Vol. II Templates EXCEL-SHORTCUTS Free
The Excel patterns CRE analysts use every single day.
A reference cheat sheet plus working examples workbook covering the Excel patterns CRE analysts actually use – XIRR, NPV with irregular cash flows, lease-level NER math, debt yield trios, time-weighted vs. dollar-weighted returns, sensitivity-table mechanics.
Definition
What it is
~30 patterns
The patterns that come up daily in acquisitions, asset management, and capital markets.
PDF + XLSX
Printable cheat sheet + companion workbook with each pattern as a working example.
Free
PDF cheat sheet + XLSX companion workbook. No purchase required.
Audience
Who this is for
CRE analysts
First or second year in the role. Build up the reference patterns in the first month rather than the first year.
Career-changers into CRE
Transitioning from finance, consulting, or operations. Learn the CRE-specific Excel conventions without retracing every general-finance pattern.
Asset managers
Refresh the patterns you don't use daily. The lease-level NER math, the dollar-weighted return calc, the LTC drawdown schedule.
Solo sponsors
DIY analysis without a full UW Workbook. The cheat sheet gets you 80% of the toolkit.
Inclusion
What's in the file
- XIRR for irregular cash flows
- NPV vs. XNPV (the common error)
- Lease-level NER math (free rent, TI allowance)
- Debt service coverage + debt yield + LTV trios
- Sensitivity tables (Data Table mechanics)
- Goal Seek + Solver for refinance sizing
- Time-weighted vs. dollar-weighted returns
- Equity multiple + average equity calc
- Pivot-table patterns for rent rolls
Reference
FAQ
Does it cover VBA or Power Query?
No. Both are out of scope – both add complexity that outweighs the benefit for most CRE analyst workflows. The reference focuses on native formulas and Data Table mechanics.
Google Sheets compatibility?
~90% of the patterns work identically in Google Sheets. The Data Table mechanics (sensitivity tables) differ; an addendum flags the Sheets-equivalent approach.
Refund policy?
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly. Email support@valoreregistry.com.
Pricing
Pricing
Price Free
ZIP download: PDF cheat sheet + XLSX companion workbook. Informational only.
Implementation
How to use Excel Shortcuts & CRE Functions
Six steps from download to a working desk reference. How the PDF cheat sheet and XLSX companion workbook pair together, what each tab covers, and how to move patterns into a live model without rebuilding from memory.
A. Six steps
- 1
Download and unzip the package
The download contains two files:
CRE_Excel_Reference.pdf(the cheat sheet) andCRE_Excel_Functions.xlsx(the companion workbook). Unzip into a persistent reference folder – not the desktop. Both files are meant to stay open alongside your deal models. - 2
Skim the PDF cheat sheet first
The PDF is organized into five sections: Return calculations (XIRR, NPV, equity multiple) – Lease-level math (NER, TI/LC amortization) – Debt metrics (DSCR, debt yield, LTV) – Sensitivity mechanics (Data Table setup, Goal Seek) – Time-weighted vs. dollar-weighted returns. Read through once before opening the workbook so you know what patterns are covered.
- 3
Open the companion workbook and review the tab index
The XLSX has one tab per pattern. Each tab is named after the function or concept (e.g., XIRR, NER_Math, DataTable_2x2). Open the tab index sheet first – it maps each tab to its PDF section number so you can cross-reference while working. Do not reorganize the tabs; the index sheet references them by position.
- 4
Work through the pattern tabs in deal context
For each tab: the top rows show the function syntax and the common error. Below that is a worked CRE example with editable blue-fill inputs. Change the inputs to match your deal; the output recalculates. The intent is to copy the formula pattern – not the example numbers – into your model. Use Excel's trace-dependents (Ctrl+]) to follow the formula before copying.
- 5
Keep the PDF open as a desk reference while modeling
Print the PDF double-sided and keep it at your desk, or pin the PDF viewer alongside Excel. The three-column density is intentional: function syntax on the left, the CRE example in the middle, the common error and fix on the right. When you hit a formula error in a live model, scan the right column first – most errors are documented.
- 6
Copy patterns out of the workbook, not from memory
When you need a pattern you use infrequently (XNPV vs. NPV, Data Table orientation, dollar-weighted return), open the workbook tab, verify the syntax, then copy the formula structure to your model. This is faster and more reliable than reconstructing from memory mid-deal.
B. Practitioner tips
- XIRR requires at least one negative cash flow (the equity invested) and at least one positive. If XIRR returns #NUM!, check that the sign convention is correct: outflows negative, inflows positive.
- NPV and XNPV differ in one critical way: NPV assumes equal time periods; XNPV accepts an actual date for each cash flow. For irregular closing and distribution schedules, use XNPV – the difference can be material on a 7-year hold.
- Data Table (sensitivity) calculations are volatile: Excel recalculates them every time any cell changes. On a slow machine, turn off automatic calculation (Formulas → Calculation Options → Manual) while building the model, then recalculate manually (F9) before reviewing output.
- Lease-level NER math: free rent is a reduction in effective rent, not a cash subsidy. Model it as a rent concession spread across the lease term, not as a period of $0 rent followed by full rent – the latter overstates Year 1 NOI.
- Goal Seek is useful for back-solving a purchase price to a target return, but it does not handle circular references or multi-variable constraints. For those cases, use Solver with the appropriate variable range and constraint set.
- Dollar-weighted return (IRR) is sensitive to the timing and size of capital contributions. Time-weighted return strips out the effect of contributions and is what most performance-reporting standards (GIPS, ILPA) require. Know which one your LP is asking for.
C. Scope & limits
- This reference covers native Excel formulas and Data Table mechanics. VBA macros, Power Query, and Power Pivot are out of scope.
- Google Sheets compatibility is approximately 90%. Data Table mechanics differ – Sheets uses a different approach for two-variable sensitivity tables. An addendum in the PDF flags the Sheets-equivalent approach for each gap.
- The patterns are calibrated for CRE acquisitions, asset management, and capital markets workflows. General corporate finance patterns (DCF with WACC, accretion/dilution) are not included.
- The workbook does not validate your inputs against market norms. A DSCR of 0.5x or an XIRR of 80% will calculate without error – the reference assumes the practitioner is responsible for input reasonableness.
D. Pairs with
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UW Workbook
Template (available now)
The full acquisitions underwriting model. The Excel reference covers the formula patterns the UW Workbook uses – if a formula in the workbook is unfamiliar, the reference explains it.
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Cash Flow Projection
Template (available now)
The 10-year DCF template. XIRR, NPV, and sensitivity-table patterns in this reference map directly to the Cash Flow Projection mechanics.
-
Sensitivity Analyses
Template (available now)
Standalone sensitivity grids. The Data Table section of this reference is the mechanics behind those grids.
Quarterly refresh. Free re-download for 12 months from purchase.
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly.
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Excel Shortcuts & CRE Functions – free with Dispatch
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