Note: The next session of REIT School is scheduled for December 2009. The material below is from the December 2008 session.

To receive information on the December 2009 session as it becomes available, click here.

Day One

Registration opens at 8:00 a.m. Session begins at 9:00 a.m.

Morning

Market Cycles

• An introduction to market analysis and forecasting
• The characteristics of real estate market cycles
• The competitive and strategic issues facing REITs today

REIT Financial Statement Analysis

• The sources of financial data necessary for evaluating a REIT’s economic health and risk/return profile
• Dissecting the line items of REIT financial statements

Afternoon

Evaluating REIT Fixed-Income Securities

• How fixed income analysts look at REIT(s)
• The qualitative factors, quantitative measures and benchmarks underlying corporate debt analysis

Analysis of Acquisitions and Dispositions

• The methodology and processes of property acquisition
• The competitive nature of property acquisitions in commercial real estate
  at-large
• Analytical tools for evaluating property values
• Trends and outlook for cap rates, capital flows and buyer/seller activity

Day One concludes at approximately 5:30 p.m. Networking reception follows.

Day Two

Session begins at 8:30 a.m.

Morning

Accessing and Managing Capital

• Methods and options for raising capital
• The advantages and drawbacks of balance sheet management strategies
• The impact of leverage upon market value

Valuation and Mergers & Acquisitions

• Issues surrounding REIT M&A
• Multiple approaches to evaluating and structuring deals

Afternoon

Trends in Global Real Estate Investing

• The state of the global real estate market
• Cross-border and emerging markets investing
• Trends and predictors for the future

Investing in REITs: A Case Study

• A hands-on analysis and valuation of a REIT as a potential investment or acquisition candidiate
• Employs the metrics and methods presented in the preceding sessions

Day Two concludes at approximately 5:00 p.m.

While Attending

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