£3,201.54

Bayfield Training - Retail Property Appraisals

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London

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Description

If you already have the skills from our Real Estate Analyst course, then why not challenge yourself to more on our Retail Property Appraisals course?

Retail property models are some of the most difficult to master. The key reasons are:

  • A greater number of lease terms
  • More ways of calculating rent
  • A Larger number of tenants in a single building
  • More detailed cost sharing agreements

Learn how to build a Retail Property cash flow model. This course takes delegates step by step through the creation of a full shopping centre cash flow model. As a modelling course it is almost entirely Excel based. The course starts by analysing the variables that influence shopping centre investment returns. Delegates will calculate Key Performance Indicators (KPIs) that can be shown to influence the financial model from Tenancy through to Risk.

Who will benefit from this course?

  • Mid to senior level Real Estate Analysts working in any asset who would like to advance their financial modelling skills.
  • Analyst and modellers who need to upgrade their abilities in respect of retail property assets.
  • Fund managers who have done the Analyst course and need to be able to understand and model sophisticated Retail assets.

Course Outline

DAY ONE

Retail Property Models

  • What makes retail property models unique?
  • Input Variables and the Profit Cycle
  • Financial Model Layout and Design
  • Understanding the nature of Retail Property Cash Flows

Advanced Cash Flow Modelling

  • Internal Rate of Return (IRR), Net present value (NPV) and other metrics
  • The three Rent Function methods
  • Logic Functions and Arrays
  • Multi-let Cash Flows
  • Multiple and Period Varying Growth Rates

Retail Property Rent Functions

  • Common Retail Property Lease Covenants
  • Retail Tenancy Schedules
  • Zone A calculations
  • Turnover, affordability ratios and rental capture
  • Rental Growth, inflation and fixed rent
  • Rent Functions and Rent Projection

Analysing the Tenancy Schedule

  • Hypothetical study of ‘The Galleries’ Shopping Centre
  • Unit Plan and Micro Location
  • Using Excel as a database and linking to external data sources
  • Data visualisation methods
  • The Bayfield Retail Quilt (Tenant Mix Analysis)
  • Lease Expiry Profiles and Event Analysis

DAY TWO

Shopping Centre Portfolio Case Study

  • Choosing the Retailer Classification
  • Cross Referencing Consumer Classification
  • Completing the Tenancy Schedule
  • Generating Typologies from tenancy schedules

Rent Functions for Shopping Centres

  • Breaking Complex rent functions from existing models
  • Planning the rent function
  • Events and Rents Table formulae
  • Full Rent Function

Full Project Cash Flow

  • Building a rent function for the case study shopping centre
  • Testing the rent function
  • Creating CAPEX and OPEX functions for the case study
  • Calculating IRR, NPV and other Investment Metrics
  • Testing the IRR for errors
  • Scenario Testing and Risk Analysis

Footfall and Performance Metrics

  • Destination capacity calculations
  • Footfall Signatures
  • Peak hour performance
  • Performance Metrics
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London

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