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Real Estate Finance and Investment |
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Advanced Pro-forma Modeling Using Excel
2-day workshop - 16 CE hours
This ULI workshop is designed especially for real estate finance professionals who want to build complex financial models using Excel. Students will develop their own spreadsheets... Read more » for different property types that will allow them to model any real estate investment scenario quickly and effectively. Students will learn advanced tools in Excel and apply them immediately to their own Excel models. Important skills such as building construction loan and development models, using statistical skills to better understand real estate investments, developing reusable models, and auditing existing models will be addressed in detail.
Advanced Real Estate Finance
4-day course - 32 CE hours
This capstone course in real estate finance will engage students in a series of case studies that will challenge them to determine the optimal deal structure under particular scenarios. The course will introduce complex real estate finance topics, including real estate as an asset class, using property return indices, the effect of income taxation on deal structure, complex income streams, and the implications of the return waterfall.... Read more » In-depth exposure to the capital market will illustrate the vital link between the space, capital, and development segments of the market in the development process. Case studies also will introduce the complex analytical techniques required for portfolio analysis and asset allocation. Guest speakers from both the debt and equity side will provide real-world examples of current deals
Analysis, Modeling, and Repositioning of Distressed Real Estate Assets
2-day workshop - 16 CE hours
This updated, hands-on, Excel-based workshop will provide real estate professionals with the fundamental theoretical and practical analytical skills to identify, understand, quantify, and transform underperforming real estate assets in today's market. Read more »
Real estate professionals in today’s real estate market need to enhance their analytical capabilities and acquire a more comprehensive understanding of both the physical and financial markets for different real estate asset classes. Realizing how the current environment is dictating unique changes in the active management of each asset class is critical. This workshop will help you more creatively identify and evaluate potential repositioning alternatives and develop innovative and practical approaches to reestablishing value for a distressed asset.
Back to top Basic Real Estate Finance (available on-demand)
1-day workshop - 8 CE hours
Designed for those new to real estate finance, this new one-day workshop will introduce students to basic principles of real estate finance. Read more » 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.
Basic Pro-forma Modeling Using Excel
2-day workshop
Constructing an accurate pro-forma is a crucial step in any real estate development venture. In this intensive two-day workshop designed especially for nonfinance professionals, you will learn the techniques to program and develop a real estate pro-forma using Excel software. Read more » Get step-by-step instruction in the inputs, formulas, and techniques to construct and manipulate a pro-forma using basic real estate finance principles. Gain a deeper understanding of the pro-forma as you apply new concepts in a structured, hands-on learning environment.
Creating Reliable Valuations for Distressed Assets (available on-demand)
Webinar - 2 CE hours
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. Read more » 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.
Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics (available on-demand)
Webinar - 2 CE hours
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. Read more » 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. Back to top Excel Tips and Shortcuts for Real Estate Professionals (available on-demand)
Webinar - 2 CE hours
Do you know how to use Excel to build quick models but would like to learn how to reuse what you build? Read more » 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 webinar contains tips, shortcuts, and strategies so that you can reuse what you build in multiple models and save substantial time.
Financing and Investing in Real Estate (available on-demand)
2-day workshop - 16 CE hours
This ULI workshop will cover the ways developers and investors analyze, assess, and structure real estate developments and investments.
Read more » It will begin by addressing the principles of financial analysis including the following: capitalization rates; return on investment; return on equity; discounted cash flow; internal rates of return; profitability indices; 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.
Private Equity Capital for Commercial Real Estate: Understanding and Navigating the Options
1-day workshop - 8 CE hours
This new “how-to” workshop will provide practical and timely information on the process of raising private equity capital in today’s market. Read more » Course instructors will walk attendees through the step-by-step process of: identifying assets for capital raising opportunities, effectively positioning these assets, developing a saleable story, and preparing an equity raise proposal for presentation to varying types of capital sources. Attendees will hear from capital providers and others about the current financial terms, investment criteria and legal agreement imperatives that are part of successful capital raises in the current economic environment.
Real Estate Finance I
4-day core course - 32 CE hours
Get the conceptual foundations of cash flow analysis and understand the role of property markets and capital markets in commercial property valuation and analysis. Read more » While addressing equity capital sources, the course focuses more directly on debt capital and understanding debt underwriting, sources, and deal structures. Back to top Real Estate Finance II
4-day core course - 32 CE hours
Gain a thorough understanding of commercial real estate capital markets and their impact on commercial property values. Read more » The course introduces the time-value-of-money concept and incorporates it into the analytical process, examining the impact of mortgage debt on property investments and cash flow. Going further the course will also focus more directly on equity investors.
Understanding and Navigating the World of Real Estate Private Equity (available on-demand)
Webinar - 2 CE hours
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. Read more » 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.
Understanding Commercial Real Estate Cap Rates, What Determines Their Level and Where they are Heading (available on-demand)
Webinar - 2 CE hours
Real estate capitalization rates are a much observed indicator of property value and their movement over time can have profound effects on investor returns. Read more » Back to top |
Real Estate Development |
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Advanced Development Process: Commercial
4-day core course - 32 CE hours
This course presents a detailed look at commercial development and redevelopment, with an emphasis on office buildings. Participants will have the opportunity to learn about successful projects that found a niche market, and... Read more » the process their developers went through from conception to completion. If you are about to start a commercial development or redevelopment project as a developer, financier, project manager, or asset manager, or in a public sector capacity, this ULI course will give you an in-depth look at the increasingly complex process of developing properties. This capstone course will explore the nuances of the development process through several distinct product types, including, where appropriate, adaptive use projects.
Advanced Development Process: Residential
4-day core course -
As the residential real estate market recovers from the past few years of upheaval, now is the time to develop the skills necessary to succeed in today’s market. Read more » If you plan to enter the market as a residential developer, financier, or project manager from either the private or public sector, this ULI course will give you an in-depth look at residential property development following one of the industry’s most significant corrections in decades.
All aspects of the residential development process will be explored over a variety of product types and settings, including urban infill, high-density, and transit-oriented development (TOD); suburban densification and mixed-use center residential components; and primary home communities and traditional neighborhood developments (TND).
Organized as a small-group, highly interactive seminar, the course will have group discussion and presentations supported by tours and case studies. Each of the four days will include a combination of skill sessions, project presentations, and project tours. Specific areas of the residential development process that will be explored include demographics, market analysis, capital markets, capital structure, site planning, product design, and marketing and sales.
Basic Real Estate Development (available on-demand)
2-day workshop - 16 CE hours
The successful development of real estate requires a basic understanding of the overall development process, as well as where and how each stage fits in that process. Read more » Taught by experienced professionals, Basic Real Estate Development offers a practical how-to introduction to real estate development.
The course begins with an overview of the development process and quickly takes participants through the several stages of real estate development, demonstrating the interdisciplinary nature of the process. Lectures and case studies provide the fundamentals of successful design and development of real estate.
This popular ULI workshop will provide participants with practical approaches to real estate development and introduce attendees to acknowledged leaders in the field with whom they can share experiences and exchange information. Back to top Determining Project Viability: Residual Land Valuation and Pre-Development Task Management (available on-demand)
Webinar - 2 CE hours
How does a developer know whether a particular piece of land is affordable by the project? What specific areas of information should a developer investigate after site control is achieved? Read more »
The business terms for acquiring land for a development project is 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 price or timing of payment cannot be supported by the project, then the developer does not acquire. After the developer controls a piece of real estate the developer needs to focus expenditures on gathering information in areas of project risk and to continually evaluate whether the chances of success warrant further expenditures. If not, the developer needs to abandon the project and treat expenditures up to that point as a loss.
Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics (available on-demand)
Webinar - 2 CE hours
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. Read more » 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.
Managing Successful Entitlements: Building Community and Political Support for Land Use Projects (available on-demand)
Webinar - 2 CE hours
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. Read more » 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. Back to top Real Estate Development Process: Part I
4-day core course - 32 CE hours
Real estate development is a complex, always evolving business requiring interaction among multiple disciplines. To develop, finance, or supervise a project effectively requires a basic understanding of the process and its many facets. The course introduces, to public and private sector participants, the principles and concepts of real estate development. Emphasizing the iterative and interactive nature of the real estate development process, the course chronologically follows the various stages of the process and discusses how each team member’s actions and performance affects the success and profitability of the project. Employing a lecture/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.
Real Estate Development Process: Part II
4-day core course - 32 CE hours
Enhance your real estate development skills by engaging in challenging case studies and interaction with other class members. Read more » You will work in teams on several realistic case studies representing different stages of real estate development, acquisition, entitlement, and full-scale development, giving you practical experience at each stage.
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Residential Development |
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Advanced Development Process: Residential
4-day core course - 32 CE hours
As the residential real estate market recovers from the past few years of upheaval, now is the time to develop the skills necessary to succeed in today’s market. Read more » If you plan to enter the market as a residential developer, financier, or project manager from either the private or public sector, this ULI course will give you an in-depth look at residential property development following one of the industry’s most significant corrections in decades.
All aspects of the residential development process will be explored over a variety of product types and settings, including urban infill, high-density, and transit-oriented development (TOD); suburban densification and mixed-use center residential components; and primary home communities and traditional neighborhood developments (TND).
Organized as a small-group, highly interactive seminar, the course will have group discussion and presentations supported by tours and case studies. Each of the four days will include a combination of skill sessions, project presentations, and project tours. Specific areas of the residential development process that will be explored include demographics, market analysis, capital markets, capital structure, site planning, product design, and marketing and sales.
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Public-Private Development |
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Public-Private Partnerships Today: Tools, Tactics, and Opportunities (available on-demand)
Webinar - 2 CE hours
Public-private projects have become more difficult in today's economic and fiscal environment, but they have also become more essential. Read more » 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?
Using Public-Private Partnerships to Create Value-Added Conversions (available on-demand)
Webinar - 2 CE hours
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. Read more » Valuations of existing properties have plunged, no one knows for sure by how much, but discounts of 40% to 50% are not unusual.
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Portfolio and Asset Management |
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21st Century Real Estate Portfolio Management: Risk Management in the Age of Derivatives (available on-demand)
Webinar - 2 CE hours
This program will address how real estate risk can be mitigated using financial products, e.g. derivatives, on a portfolio level. Read more » 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.
Creating Reliable Valuations for Distressed Assets (available on-demand)
Webinar - 2 CE hours
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. Read more » 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. Back to top |
Real Estate Marketing |
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International Sales and Marketing Outreach (available on-demand)
Webinar - 2 CE hours
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... Read more » 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.
Using Social Media Marketing Techniques More Efficiently for Multifamily Leasing (available on-demand)
Webinar - 2 CE hours
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.
Read more » 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. Back to top |
Construction Management |
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Construction Fundamentals for Development Professionals (available on-demand)
2-day workshop - 16 CE hours
Although construction is one of the most important facets of real estate development, this complex process is often not well understood by real estate professionals. Read more » This intensive two-day workshop will provide you with a strong foundation in all the essential elements of any construction project. You will learn the basics of building systems, delivery methods, construction sequencing, building materials, and types of construction. In addition, you will leave with a solid understanding of construction contracts, contract pricing, and considerations in hiring construction professionals. Back to top |
Sustainability |
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Growing Cooler: Urban Development and Climate Change (available on-demand)
1-day workshop - 8 CE hours
The link between urban development patterns and individual and household travel is one of the most heavily researched subject in the field of urban planning. Read more » This new ULI workshop will examine the relationship between land use patterns, travel, and CO2 emissions. Beginning with an introduction to climate science, the workshop will demonstrate the impact current development and transportation patterns are having on our environment as measured by CO2 emissions. Absent changes to current development and transportation patterns, the United States has little chance to stem increases in CO2 production, let alone begin to see reductions. Back to top |