Many A.CRE models, especially those with data tables, are set to Partial Calculation Mode by default to enhance performance. In Partial Mode, Excel only recalculates specific cells when manually prompted, which may trigger the Stale Value Formatting strikethrough.

To resolve the issue and restore your workbook to normal:

1. Switch to Automatic Calculation Mode:
   • Open any Excel file.
   • Go to the Ribbon and navigate to Formulas > Calculation Options > Automatic.
   • This ensures all cells recalculate automatically going forward.
2. Disable Stale Value Formatting (Optional):
   • Go to Formulas > Calculation Options > Format Stale Values and turn it off.
   • This will hide the strikethrough but won’t change the underlying calculation behavior.

How to Avoid This Issue in the Future:

1. Understand Default Settings in A.CRE Models:
   • Models with data tables are optimized for performance using the ‘Partial Calculation Mode.’ If you prefer to avoid potential stale value indicators, switch to Automatic Calculation Mode after opening a model.
2. Check Your Excel Version:
   • The Stale Value Formatting feature is specific to Microsoft’s beta version of Excel. If you’re frequently working with A.CRE models and find this behavior disruptive, consider opting out of the beta program.
3. Tweak Workbook Settings:
   • If using Partial Calculation Mode is beneficial for your workflow but the visual indicators are distracting, disable the Stale Value Formatting in Excel settings (Formulas > Calculation Options > Format Stale Values).

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First, the ORI module does not support reimbursement of management fees. The complexity of handling the circular nature of reimbursing management fees outweighs the benefit. As a workaround, we’ve included an Admin Fee that when modeled as approximately the same amount as the management fee gets you to approximately the same outcome.

Second, the ORI module is limited to three generations of leases. This is to avoid exceeding Excel’s memory capacity. Given that the max analysis period in the All-in-One is 10 years, and most long-term leases are 3+ years long with downtime between leases, this limitation shouldn’t affect most people. But if your scenario includes leases shorter than three years, you’ll likely need to use a different solution or shorten your analysis period.

Finally, the lease reimbursement module in the All-in-One has limitations. While NNN and Gross leases generally model well, when you get into gross modified/base year type leases, the reimbursement amounts or more approximations that an accurate forecast of the reimbursements. This again is due to the limitations of Excel. If you need an exact forecast of future reimbursement cash flows, you’ll need to use a non-Excel solution.

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In our waterfall models, ‘Distribution %’ refers to the proportion of cash flow in a given waterfall tier distributed to a given partner. Promote refers to an incentive paid by the partnership to the GP/Sponsor when the investment has achieved certain profit thresholds (i.e. the Preferred Return). If the GP/Sponsor being paid the promote has contributed capital to the partnership, the promote will NOT equal the Distribution %. That is because the GP/Sponsor, as a member of the partnership, is paying a portion of the Promote.

To further explain this concept, below find an excerpt from our Accelerator real estate financial modeling training program, course 15, lesson 3 of the core curriculum:

——

Allow me to quickly teach you how to calculate the distribution percentages based on a given promote. 

• Assume a structure where the promote is paid by the partnership.
• Assume the GP owns 10% of the partnership, while the LP owns 90%.
• Assume all distributions are made pro rata based on each partners ownership share.
• Assume the GP is promoted 20% after the LP achieves a 12%.

Here is language that might represent this structure.

First, each distribution will be made to the partners in accordance with their partnership percentages until the Limited Partner has achieved the 12% promote hurdle; and second, the balance will be distributed (a) 80% to the partners in accordance with their partnership percentages, and (b) 20% to the General Partner as a promote.

So how do we calculate the distribution percentage to each partner above a 12% hurdle?

The formula to calculate Distribution % for the GP looks like this:

GP Distribution % = Promote % + (Pro Rata Share x 1 – Promote %)

The formula to calculate Distribution % for the LP looks like this:

LP Distribution % = 1 – GP Distribution %

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A bit of background on Excel Macros

First off, we assure you that you can enable Macros in our models with confidence. We use Macros in our Excel models to improve the user experience, speed up the models in cases where there are circular references, and to handle various real estate modeling tasks (e.g. calculating reserve accounts) that Excel out-of-the-box can’t.

Sometime in late 2021/early 2022, Microsoft released an updated version of Microsoft Excel that includes greater security protection related to Excel Macros. This update is meant to protect Excel users from downloading files from the internet that contain malicious macros. Unfortunately, in their zeal to protect Excel users from bad actors, they’ve made using A.CRE models a bit more difficult.

• View more details on Microsoft’s website here

Can I use an A.CRE Model without enabling macros?

Unfortunately, the A.CRE Models that we’ve built with macros won’t function properly unless you enable the macros. Therefore, you will need to enable the macros in order to use the models. Below, we’ve recorded a video and shared instructions (from Microsoft’s website) on how to enable macros in models downloaded from A.CRE.

How to enable macros in models downloaded from A.CRE

1. Download and save the Excel model (i.e. Excel file) to a local hard drive, network share, or cloud share drive.
2. Open Windows File Explorer and go to the folder where you saved the file.
3. Right-click the file and choose Properties from the context menu.
4. At the bottom of the General tab, you should see a section for Security. Select the Unblock checkbox and select OK.
5. Open the file and click ‘Enable Content’

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Troubleshooting Tips for Downloading Models

• I’m unsure where to find the download checkout page. Go to the model’s description page within the ‘Library of Real Estate Financial Models‘. On each model description page, you’ll find a big green ‘Proceed to Download Page’ button. This will take you to the download page where you can follow the instructions below to complete the process.
• I click the ‘Set Price’ button but nothing happens. Once you click the ‘Set Price’ button, the site should automatically scroll the download page down to complete checkout. If after clicking the ‘Set Price’ button, that doesn’t happen. Manually scroll down the page to complete checkout. You will know that the ‘Set Price’ button worked, even though it didn’t automatically scroll down, because your model and price will now appear in the ‘Download Details’ box.
• I click the ‘Set Price’ button but nothing happens and the model does not appear in the ‘Download Details’ box. This usually occurs due to an expired cookie or failing to ‘Accept’ cookies upon first accessing the site. To confirm that the issue is cookie related, open a new ‘incognito’ window and navigate to the model download page. Complete the ‘How to Download a Model’ steps below.
• I complete the download but the link sent to my email doesn’t work. Some email providers include built-in security that deactivate in-email download links. If the link in the email doesn’t work, you can find a link to download the model directly in your ‘My Downloads‘ page.
• I get a ‘Sorry, you have reached your download limit for this file’ message. If you choose the ‘Free (Educational Use – 2 Downloads Available for 7 Days’) download option, your download link will only work for seven days or two downloads, whichever is first. You will need to request a new download link by following the ‘How to Download a Model’ steps below.
• I can’t find the model in my ‘My Downloads’ page. This usually occurs when you’ve chosen the free option and you’ve exhausted your max downloads or the model has expired. Follow the ‘How to Download a Model’ steps below to request a new download link.
• None of the above solves my problem. If you continue to have issues downloading the model, click here to contact us.

How to Download a Model

The team at A.CRE has built the world’s largest library of readily accessible real estate Excel models. In fact, this was A.CRE’s initial primary mission – to make institutional-quality models available to all. As a result, we provide all Excel models in our Library on a “Pay What You’re Able” basis, with no minimum.

To download a model from our library:

1. Browse the library for the model that’s right fit for you.
2. Click on the model to read the description page; all models include written and video tutorials (either on the description page or on a separate page) on how to use it.
3. In the description page of the model, find and click the green “Proceed to Download Page” button.
4. On the model download page, choose either the ‘Free (Educational Use)’ or ‘Paid (Unlimited Downloads + Updates)’ option and then enter a price. A.CRE readers who choose to support the mission of A.CRE by choosing the Paid version of the model, are provided unlimited downloads and lifetime updates of that model. Otherwise, there is no difference between the Educational and Paid versions of the model.
5. Once you’ve clicked ‘Proceed to Download’ you will be taken to your Download Queue (i.e shopping cart).
6. Select ‘Proceed to Download’ in the Download Queue or return to the Library of Real Estate Excel Models to add more models to your queue.
7. Once you’re ready to “checkout”, return to the Download Queue and click ‘Proceed to Download’ to be taken to the checkout page.
8. If you’re an existing A.CRE user and you’re not logged in, use the ‘Click here to login’ button to log into your account from the checkout page.
9. If you’re new to A.CRE, within the ‘Account Details’ section, enter your name, zip code, country, and email address and click ‘Complete Checkout’.
10. Review the ‘Download Details’ box and confirm that you’re downloading the correct model and price. If not, or there are other products within the ‘Download Details’ section you don’t intend to buy/download, simply click the green X next to the product to remove it from the transaction.
11. Check the ‘I have read and agree to the terms and conditions’ button, and then click the ‘Complete Checkout’ button.
12. The system will then process the download, and take you to a page with further instructions. A link to download the model will be added to your A.CRE My Downloads page and will also be emailed directly to you.

The post Trouble downloading a model? appeared first on Adventures in CRE Support.

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If you’re not provided that option, there are a few reasons why as well as a few solutions. The reasons are that either your administrator, a setting in your Excel install, or your anti-virus software is blocking you from  being able to enable the macro.

Here are a few solutions for this issue:

https://answers.microsoft.com/en-us/msoffice/forum/msoffice_word-msoffice_custom-mso_2016/macros-disabled-and-cant-enable-them-to-run/fcf43343-acde-4c02-92fb-31a014970967

https://support.microsoft.com/en-us/office/change-macro-security-settings-in-excel-a97c09d2-c082-46b8-b19f-e8621e8fe373

Microsoft has blocked macros from running because the source of this file is untrusted. What do I do?

In newer versions of Excel, users must follow more involved steps to enable Macros. This security feature from Microsoft is meant to protect Excel users from bad actors, but as a consequence makes enabling macros from A.CRE users a bit more difficult! Click here to learn how to enable Macros when you get the warning “Microsoft has blocked macros from running because the source of this file is untrusted.”

(Click here to read more about how Microsoft Excel blocks Macros and how to enable them)

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Troubleshooting the A.CRE Geocoding Add-in:

1. Receiving a ‘REQUEST_DENIED’ error in Excel when attempting to use the add-in? This is due to an issue with your Google API key. It’s similar to a ‘incorrect password’ error when attempting to login to a website. Effectively, Google doesn’t recognize the API key or the key was not setup correctly. Return to the ‘Using the A.CRE Geocoding Add-in’ section above, paying special attention to the Google instructional videos in items 1 through 5.
2. Are cells returning blank when using any of the A.CRE Geocoding Add-in functions? This occurs when the add-in has been disabled. To enable the add-in, go to the ‘GeoCode’ ribbon and click the ‘Addin Status’ button. Then click ‘Enable’.
3. API Key not working? This is almost always because the key was not setup properly, and billing details provided to Google. Find instructions for getting a Google Geocoding API Key here.

Troubleshooting the GOOGLE GEOCODING CUSTOM FUNCTION VIA VBA

1. Failure to Enable XML v3.0 library. In order to use this function you must enable the XML, v3.0 library from VBA editor. To do this, ‘Go to Tools -> References -> check the Microsoft XML, v3.0.
2. You haven’t inserted a proper API Key into the code. As of 2018, the code requires you to insert your own Google Maps Geocoding API key. And as of 2019, it’s necessary to attach billing information to your Google account and link that to your Google project. To get a free API key from Google, use this quick start guide provided by Google.
3. Getting a #VALUE, #NAME, or ‘Server denied the request’ errors. There are a handful of reasons for these errors but generally these errors are because either the function wasn’t setup correctly or the Google API key wasn’t setup correctly. My best advice if you’re struggling with one of these error is to:
   1. Follow the instructions to the T. I know that’s easier said than done, but if you’re not saving the file as a Macro-Enabled file, not turning on Microsoft XML 3.0, entering the API key in the wrong place, inadvertently deleting something from the VBA code, or not entering the address correctly, etc, than you will get an error.
   2. Make sure you’re running the most recent version of Excel. This code may work with older version of Excel, but I have not tested it on versions earlier than 2016.
   3. Make sure you have billing details on file with Google in order for your API key to work. While Google gives you a certain number of API requests for free, Google requires users have a credit card on file to avoid abuse of the API.
   4. Also here’s a quick tip. If you use the GETCOORDINATES() function, the VBA code has a few built-in custom error messages that will help you troubleshoot what you’re doing wrong. For instance, if you haven’t setup your API key correctly, the cell will output: “Invalid API Key”.

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1. Anti-virus or anti-malware software installed on your computer blocks links in certain email messages.
2. Your email client blocks links in email messages from unrecognized senders.
3. The link has expired. Links for free versions of all models expire after 7 days.

The easiest solution to 1 and 2 above is to use the download link in your A.CRE ‘My Downloads‘ page.

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Since XLSB files are binary, they can be read from and written to much faster, making them extremely useful for very large spreadsheets. XLSB files are also generally smaller than typical XLSX or XLSM Excel. As a result, the guys prefer to use the .XLSB file format for many of their more complex models.

However, to open a .XLSB file you must have a version of Excel 2013 or newer. If you don’t have a compatible version of Excel, and since the XLSB file is a compressed version of an Excel file, your operating system (i.e. Windows or iOS) confuses the XLSB file for a zipped file and attempts to extract the file.

To correct this issue, upgrade your Excel to the latest version. If you prefer to open the file in a different spreadsheet tool or find a workaround, you might check out this online guide:

https://www.lifewire.com/xlsb-file-2622534

The post My system is attempting to extract (unzip) the model I downloaded, but I can’t open it. Why did A.CRE send a zip file and why can’t my system unzip the file? appeared first on Adventures in CRE Support.