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School of Real Estate Finance
Real Estate continues to attract the attention of funds, banks, corporates and investors looking for diversification and liability matching. However, cross-border investment and financing brings risks as well as opportunities. This advanced programme is designed as an integrated series of modules which will increase participants' understanding of today's complex and sophisticated process of real estate investment and finance. In addition to expert course instruction, delegates will benefit from a collegial atmosphere, with networking and information-sharing a valuable part of the course.
The programme's main objective is to give a thorough understanding of the most popular financing and investing structures, as well as the latest thinking in analytical techniques, in a changing capital markets context. Participants will consider frameworks for decision rules on major capital expenditure commitments in public and private real estate markets, both at the asset and portfolio level.The recognition and analysis of risk will be a component part of the program. The program covers many techniques and tools that can be applied to dealing with and resolving practical, everyday problems.
This is an intermediate level program covering:
Investment cash flow analysis
Public and private real estate vehicles
Debt and equity securitization and investment strategy
Corporate real estate finance and structured leasebacks
Risk and mitigation analysis
Use of debt in a real estate investment context
A 5-day practical programme with case studies and integrated cash flow modelling for analysts, investors, financiers, developers and advisors.
Property performance measurement and analysis
Evidence of cycles in property markets
Developing cash flow models
Investors' approach to different types of property vehicles
Core vs. developing vs. emerging markets
Sector analysis: office vs. retail vs. leisure
Corporate finance decisions and real estate
Lease/buy leaseback/structured leaseback decisions
This course is aimed at people with several years' real estate development strategy or finance/investment experience. The course puts participants on a steep learning curve, hence the fundamentals of each subject will be covered rapidly before moving onto more complex areas.
Who should attend
This course is particularly appropriate for anyone who would like to understand real estate investment (debt and equity), and would be appropriate for: Analysts and underwriters
Investment and commercial bankers
Fixed income professionals
Bank relationship managers
Real estate developers and investors
By the end of the five days, participants will be able to: Understand the interpretations of industry and property cycles
Know how to interpret lease contracts
Choose an appropriate legal structure
Assess the cash flow adequacy of projects
Create a viable capital stack for a project
Identify risks and create a risk mitigation analysis
Session 1Real estate economics and analysis Supply and demand and market equilibrium
Vacancy rates and absorption rates
Expense rates and taxes
Forecasting input variables for different types of real estateExercise: Where are we now?Session 2Real estate investment vehicles What legal form is best? Matching investment styles Private vs. public entitiesExercise: How would you choose?Session 3Leases
Different lease forms
Economics of leasing
Tenant credit analysisExercise: A proposed leaseSession 4
Real economics and analysis (cont.)
Property life cycle
Value vs. priceSession 5
Putting it all together: Creating an Excel model for different types of real estateDay TwoSession 1
Income statement creation and analysis Rent roll evaluation through the analysis of base rent, reimbursements, etc.
Revenue and expense projections
Obsolescence and depreciation
o Capital expenditures vs. maintenance
Before and after tax cash flow for different types of real estate
Typical analytical ratios usedSession 2
Capitalization of real estate investments
The WACC and return to investorsExercise: WACC and the capital stackSession 3
The effect of leverage:
Analyzing the discount rate
Partitioning the IRRExercise: Creating a viable capital stackSession 4
Different types of mortgages
Interest rate risk
Underwriting ratios and leverage amounts
Putting it all together: Creating an Excel model for different types of real estateDay ThreeSession 1
Project finance – the decision methodology
Capitalization rates: derivation and use
Time value of money: DCF, IRR, PV and NPV
o Scenario analysis
o Sensitivity analysis
Behavioral real estate decisionsExercise: What are the possible risks?Session 2
Risk and mitigation
How to identify the risks
Structuring mitigatesExercise: Risks and their mitigationSession 3
Corporate finance decisions
Buy or lease decisions
Accounting issues: finance or operating lease?
Role of capital marketsSession 4
Analyzing and structuring covenants, reps and warranties
What effect do these have?
How should they be structured?Exercise: Creating a covenants, reps and warranties packageSession 5
Putting it all together: Creating an Excel model for different types of real estateDay FourSession 1Joint ventures
Joint ventures and capital partners
Risk and returnSession 2Ground leases What are they? Risk and return How can they be used?Exercise: Does it make sense?
Understanding the financiers’ perspective – private equity structure and return waterfalls
Legal and organizational structure
Public vs. private equity
o Management fees
o Incentive allocations:
o Capital raising fees
Cash flow waterfalls
Exercise: Analyzing a cash flow waterfallSession 4International investment considerations
Cross-border investment strategies and considerations
Europe, Middle East, Africa, AsiaSession 5
Putting it all together: Creating an Excel model for different types of real estateDay Five
Session 1Putting it All Together: YOU determine the answer!
Participants will be divided up in groups representing buyers, sellers, and financiers. Each group will prepare a scheme on how to buy, sell, and provide financing, respectively, for a given property.Presentation of each group’s analysis and recommendations will be made. Groups will be evaluated based on reasonableness of their and creativity in finalizing the deal.Session 2
Real estate economics – an update
The new presidency in the USA – what impact is this having?
Will there be a boom or a crash?
What about developments in Europe, such as Brexit, Asia and the Middle East?Session 3
Real estate economics – looking local
Open discussion about your regionSession 4
Summary and conclusions
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyThe course instructor has extensive professional experience ranging from banking and finance to capital markets, private equity, project management, risk management and executive education.Stephen formed and is managing director of Concourse Realty Group which provides transaction, asset and portfolio strategy and management business solutions, along with equity investment services, to owners, investors and lenders of commercial real estate, infrastructure and alternative energy projects in the U.S. and internationally. Additionally, Stephen pursues a related business venture focused on start-up and growth company services, Windy Acres Capital & Advisory; both companies operate under SPP Holdings.Stephen was a Director with Moody’s Analytics, Inc. and was the firm’s commercial real estate and project finance subject matter expert providing consulting services and executive education to global clients. Previously, Stephen was with Fleet Securities, Inc. where he established a loan sales and trading business for the bank. Stephen spent time at The Fuji Bank, Limited where he was a corporate relationship manager originating and managing a global loan and commitment portfolio where he gained extensive experience arranging international and cross border loans, project finance, real estate and other financial structures totalling well over USD100 billion.Before joining the Fuji Bank, Limited, Stephen was Vice President of Accounting, Finance and Administration (CFO) for The Tucker Companies, Inc., a regional real estate developer and property investor. He began his career at Urban Investment & Development Co., a national real estate developer, manager and investor.Stephen has a Certificate in Advanced Management from the University of Chicago, a Certificate of Effective Project Management for Building Design and Construction and a Certificate in the Executive Management Series in Real Estate Development both from the University of Wisconsin – Madison, and a BBA in Public Accounting from Loyola University Chicago. He is a Chartered Management Consultancy Surveyor and a Certified Public Accountant.He has received the New York University Award for Outstanding Service and is a Member of the Royal Institution of Chartered Surveyors. Stephen is also a member of CoreNet Global, the Asset Management Roundtable, the Investment Management and Hedge Fund Roundtable and is Co-Chair of the Real Estate Group as well as Co-Chair of the Private Equity Group of the Financial Executives Networking Group.Stephen’s book, Real Estate Development and Investment: A Comprehensive Approach, has been adopted by numerous universities and industry professionals globally.