Short Course Series
As part of REIC’s commitment to enhance the value of membership and professional development offerings, the institute has launched a new short course series program. These short courses will provide real estate professionals with access to the latest insights, information, and tools to support their ongoing career paths and advance their knowledge.
Should you have any questions or require any assistance in registering for the course, please contact email@example.com.
May 30, 2022, from 1:00 pm – 4:00 pm ET Real-time Remote
Presented by Joseph Shaw, CFA, MSc RE, MBA, Certificate in ESG Investing
Managing Partner, Head of Institutional Sales, Hazelview Investments
MISLEADING VALUATIONS AND CASH FLOW MODELLING
Excel worksheets and real estate-specific software have made it relatively simple to create cash flow models for income-producing properties. But the ease of modelling and the subjectivity of inputs opens the door for potentially misleading outputs. This short course will highlight 6 items that are ripe for overt optimism leading to an inflated opinion of property value.
The course will answer the following questions:
- What goes into calculating a property cash flow?
- How is value derived from cash flow estimates?
- How should you scrutinize cash flow projections?
- Is a lease-by-lease analysis better than a blanket “top line” analysis?
- Are revenue and expenses growth rates ever really smooth?
- What rental rate assumptions are the most realistic?
Joseph Shaw joined Hazelview Investments in October 2020 and represents Hazelview’s investment capabilities to pension plans, endowments, foundations and high net worth investors.
Joseph is an industry veteran with over 25 years of cross border experience in the investment management industry. Prior to taking on his current role, Joseph was the Chief Investment Officer of a pension fund advisory firm, responsible for the company’s investment tactics and strategy for both the investment and asset management businesses. Previously, Joseph was the Chief Investment Officer for a publicly traded mortgage REIT and Managing Director, Real Estate Investments for one of Canada’s largest insurers.
Joseph holds a Master of Science in Real Estate from Johns Hopkins University and the Chartered Financial Analyst designation. Joseph completed his MBA at the University of Windsor and a specialized honours degree in urban development at Western University. Joseph is an adjunct professor at the University of Toronto and Western University; sits on the Academic Pension Board of Western University; is Past-President of Greater Toronto NAIOP, and continues his long-standing involvement with the alternative asset curriculum and examinations with the CFA Institute.