Who should attend
This course will be of benefit to those active in the areas of underwriting, acquisition/ disposition, investment sales, property and asset management, and valuation. It is designed for those with under 10 years of experience and /or those who have only moderate exposure to valuation issues and wish to increase their proficiency.
It is expected that participants will have a basic understanding of time value of money concepts and be somewhat familiar with the use of a financial calculator (and/or the finance functions in MS-Excel).
About the course
The market for Commercial Real Estate investment continues to evolve and integrate with broader investment and capital markets. This two-day course combines theory and industry practice to examine current topics and emerging issues in the increasingly complex world of Real Estate finance and investment.
The primary objective of the course is to introduce tools and refine concepts and techniques that will improve investment, financing and risk management decisions. The course will explore both the "micro-level” pertaining to individual properties and deals, and "macro-level” portfolio and investment management considerations. It is designed to be interactive with attendees encouraged to participate during lectures and case studies.
Through this two-day program, we will discuss:• Background to valuation including market factors (ie. supply and demand), legal issues, definitions, highest and best use
- Standard methods of valuation and an introduction to the three primary approaches
- Real estate leases and their analysis for valuation purposes
- Discounted cash flow modelling, capitalization rates, discount rates and data sources
- Valuation methodology and modelling exercise based on multi-tenant industrial property and multi-tenant office building examples
- Case study for an office valuation exercise
- Introduction to Argus DCF modelling software
- Valuation methodology and modelling exercise based on a retail property
- Case study for a retail property valuation exercise
- Global valuation standards and emerging trends in valuation including new technologies and techniques
Key Learning Outcomes:
Upon completion of this course, you will be able to:
- Know which primary and secondary valuation approaches to use for all asset types
- Critically review a cash flow pro forma and identify the key valuation issues, including sensitivity of assumptions
- Understand the appropriate applicable valuation techniques and assumptions to use for different asset classes
- Complete and review a basic cash flow model for an income producing property
Jim Clayton was appointed Professor and Timothy R. Price Chair in Real Estate and Infrastructure at the newly established Brookfield Centre in the Schulich School of Business at York University in Toronto in January 2018. He is tasked with helping to lead and establish the Brookfield Centre as a ...
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Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.