This ULI workshop will cover the ways developers and investors analyze, assess and structure real estate developments and investments. It will begin by addressing the
principals of financial analysis including: capitalization rates; return on investment; return on equity; discounted cash flow; internal rates of return; profitability indexes; and partitioning the internal rate of return. The application of financial analysis to business decision-making will be demonstrated.

The components of the real estate deal will be analyzed including financial and ownership structuring as well as an evaluation of creative alternatives. You will learn how financial structuring can magnify or mitigate risk, and increase or decrease return on investment and return on equity.

In addition the program will include:

• An overview of real estate capital markets and participants;
• Sources of construction and permanent financing;
• Legal forms of ownership;
• Current real estate industry and capital market trends;
• A reference appendix

Who Should Attend

This workshop is designed for the real estate professional, lender, institutional investor officer, or private investor who wants to borrow, lend, or invest in a real estate project. It is equally important for the developer, financial specialist, REIT officer, or public agency involved in such projects.

Highlights

• Analyzing real estate financial statements
• Investment analysis and rates of return
• Principals of financial analysis
• Financial and ownership structuring
• Real estate industry and capital market trends

Instructor

Stephen R. Blank
Senior Resident Fellow for Real Estate Finance
Urban Land Institute

Stephen R. Blank is a Senior Resident Fellow at the Urban Land Institute (ULI) in Washington, D.C. He joined ULI in 1998 as its first senior resident fellow for real estate finance. From 1993 to 1998, Blank was a managing director, real estate investment banking, at CIBC Oppenheimer Corp. in New York City, where he was responsible for structuring public and private offerings of real estate equity and debt securities, and advising on mortgage financing of income-producing commercial property, mergers and acquisitions, restructurings, and recapitalizations. Previously, Mr. Blank served as managing director of the financial services group at Cushman & Wakefield Inc. and as managing director of the real estate investment banking group at Kidder, Peabody & Company, both in New York City.