Day One

Registration opens at 7:45 a.m. Session begins at 8:30 a.m.

Valuing REITs

•	Determining peers; assets, markets, portfolio composition, business models, size
•	Price/Book, Price/NAV, Price/Replacement, DCF, DDM, multiples, yield, implied NAV

Drivers of Valuation

•	Leverage • Assets • Markets • Capital

NAV and NOI

•	Dividends and income earned on assets
•	Capital gains or losses when the assets are sold
•	Capital appreciation in the underlying value of the stocks held in the portfolio

Comparable Company Analysis

•	Choosing peer groups
•	Understanding key ratios and metrics

Case Study: Evaluating a REIT Using Comparable Peers Analysis

Comparable Transaction Analysis

•	M&A as a proxy • Trends • Multiples

Case Study: Evaluating a REIT Using Comparable Transaction Analysis

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

 

Day Two

Session begins at 8:30 a.m.

Discounting Methodologies

•	DDM - review, inputs and sensitivities
•	DCF - review, inputs and sensitivities

DCF Modeling: A hands-on session

•	Choosing the appropriate input figures
•	Outputs
•	Sensitivity analysis

Case Study: Evaluating a REIT Using Discounted Cash Flow Modeling

M&A Valuation

•	M&A transaction considerations
•	Buyer and Seller profiling

Day Two concludes at approximately 4:45 p.m.