1. Real Estate Finance © JR DeLisle, Ph. D. Lecture 16 (b): Portfolio Project Examples by James R. DeLisle, Ph.D. March 10, 2010

2. Real Estate Finance © JR DeLisle, Ph. D. Peer Review: Evaluative Criteria Quality of Content Problem Statement/Goals Overall Logic/Rationale Portfolio Strategy Statement Portfolio Assemblage Analysis Operation Strategy Conclusions/Recommendations Quality of Presentation Delivery Organization Strength of message Teamwork/Participation Presentation materials

3. Real Estate Finance © JR DeLisle, Ph. D. Organization

4. Real Estate Finance © JR DeLisle, Ph. D. Problem Statement

5. Real Estate Finance © JR DeLisle, Ph. D. Client Profile

6. Real Estate Finance © JR DeLisle, Ph. D. Strategy

7. Real Estate Finance © JR DeLisle, Ph. D. Stage Setting: Current Environment

8. Real Estate Finance © JR DeLisle, Ph. D. Seattle Real Estate Market

9. Real Estate Finance © JR DeLisle, Ph. D. Criteria

10. Real Estate Finance © JR DeLisle, Ph. D. Property Profile

11. Real Estate Finance © JR DeLisle, Ph. D. Relative Project Performance Indicators

12. Real Estate Finance © JR DeLisle, Ph. D. Alternative Portfolios

13. Real Estate Finance © JR DeLisle, Ph. D. Optimal Mix

14. Real Estate Finance © JR DeLisle, Ph. D. Portfolio Performance

15. Real Estate Finance © JR DeLisle, Ph. D. Operating Period

16. Real Estate Finance © JR DeLisle, Ph. D. Exit Strategy

17. Real Estate Finance © JR DeLisle, Ph. D. Appendix

18. Real Estate Finance © JR DeLisle, Ph. D. Lecture Overview Real Estate Development –Timelines –Risk and Return –Risk Management Types of Loans –Land Development Loans –Construction Loans –Permanent Loans Development Loan Example –Project Profile –Draws –Project IRRs

19. Real Estate Finance © JR DeLisle, Ph. D. Lecture Review Real Estate Development –Timelines –Risk and Return –Risk Management Land Development Loans Construction Loans Permanent Loans Development Cash Flow Example