REITs have existed as a legal form for over 55 years, but the modern REIT era can be traced to the early 1990’s. Since that time, the sector has grown from approximately $5.0 billion in assets to over $1.0 trillion. Perhaps more importantly, some argue that given the migration of assets and talent into the public markets these companies have become the primary value creation vehicles and operating platforms in the property sector. By some estimates REITs today comprise 15.0 - 20.0% of the investible commercial real estate market. The net result has been irrevocable structural change and increased industry stability. For our purposes however, the REIT sector has evolved into a very viable and credible investment class; the group now comprises a significant weighting of the major stock indices and has its own industry classification.
Real Estate Equity Securities Analysis will serve as a substantive introduction to the REIT and real estate securities sectors, conceptually, and as an investment. The course will provide the requisite analytical tools to value real estate stocks; we will utilize conventional securities analysis tools, on an applied basis. The ultimate goal however, is to look at real estate securities investing holistically. As such, the course will incorporate qualitative, strategic and technical considerations into the quantitative valuation analyses – the intent is to reach more rigorous and successful investment conclusions. We will utilize case studies and include senior guest speakers from issuing REITs as well as securities analysts and portfolio managers from the buyside and the sellside. Real Estate Equity Securities Analysis will provide the actionable skills and broad analytical insight to participate successfully in a sector that has emerged as one of the most important drivers of the real estate industry globally.
Adjunct Associate Professor
Ross L. Smotrich joined Barclays in September 2008 and is currently a managing director and senior research analyst responsible for the US real estate investment trust (REIT) and real estate securities sectors. Previously, Mr. Smotrich joined Lehman Brothers in June 2008 after 10 years as a senior managing director at Bear Stearns and four years as a senior equity analyst at Merrill Lynch.