reklam

Tarih: 30-31 Mart 2004
Yer: Mövenpick Hotel, İstanbul
Katılım Bedeli
Üyeler için: 600 Euro
Üye Olmayanlar için: 735 Euro ( ULI Turkey, henüz üye olmaya firsatı olmamış katılımcılara toplantı katılımı sonunda 175 Euro değerinde ULI üyeliği hediye edecektir)

Course Agenda

Day 1: Real Estate Trends and Strategic Decision Making for Real Estate

Participants should bring a financial calculator and/or computer. Familiarity with basic discounted cash flow analysis is helpful to participants' understanding of the material.

Reading: Prestige Products Case
Chapter 4 and 6 from Professional Real Estate Development: The ULI Guide to the Business

9:00 - 11:00 Trends in the Real Estate Property Market

Who are the new players in the real estate development and investment process today and what are they looking for?
What are the major drivers of change affecting the real estate property market?
Economics
Demographics
Technology
What are the key characteristics of various property types? How do they differ?
Residential
Retail
Office
Industrial
What are key urban growth patterns affecting real estate demand and property values?

11:15 - 12:00 First Case Study - Prestige Products

Integrating Location, Market Analysis, and Simple Financial Analysis in a corporation real estate decision

From 11:15 to 12:00 you will work in small groups to read and discuss the case and your recommendations.

Which building would you recommend?
What is the market for the building?
What are the pluses and minuses of the location?
How are the corporation's goals best met?
How should office location decisions respond to macro-location (major structural) features of the city and its growth patterns?
What are the building economics for the small and the large building?

1:00 - 2:30 First Case Study - Prestige Products (Continued)

2:30 - 2:45 Break

2:45 - 3:30 Prestige Products (Wrap-up)

3:30 - 4:30 Second Case Study - Introduction to Turner Building

Review of Simple Appraisal Techniques (Stage 1) and Discounted Cash Flow Analysis (Stage 2) for Income Properties

Basics of Financial Analysis
Simple Capitalization
Discounted Cash Flows
Measures of Return (cap rates, cash-on-cash returns, IRRs, NPVs, leveraged, unleveraged)

Time line of development
Development period versus operating period

5 Stages of Analysis

Case Preparation: Turner Building

Day 2: Real Estate Financial Analysis and Subdivision Development

Reading: Turner Building
Preparation Analyze the Small Building. Is it financially viable?

9:00 a.m. - 12:00 p.m.: Financial Analysis - Turner Building Case

What are the advantages and disadvantages of the location?
How large a building can you build? How large should you build? What factors determine the building size?
What due diligence investigations should you undertake before proceeding?
What investment costs will the developer face?
What rental rates can be expected? How are they determined?
How large a mortgage can you get? How does permanent financing relate to construction financing?
How should you deal with free rent?
How do you translate a projected revenue stream into a value for the project? What are the advantages and disadvantages of the various approaches?
Should you build the small building or the big building? How do you decide which one to build?
What are the risks of proceeding? Can any of them be quantified?
Are the projected returns consistent with the risks involved?

12:00 - 1:00 p.m.: Lunch

1:00 - 1:45 p.m.: Investor Analysis - Turner Building Case

1:45 - 2:45 pm: Slide presentation on Creating Great Cities

3:00 - 4:30 pm: Third Case - Molehill Farms

Land approvals and entitlements for suburban subdivision development.

What position to each of the players represent?
What does Worldwide Homes want?
What is the purpose of the public hearing?
Is the proposed development adding to urban sprawl?
Who are the players in the entitlement process?
How is physical feasibility established?
What are the major environmental issues in the entitlement process? Social?
How should a developer handle neighborhood opposition?
How do you assess the financial risk of entitlement issues?
Under what circumstances do you have the right to proceed with development?
How is the decision for what is best for the community-at-large different from the decision for what is best for each player? How would your vote change as an at-large city council member rather than each player?

4:30 4:45p.m. Wrap-up and adjourn