Once the development options are understood and agreed to, and the probable tenants identified, we develop a detailed project proforma that identifies each of the major cost, income, and expense items to determine a likely return on investment. The resulting Feasibility Analysis provides the basis for a Go-No Go decision, and can be used as the basis of a comprehensive Lender's Package for obtaining financing commitments.

The following are components of what we refer to as the feasibility analysis:

• Land costs

• Construction costs

• Design costs

• Legal and lease-up costs

• Capital costs

• Lease-up rates

• Income

• Operating costs