Editor’s Note: Pro-Forma 101 was written in 2007 by the late Wayne Lemmon, who was (among other things) a skilled real estate market economist. Real estate financial models and templates (commercial real estate pro-formas, or commercial real estate projection models) are an attempt to simulate how events related to commercial real estate investment might come to unfold over time. Equity waterfall models in commercial real estate projects are one of the most difficult concepts to understand in all of real estate finance. Wayne also served for many years as a member of the Planning Commissioners Journal’s editorial advisory board. The last steps in a real estate development model, such as the operating assumptions, pro-forma, and returns calculations, are similar to the ones in the acquisition model above. Learn to build dynamic, institutional-quality real estate pro forma models, development models, and equity waterfall models - all from scratch (even if you aren't an Excel expert) Our retail building proforma Excel template is perfect for quick and simple back of the envelope calculations. Looking for a retail building proforma template in Excel? Real Estate Pro-Forma: Calculations, Examples, and Scenarios (22:31) Created with Sketch. Leverage detailed refinancing and exit scenario modeling functionality to instantly see the impact of different refinancing and disposition strategies on investment potential. Pro Forma Summary. Real Estate Waterfall Model Returns and Case Study Answers (31:45) See Premium Course ... See detailed video tutorials to understand Real Estate Modeling Tutorials as it applies to investment banking. Neat and orderly spreadsheets that are understandable to the bank and investors alike. You've come to the right place. A real estate development model usually consists of two sections: the Deal Summary and the Cash Flow Model. Commercial Real Estate Excel model which generates the cash flows of the project as well as for equity investors and calculates the relevant metrics (debt yield, debt service coverage ratio, cap rates, and interest coverage ratio). The model includes a renovation/real estate development pro forma model, where you can easily phase in a renovation over up to a 5-year renovation timeline. It will work for all types of retail properties, including community centers, strip shopping centers, power centers, out-parcels, and more. Within the Deal Summary, ... Once we complete the Cash Flow Model, we will come back and complete the Development Pro Forma section and add a sensitivity analysis. The Pro Forma summary section shows the effective gross revenue, operating expenses, ... 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