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Real Estate School: Module 1 - Real Estate Investment and Finance
This course is Module 1 of the 5 day School of Real Estate School
The other, Real Estate School: Module 2 - Real Estate Development and Finance (2 days), as well as the whole school can be booked
3-Day Investment Module
- Interactive case studies based on actual projects with spreadsheet analysis
- Real estate markets: Macro View
- Evidence of cycles in property markets
- Appraisal & valuation fundamentals
- Sourcing product & asset management
- Developing cash flow models: Avoiding common mistakes
- Implications of gearing and debt finance
- Mezzanine & Participating Loans
- Modelling the impact of debt, quasi equity and sponsor equity
The modules are principally aimed at delegates with previous experience in investment/finance or development strategy, but as the course puts delegates on an interactive learning curve to cover fundamentals of each topic, before moving on to more advanced techniques and applications, it allows delegates from both a junior and more senior experience level to participate together. Articles. papers and further references and reading in the Course
Handbooks provide further information, expand and show potential applications for many of the topics included to give a more rounded understanding.
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 programme is designed as an integrated set of modules which will increase participants’ understanding of the complex and changing process of real estate investment, development 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 key objective is to give a clear understanding of the most typical financing and investing structures, as well as the latest thinking in analytical techniques, in a shifting capital markets context.
The recognition and analysis of risk will be a component part of the programme. It covers several techniques and tools that can be applied to dealing with and resolving practical, everyday problems.
Who should attend
- Lending and Finance Bankers
Whilst its focus is primarily on mature markets, the techniques and trends studied will also be relevant to participants investing in property markets in other regions.
Module 2 - Days 4 & 5 - Real Estate Development and Finance
Module 1 - Days 1 - 3
Real Estate Investment & Finance
- Supply, demand and market equilibrium
- Economic and market analysis terminology
- The capital markets and valuation
- Property life cycle
- Review of basic concepts
- Vacancy rates and absorption
- Highest and Best Use
- Real estate valuations
- The three approaches to value
- Capitalisation or yield rate
- Value versus price
Real estate investment vehicles
- What legal form is best?
- Matching investment styles
- Private versus public entities
- Different lease forms
- Economics of leasing
- Tenant credit analysis
Income statement creation and analysis
- Rent roll evaluation
- Revenue and expense projections
- Creating an income statement
- Obsolescence and depreciation
- Before and after-tax cash flow
- Typical analytical ratios used
Capitalisation of real estate investments
- Debt / mezzanine / equity
- Structuring the capital stack
- Other capital raising approaches and sources
- The WACC and return to investors
The effect of leverage
- Understanding components
- Mortgage loan parameters
- Analysing the discount rate
- Partitioning the IRR
- Different types of mortgages
- Interest rate risk and hedging
- Default risk
- Prepayment restrictions
- Underwriting ratios and leverage amounts
Project finance – the decision methodology
- Capitalization and discount rates: derivation and use
- Time value of money: PV, NPV, DCF and IRR
- Adding uncertainty
- Behavioural real estate decisions
Risk and their mitigation Exercise/Discussion
- How to identify the risks
- Structuring mitigates
Exercise/Discussion: Risks and their mitigation
Corporate finance decisions
- Buy or lease decisions
- Accounting issues: finance or operating lease?
- Role of capital markets
Analysing and structuring covenants, reps and warranties
- What effect do these have?
- How should they be structured?
Asset management decisions and the effect on value
- Lease management (e.g., tenant improvement) will affect project financing
- Balance between maintenance, capex and sustainable cash flow
- Future-proofing your building & prevention of building obsolescence
- Understanding the property cycle & financing through the cycle
Putting it All Together: YOU determine the answer!
- Participants will be divided up in groups to solve a case problem. Each group will prepare a scheme on how to resolve problems identified in the case. Groups will presentation their analysis and recommendations. Groups will be evaluated based on reasonableness of their and creativity in finalizing the deal.
Real estate economics – looking local
- What’s happening?
- Open discussion: what’s happening in your region?
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
BiographyStephen Peca is a senior property professional who has invested and guided investment decisions globally in well excess of US$100billion. During his career at firms such as Moody’s Analytics, Fleet Securities – Bank of America, Fuji Bank and notable real estate firms, he has undertaken many senior staff management and client-facing roles. Stephen’s role has expanded into entrepreneurship and venture capital.Stephen is now Managing Director and Senior Partner of Concourse Realty Group and Windy Acres Capital & Advisory where he provides transaction, asset and portfolio strategy and business solutions to clients globally. Both companies operate under the name, Concourse Holdings. Stephen also teaches and has taught at Fordham University, Baruch College (CUNY), New York Law School and New York University, while also teaching in various other venues around the world. His responsibilities and accomplishments have included:- Director role at Fleet Securities – Bank of America, in which he was responsible for the loan sales and trading activities of the bank’s US$33 billion of real estate assets- Director responsibilities at Moody’s Analytics where he led the commercial real estate and project and infrastructure global practices, and refined scope parameters and monitored data integrity as committee member for Moody’s/REAL CPPI, a national property price index.- At Concourse Realty Group, he:Created strategic plan for an international bank who desired to re-establish their real estate loan portfolio that subsequently grew to US$4.0 billion in about three yearsRepresented global property owners in various negotiations for properties totalling over US$500 million.Provided expert witness services for US$1 billion hotel property development project litigation.Provided financial and capital structuring for a US$180 million mixed-use project in Saudi Arabia.Advised on the structuring of a US$20 million equity property fund in CEE.In addition to Stephen’s academic credentials, he is a Chartered Management Consultancy Surveyor (Royal Institution of Chartered Surveyors U.K.) and a Certified Public Accountant (State of Illinois, U.S.). Stephen is a member of the Institute of Directors, the Asset Management Roundtable, the Investment Management and Hedge Fund Roundtable and is a student mentor at the New York University, Stern School of Business.Stephen is repeatedly in demand to speak at conferences and is frequently quoted in publications and articles. His book, Real Estate Development and Investment: A Comprehensive Approach, has been adopted by numerous universities and industry professionals globally.