Pro Forma Modeling with Excel: Investment Waterfall Distributions

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September 24, 2019 @ 1:30 pm
September 26, 2019 @ 3:30 pm
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On-Demand DC United States
ULI Learning


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September 24 and 26, 2019
1:30 – 3:30 p.m. ET

This 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


StaigerRoger Staiger
P(Gain), LLC

Mr. Staiger is owner of P(Gain), LLC, an international real estate investment and advisory firm with offices in Washington DC and New Castle, Nevis. P(Gain), LLC develops, owns and manages investments in the DC metropolitan area and the Caribbean. P(Gain) is best known for providing University scholarships for Nevisian graduating seniors. Also, through the Roger P. Staiger Faculty Development Fund, Mr. Staiger personally provides grants for academic research studies. On a limited basis, P(Gain) will provide expertise to clients in areas of global portfolio management, real estate financial modeling and asset repositioning.

During his 20-year career Mr. Staiger has worked in a number of industries at senior levels. He was Managing Director for a Fortune 500 Energy Company’s retail commodity division, CFO for America’s Best Mid-Sized Builder 2006, and a Portfolio Manager for a large commingled pension fund in New York.

Mr. Staiger holds multiple degrees including BS Electrical Engineering (Bucknell University), MBA Investments (George Washington University), MA International Transactions (George Mason University) and a MS Finance (George Washington University). Currently, Mr. Staiger holds or has held faculty positions in the real estate departments at Georgetown (Professor of Year, 2011), Johns Hopkins University (Senior Lecturer), and University of Maryland in the United States. Mr. Staiger also holds a faculty position in the MS Finance program and Finance Department at George Washington University.

Mr. Staiger provides numerous capital market and economic presentations to organizations internationally. He also appears regularly on television and is often quoted in national periodicals. Mr. Staiger is recognized globally as an expert in Financial Modelling having authored the leading text on the subject, Foundations of Real Estate Financial Modelling, Routledge, 2015. Global interest and sales have warranted a second edition which is expected mid-2018.



Members: $215
Nonmembers: $295

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 one 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 for more information.