东京房地产金融研讨会

培训项目信息

Real Estate Finance Workshop is designed to increase your understanding of the increasingly complex and sophisticated process of real estate investment and finance. In order to take advantage of profitable property finance opportunities, it is essential to be equipped with investment skills and essential financing techniques. At the end of this programme participants will have an understanding of the key drivers of real estate finance and how to select, assess and model appropriate financial alternatives in a risk/return context.

培训项目学员

This programme in Japan combines action learning, practical insights, and leading edge theoretical concepts.

Real Estate Finance Workshop is targeted at:

• Lenders
• Property Analysts
• Property Developers
• Corporate Asset Managers
• Real Estate Investors
• Fund Managers
• Lawyers
• Accountants
• 保险专业人员
• Valuers / Surveyors

培训项目目标

An eight day practical programme where you will learn how to evaluate the financial feasibility of real estate deals, you will cover:

• The component parts of a real estate cash flow model, IRRs and Equity Multiples
• Senior debt and equity financing structures and techniques
• The use and application of mezzanine finance
• Development appraisals, cash flows and financing alternatives
• Joint Ventures and Private Equity structures
• Analyzing the risk of real estate projects
• Structured Sale and leasebacks.

培训项目内容

DAY 1 & 2

Measuring Real Estate Investment Returns

• A capital market’s approach?
• Types of income
• How do lease terms affect value?
• Slicing the income and converting to capital
• Unbundling the all risk yield
• Types of yield
• What are the key drivers?

Spreadsheet Analysis: Investment Valuation & Appraisal

• Income Capitalization approach: Applying and adjusting Yields and Income
• Using different types of yields
• Cost approach: Depreciated Replacement Cost

Developing the Business Plan

• A Cash Flow primer: typical patterns of cash flows
• Linking lease terms to appraisal styles
• Lease-up, from gross to net income
• 建筑 & key inputs
• A line by line assessment down to the net operating income
• Projecting cash flows: expenses v growth
• Capital expenditure
• The exit
• Ratio analysis and Diagnostics
• Solving the maximum price to pay

Spreadsheet Analysis: Case Study I – example cash flow model

• Setting up an investment acquisition cash flow appraisal
• Shaping up the basic deal
• Adding IRR, NPV, income and exit ratios
• Considering uncertainty and the merits of the investment
• What is an appropriate discount rate? What about the target rate of return?

DAY 3 & 4

Financial Structures – Existing Investments

• Gearing up an investment acquisition (use of leverage)
• Typical financial covenants and points for negotiation
• Sizing the debt
• Applying financial covenants to the cash flow
• Interest only, partial & full amortization
• After debt cash flows
• Identifying and quantifying the risks in the loan
• Profitability and Financial Risk
• From sensitivity to scenario analysis

Spreadsheet Analysis: Case Study II – Extending the cash flow model

• Adding the senior debt tranche
• Analyze and adjust a geared cash flow model

Case Study: Financing a Core Investment Purchase

• Participants will discuss terms for a loan for an investment opportunity. Examples of Term Sheets will be used to focus the discussion on suitable terms. On completion, a spreadsheet model will be used to illustrate the cash flow implications and key points.

Mezzanine and Participating Loans

• Stretched debt to quasi equity
• Structuring a package
• Stand alone or blended?
• Intercreditor agreements
• Look back IRRs, warrants and convertibles
• Understanding the risk and reward structures for the parties to the deal

Spreadsheet Analysis: Mezzanine Finance

Templates will be used to demonstrate a mezzanine cash flow model. It will illustrate different structures, such as Look Back and Side by Side participation in a risk return context, by adjusting key inputs to the model.

DAY 5 & 6

Development Appraisals

• From residuals to cash flows
• Line by line items down to profit
• Ratio analysis
• How is profit being generated?

Spreadsheet Analysis: Development

• A spreadsheet model will be used to demonstrate the set up of development proposal. Ratio analysis & risk analysis techniques will be used to show the implications of changing market conditions.

Financial Structures

发展

• Pre-let or speculative?
• A banker’s point of view
• Construction loan mechanics
• Main Underwriting Criteria
• Project Monitoring issues
• Exit strategies
• Forward sale and full forward commitment
• Matching the loan to the cash flows and the risks

Development Case Study: Participants will work in small groups to analyze a case study that considers the risk and return profile of a development and consider appropriate methods of finance

Spreadsheet Analysis: Development Finance

• Spreadsheet models will be used to demonstrate the impact of finance on Pre-let and Speculative schemes. Debt and Equity issues will be considered and analyzed.

DAY 7 & 8

Joint Ventures

• JVs and capital partners
• Landowner / developer JVs
• Different structures for different players
• Risk and return
• Priority of distributions

私募股权

• Structures & styles
• Public vs. private equity
• Allocating risk and return
• Prefs, Promotes and waterfalls
• Showing the exit and risk

Spreadsheet Analysis: JVs and Private Equity.

• A spreadsheet model will be used to demonstrate the set up of Joint Ventures, ground leases and private equity models. Delegates will test possible outcomes on the templates provided.

Structured Sales and Lease Backs
Enabling corporate occupiers to release capital to retire expensive debt or repay shareholders

• Market trends and activity
• PropCo, OpCo and Portfolio deals
• Enabling flexibility and cash flow profiles
• Concentration risk and residual value risk
• Case studies
• Stapled Finance
• Future directions?

Spreadsheet Analysis: Leasebacks

• Comprehensive group exercise
• Spreadsheet models will be used to illustrate basic leaseback structures

Programme summary and closing.

培训项目方法

Real Estate Finance Workshop in Tokyo, Japan is designed to be highly interactive, using a mix of case studies, role-play exercises, self-assessment questionnaires, presentations and group discussion to develop the themes around participants’ own experiences and needs. It presents an opportunity for delegates to practice the skills taught using a variety of hands-on Real Estate Finance exercises that stress participation and that reinforce and build on the comprehensive course materials. This training methodology allows delegates to significantly improve their real estate finance skills and to have all their questions answered by the highly experienced negotiation practitioner who leads the course.

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