Entries by Spencer Burton

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All-in-One (Ai1) Walkthrough #8 – Tenancy Analysis Report for Office, Retail, and Industrial

This walkthrough, our eight in the series, explains how the Tenancy Analysis report for office, retail, and industrial real estate underwriting works in our All-in-One (Ai1) model. The Tenancy Analysis report includes a tenant rollover schedule, a graph illustrating cumulative expiration of net rentable area by year, a summary of weighted average lease term and remaining […]

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All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition (Updated 8.12.17)

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016 I released the first beta-version of the model – my All-in-One (Ai1) Underwriting […]


New Support Forum for the All-in-One (Ai1) Underwriting Model

Since releasing the first beta version of the All-in-One Underwriting Model, we’ve fielded hundreds of emails related to the model. Inquiries range from questions to feature requests to thank yous. We welcome the chance to interact with our readers, and acknowledge that the model will only become as good as the feedback we receive from […]


Landing Your First Analyst Job in Commercial Real Estate

That first job in real estate, most likely at the analyst-level, will be one of the most important jobs – if not the most important job – of your real estate career. Now don’t misunderstand me. Failures can be overcome, wrong decisions can be made right, and mid-career pivots can be successfully executed. But landing a […]

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All-in-One (Ai1) Walkthrough #7 – Ground Lease Valuation Module

This walkthrough, our seventh in the series, explains how the Ground Lease Valuation Module works and how to implement this tool into your analysis. The All-in-One Model includes two methods to account for a ground lease. The first is to simply include the ground lease payments in the operating expenses (above NOI), thus reducing the value […]