The total pre-tax levered cash flow that a project produces (including disposition) divided by the total equity invested in that project. Most commonly expressed as a number followed by an "x" (e.g. 2.3x).
For example, if a property is bought for $100, it produces cash of $10 per year for five years, and then is sold for $150 - the total cash "produced" is $200 (i.e. $10 x 5 + $150). $200 divided by the $100 "cost" of the investment (in this illustration there's no leverage, so the equity is also $100) results in a 2.0x equity multiple.
Within Assess, on the Return Summary report, Assess calculates a "running" equity multiple.
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