Rent is one line. The 2027 real estate budget also carries escalations, CAM true-ups, retention releases, equipment deposits, and a build that spends before it reimburses. Here is how I classify every dollar and lay it out by the month cash actually clears.

Founders polish the model and the clinical story, then the buyer's diligence team opens the data room and goes straight to the leases. The three questions they answer first, what they're really testing, and the lease administration system that keeps the file clean so diligence is an export, not an archaeology project.