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School of Real Estate Finance & Investment
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 vehicle
- Core vs. developing vs. emerging markets
- Sector analysis: office vs. retail vs. leisure
- Calculating EVA and residual income
- Corporate finance decisions and real estate
- Lease/buy leaseback/structured leaseback decisions
- Single asset returns in a portfolio context
- Tactical and strategic asset allocation
- Impact of gearing and debt finance
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.
Delegates are required to bring their own laptop equipped with Excel 2007 or above and USB port.
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 tuition, 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 programme. The programme covers many techniques and tools that can be applied to dealing with and resolving practical, everyday problems. An intermediate level programme covering:
- Investment cash flow analysis
- Public and private real estate vehicles
- Debt and equity securitisation and investment strategy
- Corporate real estate finance and structured leasebacks
- Risk analysis, simulation and real options pricing
- Putting investment into a portfolio context
- Use of debt in a real estate investment context
Who should attend
- Lending and Project Finance Bankers
Real Estate Appraisal and Analysis
Structuring and developing flexible cash flow models for analysing real estate investments. At the end of this module participants should have an understanding of the component parts of a real estate cash flow model, the macro and micro influences and will have examined working spreadsheet models.
Appraisal & Valuation Fundamentals
What should financiers and investors ask for? What should they look for? Worked examples
- Terminology & Techniques
- Appraisal methods
- Different methods for different assets & markets
- Hard to Value assets
- Regulation & Guidance
- Types of Income
- How do lease terms affect value?
- Understanding cap rates
- Types of yield
- Fundamental analysis
- What are the key drivers of value?
How to structure, avoiding common mistakes. Investor approach -v- Financier’s concerns. Worked examples and practical issues
- Business Plans
- A Cash Flow primer: typical patterns of cash flows
- Discounted Cash Flow construction: Key inputs, variables and outputs
- A line by line assessment down to Net Operating Income
- Projecting cash flows: expenses v growth
- Lease roll-overs & expiries
- Use of Capital Expenditure
- Property Cycles: opportunities and threats. What to look for in different stages in the cycle.
- The Exit: When, Why, How?
- IRR & NPV: Ratio Analysis and Diagnostics
- Solving the maximum price to pay / target sale price
Discounted Cash Flow. Shaping up the basic Investment equity deal
- IRR, NPV, Income and Exit ratios. Assess uncertainty & the merits of the investment
- Setting the target rate of return. What is an appropriate discount rate?
- What else will show whether it is a good deal?
- “What if” testing and adding sensitivity analysis
Real Estate Acquisition, Management and Finance
Procedures for sourcing, closing and adding value will be covered as well as using the capital stack to finance the acquisition.
Spreadsheet concept models and interactive case studies will be used to illustrate various approaches, techniques and potential solutions.
Sourcing Product & Asset Management
- From Sourcing to Closing
- Due Diligence: Identifying potential “Red Flags”
- Asset Management techniques
- Adding and enhancing value
- Leasing strategies
Types of Finance, their Impact on returns and key Lending Ratios, financial covenants, understanding risks, pricing and risk mitigation
- Gearing up an investment acquisition (use of leverage)
- Typical financial covenants and points for negotiation
- Methods for sizing the debt
- Applying financial covenants to the cash flow
- Mezzanine Finance
- Stretched debt to quasi equity
- Lookback IRRs, warrants and convertibles
- Preferred equity
- Optimising financial covenants & return on equity
- Impact of Leverage & Use of Debt
- Participants will discuss terms for financing for an investment opportunity.
- Analysing the Operating Cash Flow and considering capital alternatives
- A spreadsheet model will be used to illustrate the cash flow implications and key structuring issues.
Spreadsheet analysis: Extending the Cash flow Model
- Adding senior debt & mezz tranches. Analyse & adjust a leveraged cash flow model
- Use and application of Mezzanine Finance.
- Different structures, such as Look Back and Side by Side participation
Property Investment Vehicles
Different types of investment instruments and structures are examined together with the way in which they are valued and traded.
The module includes an introductory study of indirect private and public real estate vehicles and their comparability to direct real estate investment.
Types of Real Estate Vehicles and their Analysis
- Investment Styles
- Private v Public
- Closed End v Open End
- REITs & Real Estate Companies
Case study: Net Asset Values (NAV) Exercise:
- Analysis of a REIT. Based on its fundaments should it be trading at a discount or premium to NAV?
- Issues with Real Estate appraisal or market sentiment?
- Management styles & intangible franchise value
- Public market valuations -v- real estate market valuations
Spreadsheet analysis: Calculating & Analysing Listed Vehicles
- Components of NAV calculations & sensitivities of inputs
- Alternative methods including FFO & AFFO
- Is a publicly traded REIT or Real Estate Company suitable for a Real Estate portfolio?
Private Equity Vehicles & Joint Ventures
- Structure and Approach
- Different structures for different players
- Risk and return
- Priority of distributions
- Allocating risk & return
- Prefs, Promotes & Waterfalls
- Showing the Exit and risk
Spreadsheet analysis: Private Equity models
Spreadsheet models will be used to demonstrate the set-up of JVs and private equity structures. Delegates will test possible outcomes of changing pref / promote options on the templates provided.
Real Estate Development & Finance
This module considers identifying investment opportunities through development. It covers appraisal models and techniques for financing with debt and equity. Spreadsheet concept models and interactive case studies will be used to illustrate various approaches, techniques and potential solutions.
At the end of this module participants will be able to appreciate the risk elements in development and analyse ground up land development opportunities.
Development Appraisals & Viability
- Methods & Approaches: From residuals to cash flows
- Down to affordable land cost or profit
- Line by line items
- Ratio analysis: What indicates a viable project?
- How is profit being generated?
- Structuring the Cash Flows
- Analysing the Outputs: IRR & NPV issues
Spreadsheet analysis: Development Appraisals
A spreadsheet model will be used to demonstrate the set-up of development proposal. Ratio analysis & risk analysis techniques will be used to show the implications of changing market conditions.
Structuring the Development Finance
- Pre-let or speculative?
- Construction loan mechanics
- Main Underwriting Criteria
- Project Monitoring issues
- Exit strategies
- 3rd Party Equity and JVs
- Forward Sale and Full Forward commitments
- Matching the loan to the cash flows and the risks
Spreadsheet analysis: Real Estate Development Finance
Spreadsheet models will be used to demonstrate the impact of finance on Pre-let and Speculative schemes. Debt and Equity issues will be considered and analysed.
Case study: Development and Finance project
Participants will work in small groups to analyse a case study that considers the strategic options, risk & potential returns of a development proposal and consider appropriate methods of raising & pricing the finance.
Real Estate Portfolio Analysis and Management
This module considers the ways that appraisal techniques may be adapted from single projects to portfolios. Portfolios for different types of players will be considered. Corporate real estate portfolio issues are also covered such as the factors that influence lease / buy decisions, and the scope for sale & leasebacks.
At the end of this module participants should be able to analyse portfolios, both from the investor and corporate’s point of view, as well as gaining insight to associated corporate finance and risk issues.
Real Estate Corporate Portfolios
- Opportunities & Change
- Accounting issues: Finance Lease or Operating Lease?
- Buy or Lease decisions
- Modelling and analysis examples
- Releasing capital
- Importance of Flexibility
- Stages of development, change & different structures
- Mini Case Studies
Participants will work in small groups to analyse real data to consider techniques that can be used to optimise the risk return characteristics of a real estate portfolio strategy.
Creating & Managing Investment Portfolios
- Efficient portfolio construction
- Comparative risk/return between Real Estate and other investments
- Tactical and Strategic Asset Allocation Strategies;
- Performance Measurement
- Asset plans and Derivative strategies
Spreadsheet analysis: Asset Plans
Hold / Refinance /Renovate/ Sell analysis; Attributing performance; Incremental Cash Flow analysis & Risk webs.
Suggested Further Reading and References
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 – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 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 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
Novotel New York Times Square
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