Although this figure is important, developers are primarily interested in the return on equity ROE. Stage 3 has three parts: quarterly cash flows during the development period figure , pages — , a sources and uses statement summarizing the development costs annually figure , page , and combined annual before- and after-tax cash flows during the development and operating periods figure , pages — Stage 3 analysis is the most complex of the five stages.
The IRRs are more precise than those computed in Stage 2. Stage 4 analysis not shown focuses on just the development period and refines the cash flow projections to support the request for the construction loan. It resembles the quarterly analysis in figure except that the projections are made monthly rather than quarterly. It is not uncommon for developers to stop at Stage 3, presuming that quarterly cash flow analysis will be sufficiently fine-grained to give them a reasonably accurate picture of their funding needs.
But monthly projections are recommended because they give both the developer and the lender the most accurate picture of funding needs and serve as a useful tool for monitoring cash flows once construction begins. Chapter 6 spreadsheets Chapter 6 is about industrial development. A feature box outlines a sample deal structure with a three-tier hurdle rate of return.
The spreadsheet for Figure B, shown on page is available here. Sign up for a ULI guest account. Asia Pacific. More More Show. Include results from all ULI sites. Events Events Show. Membership Membership Show. Councils Councils Show. Programs Programs Show.
Research Research Show. Publications Publications Show. Land Development Financial Feasibility Analysis Chapter 3 Spreadsheets Land Development is analyzed using a For-Sale method appropriate for a subdivision, condominiums, for-sale homes, and other real estate where the product is sold at completion rather than being operated as income-producing property see chapter 4.
Explanation of the Stages of Analysis Spreadsheets illustrating each stage of the analysis for the case study in Chapter 4, West River Commons in Minneapolis, Minnesota, are presented here.
Download Full Spreadsheet Stage 1 Excel spreadsheets: Figs a, b, c, d, e Stage 2 Excel spreadsheets: Figs a, b Stage 3 Excel spreadsheets: Figs , , Stage 5 Excel spreadsheets: Figs West River Commons includes 57 rental apartments, three for-sale condominium homes, and 7, square feet of rentable retail space.
Stage 1 — Simple Capitalization Stage 1 analysis is used to develop the two simple return measures common to all income properties—overall capitalization rates and cash-on-cash returns. Stage 2 — Discounted Cash Flow Analysis Discounted cash flow analysis of the operating period is the most important of the five stages for income property. Stage 3 — Combined Analysis of the Development and Operating Periods Stage 3 has three parts: quarterly cash flows during the development period figure , pages — , a sources and uses statement summarizing the development costs annually figure , page , and combined annual before- and after-tax cash flows during the development and operating periods figure , pages — Stage 4 — Monthly Cash Flows During the Development Period Stage 4 analysis not shown focuses on just the development period and refines the cash flow projections to support the request for the construction loan.
View all Blog Posts. Has PDF. Publication Type. More Filters. Real estate development is a significant factor in shaping the built environment. It shapes the way people live and work, and by doing so determines and enables human activity and its evolution. A decision support system for income-producing real estate development feasibility analysis and alternative assessment. View 2 excerpts, cites background. The major purpose of this study is to critically examine decision theory with a view to identifying and evaluating its relevance to real estate development decisions.
The theoretical research … Expand. Performance metrics and required returns for UK real estate development schemes. This is despite the inherent uncertainty and … Expand. View 2 excerpts, cites methods and background. Purpose — The purpose of this paper is to focus on the real estate development and community interaction aspects of US shopping malls.
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