In eCornell Certificate Programs
When critically thinking through a real estate investment opportunity, analyzing all options and associated risks for each potential path often becomes a daunting and complicated task. In lieu of trial and error, financial models offer a more efficient tool to stress-test deals ahead of high-stakes decision-making.
In this program, you will develop modeling tools from the ground up for commercial real estate to inform sound financial real estate investment decision-making. You will build in-depth models and frameworks currently in use throughout the real estate industry. This will call for rigorous cash flow construction and scenario analysis, including the impact of deterministic and stochastic inputs in ex-ante decision-making. This certificate includes revenue and income derivation, starting from individual tenants and including complex lease structures. Most types of income-producing real estate properties are covered, including hospitality properties. You will also discover how to model conventional, fixed, and floating debt instruments and model the capital stack to inform capital structure choices inclusive of equity cash flow waterfalls. In addition, you will be introduced to ARGUS for modeling multi-tenant properties and determine how to integrate an ARGUS output into the Excel-based models previously developed.
This program requires a basic understanding of real estate finance and the real estate markets. It is expected that you have a familiarity with the different valuation approaches in real estate, as this course focuses on the modeling of discounted cash flows in the context of both certain and uncertain future cash flows. If you are unfamiliar with these concepts, please consider enrolling in the Commercial Real Estate certificate as a prerequisite. Students with familiarity in Excel will be most successful in this program.
The courses in this certificate program are required to be completed in the order that they appear.