Financial Analysis of Development Projects 2020 Online Course

Includes a Live Event on 03/05/2020 at 11:45 AM (EST)

Course Dates: 

Thursdays, March 5 - April 30, 2020
Noon - 2:00 p.m. eastern time

Financial Analysis of Development Projects (FADP) provides students with the analytical theory and practical tools needed to appropriately evaluate the financial feasibility of complex value-added and opportunistic real estate investments, including ground-up development projects for all major property types, as well as commercial and residential rehabilitation. Accounting, risk management, taxation, capital markets, and organizational issues influencing the financial viability of these real estate projects are also considered and discussed. Among NAIOP finance-oriented courses, Basic Real Estate Finance and Advanced Real Estate Finance are good preparation for Financial Analysis of Development Projects, as is Real Estate Investment and Capital Markets. Financial Analysis of Development Projects also correlates with the purely development-oriented courses NAIOP offers, including Advanced Development Practices (ADP), Site Feasibility and Market Analysis (SFMA), and Construction Management for Developers and Owners (CMD).

Learning Objectives

After completing the course, students should be able to do the following:

- Identify the major real estate indexes used to research market conditions
- Determine how real estate developers assess the feasibility of real estate projects, including market, financial, physical, legal, political, and practical factors
- Explain financial analysis that needs to occur during each stage of the real estate development life cycle
- Complete a financial analysis of a value add project
- Create a waterfall distribution
- Explain real estate relevant tax classifications and exemptions
- Describe a process for analyzing risk in real estate projects


Tuition & Register

Payment for a NAIOP online course entitles access for one person only to the course and all materials.

Course Tuition

Member TypeUSDCAD
Member$795$1,059
Nonmember$995$1,325
Developing Leader$595$792
Student Member$95$126
Student Nonmember$145$193


How to Register

  • Register online: Click on the green Register button at the top of the page. You will need to log in or create a free account in order to see the Register button.
  • Fax: Complete the PDF registration form and fax to 703-904-7003
  • Mail: Send check payments to: NAIOP, CL500060, PO Box 5007, Merrifield, VA 22116-5007
  • Register over the phone/questions: 800-666-6780

Confirmation

All registrations processed online receive an automatic order confirmation and receipt. If you register via fax, mail, or phone, a receipt must be requested by contacting education@naiop.org.

Login instructions to access the online course are sent under separate cover. If it is less than one week until the start of the course and you have not received the login instructions, please check your spam folder. If the login email is still not there, please contact the NAIOP Education Department at education@naiop.org.

Cancellation Policy

All cancellations must be in writing. Cancellations of registrants received after February 18, 2020, will be charged a fee of $100 per attendee. Cancellations received after February 25, 2020 will forfeit the registration fee. No refunds will be made for no-shows. Substitutions are permitted until February 25, 2020. Nonmembers substituting for members will pay the difference in fees. Cancellation/substitution notices should be sent to education@naiop.org or faxed to 703-674-1471.

Hillman Lam

Adjunct Instructor

  • Hillman Lam is an Adjunct Instructor at both New York University’s (NYU) Schack Institute of Real Estate and Baruch College’s Newman Real Estate Institute.  He teaches commercial real estate finance-related courses and Argus Valuation DCF software.
  • Hillman has over eight years of commercial real estate experience.
  • He’s a Vice President at Lam’s American, an affiliate of the Lam NYC EB-5 Regional Center and the Lam Group. His former roles include acquisitions and development for Time Equities, Inc (TEI), appraiser at Hudson View Appraisals, and retail leasing at Robert K. Futterman & Associates (RKF).
  • Professional Profile: www.linkedin.com/in/hillmanlam

Jason Ting

Principal

  • Jason is Co-Founder of Ting Financial Group, a niche private equity real estate investment firm, and Principal of Ting Realty, a full service real estate development, management, and brokerage company.
  • His direct responsibilities include acquisitions and dispositions, property management and leasing, domestic and foreign client relations, and new business formation.
  • Jason blogs about his work and personal life journeys via JasTing.com, and is actively involved in his local community church leading personal finance wokshops.

Key:

Complete
Failed
Available
Locked
FADP Course and Learning Objectives
Open to download resource.
Open to download resource.
FADP20 Module 1 - Financial Strategies
FADP20 Module 1 - Financial Strategies Live Class
03/05/2020 at 11:45 AM (EST)   |  135 minutes
03/05/2020 at 11:45 AM (EST)   |  135 minutes In this Module, we'll describe the interaction between space and capital markets. We will explain how the major real estate investment indexes can be used to research market conditions. The seven stages of the real estate development cycle and methods for calculating returns will be reviewed.
Module 1 - Financial Strategies Presentation
Open to download resource.
Open to download resource.
Module 1 Verification Code
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Enter code to continue. Please type the Verification Code given in class in this field.
FADP19 Module 1 Evaluation
1 Question
FADP20 Module 2 - Land Investment
FADP20 Module 2 Land Investment Live Class
03/12/2020 at 11:45 AM (EDT)   |  120 minutes
03/12/2020 at 11:45 AM (EDT)   |  120 minutes Most real estate professionals are focused on buildings, but most of the risk and reward in real estate is actually to be found in the land development phase, so learning the skills of this face is central to succeeding as a developer. In this Module, students will explore land investment strategies. We’ll summarize the calculations used to evaluate land and consider the risk and return requirements for land investments. The Module concludes with a review of the financial analysis of a land investment transaction.
FADP19 Module 2 Evaluation
1 Question
FADP20 Module 3 - Building Investment
FADP20 Module 3 Building Investment Live Class
03/19/2020 at 12:00 PM (EDT)   |  120 minutes
03/19/2020 at 12:00 PM (EDT)   |  120 minutes This module will provide a thorough overview of financing and investing in development. We will discuss the complexities of valuing and assessing development projects and identify the differences between valuing a for-sale versus a for-rent development project. Students will learn how to deal with changes in project risk over time and how to determine the appropriate equity return for a development project.
FADP19 Module 3 Evaluation
1 Question
FADP20 Module 4 - Mixed Use Investment
FADP20 Module 4 Mixed Use Investment Live Class
03/26/2020 at 12:00 PM (EDT)   |  120 minutes
03/26/2020 at 12:00 PM (EDT)   |  120 minutes We will focus on financing and investing in a mixed-use development during this session. We'll discuss the complexities and nuances involved in mixed-use development projects and identify the factors that drive the phasing and inventory decision for a mixed-use investment.
FADP20 Module 4 Evaluation
1 Question
FADP20 Module 5 - Value Add Investment
FADP20 Module 5 Value Add Investment Live Class
04/09/2020 at 12:00 PM (EDT)   |  120 minutes
04/09/2020 at 12:00 PM (EDT)   |  120 minutes Students will develop skills to identify and analyze value-added investment opportunities. In doing so, we will review key metrics, data points and structural issues used when evaluating value-added investments from both a debt and equity viewpoint.
FADP Module 5 Case Study Value Add
Open to download resource.
Open to download resource.
FADP Module 5 Case Study Template
Open to download resource.
Open to download resource.
Module 5 Case Study Answer Key
Open to download resource.
Open to download resource.
FADP20 Module 5 Evaluation
1 Question
FADP20 Module 6 - Deal Structuring
FADP20 Module 6 Deal Structuring Live Class
04/16/2020 at 12:00 PM (EDT)   |  120 minutes
04/16/2020 at 12:00 PM (EDT)   |  120 minutes In this session, we will examine the sources of equity financing and discuss the organizational forms and joint ventures for value added and opportunistic real estate investments. We will define terms associated with private equity arrangements and discuss the investment strategies pursued by private equity. Students will learn to analyze the fees structures of private equity investment vehicles and comprehend the workings of joint ventures, in addition to understanding common deal structures for private equity joint venture and partnerships with profit sharing and partitioned returns. We'll explore the commercial mortgage capital markets in terms of lenders, mortgage types and terms. We'll review the contents of a loan submission package and development and value-added loan underwriting guidelines and discuss how lenders make decisions on financing these properties. Finally, students will work through a case study/exercise detailing a private equity joint venture deal structure with profit sharing and partitioned returns.
FADP19 Module 6 Evaluation
4 Questions
FADP20 Module 7 - Accounting and Tax
FADP20 Module 7 Accounting and Tax Live Class
04/23/2020 at 12:00 PM (EDT)   |  120 minutes
04/23/2020 at 12:00 PM (EDT)   |  120 minutes This session will cover the various tax classifications and exemptions imposed on real estate in addition to addressing accounting and tax issues for development projects. We will explore affordable housing programs and discuss the Low Income Housing Tax Credit (LIHTC). Other tax incentives and programs that affect development will also be examined.
FADP20 - Module 8 - Risk Management
FADP19 Module 7 Evaluation
4 Questions
End of Course Items
FADP20 Module 8 Risk Management Live Class
04/30/2020 at 12:00 PM (EDT)   |  120 minutes
04/30/2020 at 12:00 PM (EDT)   |  120 minutes The final course session will focus on risk management. We will identify and pinpoint risk exposures during the development process as a problem to be solved with a risk management solution. Students will gain a better understanding of the principal risk exposures in real estate development and how to assess the risk exposure and identify the assumptions which must be made in the process of recommending a risk management solution. We will discuss the differences between insurable versus uninsurable risks and address how insurable risk exposures and theoretical concepts of risk affect insurance policy design, coverage and contractual provisions.
FADP19 Module 8 Evaluation
4 Questions
FADP20 Exam - Required for Certificate Candidates
30 Questions  |  5 attempts  |  24/30 points to pass
30 Questions  |  5 attempts  |  24/30 points to pass If you are a NAIOP certificate candidate, the test is required. You must get 24 out of 30 questions correct in order to pass the test. You have five attempts to pass the test.
FADP20 - Skipping the Exam Acknowledgement
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Agree to terms to continue. If you are not planning on taking the test, please click the Read Terms button. Then you will be able to complete the Evaluation and print your transcript.
FADP20 Full Course Evaluation
7 Questions
FADP20 Transcript
16.00 PDH, AIA Learning Units credits  |  Certificate available
16.00 PDH, AIA Learning Units credits  |  Certificate available