it make up rent comps or lose terms buried in amendments and scans?
It does not guess at what it cannot see. Values cite the lease page, ledger line or file behind them, amendments are read in order so a later one supersedes, and each escalation is recalculated to the current rent, since a mismatch usually means a missed amendment. Scanned pages are read as images, and a field the lease does not address comes back as not stated rather than blank. It reports the figures it could not reconcile. Rent comps and market stats come from outside the folder, so check them as you would anything a broker sends.
Our OMs and rent rolls are under NDA. Can we still use it?
That depends on the NDA, so ask your counsel and compliance team before a live deal goes in. A confidentiality agreement that limits disclosure to named parties and their representatives may not cover an AI vendor. If they allow it, content is processed on Paper Instruments’ servers, and Paper Instruments is SOC 2 Type II, with details on our compliance page.
Where does our data go?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.
Can it build LP performance tables and DDQ answers?
Yes, it builds fund performance tables for marketing materials and answers ILPA DDQ questions. It sets gross and net returns side by side with equal prominence, in line with the SEC Marketing Rule’s requirement that both use the same period and methodology, and keeps extracted, hypothetical and predecessor performance separate. What actually ships to investors is a compliance call.
Does it decide what we bid or when we sell?
No, the person decides, and it drafts and checks. It produces the normalized rent roll, the pro forma, the sensitivity grid, the waterfall and the memo with a citation for each input. The bid, the retrade, the hold/sell call and the IC recommendation stay with you, and it does not give investment advice to your clients or committees.