The Urban Land Institute’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, which is 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.
- 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.
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.
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
The introductory course guides students through the construction and manipulation of a basic multifamily investment pro forma. Starting from a blank spreadsheet, students receive step-by-step instruction in the creation of an investment pro forma. Learn more about Part I: The Investment Pro Forma here>>
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. Learn more about Part II: Construction Draws and Rent Roll here>>
Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions
This third modeling course introduces students to the theory and practical construction of “waterfalls” – the method of distributing profits among partners within a transaction – for existing and new Microsoft Excel spreadsheet models. Learn more about Part III: Investment Waterfall Distributions here>>