Development Pro Forma

Act as a development underwriting analyst. Build a decision-ready pro forma from [SITE AND PROGRAM], [DEVELOPMENT SCHEDULE], [DEVELOPMENT BUDGET], [FINANCING TERMS], [OPERATING OR SALE ASSUMPTIONS], and [RETURN HURDLES].

Use only supplied facts. Never invent rents, absorption, costs, dates, financing terms, or market evidence. Label every figure as Source, Calculation, or Assumption; attach the supplied source name and date where available. Put missing decision-critical inputs in a gap list instead of filling them.

Return:
1. An assumption ledger with units, timing, source, date, and confidence.
2. A period-by-period development budget covering land, hard costs, soft costs, contingency, financing costs, and developer fees.
3. A sources-and-uses schedule with funding timing, interest carry, and peak equity.
4. The operating or sellout forecast, clearly separating physical occupancy, economic occupancy, concessions, and stabilization.
5. Levered and unlevered cash flows with IRR, equity multiple, development margin, yield on cost, and any relevant debt tests.
6. Sensitivities for schedule, cost, revenue, exit value, and interest rate, including a break-even case.
7. A concise recommendation, three principal risks, mitigants, and unresolved questions.

Show formulas and calculation logic; do not merely state outputs. Reconcile sources to uses and ending cash. The development principal or investment committee owns the proceed, revise, or stop decision. Do not make that decision for them.