Entries by Spencer Burton

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Single Tenant NNN Lease Valuation Model (Updated May 2024)

I originally built this single tenant net lease (NNN) valuation Excel model back in 2016. Based on some feedback from a few of our readers, I’ve since made quite a few updates (see v2.0 updates video below). This model is an attempt to re-think how the industry underwrites single-tenant net lease investments. The model is […]

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AI Tools for Commercial Real Estate (May 2024 Edition)

If you haven’t noticed, we’ve been exploring use cases, training, and tools related to AI in commercial real estate a lot lately! The reason is that Artificial intelligence (AI) is poised to revolutionize the commercial real estate industry by transforming the way acquisitions, development, management, advisory, and marketing teams in the industry operate. AI tools […]

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Real Estate Financial Modeling Accelerator (Updated May 2024)

Prior to launching the Accelerator program, Michael and I fielded email after email requesting a more structured real estate financial modeling training program on the site. Over the years, we’ve covered hundreds of real estate modeling topics in our blog, published hours of video, and shared 60+ real estate Excel models in our Library. Nonetheless, no […]

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Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated May 2024)

Over the years, this real estate equity waterfall with annual periods and IRR or Equity Multiple hurdles has been one of the most popular models in our library of real estate Excel models. It’s been downloaded thousands of times and we’ve received dozens of suggestions for how to improve the model. As a result, we […]

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Entry-Level Position in Real Estate: Breaking Through the No Experience Barrier

Recruiting for an entry-level position in real estate can be daunting, particularly for those entering this highly competitive field where experience is often prized above all. How does one ‘break through’ when traditional pathways seem blocked by the requirement of prior experience? In this article, we’ll explore practical tips and real-world advice on overcoming the […]

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Ground Lease Valuation Model (Updated May 2024)

The topic of ground leases has come up several times in the past few weeks. Numerous A.CRE readers have emailed to ask for a purpose-built Ground Lease Valuation Model. And I’m in the process of creating an Advanced Concepts Module for our real estate financial modeling Accelerator program covering the mechanics of modeling ground leases. […]

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Watch Me Solve a REPE Technical Interview Modeling Test (Updated May 2024)

What better way to spend some free time over the Thanksgiving holiday, than to record myself completing a real estate private equity technical interview exercise! While I’ve offered help with the real estate technical interview in the past, I’ve never just grabbed an actual technical interview case study and walked our readers through how I […]

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Timing of Preferred Return vs Return of Capital in an Equity Waterfall with IRR Hurdles (Updated May 2024)

Recently, we had an A.CRE reader ask us about the mechanics of Preferred Return distributions in our equity waterfall models with IRR hurdles. Specifically, he questioned the timing of when and how Preferred Return vs Return of Capital were distributed. In this blog post, I’ll share the response I gave him in order to help […]

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Deep Dive: Careers in Commercial Real Estate (Updated May 2024)

The real estate industry is enormous. In the United States alone, over 2.9 million jobs are tied to commercial real estate, 17% of GDP comes from the real estate industry, and the aggregate value of U.S. commercial real estate is approximately $20.7 trillion. Yet, in spite of its impact and size, there is still a […]

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Watch Me Build – Modeling a Rent Schedule in Both Excel and Using AI (Updated May 2024)

In this Watch Me Build video I show you how to build a custom rent schedule module for long-term leases. The foundation of the module is a simple INDEX/MATCH combination that takes a rent schedule and models the rent cash flows across the entire hold period. I also include an optional file that you can […]

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Real Estate Capital Account Tracking Tool (Updated Apr 2024)

I’ll be the first to admit that real estate asset management doesn’t get the attention it deserves on AdventuresinCRE.com. The real reason for this is that we’re not necessarily asset management experts. I spent some time working in asset management as an intern and I took my fair share of asset management courses during my graduate real […]