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REIT School: Analyst Training In Real Estate Investment Trusts
The Gleacher Center
Produced by the Knowledge Center, expert training from S&P Global Market Intelligence
REIT School™: Analyst Training in Real Estate Investment Trusts will give you a comprehensive introduction to the sector through lectures, group discussions and case studies led by a diverse slate of active practitioners, with a unique opportunity to network with attendees from across the spectrum of REITs and REIT finance.
What you'll gain: • A comprehensive picture of the REIT sector and an understanding of a company's position within it. • An enhanced ability to communicate with professionals working on Wall Street or within REITs. • An introduction to proven methodologies for evaluating REITs as targets, investments or competitors. • An understanding of options for accessing capital and their effects on the balance sheet. • Improved analysis and forecasting techniques through an understanding of the impact of leverage levels, re-equitization and transactions at both the property and corporate levels. • Knowledge of the multiple approaches to valuation in the sector.
Topics include: • Real estate market cycles, the state of the sector and the competitive and strategic issues going forward • The sources of financial data necessary for evaluating a REIT’s economic health and risk-return profile • How fixed income analysts look at REITs and the qualitative factors, quantitative measures and benchmarks underlying REIT credit analysis • Strategies for accessing the capital markets and managing capital • Methods of evaluating acquisitions and dispositions at the property and corporate levels Issues surrounding REIT M&A • Methodologies for valuing companies and structuring deals
Prerequisites: • This program presumes familiarity with basic accounting and corporate finance concepts as well as a basic understanding of the REIT financial structure. Prior to the program, participants will receive materials for the Investing in REITs case study as well as suggested reading for those new to the sector.
Learn how to access individual company data on Market Intelligence Web, including standardized financial data, property information, capital markets activity, pricing and total returns and M&A activity.
Create and analyze a peer list in Market Intelligence Office based on each REIT's primary property type, market cap, financial performance and other metrics.
Property Data Analysis
Utilize Market Intelligence's property data to determine the geographic exposure of a chosen company by property type.
Examine a chosen market to understand equity REIT asset ownership in that market.
Compare asset transactions in various markets by equity REITs to market level data from RCA, including transaction volume, price per square foot, market occupancy and cap rates.
Use the Market Intelligence Mapping tool to quickly create a map illustrating geographic exposure for a chosen set of companies.
Upload custom lists of addresses and leverage radial demographics to gain insight into the quality of the surrounding markets
Customize the display of the map and items on the legend for personalized and professional investor presentations.
REIT School: Analyst Training In Real Estate Investment Trusts Agenda
Richard ImperialePresident and Chief Investment Officer, Uniplan; Trustee, Board of Directors, Retail Properties of America
Rick Imperiale founded Uniplan in 1984 and has been the lead portfolio manager for the Uniplan REIT Strategy since its launch in 1988. He started investing in REITs in 1984 and with more than 30 years in financial services, Rick is one of the most experienced investors in alternative asset strategies. Full Bio
Rick Imperiale founded Uniplan in 1984 and has been the lead portfolio manager for the Uniplan REIT Strategy since its launch in 1988. He started investing in REITs in 1984 and with more than 30 years in financial services, Rick is one of the most experienced investors in alternative asset strategies.
After graduating from Marquette University, Rick got his start in financial services as a Credit Analyst at First Wisconsin Bank in 1980. In 1982, Rick moved to Ziegler, an investment bank, where he served as a Corporate Analyst. Initially, his focus was on financial models that would help project how changes to specific variables would be likely to influence a company’s income statement and balance sheet. Rick was asked to join a new project at the investment bank involving the creation and management of a hedged municipal bond fund. While he was managing the fund, Rick developed his formative ideas for measuring relative values of securities based on spreads. Minimize
James KammertManaging Director, Harrison Street Real Estate Capital
Mr. Kammert is a Managing Director of Harrison Street Real Estate Capital as well as a Managing Member of HSRE Securities Advisors, LLC. Full Bio
Mr. Kammert is a Managing Director of Harrison Street Real Estate Capital as well as a Managing Member of HSRE Securities Advisors, LLC. He is responsible for managing Harrison Street’s public real estate securities portfolios and products. Mr. Kammert joined Harrison Street, formerly Transwestern Securities Management, in August 2005.
From 2003 through mid-2005, Mr. Kammert was Director of Research for European Investors, Inc., where he developed and maintained a comprehensive fundamental research process for the firm's U.S. REIT product, developed a stock selection model, and provided securities recommendations. Prior to joining European Investors, Mr. Kammert was Vice President and co-head of Goldman Sachs & Co.'s U.S. REIT research team for over four years. He joined Goldman Sachs from The Robinson-Humphrey Co. Inc. where he developed the firm's U.S. REIT research platform over nearly five years. Mr. Kammert's prior work experience includes over four years of commercial real estate lending with Continental Bank N.A. and two years in public accounting with Peat Marwick Mitchell.
Mr. Kammert graduated from Lafayette College with a BA in Economics & Business and earned an MBA from the University of Chicago. Mr. Kammert holds the CFA designation and is a CPA. Minimize
Ana Lai, CFASenior Director & Real Estate and Capital Goods Leader, S&P Global Ratings
Ana Lai is a Senior Director in the U.S. Corporate Ratings practice at S&P Global Ratings. Full Bio
Ana Lai is a Senior Director in the U.S. Corporate Ratings practice at S&P Global Ratings. Ana is currently the Sector Lead for the Real Estate and Capital Goods teams. Before her current position, Ana was the Analytical Manager for the Retail/Real Estate team, and also worked in the Retail & Restaurants sector team as a senior analyst, covering investment grade and high yield issuers.
Ana has a rich background in credit analysis, with previous assignments in the U.S. Gaming and Lodging, and the Latin American Corporates sectors. Ana has made important contributions to the development of leveraged finance analytics, including recovery ratings.
Ana is Chartered Financial Analyst, a member of the Women’s Bond Club, member of NAREIT and ICSC. She holds a Master of Business Administration degree in Finance from Baruch College, City University of New York. Minimize
Keven LindemannDirector and Industry Head, Real Estate Group, S&P Global Market Intelligence
Prior to joining SNL Financial in 2001, Keven was Director of Business Analysis for online real estate brokerage, Homebytes. From 1998 to 2000, he worked for BB&T Capital Markets as vice president and senior real estate analyst in the Equity Research Group. Full Bio
Prior to joining SNL Financial in 2001, Keven was Director of Business Analysis for online real estate brokerage, Homebytes. From 1998 to 2000, he worked for BB&T Capital Markets as vice president and senior real estate analyst in the Equity Research Group. From 1995 to 1998, he worked for the Trammell Crow Company. Keven is a graduate of the University of Virginia (1991) and holds both an MBA and an MS in Real Estate and Construction Management from the University of Denver (1995, 1996). He is Series 7 and Series 63 registered and holds the Chartered Financial Analyst designation. Minimize
Glenn MuellerReal Estate Strategist/ Professor, Dividend Capital Research/ University of Denver
Dr. Mueller has 38 years of real estate industry experience, including 29 years of research. Dr. Mueller's research experience includes: real estate market cycle analysis, real estate securities analysis, real estate capital markets, portfolio and diversification analysis, seniors housing analysis and both public and private market investment strategies. In addition, he has performed specific macro- and micro-economic level analyses, both nationally and internationally, on office, industrial, apartment, retail, hotel, single-family residential, and senior housing sectors. Full Bio
Dr. Mueller has 38 years of real estate industry experience, including 29 years of research. Dr. Mueller's research experience includes: real estate market cycle analysis, real estate securities analysis, real estate capital markets, portfolio and diversification analysis, seniors housing analysis and both public and private market investment strategies. In addition, he has performed specific macro- and micro-economic level analyses, both nationally and internationally, on office, industrial, apartment, retail, hotel, single-family residential, and senior housing sectors.
Dr. Mueller received Richard Radcliff Award for Groundbreaking Research in Real Estate Market Cycles by The American Real Estate Society in 2010, the Graaskamp Award for Research Leadership from the American Real Estate Society in 2004 and the Graaskamp Award for Research Excellence from the Pension Real Estate Association in 2001. He is currently the Co-Editor of the Journal of Real Estate Portfolio Management. He has written 78 articles that have appeared in top academic and industry publications. He is a frequent presenter of research at national and international conferences on topics ranging from market cycle analysis, to portfolio strategies, to investment analysis and real estate securities analysis.
Prior to Denver University and Dividend Capital, Mueller was a professor at Johns Hopkins University and Colorado State University. He has held top research positions at Legg Mason, Price Waterhouse, ABKB/LaSalle Investment Management, and Prudential Real Estate Investors. He was also a developer/builder in New England. Mueller holds a B.S.B.A. with finance major from the University of Denver, an MBA from Babson College, and a Ph.D. in Real Estate from Georgia State University. Minimize
Joseph PagliariClinical Professor of Real Estate, University of Chicago Booth School of Business
Based on over 30 years of industry experience, Dr. Pagliari's research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing. Full Bio
Based on over 30 years of industry experience, Dr. Pagliari's research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing.
He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate.
Pagliari serves (or has served) on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is a board member of the Real Estate Information Standards (REIS). He is also active in numerous professional associations including the American Real Estate Society (ARES), the American Real Estate and Urban Economics Association (AREUEA), the National Association of Real Estate Trusts (NAREIT), the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Pension Real Estate Association (PREA).
Pagliari earned a bachelor's degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in 2002. Minimize
Kim ReddingManaging Director, Green Creek Management
Kim G. Redding has been actively involved in the listed real estate and infrastructure investment markets since 1986. Full Bio
Kim G. Redding has been actively involved in the listed real estate and infrastructure investment markets since 1986. Over this time, he has founded several investment management firms including Redding, Melchor & Company/K. G. Redding & Company (1986), RREEF Real Estate Securities (now DB RREEF, 1993) and Brookfield Investment Management (2000). Mr. Redding retired in 2014 as Chief Investment Strategist of Brookfield Asset Management. During his tenure at Brookfield, he led a diversified investment management platform that included Real Estate Securities (REITs), Infrastructure Securities, Investment Grade Bonds, High Yield Bonds and Structured Product investments, including CMBS and RMBS strategies.
Mr. Redding has a Bachelor of Arts degree in Finance with an emphasis in Real Estate from California State University, Fullerton and is a member of the Dean’s Advisory Board for the College of Business & Economics at California State University, Fullerton. Minimize
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.
Attendee substitutions from the same company may be made at any time.
In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.
""No shows"" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.
The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.
Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.
Participants who complete this program qualify for 16.5 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-based live. The Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The optional Market Intelligence product training begins 2PM on the day prior to the beginning of the REIT School program. Registration for REIT School opens on Day One of the program, at 7:30 a.m, or if you attend the product training, you may register at that time. Sessions commence both days at 8:30 a.m. and are preceded by breakfast outside the meeting room. The program will concludes on the second day at approximately 5:00 p.m.
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