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Introduction to Pro Forma Modeling with Excel: ULI Live Online Workshop (July 2012)
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Held over four sessions, this online workshop will guide students through the construction and manipulation of a basic multifamily investment pro forma. Starting with a blank spreadsheet, the program is geared toward individuals who have never completed a pro forma from scratch. Students will receive step-by-step direction in the construction of this investment pro forma. At the end 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 with each participant having a completed pro forma model at the conclusion. Participants are expected to use learned skills to independently build individual sections and maintain the pace of the workshop. However, to avoid the possibility of anyone falling behind, the completed stages will be distributed the evening before each workshop. At the conclusion of the workshop, the instructor’s copy will be distributed, which will provide, at a minimum, a working pro forma investment model for each participant.
The program is designed to be interactive. The instructor will be available by e-mail between sessions to assist participants.
Session 1: July 10, 2012 1:30–3:30 p.m. ET
The class will begin with a blank spreadsheet, and students will assign cell colors, design borders to separate areas, and create sections for the inputs for the basic apartment model. Students will construct the input sections and headers for remaining sheets.
Session 2: July 12, 2011 1:30-3:30 p.m. ET
Picking up with the structure from the first class, participants will develop the cash flow for the project down to net operating income (NOI). Students will learn basic functions such as linking, adding and subtracting, and the subtotal function. Students will be taught how to link assumptions and escalate costs over time.
Session 3: July 17, 2012 1:30–3:30 p.m. ET
This session will focus on the amortization table, how principal is amortized, and the basic structure of an amortization table. Students will learn how to link the debt payments from the debt page to the pro forma page and calculate free cash flow for the project.
Session 4: July 19, 2012 1:30–3:30 p.m. ET
The final session will pull it all together and value the cash flows for investment decisions. Students will link the pro forma page to the bottom of the input/summary page and value cash flows. Students will understand basic valuation and how investment decisions are made.
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