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ICSC Retail Real Estate Modeling

Powered by A.CRE

ICSC student members now have access to proficiency training in financial modeling for the Marketplaces Industry. Learn essential Excel models important to establishing a career in the industry.

Registration opens from December 1—6
Click for rates and details.

Register 

Financial Modeling Foundations

We have partnered with AdventuresinCRE (A.CRE) to offer our student members the opportunity to gain foundational skills relevant to today’s Marketplaces Industry. ICSC Retail Real Estate Modeling powered by A.CRE is exclusively for ICSC members and a certificate of completion, jointly issued by ICSC and A.CRE, will be provided once the program has been completed.

This comprehensive virtual program features courses focused on building knowledge and skills essential for careers within multiple business aspects of retail real estate. Student members are able to sign up at a significantly discounted rate of $100, and participants will have access to the program for two years. 

Preview ICSC Retail Real Estate Modeling in the video below.

Getting Started 

The ICSC Retail Real Estate Modeling program will open for enrollment from the 1st — 6th of each month. Registrants will receive their log in information from the A.CRE team. If you do not receive your log in links or have questions, please contact: admin@adventuresincre.com

Registration Opens from December 1 — 6
Log in links and account access information will be emailed to registrants within 2 business day of registration.

Fee: $100
Scholarships available on a need basis. Students needing financial support can access this program at a reduced cost of $50. Please fill out ICSC Retail Real Estate Modeling powered by A.CRE grant application and email to James Dulin at jdulin@icsc.com.

Explore Program Topics

Click through the topic menu to learn more about the 10 courses featured in this modeling foundations program and get an overview of each subject area presented.

This course teaches a framework for modeling real estate cash flows and a process for building dynamic real estate financial models, in the context of underwriting retail real estate. You will learn:

  • The elements of a dynamic model
  • The various components of DCF
  • The basics of modeling investment cash flows
  • Operating cash flows for retail properties
  • Reversion cash flows and analysis of reversion value

You will also apply these concepts and learn how to build a fully dynamic real estate DCF model.

This course provides the framework for building more sophisticated acquisition, development and value-add models later in the program. You will learn to calculate important metrics, including:

  • Unlevered and levered IRR
  • Unlevered and levered equity multiple
  • Free and clear return and cash-on-cash return 
  • Average rate of return and net profit
  • Operating expense and expense recovery ratios

This course will teach you how to read, build and understand retail income statement, including

  • How retail income statements are set up
  • Line items of the retail income statement
  • A technique for taking a detailed income statement and transposing the values into a summary income statement using Excel
  • Model T1, T3 and T6 annualized income and expenses

This case-based course that teaches the process of modeling long-term real estate leases.

  • Learn techniques for modeling rental income and operating expenses.
  • Build a fully dynamic discounted cash flow model from scratch, including an operating cash flow module with multiple generations of tenants.
  • Learn about the more common lease types and start to think about the best ways to model leases in Excel.

While this course uses Excel as the medium to understand and model long-term leases, many companies use non-Excel tools to model long-term leases. This course will prepare you to better understand those non-Excel alternatives.

In this course you will learn many unique nuances to underwriting retail as well as considerations for development opportunities, including:

  • Analyzing both publicly traded and privately held tenants
  • Tenant health ratio 
  • Overview of retail leases
  • Percentage rent and expense reimbursements  
  • Tenant improvements and leasing commissions

This case-based course teaches how to model real estate debt from the perspective of both the borrower and the lender, focusing on concepts that are essential to modeling levered risk and return metrics:

  • The real estate capital stack and the role of debt in a capital strategy
  • Mortgage amortization table
  • Excel strategies for modeling debt service and loan payoff
  • Common debt metrics
  • Real estate loan based on DSCR , Debt Yield and LTV

This case-based course teaches how to model returns at the partnership, rather than property level. You will learn about:

  • Forecasting contributions from each of the partners in a real estate partnership
  • Modeling partnership distributions on a monthly and annual basis
  • Techniques to model preferred return, return of capital and promoted interest
  • Multi-tiered waterfall models with various promote levels based on both cash-on-cash and IRR hurdles
  • Model structures with more than one partnership

This course relies heavily on the concepts learned from the eight preceding courses, including:

  • Using the inputs-calculation-modules-outputs concept to build a fully dynamic real estate model
  • Creating a direct cap pro forma to derive a purchase price
  • Modeling operating cash flows, applying appropriate growth rate, recovery percentage, and vacancy assumptions
  • Layering in debt, modeling debt service, loan payoff and various risk metrics
  • And more.

This course relies on the following concepts learned from previous courses to build an institutional-quality, retail value-add model:

  • Inputs-calculation-modules-outputs concept to build a fully dynamic real estate model
  • Straight-line construction cost forecasting method to calculate investment cash flows related to a heavy renovation project
  • Operating cash flows, applying appropriate growth rate, vacancy assumptions, and operating assumptions
  • Direct cap pro forma to derive a stabilized and reversion value
  • And more.
For additional information, contact

James Dulin

Foundation Manager, Student Engagement & University Partners

+1 646.728.3504

jdulin@icsc.com

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