Real Estate Investment Trusts
Real Estate Investment Trusts: Analysis & Structuring2 CreditsBU.242.701.XX[NOTE: Each section must have a separate syllabus.][Day & Time][Start & End Dates][Semester / ex: Fall 2019][Location / ex: Harbor East]Instructor[Full Name]Contact Information[Email Address][Phone Number, ###- ###-#### (Optional)]Office Hours[Specify the day and time of the 2 hours that will be dedicated to office hours each week. For evening classes, faculty may wish to hold their office hours by phone or email. While faculty are permitted to state “and by appointment,” office hours should not be held exclusively by appointment.]Required Texts & Learning MaterialsHP financial calculator, including 12C, 10B, 19B, 30B or equivalent; or 10bii smartphone appThe Intelligent REIT Investor, Stephanie M. Kelly & R. Brad Thomas, 2016, John Wiley & Sons, ISBN 978-1119252719 Investing in REITs: Real Estate Investment Trusts (4th ed.), Ralph L. Block, 2011, Bloomberg Press, ISBN 978-1118004456Watch that Rat Hole: And Witness the REIT Revolution, Kenneth D. Campbell, January 4, 2016, Archway Publishing, ISBN 978-1480823143Articles, research materials, and documents posted to the course Blackboard site. By arrangement with the National Association of Real Estate Investment Trusts, Green Street Advisors, and REIT Zone Publications, students will be subscribed to or provided with copyrighted materials for the duration of this course. These materials are provided under special license for educational purposes and may not be forwarded or used commercially.Course DescriptionThis course examines the role that Real Estate Investment Trusts play in commercial real estate capital and investment. Topics include the history, legal structure, and financial basis for establishing REIT portfolios. Students will examine the role of public and private capital markets in facilitating commercial real estate investments through REITs using real world examples. The primary course objective combines public company finance theory with practical real estate capital applications for intelligent business decisions in complex scenarios. Subjects include a history of the REIT industry; how REITs compete for capital and control investment risk; how to value individual REIT stocks and REIT shares generally; the regulatory and capital markets process for the REIT IPO; quarterly and annual filings; follow-on capital raising; and recent developments and strategies in the REIT industry. This course was previously titled Capital Markets and Real Estate.PrerequisitesBU.234.610 or BU.231.620 or BU.241.610Learning ObjectivesBy the end of this course, students will be able to:Prepare a financial model for a real-world REIT using Excel.Identify factors that will cause the greatest variability in the REIT’s potential returns.Find market information required to perform REIT analysis.Assess which REIT structural strategies are best for each property type.Present analysis and make a REIT road show presentation in class using effective communication tools.To view the complete list of the Carey Business School’s general learning goals and objectives, visit the Carey website.Attendance Policy Attendance and class participation are part of each student’s course grade. Students are expected to attend all scheduled class sessions. Each class will include opportunities for teams to work together. Failure to attend class will result in an inability to achieve the objectives of the course. Excessive absence will result in loss of points for team participation. Regular attendance and active participation are required for students to successfully complete the course.AssignmentsAssignmentLearning ObjectivesWeightAttendance and participation in class discussionn/a 20%Midterm exam1, 2, 3, 5 30%Analyst report and Excel model3, 4 20%Road show investor handout3, 4 15%Road show presentation3, 4 15%Total100%Midterm Exam90-minute multiple-choice and short-answer test on REIT history, terms and structures. Source materials include lecture notes, textbooks. This is a closed-book test of basic REIT industry knowledge. Point values for each question will be disclosed on the exam.Analyst ReportAnalyst report and two-page financial model for a publicly traded REIT selected by each group. The first page will be a basic earnings model, and the second page will be a net asset value model (NAV). Examples will be provided and companies will be selected with instructor approval. Students will work in groups of three or four and prepare a draft analyst report on an actual publicly-traded REIT’s last annual report (10-K), with a financial model showing actual results and forward estimates, and a company valuation. Students may use resources from professional analysts, such as published reports and models, as examples to learn from. Grading will be based on format (20%), written analysis of results (30%), excel financial model (40%), and analyst recommendation/rating rationale/conclusion (10%).Road Show Presentation Role-play road show, investor package hand-out. The grade for this project, the highlight of the course, will be split 15% for the road show handout, and 15% for the presentation. Student groups of three or four will prepare a road show presentation for an actual REIT. Content will include bullet point descriptions of the subject REIT’s history (20%), management team (20%), business plan (20%), and intended capital raise objectives (20%), with a presentation of sources and uses for the funds (20%). The team will present the road show at the final class, with each team member playing a specific executive role (CEO, CFO, CIO, or Investor Relations VP), and explain what the company is about and why the market should award them the capital that they intend to raise. This element will be evaluated on preparation (20%), professionalism of presentation (50%) and quality of result – whether it is likely that investors would agree (30%).Three points toward the final grade will be assessed for each class attended. GradingThe grade of A is reserved for those who demonstrate extraordinarily excellent performance as determined by the instructor. The grade of A- is awarded only for excellent performance. The grades of B+ and B are awarded for good performance. The grades of B-, C+, C, and C- are awarded for adequate but substandard performance.?The grades of D+, D, and D- are not awarded at the graduate level (undergraduate only). The grade of F indicates the student’s failure to satisfactorily complete the course work.Please note that for Core and Foundation courses, a maximum of 25% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.3. For Elective courses, a maximum of 35% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.4. (For classes with 15 students or fewer, the class GPA cap is waived.)Tentative Course CalendarInstructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.WeekContentReadingDue1Introductions History of REITsREIT TerminologyBlock, Chapters 1, 3, 6Krewson, Forward, Chapters 1–4, Appendix V2REIT StructuringAssignment of groupsBlock, Chapters 5, 7, 8Krewson, Chapters 5–7Armada Hoffler (AHH) S-11Analyst reports assigned in Blackboard3REIT analysis – FFO and financial modelsBlock, Chapters 2, 4, 9, Appendix BAnalyst reports on road show subject company4Net asset valueMidterm examBlock, Chapter 12, Appendix C Krewson, Chapter 8Green Street, Stifel analyst reports assigned in Blackboard5Road shows, cost of capital, use of equity proceedsGuest Speaker: NAREITAHH Annual Report (10-Q) and Proxy (Def 14a)Block, Chapters 10, 13, Appendix DGroup analyst model and report due6REIT portfolio managementGuest Speaker: REIT ExecutiveBlock, Chapter 117Non-traded REITs, alternative capital structuresIn-class case study group workRoad show first draft8Road show presentations Watch that Rat Hole, CampbellREIT road show investor presentationCarey Business School Policies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Support for Blackboard is available at 1-866-669-6138.Disability ServicesStudents with disabilities who require accommodations for this course should be registered with Disability Support Services and provide a copy of their accommodation letter as soon as possible. If you have not yet registered with Disability Support Services, please contact them to discuss your needs and begin the registration process (carey.disability@jhu.edu or 410-234-9243). For more information, please visit the Disability Support Services webpage.Academic Ethics PolicyCarey expects graduates to be innovative business leaders and exemplary global citizens. The Carey community believes that honesty, integrity, and community responsibility are qualities inherent in an exemplary citizen. The objective of the Academic Ethics Policy (AEP) is to create an environment of trust and respect among all members of the Carey academic community and hold Carey students accountable to the highest standards of academic integrity and excellence.It is the responsibility of every Carey student, faculty member, and staff member to familiarize themselves with the AEP and its procedures. Failure to become acquainted with this information will not excuse any student, faculty, or staff from the responsibility to abide by the AEP. Please contact the Student Services office if you have any questions. For the full policy, please visit the Academic Ethics Policy webpage.Student Conduct CodeThe fundamental purpose of the Johns Hopkins University’s regulation of student conduct is to promote and to protect the health, safety, welfare, property, and rights of all members of the University community as well as to promote the orderly operation of the University and to safeguard its property and facilities. As members of the University community, students accept certain responsibilities which support the educational mission and create an environment in which all students are afforded the same opportunity to succeed academically. Please contact the Student Services office if you have any questions. For the full policy, please visit the Student Conduct Code webpage.Student Success CenterThe Student Success Center offers free online and in-person one-on-one and group coaching in writing, presenting, and quantitative courses. For more information on these services and others, or to book an appointment, please visit the Student Success Center website.Other Important Policies and ServicesStudents are encouraged to consult the Student Handbook and Academic Catalog and Student Services and Resources for information regarding other policies and services.Copyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Academic Ethics Policy. ................
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