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Schedule Summary (Detailed Schedule Below)

Saturday, July 16th

8:00 AM to 8:30 AM Registration

8:30 AM to 9:00 AM Screening of REFMs Development Modeling Basics video

9:00 AM to 1:00 PM Mixed-Use Apartment Building Development FinancialModeling

1:00 PM to 2:00 PM Lunch Break

2:00 PM to 6:00 PM Mixed-Use For-Sale Condominium Building Development/For-SaleHousing Subdivision Development Financial Modeling

Sunday, July 17th

9:00 AM to 12:00 PM Modeling Joint Venture and Partnership Profit Sharing and PartitionedReturns

12:00 PM to 1:00 PM Lunch Break

1:00 PM to 3:15 PM Apartment Building Acquisition and Individual UnitRenovation Financial Modeling

3:30 PM to 6:00 PM Excel-based Customization of a Commercial/Retail Cash Flow Outputfrom Argus

Detailed Schedule

Saturday, July 16th 9:00 AM to 1:00 PM

Excel-based Mixed-Use Apartment/Multi-Family Building DevelopmentFinancial Modeling Training

What You Will Learn

A mastery of technical pro-forma (financial projection) modeling skills for the ground-up development of amixed-use rental apartment building, including distressed and foreclosed development sites.

Site and Building Information and Construction Type- Calculation of allowable density using FAR multiple and site area- Construction type determination based on local costs and achievable rents

- Calculation of allowable building footprint using lot coverage ratio and site area- Calculation of building height using slab-to-slab height and story count- Calculation of apartment gross square footage given an assumed ground-floor retail square footage- Calculation of apartment rentable square footage given an efficiency factor- Calculation of parking requirements and required parking gross square footage given usable squarefootage loss factor

Continued

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Apartment Unit and Mix Details- Calculation of average rent/month given a monthly rent per square foot and average unit size- Calculation of total rentable square feet of each unit type and total number of each unit type givenaverage unit sizes, and percentage of total rentable square footage that each unit type comprises- Calculation of monthly revenues and share of revenues by unit type

Project Timing Elements- Understanding of the relationship between the durations of the three phases of development (Pre-Construction, Construction and Post-Construction), and the timing and dependencies of the majormilestones within each of those phases

Capital Structure- Calculation of sources of funds supplied by two equity sources, a mezzanine lender, and a seniorinterim / construction lender- Calculation of percentage of total development cost that each of the two equity investments compriseUses of Funds- Quantification and timing of:- Land and Acquisition Costs- Hard Costs (based off of a bell-shaped distribution curve) and Tenant Improvement Costs- Soft Costs

- Fixtures, Furnishings and Equipment Costs- Financing Costs, including Capitalized Interest Expense, and Operating Deficit

Sources of Funds- Quantification and timing and interrelationship of Draws, Interest and Repayment, as applicable, of:- Developer Sponsor Equity- Developer Partner Equity- Third Party Investor Equity- Mezzanine Financing- Senior Financing

Cash Flows and Returns- Income and Expense Assumptions

- Apartment Unit Lease-Up Schedule- Calculation of Gross Rental Income, Effective Gross Revenue and Net Potential Revenue- Calculation of Total Operating Expenses and Real Estate Taxes- Calculation of Net Operating Income (NOI)- Calculation of Current Annual Yield- Calculation and Timing of Capital Expenditures- Calculation and Timing of Non-Capitalized Interest Expense- Timing of Financing Cash Flows- Calculation of Project Levered Cash Flow- Calculation of Multiple on Equity- Calculation of Internal Rate of Return (IRR) on Equity- Calculation of Profit Margin

Capitalized Valuation- Calculation of Current Annual Net Operating Income- Calculation of Future Stabilized Net Operating Income- Calculation of Future Net Sale Amount

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Saturday, July 16th

2:00 PM to 6:00 PM

Mixed-Use For-Sale Condominium Building Development/For-Sale Housing SubdivisionDevelopment Financial Modeling

What You Will Learn

A mastery of the skills needed to successfully model for-sale mixed-use condominium building and for-sale housing subdivision development transactions, including distressed and foreclosed developmentsites.

Site and Building Information and Construction TypeCondominium-specific- Calculation of allowable density using FAR multiple/units and site area- Construction type determination based on local costs and achievable sales prices PSF- Calculation of allowable building footprint using lot coverage ratio and site area- Calculation of building height using slab-to-slab height and story count- Calculation of residential use gross square footage given an assumed ground-floor retail squarefootage- Calculation of apartment rentable square footage given an efficiency factor- Calculation of parking requirements and required parking gross square footage given usable squarefootage loss factor

Housing subdivision-specific- Calculation of total number of houses allowed based on units/acre and total acreage- Calculation of allowable building footprint lot coverage

Mix Details- How to determine a suitable project unit/house plan mixCondominium-specific- Calculation of average unit price per square foot given an average unit whole dollar price- Calculation of total salable square feet of each unit type and total number of each unit type givenaverage unit sizes

- Calculation of percentage of total rentable square footage that each unit type comprises- Calculation of total revenues and share of revenues by unit type

Housing subdivision-specific- Calculation of average plan price per square foot given an average unit whole dollar price- Calculation of total homes of each plan type- Calculation of percentage of total homes that each unit type comprises- Calculation of total revenues and share of revenues by plan type

Project Timing Elements- Understanding of the relationship between the durations of the three phases of development (Pre-Construction, Construction and Post-Construction), and the timing and dependencies of the majormilestones within each of those phases

- Sales Velocity assumptions and dependencies, including Pre-Sales and Phases

Capital Structure- Calculation of sources of funds supplied by each of two equity sources, (for condominiums) a land loan,mezzanine loan, and a senior construction loan, or (for housing subdivisions) an acquisition, developmentand construction loan- Calculation of percentage of total development cost that each of the two equity investments comprise

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Uses of Funds- Quantification and timing of:- Land and Acquisition Costs based off of residual land valuation- Hard Costs, and (for condominiums) retail component Tenant Improvement Costs- Soft Costs- Fixtures, Furnishings and Equipment Costs- Financing Costs, including Operating Deficit

Sources of Funds- Quantification/timing/interrelationship of Draws, Interest and Repayment, as applicable:- Developer Sponsor Equity and Third Party Investor Equity- Land Loan Financing- Mezzanine Debt Financing- Senior Construction Debt Financing

Pre-Sales, Market Sales, Closings, Cash Flows and ReturnsCondominium-specific- Condominium Units/Parking Spaces/Storage Units- Condominium Maintenance Income- Retail Component Sale Net Revenue

Both Condominiums and Housing Subdivisions- Calculation of Net Potential Revenue- Calculation of Total Operating Expenses and Real Estate Taxes- Calculation and Timing of Non-Capitalized Interest Expense- Timing of Financing Cash Flows- Calculation of Project Levered Cash Flow- Calculation of Multiple on Equity- Calculation of Internal Rate of Return (IRR) on Equity- Calculation of Pre-Tax Profit Margin

Sunday, July 17th

9:00 AM to 12:00 PM

Modeling Joint Venture and Partnership Profit Sharing and Partitioned Returns

Joint venture partnerships are becoming increasingly complex and their proper structuring and modelingincreasingly critical as equity capital requirements have grown given todays more conservative lendingenvironment.

What You Will Learn

- The considerations in pursuing joint venture partnerships- How to structure sample partnership structures based on current trends- How to build the line items and 5-Tier Internal Rate of Return Waterfall structure needed to partition theLevered Net Cash Flows to calculate:

- Preferred Equity return to a Partner- Promotes and how they work with IRR lookbacks- Internal Rates of Return for both Preferred Partner and Sponsor

- How to model equity clawbacks.

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Sunday, July 17th

1:00 PM to 3:15 PM

Apartment Acquisition and Individual Unit Renovation Modeling Training

What You Will Learn

A mastery of Excel-based technical pro-forma (financial projection) modeling skills for the acquisition andindividual unit renovations (with continued operation) of a rental apartment building with ground-floorretail. The following principles and skills that will be taught apply equally to duplexes and 1,000-unitcomplexes:

- Integration of historical property data and existing rent roll into your pro-forma- Modeling of future lease expirations and renewals- Modeling of the unit renovation program- Modeling of operating expense savings gained from the renovation/greening of apartment units- Modeling of acquisition loan financing, residual equity requirement, and permanent take-outloan/refinancing

- Constructing amortization tables and using the VLOOKUP function efficiently- Modeling of property disposition- How to construct and run data table-based two-variable sensitivity analyses on the following items:- Purchase Cap Rate vs. Disposition Cap Rate- Purchase Cap Rate vs. Acquisition Loan Interest Rate- Disposition Cap Rate vs. Permanent Loan Interest Rate.

Sunday, July 17th

3:30 PM to 6:00 PM

Excel-based Customization of a Commercial/Retail Cash Flow Output from Argus

While Argus is able to generate future cash flow projections based on market factors and tenant rolloverassumptions, a DCF valuation and sensitivity analyses are more easily controlled by using Excel.Additionally, a customized presentation of the property valuation and investment returns is moreappropriate to individual deals and partnerships.

What You Will Learn

- How to quickly build a live Excel-based pro-forma valuation model that links directly to a 11-year cashflow Excel-based output from Argus- How to construct data table-based Sensitivity Analysis using discount rate and terminal capitalizationrate as variables- How to construct a leveraged cash flow analysis including both a Senior Loan and a Mezzanine loan- How to construct and run data table-based Sensitivity Analyses on Internal Rate of Return by varying:- Purchase Price vs. Terminal Capitalization Rate- Purchase Price vs. Loan-to-Cost- Loan-to-Cost vs. Interest Rate.