San Francisco, California
London, United Kingdom
This is a highly practical course throughout. Delegates will be required to work on a computer, interact during the leasing strategy game, calculate, present and discuss results.
Who will benefit from this course?
- Asset managers and fund managers who would like to understand the impact of their strategies on asset and shareholder value in a more granular and integrated fashion.
- Suppliers to shopping centres to help them quantify and communicate how their product can add value.
- Analyst and modellers who would like to improve their understanding of financial models in respect of retail property assets.
- Mid-level to senior Real Estate Analysts who would like to advance their financial modelling skills
Comparative quantitative study of 10 International Shopping Centres:
- Bayfield Retail QuiltTM
- Retailer Classification within sample
- Catchment areas analysis within sample
- Operational metrics within sample
- Bottom up shopping centre definition
- Analysis of vacancy and appropriateness of tenant mix
- Footfall and sales data overlays
- Catchment versus operational dimension analysis
- Fragmentation, clustering and co-location analysis
- Analysis of geometric facility
- Analysis of aesthetics and design
Ranking the shopping centre sample
Understanding the interaction between Retail Property KPIs and their impact on asset level returns
Footfall, Threshold, Engagement and Conversion
The mathematics of optimising Retail Property KPIs
Resilience through demographic change and different stages of the business cycles
Retail Property Investment Appraisals
Using one of the 10 shopping centres above this session will create and analyse the following:
- Turnover, affordability ratios and rental capture
- Rental growth, inflation and fixed rents
- Financial model layout
- Retail Tenancy Schedules and ITZA calculations
- Rent functions and rental projection
- Service Charges and Operational Expenditure (OPEX) and
- Capital Expenditure (CAPEX)
- Project Financing
- Internal Rate of Return (IRR), Net Present Value (NPV) and other metrics
Macroeconomic impacts on retail property KPIs
Sensitivity analysis and testing the impact of retail property KPIs on asset level returns
In day two delegates will be guided through creating and analysing their own case study.
Delegates will be given a 60 unit shopping centre layout and 80 retailers. Delegates in teams, will then lease the shopping centre using the available tenants.
The retailers ‘played’ by the delegates are digitally captured in a tenancy schedule.
From the tenancy schedule delegates will be asked to generate a Retail Quilt in Excel
Delegates will then rank their shopping centre using the techniques learned in day one
Delegates will be required to build a rent function to project rent, complete a full project cash flow and calculate returns.
Various scenarios are presented to each of the teams who will be shown how to quantitatively answer the following:
- How resilient is your leasing strategy to the scenarios presented?
- Has your shopping centre performed within expectations?
- Which solutions might you propose to help maintain the value of your centre?
Delegates will have been asked prior to the course to send a shopping centre layout from a centre they manage or own or simply like the look of. A selection of these will be chosen and discussed in light of the techniques learnt over the last couple of days.
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When & Where
Bayfield Training Ltd
Leaders in Real Estate Executive Education, Est. 1998.
We can provide all of our courses not only publically, but In-House and 121 as well. Prices may vary.
Terms & Conditions
Cancellations - The course fee is non-refundable. 100% of the course fee is due if cancelled within 10 working days prior to the start of the course.