The Advanced Real Estate Pro Forma Modeling Master Class

About Course

Want to learn how to build professional, dynamic, institutional-quality commercial real estate pro forma models from scratch for office, retail, and industrial properties in Microsoft Excel?

This course will take you by the hand and walk you step-by-step through the entire process of building a complete, dynamic, eight-tab commercial real estate pro forma model, starting with a blank Excel workbook and ending with a complete commercial real estate pro forma acquisition model that you’ve created (from scratch).

When I was first learning real estate financial modeling, I would download real estate development models or “calculators” on the internet, only to feel overwhelmed and frustrated by the complex functions and formulas everywhere in these Excel files. And once I felt like I was finally starting to get used to these, I still was scared to change anything because I didn’t want to “break” the model. And in most cases, even I believed the model was working correctly, I still had no idea if I could even trust the calculations in the first place.

If you’ve ever felt any of these things, this course will pull back the curtain and uncover the “Black Box” that most real estate financial models appear to be. By the end of this course, you’ll be able to build a dynamic, professional-quality commercial real estate pro forma model from scratch in Excel, and by the time you finish the last lecture, you’ll have an institutional-quality model that you’ve built from start to finish.

This course will teach you how to build a commercial real estate pro forma model the way the largest and most sophisticated private equity real estate firms look at deals. At the end of this course, you will be able to:

Build an institutional-quality, dynamic commercial real estate pro forma acquisition model for office, retail, and industrial properties from scratch (without expensive software)
Model advanced real estate financing structures like mezzanine debt, future funding for renovation projects, prepayment penalties, dynamic loan sizing based on multiple constraints, and more
Create a dynamic sources and uses table, so you’ll know exactly how much you’ll need to fund a deal up-front
Build dynamic working capital accounts to automatically fund operating shortfalls and prevent unexpected equity capital calls to investors
Model complex commercial real estate lease structures in Excel including NNN, FSG, MG, and BYS reimbursement structures, custom rent escalation schedules, percentage rent clauses, and more
Create dynamic re-leasing scenarios based on renewal probability and re-leasing assumptions to create future projected lease cash flows automatically
Model investor distributions on a monthly, quarterly, and annual basis and switch between the three options (quickly and easily)
Create custom charts and graphs that automatically populate in your model that you can use to present to investors, lenders, and partners
Build formula “checks” to quickly correct errors and feel confident in your calculations

This course is perfect for you if:

You’re a college student or graduate student looking to break into real estate investment after graduation, and you’re looking to add the key technical skill sets to your arsenal that will put you head and shoulders above the competition and allow you to land a lucrative career opportunity in the field
You’re an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate investment industry
You’ve have a basic understanding of real estate finance and you’re looking to take your real estate financial modeling skill set to an expert level to land a better job, make more money, and/or more confidently model and analyze your own real estate deals

Here’s what our students have had to say:

★★★★★ “This course really has it all. I model deals for experienced private equity real estate investors, and the principals I work for had never used a proforma as dynamic, versatile, and visually appealing as this model. If you need to analyze a commercial deal you should absolutely take the time to work through this course. Thanks, Justin! Already looking forward to the next course.”

★★★★★ “Best class I’ve taken, truly builds a phenomenal model with institutional quality complexity. Take this class!”

★★★★★ “Amazing, above expectations!”

If you have a basic understanding of real estate finance and you’re looking to apply that knowledge to analyze commercial real estate investment opportunities, I’d love to have you in the class!

Learn how to build dynamic, institutional-grade commercial real estate pro forma investment models from scratch for office, industrial, and retail properties
Learn how to model commercial lease structures and reimbursements all in Excel (without expensive software)
Learn how to create institutional, professionally formatted commercial real estate pro forma models to present to investors and partners
Learn how to create a dynamic "Circuit Breaker" to quickly reset your model and resolve errors

Course Content

01 – Introduction

001 – Introduction.mp4

00:00
002 – A Sneak Peek Into What Youll Build.mp4

00:00
003 – Who This Course Is For.mp4

00:00
004 – About This Course Student Success Stories.mp4

00:00
005 – Key Terms Definitions Cheat Sheet.html

00:00
006 – Excel Shortcuts Hotkeys Cheat Sheet.html

00:00
007 – Disclaimer.html

00:00

02 – The Advanced Real Estate Pro Forma Model

03 – Advanced Real Estate Pro Forma Modeling Fundamentals

04 – Part 1 Building Out The Summary Dashboard

023 – Building Out The Property Details.mp4

00:00
024 – Formatting The Property Details.mp4

00:00
025 – Building Out Parking Information.mp4

00:00
026 – Modeling Key Acquisition Inputs.mp4

00:00
027 – Modeling Sale Information.mp4

00:00
028 – Investor Distribution Frequency ProjectLevel Fees.mp4

00:00
029 – Building Out The Summary Details.mp4

00:00
030 – The Capital Budget Breakdown.mp4

00:00
031 – Sources Uses Part 1.mp4

00:00
032 – Sources Uses Part 2.mp4

00:00
033 – Building Out Unlevered Levered Return Metrics.mp4

00:00
034 – Modeling Sale Details The Formula BuildOut.mp4

00:00
035 – IRR Partitioning.mp4

00:00
036 – Sensitivity Analysis BuildOut.mp4

00:00
037 – Combining Dynamic Text Values.mp4

00:00
038 – Creating Dynamic Hold Period Intervals.mp4

00:00
039 – Sensitivity Analysis Finalization.mp4

00:00
040 – The Consolidated Rent Roll.mp4

00:00
041 – Modeling The Weighted Average Lease Term WALT.mp4

00:00
042 – Model Download Review.html

00:00

05 – Part 2 Dynamic Commercial Real Estate Lease Modeling

043 – Building Out The CRE Leases Tab.mp4

00:00
044 – InPlace Tenant Details.mp4

00:00
045 – Formatting The InPlace Tenant Details.mp4

00:00
046 – Building Out The Expense Reimbursement Structure.mp4

00:00
047 – Modeling The Rent Escalation Schedule.mp4

00:00
048 – ReLeasing Assumptions.mp4

00:00
049 – ReLeasing Costs.mp4

00:00
050 – Modeling Percentage Rent.mp4

00:00
051 – Tenant Cash Flow Timeline BuildOut.mp4

00:00
052 – Timeline Formatting Tenant SetUp.mp4

00:00
053 – Modeling InPlace Base Rent.mp4

00:00
054 – The InPlace Operating Expense BuildOut.mp4

00:00
055 – Modeling InPlace Reimbursements.mp4

00:00
056 – Modeling Percentage Rent.mp4

00:00
057 – Percentage Rent Update.html

00:00
058 – Modeling UpFront Free Rent.mp4

00:00
059 – Modeling ReLeasing Base Rent.mp4

00:00
060 – Modeling ReLeasing Free Rent.mp4

00:00
061 – Modeling ReLeasing Reimbursements.mp4

00:00
062 – Modeling UpFront Tenant Improvements.mp4

00:00
063 – Modeling UpFront Leasing Commissions.mp4

00:00
064 – Modeling ReLeasing Tenant Improvements.mp4

00:00
065 – Modeling ReLeasing Leasing Commissions.mp4

00:00
066 – Total Suite Cash Flow Finalization.mp4

00:00
067 – Creating Additional Leases.mp4

00:00
068 – Creating Additional Lease Cash Flows.mp4

00:00
069 – Formatting Pro Rata Share Calculations.mp4

00:00
070 – Grouping Tenants.mp4

00:00
071 – Model Download Review.html

00:00

06 – Part 3 CRE Expense Modeling

072 – Building Out The Expenses Tab.mp4

00:00
073 – T12 Hold Period Operating Expense Modeling.mp4

00:00
074 – Modeling Operating Expense Assumptions.mp4

00:00
075 – Property Tax Information Inputs.mp4

00:00
076 – Modeling Credit Loss Property Tax Growth Rates.mp4

00:00
077 – Property Tax Modeling.mp4

00:00
078 – Monthly Expense Modeling Formatting.mp4

00:00
079 – Modeling Monthly Property Tax Cash Flows.mp4

00:00
080 – Modeling Insurance.mp4

00:00
081 – Modeling CAM Other Expenses.mp4

00:00
082 – Model Download Review.html

00:00

07 – Part 4 Building Out The Monthly Cash Flows

083 – Introduction To The Monthly Cash Flow Tab.mp4

00:00
084 – Building Out The Monthly Cash Flow Timeline.mp4

00:00
085 – Modeling Revenue Free Rent.mp4

00:00
086 – Modeling Credit Loss Net Rental Income.mp4

00:00
087 – Modeling CAM Reimbursements Percentage Rent.mp4

00:00
088 – Modeling Operating Expenses.mp4

00:00
089 – Modeling TIs LCs.mp4

00:00
090 – Modeling Capital Reserves.mp4

00:00
091 – Modeling Acquisition Information.mp4

00:00
092 – Modeling Sale Information.mp4

00:00
093 – Building Out The Loan Information Section.mp4

00:00
094 – Model Download Review.html

00:00

08 – Part 5 Modeling Advanced Financing Structures

095 – Introduction To The Financing Tab.mp4

00:00
096 – Creating The Loan Information Table.mp4

00:00
097 – Building Out The Loan Metrics.mp4

00:00
098 – Interest Rate Modeling.mp4

00:00
099 – Loan Periods Prepayment.mp4

00:00
100 – Sizing The Acquisition Loan LTV LTC.mp4

00:00
101 – Sizing The Acquisition Loan DSCR.mp4

00:00
102 – Sizing The Acquisition Loan Debt Yield.mp4

00:00
103 – Sizing The Mezzanine Loan LTV LTC.mp4

00:00
104 – Sizing The Mezzanine Loan DSCR Debt Yield.mp4

00:00
105 – Sizing The Refinance LTV LTC.mp4

00:00
106 – Sizing The Refinance DSCR Debt Yield.mp4

00:00
107 – The Acquisition Financing BuildOut.mp4

00:00
108 – Dynamic Acquisition Loan Balance Modeling.mp4

00:00
109 – Modeling Additional Loan Proceeds.mp4

00:00
110 – Naming Cells For Faster Modeling.mp4

00:00
111 – Chatham Forward Curves Link.html

00:00
112 – Chatham Forward Curves.mp4

00:00
113 – Building In The Floating Interest Rate Index.mp4

00:00
114 – Creating Dynamic Fixed Floating Interest Rates.mp4

00:00
115 – Building Out The Total Loan Payment.mp4

00:00
116 – Total Loan Payment Formula Update.html

00:00
117 – Modeling Principal Interest Payments.mp4

00:00
118 – Modeling The Acquisition Loan Payoff Prepayment Penalty.mp4

00:00
119 – Creating Acquisition Financing Checks.mp4

00:00
120 – Mezzanine Financing BuildOut.mp4

00:00
121 – Modeling Mezzanine Debt Payments.mp4

00:00
122 – Refinance BuildOut.mp4

00:00
123 – Modeling Additional Refinance Loan Proceeds.mp4

00:00
124 – Modeling Total Refinance Loan Payments.mp4

00:00
125 – Modeling Refinance Principal Interest Payments.mp4

00:00
126 – Modeling The Refinance Loan Payoff Prepayment Penalty.mp4

00:00
127 – Refinancing Prepayment Penalty Formula Update.html

00:00
128 – Total Payment Formula Update.mp4

00:00
129 – SUMIF Trigger BuildOut.mp4

00:00
130 – Model Download Review.html

00:00

09 – Part 6 Creating A Dynamic Construction Budget

10 – Part 7 Building Out The Monthly Cash Flow Tab Part 2

139 – Modeling Management Fees Construction Expenses.mp4

00:00
140 – Partnership Expense Modeling AcquisitionRefinance Loan Proceed Funding.mp4

00:00
141 – How To Use SUMIF To Model Additional Loan Proceeds.mp4

00:00
142 – Building In Debt Service Modeling The Loan Payoff.mp4

00:00
143 – Modeling Loan Fees.mp4

00:00
144 – Creating Dynamic Working Capital Funding.mp4

00:00
145 – Investor Distribution Modeling Part 1.mp4

00:00
146 – Investor Distribution Modeling Part 2.mp4

00:00
147 – Investor Distribution Modeling Part 3.mp4

00:00
148 – Cash Flow SUM Formatting Finalization.mp4

00:00
149 – Model Download Review.html

00:00

11 – Part 8 Creating The Annual Cash Flow RollUp

12 – Part 9 Dynamic Chart Creation Finalizing The Advanced Pro Forma Model

155 – Modeling Asset Management Fees.mp4

00:00
156 – Property Tax Finalization Dynamic Assessed Value Modeling.mp4

00:00
157 – Modeling Tenant Health Ratio.mp4

00:00
158 – Modeling DSCR Debt Yield Total Cost.mp4

00:00
159 – Capital Budget Modeling.mp4

00:00
160 – Sources Uses Finalization.mp4

00:00
161 – Modeling Levered Return Metrics IRR Equity Multiple CashonCash Return.mp4

00:00
162 – Modeling Unlevered Return Metrics IRR Equity Multiple CashonCash Return.mp4

00:00
163 – Building Out The Property Sale Details.mp4

00:00
164 – Building Out The Consolidated Rent Roll.mp4

00:00
165 – Modeling InPlace Rent.mp4

00:00
166 – Reimbursements Lease Expirations.mp4

00:00
167 – Partitioning The IRR Part 1.mp4

00:00
168 – Partitioning The IRR Part 2.mp4

00:00
169 – XNPV Formula Update.html

00:00
170 – Creating The IRR Partitioning Chart.mp4

00:00
171 – Creating The Base Rent Makeup Chart.mp4

00:00
172 – Creating The Dynamic Operating Metrics Over Time Chart.mp4

00:00
173 – Dynamic Operating Metric Cash Flow BuildOut Part 1.mp4

00:00
174 – Dynamic Operating Metric Cash Flow BuildOut Part 2.mp4

00:00
175 – The Dynamic Operating Metric Chart BuildOut.mp4

00:00
176 – Creating The DSCR Over Time Chart Part 1.mp4

00:00
177 – Creating The DSCR Over Time Chart Part 2.mp4

00:00
178 – Running The Sensitivity Analysis.mp4

00:00
179 – Creating The Checks Tab.mp4

00:00
180 – Building Out The Model Checks Conditional Formatting.mp4

00:00
181 – How To Use What Youve Built.mp4

00:00
182 – Operating Shortfalls IRR Partitioning Finalization.mp4

00:00
183 – Final Model Updates.html

00:00
184 – Model Download Review Were Done.html

00:00

13 – Wrapping Up

14 – Bonus Lecture

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About Course

What Will You Learn?

Course Content

01 – Introduction

001 – Introduction.mp4

002 – A Sneak Peek Into What Youll Build.mp4

003 – Who This Course Is For.mp4

004 – About This Course Student Success Stories.mp4

005 – Key Terms Definitions Cheat Sheet.html

006 – Excel Shortcuts Hotkeys Cheat Sheet.html

007 – Disclaimer.html

02 – The Advanced Real Estate Pro Forma Model

008 – The 8 CRE Pro Forma Model Tabs.mp4

009 – Building Out The Summary Dashboard.mp4

010 – Modeling Dynamic Commercial Real Estate Leases.mp4

011 – Modeling CRE Operating Expenses.mp4

012 – Building Out The Monthly Cash Flow Statement.mp4

013 – Modeling The Annual Cash Flow RollUp.mp4

014 – Building Out The Financing Tab.mp4

015 – Construction Budget Modeling Automatic Checks.mp4

03 – Advanced Real Estate Pro Forma Modeling Fundamentals

016 – How To Get The Most Out Of This Course.mp4

017 – Excel Financial Modeling Best Practices Color Coding.mp4

018 – Removing Gridlines.mp4

019 – The Entire Sheet Formatting Trick.mp4

020 – Workbook Iterative Calculations.mp4

021 – Advanced Excel Settings.mp4

022 – Downloading Macros Optional.html

04 – Part 1 Building Out The Summary Dashboard

023 – Building Out The Property Details.mp4

024 – Formatting The Property Details.mp4

025 – Building Out Parking Information.mp4

026 – Modeling Key Acquisition Inputs.mp4

027 – Modeling Sale Information.mp4

028 – Investor Distribution Frequency ProjectLevel Fees.mp4

029 – Building Out The Summary Details.mp4

030 – The Capital Budget Breakdown.mp4

031 – Sources Uses Part 1.mp4

032 – Sources Uses Part 2.mp4

033 – Building Out Unlevered Levered Return Metrics.mp4

034 – Modeling Sale Details The Formula BuildOut.mp4

035 – IRR Partitioning.mp4

036 – Sensitivity Analysis BuildOut.mp4

037 – Combining Dynamic Text Values.mp4

038 – Creating Dynamic Hold Period Intervals.mp4

039 – Sensitivity Analysis Finalization.mp4

040 – The Consolidated Rent Roll.mp4

041 – Modeling The Weighted Average Lease Term WALT.mp4

042 – Model Download Review.html

05 – Part 2 Dynamic Commercial Real Estate Lease Modeling

043 – Building Out The CRE Leases Tab.mp4

044 – InPlace Tenant Details.mp4

045 – Formatting The InPlace Tenant Details.mp4

046 – Building Out The Expense Reimbursement Structure.mp4

047 – Modeling The Rent Escalation Schedule.mp4

048 – ReLeasing Assumptions.mp4

049 – ReLeasing Costs.mp4

050 – Modeling Percentage Rent.mp4

051 – Tenant Cash Flow Timeline BuildOut.mp4

052 – Timeline Formatting Tenant SetUp.mp4

053 – Modeling InPlace Base Rent.mp4

054 – The InPlace Operating Expense BuildOut.mp4

055 – Modeling InPlace Reimbursements.mp4

056 – Modeling Percentage Rent.mp4

057 – Percentage Rent Update.html

058 – Modeling UpFront Free Rent.mp4

059 – Modeling ReLeasing Base Rent.mp4

060 – Modeling ReLeasing Free Rent.mp4

061 – Modeling ReLeasing Reimbursements.mp4

062 – Modeling UpFront Tenant Improvements.mp4

063 – Modeling UpFront Leasing Commissions.mp4

064 – Modeling ReLeasing Tenant Improvements.mp4

065 – Modeling ReLeasing Leasing Commissions.mp4

066 – Total Suite Cash Flow Finalization.mp4

067 – Creating Additional Leases.mp4

068 – Creating Additional Lease Cash Flows.mp4

069 – Formatting Pro Rata Share Calculations.mp4

070 – Grouping Tenants.mp4

071 – Model Download Review.html

06 – Part 3 CRE Expense Modeling