Pro Forma Modeling with Excel: Investment Waterfall Distributions
February 13 & 15, 2017         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.

All participants will receive access to the recording of each session. 

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

Roger Staiger
Managing Director
Stage Capital


Roger is Managing Director for Stage Capital, LLC, an international real estate advisory and investment firm providing expertise to clients in areas of global portfolio management and asset repositioning. Staiger, through Stage Capital, has successfully repositioned over $725 million in distressed and inefficient real estate projects globally. Stage Capital through its subsidiaries, develops, owns and operates ongoing real estate businesses domestically and internationally.

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 America’s Best Builder 2006, and a portfolio manager for a large commingled pension fund in New York.

Staiger holds multiple degrees including a BS Electrical Engineering, MBA Investments, MA International Transactions, and an MS Finance. He has authored the leading textbook for real estate pro forma modeling, i.e. Foundations of Real Estate Financial Modelling, Routledge, 2015. Staiger is a recognized global expert in real estate financial modeling.
Subscription Information
Public Member Price:
$195.00
Member Price:
$215.00
Public Nonmember Price:
$250.00
Non-Member Price:
$295.00
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