Real Estate Investment Trusts

4 days 24-27 Sep 2017, Dubai UAE £3,995.00 Download brochure Add to basket

* Claim back your VAT
Find out more

Request a different date or location for this course (we regularly add courses following requests).

{{alternativeRequestSuccess}}
{{alternativeRequestError}}

* Claim back your VAT
Find out more

Overview
Regardless of whether you are a real estate professional, occupier, owner, developer or investor, the impact of Real Estate Investment Trusts (REITs) on the real estate industry cannot be ignored. This course is designed to provide a broad understanding of REITs. Beginning with an overview and history of REIT structures in the U.S. (where REITs were initially formed in 1960 and probably have the most structured alternatives), the course then continues to provide an overview of various other global REIT structures in a comparative format. The course discussion compares REITs to other investment structures in the capital markets identifying any correlation.

Once this overview is provided, the course delves into the details of structuring, underwriting and valuing a REIT. We discuss common financial metrics used to analyse REITs for debt underwriting and principal investment, as well as methods to determine REIT valuations. Motivations and considerations for choosing different REIT structures will be discussed. Case studies and class exercises will proliferate throughout the course.


Objectives

By the end of the course, participants will be able to:

  • Be conversant with REIT terminology, basic concepts and structure
  • Understand how and why REITs came into existence
  • Be aware of the benefits and detriments of a REIT structure
  • Understand key REIT differentiators, REIT organisational and corporate structures
  • Be able to calculate and interpret REIT valuations
  • Appreciate the market dynamics that impact REIT’s
  • Understand asset and property management for REITs 
  • Analyze the financial statements of REIT’s
  • Know process for listing a REIT or becoming private


Course prerequisites

This program presumes familiarity with basic accounting and corporate finance principles as well as a basic understanding of real estate investment concepts.


Who should attend

  • Analysts 
  • Bankers 
  • Underwriters 
  • Property professionals 
  • Investment professionals 
  • Principals (who want to utilise a REIT Structure for their new or existing business)

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Dubai
Stephen P. Peca

The 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.

Venue

Dubai

Central Dubai Hotel

This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration. Typically the course venue will be confirmed 2-3 weeks before the course start date.

Related Courses

Inhouse


 

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.

To find out more about running this course in-house:





Our Tailored Learning Offering

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.

inhouse-learn-more

We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda
Day 1

 


Session 1
History, purpose and types of REITs Relationship Management 

  • What is a REIT? 
  • The beginnings of REITs 
  • The failures and successes 
  • Types of REITs 
  • Case studies/examples


Session 2
How does a REIT differ from in a REOC? 

  • What is a REOC? 
  • Public versus private ownership 
  • Investment characteristics 
  • Case studies/examples

Session 3
REITs around the world 

  • Growth of the REIT structure around the world 
  • Examples and comparisons of REITs around the world 
  • How are REITs proceeding and succeeding around the world? 
  • Case studies/examples


Day 2


Session 1
Typical qualifications to be a REIT 

  • Financial, management and ownership qualifications 
  • Maintaining and monitoring the qualifications 
  • Limitations and rationale for choosing a REIT election 
  • Case studies/examples


Session 2
REITs and their correlation with the capital markets 

  • The debate 
  • Use in investment portfolios 
  • Case studies/examples


Session 3
Managing a REIT business from the inside 

  • Operations 
  • Asset and portfolio management 
  • Joint ventures

 

Day 3


Session 1
Common REIT financial metrics 

  • Management review 
  • Common REIT financial measures 
  • Review of their financial statements 
  • Case studies/examples


Session 2
REIT Valuation 

  • Traditional valuation methods aren’t relevant 
  • Calculating net asset values (NAV) 
  • Pros and cons of valuation metrics 
  • REIT dividends 
  • Case studies/exercises


Session 3
Underwriting a REIT 

  • Balance Sheet and Income statement analysis 
  • Bottom-up or top-down analysis 
  • Structuring and credit underwriting for REITs 
  • Examples/exercises


Day 4


Session 1
Listing a REIT 

  • Assessing the market interest 
  • IPO process 
  • Reversing a listing 
  • Case studies/examples

Session 2
REIT M&A 

  • REIT M&A, governance and activism 
  • Do they make sense? 
  • When should they be done? Avoided? 
  • Case studies/examples


Session 3
Comprehensive Group Case Study 

  • The class will have broken into discussion and work groups. A case will be given to the class. Each group will be given a particular set of goals to be reached and questions to be answered. Each group will present their conclusions to the class.


Session 4
Investment and lending trends for REITs

Session 5
Conclusion and Summary

Why us


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