The Commercial Real Estate Lease Modeling Master Class from Udemy

Want to learn how to model complex commercial real estate leases in Microsoft Excel from scratch, even without ARGUS?

This course is a complete, step-by-step guide to modeling commercial leases for retail, office, and industrial real estate. This is a project-based course, meaning you'll start with a blank Excel workbook and walk away with a fully-functional, dynamic, commercial lease model that YOU'VE created - from scratch.

By the end of this course, you'll be able to build a dynamic, professional-quality commercial real estate lease model from scratch, and your first one will be done by the time you finish the last lecture.

This course will teach you how to model things like multiple tenant lease terms and expiration dates, complex reimbursement structures, renewal probability and downtime, tenant improvement allowances, leasing commissions, and much, much more. At the end of this course, you will be able to:

Build an institutional-quality, dynamic commercial real estate lease model from scratch
Learn key Excel shortcuts to double your real estate financial modeling speed
Model multiple lease structures and quickly and easily model complex reimbursement structures (
You've bought rental homes or duplexes, and now you're looking to move into bigger commercial properties and want to feel confident in your ability to analyze deals.

Here's what some of our students have had to say:

"Justin really takes a deep dive into crucial concepts that play a huge role in the practical modeling portion of the course. The content is clear and concise, and he makes sure you understand things before moving onto more advanced material. I've taken a few of Justin's courses and every one of them has been indispensable in my REPE analyst intern role."

"Brilliant Justin. Each course I do I get more confident and regularly use the skills and formula writing at work. The great think about these courses is that they revolve around the same base. Each time you complete a different course the base knowledge is reinforced and then built upon."

"This course I found to be complete in all aspects of Commercial Lease Modeling, combined with Justin's teaching style, really enables me to look at Commercial lease modeling opportunities with a renewed sense of understanding, and confidence."

If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new commercial real estate investment opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course.

What's inside

Learning objectives

Learn how to build dynamic, institutional-quality cre models incorporating reimbursement structures, rent escalation schedules, re-leasing assumptions, and more
Learn how to replace argus and use excel to perform the calculations necessary to model commercial leases

Learn how to create institutional, professionally formatted models for retail, office, and industrial deals to present to investors and partners
Learn how to create dynamic excel dashboards showing tenant cash flows over time, capital costs, and reimbursement structures

Learn how to build dynamic, institutional-quality cre models incorporating reimbursement structures, rent escalation schedules, re-leasing assumptions, and more
Learn how to replace argus and use excel to perform the calculations necessary to model commercial leases
Learn how to create institutional, professionally formatted models for retail, office, and industrial deals to present to investors and partners
Learn how to create dynamic excel dashboards showing tenant cash flows over time, capital costs, and reimbursement structures

Syllabus

Students will be introduced to the commercial real estate lease model they will build in the course in this lesson.

Welcome!

Course Outline

About The Instructor & Student Success Stories

Setting Expectations

Download Me First

Disclaimer

Students will learn the fundamentals of commercial real estate lease modeling and will work through exercises that solidify the concepts we cover in the course in Excel.

CRE Lease Modeling Fundamentals Introduction

Modeling In-Place Rent

Modeling In-Place Rent Excel Exercise

Operating Expense Reimbursement Breakdown

NNN Reimbursements

FSG Reimbursements

MG Reimbursements

Base Year Stop Reimbursements

Dynamic Selection

Modeling Percentage Rent

Percentage Rent Excel Exercise

Leasing Costs

Modeling Leasing Commissions & TI Allowances

Re-Leasing Scenario Modeling

Weighted Average Renewal Modeling

Re-Leasing Cash Flow Modeling Exercise - Part 1

Re-Leasing Cash Flow Modeling Exercise - Part 2

Students will build out a dynamic summary dashboard in this tab to quickly and easily view cash flow and lease data for the property and individual suites.

Modeling Property Details - Part 1

Modeling Property Details - Part 2

Building Out The In-Place Rent Roll

Weighted Average Rent & WALT

Building The Tenant Cash Flow Summary

DCF Analysis Build-Out

Creating Annual Assumptions

Building The Annual CF Metric Dashboard

Students will build out a dynamic commercial real estate leases tab in this lesson which incorporates commercial real estate lease modeling, re-leasing cash flows, reimbursements, and leasing costs.

CRE Leases Tab Introduction

Building The In-Place Reimbursement Structures Table

Building Out The Rent Escalation Schedule

Modeling Re-Leasing Assumptions

Modeling Leasing Costs

Building Out Percentage Rent Assumptions

Creating The Tenant Cash Flow Timeline

Dynamic Cell Combinations

Modeling In-Place Base Rent Cash Flows

Operating Expenses Build-Out

Monthly Operating Expense Modeling - Part 1

Monthly Operating Expense Modeling - Part 2

Modeling In-Place Expense Reimbursement Cash Flows

Modeling Percentage Rent Cash Flows

Modeling Up-Front Free Rent

Modeling Re-Leasing Base Rent Cash Flows

Modeling Re-Leasing Free Rent

Modeling Re-Leasing Reimbursement Cash Flows

Modeling Up-Front Tenant Improvements

Modeling Up-Front Leasing Commissions

Modeling Re-Leasing Tenant Improvements

Modeling Re-Leasing Leasing Commissions

Total Tenant Cash Flows & CF Codes

Grouping Tenant Assumptions

Modeling Multiple Leases

Dynamic Occupancy Calculations - Part 1

Dynamic Occupancy Calculations - Part 2

Finalizing Occupancy, NLA, & Pro Rata Share

Students will consolidate the cash flows they built in the commercial real estate leases tab into monthly and annual cash flows to quickly and easily view property-level cash flows.

The Monthly & Annual CF Tabs Introduction

Modeling Net Rental Income

Modeling Other Income

Operating Expenses & Dynamic PM Fees

Modeling TIs & LCs

Sum Totals & Monthly CF Tab Clean-Up

Building The Annual Cash Flow Timing

Modeling Annual Cash Flows

Students will finalize the model in this Section and will learn how to use the commercial real estate lease model they've built in this course.

Finalizing The Summary Tab

Running The DCF Analysis

Consolidated Rent Roll Build-Out - Part 1

Consolidated Rent Roll Build-Out - Part 2

Dynamic Tenant Cash Flow Summary Build-Out

Average Annual Occupancy & Expense Reimbursements

Annual Operating Metrics Build-Out

Dynamic Tenant Cash Flow Chart Build-Out

How To Use What You've Built

Final Model Updates

Students will put together everything they've learned in this Section of the course.

Wrapping Up

Bonus Lecture

Bonus Lecture - The Next Step

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Suitable for aspiring commercial real estate analysts and investors

Taught by an experienced commercial real estate instructor

Covers essential commercial lease modeling concepts

Provides hands-on experience through project-based learning

Builds a strong foundation for commercial real estate lease analysis

May require some prior knowledge of real estate finance

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in The Commercial Real Estate Lease Modeling Master Class with these activities:

Review Real Estate Finance and Investments 14th Edition by David Sirota

Show steps

This book thoroughly covers the fundamentals of real estate finance and investments, providing a solid foundation for understanding the concepts taught in this course.

Show steps

Read the assigned chapters thoroughly, taking notes on key concepts and definitions.
Complete the end-of-chapter exercises to test your understanding of the material.
Discuss the concepts with classmates or a study group to reinforce your understanding.

Show all one activities

Career center

Learners who complete The Commercial Real Estate Lease Modeling Master Class will develop knowledge and skills that may be useful to these careers:

Private Equity Real Estate Analyst

The Commercial Real Estate Lease Modeling Master Class will provide you with the skills and knowledge to build a dynamic, professional-quality commercial real estate lease from scratch. This course will equip you with the skills to model complex lease structures, including multiple tenant lease terms and expiration dates, complex reimbursement structures, renewal probability and downtime, tenant improvement allowances, leasing commissions, and much more. With this knowledge, you will be able to better analyze commercial real estate investments and make informed decisions.

See salaries and explore the career path for Private Equity Real Estate Analyst

Financial Analyst

The Commercial Real Estate Lease Modeling Master Class will provide you with the skills and knowledge to build a dynamic, professional-quality commercial real estate lease from scratch. This course will equip you with the skills to model complex lease structures, including multiple tenant lease terms and expiration dates, complex reimbursement structures, renewal probability and downtime, tenant improvement allowances, leasing commissions, and much more. With this knowledge, you will be able to better analyze financial statements and make informed investment decisions.

See salaries and explore the career path for Financial Analyst

Real Estate Finance Analyst

See salaries and explore the career path for Real Estate Finance Analyst

Commercial Real Estate Analyst

See salaries and explore the career path for Commercial Real Estate Analyst

Commercial Real Estate Broker

The Commercial Real Estate Lease Modeling Master Class can be a valuable asset for commercial real estate brokers. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to better advise your clients. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to attract new clients and close deals.

See salaries and explore the career path for Commercial Real Estate Broker

Real Estate Investment Analyst

The Commercial Real Estate Lease Modeling Master Class can be a valuable asset for real estate investment analysts. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more informed investment decisions. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to analyze potential investments.

See salaries and explore the career path for Real Estate Investment Analyst

Consultant

The Commercial Real Estate Lease Modeling Master Class can be a valuable asset for consultants. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to better advise your clients on a variety of issues, including lease negotiations, lease restructuring, and lease accounting.

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Private Equity Real Estate Associate

The Commercial Real Estate Lease Modeling Master Class can be helpful for private equity real estate associates. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more informed investment decisions. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to analyze potential investments and support fundraising efforts.

See salaries and explore the career path for Private Equity Real Estate Associate

Real Estate Portfolio Manager

The Commercial Real Estate Lease Modeling Master Class can be helpful for real estate portfolio managers. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more informed management decisions. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to track the performance of your portfolio.

See salaries and explore the career path for Real Estate Portfolio Manager

Commercial Real Estate Investor

The Commercial Real Estate Lease Modeling Master Class can be helpful for commercial real estate investors. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more informed investment decisions. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to analyze potential investments.

See salaries and explore the career path for Commercial Real Estate Investor

Investment Banking Analyst

The Commercial Real Estate Lease Modeling Master Class may be useful for investment banking analysts. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to better advise your clients on mergers and acquisitions, capital raising, and other financial transactions.

See salaries and explore the career path for Investment Banking Analyst

Real Estate Underwriter

The Commercial Real Estate Lease Modeling Master Class may be useful for real estate underwriters. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more informed underwriting decisions. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to support your underwriting decisions.

See salaries and explore the career path for Real Estate Underwriter

Data Analyst

The Commercial Real Estate Lease Modeling Master Class may be useful for data analysts. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to better analyze data and make informed recommendations. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to support your analysis.

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Commercial Real Estate Appraiser

The Commercial Real Estate Lease Modeling Master Class may be useful for commercial real estate appraisers. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more accurate appraisals. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to support your appraisals.

See salaries and explore the career path for Commercial Real Estate Appraiser

Commercial Real Estate Developer

The Commercial Real Estate Lease Modeling Master Class may be useful for commercial real estate developers. This course will provide you with the skills to better understand the financial implications of commercial leases, which will allow you to make more informed development decisions. You will also be able to use the skills you learn in this course to create your own lease models, which can be used to secure financing and attract tenants.

See salaries and explore the career path for Commercial Real Estate Developer