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Real Estate Financial Modelling School (5 days) 

Are you an ambitious modeller? If so, these three courses are intended for you.

Who will benefit from this school?

  • Real Estate professionals at any level with exposure to real estate financial models on a frequent basis
  • Junior or new Real Estate Analysts who would like to start building their own real estate models quickly, rather than relying solely on coaching from existing team members
  • Mid-level to senior Real Estate Analysts
  • APC candidates who would like the opportunity to consolidate their competencies by understanding how theory and variables interact within the precision context of a financial model.
  • Real Estate Managers who would like to gain understanding of the dynamics of debt and financial return fluctuations in more detail
  • Real Estate Professionals looking to develop their financial modelling skills to the next level
  • Property industry modellers who would like to be fully proficient in building complex

Real Estate Financial modelling school combines three courses:


Day one

Real Estate Analyst I

  • Term & Reversion and Layer Method Valuation (Intro to Excel)
  • Equivalent Yield (Solver, Scenario and Goal Seek functions)
  • Single-Let Discounted Cash Flow
  • Cash Flow inputs (Rents, Yields, Growth Rates, Target Returns)
  • Analysis and use of date series
  • Internal Rate of Return (IRR) and Net Present Value (NPV)
  • Comparing Value, Price and Worth
  • Switching between Annual, Quarterly and Monthly DCF models
  • Adding borrowing and analysing geared returns
  • Introducing Rent Reviews and other ‘events’ into cash flows
  • The ‘Rent Function’ concept and Logic functions (IF,OR,AND)
  • Sensitivity Analysis

Day two

Real Estate Analyst II

  • The ‘Rent Function’ and Multi-let cash flows
  • The ‘date problem’ and assumptions in property asset cash flows
  • Pattern of rents in UK, European and Index linked leases (Arrays, Lookups)
  • Reducing the rent function, intermediate calculations and modelling theory
  • Modelling lease expiries, break clauses, voids, and upward only covenants
  • Incorporating time-varying rental growth rates
  • Analysing multi-let cash flows to see if the leases are sufficiently diversified
  • Further IRR analysis (XIRR, MIRR)

Day three

Real Estate Investor I

  • Introduction to development appraisals
  • Development cash flows versus Investment cash flows
  • Known costs & s-curves
  • Phased asset sales in development appraisals
  • Discounting development cash flows
  • Complimentary return metrics for development appraisals

Day four

Real Estate investor II

  • Modelling International variations in real estate income streams
  • Modelling sector variations in real estate income streams i.e. Office versus industrial, retail & leisure
  • Further senior debt covenants
  • Analysing debt structures, joint ventures & partnership financing

Day five

Real Estate Modelling Materclass*

  • JV Structures: Profit Share and Promote
  • Full spectrum risk analysis: Sensitivity analysis, scenario analysis & Monte Carlo
  • Portfolio Analysis

*Masterclass includes some visual basic for applications (VBA)


For more information visit – Bayfield Training