2025-2026 Corporate & University Real Estate and Financial Modeling
Celebrating 16 Years
TRAINING
cre ANALYST/ASSOCIATE TRAINING Specialists
"A high-impact training session for our analysts, worth every dollar."
MANAGING DIRECTOR, PJT PARTNERS
MATTHEW CASPER
JV equity partnership and multi-property private equity fund modeling
Advanced debt and equity modeling
REFM Excel and REFAI Certification Programs
47
45
24
Why Choose REFM?
Content Authorship
6
5
{{page}}
48
29
Training sessions at a glance
About REFM
4
14
Overview and Sample Training Curriculum
Training session descriptions
Debt financing and Note acquisition modeling
Financial modeling skills foundations
Meet the Founder of REFM
NAVIGATING THIS CATALOG ONLINE Throughout this catalog, you can click on any underlined item to be linked to that page. You can alternatively navigate one page at a time with your arrow keys and the page up and page down keys. There are also general navigation and zoom controls in the bottom border of the catalog window. Lastly, wherever you see the bulleted list icon in the bottom left of a page, you can click on it to be taken to the master course listing.
Single property transaction modeling
Table of Contents
Popular 2-day agendas
Real estate principles and key concepts
7
9
43
Instructor lecture with interactive real-time Q&A.
REFM TRAINING OVERVIEW
Real Estate Financial Modeling (REFM) training enables you to master basic and advanced concepts and techniques of commercial real estate, Microsoft Excel, finance, and real estate transaction and partnership financial modeling. All hands-on training other than for the HP 12C calculator is exclusively Microsoft Excel-based and is delivered assuming that each participant will be following along on their own computer. All Excel-based training includes reusable, fully-unlocked Excel files.
sample training CURRICULUM PRE-TRAINING INDIVIDUAL SKILLS ASSESSMENT (optional) Self-study: Excel for Real Estate and Real Estate Finance Bootcamps Self-administered Online Certification testing on both subject areas REFM assesses performance and provides feedback to training contact ON-SITE TRAINING DAY 1 Addressing of any areas of weakness identified in skills assessment Mixed-use Apartment/Multi-family Building Development Modeling Single Transaction Equity Joint Venture Partnership Waterfall Modeling ON-SITE TRAINING DAY 2 Office Property Acquisition and Equity Screening Analysis Modeling Core and Core-Plus Real Estate Private Equity Fund Modeling.
Training is available on-site and via online web meetings. In all sessions, participants are encouraged to ask questions as they arise.
Hands-On
Benefits of training with REFM include: improved analysis capabilities, quicker work turnaround and fewer mistakes increased confidence in one’s Excel skills improved financial modeling knowledge, understanding and customization capabilities sharpened presentation of a transaction’s financials heightened credibility internally and with potential partners, lenders and investors Additional benefits for university students: stronger performance in internship and job interviews sharpened presentation of case study financials stronger performance on academic assignments and exams.
Slide Show
Instructor lecture, with training participants following along in their own Excel in real time. Participants perform a series of exercises to ensure they are grasping the lesson and mastering the concepts and technical skills being taught. All exercise solutions are included and discussed.
Training Formats
MBA in Real Estate
Bruce Kirsch, REFAI CEO of Real Estate Financial Modeling
®
BA in Communication
MEET THE Founder of refm
Bruce Kirsch is the founder of Real Estate Financial Modeling. Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed high-rise New York City office buildings for re-development in the top-producing Midtown Manhattan Investment Properties Institutional Group. After CBRE, Mr. Kirsch worked for a developer of urban infill design-forward residential lofts. Mr. Kirsch then engaged in his own urban and suburban condominium and single family detached housing ventures. Mr.Kirsch was then selected as one of the two executives to run New York City-based developer The Clarett Group's Washington, DC business. Mr. Kirsch has personally trained thousands of students and professionals across the US and and around the world in real estate and in Excel-based modeling for commercial real estate transactions. Mr. Kirsch holds an MBA in Real Estate from The Wharton School. Mr. Kirsch is also the co-author of the leading real estate textbook, Real Estate Finance and Investments: Risks and Opportunities, and the associated REFAI Certification program, along with Dr. Peter Linneman, the founding Chairman of The Wharton School's Real Estate Department. Mr. Kirsch graduated with a BA in Communication from Stanford University.
Training content is created by REFM founder Bruce Kirsch. Mr. Kirsch is an authority on real estate financial modeling. In addition, along with Dr. Peter Linneman, Mr. Kirsch is the co-author of the leading real estate textbook, Real Estate Finance and Investments: Risks and Opportunities, and the associated REFAI Certification program.
Georgetown University
CONTENT Authorship
Past Adjunct Faculty in Real Estate
REFAI is a rigorous 15-week self-study program featuring Dr. Peter Linneman. Learn more about REFAI here.
Why choose REFM? Our training content is continually updated based on our consulting to real estate practitioners Our efficient teaching and learning format makes the most of contact hours Our signature interactive, high-engagement training style Our comprehension testing and Certification programs We do not invest directly in real estate, so we pose no potential conflicts to client businesses.
REal estate finance and investments Certification (refai )
CORPORATE CLIENTS INCLUDE ASB Capital Management CBRE Global Investors Citibank Clark Enterprises Colony Northstar Crescent Communities Greystar GTIS Partners Jamestown LP JBG Smith JPMorgan Chase & Co. Lubert-Adler Madison Marquette Peterson Companies PGIM PN Hoffman Realty Prometheus Realty Related Companies Skanska USA SEO Career Vornado Realty Trust UNIVERSITY CLIENTS INCLUDE Columbia University Cornell University Emory University George Mason University Harvard University New York University Northwestern University San Diego State University Texas A&M University University of Florida Univ. of Southern California The Wharton School Yale School of Management
Since 2011, REFM’s Certification Program In Excel For Real Estate has measured proficiency in operating skillfully and efficiently in Microsoft Excel for the specific purpose of real estate transaction and partnership modeling analysis. Thousands of Certifications have been granted.
REFM Certification Program in Excel for Real Estate
POPULAR 2-DAY agendas Beginner / Advanced
* Level of difficulty is a relative rating of the subject course within the full spectrum of the entire REFM catalog. Every training participant will have their own perception of the level of difficulty given their specific educational background and experience.
Page No.
Hours
Slides Lecture
DAY ONE: Beginner
Identifying Risks and Opportunities in Commercial Real Estate
15
1
Demystifying the Excel Pro-Forma: What It Is and How To Master It
18
Real Estate Development Modeling Basics
19
Mixed-Use Apartment/Multi-family Building Development Modeling
31
DAY TWO: Advanced
Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp
41
Mixed-Use For Sale Condominium Building Development Modeling
32
Hands-On Exercises
Level* of Difficulty *
Applicable Property Types
Easy
All income-producing and unit-sales based
Medium/ Hard
Multi-family, retail
Condominium, retail
2025-2026 Corporate & University Training
DAY ONE
Real Estate Analysis Excel Toolkit
25
Mixed-Use Apartment/Multi-Family Building Development Modeling
DAY TWO
Single Transaction Equity Joint Venture Partnership and Waterfall Modeling Bootcamp (Level 3 Certification)
Core and Core-Plus Real Estate Private Equity Fund Modeling
42
Medium
All income-producing
POPULAR 2-DAY agendas "The New York Course"
Introduction to the Real Estate Business
Identifying Risks & Opportunities in Commercial Real Estate
Real Estate Finance and Investments in 80 Minutes
16
1.5
How Real Estate Developers Price the Dirt
17
Truly Understanding Capitalization (Cap) Rates
20
Truly Understanding IRR (Internal Rate of Return)
21
Excel Spreadsheet Best Practices
22
Real Estate Finance and Investments Certification (REFAI )
23
150
Easy/ Medium
TRAININGS AT A GLANCE: Real Estate Principles & Key Concepts
HP 12C Financial Calculator Skills For Real Estate Analysis
Excel For Real Estate Bootcamp (Level 1 Certification)
26
Real Estate Finance Bootcamp (Level 2 Certification)
27
Job Interview Technical Modeling Test Training
28
Apartments and retail
TRAININGS AT A GLANCE: Financial Modeling Skills Foundations
Hours Length (hours) (ho
Stabilized Multi-Family Property Operating Projection and Acquisition Screening Analysis
Value Add Apartment Building Acquisition and Renovation Analysis Modeling
30
Mixed-Use Apartment / Multi-Family Building Development Modeling
4 or 6
Mixed-Use For-Sale Condominium Building Development Modeling
Multi-Tenant Commercial Property Acquisition Modeling with ARGUS Cash Flow Export Customization
33
3
Office / Industrial Property Operating Projection and Acquisition Screening Analysis
34
Mixed-Use Office / Industrial Building Development Modeling
35
Commercial Space Comparative Lease Analysis From Both Landlord & Tenant Perspectives
36
2
Hotel Property Acquisition and Renovation Modeling
37
Hotel Property Development Modeling
38
Retail Property Operating Projection and Acquisition Screening Analysis
39
Retail Property Development Modeling
40
Level*
Multi-family
Residential condominiums, retail
Office, industrial, retail
Office, industrial
Hotel
Retail
TRAININGS AT A GLANCE: Property-specific Transaction Modeling
Single Family Rental Home Community Acquisition Modeling
Single Family Rental Home Community Development Modeling
SFR communities
Equity JVs and Private Funds
Core and Core-Plus Private Equity Fund Modeling
44
Single Property Transaction Debt Financing Modeling
Distressed Commercial Mortgage Note Acquisition Modeling
46
TRAININGS AT A GLANCE: Debt Financing and Note Modeling
Advanced Single Transaction Debt and Equity Modeling
Hard
Advanced Debt and Equity Modeling
45 min
Applicable Real Estate Property Types: All income-producing and unit-sales based
In this 45-minute session, you will learn about the constituent elements of the U.S. commercial real estate business through an easy-to-understand framework. Topics covered include: the different types of real estate properties the different types of real estate investors and capital providers the types and sources of investment capital transaction capital structure the uses of capital real estate investment objectives the three main methods of valuing real estate properties.
In this 1-hour session, you will learn about the real estate cycle and how it creates risks and opportunities related to acquiring, operating and developing commercial real estate in the U.S. and internationally. Topics covered include: the goal of real estate investment and development where the primary risks lie in the U.S. and abroad the biggest risks of all the primary ways to realize property value real estate cycles mitigating and accepting risk.
1 hour
1.5 hour
In this 1.5-hour session, you will learn the foundations of real estate finance and investments as well as advanced topics. Topics covered include: sources of capital types of equity and debt capital transaction capital structure debt financing, positive and negative leverage investment objectives investment methods valuation of properties discounted cash flow (DCF) model capitalization (cap) rate and comparable sales replacement cost residual land valuation operating property cash flow line item setups investment returns measurements cap rate (yield on cost) levered cash flow and net levered cash flow cash-on-cash return net present value (NPV) multiple on equity internal rate of return (IRR).
Easy/Medium
Real Estate Finance AND INVESTMENTs in 80 minutes
How real estate Developers Price The Dirt: Residual Land Valuation and Comparable Sales
In this 45-minute session, you will learn about how real estate developers solve for and justify land valuations for their projects. Topics covered include: developer control of project costs how land is different from other development costs preliminary residual land valuation by back of the envelope analysis secondary valuation by discounted cash flow (DCF) analysis replacement cost comparable sales.
In this 1-hour session, you will learn how to break down the real estate pro forma (financial projection model) into its essential components, analyze the pieces individually in easy-to-understand language, and then re-assemble them into the original whole. The relationships between the constituent parts are explained so that you will intimately understand the entire spreadsheet and its various functions. Topics covered include: what financial modeling is the purpose of the pro forma the importance of timing the time value of money and discounted cash flow (DCF) model pro-forma model worksheet types the "cardinal rules" of financial modeling best practices for when you inherit a spreadsheet model.
Demystifying the Excel Pro Forma: What It Is and How To Master It
In this 1-hour session, you will learn the fundamentals of financial modeling specifically for real estate development transactions. Topics covered include: what is financial modeling is modeling fundamentals what makes ground-up development different from acquisitions the development project timeline phases: pursuit and site control pre-construction and entitlement construction post-construction and stabilization uses of funds and relative size and timing of costs sources of funds pro-forma (projection model) components.
In this 45-minute session, you will learn all about commercial real estate property capitalization (cap) rates. Topics covered include: definition and calculation of a cap rate going-in cap rate and subsequent year cap rates why NOI is used as the income measurement what cap rates reveal about properties cap rate composition why cap rates change how to back-solve to a cap rate with property value and NOI, and back-solve to property value with a cap rate and NOI cap rate and valuation multiple relationship how to select a future exit cap rate when performing a property valuation how to reconcile discrepancies in quoted cap rates for a closed deal where you can find cap rates for a certain market.
In this 45-minute session, you will learn about the nature of the IRR calculation, and why it reacts the way it does in the various acquisition and development cases that are presented in spreadsheet form. Topics covered include: time value of money and discounted cash flow (DCF) basics definition of internal rate of return how IRR changes over a transaction timeline from negative to positive cumulative and compounding nature of the IRR what the IRR does and does not tell us.
Topics covered include: consistent formatting of assumptions inputs vs. formula-based outputs rapid file navigation techniques model checks techniques efficient and clear formula syntax how to perform quality control using Excel's settings and using your own criteria how to isolate and de-bug mistakes how to save a formula mid-progress how to get 100% comfortable with an inherited file.
In this 1-hour session, you will review best practices related to working in Excel spreadsheets and practice techniques in a live workbook.
excel spreadsheet best practices
REAL ESTATE FINANCE AND INVESTMENTS CERTIFICATION (REFAI )
The backbone of REFAI is the 5th Edition of the textbook Real Estate Finance and Investments: Risks and Opportunities, "the Blue Bible of real estate," authored by Dr. Peter Linneman and Bruce Kirsch. In circulation for 15 years and based on his Wharton classes, the book reflects Dr. Linneman’s frustration with texts that concentrate excessively on theoretical detail and literature, while ignoring important aspects of financial analysis and decision making. This book balances the “real world” aspects of real estate finance without compromising key theoretical underpinnings. It covers the basic mathematics of real estate finance and investments, while stressing the ambiguity of decision making. The book, and the REFAI program by extension, is an exploration of the key concepts of real estate finance and investment strategy, not a mere formulaic analysis of numbers designed to give employees “the answer” to any and all real estate investment decisions. Holding the REFAI Certification signifies proficiency in this material and the ability to apply that knowledge by overlaying sound analytical frameworks on real world problems. Candidates must earn a minimum passing grade of 70% to complete the requirements for the Program and receive the Certification. Full details on REFAI can be found here.
15 Weeks
The Real Estate Finance and Investments Certification (REFAI) from Linneman Associates and Real Estate Financial Modeling is an online rigorous educational self-study program that is focused on practical, high-impact outcomes for its candidates. The overarching goals of the program are to provide candidates with a solid theoretical and technical grounding in real estate finance and investments, and to help candidates become more critical thinkers with respect to the business of real estate across all property and transaction types. The program curriculum is equal to that of "Real Estate Finance and Investment Analysis 101" semester-long courses delivered in a classroom format in top MBA and Masters in real estate programs.
Medium/Hard
HP 12c Financial Calculator Skills For Real Estate Analysis
In this 1-hour session, you will learn how to leverage the most popular financial calculator for real estate analysis through hands-on exercises. Topics covered include: financial registers simple and compound interest periodic and annual interest rates nominal and effective interest rate conversions how to calculate a weighted average present value (PV) and future value (FV) discounting future projected cash flows calculating net present value (NPV) calculating internal rate of return (IRR) calculating the loan annual percentage rate (APR) pricing a mortgage acquisition and calculating debt yield.
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 array lookup functions data tables for sensitivity analysis back-solving for maximum loan amount quality control checks debugging errors pivot tables goal seek basic macros circular references best practices Excel techniques and functions taught include: formula writing cell anchoring using dollar signs/F4 key EOMONTH, EDATE IF, AND, OR, and combinations thereof COUNTIF, COUNTIFS SUMIF, SUMIFS VLOOKUP HLOOKUP ROW, ROWS COLUMN, COLUMNS INDEX, MATCH RATE PV, FV NPV, XNPV IRR, XIRR PMT, PPMT, IPMT CUMPRINC, CUMIPMT.
5 hour
In this 5-hour session, you will learn the top 25+ Excel functions, tools and techniques that are most used in real estate analysis. Each topic and accompanying technique is isolated and taught with its own example, after which you will perform a topic-specific exercise. The use of keyboard shortcuts is emphasized.
4 hour
This is the training content for Level 1 REFM Certification in Excel for Real Estate. The test is free and may be taken online at anytime here.
Topics covered include: spreadsheet and formula basics arithmetic (SUM) and rounding (ROUND, ROUNDUP, ROUNDDOWN) basic statistics (MAX, MIN, AVERAGE, MEDIAN) relative vs. absolute cell references (F4 key) inserting and deleting rows and columns creating summary tables (SUMIF, SUMIFS, COUNTIF, COUNTIFS) formatting cell values including custom formatting conditional cell formatting array lookup functions (VLOOKUP, HLOOKUP) format painting paste special transpose dates and timelines (EOMONTH, EDATE) conditional statements and how to nest them (IF, AND, OR and combinations thereof) financial functions for compounding and discounting (RATE, PV, FV, NPV, XNPV) internal rate of return (IRR, XIRR) mortgage payment calculation (PMT, PPMT, IPMT, CUMPRINC, CUMIPMT) formula auditing data tables for sensitivity analysis circular references best practices.
Excel For Real Estate bootcamp (Level 1 certification)
In this 4-hour session, you will learn the basics of operating in Excel, as well as advanced techniques, specifically as they relate to commercial real estate analysis. Each topic and accompanying technique is isolated and taught with its own example, after which participants will perform a topic-specific exercise. The use of keyboard shortcuts is emphasized.
This is the training content for Level 2 REFM Certification in Excel for Real Estate. The test is free and may be taken online at anytime here.
In this 4-hour session, you will learn the foundations of real estate finance as well as advanced techniques and topics as applied in Excel. Each topic and accompanying technique is isolated and taught with its own example, after which participants will perform a topic-specific exercise. Topics covered include: the time value of money model the discounted cash flow model internal rate of return (IRR) mortgage payment schedule construction refinancing/interest-only scenario payment calculation residential investment property refinancing case study commercial property maximum loan amount calculation residual land valuation of development parcels future net operating income calculation transaction capital structures financing development transactions senior construction loan sizing multiple equity investor draw modeling profit sharing discussion preferred return, internal rate of return waterfall and promote theory introduction. Excel techniques and functions taught include: compounding and discounting net present value (NPV) and XNPV internal rate of return (IRR) and XIRR conditional statements mortgage payment (PMT) principal payment (PPMT) and interest payment (IPMT) minimum (MIN) and maximum (MAX).
Real Estate Finance bootcamp (Level 2 certification)
In this 5-hour session, you will undergo a simulation of a timed job interview technical modeling Excel test similar to those given by top employers. You are provided with a set of assumptions and you are tasked with building out a 7-year annual projection model for the ground-up development of a mixed-use apartment and retail building asset. When you are done with the project, you will create two-way data tables to run investment performance sensitivity analyses on key inputs. You must also answer the following questions from the completed projection that you construct: 1. What is the going‐in cap rate for this transaction in Elapsed Year 5? 2. What is the Elapsed Year 5 cash‐on‐cash return? 3. Assuming a project annual discount rate of 15%, does the project create value according to the NPV calculation on an unlevered basis? On a levered basis? 4. What is the Debt Service Coverage Ratio of the Permanent Loan in Elapsed Year 5? 5. What is the total profit to the Sponsor? Topics covered include: complex debt structuring with both cash interest and accrued interest components two-player equity joint venture structure with preferred return and an IRR catch-up to the sponsor refinancing at stabilization disposition analysis of returns.
Job Interview technical modeling Test Training
Applicable Real Estate Property Types: Multi-family, retail
In this 4-hour session, you will learn the industry-standard operating statement line item set-up structure for apartment properties, how to project annual operating cash flows, and how to screen the acquisition of a property on a levered basis given an assumed purchase price and targeted returns levels. Topics covered include: the nature of all income and expense line items from Gross Potential Rent (GPR) through Before-Tax Levered Cash Flow projection formula modeling. In the first part of the tutorial, using a pre-formatted operating cash flow tab, you will construct the annual operating projection. Projection formula mathematical descriptions are provided to guide your Excel formula construction. In the second part of the tutorial, you will take the NOI line and weave it into a pre-formatted acquisition analysis screening tab that integrates purchase, sale, debt and equity elements. The sections of the second part of the analysis are: uses of funds sources of funds (sponsor equity, third party investor equity, and senior acquisition loan) unlevered cash flow projection debt schedule levered cash flow projection sensitivity tables levered summary. The resulting unlevered and levered cash flow returns metrics are net cash flow, IRR, multiple on equity and NPV, allowing you to assess the valuation of the property. In addition, a levered summary table is constructed to evaluate returns for multiple hold durations side-by-side. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
STABILIZED Apartment/Multi-Family Property Operating Projection and Acquisition Screening Analysis
Applicable Real Estate Property Type: Multi-family
VALUE ADD Apartment Building Acquisition & Renovation ANALYSIS Modeling
Topics covered include: formula writing involving conditional statements generic projection formula writing integration of historical property data and existing rent roll into your pro-forma modeling of the unit renovation program modeling of any operating expense savings from the renovation/ greening of apartment units modeling of senior acquisition loan financing, the residual equity requirement, and a permanent take-out loan/refinancing property disposition sensitivity analysis around key variables using 2-way data tables. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
In this 4-hour session, you will learn the collection of technical skills for the value-add pro-forma (projection) modeling for the acquisition and individual unit renovations of a rental apartment building. The principles and skills taught for how to model renovation and continued property operation apply equally to small properties and 1,000-unit complexes. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework and the powerful OFFSET function. To facilitate your learning, you will begin with a pre-populated rent roll in Excel based on a sample property offering memorandum. You will then input variable values on a pre-formatted assumptions tab, then derive and fill in line item projection formulas on a pre-formatted monthly cash flow tab, and derive and fill in formulas on a pre-formatted annual cash flow summary report.
Applicable Real Estate Property Types: Multi- family, retail
4 or 6 hour
In this 4- or 6-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 set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. 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 before-tax levered cash flow.
The advanced capital structure you will model includes: sponsor, partner, and third party investor equity mezzanine loan senior construction loan. Topics covered include: site and building information apartment unit mix pre-, during- and post-construction project timing elements transaction capital structure formula writing involving conditional statements cash flow projection formula writing uses of funds: land and acquisition costs, hard costs, soft costs, FF&E costs, financing costs sources of funds: equity, debt cash flows from residential, parking, and retail capitalized valuation for sale investment returns residual land valuation. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
In this 4- or 6-hour session, you will learn the collection of technical skills for the pro-forma (projection) modeling for the ground-up development of a residential for-sale condominium building with for-sale parking and income-producing ground-floor retail. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. To facilitate your learning, you will begin with pre-formatted tabs for lot and building information for a subject development site, residential 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 before-tax levered cash flow.
The advanced capital structure you will model includes: sponsor, partner, and third party investor equity mezzanine loan senior construction loan Topics covered include: site and building information condominium unit mix pre-, during- and post-construction project timing elements transaction capital structure formula writing involving conditional statements cash flow projection formula writing 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 of retail component for sale investment returns residual land valuation. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Applicable Real Estate Property Types: Residential condominiums, retail
3 hour
Topics covered include: standard commercial property operating projection set-up 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 exported into Excel 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 returns indicators in an institutional investor-friendly format. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Applicable Real Estate Property Types: Office, industrial, retail
Multi-Tenant Commercial Property Acquisition Modeling wITH ARGUS Cash Flow EXPORT Customization
In this 3-hour session, you will learn the collection of technical skills for the modeling of the acquisition, operation and disposition of an existing multi-tenant commercial (office, industrial or retail) property. You will also learn the mathematical mechanics behind how ARGUS works, and how to integrate an ARGUS cash flow projection export into Excel to perform levered, equity partnership and sensitivity analyses.
In this 4-hour session, you will learn the industry-standard operating projection line item set-up structure for commercial office properties, how to project annual operating cash flows, and how to screen the acquisition of a property on a levered basis given an assumed purchase price and targeted returns levels. Topics covered include: the nature of all income and expense line items from Gross Potential Rent (GPR) through Before-Tax Levered Cash Flow lease types and reimbursement dynamics projection formula modeling. 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 extend beyond the analysis end date, and that Suite 300, which comprises 36% of the rentable SF, is currently vacant and will remain vacant through the end of Year 1. Suite 300 rent will commence at the start of Year 2 with Year 2 Base Year, and its lease will extend beyond the projection analysis end date. Suite 100 is a triple-net (NNN) lease, and Suites 200 and 300 are Gross leases (Base Year expense stop). In the first part of the tutorial you will build out the operating projection. Projection formula mathematical descriptions are provided to guide your Excel formula construction. In the second part of the tutorial you will weave the NOI line into an acquisition analysis screening tab that integrates purchase, sale, debt and equity elements. The two senior debt financing options modeled are an amortizing loan without any future funding amounts available for the Year 1-2 tenant improvements and leasing commissions related to Suite 300, and an interest-only loan with delayed draw capacity for the near-term capital costs. The sections of this analysis are: uses of funds sources of funds (sponsor equity, third party investor equity, senior acquisition Loan) unlevered cash flow projection debt schedule levered cash flow projection sensitivity tables. The resulting unlevered and levered cash flow returns metrics are net cash flow, IRR, multiple on equity and NPV, allowing you to assess the valuation of the property. In addition, a levered summary table is constructed to evaluate returns for multiple hold durations side-by-side. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
* This content is also available with a sole focus on the industrial property type.
Applicable Real Estate Property Types: Office, Industrial
Office Property Operating Projection and Acquisition Screening Analysis *
In this 4- or 6-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 an office or industrial property (if office, mixed-use with retail and income-producing parking components). To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. To facilitate your learning, you will begin with pre-formatted tabs for lot and building information for a subject development site, and for 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 before-tax levered cash flow. The advanced capital structure you will model includes: sponsor, partner, and third party investor equity mezzanine loan senior construction loan. Topics covered include: site and building information pre-, during- and post-construction timing elements transaction capital structure formula writing involving conditional statements cash flow projection formula writing uses of funds: land and acquisition costs, hard & soft costs, FF&E and financing costs sources of funds: equity, debt Full Service and NNN lease reimbursement structures cash flows from office (and parking and retail) or industrial capitalized valuation for sale investment returns residual land valuation. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
2 hour
In this 2-hour session, you will learn the collection of technical skills for the modeling of Full Service, Gross and NNN (triple net) commercial space leases from the perspective of both the landlord and the tenant. Topics covered include: formula writing involving conditional statements generic projection formula writing rent calculation using percentage-based escalations and dollar-based steps free rent parking and storage rent leasing commissions (LCs) tenant improvements (TIs) and other expenditures operating expenses and real estate taxes reimbursements cancellation options and penalties net cash flow, and NPV of net cash flow lease Profit & Loss statement impact to tenant rent vs. own analysis from the tenant’s perspective.
In this 4-hour session, you will learn the collection of technical skills for the pro-forma (projection) modeling for the acquisition, operation, rooms renovation, and sale of a full-service hotel. The principles and skills taught apply to hotels of other levels of service. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework and the powerful OFFSET function. To facilitate your learning, you will input variable values on a pre-formatted assumptions tab, then derive and fill in line item projection formulas on a pre-formatted monthly cash flow tab, and derive and fill in formulas on a pre-formatted annual cash flow summary report. Topics covered include: formula writing involving conditional statements cash flow projection formula writing integrating historical property operating data into your pro-forma modeling of the rooms renovation program modeling of senior acquisition loan financing, the residual equity requirement, and a permanent take-out loan/refinancing property disposition valuation and investment returns sensitivity analysis modeling around key variables using 2-way data tables. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Applicable Real Estate Property Type: Hotel
Hotel Property Acquisition and VALUE-ADD Renovation Modeling
Applicable Real Estate Property Types: Hotel, retail
In this 4- or 6-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 full-service hotel with income-producing parking and a retail component. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. To facilitate your learning, you will begin with pre-formatted tabs for lot and building information for a subject development site, building size 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 before-tax levered cash flow. The advanced capital structure you will model includes: sponsor, partner and third party investor equity mezzanine loan senior construction loan Topics covered include: site and building information space use programming pre-, during- and post-construction project timing elements transaction capital structure formula writing involving conditional statements generic projection formula writing uses of funds: land and acquisition costs, hard costs, soft costs, FF&E costs, financing costs sources of funds: equity, debt cash flows from hotel and retail capitalized valuation for sale investment returns residual land valuation. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
In this 4-hour session, you will learn the industry-standard operating projection line item set-up structure for multi-tenant retail properties, how to project annual operating cash flows, and how to screen the acquisition of a property on a levered basis given an assumed price and target returns levels. Topics covered include: the nature of all income and expense line items from Gross Potential Rent (GPR) through Before-Tax Levered Cash Flow lease types and reimbursement dynamics projection formula modeling. There are three Suites in the hypothetical property. The assumptions to be used are that the leases for in-line Suite 100 and anchor Suite 200 were put in place at the start of the trailing twelve months and extend beyond the projection analysis end date. Suite 300, which comprises 24% of the center square footage, is currently vacant and will remain vacant through the end of Year 1. Suite 300 rent will start at the start of Year 2 with a Year 2 Base Year and its tenancy will extend beyond the projection analysis end date. While Suites 100 and 200 are triple-net (NNN) leases, the lease for Suite 300 is a Gross lease (Base Year expense stop) to provide you with exposure to full service lease reimbursement calculations. In the first part of the tutorial you will build out the operating projection. Projection formula mathematical descriptions are provided to guide your Excel formula construction. In the second part of the tutorial you will weave the NOI line into an acquisition analysis screening tab that integrates purchase, sale, debt and equity elements. The two senior debt financing options modeled are an amortizing loan without any future funding amounts available for the Year 1-2 tenant improvements and leasing commissions related to Suite 300, and an interest-only loan with delayed draw capacity for the near-term capital costs. The sections of the second part of the analysis are: uses of funds sources of funds (sponsor equity, third party investor equity, senior acquisition Loan) unlevered cash flow projection debt schedule levered cash flow projection sensitivity tables. The resulting levered cash flow returns metrics are net cash flow, IRR, multiple on equity and NPV, allowing you to assess the valuation of the property. In addition, a levered summary table is constructed to evaluate returns for multiple hold durations side-by-side. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Applicable Real Estate Property Type: Retail
In this 4- or 6-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 multi-tenant retail plaza. The principles and skills taught also apply to single tenant properties. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. To facilitate your learning, you will begin with pre-formatted tabs for lot and building information for a subject development site, building size 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. The advanced capital structure you will model includes: sponsor, partner, and third party investor equity mezzanine loan senior construction loan. Topics covered include: site and building information space programming pre-, during- and post-construction project timing elements transaction capital structure formula writing involving conditional statements cash flow projection formula writing uses of funds: land and acquisition costs, hard costs, soft costs, FF&E costs, financing costs sources of funds: equity, debt cash flows from retail capitalized valuation for sale investment returns residual land valuation. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
SINGLE FAMILY HOUSING RENTAL COMMUNITY ACQUISITION MODELING
In this 4- or 6-hour session, you will learn the industry-standard operating statement line item set-up structure for single family rental home communities, how to project annual operating cash flows, and how to screen the acquisition of a community on a tranched, levered basis given an assumed purchase price and targeted returns levels. In the first part of the tutorial, using a pre-formatted operating cash flow tab, you will construct the annual operating projection, making sure you understand the nature of all income and expense line items from Gross Potential Rent (GPR) through Before-Tax Levered Cash Flow. Projection formula mathematical descriptions are provided to guide your Excel formula construction. In the second part of the tutorial, you will take the NOI line and weave it into a pre-formatted acquisition analysis screening tab that integrates purchase, sale, debt and equity elements. The sections of the second part of the analysis are: uses of funds sources of funds (sponsor equity, third party investor equity, and senior acquisition loan) unlevered cash flow projection debt schedule levered cash flow projection sensitivity tables levered summary. The resulting unlevered and levered cash flow returns metrics are net cash flow, IRR, multiple on equity and NPV, allowing you to assess the valuation of the property. In addition, a levered summary table is constructed to evaluate returns for multiple hold durations side-by-side. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Applicable Real Estate Property Type: SFR rental communities
In this 4- or 6-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 SFR community. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. To facilitate your learning, you will begin with pre-formatted tabs for lot and building information for a subject development site, building size 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. The advanced capital structure you will model includes: sponsor, partner, and third party investor equity mezzanine loan senior construction loan. Topics covered include: site information housing unit mix pre-, during- and post-construction project timing elements transaction capital structure formula writing involving conditional statements cash flow projection formula writing uses of funds: land and acquisition costs, hard costs, soft costs, common element FF&E costs, financing costs sources of funds: equity, debt capitalized valuation for sale investment returns residual land valuation. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
SINGLE FAMILY HOUSING RENTAL COMMUNITY DEVELOPMENT MODELING
This is the training content for Level 3 REFM Certification in Excel for Real Estate. The test is free and may be taken online at anytime here.
Applicable Real Estate Property Types: All income producing and 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. Specifically, you will model: non-compounded and a compounded cumulative pari-passu preferred returns, with pari-passu residual cash flow splits (i.e., a 2-tier waterfall) a 3-tier IRR hurdle-based waterfall with residual splits including a sliding scale-based set of sponsor promotes 2 interlocking 5-tier waterfalls with unique sets of IRR-based hurdles and sponsor promotes (a double-promote structure). Topics covered include: the rationale behind targeting disproportionate returns to the deal sponsor how to achieve disproportionate returns through fees and cash flow splits 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 internal rate of return (IRR) -based hurdles 3-tier waterfall modeling double-promote, 5-tier waterfall modeling alternate compounding periods: monthly, daily, quarterly sample partnership structures common mistakes in waterfall modeling. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Single Transaction Equity Joint Venture Partnership & Waterfall Modeling BOOTCAMP(Level 3 CERTIFICATION)
Applicable Real Estate Property Types: All income producing
In this 4-hour session, you will learn big picture real estate private equity fund basics, the general legal structure of funds based in the U.S., and how to model transaction-level, transaction partner-level, fund-level, general partner (GP) and limited partner (LP) projections for core- and core-plus real estate private equity funds. To set the proper skills and knowledge foundation, you will first learn about formula writing involving conditional statements, as well as REFM's generic projection formula framework. To facilitate your learning, you will begin with a pre-formatted prototypical individual transaction tab, on which you will derive and fill in line item projection formulas starting at Net Operating Income and ending at Levered Cash Flow. Interest-only financing is assumed. Next, on a pre-formatted fund-level tab, you will derive and fill in line item projection formulas starting at Investment Net Cash Flow and ending at pre-income tax partner-level Levered Cash Flows. Last, you will derive and fill in line item projection formulas on a pre-formatted individual transaction-level partner-level promote 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 model. Topics covered include: modeling net cash flow for a typical acquisition rolling up of multiple investments to the fund level projection of fund manager asset management fees partitioning of cash flows to the limited and general partner ownership interests based on a typical fund catch-up structure modeling of individual transaction partner promote structure fund-level claw-back. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
In this 4-hour session, you will learn all about debt financing as it relates to a single property transaction (i.e., not CMBS or RMBS structured finance). Topics covered include: capital structure what debt financing is and why it is used concepts of security and collateral basic modeling example of positive leverage to equity returns risks of using leverage acquisition loan debt financing simulation in Excel: interest-only payment calculation amortizing loan functions (for both monthly and annual payment frequency): total payment (PMT) loan constant derivation interest portion of payment (IPMT) principal portion of payment (PPMT) cumulative principal paid (CUMPRINC) cumulative interest paid (CUMIPMT) amortization table creation: with interest-only period integration with pre-payment event integration acquisition loan sizing methods: purchase price vs. total unleveraged uses of funds loan-to-value (LTV) and loan-to-cost (LTC) debt service coverage ratio (DSCR) debt yield loan fees re-financing loan sizing mezzanine financing: modeling subordination of both debt service payment and loan repayment modeling participation in income post-debt service payment land loan modeling construction financing: differences between acquisition and construction loans loan sizing funded interest (interest reserve) calculation and modeling sources of repayment: income-producing assets vs. unit-sales assets interim (bridge) loan modeling construction-to-perm loan modeling line of credit/self-financing project modeling.
In this 1.5-hour session, you will learn about this less visible but potentially highly profitable way of investing in real estate, and how to properly model the acquisition of a distressed mortgage note. Topics covered include: what makes a commercial mortgage note distressed in nature the various elements that comprise a mortgage note investment, including: collateral value and note face value at original underwriting current remaining loan principal nominal and default interest rates receiver collections how to model the acquisition of a mortgage note: all cash or with acquisition debt with and without ongoing debt service with and without cash flows after foreclosure but before final sale how to model exit opportunities: sale of note partial pay down sale of the underlying collateral investment returns. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
In this 4-hour session, you will learn a variety of advanced debt and equity financing and equity partnership distribution techniques for single property transactions, including the modeling of: “good news money” i.e., when ownership funds capital costs with debt mezzanine debt with payment in kind and cash flow participation development land loans and development sponsor land equity cash flow waterfalls with IRR and profit share catch-up provisions a combined equity multiple/IRR hurdle waterfall. This session builds upon and is intended to be studied after the completion of REFM’s Level 1, 2, and 3 Bootcamps. Topics covered include: Stabilized property acquisition with a single I/O senior loan funding fully at closing Partially-vacant property acquisition with a single I/O senior loan funding both at closing and on a delayed draw basis for TIs and LCs as vacancy is absorbed Same as 2 above, with refinancing by an amortizing loan after stabilization Same as 2 above, but with a mezzanine loan with payment in kind and current interest funding as exclusive funding source of the delayed draws Same as 2 above, but with mezzanine loan participating in post-financing property cash flow Integrating an accruing or current-pay land loan into a development Sources & Uses of funds projection with 3 layers of equity and 2 layers of construction debt Same as 6 above, but replacement of senior construction loan with a Line of Credit Integrating sponsor land equity into a development Sources & Uses of funds projection with 3 layers of equity, a land loan, and 2 layers of construction debt Advanced equity joint venture partnership waterfall distribution structures: IRR-based Priority Preferred Return Waterfall (Sponsor IRR Catch-up) IRR-based Priority Preferred Return Waterfall with Sponsor Profit Share % Catch-Up IRR-based Pari Passu Preferred Return Waterfall with Sponsor Profit Share % Catch-Up Equity Multiple vs. IRR Basics Equity Multiple-based Waterfall Equity Multiple- and IRR-based Waterfall. Instructor support is provided, and an unlocked solution set is included so that you can check your work along the way.
Applicable Real Estate Property Types: All income producing and all unit sales-based
ADVANCED SINGLE TRANSACTION DEBT AND EQUITY Modeling
Applicable Real Estate Transaction Types: Core and value-add acquisition, ground-up development
ABOUT REFM
THE TRAINER OF CHOICE FOR commercial real estate education AND microsoft EXCEL-BASED FINANCIAL MODELING SKILLS
REFM is the premier financial modeling solutions provider for Excel-based financial spreadsheet models, financial modeling training, and financial modeling consulting for real estate transactions of all types. REFM provides its customers with the advanced financial modeling knowledge, tools and skills they need to successfully model their transactions and present them with confidence internally and to potential partners, lenders and investors. REFM’s educational training is offered through digital self-study video tutorials and live group training seminars. REFM also provides private consulting services. Based in Atlanta, REFM was founded by Bruce Kirsch in 2009. REFM has trained thousands of new and experienced real estate professionals in financial modeling from a wide variety of real estate businesses, organizations and institutions, including private equity, development, brokerage, trade groups and government.
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