Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions

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Event:
Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions
Start:
June 11, 2014 1:30 pm
End:
June 13, 2014 3:30 pm
Category:
Organizer:
David Mulvihill, Vice President, Professional Development
Phone:
202-624-7122
dmulvihill@uli.org
Updated:
May 13, 2014
Venue:
Live Online
Address:
Online, DC, United States

June 11 and 13, 2014
1:30 – 3:30 p.m. ET

This third modeling course introduces students to the theory and practical construction of “waterfalls” for existing and new Microsoft Excel spreadsheet models.

The waterfall is the method of distributing profits among partners within a transaction. In more complex transactions, profits are not distributed pari passu. (Pari passu is the proportional distribution of profits according to the percentage of capital invested—for example, with an investor who provides 80 percent of the capital receiving 80 percent of the profit.)

During the first session, students will gain a theoretical understanding of what a waterfall is, as well as be exposed to the Microsoft Excel functions required to construct a waterfall. In the second session, students will construct a waterfall from a blank spreadsheet that can be incorporated into all existing spreadsheet models.

Students Will Learn

  • Basic types of equity partnership distributions.
  • The key inputs to the waterfall distribution from a joint venture agreement.
  • How to model variable-return distributions to the project sponsor and equity investor.
  • Advanced valuation formulas in Excel.
  • How to “bolt on” the waterfall to all existing pro forma models

Instructor

StaigerRoger Staiger
Managing Director
Stage Capital

Roger Staiger is managing director for Stage Capital LLC, an international real estate advisory firm providing expertise to clients in areas of global portfolio management and asset repositioning. Staiger, through Stage Capital, has successfully repositioned over $500 million in distressed and inefficient real estate projects globally.

During his 20-year career, Staiger has worked in a number of industries at senior levels. He was managing director for Constellation Energy’s retail commodity division, CFO for Caruso Homes, and a portfolio manager for a large commingled pension fund in New York.

Staiger holds multiple degrees, including a BS in electrical engineering, an MBA in investments, an MA in international transactions, and an MS in finance. Currently, he holds faculty positions in the real estate departments at Georgetown University and Johns Hopkins University.

Staiger makes numerous capital market and economic presentations to organizations internationally. He also appears regularly on television and is often quoted in national periodicals and local newspapers.

Registration

Members: $215
Nonmembers: $295
Govt./nonprofit member: $195
Govt./nonprofit nonmember: $250

 

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Earn an online ULI Certificate in Pro forma Modeling

Now you can earn a ULI specialty certificate while taking online pro forma courses. This course is the first of three required to earn the ULI Certificate in Commercial Real Estate Pro Forma Fundamentals.

ULI’s new online pro-forma certificate program is designed to provide real estate development professionals with the set of technical skills necessary to make better-informed development, investment, and valuation decisions. All from the comfort of your desktop.

An online workshop exam following the conclusion of each program will ensure your content comprehension.

Email David.Mulvihill@uli.org for more information.