Real Estate Financial Modeling Tools

“The New York Course” on Friday 10/18/13 and Saturday 10/19/13



SKU: New York City, and Online Category:

Back By Popular Demand: The New York Course

Attendance Limited To The First 35 Registrants

When and Where
Tuesday 6/17/14 – 8:30 AM to 5:00 PM Eastern
and Wednesday 6/18/14 – 8:30 AM to 5:00 PM Eastern
In-Person: 275 Madison Avenue #1201, New York, NY 10016  Note: building entrance is on the South side of E. 40th Strett
Or Online: Online attendees are able to ask questions in real time via chat or audio link.

This 2-day intensive training course provides you with foundations and a wide array of financial modeling skills specific to multiple property types (apartment, condominium/housing, and office/industrial/retail) and transaction types (acquisition and development). See the Agenda below for a full list of topics covered. Come prepared to learn a lot and work hard.

Level 1 and Level 2 Bootcamp Foundation Self-Study materials, a $299.00 value, are included at no additional charge as optional advance preparation and a permanent future reference.

Course Format And Attendee Computer Requirements

Lecture with real-time Q&A and 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. Don’t forget your power cord!

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
– PV, FV
– IRR and XIRR
12:30 PM to 1:00 PM – Lunch Break

1:00 PM to 5:00 PM – Modeling Real Estate Development Transactions 30% Lecture, 70% Hands-On Exercises

Applicable real estate property types: all but hotel
In this 4-hour session, you will learn the collection of technical skills for the pro-forma (projection) modeling for the ground-up development of the following property types: apartment/multi-family, self-storage, office/industrial/retail, and condominium/single family housing.
Topics covered include:
– site and building information
– project timing elements
– capital structure
– uses and sources of funds
– cash flows and returns, and
– capitalized valuation.

Day 2 Agenda: Partnerships and Multi-Tenant Assets

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 property 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
– 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 – Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection Customization 25% Lecture, 75% Hands-On Exercises
Applicable real estate property types: office, industrial, and retaiI
In this 4-hour session, you will learn the standard format for a commercial property cash flow analysis. You will also learn the collection of technical skills for the modeling of the acquisition, operation and disposition of an existing single- or multi-tenant commercial (office, industrial or retail) property.
You will also learn the mathematical mechanics behind how ARGUS Valuation DCF works, and how to integrate an ARGUS property-level operating cash flow projection into Excel to perform levered, equity partnership and sensitivity analyses.
Topics covered include:
– standard commercial property line item nomenclature and setup
– integration of historical property data and existing rent roll into your pro-forma
– modeling of weighted average expected values based on probability assumptions for future lease expirations or renewals
– how to quickly build a live Excel-based pro-forma valuation model that links directly to a 11-year cash flow projection from ARGUS
– modeling of acquisition loan financing, residual equity requirement, and permanent take-out loan/refinancing
– equity partnership modeling
– sensitivity analysis on key variables
– property disposition
– presentation of transaction performance indicators in an institutional investor-friendly format.

Who Should Attend
Intermediate and advanced-level professionals and students.

Course Materials Provided For You To Keep

REFM’s Level 1 and 2 Bootcamp Self-Study products, a $299.00 value!
PDF slide presentations
Unlocked Excel files which can be repurposed for your own future analyses


Bruce Kirsch
Mr. Kirsch is the founder and principal of REFM, and is an Editor of the Third Edition of Wharton Professor Peter Linneman’s Real Estate Finance and Investments: Risks and Opportunities, the top real estate finance textbook.  Mr. Kirsch instructed on real estate finance and financial modeling for three years as Adjunct Faculty at Georgetown University.  A highly-acclaimed trainer, Mr. Kirsch previously worked in commercial brokerage and real estate investment in New York and Washington, DC. Mr. Kirsch holds an MBA in Real Estate from The Wharton School and a BA in Communication from Stanford University.




Bulkeley Banks
Bulkeley Banks is REFM’s Senior Director of Financial Modeling. In this role, he creates financial models and spearheads consulting client assignments. 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. During his four years with REFM, Bulkeley has assisted in developing and building financial models for major public and private company consulting clients, as well as REFM’s suite of model templates for development and acquisition projects. Mr. Banks is an Adjunct Professor at NYU’s Schack Institute of Real Estate and has lectured on topics in real estate finance at Cornell, Wharton, Columbia and Georgetown.  Mr. Banks holds a B.A. in Philosophy from the University of Chicago, where he was awarded the Herman S. Dunlap Scholarship.
Technical Specifications And Online Access
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 before the Webinar so that you are sure they will work.

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