---
name: cre-modeling-conventions
description: A.CRE house-style modeling conventions — layout, color coding, number formats, formula discipline. Load when building or revising any CRE financial model.
whenToUse: User asks to build / revise an acquisition model, development proforma, DCF, waterfall, debt schedule, sensitivity table, or any other CRE deliverable.
author: Spencer Burton (A.CRE)
---

# CRE modeling conventions (A.CRE house style)

## If a template already exists, match it

If you're working on an existing workbook, its conventions WIN. Match its color palette, number formats, column widths, sheet layout, and formula style. The rules below apply only when building from scratch or extending a workbook that has no clear convention.

## Layout

- Leave column A blank (2pt width).
- Adjust column widths to fit content.
- Do not freeze rows or columns.

## Font-color convention

The single most important formatting discipline. Color-code every cell by purpose:

| Color  | Meaning |
|--------|---------|
| **Blue**   | **Required input.** The user OWNS this cell — review, change, justify. A blue cell may hold a hard-coded value OR a formula; either way it's an input. |
| **Black**  | **Calculation or output.** A formula derived from inputs. Don't modify unless you're intentionally overriding (then recolor red). |
| **Green**  | **Link to output from another worksheet.** Used to distinguish cross-sheet links from in-sheet calculations. |
| **Red**    | **Override of a black or green cell.** When you intentionally alter a calculation cell, recolor it red so the next reviewer immediately sees the deviation from the template's base methodology. |
| **Orange** | **Optional input** (A.CRE-introduced, ~2015). The value/formula is probably right but worth a second look. Common in the All-in-One model. Less common elsewhere. |

## Number formatting

- **Years**: format as text strings (`"2024"`, not `"2,024"`).
- **Currency**: `$#,##0` format. ALWAYS specify units in the header (`"Revenue ($mm)"`).
- **Zeros**: number format makes zero render as `-`, including for percentages. Example: `$#,##0;($#,##0);-`.
- **Percentages**: default to `0.0%` (one decimal).
- **Multiples**: `0.0x` for valuation multiples (EV/EBITDA, P/E, equity multiple).
- **Negatives**: parentheses `(123)`, never minus `-123`.

## Formula construction

### Assumptions placement

- ALL assumptions (growth rates, margins, multiples) go in separate, labeled assumption cells.
- Use cell references in formulas, never hardcoded values.
- Example: `=B5*(1+$B$6)` — NOT `=B5*1.05`.

### Formula error prevention

- Verify every cell reference is correct.
- Check for off-by-one errors in ranges.
- Keep formulas consistent across projection periods.
- Test edge cases (zero values, negative numbers).
- Verify no unintended circular references.