{"id":6120,"date":"2025-02-24T10:44:21","date_gmt":"2025-02-24T06:44:21","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=6120"},"modified":"2026-04-13T17:14:42","modified_gmt":"2026-04-13T13:14:42","slug":"cash-on-cash-leverage-in-real-estate","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/02\/24\/cash-on-cash-leverage-in-real-estate\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e4\u10e3\u10da\u10d8-\u10e4\u10e3\u10da\u10d6\u10d4  \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8 \u10e3\u10eb\u10e0\u10d0\u10d5 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d0\u10e8\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Unlike regular corporations, the tax component is excluded here because REITs are not subject to corporate income tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"377\" height=\"79\" data-attachment-id=\"6149\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/02\/24\/cash-on-cash-leverage-in-real-estate\/image-380\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-17.png?fit=377%2C79&amp;ssl=1\" data-orig-size=\"377,79\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-17.png?fit=377%2C79&amp;ssl=1\" class=\"wp-image-6149\" style=\"width: 250px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-17.png?resize=377%2C79&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is nothing special about this formula\u2014it simply weights the returns on debt and equity. However, what I found interesting is that through this weighting, we arrive at both positive and negative Cash-on-Cash leverage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, take a look at the table:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The first section presents the assumptions.<\/li>\n\n\n\n<li>The second section shows how operating and capital returns are distributed between creditors and equity holders under a given leverage structure.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"528\" height=\"302\" data-attachment-id=\"6124\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/02\/24\/cash-on-cash-leverage-in-real-estate\/image-377\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-14.png?fit=528%2C302&amp;ssl=1\" data-orig-size=\"528,302\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-14.png?fit=528%2C302&amp;ssl=1\" class=\"wp-image-6124\" style=\"width: 500px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-14.png?resize=528%2C302&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One key nuance: since we are talking about <strong>cash<\/strong>, the loan amortization portion is also considered. This means that even though the interest rate on the loan is 6%, the bank effectively takes another percentage point from operating income to cover principal repayment. However, it no longer takes anything from capital gains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, if we <strong>flip the middle column of the upper table horizontally<\/strong> and observe how leverage changes, we can see that operating (rental) income increases with leverage. In other words, leverage increases operating cash flow\u2014this is known as <strong>positive Cash-on-Cash leverage<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"567\" height=\"184\" data-attachment-id=\"6129\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/02\/24\/cash-on-cash-leverage-in-real-estate\/image-378\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-15.png?fit=567%2C184&amp;ssl=1\" data-orig-size=\"567,184\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-15.png?fit=567%2C184&amp;ssl=1\" class=\"wp-image-6129\" style=\"width: 500px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-15.png?resize=567%2C184&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, let\u2019s see what happens if the loan interest rate increases from 6% to 8%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"585\" height=\"500\" data-attachment-id=\"6132\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/02\/24\/cash-on-cash-leverage-in-real-estate\/image-379\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-16.png?fit=585%2C500&amp;ssl=1\" data-orig-size=\"585,500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-16.png?fit=585%2C500&amp;ssl=1\" class=\"wp-image-6132\" style=\"width: 500px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/image-16.png?resize=585%2C500&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As you can see, in this case, increasing leverage <strong>reduces<\/strong> operating cash flow. This is how even a slight change in interest rates affects cash flow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2025\/02\/13.-cash-on-cash-leverage.xlsx\">Excel File &#8211; Cash-on-Cash Leverage<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u10ec\u10e7\u10d0\u10e0\u10dd:<\/strong><br \/><em>Commercial Real Estate Analysis and Investments<\/em> \u2013 D. M. Geltner, N. G. Miller, J. Clayton, P. Eichholtz<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>P.S.<\/strong><br \/>For more on <strong><a href=\"https:\/\/eoninvestment.com\/ka\/2024\/12\/18\/positive-vs-negative-leverage-in-real-estate\/\">positive and negative leverage<\/a><\/strong>, check out: <em>Positive vs. Negative Leverage in Real Estate.<\/em> This article discusses overall returns (not just operating\/rental income) in terms of <strong>IRR<\/strong> and demonstrates that there is an <strong>optimal loan interest rate<\/strong> at which leverage no longer affects the return on equity.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>","protected":false},"excerpt":{"rendered":"<p>WACC-\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10d0\u10ea \u10d2\u10d0\u10db\u10dd\u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d0\u10e5 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1\u10d2\u10d0\u10dc \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10d8\u10d7 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8 \u10d0\u10db\u10dd\u10e6\u10d4\u10d1\u10e3\u10da\u10d8\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc REIT-\u10d4\u10d1\u10d8 \u10d0\u10e0 \u10d8\u10d1\u10d4\u10d2\u10e0\u10d4\u10d1\u10d8\u10d0\u10dc \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d8\u10d7. \u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e8\u10d8 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e0\u10d0\u10e4\u10d4\u10e0\u10d8\u10d0, \u10d8\u10e1 \u10e3\u10d1\u10e0\u10d0\u10da\u10dd\u10d3 \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10d3\u10d0 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10ec\u10dd\u10dc\u10d5\u10d0\u10e1 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[776998870,31110612,256440],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445722],"eon_idea":[784445708],"eon_framework":[],"class_list":["post-6120","post","type-post","status-publish","format-standard","hentry","category-commercial-real-estate-analysis-and-investments-d-m-geltner-n-g-miller-j-clayton-p-eichholtz","category-excel-models","category-real-estate-investments","eon_level-advanced","eon_source-commercial-real-estate-analysis-and-investments-d-m-geltner-n-g-miller-j-clayton-p-eichholtz","eon_idea-real-estate-investments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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