Real Estate Financial Modeling Tools

The New York Course – Both Days – Saturday, Feb. 11th and Sunday, Feb. 12th, 2017




Only a few seats remain


Back by popular demand, this 2-day intensive training course provides you with foundations and a wide array of financial modeling skills specific to development and acquisition transaction analysis and equity returns analysis.

You will also get:

  • unlocked Excel templates that you can repurpose for your own future analyses
  • access to online self-study courses valued at $399
  • all the knowledge you need to take REFM’s 3 online Certification in Excel for Real Estate exams (free)
  • a bonus job interview technical modeling test solution set (see Course Materials section below)

The Agenda below details the topics that will be taught. Come prepared to learn a lot and work hard.

REFM’s 2-day was intense! A great mix of Excel applications with real estate analysis. Come ready to work.
Mark Thompson, PresidentReal InSITE
Nothing comes close to the depth of explanation and expertise that was provided in this two day class.
Steve B., AnalystPrivate Equity
The material covered in the training session covered every aspect of my business. It was well worth the cost!
Barry Metcalf, VPCadence Capital Partners

Why train with REFM?

  • Time-tested training content second to none in terms of refinement, depth and breadth
  • Efficient, student-focused teaching and learning format
  • Potential to achieve the most highly-regarded Excel skills certification in the business


REFM is the trainer to these organizations:



When and Where

Saturday 2/11/17 – 8:30 AM to 5:00 PM Eastern and
Sunday 2/12/17 – 8:30 AM to 5:00 PM Eastern

In-Person in Midtown: 275 Madison Avenue #1201, New York, NY 10016

Or Online (live streaming, not recorded): Online attendees are able to ask questions in real time via chat or audio link

Course Format and Participant Computer Requirements

  • lecture with real-time Q&A
  • heavy hands-on Excel exercises
  • attendees must provide their own computer with Excel 2007 or more recent for PC, or Excel 2010 or more recent for Mac

Day 1 Agenda: Foundations and Real Estate Development Modeling

8:30 AM to 12:30 PM

Real Estate Analysis Excel Toolkit

50% Lecture | 50% Hands-On Exercises


In this 4-hour session, you will learn the top 25+ Excel functions, tools and techniques that are most used in real estate analysis.

Topics covered include:

  • basic formula writing
  • relative vs. absolute references
  • dates
  • advanced use of conditional statements
  • financial functions
  • mortgage amortization schedule
  • projection formula writing
  • formula auditing with trace dependents/precedents
  • data table lookup functions
  • data tables for sensitivity analysis
  • backsolving for maximum loan amount
  • quality control checks
  • debugging errors
  • pivot tables
  • goal seek
  • basic macros
  • circular references
  • best practices
  • keyboard shortcuts

Excel techniques and functions taught include:

  • formula writing using the equals sign
  • cell anchoring using dollar signs
  • IF, AND, OR, and combinations thereof
  • RATE
  • PV, FV
  • IRR and XIRR


12:30 PM to 1:00 PM Lunch Break


1:00 PM to 5:00 PM

Mixed-Use Apartment/Multi-family Building Development Modeling

40% Lecture | 60% Hands-On Exercises


In this 4-hour session, you will learn the collection of technical skills for the pro-forma (projection) modeling for the ground-up development, operation and sale of a mixed-use rental apartment building with ground-floor retail and income-producing parking.

To facilitate your learning, you will begin with pre-formatted tabs for lot and building information for a subject development site, apartment unit mix, and capital structure.

With transaction base case assumptions provided for you, you will then derive and fill in line item projection formulas on a standard, pre-formatted monthly sources and uses of funds tab. Next, you will derive and fill in line item projection formulas on a standard, pre-formatted monthly cash flow tab. You will wire the tabs together as applicable. When you have completed all of the hands-on modeling, you will have a fully-working 6-tab model that ends at pre-income tax cash flow to equity.

Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.

The advanced capital structure you will model includes:

  • sponsor
  • equity partner
  • third party investor
  • mezzanine loan
  • senior construction loan.

Topics covered include:

  • site and building information
  • apartment unit mix details
  • pre-, during- and post-construction project timing elements
  • transaction capital structure
  • dynamic formula writing involving conditional statements
  • residual land valuation
  • uses of funds: land and acquisition costs, hard costs, soft costs, FF&E costs, financing costs
  • sources of funds: equity, debt
  • cash flows and returns: residential, parking, retail
  • capitalized valuation for sale
  • project-level returns analysis and goal-seeking.


Day 2 Agenda: Partnerships and Acquisition Analysis

8:30 AM to 12:30 PM

Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Certification Level 3) Bootcamp

50% Lecture | 50% Hands-On Exercises


Applicable real estate transaction types: all income-producing and all unit-sales based

In this 4-hour session, you will learn about how to model equity joint venture partnerships for individual property transactions, both developments and acquisitions. “Dollars in” (capital contributions) and “dollars out” (partitioned levered cash flows) to all equity players will be studied in detail.

Topics covered include:

  • rationale behind targeting disproportionate returns to the sponsor
  • how to achieve disproportionate returns through fees and cash flow partitioning
  • preferred return overview
  • preferred return variations with respect to priority of payment
  • preferred return in context (Payment types A, B and C)
  • nature of preferred return (Non-compounded and compounded, non-cumulative and cumulative)
  • waterfall distribution overview
  • promote (carried interest) mechanism overview and modeling
  • look-back internal rate of return (IRR) method
  • 3-Tier waterfall modeling
  • double-promote, 5-tier waterfall modeling
  • alternate compounding periods: monthly, daily, quarterly
  • sample partnership structures.


12:30 PM to 1:00 PM Lunch Break


1:00 PM to 5:00 PM

Office Property Operating Projection and Acquisition Screening Analysis Modeling

40% Lecture | 60% Hands-On Exercises


In this 4-hour session, you will learn the industry-standard P&L (profit and loss) statement line item set-up structure for office properties.

Part 1

First, you will first learn the generic 20-line item set-up for an existing operating commercial office property, starting at Base Rental Revenue (Gross Potential Rent) and ending at Before-Tax Levered Cash Flow (cash flow to equity). Next, the assumptions for projection modeling exercise are explained.

There are three Suites in the property. The assumptions to be used are that leases for Suites 100 and 200 were put in place at the start of the trailing twelve months, and that Suite 300 is vacant currently and will remain vacant through the end of Year 1. Suite 300 rent will commence at the start of Year 2 with a Year 2 Base Year.

Suite 100 is a triple-net (NNN) lease, and Suites 200 and 300 are Gross leases (Base Year stop).

The following assumptions inputs are provided for you to key into the Exercise tab.

  • Property-level Base Year (BY) operating expenses, real estate taxes and utilities PSF
  • Base Year rents for all three suites
  • general vacancy and credit loss
  • Annual growth rates for rents for all three suites
  • % of reimbursable and non-reimbursable expenses that are fixed
  • Annual growth rates for:
    • parking and miscellaneous revenuereimbursable expenses
    • real estate taxes
    • non-reimbursable expenses
    • capital reserves
  • Management fees as a % of EGR
  • Tenant Improvements and Leasing Commissions PSF for Suite 300

Projection formula mathematical descriptions are provided to guide your Excel formula construction.

Part 2

The second part of the lesson takes the NOI line from the Part 1 Solution set tab, and weaves it into an acquisition analysis screening tab that integrates purchase, sale, debt and equity elements.

The sections of this analysis are:

  • Uses of Funds
  • Sources of Funds
    • Sponsor equity
    • Third Party Investor equity
    • Senior Acquisition Loan (2 options will be modeled, one with a delayed draw for capital costs)
  • Unlevered Projection Analysis
  • Debt Schedule
  • Levered Cash Flow
  • Sensitivity Tables
  • Levered Summary

Data tables are used to provide a spectrum of outcome possibilities given simultaneous changes in two key inputs. A levered summary table is also provided to evaluate returns for multiple hold durations side-by-side.


Who Should Attend This Course

Beginner-, intermediate- and advanced-level professionals and students.

Registration includes one completely free re-take of the class in the future.

Course Materials Included, instantly accessible upon registration

 Fully-unlocked, annotated Excel files, compatible with both PC and Mac

 PDF of the 60-slide presentation for the Level 3 Bootcamp

 Online lifetime access to to REFM Level 1-3 Bootcamps, playable on any device, a $399 value


Job Interview Technical Modeling Test and Solution Set

Case study: development of a hypothetical mixed-use (multifamily and retail) property that includes a refinance and equity joint venture partnership cash flow waterfall with a sponsor catch-up. Assumptions are provided. Build out a 7-year annual projection model down through partner-level returns.

Answer the questions:

  • is this an attractive deal to the third party investor at the assumption set given? Why or why not?
  • if not, at what values does it become attractive?

Solution set provided is a 100% unlocked, dynamic Excel model with annotations, and includes a 1-page investment committee-style writeup.

Just want to attend Day 1?
Just want to attend Day 2?


Instructor – Bulkeley Banks

BulkeleyBanksHeadshot-681x1024Bulkeley Banks is REFM’s Senior Director of Financial Modeling, and also serves as Master Instructor for REFM. In these roles, he creates financial models and spearheads consulting client assignments. During his six years with REFM, Mr. Banks has developed and built financial models for both Skanska and Washington, DC’s South West Waterfront Project, among many other. Mr. Banks is the co-author of all three levels of REFM’s Certification In Excel For Real Estate Exams.

In addition to his work with clients, Mr. Banks is an Adjunct Professor at NYU’s Shack Institute of Real Estate and has lectured on topics in real estate finance at Cornell, Wharton, Columbia and Georgetown, among other Universities.

Mr. Banks holds a Masters in Professional Studies in Real Estate from Georgetown University, where he served as the Finance Co-Chair on the Student Advisory Board in Real Estate. He also holds a B.A. in Philosophy from the University of Chicago, where he was awarded the Dunlap Scholarship and was a four year letterman with the Men’s Swim Team.


Technical Specifications for Online Attendance

Online attendance uses the GoToMeeting platform. If you intend to participate using your computer speakers (instead of calling into the conference call bridge), please test your speakers and microphone before the course start time so that you are sure they will work.

Here is what to expect in terms of a user interface if you are participating online.

For an ideal experience, attend from a quiet, distraction-free setting that will allow you to have 2 screens up at once so you can have your Excel application up on one and the course broadcast up on another.

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