Analysing, Understanding and Investing in Quoted Property Companies and REITs

Course Overview

In the UK, the listed property sector normally represents less than 2% of the total market, and many investors overlook it, partly because valuations depend on asset values rather than earnings measures. This focused training equips participants to understand the pricing and performance prospects of property companies and REITs, which bridge the direct real estate and equities markets.

Who Should Attend

• Graduates joining property teams in stockbrokers or investment banks
• Accountants / auditors needing to understand property company clients
• Private investors, including family offices and high-net-worth individuals
• Family offices investing in property
• General equity investors within institutions and pension funds

Agenda

• Differences and similarities between REITs and property companies
• Pricing of property companies and REITs — company earnings calculation; asset value calculations and NAV discounts; appropriate methodologies
• Direct market valuation methodology — rents and rental values; capital valuations (comparative and DCF); capitalisation yields and cyclicality
• Market sectors and performance differences — offices, retail, industrial and other sectors
• Different types of REITs and property companies — generalist vs specialist; large vs small caps
• Using direct market data
• Current pricing, NAV discounts and performance expectations

Learning Outcomes

Participants gain a comprehensive understanding of how to value REITs and property companies and their expected performance.