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Real Estate School: Module 1 - Real Estate Investment and Finance
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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
Course level
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.
Course background
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
- Investors
- Analysts
- Lending and Finance Bankers
- Financiers
- Developers
- Advisors
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.
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. -
This course forms module 1 of the Real Estate School 5 day course
Module 1 - Days 1 - 3 - Real Estate Investment and Finance
Module 2 - Days 4 & 5 - Real Estate Development and Finance
Module 1 - Days 1 - 3
Real Estate Investment & Finance
Day 1
Session 1 Real estate economics and market analysis
Exercise/Discussion- Supply, demand and market equilibrium
- Economic and market analysis terminology
Handout/Exercise/Discussion - The capital markets and valuation
- Property life cycle
Exercise/Discussion
Session 2 Valuation concepts- Review of basic concepts
- Vacancy rates and absorption
- Highest and Best Use
- Real estate valuations
- The three approaches to value
- Capitalisation or yield rate
Exercise/Discussion - Value versus price
Session 3
Real estate investment vehicles- What legal form is best?
- Matching investment styles
- Private versus public entities
Exercise/Discussion
Session 4
Lease contracts- Different lease forms
- Economics of leasing
- Tenant credit analysis
Handout/Exercise/Discussion
Session 5
Income statement creation and analysis- Rent roll evaluation
Handout/Discussion - Revenue and expense projections
- Creating an income statement
- Obsolescence and depreciation
- Before and after-tax cash flow
- Typical analytical ratios used
Exercise/Discussion
Day 2
Session 1
Capitalisation of real estate investments- Overview
- Debt / mezzanine / equity
- Structuring the capital stack
- Sale/leaseback
- Other capital raising approaches and sources
- The WACC and return to investors
Exercise/Discussion
Session 2
The effect of leverage- Understanding components
- Mortgage loan parameters
- Analysing the discount rate
- Partitioning the IRR
Exercise/Discussion
Session 3
Commercial mortgages- Different types of mortgages
Exercise/Discussion - Interest rate risk and hedging
- Default risk
- Prepayment restrictions
- Underwriting ratios and leverage amounts
- Refinancing
Session 4
Project finance – the decision methodology- Capitalization and discount rates: derivation and use
- Time value of money: PV, NPV, DCF and IRR
Exercise/Discussion - Adding uncertainty
- Behavioural real estate decisions
Session 5
Risk and their mitigation Exercise/Discussion- How to identify the risks
- Structuring mitigates
Exercise/Discussion: Risks and their mitigation
Day 3
Session 1
Corporate finance decisions- Overview
- Buy or lease decisions
- Accounting issues: finance or operating lease?
- Sale/leasebacks
- Role of capital markets
Session 2
Analysing and structuring covenants, reps and warranties- What effect do these have?
- How should they be structured?
Exercise/Discussion
Session 3
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
- Proptech
Session 4
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.
Session 5
Real estate economics – looking local- What’s happening?
- Open discussion: what’s happening in your region?
Session 6
Summary and conclusions
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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.
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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
Instructor
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Bill Rodney
Biography
Bill Rodney is a part of Euromoney Training Faculty and is a senior lecturer at Cass Business School (City University London). Bill is a chartered surveyor; Technical Director of the Investment Property Forum’s Investment Education Programme and was a faculty member of NACORE UK’s Corporate Real Estate Designation Programme. He was also Joint Director of the Investment Property Forum’s Advanced Education Programme. Bill has accredited CPD presenter status and is a visiting lecturer at the Amsterdam School of Real Estate. His career has spanned both private and public sector work. Prior to joining City University Business School, where he was Head of Property for six years, he worked on large-scale commercial development schemes and major urban regeneration projects. He has also acted as consultant on funding and development strategies for commercial property projects, principally involving commercial development consultancy. While this experience is principally European-based, he has been involved in projects in Malaysia, Australia and South Africa. He has advised on PFI to central and local government authorities and completed a major research report for Land Securities Trillium on ‘Enhancing Corporate Value through Property Re-engineering’. The findings of this report were presented at the inaugural meeting of NACORE UK’s special interest group, Real Estate Partnerships. Bill gained his MSc in Real Estate Investment and Finance at City University. He has over 25 years of teaching and training experience, mainly in postgraduate, post-experience courses such as specialist real estate investment and finance masters and MBA programmes. His understanding and expertise in commercial training seminars and workshops includes over ten years of European experience dealing with a diverse clientele, such as investment fund management, investment advisory, corporate advisory, banks, solicitors and the public sector. Bill is course director for a series of public courses which are delivered globally. He has written extensively on real estate investment and finance issues in journals and industry publications as well as presenting research papers at international conferences in Australia, Malaysia, Hong Kong, South Africa, the USA, Mexico and throughout Europe. The latest books to which Bill has contributed include Applied Risk Analysis – Moving Beyond Uncertainty, ISBN: 0-571-47885-7 and Modelling Risk, ISBN: 0-471-78900-3.
