03/10/2013 to 04/10/2013
Thursday October 3, 2013-Friday October 4, 2013
8:30AM - 5PM
Ted Rogers School of Management - Ryerson University
575 Bay Street [Entrance on Dundas Street]
Room: TRS 3-129
Toronto, Ontario M7A 2C7
Edward Byers, Manager, Professional Development & Events, 416-642-2700 x 221.
Online registration is closed.
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Virtually every decision made within the commercial real estate industry is ultimately linked to the concept of value. Decisions in the areas of acquisitions, leasing, property and asset management, underwriting, financing, etc. are all driven on the basis of preserving or enhancing value. This course will provide participants with a practical understanding of valuation fundamentals and will help to dispel commonly held valuation myths.
-"Strong teaching style with good examples to support content.”
-"One of the most interesting courses I’ve followed in my life.” Thank You!
-Improve basic knowledge of valuation principles and methodologies
-Develop a better understanding of the colour and nuance that shape those principles and which are not commonly found in real estate literature or textbooks
-Better understand the components of a discounted cash flow analysis
-Learn how to properly balance valuation metrics (IRR’s, income yields, price per square foot) and understand where and why they can be misleading
-Gain insight into the valuation differences between differing asset types
-Applicability and shortcomings of all approaches to value
-Primary vs secondary approaches to value
-Common ‘highest and best use’ issues for investment assets
-Key valuation metrics
-The meaning of comparable
-Cash flow modeling – understanding the rationale behind the assumptions
-Top modeling errors / valuation abuses
-Cash flow analysis and risk assessment
-‘Apples to apples’ cap rate and IRR determinations
-What are the attributes of each asset type and how do they drive value
-Lease and leasing issues as they relate to value
KEY LEARNING OUTCOMES
Upon completion of this course, you will be able to:
-Know which primary and secondary valuation approaches to use for all asset types
-Critically review a cash flow pro forma and identify the key valuation issues
-Learn to identify and explain valuation "red flags”
-Assess comparables for all asset types (ie., rents and sales) on a proper ‘apples to apples’ basis and explain with greater accuracy why they differ
WHO SHOULD ATTEND
This course will be of benefit to those active in the areas of underwriting, acquisition/disposition, investment sales, asset management, and valuation. It is designed for those with under 10 years of experience and /or those who have only moderate exposure to valuation issues and wish to increase their proficiency.
Paul Morassutti, AACI, MRICS – Executive Vice President and Senior Managing Director (Valuation and Advisory), CBRE
John Khajadourian, B.A.Sc. (Eng.), M.B.A. - Principal, Windrock Capital
Thursday, October 3 & Friday, October 4, 2013
|08:30-09:00: || Registration|
|09:00-12:00:|| Part I|
|12:00-13:00:|| Group Lunch|
|13:15-17:00:|| Part II|
FOOD & BEVERAGE
Continental breakfast available at registration. Group lunch and refreshments will be offered during morning and afternoon breaks.
Early Bird Special: (Closes September 2, 2013)
REALpac Member Company*: $1345 Non-Member Company: $1845
REALpac Member Company*: $1395 Non-Member Company: $1895
*To determine if your company is a REALpac Member, click here.
REALpac reserves the right to cancel course offerings based on low attendance numbers for 100% refund on registration fees only. Participant cancellations must be received in writing, at least five business days prior to the event for a 75% refund. Substitutions are permitted.
ACCESSIBILITY FOR PERSONS WITH DISABILITIES CUSTOMER SERVICE POLICY
In fulfilling our mission, REALpac is committed to providing its goods and services in a way that respects the dignity and independence of people with disabilities. We are also committed to giving people with disabilities the same opportunity to access our goods and services and allowing them to benefit from the same services, in the same place and in a similar way as other customers. If you require alternative means of communication (e.g., TTY, relay services, etc.), require assistive devices, or will be accompanied by a service animal and/or support person(s), please let us know. To view the REALpac Accessibility for Persons with Disabilities Customer Service Policy, please click here.
CONSENT TO USE OF PHOTOGRAPHIC IMAGES
Registration and attendance at, or participation in, REALpac professional development, events, meetings and other activities constitutes an agreement by the registrant for REALpac to use and distribute (both now and in the future) the registrant's or attendee's image or voice in photographs, videotapes, electronic reproductions, and audiotapes of such events and activities.