Archive for month: June, 2019

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January 2022

• Added a ‘Calculating Gross Returns vs. Net Returns’ section to the Adding GP Fees lesson in the Modeling Partnership Cash Flows course
• Created a ‘Calculating Gross Returns vs. Net Returns’ tutorial video
• By popular demand, we’ve replaced the old video intros and outtros with new and improved intros and outros
• Added custom case study thumbnails to each of the case study specific videos
• Added custom course thumbnails to each of the course introduction videos

November 2021

• Updated solution file for ‘Watch Me Solve a REPE Test’ tutorial; includes a few misc. fixes and improvements

August 2021

• Edited Instructor-Student forum lesson with Spencer and Michael’s updated bios

June 2021

• Updated the forward rate curve file in the ‘Modeling Floating (Variable) Rate Debt‘ Advanced Concept module to May 29, 2021
• Added Floating Rate debt to Glossary
• Added Fixed Rate debt to Glossary
• Added Prepayment Penalty to Glossary
• Added Yield Maintenance to Glossary
• Created new Advanced Concept Module: ‘Mortgage Prepayment Fees, Including Yield Maintenance and Defeasance‘
• Created new Advanced Concept Module: ‘Mortgage Prepayment Fees, Including Yield Maintenance and Defeasance‘

May 2021

• Misc. server-side performance enhancements
• Instructions how to join the LinkedIn graduates group

April 2021

• Part II of the Definitive Guide to Microsoft Excel for Real Estate – The Features That Matter added to the Library of Supplementary Tools
• New case study: The Cellon Group – Real Estate Asset Management Analyst Test
• Added solution to ‘The Cellon Group – Real Estate Asset Management Analyst Test’
• Expanded Advanced Concept Module on how to breakout partnership preferred return, return of capital, excess cash flow, and promote, to include a new tutorial on how to breakout the cash flows by period
• New mini video tutorial added to the Library of Supplementary Tools with additional guidance for modeling complex, multi-partnership structures
• In response to forum question, created mini-video tutorial that talks through the discounted cash flow method for valuing real estate
• Added New Advanced Concept module: “Dynamically Forecasting Development Cash Flows”

December 2020

• Part I of the Definitive Guide to Microsoft Excel for Real Estate – The Functions That Matter added to the Library of Supplementary Tools
• Added to the Guide to Getting Started, a link to the Definitive Guide to Microsoft Excel for Real Estate
• Fixed link in course 1, lecture 2.2 to resource about cap rates

November 2020

• Added ‘Modeling Variability in Income and Expense Line Items’ to Advanced Concepts in Real Estate Financial Modeling Module
• Added ‘Development Cash Flow: Creating a Steady Decrease Formula (Inverse to the Steady Growth Formula)’ to Advanced Concepts in Real Estate Financial Modeling Module
• Added ‘Altering The Development Model For Pari Passu Coverage of Development Costs Between Debt and Equity’ to Advanced Concepts in Real Estate Financial Modeling Module
• Added ‘Advanced Lender Risk Metrics – Duration and Average Life’ to Advanced Concepts in Real Estate Financial Modeling Module
• Added ‘Using Stochastic (Probabilistic) Analysis and Monte Carlo Simulations’ to Advanced Concepts in Real Estate Financial Modeling Module
• Added video on ‘How to Visualize an IRR Matrix Using Excel’s Charting Tools’ based on a forum post to the Library of Supplementary Learning Tools
• Added ‘The Definitive Guide to Microsoft Excel – The Functions That Matter’ to the Library of Supplementary Learning Tools
• Added to the Guide to Getting Started, a link to the Definitive Guide to Microsoft Excel for Real Estate

October 2020

• Added a complimentary download link to the A.CRE Geocoding Excel Add-in to the Library of Supplementary Tools
• Added mini video tutorial ‘Modeling Total Potential Gross Rent in Long-Term Leases‘ to the Library of Supplementary Tools
• Mini-tutorial added to Library of Supplementary Tools: Technique for Extending Analysis Period in an Existing Model
• Video tutorial for extending analysis period added to Advanced Concept module ‘Modeling a Construction Loan Takeout‘
• Added mini video tutorial ‘XIRR Dynamic to Project Start Date’ to the Library of Supplementary Tools

September 2020

• Update to the core platform code to reduce load time between lectures
• In response to a forum question, created a mini-tutorial on how to model a CapEx Reserve Account
• Slight edit to question 3 in the Retail Income Statement Quiz, to make the question more clear
• Created tutorial for building Dynamic Portfolio (Fund) models in Advanced Concept module 1.8: Considerations in Portfolio-Level Modeling
• Added new Watch Me Build video to Library of Supplementary Tools: Partitioning an IRR and Equity Multiple
• Added new Case Study to Library of Supplementary Tools: Hamilton Park VIII: Industrial Development Residual Land Analysis
• Added solution file to Hamilton Park VIII Case Study
• Added solution video to Hamilton Park VIII Case Study

August 2020

• Added ‘Watch Me Build – American-Style Real Estate Equity Waterfall Model’ to the Library of Supplementary tools
• Updates to the Guide to Getting Started to provide further guidance for members with an advanced proficiency modeling real estate
• New Advanced Concepts Module: ‘Advanced Lender Risk Metrics – Duration and Average Life‘
• Added a ‘Troubleshooting Issues’ subsection to the ‘Add a Recalculate Button to Avoid Circular References’ Advanced Concept module

July 2020

• New Case Study: ‘Just the Facts – Retail Sale-Leaseback’ added to the Library of Supplementary Learning Tools
• New Modeling Test / Case Study: ‘The Stones Hotel – Acquisition’ added to the Library of Supplementary Learning Tools
• Added Instructor bios to the Guide to Getting Started to better introduce Spencer and Michael to new Accelerator members
• New Case Study: ‘The Jefferson – Branded Condo Development’ added to the Library of Supplementary Learning Tools
• ‘The Jefferson – Branded Condo Development’ case solution added
• The video solution for The Presidio was added to the case study lecture
• The solution to the extra credit was added to The Presidio Case Study

June 2020

• New Case Study: ‘Presidio’ added to the Library of Supplementary Learning Tools
• New Case Study: ‘Renovo Tower’ added to the Library of Supplementary Learning Tools
• Added a solution file to the ‘Presidio’ case study
• Added a solution file to the ‘Renovo Tower’ case study
• Added a ‘Watch Me Solve’ video to the ‘Renovo Tower’ case study
• Merged practice tests and case studies subsections of the Library of Supplementary Learning Tools
• Updated ‘East Lang Ellis’ with ‘Renovo Tower’ investment details

May 2020

• New Advanced Concept Module: Modeling Variability in Income and Expense Line Items
• Updates/fixes to Accelerator Forums

April 2020

• Added template and completed Excel files to Lecture 1.4 of course 4d. Real Estate Income Statement – Multifamily
• Added new Watch Me Build module to Library: Watch Me Build – Capital Stack with Mezzanine Debt

February 2020

• Added ‘Watch Me Build Data Tables for Real Estate Sensitivity Analysis‘ tutorial to Library of Supplementary Learning Tools
• Added ‘Modeling Existing Debt‘ forum video to Library of Supplementary Learning Tools
• Note added to ‘Waterfall Model #1 – Annual Cash Flows and a Cash-on-Cash Hurdle‘ lecture to address an optional modification to the model
• Forum thread discussing modification to Cash-on-Cash Waterfall model that would improve consistency
• Added ‘Mezz Debt – Interest Partially Capitalized‘ video tutorial to Library of Supplementary Learning Tools
• Added note to ‘Modeling Alternative Interest Calculation Methods‘ lecture related to using one method for charging interest, while using a separate method for setting debt service payment
• Built a new Advanced Concept module entitled “Ground Leases, Valuation, and Impact on Cash Flow” with accompanying Ground Lease Valuation model

January 2020

• Added new section to ‘Library of Supplementary Learning Tools’ entitled ‘Forum Post Videos’, providing quick access to video tutorials created in response to forum questions
  • One Technique for Manually Auditing an Excel Model
  • Creating Custom Conditional Formatting Rules
  • Troubleshooting Slow Excel Workbooks
  • Modeling a Simple Interest Preferred Return
  • Combining Multiple Uses from Two Models into One
  • Modeling Lease-Up Income During Construction
  • Waterfall with Mid-Hold Capital Event
  • Two Methods for Modeling Residential Lease-Up
  • Greater Explanation of Circuit Breaker
  • Adding an Operating Shortfall to Model
  • How to Model Multi-tenant Industrial Building Converted to Condo
  • Hiding/Showing Excess Rows and Columns
  • Catch Up Provision Example
• Added new module to ‘Advanced Concepts’ course entitled ‘Creating In-Cell Buttons, Toggles, and Navigation Buttons’ in Excel
• Updated ‘The Foles’ offering memorandum to correct a rounding error in average SF (790 vs 791)
• Updated ‘Crescent Apartments’ Sales Comps Excel file to use weighted average square feet rather than average

December 2019

• Updated five videos in Long-Term Leasing section of Introduction to Modeling Leases course to fix three minor errors visible in each of the videos
• Updated the Watch Me Build video and final Excel file for the Introduction to Modeling Leases course
• Added ‘Watch Me Expand a Single Family Home Construction Pro Forma to Analyze Multiple Homes‘ to library of supplementary tools.

November 2019

• Released the ‘Modeling Annual Partnership Distributions with Monthly Property-Level Cash Flows‘ module in the Advanced Concepts course
• Released the ‘Framework for Modeling Mixed-Use Investments‘ module in the Advanced Concepts courses
• Reorganized the layout of the Advanced Concepts course, separating the various modules into three sections to make it easier to navigate the course
• Created new bonus course entitled: Library of Supplementary Learning Tools
  • Moved Watch Me Build videos from Advanced Concepts course to this new course
  • Added section where we will begin to add supplementary Case Studies
  • Added section where we will begin to add supplementary Technical Interview Exams
  • Added section where we will begin to add supplementary Excel files
• Minor update to the ‘Step 2’ video in the ‘Working with Apartment Rent Roll Exports‘ lecture of the Real Estate Income Statement – Multifamily course

October 2019

• Added 10-part ‘Watch Me Build’ supplementary series to the Advanced Concepts in Real Estate Financial Modeling course. Lectures include:
  • Lecture 2.1 – Introduction to this Watch Me Build Section
  • Lecture 2.2 – Watch Me Build a Residential Land Development Model
  • Lecture 2.3 – Watch Me Build a Multifamily Real Estate Model
  • Lecture 2.4 – Watch Me Build a Tenant Rollover Analysis Model
  • Lecture 2.5 – Watch Me Build a 4-Tier Equity Multiple Waterfall Model
  • Lecture 2.6 – Watch Me Build a Construction Draw Schedule
  • Lecture 2.7 – Watch Me Solve a REPE Technical Interview Modeling Test
  • Lecture 2.8 – Watch Me Build a Dynamic Mortgage Amortization Table in Excel
  • Lecture 2.9 – Watch Me Build 30/360, Actual/365, Actual/360 Amortization Tables
  • Lecture 2.10 – Watch Me Build a 3-Tier Real Estate Equity Waterfall Model
• Minor error fix: In the videos for course 1. Direct Cap Method to Valuing Real Estate, the operating expenses /Unit heading reads ‘/Unit/Mo’ but it should read ‘/Unit/Yr’. The template and completed files have been corrected.
• Added text-searchable captions to all 217 videos within the following courses/sections:
  • All videos posted to forum threads
  • i. Guide to Getting Started with A.CRE Accelerator
  • 1. The Direct Cap Method to Valuing Real Estate
  • 2. The DCF Method to Valuing Real Estate
  • 3. Anatomy of the Real Estate DCF
  • 3a. Calculating Key Risk and Return Metrics
  • 4a. Real Estate Income Statement – Retail
  • 4b. Real Estate Income Statement – Hotel
  • 4c. Real Estate Income Statement – Office
  • 4d. Real Estate Income Statement – Multifamily
  • 4e. Real Estate Income Statement – Industrial
  • 5. Introduction to Modeling Leases
  • 6. Introduction to Development Cash Flow Modeling
  • 7. Introduction to Real Estate Debt
  • 8. Introduction to Partnership-Level (Waterfall) Modeling
  • 9. Building an Acquisitions Model from Scratch
  • 10. Building a Development Model from Scratch
  • 11. Solving a Real Estate Financial Modeling Test
  • Advanced Concepts in Real Estate Financial Modeling
• Added link to forward rate curve on How to Model Floating Rate Debt module
• Replaced a broken link in lecture 2.3 of course 1. The Direct Cap Method to Valuing Real Estate, that had referenced now unavailable information on RUBS

September 2019

• Initial release