Few things strike fear in the hearts of preservationists like financial analysis of historic real estate projects. Vinyl siding comes close, and window replacement might be its equal, but there is probably no greater or more prolific destroyer of historic properties than a pro forma showing in black and red that a beloved building, like so many of its unlucky brethren that fell before it, cannot be saved or rehabilitated in any financially viable  way. That dreaded document leads us from the solid, familiar footing of construction dates and architectural styles to the trembling earth of square footage and return on investment (ROI).

Across the country, many preservationists find themselves financially illiterate and ill-equipped to contribute, much less win, a debate over the fate of a historic building cast in terms of financial feasibility. This Forum Focus is intended to give preservationists a basic understanding of how a pro forma can clearly demonstrate the financial implications of a historic real estate project.