Advanced Financial Analysis Series - REIT Financial Modeling

Advanced Financial Analysis Series

REIT Financial Modeling

on 12 October 2017 

Trainer : Hamilton Lin, CFA

Eligible for 7 CE hours

 


Overview:

CFA Singapore is proud to present our “Advanced Financial Analysis Series” held in conjunction with Wall Street Training & Advisory. The Advanced Financial Analysis Series will provide practical, career-enhancing programs related to fundamental analysis, valuation and financial modeling. 

This series of hands-on workshops will consist of the following full-day programs:

     - Advanced Financial Modeling : Core Model     11 Oct 2017 (Wed)

     - REIT Financial Modeling                                     12 Oct 2017 (Thurs)

     - M&A Deal Structuring & Merger Modeling        13 Oct 2017 (Fri)

The goal of these programs is to improve and elevate the skill sets of the financial analyst and the investment professional. Heavy emphasis is placed on being as effective and efficient as possible with Excel. If you are interested in improving your financial modeling and valuation skills, or are in the midst of a career transition, these courses are for you!


Course Details :

Build an integrated, scalable, REIT financial model including detailed build-up by internal growth, acquisitions, dispositions, and new development. Integrate Income Statement projections with a condensed, self-balancing balance sheet, an automated cash flow statement and a simplified debt sweep schedule. Customize revenue and cost drivers based on a REIT as opposed to a generic “manufacturing or retail” model. Quantify the key assumptions and drivers of growth on the Cash Flow Statement including the need for a REIT to constantly issue equity to replenish its capital structure. We start with a quick summary of the REIT industry and various drivers of growth per real estate sector and then plow into the financial analysis and financial model.

 

Learning Goals:

REITs, REIT Terminology and REIT Market:

•    Overview of REITs, terminology and legal structure (e.g., UPREIT)

•    REIT profitability and performance metrics including FFO, AFFO, straight-lining

 

Acquisitions & New Developments:

•    Model out future projected acquisition volume based on historical trends

•    Model out future projected development starts and completions

•    Estimate revenue, expenses, margins and NOI

•    Calculate associated estimated depreciation expense

•    Calculate net change to real estate assets

 

Income Statement:

•    Consolidate acquisitions, dispositions & development figures into revenue drivers

•    Distinguish between existing and new rental revenue and growth rate logic

•    Understand the importance of applying assumed cap rates to new volume

•    Calculate revenue and NOI including rental revenue and real estate expenses

•    Calculate total expenses down to EBITDA, Net Income, FFO, NOI and EPS

 

Balance Sheet, Cash Flow Statement and Sweep:

•    Project real estate assets and remaining asset, liability and equity balances

•    Understand the key drivers of growth for Balance Sheet line items

•    Calculate CFO (including working capital), CFI and CFF items specific to REITs

•    Comprehend how to calculate and incorporate maintenance CapEx into model

•    Constructed detailed build-up of dividends, shares outstanding and share issuances

•    Build simplified cash flow sweep to capture any shortfalls / build-up in cash to balance the entire model and the use of debt as the ultimate balancer

•    Incorporate interest calculation to fully integrate the model

Note: Due to time limitations, we will not have time to build a full-blown debt sweep nor to discuss the concept of circular references and average interest calculations. Therefore, please take our previous day class, Advanced Financial Modeling – Core Model which will provide comprehensive financial modeling best practices.


 Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals and the integration of financial statements are required

Important - Please note : To maximize the educational value of this program, we strongly recommend that you have an intermediate understanding of Excel. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program. 

Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective.

Eligible for 7 CE hours


Course Fee:

CFA Singapore member price : S$880*  per module (Early Bird fee) / S$1,080* per module (Standard fee)

Non-member price : S$1,080* per module (Early Bird fee) / S$1,280* per module (Standard fee)

Early bird fee valid till 11 Spetember 2017

* Prices before 7% GST

* 10% off for sign up of 2 or more modules per delegate

Please email eventmanagement@cfasingapore.org for more details

Download course brochure here   |   Click here for our CFA Singapore official webpage

Hamilton Lin, CFA, President, Wall Street Training - President, Wall Street Training

Hamilton Lin, CFA, is President of Wall St. Training (www.wallst-training.com), a corporate training firm that teaches the fundamentals of financial analysis, modeling and valuation. Clients include prestigious firms including some of the largest investment banks, many boutique investment banks, buy-side asset managers, research firms and commercial banks, such as Bank of America/Merrill Lynch, Capital Group, Citigroup, CLSA, Credit Suisse, Deutsche Bank, Fidelity, GE Business Development & Private Equity, Greenhill, ING, JPMorgan, Lazard, Oppenheimer, TD Securities, TIAA-CREF, TPG, UOB, Wells Fargo, World Bank – IFC and many others. Hamilton has a broad background in investment banking and mergers & acquisitions in diverse industries ranging from oil & gas to insurance to asset management and related sectors. He has worked on over six dozen deals and closed over three dozen deals, ranging from plain vanilla deals, to squeeze-outs, LBOs and distressed situations ranging in deal value from $10 million to over $6 billion. Prior to founding his firm, he worked at Goldman Sachs Investment Banking, where he standardized his group's best practices; Banc of America's M&A department, where he customized many of the firm's models; various boutique middle-market investment banks, executing private transactions; and Ryan Labs, an asset-liability asset management firm. Hamilton teaches globally, from all major cities in the USA including New York City, San Francisco, Chicago, Boston, to Toronto and Montreal in Canada, as well as Asia, including Hong Kong, Singapore, Shanghai, to Europe including London and most major financial hubs. Hamilton is currently a Professor at NYU Stern and has also taught at Baruch College and Hunter College in New York City. He graduated from NYU Stern in Finance and International Business, is a Chartered Financial Analyst and has taught all levels and all study sessions of the CFA exam. He also teaches all of the financial modeling and valuation courses (dozens of classes a year) at the following CFA Institute member societies: - New York Society of Securities Analysts - San Francisco CFA Society - Chicago CFA Society - Boston Security Analysts Society - Toronto CFA Society - Stamford CFA Society - The Hong Kong Society of Financial Analysts - Singapore CFA Society - CFA-China: Shanghai & Beijing

DATE:
Thursday, October 12, 2017-
Thursday, October 12, 2017

TIME:
09:00 a.m.-05:00 p.m.

LOCATION:
TBC
TBC

Speaker(s):
Hamilton Lin, CFA, President, Wall Street Training


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