In a real estate cash flow model the same capitalisation rate used for both entry and exit valuations will result in a reconciliation error if the lease pattern for each valuation is different. Differences on exit are apparent in different review cycles, but also in any residual period due to an unequal unexpired term to review. To allow a more transparent comparison between entry and exit valuations, and easier reconciliation between implicit and explicit models, a fully explicit discounted cash flow (DCF) model is proposed by replacing the implicit terminal valuation with an explicit terminal valuation. The fully explicit DCF model avoids the need for a capitalisation rate as an input variable.