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Fundamentals of REIT Valuation

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

REIT Valuation is an intensive, hands-on program dedicated to the intricacies of valuing REITs in today's environment. This course is a graduate-level specialization, building on the foundation established at our REIT School. 

Valuing REITs has always required a specialized approach. REITs have a language of their own – EPS and P/E are foreign words in conversations about NOI, FFO, and cap rates. This was challenging enough before REITs expanded beyond traditional office, retail, hotel, and industrial properties. The impact industries like healthcare, correctional facilities, and those of other specialty REITs can have on valuation drivers are as complex as they are diverse. 

This seminar uses lectures, case studies and exercises to deconstruct the REIT valuation process. Seminar participants gain practical, hands-on experience in modeling and valuing REITs in a case study environment. Led by Christopher Haley, a top-ranked REIT equity analyst and long-time Knowledge Center instructor, REIT Valuation is the premier course on valuation for finance professionals who cover or work in the REIT sector.

After completing this seminar, you should be able to: 

  • Effectively use NAV, comparable analysis, DCF, and DDM to value REITs
  • Identify key operating levers and evaluate earnings quality
  • Build an earnings model and forecast future free cash flows and AFFO
  • Understand the likely impact on valuation (public REITs) of reported REIT financial results
  • Objectively understand sell-side research methodologies and how to better interpret research calls 

Instructor

Christopher Haley

Instructor and Managing Principal, Palladian Realty Capital LLC

Mr. Haley is co-founder of Palladian Realty Capital LLC (PRC). PRC is a real estate investment and advisory boutique providing asset/portfolio and investment advisory services to various public- and private-property company clients. Until 2008, Mr. Haley was Managing Director of Real Estate Securities Research for Wachovia Securities. Mr. Haley joined Wachovia (then named Wheat First Butcher Singer, privately-held) in early 1993 to lead its research and investment efforts in the real estate securities sector. He directed the group's fundamental analysis and research of real estate capital markets, macro- and micro-economic issues impacting publicly-traded real estate securities - including real estate investment trusts and real estate operating companies.During Mr. Haley's career at Wachovia, the firm's real estate research effort improved its third-party* quality rankings from 21st to consistently in the top-five among full-service investment/commercial banks (e.g., quality of research, quality of service, access to management, trusted resource). Additionally, over the course of his career at Wachovia, Mr. Haley has been involved in the issuance of ~$13 billion in debt, hybrid and equity transactions for various public real estate companies, and pre-IPO and initial flotation independent assessments of over 23 property companies (not all of which were completed).Prior to Wachovia, Mr. Haley was a Research Associate at Kidder Peabody, a full-service investment banking firm based in New York.Mr. Haley served as a Trustee, member, and past Chair of the Audit Committee for Rouse Properties Inc., (NYSE-RSE), where he served on the board from 2012 - 2016. He is also a Trustee and Foundation member of the National Association of Industrial and Office Properties (NAIOP), member of the National Association of Corporate Directors (NACD), and past member of NAREIT and NAREIT's Financial Standards Task Force (Best Financial Practices Council), and contributing member to AIMR/CFA Institute. Mr. Haley earned his graduate degree from Villanova University's School of Business, and a graduate of the accelerated Management/Leadership curriculum from Harvard University, and a frequent contributor to numerous real estate industry and financial sector publications.

Fundamentals of REIT Valuation Agenda

TIME
TUESDAY, March 21st
7:30 AM
Registration and Continental Breakfast Opens:
8:00 AM
Introduction and Overview:
9:00 AM
Valuing REITs/ REOCs:
10:00 AM
Drivers of Valuation:
11:30 AM
Net Asset Value (NAV):
12:30 PM
Introduction to Comparable Companies Analysis:
1:00 PM
Lunch:
2:00 PM
Case Study: Comparable Companies Analysis (Part I):
3:00 PM
The Investor’s View:
4:15 PM
Case Study: Comparable Companies Analysis (Part II):
5:30 PM
Day One Concludes:
TIME
WEDNESDAY, March 22nd
7:30 AM
Continental Breakfast Opens:
8:00 AM
Review and Introduction to Day 2:
8:45 AM
Discounting Methodologies:
9:45 AM
Discounted Cash Flow (DCF) Modeling:
10:45 AM
Comparable Transactions (Premiums Paid):
12:00 PM
Lunch:
1:00 PM
M&A Case Study Introduction:
1:30 PM
M&A Case Study:
2:00 PM
Wrap Up: Triangulating Valuation Methodologies:
2:30 PM
Program Concludes:
More

Ticket Info

Early Bird Rate: $1,995
(February 3, 2017)

Registration Fee: $2,195

Register

Event location

The University of Chicago Gleacher Center
450 N Cityfront Plaza Dr
+1 (312) 464-8787
Chicago, IL

Registration includes all program work materials, continental breakfast, and lunch both days.

Group pricing discounts and in-house training options are available. Contact us at +1 (888) 991-7786.

FAQs


Who attends?

  • Finance, strategy and investor relations professionals at REITs 
  • Investment banking analysts and associates
  • Private equity and asset investment professionals

Attendance is limited to ensure ample opportunity for personalized instruction.

What is the dress code?
Business casual.

Do I need a laptop?
Yes, a laptop equipped with Excel is necessary for the hands-on modeling exercises.

Are meals included?
Yes, your registration includes continental breakfast and lunch both days.

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date, but at least 5 business days prior to the start of the program, receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit. 

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at +1 (888) 991-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

13 Hours of Continuing Education Credit
The Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 13 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.
15.5 Hours of CPE Credit
Participants who complete this program qualify for 15.5 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. The Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Website: www.nasba.org.