Release Notes

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).
  • 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:
    1. Operating Reserves
    2. Cap Ex Reserves
    3. 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!