ULI’s Certificate in Commercial Real Estate Pro Forma Fundamentals is designed to provide real estate development professionals with the set of technical skills necessary to make better-informed development, investment and valuation decisions.
The certificate—obtainable upon completion of three online courses—provides entry- to intermediate-level professionals with a fundamental understanding of pro forma analysis through spreadsheet modeling.
The certificate program includes 20 hours of instruction conducted through convenient online programming, affording students the flexibility to learn in a way that works for them.
Students are required to complete the following online courses:
- Pro Forma Modeling with Excel Part I: The Investment Pro Forma
- Pro Forma Modeling with Excel Part II: Construction Draws and Rent Roll
- Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions
Each course will be offered live online at least two times per year. Or you may begin the program at any time by registering for the on-demand courses.
Following the completion of each course, a short proficiency exam will be made available for students wishing to earn the certificate. Students must pass all three exams in order to receive the certificate. Students may take an exam up to three times before having to repeat the program.
Pro Forma Modeling with Excel Part I: The Investment Pro Forma
This introductory course is a four-part workshop that guides students through the construction and manipulation of a basic multifamily investment pro forma. The program is geared toward individuals who have never completed a pro forma from scratch. Starting from a blank spreadsheet, students will receive step-by-step direction in the creation of this investment pro forma. At the conclusion of the last session, participants will have completed their own investment pro forma and will have gained a new appreciation for how valuation and investment decisions are made.
Each session of the workshop is designed to build on the previous one, and each participant will have a completed pro-forma model at the conclusion. Participants are expected to use learned skills to independently build individual sections of the model. However, the completed stages will be distributed at the end of each session.
Take the Class
The class is available anytime as an on-demand online course. Learn wherever and whenever is convenient for you!
Pro Forma Modeling with Excel Part II: Construction Draws and Rent Roll
Building on the first pro-forma modeling course, this four-part online program will help further build the participants’ financial modeling and Excel skills. Students will learn more advanced Excel functions for valuation, amortization, rent roll, construction and permanent financing, construction draws, and cash flows.
In each session, students will receive concise direction in spreadsheet construction. At the end of the last session, students will have a complete pro-forma model that can be scaled further to include waterfalls, stochastic processes, portfolio analysis, and visual displays of results.
Each session of the workshop is designed to build on the previous one. Participants are expected to use learned skills to build individual sections and maintain the pace of the workshop. However, as in the first course, the completed stages will be distributed at the end of each session.
Take the Class
The next course will be held online with live instruction starting September 20. This class is also available anytime as an on-demand online course. Learn wherever and whenever is convenient for you!
Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions
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.
Take the Class
The next course will be held online with live instruction starting October 11. This class is also available anytime as an on-demand online course. Learn wherever and whenever is convenient for you!