Financial Analysis of Development Projects Online Course

Recorded On: 04/11/2019

  • Registration Closed

Course Dates: 
Thursdays, March 7 - April 25, 2019
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
  • Describe 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$1,040
Nonmember$995$1,300
Developing Leader$595$780
Student Member$95$125
Student Nonmember$145$190


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 12, 2019, will be charged a fee of $100 per attendee. Cancellations received after February 26, 2019 will forfeit the registration fee. No refunds will be made for no-shows. Substitutions are permitted until February 26, 2019. 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.

Walt Clements

President

  • Mr. Clements operated his own brokerage, management and development companies.
  • He has been a part owner of a large international brokerage and corporate services provider, he started a Master’s Degree program in real estate at UMKC, served as an Assistant Professor and has two scholarships endowed in his name.
  • He has been involved as a Sr. Instructor for the CCIM Institute for over 30 years and has taught and performed real estate consulting services for multi-national corporations in 12 countries.
  • He now resides in suburban Chicago as President of Clements Realty Advisors.

Allen Gregory

Shareholder

  • For over 25 years, Allen has been providing business tax and advisory services to corporations and flow-through entities (partnerships, LLCs, S Corps) in all aspects of income taxation. He has significant experience in tax outsourcing and has successfully represented clients in tax controversy and abatement matters. Allen founded AG Tax and Consulting in Golden, Colorado, which merged with TaxOps in 2019.
  • Allen is passionate about delivering hands-on, customized tax solutions. This dedication allows him to carefully guide clients through the analysis and planning around critical tax matters. With a background in public accounting and experience running his own firm, Allen understands the pressing issues businesses face along the road to achieving success. He brings this diversified experience, industry-specific knowledge, and transaction sense to each client to help put tax matters right and drive better tax outcomes.
  • Allen’s wide range of industry experience includes a special interest in real estate ownership and development. He helps position businesses for success from formation to liquidation, including entity selection and exemption elections; operating agreements (capital allocations, waterfall provisions, and ownership economics); and cost segregation analysis for newly constructed, renovated and acquired real estate. Allen teaches real estate taxation for NAIOP and has spoken for the Colorado Real Estate Journal.
  • Previously, Allen was a tax partner at Eide Bailly, where he focused on meeting the tax consulting and compliance needs of middle-market companies.
  • In his free time, Allen serves as a three-sport coach for his children, motivating players and making sports fun. He is also an active cyclist and competes in amateur events.

Allison Post Harris

Attorney

  • Transactional attorney at Martensen Wright PC with a background in commercial real estate, energy and corporate transactions.
  • Allison advises clients on a broad variety of transactions including general commercial transactions involving the sale of goods and services, commercial real estate acquisitions, dispositions, leasing, financing and development projects, and entity formation-related transactions.
  • Clients rely on Allison to review, negotiate and prepare agreements and facilitate communication among project team members and with opposing parties to achieve client objectives.
  • NAIOP Board Member and Secretary, NAIOP Sacramento Chapter.

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

Jim Neyer

Executive Vice President - Real Estate Development

  • Jim Neyer leads Al. Neyer's real estate development activities with a balanced focus on market driven investment. He has more than 25 years experience in commercial real estate, development, financing and construction.
  • He is a principal and a member of the Al. Neyer Executive Team and has the hands-on expertise and strategic perspective to drive results for Al. Neyer and its investor partners. Neyer serves as a faculty member for NAIOP's Center for Education.
  • In addition to his work with NAIOP Corporate and NAIOP Cincinnati/Northern Kentucky, he is involved with Downtown Cincinnati, Inc. and several other professional and community organizations. Neyer received his Bachelor of Science degree in civil engineering from Marquette University.

Sara Shank, CFA

Managing Director

  • Sara is a Managing Director at Beacon Capital Partners.
  • Based in Boston and oversees portfolio management, including technology initiatives to improve the tenant experience
    Evaluates opportunities to invest in and pilot new technology to add value across Beacon’s portfolio.
  • Spearheads technology adoption across functionalities.
  • Frequent speaker on commercial real estate technology at industry events, and was recognized by Real Estate Forum as one of the 50 under 40 in commercial real estate in 2015.

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:

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Available
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FADP Course and Learning Objectives
Open to download resource.
Open to download resource.
FADP19 Module 1 - Financial Strategies
Module 1 - Financial Strategies Live Course
03/07/2019 at 11:45 AM (EST)   |  135 minutes
03/07/2019 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.
FADP19 Week 1 Recording_Clements
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Open to view video. FADP19 Week 1 Recording_Clements
Module 1 Financial Strategies
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Open to download resource.
FADP Module 1 Verification Code
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Enter code to continue. Please type the verification code given in class in the field.
FADP19 Module 1 Evaluation
1 Question
FADP19 Module 2 - Land Investment
Module 2 - Land Investment Live Course
03/14/2019 at 12:00 PM (EDT)   |  120 minutes
03/14/2019 at 12:00 PM (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.
Module 2 Land Investment
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Open to download resource.
FADP19 Week 2 Recording - Neyer
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Open to view video.
FADP Module 2 Verification Code
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Enter code to continue. Please type the verification code given in class in this field.
FADP19 Module 2 Evaluation
1 Question
FADP19 Module 3 - Building Investment
Module 3 Building Investment Live Class
03/21/2019 at 12:00 PM (EDT)   |  120 minutes
03/21/2019 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 Building Investment
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Open to download resource.
FADP19 Week 3 Recording - Clements
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Open to view video.
FADP19 Module 3 Verification Code
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FADP19 Module 3 Evaluation
1 Question
FADP19 Module 4 - Mixed Use Investment
Module 4 Mixed Use Investment Live Class
03/28/2019 at 12:00 PM (EDT)   |  120 minutes
03/28/2019 at 12:00 PM (EDT)   |  120 minutes
FADP19 Module 4 Mixed Use Investment
Open to download resource.
Open to download resource. 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.
FADP Week 4 Recording -Ting
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Open to view video.
FADP19 Module 4 Verification Code
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Enter code to continue. Please type the Verification Code given in class in the field.
FADP19 Module 4 Evaluation
1 Question
FADP19 Module 5 - Value Add Investment
Module 5 Value Add Investment Live Class
04/04/2019 at 12:00 PM (EDT)   |  120 minutes
04/04/2019 at 12:00 PM (EDT)   |  120 minutes
FADP19 Week 5 Recording - Shank
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Open to view video.
FADP19 Module 5 Value Add Investment
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Open to download resource. 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.
FADP19 Module 5 Verification Code
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FADP 19 Module 5 Case Study Value Add
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Open to download resource.
FADP19 Module 5 Case Study Template
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Open to download resource.
Module 5 Case Study Answer Key
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Open to download resource.
FADP Module 5 Evaluation
2 Questions
FADP19 Module 6 - Deal Structuring
Module 6 Deal Structuring Live Class
04/11/2019 at 12:00 PM (EDT)   |  120 minutes
04/11/2019 at 12:00 PM (EDT)   |  120 minutes
FADP19 Week 6 Deal Structuring Class Recording
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Open to view video.
FADP19 Module 6 Deal Structuring
Open to download resource.
Open to download resource. 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 Verification Code
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Enter code to continue. Please type the Verification Code given in class in the field.
FADP19 Module 6 Evaluation
4 Questions
FADP19 Module 7 - Accounting and Tax
Module 7 Accounting and Tax Live Class
04/18/2019 at 12:00 PM (EDT)   |  120 minutes
04/18/2019 at 12:00 PM (EDT)   |  120 minutes
FADP19 Module 7 Accounting and Tax
Open to download resource.
Open to download resource. 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.
FADP Week 7 Recording - Gregory
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Open to view video.
FADP19 Module 7 Verification Code
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Enter code to continue. Please type the Verification Code given in class in the field.
FADP19 Module 7 Evaluation
4 Questions
FADP19 - Module 8 - Risk Management
Module 8 Risk Management Live Class
04/25/2019 at 12:00 PM (EDT)   |  120 minutes
04/25/2019 at 12:00 PM (EDT)   |  120 minutes
FADP19 Module 8 Risk Management
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Open to download resource. 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.
End of Course Housekeeping Notes
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Open to download resource.
FADP19 Module 8 Verification Code
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FADP19 Week 8 Recording - Post-Harris
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Open to view video.
FADP19 Module 8 Evaluation
4 Questions
End of Course Items
FADP19 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.
FADP19 - Skipping the Exam Acknowledgement
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FADP19 Full Course Evaluation
7 Questions
FADP19 Transcript
16.00 PDH, AIA Learning Units credits  |  Certificate available
16.00 PDH, AIA Learning Units credits  |  Certificate available