Schedule Summary (Detailed Schedule Below) Saturday, July 16

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8:00 AM to 8:30 AM 8:30 AM to 9:00 AM 9:00 AM to 1:00 PM 1:00 PM to 2:00 PM 2:00 PM to 6:00 PM Sunday, July 17
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Registration Screening of REFMs Development Modeling Basics video Mixed-Use Apartment Building Development Financial Modeling Lunch Break Mixed-Use For-Sale Condominium Building Development/For-Sale Housing Subdivision Development Financial Modeling

9:00 AM to 12:00 PM 12:00 PM to 1:00 PM 1:00 PM to 3:15 PM

Modeling Joint Venture and Partnership Profit Sharing and Partitioned Returns Lunch Break Apartment Building Acquisition and Individual Unit Renovation Financial Modeling Excel-based Customization of a Commercial/Retail Cash Flow Output from Argus Detailed Schedule Saturday, July 16 9:00 AM to 1:00 PM
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3:30 PM to 6:00 PM

Excel-based Mixed-Use Apartment/Multi-Family Building Development Financial Modeling Training What You Will Learn A mastery of technical pro-forma (financial projection) modeling skills for the ground-up development of a mixed-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 square footage loss factor Continued 1

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 given average 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 (PreConstruction, Construction and Post-Construction), and the timing and dependencies of the major milestones within each of those phases Capital Structure - Calculation of sources of funds supplied by two equity sources, a mezzanine lender, and a senior interim / construction lender - Calculation of percentage of total development cost that each of the two equity investments comprise Uses 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

Saturday, July 16 2:00 PM to 6:00 PM Mixed-Use For-Sale Condominium Building Development/For-Sale Housing Subdivision Development Financial Modeling What You Will Learn A mastery of the skills needed to successfully model for-sale mixed-use condominium building and forsale housing subdivision development transactions, including distressed and foreclosed development sites. Site and Building Information and Construction Type Condominium-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 square footage - Calculation of apartment rentable square footage given an efficiency factor - Calculation of parking requirements and required parking gross square footage given usable square footage 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 mix Condominium-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 given average 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 (PreConstruction, Construction and Post-Construction), and the timing and dependencies of the major milestones 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, development and construction loan - Calculation of percentage of total development cost that each of the two equity investments comprise 3

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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 Returns Condominium-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 17 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 modeling increasingly critical as equity capital requirements have grown given todays more conservative lending environment. 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 the Levered 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 17 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 and individual unit renovations (with continued operation) of a rental apartment building with ground-floor retail. The following principles and skills that will be taught apply equally to duplexes and 1,000-unit complexes: - 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-out loan/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 17 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 rollover assumptions, 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 more appropriate 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 cash flow Excel-based output from Argus - How to construct data table-based Sensitivity Analysis using discount rate and terminal capitalization rate 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.
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