Liz Rudiger
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LR

Issued to

Liz Rudiger

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Credential Verification

Issue date: April 11, 2026

ID: 1cf83f4e-d05c-40f4-93b1-3940530c77ad

Issued by

Haskayne School of Business

Type

Course

Level

Advanced

Format

Hybrid

Duration

8 months

Price

Paid

Description

The holder of this credential has successfully completed the Excel Real Estate Financial Modeling Program! This program was generously sponsored by the Alberta Real Estate Foundation (AREF) and delivered by the Westman Centre for Real Estate Studies at the University of Calgary in partnership with the Urban Land Institute (ULI). Through a mix of self-paced online learning and in-person mentorship, this program provided hands-on training in commercial real estate financial modeling, including income approach valuation, discounted cash flow analysis, and development modeling. Participants developed practical skills in underwriting, investment analysis, and structuring real estate transactions using industry-relevant frameworks.

Skills

Real Estate

Microsoft Excel

Financial Modeling

Discounted Cash Flow

Investment Analysis

Valuation Models

Market Analysis

Earning Criteria

Assignment

Beginner: Built a dynamic Excel model applying the income approach to value a multi-family development, incorporating rental assumptions, vacancy, operating expenses, and capitalization rates to derive Net Operating Income and property value.

Assignment

Intermediate: Developed a full real estate development model using discounted cash flow analysis, incorporating construction timelines, lease-up phases, and stabilization to evaluate investment performance and calculate internal rate of return.

Assignment

Advanced: Structured a real estate investment model with construction and permanent financing, and implemented an equity waterfall to allocate cash flows and returns between general and limited partners.