__managedObjectModel is nil even modelURL exists. There is a similar post, but the accepted answer (rename model file and relaunch Xcode) doesn't work for me. 
- (NSManagedObjectModel *)managedObjectModel
{
    if (__managedObjectModel != nil) {
        return __managedObjectModel;
    }
    NSURL *modelURL = [[NSBundle mainBundle] URLForResource:@"Failed" withExtension:@"momd"];
    __managedObjectModel = [[NSManagedObjectModel alloc] initWithContentsOfURL:modelURL];
    return __managedObjectModel;
}
I po modelURL in console
(lldb) po modelURL
(NSURL *) $4 = 0x088832f0 file://localhost/Users/philip/Library/Application%20Support/iPhone%20Simulator/5.1/Applications/9E59167C-8D9E-4ADE-BBD7-0BE9A33A6A86/Failed.app/Failed.momd/
 
    