This page provides a summary of changes, enhancements and bug fixes. Please feel free to contact us if you have any questions.
Version 10
All Models
- Completely re-wrote custom fuctions as native Microsoft Excel formulas and removed all Visual Basic for Applications (VBA).
- NO MORE SECURITY PROMPTS! 👏
- Added the ability to expense items directly to JV Partners and/or Developer. (Located in Other Income section of the ‘Cash Flows’ tab.) This will flow through to the ‘Equity Investor Returns’ tab for the JV Partner/Developer.
Version 9.42
All Models
- Added Digital Signature for security in Microsoft Excel.
Version 9.41
All Models
- Bug fixes to the Loan Amortization Tab.
Version 9.4
All Models
- Bug fixes to the Printing system on Macs.
Version 9.3
All Models
- Assumptions Tab
- Added “Initial Interest Only Period” as an option to the Amortizing Loan.
- Loan Amortization Tab
- Updated formulas for Initial Interest Only Period.
Version 9.2
All Models
- Assumptions Tab
- Added the ability to provide a name for the developer and the JV Partner.
- Summary Charts Tab
- Added Custom Functions button which:
- Adjust the Hold Period on the fly
- Estimate the Cost by Changing the Cap Rate
- Estimate the Cost by Changing the IRR
- Estimate the Loan Amount by Changing the DSCR
- Equity Investor Returns Tab
- Added Equity Multiples as metrics for the Developer and JV Partner.
- Reversion rows will automatically show/hide depending on their need.
- Basis (Cash on Cash/IRR) will follow each other.
- Bug fixes.
Version 9.11
All Models
- Bug fixes for printing on a Mac.
Version 9.1
All Models
- Added code to make sure that the Excel calculation method is set to Automatic.
- Added the option to treat the Reversion (sale) Proceeds independently on the Equity Investor Return model.
Version 9.0
All Models
- Added three new accruing reserve accounts:
- Operating Reserves
- Cap Ex Reserves
- TI/LC Reserves
- Added ability to create an operating reserve to cover cash flow shortfalls in any given year.
- Added ability to fund reserves upfront with an initial deposit.
- Added ability to draw from operating reserves to cover tax payments.
- Bug fixes.
Commercial & Mixed-Use Models
- Completely redesigned Commercial Rent Roll will allow greatly user flexibility for rent steps.
- Added new Rent Roll Summary which provides an annual and monthly summary of the Rent Roll income.
Version 8.8
All Models
- Added ability to analyze annual periods based on user’s own start date rather than calendar year. This is controlled by the date in ‘Assumptions’!$D$8.
- Added ability to change chart X-axis to either dates or periods.
- Added numerical scenario data to the Hold Period tab.
- Corrected print margin errors.
- Bug fixes.
Version 8.7
All Models
- Added a “Cash Flow Before Reserves” line on the Cash Flow tab.
- Added a Non-Regular Expenses line for items which are non-reoccurring.
- Changed the Value Sensitivity chart to calculate based on NOI Before Reserves.
- Changed the “Cap Rate Based on Acquisition” to calculate based on NOI Before Reserves.
Version 8.6
Commercial, Mixed-Use
- Added ability to select the method of rent step growth ($ PSF or % Annually) on the Rent Roll Tab.
- Various bug fixes.
Version 8.5
All Models
- New Equity Investor Returns sheet which can calculate a preferred return based on an available basis or a cumulative basis.
- Added a line for Non-Regular Income to the Cash Flow.
- Added a Value Sensitivity chart to the Summary Charts.
- Retired the Debt Yield chart.
- Bug fixes.
Multifamily, Student Housing, Self Storage, & Mixed-Use Models
- Created the Lease Up Schedule to assist with lease up projections.
Version 8.4
All Models
- Added the ability to specify the amount of interest expense included in the development budget for projects with an Interest Only loan.
- Various bug fixes.
Version 8.3
All Models
- Added the ability to change between Square Feet or Square Meters.
- Added the ability to change between Dollars or Euro’s as the currency.
Version 8.2
Commercial & Mixed-Use Models
- Added Cost Recovery PSF to Commercial and Mixed-Use Model Rent rolls. This will feed into the Cash Flows tab.
- Added $/SF to the Rent Roll Summary
- Added Stabilized Vacancy to the Leasing Cost Calculator. This will net out the stabilized space when calculating leasing expenses (TI & LC).
All Models
- Fixed PDF export location bug for PC’s & Macs.
Version 8.1.1
Commercial & Mixed-Use Models
- Corrected error in the Rent Roll Term column in that a lease term with less than 6 months would result in a circular reference.
Version 8.1
All Models
- Added variable rounding based on the total value (e.g.: $1,000,000 or $100,000).
- Removed the protection on the RPM logo.
- Various formatting fixes.
Version 8.0
All Models
Operating Reserves
- Added Operating Reserve section to the Cash Flow tab.
- Added Reserve Account balance totals to the Cash Flows tab.
- Added reserve offsets to CapEx and TI/LC.
- Excluded operating reserves from taxable expenses.
- Added return of reserve funds at reversion.
- Added ability for the Commercial and Mixed-Use model to auto-calculate reserves.
Equity Investor Returns
- Added ability to select waterfall scenarios based on Cash on Cash or IRR.
- Redesigned graph to display annual payment percentages during the hold period.
Other Changes
- Added ability to adjust starting balance of a construction loan on the Loan Amortization tab.
- Adjusted print margins.
- Several bug fixes.
Version 7.3
All Models
- Moved the Replacement Reserves below the Operating Expenses and excluded them from taxable income.
- Fixed a bug on the Equity Investor Returns tab where the Developer Cash on Cash Return was not calculating correctly.
Mixed-Use Model
- Introduced the Mixed-Use model.
Version 7.2
All Models
- Added VBA to clear out taxes if Canadian amortization is selected.
- Changed the sum lines back to the standard Excel =sum() formula and removed protection
- Changed formulas to eliminate cross references to hidden lines on the Cash Flow Tab
- Added VBA code to hide columns past the Hold period.
Commercial Model
- Added VBA to calculate blended rates on the Rent Roll. (See feature)
Version 7.1
All Models
- Improved Mac compatibility.
- Added option of using default printer option.
- Rearranged report tabs
- Created custom formulas for the loan amortization tab
- Added Canadian amortization options
Version 7.0.0
All Models
- Added the ability to have budgeted interest during the construction period.
- Improved registration process for both Macs and PC’s.
- Improved print and PDF export functions.
- Improved reports for clarity and presentation.
- Improved the loan amortization tab with custom functions utilizing Excel VBA.
Version 6.2.2
All Models
- Minor bug fixes to the Loan Amortization tab.
- Fixed issue if I/O loan info was filled in and then set to “No”.
Commercial Model
- Fixed inflation issue for Tenant Improvements and Leasing Commissions.
Version 6.2.1
All Models
- Minor bug fixes.
- Added Ctrl+P Print/PDF functionality.
Version 6.2.0
All Models
- Introduced a new VBA-based activation system.
- Introduced the “Intro” tab with new printing/PDF functionality.
Version 6.1.0
All Models
- Added the Ratios tab for a greater summary analysis.
- Minor spelling fixes in the reports.
Commercial Model
- Added year headers to the Rent Roll.
- Added a Rent Roll Summary
Version 6.0.4
All Models
- Minor bug fixes to the Amortization Table.
Version 6.0.3
All Models
- Added additional functionality and features to the Interest Only financing options.
- Fixed minor formatting issues with the conditional formatting.
Version 6
All Models
- Added the ability to break out Land Costs, Hard Costs, and Soft Costs.
- Added the ability to refinance the permanent loan amount based on project performance (DSCR or LTV).
- Added the ability to receive additional refinance proceeds when moving to an amortizing loan.
- Completely redesigned the Partner Returns tab, now named Equity Investor Returns.
- Features a Preferred Return along with three user-defined IRR Hurdles.
Version 5.3.1
Hospitality Model
- Minor bug fixes.
Version 5.3.0
All Models
- Redesigned the ‘Return Summary’ tab to include a new Loan to Value & Debt Yield chart.
- Changed the ‘Sources & Uses’ tab to account for debt funding over time.
- Split the ‘Cash Flows’ tab into two pages when printed.
- Added Debt Yield to the ‘Cash Flows’ tab.
Self Storage Model
- Introduced the Self Storage Model.
Version 5.2.1
All Models
- Unlocked cells in ‘Cash Flow’ tab to allow users to make customizations as necessary.
- Unlocked charts to allow users to copy/paste into other documents.
- Added and After Tax breakeven to the Return Summary.
- Added help links to the input tabs.
- Added default tax rates for Capital Gains and Cost Recovery.
Version 5.2.0
All Models
- Added Break Even Occupancy and Debt Service Coverage Ratio graphs to the ‘Return Summary’ tab.
- Changed the ‘Return Summary’ tabs to Portrait orientation.
Version 5.1.1
All Models
- Various bug fixes.
Commercial Model
- Added additional income lines for user-defined income categories.
- Added the ability to adjust the rental rate and lease term for renewal tenants in the ‘Leasing Costs Calculator’.
Version 5.1.0
All Models
- Added individual mortgage origination fees for both Interest Only and Amortizing Loans.
- Added secondary Mortgage Origination Fees to ‘Return Detail’.
- Added secondary Mortgage Origination Fees to ‘Cash Flow’.
- Various bug fixes.
Hospitality & Student Housing Models
- Introduced the Hospitality and Student Housing Models to the product list.
Commercial Model
- Tenant Improvements and Leasing Commissions are now adjusted for inflation on the ‘Cash Flows’ tab.
- Changed the print area on the ‘Rent Roll’ to make it more printer friendly.
Version 4.6.0
- Made changes to allow users to select any cell (certain formulas are still hidden). This will allow users to copy/paste when needed.
- Changed IRR graph on the Return Summary Tab to reflect the project only. Developer and JV Partner IRR are now displayed on the Partner Returns Tab.
Version 4
- Added Loan Amortization tab and report.
- Added the ability to “Fund Up” the interest-only loan through its term to more accurately depict construction loans.
- Added the ability to have fixed or variable rate amortizing loans.
- Added an optional Exit Fee on the Amortizing Mortgage balance.
- Replaced the Disposition Sensitivity chart with an pre- and post tax Annual Cash on Cash Return chart in the “Return Summary” report.
- Removed the DSCR Sensitivity report as it was not compatible with addition of variable rate loans.
Version 3
- Updated terminology to be more consistent with common industry usage;
- Altered the Cash Flow tab so that the Expense Reimbursements were counted prior to vacancy and collection loss.
- Made changes to the Partner Returns tag to better analyze a true cash flow split.
- Added the ability for the equity investor to use a different return rate than the developer
- Added the Hold Sensitivity Analysis to demonstrate the effect of different hold periods to a project’s IRR, NPV and cash-on-cash return.
- Provided direct links within the excel models to the online help pages.
Version 2
- Several bug fixes. Incorporated into the next version with the addition of new features. Not released to the public.
Version 1
- First released version!