Blog - A.CRE Accelerator

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January 2022

Added the ‘Ground Lease Valuation Model‘ to the Financial Models Bundle
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

# Version 1.0.8 – January 07, 2022 (Beta Platform)

Make entire endorsement card clickable in Programs page
Remove “[Optional]” text from endorsement description

# Version 1.0.7 – January 03, 2022 (Beta Platform)

Fix issues in mobile version Endorsement page

December 2021

Beta Platform:

Implement sort for Q&A topics
Add SEO friendly URL for each course
Show course link in Q&A topic notification email

November 2021

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

Beta Platform:

Enterprise dashboard page for group managers
Add “Copy permalink” for core curriculum certificate
Add “A.CRE” link to header bar
Add “Continue” button for each curriculum in program progress page

October 2021

Opened beta of new Accelerator platform to all existing Accelerator members, if they so choose to try the beta version of the new platform
Released a blog post discussing the new Accelerator platform, which includes why we’re building it, what’s new, and when it will replace the existing platform
Wrote an FAQ for the new Accelerator platform
Updated UK Debt Advisory Firm Modeling Test solution to correct an error in debt service calculation methodology

Beta Platform:

Automatic error tracking & reporting feature added
Updated progress percentages to reflect all progress including lesson progress

September 2021

Added 26 new terms to the Glossary of CRE Terms
Added a new case study: UK Debt Advisory Firm Modeling Test
Added the solution to UK Debt Advisory Firm Modeling Test Case Study

August 2021

Added new Advanced Concept Module: Modeling Irregular Contributions of Equity
Setup authentication for all Accelerator members to the new Accelerator learning platform (to be launched in September); all members now have access to both the existing platform and the new platform
Edited Instructor-Student forum lesson with Spencer and Michael’s updated bios

July 2021

Added a new case study: Walgreens vs. Walgreens – STNL Investor
Added the solution to Walgreens vs. Walgreens – STNL Investor case study
Created video tutorial for completing The Cellon Group – Asset Management Analyst Test
Added a Watch Me Build – Custom Rent Schedule Module to the Library of Supplementary Tools

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‘
Added a mini-video tutorial to the Modeling Long-Term Leases section that teaches an alternative formula for escalation month

May 2021

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

April 2021

Added New Advanced Concept module: “Dynamically Forecasting Development Cash Flows“
Fixed typo in ‘Boss’ Notes’ in Direct Cap Method to Valuing Real Estate

March 2021

In response to forum question, created mini-video tutorial that talks through the discounted cash flow method for valuing real estate
18 new questions in the Accelerator forum
55 new replies in the Accelerator forum
Misc. code updates to improve performance

February 2021

Added Tag Cloud to sidebar of Accelerator Forums, making it easier to browse for topics of interest
‘My Forums and Topics’ section added to sidebar of Accelerator Forums, making it easier to find your personal topics
‘Latest Topics’ section added to sidebar of Accelerator Forums, making it easier to browse latest content
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

January 2021

New case study: The Cellon Group – Real Estate Asset Management Analyst Test
Added solution to ‘The Cellon Group – Real Estate Asset Management Analyst Test’
Added loading screen to Learning Dashboard to alert users when the slow load is due to the system updating/building the Learning Dashboard page
Updated the front page image for Q1 2021

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
Part II of the Definitive Guide to Microsoft Excel for Real Estate – The Features 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

Code update to video player to accommodate browsers on newer iPhones (In Progress)
- Guide to Getting Started now compatible with newer iPhones
- Direct Cap Method to Valuing Real Estate now compatible with newer iPhones
- DCF Method to Valuing Real Estate now compatible with newer iPhones
Added new Advanced Concept Module: Using Stochastic (Probabilistic) Analysis and Monte Carlo Simulations
Added new mini-video tutorial: How to Visualize an IRR Matrix Using Excel’s Charting Tools
Added introductory video to ‘Using Stochastic (Probabilistic) Analysis and Monte Carlo Simulations‘
Added Watch Me Build video, showing how to add probabilistic assumptions to the 10000 Fitness Way model
Added Watch Me Build video, showing how to add a Monte Carlo Simulation module to the 10000 Fitness Way model

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
Video tutorial for extending analysis period added to Advanced Concept module ‘Modeling a Construction Loan Takeout‘
Mini-tutorial added to Library of Supplementary Tools: Technique for Extending Analysis Period in an Existing Model
Added section on ‘LinkedIn Skills Endorsements’ to the How to Leverage Your Accelerator Certificate of Completion
Added mini video tutorial ‘XIRR Dynamic to Project Start Date’ to the Library of Supplementary Tools

September 2020

In response to a forum question, created a mini-tutorial on how to model a CapEx Reserve Account
Added How to Model CapEx Reserve Account to ‘Forum Post Videos’ section of the Library of Supplementary Tools
Slight edit to question 3 in the Retail Income Statement Quiz, to make the question more clear
Update to the core platform code to reduce load time between lectures
Updated course 2.5 to correct an error in the text for the NPV solution
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‘
In response to a forum question, created a quick Excel example of how a mortgage loan can actually lower the IRR of an investment
Added a ‘Troubleshooting Issues’ subsection to the ‘Add a Recalculate Button to Avoid Circular References‘ Advanced Concept module
Update front page background image
Expanded main menu to provide easier access to supplementary and advanced tools available beyond the core courses

July 2020

New Case Study: ‘Just the Facts – Retail Sale-Leaseback‘ added to the Library of Supplementary Learning Tools
DCF Valuation Revisited – a video created in response to a forum post about using present value in real estate
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
New mini-tutorial: “Modeling a Custom Rent Schedule‘ added to the Library of Supplementary Learning Tools
In response to question regarding IRR*12 in lender cash flow, created an example Excel model with 120-period amortization table
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

Updated Accelerator home page background image
In response to a forum post, created a short tutorial for how to calculate land value in a ‘Covered Land Play’ scenario
New Advanced Concept Module: Break Out Promote, Preferred Return, Excess Cash Flow, Return of Capital Plus Separate Returns Before and After Fees
Update lecture 2.3 of the Waterfall Modeling course to include a link to the new Advanced Concept course that expands the model built in lecture 2.3
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
Created a video tutorial with Excel file showing how to amortize debt with semi-annual (and other) interest compounding
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
Updated Main Menu for improved navigation
Added a short video tutorial on calculating monthly hurdle rate using an actual month and 365 day year
Fixed typo in ‘The Foles’ boss’ notes
79 new replies and 28 new forum topics in the Accelerator forums

May 2020

Framework for Modeling Bridge + Construction Loan added to the Library of Supplementary Tools
Capital Stack with Customer Deposits added as Source added to the Library of Supplementary Tools
Added new Watch Me Build module to Library: Watch Me Build – Capital Stack with Mezzanine Debt
A mini-tutorial in response to a question about building an absorption module
Walk through of how to perform a residual land value analysis
Video tutorial plus Excel file to illustrate the concept of cap rate vs. unlevered IRR
New Advanced Concept Module: Modeling Variability in Income and Expense Line Items
Updates/fixes to Accelerator Forums
Added to lecture 3.2 of the last course of the Accelerator, helpful tips for sharing your Certificate of Completion on LinkedIn
94 new replies and 40 new forum topics in the Accelerator forums

April 2020

Added template and completed Excel files to Lecture 1.4 of course 4d. Real Estate Income Statement – Multifamily
Updated Lecture 1.1 of course 4e. Real Estate Income Statement – Industrial
Added note to lecture 3.7 of course 5. Introduction to Modeling Leases related to modeling 1st generation leasing costs (see this forum thread for more color)
Created a mini-tutorial with Excel template for how to model a land loan bridged to construction loan financing structure in real estate development
Created a mini video tutorial that shows one way to model a capital stack with three sources of capital, where one source consists of customer deposits
Added a follow-up video to supplement the mini-tutorial on bridge to construction loan structure
Explanation of bell curve vs. s-curve, together with two charts to visualize as well as a simple Excel model to further illustrate
121 new replies and 54 new forum topics in the Accelerator forums

March 2020

Video response to question related to modeling existing debt
Lengthy forum response related to performing comp analysis
Added ‘Watch Me Build Data Tables for Real Estate Sensitivity Analysis‘ tutorial to Library of Supplementary Learning Tools
Numerous forum post threads and responses
Server upgrade with speed, performance, and security improvements
Significant enhancements made to the Accelerator Forums
- New ‘Welcome Back’ section on main forum page with links to ‘New posts since last visit’ and ‘User Profile’
- ‘New topic’ and ‘New reply’ badges next to new content posted to forums
- Added sidebar sections including ‘Topics Views List’, ‘Forum Information’, and ‘Topic Information’
- Added more robust topic/reply text editor with many new features (align, font color and size, lists, links, strikethrough, indent, horizontal line, etc)
- Both WYSIWYG and HTML text edit options
- Attachments now supported for inserting Excel files, PDFs, Docs, etc
- Updated Topic/Reply notification email template
Added a ‘Need Help?’ section to the 4E. Industrial Income Statement course to help members complete the final case assignment
Recorded a new 20 minute Watch Me Build video showing you how to transpose a detailed industrial property income statement to a summary industrial property income statement
Built a new Advanced Concept module entitled “Ground Leases, Valuation, and Impact on Cash Flow” with accompanying Ground Lease Valuation model
65 new replies and 26 new forum topics in the Accelerator forums

February 2020

Added ‘Modeling Existing Debt‘ forum video to Library of Supplementary Learning Tools
Added guidance on how to include the A.CRE Accelerator Certificate of Completion on graduates’ resume
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
Created video forum response related to question about ‘Variability in Operating Expenses Based on Occupancy‘
Posted new Modeling Test ‘Hotel Investment Opportunity‘ to the Library of Supplementary Learning Tools
Posted new Modeling Test ‘Apartment Acquisition‘ to the Library of Supplementary Learning Tools
91 new replies and 27 new forum topics in the Accelerator forums

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
Added new module to ‘Advanced Concepts’ course entitled ‘Creating In-Cell Buttons, Toggles, and Navigation Buttons‘ in Excel
Created video response to forum question related to making real estate financial models more intuitive and user-friendly
Updated Guide to Getting Started to highlight the new and expanding supplementary resources
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
In course 8. Partnership-Level (Waterfall) Modeling, changed the Equity Multiple calculations for the GP and LP in lectures 2.5 and 3.1-3.2 to the more robust SUMIF() logic
In response to a forum post, a lengthy discussion on why use Yield-on-Cost in value-add underwriting
68 new replies and 20 new forum topics in the Accelerator forums

December 2019

Launched bonus ‘Guide to Networking and Careers in CRE‘ course for all Accelerator Members. Includes three career case studies, nearly two hours of audio lectures, and lecture notes for how to land that next (or first) job in commercial real estate
- Added lecture: Introduction to Careers in CRE
- Added lecture: Building Your Value in Real Estate – Deal Seasoning and Quality of Network
- Added lecture: A Framework for Landing that First (or Next) Job in CRE
- Added lecture: Step 1: Choose Your Focus – Property Type, Location, Firm Type, and Role Type
- Added lecture: Step 2: Create Your “LAMP 4 CRE” List
- Added lecture: Step 3: Identify Contacts at Companies on Your List
- Added lecture: Step 4: Reach Out and Build Your Network
- Added lecture: Step 5: Submit “Warm” Applications
- Added lecture: Practice Regular Follow-Up and Give Back as Your Career Grows
- Added lecture: Appendix: The Real Estate Resume
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
Video response to forum post related to partnership distributions upon mid-hold cash-out refinance events
Applied a database fix related to an issue where a few members were unable to access courses they’d previously completed
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
Updated ‘Modeling Multiple Tranches of Capital Sources Dynamically‘ module to include an optional tutorial for modeling irregular timing of contributions of capital
Video response to a forum post about how to handle irregular timing of contributions of capital
Video tutorial created, in response to a forum question, showing how to create custom Conditional Formatting rules to improve user experience
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:
Released the Accelerator for Enterprise, a platform for the Accelerator real estate financial modeling training program tailor-made for organizations
- New Master Accounts and Sub-accounts
- Add new licenses as needed
- Separate login and forum for Enterprise
- Enterprise Dashboard where Master Account holder can add/edit/remove users
- Weekly email progress sent to Master Account for each sub-account; view progress of sub-account user at anytime view the Enterprise Dashboard
Video response to a forum post on how to calculate simple interest preferred return (i.e. preferred return calculated on contributed capital); the video also covers the difference between a Cash-on-Cash vs. IRR preferred return hurdle
Video response to a forum post on using multiple single-use models to analyze a mixed-use opportunity
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.
Built and shared a multi-tiered cash-on-cash return waterfall model to help answer a forum post
Updated General Vacancy and Credit Loss language in Boss’ Notes on The Foles case to make it more clear that the assumption should be 5% of Gross Revenue
Video tutorial in response to forum question around how to fix a slow Excel Workbook
Added text-searchable captions to all videos within the following courses:
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

Minor update to the ‘Guide to Getting Started‘
Updated Boss’ Notes in Course 1 to clear up confusion around Gross Potential Revenue vs. Gross Market Rent
A video response to a forum question about modeling multifamily lease-up during construction
In response to a forum question, the guys offer one methodology for determining the discount rate to use when calculating the present value of a tax abatement benefit
17 new topics added to the Accelerator forums

August 2019

Released ‘Considerations in Portfolio-Level Modeling‘ module in the Advanced Concepts course
Prior quiz results are now archived after each attempt so you can see past results
Added functionality to be able to review quiz results after completion
In response to a forum post, Spencer created a quick tutorial for partitioning the IRR of an investment with a mid-hold cash-out refinance
A forum question and multiple responses around how to calculate cash-on-cash return in the context of a construction loan takeout with equity proceeds
Released ‘Modeling Partnership Crystallization / Ownership Reset‘ module in the Advanced Concepts course
Misc. updates to 6. Introduction to Development Cash Flow Modeling
15 new topics added to the Accelerator forums

July 2019

Added link to the A.CRE Job Board in the main menu; A.CRE Jobs is a great free resource for Accelerator members to search for jobs in CRE
Released ‘Add a Recalculate Button to Your Development Model with Non-Circular References‘ module in the Advanced Concepts course
In response to a forum post, Michael uploaded a video response where he expands on the discussion of adding a Circuit Breaker when using circular references in Excel
A greater explanation of the logic used to calculate GP Distribution is now provided in Lecture 2.3 of Course 8. Introduction to Partnership-Level (Waterfall) Modeling.
Update Accelerator Member home page to include button to Accelerator Forums
Revamped Hotel Income Statement course to provide greater clarity and improve video tutorials
Updated video to Course 7, Lecture 3.5 – Projecting Debt And The Interest Reserve Over the Development Period – Without Circular References – to improve debt cumulative balance calculation formula.
In response to a forum post, Spencer uploaded a video tutorial of two methods for modeling residential lease-up
Added video to lecture 2.3 of ’11. Solving a Real Estate Financial Modeling Test‘ showing an alternative (and preferred) method for calculating the mezzanine loan debt service payment in this case
19 new topics added to the Accelerator forums

June 2019

Created ‘What’s New – Accelerator Changelog‘ page for helping users track changes and be made aware of new features
- Edited ‘Guide to Getting Started’ with link to Accelerator Changelog page
- Added links to Changelog on member home screen
Released ‘One Technique for Modeling an LP Clawback Provision’ module in Advanced Concepts course
Released ‘Modeling a Construction Loan Takeout‘ module in the Advanced Concepts course
In the ‘Guide to Getting Started‘, combined “More Than Just a Real Estate Financial Modeling Course” lecture with the “What is the Accelerator?” lecture
Updated ‘Key-Excel-Functions.xlsx’ to ‘Key-Excel-Functions-v1.1.xlsx‘, a Workbook included in the Guide to Getting Started, fixes issue where INDEX/MATCH, VLOOKUP, and HLOOKUP were not calculating correctly
In response to a forum question, uploaded a video tutorial for adding an Operating Shortfall to my ‘Watch Me Complete’ a WSO REPE Modeling Test
Added two new forums
- Non-Course Specific Real Estate Financial Modeling Questions
- Careers in Real Estate Questions
Added a discussion around IRR*12 vs XIRR in partnership-level waterfall modeling. This can be found under the heading ‘A Comment on IRR Calculation Methods’ in lecture 2.3 of ‘8. Introduction to Partnership-Level (Waterfall) Modeling‘
11 new topics added to the Accelerator forums
Misc. content updates and bug fixes

May 2019

Added enhanced search feature to make finding information in forums and courses faster and easier
- Added to main menu, page sidebar and course sidebar
- In-lecture search functionality to be released in June 2019
Released ‘Two Techniques for Modeling a GP Catch Up Provision’ module in Advanced Concepts course
17 topics added to the Accelerator forums
Implemented various server-side enhancements to improve website speed

April 2019

Released ‘Real Estate Sensitivity Analysis Using a Data Table in Excel’ module in Advanced Concepts course
Released ‘Modeling Multiple Tranches of Capital Sources Dynamically’ module in Advanced Concepts course
24 topics added to the Accelerator forums
Misc. content updates and bug fixes

March 2019

Added ‘Advanced Concepts in Real Estate Financial Modeling’ course layout and curriculum
Released ‘Introduction to Advanced Concepts’ module in Advanced Concepts course
Released ‘Modeling Floating (Variable) Rate Debt’ module in Advanced Concepts course
31 topics added to the Accelerator forums
Misc. content updates and bug fixes

February 2019

20 topics added to the Accelerator forums
Fixed an issue where courses we’re not appearing properly for some users
Visual enhancements to Learning Dashboard
Various content updates and Excel model bug fixes

January 2019

Initial launch of 16 core Accelerator courses and Accelerator forums
31 topics added to the Accelerator forums
Various content updates and Excel model bug fixes

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