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Real Estate Investor

Participants will construct a debt cash flow model in the context of a real estate transaction. The inputs to the model will be the cash flows of a property investment alongside some typical debt constraints. Via the modelling of the debt cash flows, the Internal Rate of Return (IRR) of the transaction will be determined and subjected to various typical transaction sensitivity analyses. Best practice financial modelling will be applied throughout.

Topics covered:

Day One

  • Introduction to development appraisals
  • Development cash flows versus Investment cash flows
  • Known costs & s-curves
  • Phased asset sales in development appraisals
  • Discounting development cash flows
  • Complimentary return metrics for development appraisals

Day Two

  • Modelling International variations in real estate income streams
  • Modelling sector variations in real estate income streams i.e. Office versus industrial, retail & leisure
  • Further senior debt covenants
  • Analysing debt structures, joint ventures & partnership financing

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