[Hybrid] Pro Forma II: Investment Waterfalls

When

2021-12-09 - 2021-12-16

Choose Your Calendar

    Where

    ULI Learning Platform

    Contact

    [email protected]

    This course consists of three live sessions, 1 introduction, a review of the first two on demand videos and a review of the second two on demand videos. The live sessions will take place at 12 pm EST on December 9th, 13th and 16th.

    Pricing

    Pricing Members Non-Members
    Private $395.00 $525.00
    Public/Academic/Nonprofit $350.00 $525.00
    Retired $395.00 N/A
    Student $350.00 $525.00
    Under Age 35 $395.00 $525.00
    All prices are in USD

    Pro Forma II: Investment Waterfalls

    Modeling investment waterfalls is the most complex task in developing a pro forma, but it doesn’t need to intimidate you. In this course, you will develop the skills to be able to produce your own investment waterfall pro forma.

    Overview

    This course takes you from the point of being capable of modeling a basic development or investment pro forma, to being able to model investment waterfalls in the context of advanced analytics and sensitivities testing. Develop and hone your analytical skills while learning to model investment pro formas involving multiple investors with different stakes and deals. 

    Learning Objectives

    Upon completion of this course, you will:

    • Understand how to test your pro forma’s sensitivities to avoid costly errors.
    • Model investment waterfalls to plan distributions to equity partners.
    • Analyze a complex pro forma.

    Additional Info

    In this course, you will learn about waterfall distribution structures and how they can change based on certain conditions. You will learn important terminology, the difference between a General Partner (GP) and a Limited Partner (LP), and how to calculate an IRR comparison for each partner. Spend time working through various examples with Dr. Tu so that by the end of the course, you can perform this analysis on your own.

    This course is for you if you have a solid understanding of investment or development pro formas and/or real estate finance and investment. If you are creating a JV, or bringing multiple partners into your deal, you won’t want to miss this class. 

    All content is available for 90 days from first access. For extension inquiries, please email [email protected].

    This course counts toward the Pro Forma Fundamentals Certificate.

     

    Speaker

    Instructor

    Charles Tu

    Daniel F. Mulvihill Endowed Chair, University of San Diego

    Charles Tu is the interim associate dean for graduate programs and Daniel F. Mulvihill Professor of Commercial Real Estate at the University of San Diego School of Business. Before coming to USD, he taught real estate and finance courses at George Washington University and Cal State Fullerton, where he received the Outstanding Teacher/Scholar Award in 2002. Tu is dedicated to conducting applied research that helps improve real estate and business decision-making. His research agenda covers a variety of topics, including housing valuation, smart growth and the new urbanism, commercial mortgage backed securities (CMBS), real estate investment trusts (REITs), multifamily housing and retail shopping centers. Tu has published articles in leading academic journals, and the findings of his research have been cited in major newspapers such as The Wall Street Journal, Washington Post and Atlanta Journal-Constitution. Tu earned his Ph.D. and M.B.A in Finance and Investments from the George Washington University, and his BS in Mechanical Engineering from National Chao-Tung University. He also received the Chartered Financial Analyst (CFA) designation in 2000.

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