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Collapse Pro forma Modeling with Excel: The Investment Pro forma

This introductory course is a four-part online workshop that guides students through the construction and manipulation of a basic multifamily investment pro forma. The program is geared toward individuals who have never completed a pro forma from scratch. Starting from a blank spreadsheet, students will receive step-by-step direction in the creation of this investment pro forma. At the conclusion of the last session, participants will have completed their own investment pro forma and will have gained a new appreciation for how valuation and investment decisions are made. Each session of the workshop is designed to build on the previous one, and each participant will have a completed pro-forma model at the conclusion. Participants are expected to use learned skills to independently build individual sections of the model. However, the completed stages will be distributed at the end of each session. 

Students Will Learn
  • How to identify the relevant project data required to begin crafting a pro forma;
  • Basic to intermediate Excel skills needed to model an industry-accepted pro forma;
  • Basic components of an investment pro forma:
    • Inputs
    • Amortization
    • Pro-forma income cash flows
    • Valuation.
  • How to construct an amortization table to accommodate three loan types: Constant Payment Mortgage (CPM), interest only (IO), and custom amortization and;
  • How to property format a Pro Forma for an Investment Template.
Formats Available: Streaming
Original Program Date: April 02, 2014
On-Demand Release Date: Available Now
Approved Credit:
  • ULI: 8.00 hours Attendance

  • MORE INFOMORE INFO Pro forma Modeling with Excel: The Investment Pro forma
    Collapse Pro forma Modeling with Excel Part II: Construction Draws and Rent Roll

    This is the second course for the ULI Certificate in Commercial Real Estate Pro-forma Fundamentals. 


    Building on the first pro-forma modeling course, this four-part online program will help further build the participants' financial modeling and Excel skills. Students will learn more advanced Excel functions for valuation, amortization, rent roll, construction and permanent financing, construction draws, and cash flows.

    In each session, students will receive concise direction in spreadsheet construction. At the end of the last session, students will have a complete pro-forma model that can be scaled further to include waterfalls, stochastic processes, portfolio analysis, and visual displays of results.

    Each session of the workshop is designed to build on the previous one. Participants are expected to use learned skills to build individual sections and maintain the pace of the workshop. However, as in the first course, the completed stages will be distributed at the end of each session.

    Students Will Learn

    • Advanced Excel skills required to build a development pro forma for a multifamily project of any size;
    • Graphically demonstrate the construction draw;
    • Develop the methodology for drawing construction dollars using an S-curve;
    • How to quantify project cash flows; and
    • Additional components to a development pro forma:
      • Rent roll
      • Construction financing
      • Construction draw
      • Permanent financing
      • Scenario analysis to quantify risk.
    Formats Available: Streaming
    Original Program Date: May 05, 2014
    On-Demand Release Date: Available Now
    Approved Credit:
  • ULI: 8.00 hours Attendance

  • MORE INFOMORE INFO Pro forma Modeling with Excel Part II: Construction Draws and Rent Roll
    Collapse Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions

    This third modeling course introduces students to the theory and practical construction of “waterfalls” for existing and new Microsoft Excel spreadsheet models.

    The waterfall is the method of distributing profits among partners within a transaction. In more complex transactions, profits are not distributed pari passu. (Pari passu is the proportional distribution of profits according to the percentage of capital invested—for example, with an investor who provides 80 percent of the capital receiving 80 percent of the profit.)

    During the first session, students will gain a theoretical understanding of what a waterfall is, as well as be exposed to the Microsoft Excel functions required to construct a waterfall. In the second session, students will construct a waterfall from a blank spreadsheet that can be incorporated into all existing spreadsheet models.
     

    Students Will Learn
    • Basic types of equity partnership distributions.
    • The key inputs to the waterfall distribution from a joint venture agreement.
    • How to model variable-return distributions to the project sponsor and equity investor.
    • Advanced valuation formulas in Excel.
    • How to "bolt on" the waterfall to all existing pro forma models
    Formats Available: Streaming
    Original Program Date: June 13, 2014
    On-Demand Release Date: Available Now
    Approved Credit:
  • ULI: 4.00 hours Attendance

  • MORE INFOMORE INFO Pro Forma Modeling with Excel Part III: Investment Waterfall Distributions
    Collapse 21st Century Real Estate Portfolio Management: Risk Management in the Age of Derivatives
    This new program will address how real estate risk can be mitigated using financial products, e.g. derivatives, on a portfolio level.  The webinar will review the current state of real estate and how the asset classes are evolving since the 2006 formation of derivative products trading on real estate indices.  The question, “what will real estate look like in the future,” will be the focus.

    The first portion will cover real estate as an asset class and the discipline of applying portfolio fundamentals to a physical real estate portfolio.  The second part will cover new financial products available to real estate portfolio managers and owners for managing and mitigating risks on the physical assets.  A brief overview of futures pricing will be covered at the end to provide a perspective of future direction on real estate pricing and how the capital markets are used for forward price discovery.

    Who Should Attend:
    • Current owners of real estate (multiple sites)
    • Current investors/purchasers/analysts
    • Financial Officers responsible for corporate, portfolio and project risk management
    • Capital providers (equity and debt)

    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: November 17, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO 21st Century Real Estate Portfolio Management: Risk Management in the Age of Derivatives
    Collapse Creating Reliable Valuations for Distressed Assets
    The continuing stagnation of the commercial real estate market since the last quarter of 2007 has resulted in a marked absence of comparable sales upon which to base value.  And yet, investors, brokers, lenders, appraisers, and receivers are consistently asked to give valuation advice.  Is there a way to deliver good valuation analysis in a world void of comps?  Yes there is, and this webinar is designed to help you get there.

    Who Should Attend:
    • Real Estate Investors
    • Real Estate Brokers
    • Lenders
    • Receivers
    • Property Managers
    • Attorneys
    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: February 16, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Creating Reliable Valuations for Distressed Assets
    Collapse Basics of Real Estate Finance: Part I
    This webinar will introduce you to some of the principal foundations of real estate finance such as  the Time Value of Money Model, the Discounted Cash Flow Model, Net Present Value, and Internal Rate of Return (IRR). Participants will follow along in Excel in real time and perform exercises to ensure they are grasping the lesson and are understanding the technical skills being taught.  Participants will be able to ask questions in real time to have them answered by the Instructor on a rolling basis.

    Who should attend:
    • Anyone who is curious to learn more about the foundations of real estate finance.
    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: April 01, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Basics of Real Estate Finance: Part I
    Collapse Basics of Real Estate Finance: Part II
    This webinar will reinforce foundational concepts such as time value of money and discounted cash flow and introduce mortgage payment calculation, residual land valuation technique, and future net operating income. Participants will follow along in Excel in real time and perform exercises to ensure their grasp of the lesson and the technical skills being taught.  Participants will be able to ask questions in real time to have them answered by the Instructor on a rolling basis.

    Who should attend:
    • Anyone seeking a better understanding of fundamental real estate finance concepts and formulas.
    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: June 04, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Basics of Real Estate Finance: Part II
    Collapse Creating an Effective Investment Proposal Template
    Originally held over two sessions, this program will focus on the general structure of an investment proposal for seeking equity capital. The program will use a sample case study project to illustrate the components of an effective equity investment proposal.
    Formats Available: Streaming
    Original Program Date: November 12, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Creating an Effective Investment Proposal Template
    Collapse Creating Reliable Valuations for Distressed Assets
    The continuing stagnation of the commercial real estate market since the last quarter of 2007 has resulted in a marked absence of comparable sales upon which to base value.  And yet, investors, brokers, lenders, appraisers, and receivers are consistently asked to give valuation advice.  Is there a way to deliver good valuation analysis in a world void of comps?  Yes there is, and this webinar is designed to help you get there.

    Who Should Attend:
    • Real Estate Investors
    • Real Estate Brokers
    • Lenders
    • Receivers
    • Property Managers
    • Attorneys
    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: February 16, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Creating Reliable Valuations for Distressed Assets
    Collapse Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
    Evaluating the financial viability of a real estate development project requires an understanding of the metrics used by capital sources. Most sources will assess the project's internal rate of return to see if it meets their "hurdle" for viability. But, a project's internal rate of return depends on a detailed cash flow analysis both during construction and after close-out to show both return of and return on equity. How can a developer evaluate a project in its early stages without having accurate information on detailed cash flow? What metrics will capital sources see as legitimate means for evaluating project viability until more information becomes available? How are the metrics used early in a project consistent with a full internal rate of return analysis? This webinar discusses how to evaluate a project’s economic viability using a variety of metrics leading to a full internal rate of return analysis.

    Who Should Attend:

    • Managers of acquisitions
    • Development managers
    • Project managers
    • Entitlement managers
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: August 16, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
    Collapse Excel Tips and Shortcuts for Real Estate Professionals
    Do you know how to use Excel to build quick models but would like to learn how to reuse what you build? The biggest challenge for intermediate Excel users is to learn how to build models that are not only powerful and customized for a particular project, but also contain reusable components.

    This information-packed webinar will present tips, shortcuts, and strategies so that you can reuse what you build in multiple models and save substantial time.

    Attendee Takeaways:
    • Learn how to structure your financial models for maximize efficiency
    • Develop how to build a library of reusable tools
    • Learn how to best plan your "attack" when designing a financial model

    Who Should Attend:
    • Financial analysts
    • Loan underwriters
    • Real estate investors and developers
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: September 12, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Excel Tips and Shortcuts for Real Estate Professionals
    Collapse Graphing Real Estate Finance and Analysis Data with Excel
    Held over two sessions, this program will instruct attendees in the skills required to better display quantitative data using Microsoft Excel. It will focus on the tools provided in Excel, with specific emphasis placed on commonly used graphics for financial reporting and analysis and particular attention paid to real estate uses. 

    The first session will familiarize participants with Excel graphing tools, demonstrating line and bar charts, and will include axes formatting, data labels, secondary y-axis, and formatting of graphs. Session 2 will demonstrate the full range of the graphic options available in MS Excel. Advanced chart types, such as contour, bubble, and radar, will be covered and their relative strengths and weaknesses demonstrated. 

    The data used for the course will be real estate–specific. Participants will be provided with a data set for hands-on use in the second session. At the conclusion of the program, participants will understand how to graph data using multiple chart types and how to construct customized data labels. Attendees will receive a set a completed graphs and corresponding data at the conclusion of the program to facilitate ongoing review and understanding of the lessons.

    Program Highlights
    • Building sophisticated charts to better convey quantitative data in a visual format
    • Determining which graphic format is most appropriate for particular data and why
    • Constructing charts using real estate specific–data
    • Creating advanced chart types and customized graphs
    • A set of completed graphs and data at the conclusion of the program
    Formats Available: Streaming
    Original Program Date: September 18, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Graphing Real Estate Finance and Analysis Data with Excel
    Collapse Hotel Pro Forma Development for the Beginner
    Held over four sessions, this new online workshop will guide students step-by-step through the construction of a development pro forma for a mid-size hotel property. Beginning with a blank spreadsheet, the program will take students through the entire project from development through sale. Students will be instructed in the basic differences between a hotel pro forma model and other asset classes such as office or multifamily and the corresponding inputs and structure. At the end of the last session, participants will have completed their own hotel pro forma that will actively link to a cash flow page, allowing students to understand the basic valuation of a hotel and how investment decisions are made. 

    Each session of the workshop is designed to build on the previous one with each participant having a completed pro forma model at the conclusion. Participants will use learned skills to independently build individual sections and maintain the pace of the workshop. However, to avoid the possibility of anyone falling behind, the completed stages will be distributed the evening of each completed workshop. At the conclusion of the workshop, the instructor’s copy will be distributed, which will provide, at a minimum, a working hotel pro forma model for each participant.
    Formats Available: Streaming
    Original Program Date: March 28, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Hotel Pro Forma Development for the Beginner
    Collapse Introduction to Real Estate Financial Analysis
    Originally held over two sessions this program will provide students with the tools necessary to create their own financial models in Excel in order to both value and analyze real estate debt and equity transactions. Beginning with a blank spreadsheet, students will combine theory with practice to explore the basic building blocks upon which all financial modeling is based. The program will run the gamut from time-value of-money (TVM) analysis to derivation of returns and basic mortgage analysis.

    Who Should Watch
    • Analysts
    • Students
    • Developers
    • Consultants
    • Project/construction managers
    Formats Available: Streaming
    Original Program Date: October 15, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Introduction to Real Estate Financial Analysis
    Collapse Pro Forma Modeling a Single-Family-Home Community
    Held over four sessions, this new online live program will focus on developing a single-family residential builder pro forma. The program will model and value a 50-lot single-family-home community. The model will assume the developer/builder is working with finished lots. Unlike a typical commercial model, this model does not include construction of an amortization table; instead, a residential builder uses a rolling facility. This construct will be explained in detail in session three of the course. 

    Each session of the workshop will build on the previous one, with each participant having a completed pro forma model at the conclusion. 

    Formats Available: Streaming
    Original Program Date: July 16, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Pro Forma Modeling a Single-Family-Home Community
    Collapse Structuring the Deal to be Profitable
    Ensuring that the capital structure of your development project is appropriately matched to current strategic objectives and risks, is crucial for the project's success, and the developer's financial return. In this program, participants will review the fundamental mechanisms of development financing by looking at typical financing structures and how they impact developer profitability. The course allows for the practical application of these concepts by helping participants understand how to best finance development projects and identify and review different capital sources and structures. Special focus is given to the real-world demands of real estate development. Various project examples will be used to demonstrate that structuring a profitable deal is about much more than just the lowest cost of capital. 
     
    Attendee Takeaways: 
    • Overview of Developing Financing
    • Review Basic Financing Mechanisms
      • Senior Debt
      • Institutional Equity
      • Mezzanine Debt
    • Groundwork for Financing a Successful Project
    • Understanding how the structure of the capital stack affects project returns

    Who Should Attend:
    • Development Project Managers
    • Acquisitions Directors
    • Analysts
    • Architects and Builders who work with Developers

    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: November 25, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Structuring the Deal to be Profitable
    Collapse Understanding and Navigating the World of Real Estate Private Equity
    This webinar is intended to provide a primer on the real estate private equity markets and will cover the market’s basic nomenclature, primary investment vehicles, and investment strategies and deal structures. All of this will be discussed within the context of today’s real estate capital markets in terms of what deals are getting done and how deals are currently being structured. The discussion will also address how to navigate the world of private equity in an increasingly complex economic environment.

    Who Should Attend
    :
    • CEO's
    • CFO's
    • Financial Analysts
    • Real Estate Consultants
    • Development Associates
    • Real Estate Investors

    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: September 21, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding and Navigating the World of Real Estate Private Equity
    Collapse Understanding and Utilizing the Time Value of Money (TVM) Concept
    Time value of money is one of the fundamental concepts in real estate finance. TVM is based on the concept that a dollar that you have today is worth more than the promise or expectation that you will receive a dollar in the future. The reason for this is that money held today can earn a return through investment so that you will have more than a dollar in the future. This basic concept leads to the central components of time value—present and future value. This relationship between present and future value is why real estate investors must consider both the timing of and the amount received from real estate investments.

    While financial calculators and spreadsheets can perform TVM calculations, many people fail to understand the underlying concepts. Without a basic understanding of the math, it is difficult to understand and interpret the solution provided by those tools.  And, equally important, it can be nearly impossible to recognize when the answer is wrong.  
     
    Attendee Takeaways:

    This webinar will provide an introduction to:
    • the power of compounding  by comparing simple and compound interest returns
    • the valuation of cash flow streams, both constant and variable.
    • the mathematics of TVM in order to provide a foundation for understanding the numbers
    • a simple introduction to working TVM problems in Excel

    Who Should Attend

    This course is designed for those who work in real estate in the fields of:
    • property management
    • brokerage
    • development
    • finance
    • local government
    • urban planning
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: January 12, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding and Utilizing the Time Value of Money (TVM) Concept
    Collapse Understanding Commercial Real Estate Cap Rates
    Real estate capitalization rates are a much observed indicator of property value and their movement over time can have profound effects on investor returns. Nevertheless, they are not often well understood by some real estate professionals. And, while real estate investors typically understand how cap rates are used to determine the value of a property, often there is less understanding as to how and why cap rates change. 

    To gain a more comprehensive understanding of cap rates and their movement over time, it is necessary to examine the component parts that make up a cap rate. Interest rates, expected inflation, risk premiums, and growth in property cash flows are all factors that determine both current and future cap rates. How these component parts change over time dictates how the overall cap rate will respond. 

    In this webinar, the components of the cap rate will be revealed and discussed with an explanation of how cap rates have moved in the past, and a view to how they might move going forward. 

    Attendee Takeaways:
    • A comprehensive understanding of the component parts of real estate capitalization rates and how they are used to determine value. 
    • Learn how to access market information to determine the current level of these component parts and trends in their movement over time in order to forecast the direction of cap rates.
    • Be able to use the information provided in the webinar to make more informed valuation and investment decisions.

    Who Should Attend:
    • Real Estate Developers
    • Real Estate Lenders
    • Real Estate Investors
    • Accountants
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: January 15, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding Commercial Real Estate Cap Rates
    Collapse Underwriting Office and Multifamily Real Estate Investments
    Held over two sessions, this new online live program will introduce students to a process-oriented approach for evaluating office and multifamily investments from a physical and financial perspective. Each session will introduce theoretical investments and lead participants step by step through the areas of highest importance when evaluating these two product types for investment. Particular focus will be paid to underwriting the physical product, the surrounding market and existing tenancy, and the implications of these on the cash-flow development process. Instruction will be provided through case study materials that simulate the information and data one would receive in a typical transaction. Participants will conclude the workshop with a much more refined understanding of how to engage in a thoughtful process for evaluating an office or multifamily asset for acquisition. Each person will also receive a checklist of critical items to consider when underwriting an office or multifamily asset in the future.
    Formats Available: Streaming
    Original Program Date: August 12, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Underwriting Office and Multifamily Real Estate Investments
    Collapse For Sale and Rental Housing in the Brave New World
    This groundbreaking housing program focuses on "what's next" in residential development - cutting edge design, consumer preference and opinions, and how such development will be financed in the years ahead. ULI’s senior housing guru, John McIlwain, sets the stage with a new perspective on housing in America for the next decade, and a distinguished array of national speakers will drill down on specific topics.

    *If you are interested in a discount on bulk purchases click here to contact Peach New Media.
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: September 30, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO For Sale and Rental Housing in the Brave New World
    Collapse Pro Forma Modeling a Single-Family-Home Community
    Held over four sessions, this new online live program will focus on developing a single-family residential builder pro forma. The program will model and value a 50-lot single-family-home community. The model will assume the developer/builder is working with finished lots. Unlike a typical commercial model, this model does not include construction of an amortization table; instead, a residential builder uses a rolling facility. This construct will be explained in detail in session three of the course. 

    Each session of the workshop will build on the previous one, with each participant having a completed pro forma model at the conclusion. 

    Formats Available: Streaming
    Original Program Date: July 16, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Pro Forma Modeling a Single-Family-Home Community
    Collapse The ABCs of Land Development

    Land development is a complex endeavor requiring careful analysis of the site and a thorough understanding of the market, finance, and regulatory environment. It can also require a skilled and often creative negotiator, and a careful documentation of the transaction. This new ULI webinar will introduce students to the basic components of a successful land development project. Using real-world resources, the webinar will focus on small-scale land development (<200 acres).

     
    Program Highlights:
    • Identifying the Site(s)
    • Determining Residual Land Value
    • Negotiating the Acquisition(s)
      • ​Strategy
      • Tactics
    • ​Structuring the Transaction(s)
      • ​Letters of Intent
      • Options
      • Leases
      • Contracts
    • ​Due Diligence
      • ​Checklist
      • Budget


    Attendee Takeaways:

    • Due Diligence Checklist
    • Form of LOI
    • Form of Option
    • Purchase Contract Checklist
    • Due Diligence Budget


    Who Should Attend:

    • Developers
    • Planners
    • Engineers
    • Attorneys
    • Landscape Architects
    • Land Brokers & Salespersons
    • Lenders
    • Investors
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: November 29, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO The ABCs of Land Development
    Collapse Public Private Partnerships: Why and How
    Understanding potential deals through the public officials' eyes and how to access the tools available are key pre-requisites to meeting the self-interests of both the public and private sides in a development deal. This webinar will give you the understanding and competencies to engage productively in that conversation.  

    Revitalization projects to convert obsolete or underutilized land to more productive uses are typically economically and physically complex. This complexity exposes the private developer to a significantly higher risk of financial loss during the entitlement and pre-development processes. This higher risk can make private developers increasingly reluctant to move forward with sites that involve community controversy, assembly, or reconfiguration. Over the past 15 years, public-private partnerships have emerged as an effective means for addressing these challenges while capturing critically important public benefits.  

    Nevertheless, opportunities for effective and productive public-private partnerships are frequently missed. As the competency for formulating public-private partnerships is still evolving, these deals can often be poorly structured and executed. Many public agencies still have a weak understanding of the private real estate process and its economics, resulting in unrealistic or constraint-driven deal-making. Similarly, the private sector frequently misses opportunities because it is unfamiliar with the tools, fails to understand the motives of a public agency, and is frustrated with what it considers a bewildering, time-consuming decision-making process.  

    This program will describe why public-private partnerships are so critical to successful development today by providing several case study examples illustrating different aspects of the practice. The webinar materials will include a download of background material and models that provide a perspective on how you can pursue opportunities for these transactions in the real world regardless of whether you approach these from the public or private sector perspective.

    The webinar will also address the seven public private partnership tools and how to use them. These tools are: 

    1. Lower entitlement risk and funding of pre-development  
    2. Site access, cleanup, assembly, and reconfiguration:  
    3. Public infrastructure and co-investment:  
    4. Debt funding  
    5. Equity and gap funding
    6. Developer selection and negotiations
    7. Creating a development entity

    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: March 26, 2014
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Public Private Partnerships: Why and How
    Collapse Public-Private Partnerships Today: Tools, Tactics, and Opportunities
    Public-private projects have become more difficult in today's economic and fiscal environment, but they have also become more essential.  Cities and developers need each other more than ever to put projects together and offset risks and costs.   What should you do differently today, as both developers and public agencies?  How do you structure deals given fiscal pressures and lender concerns?  How do you take advantage of what can be extraordinary opportunities?

    Who Should Attend: 
    • Developers
    • Public agency finance and redevelopment officials
    • Major lenders
    • Development attorneys for developers and public agencies
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: April 13, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Public-Private Partnerships Today: Tools, Tactics, and Opportunities
    Collapse Using Public-Private Partnerships to Create Value-Added Conversions
    The Great Recession of 2008/09 has caused fundamental changes in the financing of real estate development, changes that will persist for years as the industry de-leverages, vacancies rise and cap rates increase. Valuations of existing properties have plunged, no one knows for sure by how much, but discounts of 40% to 50% are not unusual. Each sector faces its own unique challenges:
    • The retail sector, already hard hit with lower sales, is particularly distressed with high
      vacancy rates (current estimates are 12% vacancy, a total of 40 square miles of vacant
      space), caused by a combination of overbuilding and a wave of retailer bankruptcies.
    •  In addition to the loss of jobs, the office sector faces a decline in square footage per
      worker as technology enables work virtually;
    • With further declines and outsourcing in manufacturing, the industrial sector adds to its
      growing inventory of vacant square footage;
    • Hospitality, a sector that has a history of boom and bust, has a glut of inventory from
      prior cycles that can no longer compete in a high amenity marketplace where newer
      product sets the pace.
    This “perfect storm” of lower leverage, reduced demand, and high inventory has highlighted the growing supply of obsolete, underutilized properties which face bleak prospects for renewal because current valuations of competing properties are lower than replacement, putting a limit on the ability to attract scarce private capital for renewal.

    The iconic example of these conditions is the dead shopping mall. At one time, hailed by ULI as, “the quintessential American contribution to the world’s consumer culture”, the conditions that led to the creation of shopping malls and sustained them for decades are changing rapidly. These large unwieldy properties now face the need to convert the vast parking lots and clunky structures into contemporary places. But, where will the capital to fund this conversion come from given that current market conditions will make it mpossible to use purely private sources?

    The answer lies in a poorly understood and emerging source of development capital; namely,
    public private partnerships. These partnerships address five critical tasks to convert obsolete
    properties:

    1. Lower entitlement risk and funding of pre-development: The public sector can lower
    entitlement risk and reduce pre-development funding requirements by taking the lead on
    creating a community-based plan for conversion,
    2. Site and access reconfiguration: Public sector assistance is crucial to improve the usually
    poor access and reconfigure parcel lines that constrain conversion.
    3. Debt funding: The public sector can use low cost municipal debt (land secured, tax
    increment or lease revenue bonds) to fund infrastructure, parking and other project
    components, thus lowering debt costs.
    4. Equity funding: The public sector can provide some portion of the equity component
    using land value, tax increment or tax credit funding.
    5. Gap funding: Public sector funding is replacing mezzanine funding as the “value-add”
    gap funding that used to be a common component of the private capital stack.

    The Great Recession has accelerated an already existing trend toward public private partnerships,which have become inherent to the more economically and physically complex, contemporary style of development. And yet, as important as public partnerships have become in contemporary development financing, frequently opportunities are missed and deals badly made because the state of the art for formulating and executing public private partnerships is still relatively new and evolving. Many public agencies still have a weak understanding of the private real estate process and its economics, resulting in unrealistic or constraint-driven deal making. Similarly, the private sector frequently misses opportunities because it is uncertain on how to craft a partnership and is frustrated with what it considers a bewildering, time-consuming decision making process.

    Our session on “Using public private partnerships to create value-added conversions” will cover the principles and practice of successfully creating diverse and complex public-private partnerships to capitalize on the inventory of properties that are ripe for value-added conversion.

    The webinar will explore case studies and will provide a download of background material and models that provide you a perspective on how you can pursue opportunities for these transactions in the real world regardless of whether you approach these from the public or private sectors.
    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: April 30, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Using Public-Private Partnerships to Create Value-Added Conversions
    Collapse Data Centers: A Foundational Primer
    The advent of Big Data has more sharply focused attention on the development of Data Centers. Data centers are perhaps the most complex and sophisticated buildings being constructed today, requiring redundancies and resiliency well beyond other property types. Yet to many the precise function, components, users, and business models of data centers are not well known or understood. Held over two sessions, this new ULI online workshop will provide a functional introduction to the history, infrastructure, economics, and building technology that make up the modern Data Center. 
    Formats Available: Streaming
    Original Program Date: February 25, 2014
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Data Centers: A Foundational Primer
    Collapse Determining Project Viability: Residual Land Valuation and Predevelopment Task Management
    How does a developer know whether a particular piece of land is affordable for a specific project? What specific areas of information should a developer investigate after site control is achieved? How does a developer manage risk by addressing project uncertainties before they become expensive problems? 

    The business terms (price and timing of payment) for acquiring land for a development project are the most important decision that a developer makes because it is the only decision in the development process that the developer has complete discretion over making; if the project cannot financially support the terms, then the developer does not acquire. Determining whether a project can support the terms of acquisition requires a systematic approach to gathering information and anticipating project implementation issues. After achieving site control, the developer focuses on areas of project risk, continually evaluating whether the chances of success warrant proceeding further and how to implement the project most cost-effectively. If the risks are too high or future implementation measures are shown to be too expensive, the developer needs to abandon the project and treat expenditures up to that point as a loss.

    Attendee Takeaways
    • Understand how to evaluate the economic viability of a real estate project using a hurdle rate that reflects the construction period and absorption characteristics of the project. 
    • Understand how the development plan for a piece of land and the costs of development determine residual land value and why acquiring at no higher than residual land value is critical for project success. 
    • Understand what “due diligence” areas of information need to be investigated after site control is achieved and how information in these areas will determine whether to proceed with, renegotiate, or abandon the site acquisition. 
    • Understand how to create a management plan with tasks and budgets that anticipates implementation early in the project planning before they become expensive. 

    This webinar provides fundamental information about how to evaluate and manage the economic viability of a real estate project to developers as well as planners, designers, architects, lenders, builders, attorneys, accountants, marketers, engineers, public officials, and environmentalists.
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: June 13, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Determining Project Viability: Residual Land Valuation and Predevelopment Task Management
    Collapse Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
    Evaluating the financial viability of a real estate development project requires an understanding of the metrics used by capital sources. Most sources will assess the project's internal rate of return to see if it meets their "hurdle" for viability. But, a project's internal rate of return depends on a detailed cash flow analysis both during construction and after close-out to show both return of and return on equity. How can a developer evaluate a project in its early stages without having accurate information on detailed cash flow? What metrics will capital sources see as legitimate means for evaluating project viability until more information becomes available? How are the metrics used early in a project consistent with a full internal rate of return analysis? This webinar discusses how to evaluate a project’s economic viability using a variety of metrics leading to a full internal rate of return analysis.

    Who Should Attend:

    • Managers of acquisitions
    • Development managers
    • Project managers
    • Entitlement managers
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: August 16, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
    Collapse Managing Successful Entitlements: Building Community and Political Support for Land Use Projects
    Great plans and projects often collapse in the face of NIMBY opposition and the reluctance of public officials to make controversial or unpopular decisions. Gain practical how-to knowledge to put together your own outreach and lobbying plans. Participants learn how to assess politicians' decision-making styles and communications biases; avoid or manage hostile audiences; minimize community resistance; and turn pro-project attitudes into pro-project action.

    Who Should Order:

  • This webinar provides fundamental information about winning entitlements for developers, builders, lenders, planners, public relations professionals, land use attorneys, architects, engineers, and public officials.

  • *Please Note: Hard copies of the presentation are not available with this recording.
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: December 16, 2008
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Managing Successful Entitlements: Building Community and Political Support for Land Use Projects
    Collapse The ABCs of Land Development

    Land development is a complex endeavor requiring careful analysis of the site and a thorough understanding of the market, finance, and regulatory environment. It can also require a skilled and often creative negotiator, and a careful documentation of the transaction. This new ULI webinar will introduce students to the basic components of a successful land development project. Using real-world resources, the webinar will focus on small-scale land development (<200 acres).

     
    Program Highlights:
    • Identifying the Site(s)
    • Determining Residual Land Value
    • Negotiating the Acquisition(s)
      • ​Strategy
      • Tactics
    • ​Structuring the Transaction(s)
      • ​Letters of Intent
      • Options
      • Leases
      • Contracts
    • ​Due Diligence
      • ​Checklist
      • Budget


    Attendee Takeaways:

    • Due Diligence Checklist
    • Form of LOI
    • Form of Option
    • Purchase Contract Checklist
    • Due Diligence Budget


    Who Should Attend:

    • Developers
    • Planners
    • Engineers
    • Attorneys
    • Landscape Architects
    • Land Brokers & Salespersons
    • Lenders
    • Investors
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: November 29, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO The ABCs of Land Development
    Collapse International Sales and Marketing Outreach
    International Sales and Marketing Outreach appeals to developers, builders and other members of the U.S. real estate community seeking solid advice and information now how to survive and thrive in the current market by appealing to buyers beyond U.S. borders, or to U.S.-based buyers with international connections and sources of funding. The webinar will focus on high-end homes and estates, land-purchase opportunities, vacation properties and other real estate products that appeal to international buyers.

    Examples include:

  • Overseas and Canadian investors attracted to U.S. properties because of the weak dollar.
  • Both domestic and international buyers seeking second-homes or vacation properties in the U.S. and Pacific Rim.
  • Overseas buyers seeking homes for their children or other family members in the U.S.

    Who Should Order:

  • Sales and Marketing Director
  • Development Director
  • Project Manager

  • *Please Note: Hard copies of the presentation are not available with this recording.
    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: October 22, 2008
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO International Sales and Marketing Outreach
    Collapse Multifamily Housing: Strategies for Integrating Management and Marketing into the Development Process
    Fluid and collaborative communication among the developer, marketing, and management teams throughout the development process is critical for a successful, revenue-producing multifamily development.  The earlier the marketing and management teams are engaged and involved, the greater the opportunity for a successful lease-up.  

    Strategic project planning by discipline and outlining key milestones is a standard protocol within the multifamily development industry.  However, the merging and realignment of key milestones across disciplines and at key decision points in the multifamily housing development process is often overlooked. This can result in a failure to optimize overall revenue potential. 
    Using ULI’s eight stage model of real estate development, this  webinar will provide a practical guide to integrating management and marketing project plans at each stage to optimize operational efficiency, revenue generation, and lease-up.  

    Attendee Takeaways:
    • Innovative and practical applications for each step of the process
    • Case study examples of successful and unsuccessful collaborations and their implications
    • Rule of thumb models for budgets and projections
    • A high-payoff collaborative activity checklist
    • Best practice collaboration methods 

    Formats Available: CD-ROM (Win), Streaming
    Original Program Date: December 19, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Multifamily Housing: Strategies for Integrating Management and Marketing into the Development Process
    Collapse Using Social Media Marketing Techniques More Efficiently for Multifamily Leasing
    Communication is no longer just about mass media, meetings and phone calls. In this era, social media, from Facebook to Twitter to LinkedIn—not to mention the blogosphere—is the "place" where people are connected. Social media evolves, its application is growing: to ask questions, source solutions and get key advice from trusted peers. This growth can be clearly seen in apartment leasing and residential real estate, where social media is being used by private developers, government agencies, and community groups as a new tool to compensate for other failing advertising vehicles.

    With new household formation at a standstill for 2010, multifamily developers will compete like never before. New tenants will be especially price- and offer sensitive and the Internet guarantees they will be perfectly informed. Facebook and Twitter hold great promise as an affordable source of referrals but comes with some risk. Learn how to reorganize your marketing and leasing efforts to find active, qualified tenants with social media referral tools, search engine strategies and online intercept techniques. See examples of programs in motion and the common pitfalls to avoid. Prepare for this leasing season now with specific tools and techniques for this year’s leasing season.

    Come and learn about the tools and strategies for making your case and your products come alive in a whole new way!

    Who Should Participate:
    This webinar provides fundamental information useful for asset managers, property managers and leasing management. While primarily developed for the apartment category, there will be cross over content for residential real estate.

    Formats Available: CD-ROM (Win), Streaming, Webinar
    Original Program Date: March 05, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Using Social Media Marketing Techniques More Efficiently for Multifamily Leasing
    On-Demand Workshops
    Collapse Basic Real Estate Finance Workshop
    Designed for those new to real estate finance, this one-day workshop will introduce students to basic principles of real estate finance. Beginning with an introduction to finance terminology, the workshop will acquaint students with fundamental real estate finance terms and concepts including: income-producing real estate, net operating income, percentage rents, compound interest, discounting process, internal rates of return, and mortgage financing and leverage. This hands-on course is recommended for non-finance real estate professionals who wish to gain a basic understanding of real estate finance that also will help them get more out of more advanced ULI workshops.

    Who Should Attend

    Non-finance real estate professionals and public agency officials interested in gaining an understanding of real estate finance concepts and calculations.


    Formats Available: Streaming
    Original Program Date: May 17, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Basic Real Estate Finance Workshop
    Collapse Construction Fundamentals for Real Estate Development Professionals
    Although construction is one of the most important facets of real estate development and redevelopment, this complex process is often not well understood by real estate professionals.

    This intensive 2-day workshop will provide you with a strong foundation in all the essential elements of any construction project. You'll leave with a solid understanding of construction contracts, contract pricing, and considerations in hiring construction professionals. In addition, you'll learn the basics of building systems, delivery methods, construction sequencing, building materials, and types of construction.

    This comprehensive workshop covers it all and includes an extensive appendix of construction-related documents. Don’t miss this unique opportunity to expand your knowledge of the construction process.

    Program Highlights
    • Learn how the complex, multidisciplinary construction process works.
    • Meet the wide range of players and find out who does what and when.
    • See why construction requires masterful collaboration, coordination, and communication.
    • Examine components by function and construction method.
    • How to select and hire the right contractor.
    • Learn how to manage the contractor once construction begins.
    • How to price and put together the best construction contract to protect your interests
    • Identify all the key players in the construction process
    • What to expect in terms of who actually does the work
    • How a general contractor buys out a job
    Formats Available: Streaming
    Original Program Date: October 04, 2012
    MORE INFOMORE INFO Construction Fundamentals for Real Estate Development Professionals
    Collapse Real Estate Development Process: Part I
    Real estate development is a complex and continually evolving business. To effectively develop, finance, or supervise a project, a person needs a fundamental understanding of the process and its many facets. To be successful, a developer must manage not only their own performance, but also the collaboration of numerous professionals representing multiple disciplines. Throughout this process, the developer also must continually identify and mitigate inherent risks that can threaten the viability of the project.

    Designed for both public and private sector participants, this newly updated course follows the principal stages of the process chronologically and addresses how each team member’s actions and performance can affect the success and profitability of the project. Emphasizing the iterative and interactive nature of the real estate development process, the course combines a lecture and case study approach. Top industry professionals, drawn from ULI’s membership, serve as course leaders and guest speakers, sharing their insights, experience, and expertise with participants.

    The course is broadly structured in three parts:

    Preliminary considerations, market analysis, financial analysis, and strategic marketing; 

    Site selection and due diligence, land acquisition and deal structure, and entitlements and permitting; and

    Planning and design, construction management, and operations and property management.

    Hands-on instruction in financial analysis provides students with a fundamental understanding of pro forma modeling basics.
    Formats Available: Streaming
    Original Program Date: December 05, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Real Estate Development Process: Part I
    Collapse Real Estate Finance I
    In today’s environment, commercial real estate development only occurs when property markets demand additional space and capital markets are able to provide the needed financing. The opening course in commercial real estate finance targets this intersection of property and capital markets. It highlights the market analysis necessary to support commercial leasing activity, the income and expense analyses flowing from those leases, and the resulting value creation. While addressing equity capital sources, the course focuses more directly on debt capital and understanding loan sources, lenders’ underwriting guidelines, and cash flow analysis. (Equity capital sources and requirements are addressed in detail in the second course in this sequence, Real Estate Finance II.) Finally, participants have an opportunity to complete a commercial development feasibility analysis.
    Formats Available: Streaming
    Original Program Date: November 07, 2012
    MORE INFOMORE INFO Real Estate Finance I