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 including case studies and valuation modelling exercises. It will also address some of the key differences in valuation issues and techniques between different asset classes and emerging valuation trends and technologies.
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| || This course is being offered in collaboration with Altus Group|
Eligible for Continuing Education Credits with BOMI.
| || Eligible for Continuing Education Credits with AIC.|
| || Eligible for Continuing Education Credits with RICS. |
• Background to valuation including market factors (ie. supply and demand), legal issues, definitions, highest and best use
• Standard methods of valuation and an introduction to the three primary approaches
• Real estate leases and their analysis for valuation purposes
• Discounted cash flow modelling, capitalization rates, discount rates and data sources
• Valuation methodology and modelling exercise based on multi-tenant industrial property and multi-tenant office building examples
• Case study for an office valuation exercise
• Introduction to Argus DCF modelling software
• Valuation methodology and modelling exercise based on a retail property
• Case study for a retail property valuation exercise
• Global valuation standards and emerging trends in valuation including new technologies and techniques
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, including sensitivity of assumptions
• Understand the appropriate applicable valuation techniques and assumptions to use for different asset classes
• Complete and review a basic cash flow model for an income producing property
WHO SHOULD ATTEND
This course will be of benefit to those active in the areas of underwriting, acquisition/ disposition, investment sales, property and 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. INSTRUCTORS
Colin Johnston, MBA, AACI, FRICS – President, Research, Valuation and Advisory, Canada for Altus Group Limited
Philip Smith, B.Sc., FRICS, AACI, PLE – EVP, Research, Valuation and Advisory, Altus Group Limited
F. Michael Wootton, MBA, AACI, MRICS – Senior Director, Research, Valuation and Advisory, Altus Group Limited
Neil Hardy, B.Sc., AACI, MRICS - EVP, Atlantic Canada, Research, Valuation and Advisory, Altus Group Limited
Tim MacLeod, AACI, MRICS – Director, Research, Valuation and Advisory, Altus Group Limited
Aaron Harlang, BA, AACI – Senior Consultant, Research, Valuation and Advisory, Altus Group Limited
Tuesday, October 14th & Wednesday, October 15th, 2014, from 9am-5pm with breaks in the morning and afternoon and a break for lunch
FOOD & BEVERAGE
Continental breakfast available at registration. Group lunch and refreshments will be offered during morning and afternoon breaks.
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.