Issued to
Patrick Kok Shun
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Credential Verification
Issue date: April 11, 2026
ID: 9040d02c-f42c-4c4a-8d66-ec6cbb9d7525
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.