EXECUTIVE REIT MASTERCLASS

New Executive REIT Masterclass to begin January 11, 2022 - Enroll Now!
...
What is it?

A new and unparalleled deep dive into examining the public REIT industry and to understand the structure, operations and growth strategies of the REITs themselves.

...
Who Will Benefit

We have no pre-set requirements to enroll in the program. However, a sincere desire to learn the material – some of it complex – plus a reasonable understanding of real estate finance will be helpful.

...
Cost

We are offering the Executive REIT Masterclass at an Introductory Rate of $3,000 for the eight (8) week program. We will set aside one “Scholarship Seat” several times per year for a qualified candidate that meets certain criteria.

PARTICIPANT'S REQUIREMENTS FOR THE EXECUTIVE REIT MASTERCLASS

  1. A REIT Textbook will be selected and chapter readings will be assigned.
  2. Active participation in class discussions is required.
  3. REIT Research Reports from a variety of sources will be distributed weekly for class discussion.
  4. A 10-Page Term Paper on a REIT selected by each student is required - examples will be provided.
  1. A Certificate of Completion will be awarded to each participate upon completion of the Program and all course requirements.
  2. Guest Speaker Series. Every two weeks, we will welcome a guest speaker from the REIT industry to contribute their thoughts and views. We will tie the speaker and discussions to the point we have reached in the program. Guest speakers offer real time intel and are a source of insightful, and candid opinions.

SAMPLE CLASS MODULE

WEEKS 1–3

  1. Foundation, Structure, History of a REIT. Differences between Private Real Estate, private REITs, and a public REIT. Intro to UPREIT structure.
  2. REITs versus Direct Real Estate: A Huge difference; Examination of the Capital Stack between private and public platforms.
  3. REIT Sector Overview – Stay in your Lane – REITs focus on a single asset type.

WEEKS 4–7

  1. REIT Peer Group Analysis – How to tell which REITs should outperform others. Guest Speaker: TBD
  2. Metrics Matter: NOI versus FFO, FFO, Dividend Payout Ratios and Much More. PLUS: Rates & REITs.
  3. A Key Driver of Success: How REITs approach acquisitions and dispositions, development. M&A Accretion versus Dilution and growth plans. Guest Speaker: TBD 7 ESG, Corporate Governance, Franchise Value and other intrinsic valuation methods. Company Snapshot Assignment Due.

FINAL WEEK 8

  1. REIT Accounting and Capital Expenditures. Off Balance Financing, Legit or no? Capital markets strategies for a REIT. Guest Speaker: TBD
  2. Valuation Methodologies. How do Buy Side analysts view the sector and the specific companies?
  3. Non-Core Assets inside a REIT? Strategies to refine a portfolio for future growth. Beware the use of sale proceeds by management. Guest Speaker: TBD
  4. New asset classes consider a public REIT model and why? What will work as a public REIT or public REIT other than the classic components of today?
  5. Wrap up and discussion of the future of the REIT industry. Guest Speaker: TBD

EXECUTIVE BOARD MEMBERS AND C-SUITE SERIES

...
What is it?

A deep dive into specific topics of interest to REIT leadership. The curated series of classes are designed to enhance senior executives' understanding of the REIT Industry.

...
Eligibility

Candidates should be senior executives within their company and should have a baseline knowledge of REIT's.

...
Cost

We are offering the REIT Executive Series at an Introductory Rate of $5,000 for the 6-week program.

IN-HOUSE COMPANY TRAINING

...
What is it?

An In-House set of classes tailored to a specific organization to train key employees and enhance their understanding of the REIT Industry and REITs themselves.

...
Eligibility

This training program is tailored to your organization’s associates, mid-level managers and executives.

...
Cost

To be negotiated directly with the organization.

LEADERSHIP ADVISORY

...
What is it?

1:1 Coaching for C-Suite Executives and Directors. Optiional group engagement program within the same organization.

...
Eligibility

Candidates should have a high level understanding of the capital markets and a baseline knowledge of REIT metrics.

...
Cost

To be negotiated directly with the organization.

FREQUENTLY ASKED QUESTIONS

What exactly is this “Masterclass on REITs?”

It is a very comprehensive program that will study the structure, mechanics, details and conversion process to become a public REIT. All metrics will be defined and examples applied. How these companies operate and grow will be explained. What to look for in a REIT, how to assess their business strategy and how to ascertain the credibility of management will be discussed. We will look back at how the industry blossomed at the dawn of the Modern REIT Industry. Many of us know about REITs yet the many elements that make them a successful, investable platform is a bit of a mystery.

The vast majority of real estate transactions are done privately. Beginning in the early 1990’s however, private firms sought an alternative to private capital and adapted to becoming public companies. The conversion process is very detailed and the post-IPO process is enormously complicated when compared to the private sector. Few successful private real estate company founders grasped the need to become “low levered” and report on activities frequently, all of which are hallmarks of a public REIT. We will spend time on how senior executives must adapt to the public model to succeed.

Those that did pivot and converted to REIT status and launched an IPO were rewarded with access to capital, an appreciating stock price and interest from major institutional investors. Since then, more than 20 REITs now have a total enterprise value of over $5 billion. Each.

Yes, we plan to have a Guest Speaker every two weeks. Each Guest Speaker will provide insight into how they approach their role in the REIT industry, what they look for and much more. One evening, our Guest Speaker will be Alex Pettee, President of Hoya Capital Real Estate. Alex was a former top student in Professor Morris’ graduate class at Georgetown University and launched Hoya Capital Real Estate. He holds the prestigious CFA Charter and created a new ETF called “HOMZ” (NYSE: HOMZ) which tracks the housing industry in America. Alex will do a deep dive into all REIT metrics with detailed explanations.

The REIT market accounts for well over $1.5 trillion in equity capitalization and approximately 182 companies are public REITs. The REIT industry touches all aspects of real estate professionals: lawyers, accountants, research analysts, investment bankers and many more. In fact, public REITs own more than $2 trillion of real estate assets.

Moreover, a typical public REIT has approximately 12 members of their Board or Directors. The Board is the “firewall” between the company’s activities and the public trust. Each Board Member has a fiduciary to each shareholder to approve transactions that are accretive to the value of the company.

To accomplish this correctly, the constituencies noted above NEED to understand the mechanics and details behind a public REIT structure and operation.

In fact, most public REITs are structured as “UPREITs” or Umbrella Partnership Real Estate Investment Trust.” If you don’t know IMMEDIATELY what an UPREIT is and you’re responsible for any aspect of a public REIT— this class is for you. The benefits that inure to an UPREIT are vast.