This is a presentation of my work alongwith two undergraduate analysts for the McCombs REIT Fund. We analyzed a healthcare pair including Ventas and Senior Housing.
Nicolas de Borman - A panorama of existing performance based financing schemesRikuE
This document provides an overview of performance-based financing (PBF) schemes in several low-income countries. It describes PBF interventions in Haiti, Cambodia, Rwanda, Burundi, the Democratic Republic of Congo, Kenya, and Madagascar. The schemes vary in size, funding sources, contracting agents, and payment structures, but generally involve output-based payments to health facilities to improve performance. Experience shows that PBF can be an effective tool to strengthen weak health systems and incentivize improved service delivery, but long-term success requires scaling interventions and gradual institutionalization within national health systems and budgets.
The document provides investment details for 20 residential properties purchased, rehabilitated, and sold by MIGSIF LLC, a real estate investment fund. For each property, it lists the purchase price, rehabilitation costs excluding selling expenses, days held, sales price, total investment including rehab costs, and annualized rate of return. The properties are located across San Mateo, Daly City, Foster City, San Francisco, South San Francisco, and San Carlos. The document also shows exterior photos and brief investment overviews for 13 properties currently held in the fund's portfolio.
Turkey's REIT sector: an iceberg in Europe-Cenk Arson, Rönesans RE InvestmentMIPIMWorld
Cenk Arson, CEO of Rônesans Real Estate Investment, explores the Turkish REITS sector strengths and weaknesses, including development pipeline,regulations and market perofrmance.
Michael Hurwitz is a partner at Marks Paneth LLP who has over 25 years of experience advising real estate companies. He discussed various real estate investment structures like REITs and their advantages and challenges. REITs provide benefits such as access to capital markets and attractive dividend yields but also have disadvantages like higher tax rates and sensitivity to interest rates. Electing REIT status involves challenges like complying with numerous tests and operating requirements on an ongoing basis. Hurwitz outlined different REIT structures, types of real estate businesses operating as REITs, and various tax considerations involved in REIT planning and compliance.
The document discusses potential options for listing the IndiaREIT Real Estate Fund domestically and offshore. It summarizes the structure and registration of existing domestic and offshore funds. It also reviews listing regulations for stock exchanges in different jurisdictions like India, Mauritius and the UK. Lastly, it presents a case study of a real estate company listed on the AIM exchange in the UK and outlines next steps to explore listing the offshore fund on AIM.
This is the deck from PeerRealty's October 8, 2015 webinar on the Ameritus Real Estate Fund, our latest real estate crowdfunding offering. Visit http://resources.peerrealty.com/ameritus-real-estate-fund-webinar-video to view the replay of this webinar.
This document discusses key considerations for structuring private real estate funds. Private real estate funds allow managers to pool capital for real estate deals without going through the public registration process. The document outlines entity structure options, approaches to admitting and withdrawing investors given real estate's illiquidity, capital contribution structures, profit/loss allocation waterfalls, fee structures, and operational issues. Private real estate funds are complex vehicles that require addressing structural issues around valuation, liquidity, compensation and conflicts of interest.
Raising $50-$100 million for Netz Capital Real Estate Fund 2009atulpkhekade
The document proposes an investment fund of $100-300 million to acquire rural land in coastal areas near airports and power plants in India. Such land prices are currently low at $10-50 per square foot but are expected to rise 100% within 3 years. Case studies show returns of 700% over 6 years from similar past investments in rural coastal lands that have now become more developed. The plan is to acquire land over 3 years, develop projects like resorts and housing, and provide an exit for investors within 4 years with a target return of 300%.
Nicolas de Borman - A panorama of existing performance based financing schemesRikuE
This document provides an overview of performance-based financing (PBF) schemes in several low-income countries. It describes PBF interventions in Haiti, Cambodia, Rwanda, Burundi, the Democratic Republic of Congo, Kenya, and Madagascar. The schemes vary in size, funding sources, contracting agents, and payment structures, but generally involve output-based payments to health facilities to improve performance. Experience shows that PBF can be an effective tool to strengthen weak health systems and incentivize improved service delivery, but long-term success requires scaling interventions and gradual institutionalization within national health systems and budgets.
The document provides investment details for 20 residential properties purchased, rehabilitated, and sold by MIGSIF LLC, a real estate investment fund. For each property, it lists the purchase price, rehabilitation costs excluding selling expenses, days held, sales price, total investment including rehab costs, and annualized rate of return. The properties are located across San Mateo, Daly City, Foster City, San Francisco, South San Francisco, and San Carlos. The document also shows exterior photos and brief investment overviews for 13 properties currently held in the fund's portfolio.
Turkey's REIT sector: an iceberg in Europe-Cenk Arson, Rönesans RE InvestmentMIPIMWorld
Cenk Arson, CEO of Rônesans Real Estate Investment, explores the Turkish REITS sector strengths and weaknesses, including development pipeline,regulations and market perofrmance.
Michael Hurwitz is a partner at Marks Paneth LLP who has over 25 years of experience advising real estate companies. He discussed various real estate investment structures like REITs and their advantages and challenges. REITs provide benefits such as access to capital markets and attractive dividend yields but also have disadvantages like higher tax rates and sensitivity to interest rates. Electing REIT status involves challenges like complying with numerous tests and operating requirements on an ongoing basis. Hurwitz outlined different REIT structures, types of real estate businesses operating as REITs, and various tax considerations involved in REIT planning and compliance.
The document discusses potential options for listing the IndiaREIT Real Estate Fund domestically and offshore. It summarizes the structure and registration of existing domestic and offshore funds. It also reviews listing regulations for stock exchanges in different jurisdictions like India, Mauritius and the UK. Lastly, it presents a case study of a real estate company listed on the AIM exchange in the UK and outlines next steps to explore listing the offshore fund on AIM.
This is the deck from PeerRealty's October 8, 2015 webinar on the Ameritus Real Estate Fund, our latest real estate crowdfunding offering. Visit http://resources.peerrealty.com/ameritus-real-estate-fund-webinar-video to view the replay of this webinar.
This document discusses key considerations for structuring private real estate funds. Private real estate funds allow managers to pool capital for real estate deals without going through the public registration process. The document outlines entity structure options, approaches to admitting and withdrawing investors given real estate's illiquidity, capital contribution structures, profit/loss allocation waterfalls, fee structures, and operational issues. Private real estate funds are complex vehicles that require addressing structural issues around valuation, liquidity, compensation and conflicts of interest.
Raising $50-$100 million for Netz Capital Real Estate Fund 2009atulpkhekade
The document proposes an investment fund of $100-300 million to acquire rural land in coastal areas near airports and power plants in India. Such land prices are currently low at $10-50 per square foot but are expected to rise 100% within 3 years. Case studies show returns of 700% over 6 years from similar past investments in rural coastal lands that have now become more developed. The plan is to acquire land over 3 years, develop projects like resorts and housing, and provide an exit for investors within 4 years with a target return of 300%.
An article in the Wall Street Journal (http://online.wsj.com/news/articles/SB10001424052702303819704579320581924300124) focused on whether REIT stock prices typically decline when interest rates increase. They usually don't, because the pace of economic growth is generally more important--and interest rates generally increase as a result of improving economic conditions. When demand conditions (employment, income, consumer spending, etc.) are strengthening, commercial real estate usually becomes more valuable because prospects improve for future growth in rents and occupancy levels.
I have done many other versions of this analysis, updated by several years.
Questions? Contact me at bcase@nareit.com.
The document provides an investment overview for the Athena Real Estate Fund I which focuses on acquiring, redeveloping, and developing student housing properties located within a quarter mile of college campuses in Midwestern towns. The fund is seeking $10-25 million from equity partners with a 5 year lock up period and potential ongoing property ownership. The fund believes this is a good investment opportunity due to demographic trends favoring college enrollment and fragmented ownership in the targeted Midwestern markets.
Environmental Performance and the Cost of Capital: Evidence from REIT Bonds ...nilskok
The real estate sector is responsible for a significant greenhouse gas externality, which has prompted interest from policy makers, as well as the emergence of voluntary disclosure standards. As opposed to general concerns about the potentially negative impact of “sustainability” programs and initiatives on corporate financial performance, energy efficiency measures may lead to significant returns in the real estate sector. This paper investigates the relation between real estate sustainability and the cost of the debt. Using a sample of REITs, we investigate both corporate-level debt, as well as commercial mortgages to finance individual buildings. The results show that the degree to which REITs invest in efficient buildings is positively related to the quality of their credit ratings, and it is also associated with a significantly lower spread. The relation persists at the level of individual buildings and their mortgages: environmentally-certified buildings are financed at significantly lower spread, varying between 30 and 60 basis points, depending on the specification.
Outsourcing To Find, Fund, Flip, and Grow RichGabriel Jimenez
Discover My Proven Secrets: How To Automate Your Real Estate Investment Business, All on AUTO PILOT
Outsourcing to Find, Fund, Flip, and Grow Rich - How To Automate your Real Estate Investment Business - Get 90% of The Work Done For You While You Sleep!
Pyatt Broadmark Real Estate Fund I Presentation Oct 2015Alan Chu
This document provides an overview of the Pyatt Broadmark Real Estate Lending Fund I (PBRELF I). PBRELF I invests in short-term, first lien loans secured by real estate projects in the Pacific Northwest. The goal is to provide high-yield returns while minimizing risk. PBRELF I has $136.4 million in assets under management. It offers diversification, consistent performance, and monthly distributions to investors.
Hermes of Mayfair Ltd is a property development fund that aims to become the preferred lender for residential developers. They identify distressed properties, negotiate purchases, redevelop the properties, and sell them for a profit. They offer financing to property developers and cash offers to property sellers. The fund is secured by the properties, with a minimum security of 115% of the loan amount. Investors can earn returns through two investment structures that involve contributing capital and receiving profits upon completion of projects.
SORTIS Real Estate is a Bulgarian real estate investment management company jointly owned by SORTIS Invest, BMF Bulgaria, and individual investors. It offers real estate investment advisory, portfolio management, property fund management, and mezzanine financing. The company has a experienced management team and applies international best practices. It currently manages an airport business park project in Sofia and sees opportunities in the growing Bulgarian office, retail, and industrial markets.
Fund raising for real estate posiview 10_sep14_sims edpreddvise
The document discusses various options for real estate developers to raise funds, including debt financing and equity financing. It explains the differences between debt financing such as bank loans and construction finance, and equity financing such as private equity investments at the project level or company level. Private equity has grown in importance for fund raising and offers advantages like risk sharing but comes with higher costs and investor expectations. Special purpose vehicles (SPVs) are often used for private equity investments in specific projects. The impacts of different funding avenues like their costs, terms, and effects on industry perception are also compared.
This document is a portfolio management case study analyzing the risk-adjusted performance of the Multi-Employer Property Trust (MEPT), an open-end diversified core equity commercial real estate fund. It discusses real estate investment strategies, fund structures, and the importance of analyzing risk-adjusted returns rather than just raw returns. The case study will evaluate MEPT's risk-adjusted performance and identify portfolio characteristics that enhance investment efficiency.
Understanding of REIT Structure and Impact on Real Estate IndustryRE/MAX Gujarat
The document provides an overview of REIT (Real Estate Investment Trust) structures and their impact on the real estate industry in India. It discusses the background and evolution of REITs globally and in India. The key structures of REITs include a trust that holds real estate assets, with units purchased by investors. A sponsor, manager, and trustee are involved in operating the REIT. The document outlines the salient features of SEBI regulations for REITs in India, including requirements for assets, sponsors, fundraising, distributions, and more. REITs are intended to improve liquidity in the real estate sector and provide investment opportunities for both institutional and retail investors.
Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real E...Manuel Lacarte
Financial Valuation Model made for a real estate fund case, but easily adapted to any other investment profile.
Works automatically and allows to calculate different business scenarios by entering new assumptions just changing data (blue figures in "Front page & Inputs" sheet)
Sheets included:
-Front Page & Inputs
-Capital
-Revenues
-Expenses
-Financing
-P&L
-Cash Flow
-Shareholder`s Cash Flow
-Balance Sheets
-Investments
-Depreciations
-V.A.T.
IAG (London) Real Estate Fund Administration 2016Alan Ross
+44 (0)20 7499 1112
47 Park Lane, Mayfair, London W1K 1PR
www.iagfundservices.com
Thank you for your interest in IAG. Please do not hesitate to contact me if you would like to discuss our services in more detail.
Carpathian Capital Fund II Investor PresentationIan Colville
Carpathian Capital is raising up to $10mn for a USA multi-strategy residential real estate fund to take advantage of continued distressed asset prices in certain geographies, improving markets and low interest rates. With leverage, fund will own up to 4x the amount of equity raised (25% equity, 75% debt capital structure).
Barrons Article Forward Int'l Real Estate FundMichael McGowan
Michael McGowan manages the Forward International Real Estate Fund, which invests in international real estate companies. The fund is up 41% year-to-date, outperforming its benchmark. McGowan conducts extensive on-the-ground research to find smaller, overlooked real estate companies trading below the value of their underlying properties. Notable holdings include developers in Hong Kong, Canada, and Singapore focused on residential and commercial properties near new transportation infrastructure. While the fund's strategy carries higher costs and volatility, McGowan aims to benefit from short-term price fluctuations in strong companies by frequently trading the same stocks.
The document is an investment memorandum for the $100 million U.S. Real Estate Opportunity Fund focused on the western region. The Fund will acquire a portfolio of commercial real estate assets in major western cities, reposition them as a private REIT, and over 5 years either take the REIT public or sell the portfolio, targeting a 210% cash-on-cash return. Financial forecasts estimate acquiring $315 million in properties, growing the portfolio value to $458 million, for a 15.5% internal rate of return.
7 Steps Needed to Get Lenders to Fund Your Real Estate DealsJoshua Dorkin
Need funding for your real estate deals? Join x-banker, real estate investor, and co-host of the BiggerPockets Podcast Brandon Turner as he shares the truth about getting a bank to say "YES." Don't miss this powerful, and free, live training! You'll learn:
- Why the bank says "NO"
- How to put together a perfect loan proposal
- The 7 Steps to getting a bank to say YES
- LIVE Q & A with Brandon - ask anything!
Real estate fund manager market validation discussion document finalCBRE
Market research / validation effort to examine operational and infrastructure challenges facing real estate fund managers - This was initial discussion document. Findings are in a separate report on slide share
The document discusses the formation of a company, including the stages of formation and key documents involved. It provides details on:
- The four main stages of company formation: promotion, incorporation, raising share capital, and obtaining a certificate of commencement.
- Key documents in the formation process, including the memorandum of association, articles of association, and prospectus.
- Types of share capital a company can issue, such as preference shares and ordinary shares, and their different characteristics.
- Other topics covered include sources of company finance, underwriting commissions, and distinctions between the memorandum and articles of association.
Health lease investor presentation july 2012HealthLease
1) The presentation discusses forward-looking statements about HealthLease Properties REIT's objectives, plans, growth potential, financial forecasts, and industry trends.
2) HealthLease Properties REIT owns 15 high-quality seniors housing and care facilities across the US and Canada, totaling 1,931 beds/suites and leased under triple-net leases.
3) The seniors housing and care industry is expected to see significant growth due to favorable demographic trends of an aging population requiring more care.
China health presentation_dec_2011_v2__compatibility_mode_healthchina
China Health Labs is a leading provider of total lab solutions and diagnostic equipment and reagents in China. It has several business units serving various sectors such as rural hospitals, the military, and food safety. The company is well positioned to benefit from China's growing healthcare demand driven by factors like increasing wealth and an aging population. It has a first mover advantage in its total lab solutions approach and proprietary technologies.
China Health Labs is a leading provider of total lab solutions and diagnostic equipment and reagents in China. It has four business units focused on rural hospitals, military and emergency services, food safety labs, and large urban hospitals. The company has experienced strong revenue growth in recent years and has a large addressable market supported by Chinese government policies. It has proprietary technology, partnerships with government agencies, and a strategy focused on expanding into new geographic areas and developing new solutions.
An article in the Wall Street Journal (http://online.wsj.com/news/articles/SB10001424052702303819704579320581924300124) focused on whether REIT stock prices typically decline when interest rates increase. They usually don't, because the pace of economic growth is generally more important--and interest rates generally increase as a result of improving economic conditions. When demand conditions (employment, income, consumer spending, etc.) are strengthening, commercial real estate usually becomes more valuable because prospects improve for future growth in rents and occupancy levels.
I have done many other versions of this analysis, updated by several years.
Questions? Contact me at bcase@nareit.com.
The document provides an investment overview for the Athena Real Estate Fund I which focuses on acquiring, redeveloping, and developing student housing properties located within a quarter mile of college campuses in Midwestern towns. The fund is seeking $10-25 million from equity partners with a 5 year lock up period and potential ongoing property ownership. The fund believes this is a good investment opportunity due to demographic trends favoring college enrollment and fragmented ownership in the targeted Midwestern markets.
Environmental Performance and the Cost of Capital: Evidence from REIT Bonds ...nilskok
The real estate sector is responsible for a significant greenhouse gas externality, which has prompted interest from policy makers, as well as the emergence of voluntary disclosure standards. As opposed to general concerns about the potentially negative impact of “sustainability” programs and initiatives on corporate financial performance, energy efficiency measures may lead to significant returns in the real estate sector. This paper investigates the relation between real estate sustainability and the cost of the debt. Using a sample of REITs, we investigate both corporate-level debt, as well as commercial mortgages to finance individual buildings. The results show that the degree to which REITs invest in efficient buildings is positively related to the quality of their credit ratings, and it is also associated with a significantly lower spread. The relation persists at the level of individual buildings and their mortgages: environmentally-certified buildings are financed at significantly lower spread, varying between 30 and 60 basis points, depending on the specification.
Outsourcing To Find, Fund, Flip, and Grow RichGabriel Jimenez
Discover My Proven Secrets: How To Automate Your Real Estate Investment Business, All on AUTO PILOT
Outsourcing to Find, Fund, Flip, and Grow Rich - How To Automate your Real Estate Investment Business - Get 90% of The Work Done For You While You Sleep!
Pyatt Broadmark Real Estate Fund I Presentation Oct 2015Alan Chu
This document provides an overview of the Pyatt Broadmark Real Estate Lending Fund I (PBRELF I). PBRELF I invests in short-term, first lien loans secured by real estate projects in the Pacific Northwest. The goal is to provide high-yield returns while minimizing risk. PBRELF I has $136.4 million in assets under management. It offers diversification, consistent performance, and monthly distributions to investors.
Hermes of Mayfair Ltd is a property development fund that aims to become the preferred lender for residential developers. They identify distressed properties, negotiate purchases, redevelop the properties, and sell them for a profit. They offer financing to property developers and cash offers to property sellers. The fund is secured by the properties, with a minimum security of 115% of the loan amount. Investors can earn returns through two investment structures that involve contributing capital and receiving profits upon completion of projects.
SORTIS Real Estate is a Bulgarian real estate investment management company jointly owned by SORTIS Invest, BMF Bulgaria, and individual investors. It offers real estate investment advisory, portfolio management, property fund management, and mezzanine financing. The company has a experienced management team and applies international best practices. It currently manages an airport business park project in Sofia and sees opportunities in the growing Bulgarian office, retail, and industrial markets.
Fund raising for real estate posiview 10_sep14_sims edpreddvise
The document discusses various options for real estate developers to raise funds, including debt financing and equity financing. It explains the differences between debt financing such as bank loans and construction finance, and equity financing such as private equity investments at the project level or company level. Private equity has grown in importance for fund raising and offers advantages like risk sharing but comes with higher costs and investor expectations. Special purpose vehicles (SPVs) are often used for private equity investments in specific projects. The impacts of different funding avenues like their costs, terms, and effects on industry perception are also compared.
This document is a portfolio management case study analyzing the risk-adjusted performance of the Multi-Employer Property Trust (MEPT), an open-end diversified core equity commercial real estate fund. It discusses real estate investment strategies, fund structures, and the importance of analyzing risk-adjusted returns rather than just raw returns. The case study will evaluate MEPT's risk-adjusted performance and identify portfolio characteristics that enhance investment efficiency.
Understanding of REIT Structure and Impact on Real Estate IndustryRE/MAX Gujarat
The document provides an overview of REIT (Real Estate Investment Trust) structures and their impact on the real estate industry in India. It discusses the background and evolution of REITs globally and in India. The key structures of REITs include a trust that holds real estate assets, with units purchased by investors. A sponsor, manager, and trustee are involved in operating the REIT. The document outlines the salient features of SEBI regulations for REITs in India, including requirements for assets, sponsors, fundraising, distributions, and more. REITs are intended to improve liquidity in the real estate sector and provide investment opportunities for both institutional and retail investors.
Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real E...Manuel Lacarte
Financial Valuation Model made for a real estate fund case, but easily adapted to any other investment profile.
Works automatically and allows to calculate different business scenarios by entering new assumptions just changing data (blue figures in "Front page & Inputs" sheet)
Sheets included:
-Front Page & Inputs
-Capital
-Revenues
-Expenses
-Financing
-P&L
-Cash Flow
-Shareholder`s Cash Flow
-Balance Sheets
-Investments
-Depreciations
-V.A.T.
IAG (London) Real Estate Fund Administration 2016Alan Ross
+44 (0)20 7499 1112
47 Park Lane, Mayfair, London W1K 1PR
www.iagfundservices.com
Thank you for your interest in IAG. Please do not hesitate to contact me if you would like to discuss our services in more detail.
Carpathian Capital Fund II Investor PresentationIan Colville
Carpathian Capital is raising up to $10mn for a USA multi-strategy residential real estate fund to take advantage of continued distressed asset prices in certain geographies, improving markets and low interest rates. With leverage, fund will own up to 4x the amount of equity raised (25% equity, 75% debt capital structure).
Barrons Article Forward Int'l Real Estate FundMichael McGowan
Michael McGowan manages the Forward International Real Estate Fund, which invests in international real estate companies. The fund is up 41% year-to-date, outperforming its benchmark. McGowan conducts extensive on-the-ground research to find smaller, overlooked real estate companies trading below the value of their underlying properties. Notable holdings include developers in Hong Kong, Canada, and Singapore focused on residential and commercial properties near new transportation infrastructure. While the fund's strategy carries higher costs and volatility, McGowan aims to benefit from short-term price fluctuations in strong companies by frequently trading the same stocks.
The document is an investment memorandum for the $100 million U.S. Real Estate Opportunity Fund focused on the western region. The Fund will acquire a portfolio of commercial real estate assets in major western cities, reposition them as a private REIT, and over 5 years either take the REIT public or sell the portfolio, targeting a 210% cash-on-cash return. Financial forecasts estimate acquiring $315 million in properties, growing the portfolio value to $458 million, for a 15.5% internal rate of return.
7 Steps Needed to Get Lenders to Fund Your Real Estate DealsJoshua Dorkin
Need funding for your real estate deals? Join x-banker, real estate investor, and co-host of the BiggerPockets Podcast Brandon Turner as he shares the truth about getting a bank to say "YES." Don't miss this powerful, and free, live training! You'll learn:
- Why the bank says "NO"
- How to put together a perfect loan proposal
- The 7 Steps to getting a bank to say YES
- LIVE Q & A with Brandon - ask anything!
Real estate fund manager market validation discussion document finalCBRE
Market research / validation effort to examine operational and infrastructure challenges facing real estate fund managers - This was initial discussion document. Findings are in a separate report on slide share
The document discusses the formation of a company, including the stages of formation and key documents involved. It provides details on:
- The four main stages of company formation: promotion, incorporation, raising share capital, and obtaining a certificate of commencement.
- Key documents in the formation process, including the memorandum of association, articles of association, and prospectus.
- Types of share capital a company can issue, such as preference shares and ordinary shares, and their different characteristics.
- Other topics covered include sources of company finance, underwriting commissions, and distinctions between the memorandum and articles of association.
Health lease investor presentation july 2012HealthLease
1) The presentation discusses forward-looking statements about HealthLease Properties REIT's objectives, plans, growth potential, financial forecasts, and industry trends.
2) HealthLease Properties REIT owns 15 high-quality seniors housing and care facilities across the US and Canada, totaling 1,931 beds/suites and leased under triple-net leases.
3) The seniors housing and care industry is expected to see significant growth due to favorable demographic trends of an aging population requiring more care.
China health presentation_dec_2011_v2__compatibility_mode_healthchina
China Health Labs is a leading provider of total lab solutions and diagnostic equipment and reagents in China. It has several business units serving various sectors such as rural hospitals, the military, and food safety. The company is well positioned to benefit from China's growing healthcare demand driven by factors like increasing wealth and an aging population. It has a first mover advantage in its total lab solutions approach and proprietary technologies.
China Health Labs is a leading provider of total lab solutions and diagnostic equipment and reagents in China. It has four business units focused on rural hospitals, military and emergency services, food safety labs, and large urban hospitals. The company has experienced strong revenue growth in recent years and has a large addressable market supported by Chinese government policies. It has proprietary technology, partnerships with government agencies, and a strategy focused on expanding into new geographic areas and developing new solutions.
An12 353 - learning to speak the healthcare languageEd Dodds
The document discusses a presentation on healthcare payments given by representatives from the Federal Reserve Bank of Atlanta and The Clearing House. It provides background on the US healthcare landscape and spending, legislative efforts to improve the system, and standards for electronic healthcare payments. It focuses on the CCD+ format and reassociation trace number that allows linking electronic payments to remittance advice documents. Next steps for financial institutions include evaluating capabilities and educating staff on providers' needs for healthcare payments.
The document discusses the future of physician payments and the transition away from fee-for-service towards value-based and accountable payment models. It outlines emerging accountable care organization models including single-provider, multi-provider, insurer-led, and insurer-provider partnership models. It also summarizes Medicare and private payer initiatives focusing on shared savings programs and population-based payment approaches. Finally, it provides best practices for physicians and practices to position themselves for success under new payment reforms.
Life insurance settlements provide an investment opportunity that is uncorrelated to traditional markets. A life insurance settlement involves the sale of an existing life insurance policy to a third party. This provides policy owners with a payout that is typically 4 to 6 times the policy's cash surrender value. For investors, life insurance settlements offer safety of principal, guaranteed returns, and are not affected by market volatility like traditional assets. The life insurance contract is a non-contestable agreement guaranteed to pay out the death benefit.
Notes Version: Part 1. The Next Extraordinary Marketing Opportunity- Healthca...Vivastream
The document discusses the opportunities for health insurers in the changing healthcare landscape due to the Patient Protection and Affordable Care Act (PPACA). It notes that health reform could generate billions in new revenue and millions of new customers for insurers. Health benefit exchanges opening in 2014 will create a $60 billion market reaching $200 billion by 2019 and covering 28 million people. Insurers will need to transition from a wholesale to a retail model and focus on direct consumer outreach. Data-driven marketing and segmentation will be key to understanding and engaging the diverse new customer groups that insurers will need to attract. Superior customer experience across all touchpoints will differentiate brands in the emerging competitive marketplace.
Notes Version: Part 1. The Next Extraordinary Marketing Opportunity- Healthca...Vivastream
The document discusses the opportunities for health insurers in the changing healthcare landscape due to the Patient Protection and Affordable Care Act (PPACA). It notes that health reform could generate billions in new revenue and millions of new customers for insurers. Health benefit exchanges opening in 2014 will create a $60 billion market reaching $200 billion by 2019 and covering 28 million people. This represents an opportunity for insurers to transition from a wholesale to a retail model and directly market to consumers. Insurers will need to segment customers, understand their needs and behaviors, and engage them through multiple channels to succeed in this new environment.
The document discusses the Indian healthcare market and health insurance industry. It notes that less than 20% of the total Indian population is covered for health, and health insurance penetration is only 2%. It also describes the roles of insurance companies, third party administrators, and key issues facing the industry like lack of data and standardized treatment protocols. Going forward, the industry may see regulated growth, more self-funded corporate plans, and a focus on increasing insurance penetration and developing care management products.
Implementation Of The Minimum Medical Loss Ratiojpwlinkedin
The document summarizes key aspects of the implementation of the Minimum Medical Loss Ratio (MLR) requirement under the Affordable Care Act. It discusses the MLR calculations and adjustments at the state and federal level, how rebates are determined and paid out if the MLR is not met, and some of the impacts on insurance carriers, agents, and brokers. It provides details on the regulatory process between the NAIC and HHS to establish definitions and methodologies.
The document provides an overview of new healthcare revenue opportunities for banks that are presented by recent healthcare reforms. It discusses how leading financial institutions can capitalize on these opportunities by (1) strengthening relationships with existing customers in the healthcare sector, (2) growing deposits and fee income, (3) increasing household penetration, and (4) acquiring new customers. The presentation then outlines specific products and services that banks can offer to healthcare providers, such as revenue cycle management, payment automation, and consumer-directed healthcare accounts.
The document discusses proposed reforms to South Africa's retirement fund system. Key points include making fund membership compulsory, requiring preservation of benefits in retirement funds rather than withdrawals, improving portability between funds, and providing better retirement products like low-cost living annuities. The proposals aim to improve retirement savings and outcomes by nudging members towards preservation and ensuring adequate retirement incomes. Public feedback will be gathered before finalizing any legislative changes.
This document provides information for agents on LifeSecure Insurance Company's multi-life long term care insurance plan. It outlines the plan's simplified issue eligibility and underwriting process, group qualification requirements, rates and discounts, enrollment options, and qualification guidelines. It also provides guidelines for associations and non-employer groups, considerations for employer prospecting, a multi-life proposal tool, employer pre-qualification requirements, and information on tax incentives for long term care insurance.
Medicaid: An Edge of Your Seat View of Medicaid Risk Adjustment by Bonnie BurkeAltegra Health
This document provides an overview of WellPoint's Medicaid business and the challenges of risk adjustment across different states. WellPoint serves over 4 million Medicaid members across 19 states, with 14 states using different risk adjustment methodologies. State Medicaid programs face significant budget pressures that are increasing the focus on risk adjustment to help fund medical costs. Risk adjustment in Medicaid is a zero-sum game where health plans compete through accurate reporting to obtain higher risk scores and payments relative to their membership risks.
Changing healthcare landscape A case of Jaipur city in IndiaKanvic Consulting
We have published a report on changing “healthcare landscape in India” with a specific focus on Jaipur. Our key findings from this report are how healthcare industry evolved in India and Jaipur, what are the implication for healthcare players, what are the key growth drivers for India and Jaipur's healthcare industry.
Emerging hscrc methodologies case pohl (final)James Case
The document discusses emerging methodologies being developed by the HSCRC to incentivize population health management under a potential CMS model testing demonstration. It describes how existing methodologies like the Admission-Readmission Revenue program and Total Patient Revenue would need to be modified. New approaches under consideration include Population-Based Reimbursement and requesting authority for bundled payments, ACOs, and gain sharing. Significant effort will be required to translate these approaches to an all-payer environment in Maryland.
This document provides an overview of China Health Labs & Diagnostics Ltd., a leading provider of total lab solutions in China. It discusses the company's business units, growth strategy, financial performance, management team, and investment highlights. China Health Labs generates revenue from the sale and servicing of diagnostic equipment and reagents across multiple business units, and is well positioned to benefit from trends of increasing healthcare spending and policy support in China.
This document provides an overview and disclaimer for an investor presentation about China Health Labs & Diagnostics Ltd. It notes that the presentation should not be distributed without consent and that investing involves risks outlined in other documentation. The presentation is not an advertisement or public offering. It has been prepared to assist investors and contains forward-looking statements involving risks and uncertainties. Market and industry data comes from third parties and management estimates.
The document discusses the future of nursing and healthcare. It outlines challenges facing the US healthcare system including rising costs and access issues. It also discusses challenges and opportunities for nursing including an aging population, need for higher levels of education, and calls to expand nursing's leadership role. The IOM report on nursing recommends increasing the proportion of nurses with bachelor's degrees and doubling the number with doctorates by 2020 to help transform the healthcare system and improve outcomes.
The document discusses key issues related to health reform implementation for safety net health systems. It provides an overview of the National Association of Public Hospitals and Health Systems (NAPH), which advocates for safety net hospitals. The document outlines provisions of the Affordable Care Act related to coverage expansion, exchanges, provider payments, and innovation opportunities. It identifies challenges and questions for safety net health systems to consider regarding health reform implementation.
3. HEALTHCARE SECTOR OVERVIEW
RECOMMENDATION
Ticker Company Name DJ REIT MCCOMBS Recommendation
Index REIT Fund
SNH SENIOR HOUSING 1.00% 0.87% UNDERWEIGHT
PROPERTIES TRUST
VTR VENTAS, INC 2.72% 3.97% OVERWEIGHT
VTR + VENTAS + 4.47% 3.97% -
NHP* NATIONWIDE HEALTH
* VTR acquired NHP in July 2011 for $7.6B
We recommend Overweight VTR 50 bps due to the following reasons:
• High growth and diversification strategy; $11B M&A in 2011
• Diversified portfolio with largest tenant representing only 17% of NOI
• Consistent NOI and dividend growth; 8% dividend growth for 2012
VTR SNH
DDM IRR 10.8% 11.7%
NAV IRR 14.8% 16.6%
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4. HEALTHCARE TRENDS
HEALTHCARE SECTOR OVERVIEW
• Healthcare spending is close to 18% of US GDP. The group is poised
to become the fifth ‘food group’.
• Healthcare spending has grown at 10% CAGR since 1965. Increasing
public spending is not sustainable
• Quality assets, recession resilience and stable cash flows
• Healthcare REIT index outperformed broader REIT index in 2011 by
230bps. Average healthcare REIT dividend yield 5%
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5. DEMOGRAPHICS GOVERNMENT REIMBURSEMENT
HEALTHCARE SECTOR OVERVIEW
• Aging baby boomer 65+ group • Declining Medicare and Medicaid
growing 5x faster than national avg. payments affect tenant revenues
• 65+ group uses healthcare 2x national • 11.3% reimbursement cut to 2012
avg. SNF (Skilled Nursing Facility)
• 3.65mm baby boomers retire every Medicare payments
year • REITs drifting towards assets with
• Healthcare reform may add 32mm revenues from private insurance or
Americans to insurance rolls individual savings
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6. HEALTHCARE REITs
HEALTHCARE SECTOR OVERVIEW
• REITs own only 8% of the $1 trillion healthcare real estate market
• Mall REITs own 60% in their segment
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8. HEALTHCARE SECTOR OVERVIEW
SENIOR HOUSING – Declining Cap Rates
• Discretionary in nature with shallow demand pool depending on
housing prices, stock market, overall economy
• Occupancy in low-mid 80% range
• Cap rates have recently declined to below 7% levels
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9. HEALTHCARE SECTOR OVERVIEW
SENIOR HOUSING – Good Demand and Low Supply
• 85+ population growth almost at par with general population in near
term. Grows faster eventually
• Limited new supply of senior housing
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11. HEALTHCARE SECTOR OVERVIEW
SENIOR HOUSING - TYPES
Independent Living Community
• Seniors that can take care of themselves and need high degree of
independence
• Few amenities such as meals, maid service for additional monthly fee
Assisted Living Community
• Typically one bedroom with efficiency kitchen and bathroom
• More amenities such as laundry, dressing/bathing bundled in charges
Nursing Homes
• Extensive nursing and healthcare services similar to hospitals
• Staffed with licensed nursing professionals 24-hrs
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16. HEALTHCARE SECTOR OVERVIEW
MEDICAL OFFICE BUILDINGS (MOB)
• MOBs lease space to doctors hence somewhat exposed to Medicare
reimbursements
• Expected to climb if Affordable Care Act passes
• Same store NOI increased 2.4% on average
• Vacancy down from 13.5% in 2009 to 12.4%; new supply slow at 1.1%
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17. HEALTHCARE SECTOR OVERVIEW
RIDEA – REIT Industry Diversification and Empowerment Act
• Adopted in 2008. Represent 15% of NOI on industry average
• REIT leases property to TRS and TRS enters in to management
contract for operating the asset receiving a management fee
• Acts as bridge for collaboration between REITs and operators
• Opportunity for REIT to redevelop/expand and improve
operations of properties owned
• Allows REIT to keep part of building’s operating income using
Taxable REIT Subsidiary (TRS). Presents exposure to operational
risk
• ‘TRS 25% test’ limits a REIT to own upto 25% asset value in TRS
• Example: Ventas purchased Atria Senior Living in October 2010
under RIDEA structure. SNH intends to put most new
acquisitions into this structure
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18. HEALTHCARE SECTOR OVERVIEW
MAJOR PLAYERS
TICKER PRICE MKT CAP DJ REIT MCCOMBS
INDEX REIT FUND
HCN $53.46 $11.42B 2.75% 3.52%
HCP $38.62 $15.85B 4.36% 3.57%
HR $21.75 $1.71B 0.43% 0.00%
SNH $22.12 $3.6B 1.00% 0.87%
VTR $55.50 $16.03B 2.72% 3.97%
Source: Google Finance; Prices as of 04/05/12
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19. PAIRS ANALYSIS
VTR AND SNH PAIRS ANALYSIS
SIMILAR ASSET DIFFERENT HIGH
CLASSES TENANT CORRELATION Time
EXPOSURE Horizon Correlation
• MOB • 96% OVER 3-YR.
• SENIOR LIVING PERIOD 2 yr. 0.80
• LARGEST VTR
• SKILLED TENANT IS 17% • SIMILAR BETA 3 yr. 0.96
NURSING NOI VTR - 1.45, 5 yr. 0.97
FACILITIES • LARGEST SNH SNH - 1.61 7 yr. 0.97
• HOSPITALS TENANT IS 49% 10 yr. 0.98
NOI
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21. REIT ANALYSIS - SNH
SNH Overview
• Primary senior housing and medical office building throughout the U.S.
• Founded 1999; based in Newton, MA
• $3.6B equity market cap
• Approximately 560 tenants
• Total properties: 376
22. REIT ANALYSIS - SNH
SNH – Geographic Exposure
• Properties in 38 states and Washing, D.C.
• Revenues mainly come from California (23.7%), Massachusetts
(11.0%), and New York (9.4%)
23. REIT ANALYSIS - SNH
SNH – Tenants: Five Star Quality Care (NYSE: FVE)
• Five Star is SNH’s largest tenant, comprising 49% of NOI
• SNH maintained a close relationship with Five Star
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24. REIT ANALYSIS - SNH
SNH – Tenants: Five Star Quality Care (NYSE: FVE)
• Operates a total of 245 communities with diversified operations across 30
states
• Owns and operates 31 private pay communities
• Annual revenues over $1 billion with 24,500 employees
• 73% of senior living revenues are private pay
• Of the four largest publicly traded operators, Five Star alone has been
profitable over the last two years
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25. REIT ANALYSIS - SNH
SNH – Tenants: Five Star Quality Care (NYSE: FVE)
• Portfolio rent coverage is strong
25
26. REIT ANALYSIS - SNH
SNH – Tenants: Five Star Quality Care (NYSE: FVE)
• Conservative financial approach
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27. REIT ANALYSIS - SNH
SNH – Tenants: Five Star Quality Care (NYSE: FVE)
• Long term leases
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29. REIT ANALYSIS - SNH
SNH – Occupancy
• Senior Housing = 87%
• Growth potential once the economy recovers
• MOB
• Strong rent growth in 2011
• 94% of NOI derived from properties that are primarily private pay and not
government-dependent
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30. REIT ANALYSIS - SNH
SNH – Investment Rationale
• Proven record of consistently strong financial performance.
• Driven by a conservative financial approach and a strong balance
sheet.
• SNH is rated investment grade by Moody’s (Baa3) and S&P (BBB-).
• Manageable debt maturities.
• Strong access to capital.
• In 2011, SNH raised a total of over $1 billion dollars in capital
markets transactions.
• In June, SNH entered a new $750 million unsecured revolving
credit facility (maturity of June 2015, with borrower’s option to
extend one year; interest is set a LIBOR plus 160 basis points).
• Portfolio is characterized by:
• Predominantly private pay assets with limited exposure to
Government reimbursement.
• Geographic, tenant and asset diversification.
• Extremely high quality assets with low historical per unit, per
square foot or per bed costs. 31
31. REIT ANALYSIS - SNH
SNH - Upcoming Maturity Dates
• Current Liquidity:
• Cash and Cash Equivalents = $23.6 Million
• Unused Revolver capacity = $750 Million
• Total Liquidity = $773.6 Million 32
32. REIT ANALYSIS - SNH
SNH - Financials
Key Statistics Dividend Discount (SNH)
Price/share $22.12
Leveraged Cost of Equity 11.2%
52-week range $19.09-$24.64 Implied Dividend Growth 4.2%
Market Cap $3.6B NOI Growth 2.6%
DDM IRR 11.7%
Current Financial Position
Total Debt $1.8B Net Asset Value (NAV)
FFO/Share $1.73 Implied NAV $4.096 ($m)
Price/FFO 13.49 Implied NAV/Share $23.95
AFFO/Share $ 1.61 Premium/(Discount) -7.7%
AFFO Payout Ratio 93.2% NAV IRR 16.6%
Debt-to-Total Cap 33.4%
Debt-to-Equity 73.9%
Int. Coverage Ratio 3.5x 33
38. REIT ANALYSIS - SNH
Pros
• Relatively cheap (-7.7% NAV Premium)
• Strong relationship with top tenant (Five Star)
• Conservative investment strategy
• High exposure to senior housing (56%) and MOB (31%), both will benefit
from private pay and economy recovery
Cons
• Large portion or revenue comes from single tenant
• External management no longer common in the industry
40. REIT ANALYSIS - VTR
VTR Overview
• Geographically diverse portfolio of senior housing and healthcare
properties throughout the U.S. and Canada
• Founded 1983; based in Chicago, Illinois
• $16.3B equity market cap
• Total properties: 1,378
41. REIT ANALYSIS - VTR
VTR - Leadership
• Debra Cafaro - Chairman and CEO
• CEO since 1999 & Chairman since 2003
• Past Chair of National Association of Real Estate
Investment Trusts (NAREIT)
• Raymond Lewis - President
• Richard Schweinhart – Chief Financial Officer
• John Cobb – Chief Investment Officer
• Timothy Doman – Chief Portfolio Officer
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42. REIT ANALYSIS - VTR
VTR – Development Strategy
• Moving into profitable MOB market
• Progress: Cogdell Spencer acquisition – 72 high-quality
MOBs
• Low cost of capital - $600M 10-year bonds @ 4.25%
• Large holding in resilient Senior Housing market
• Progress: Ventas is the largest Senior Housing REIT
• High quality properties
• Progress: Properties have average 2.1x rent coverage
• Diversification
• Progress: Many tenants and large geographic exposure
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43. REIT ANALYSIS - VTR
VTR – Geographic Exposure
• Properties in 47 states and 2 Canadian provinces
• Primary markets include the West Coast and New England region
44. REIT ANALYSIS - VTR
VTR - Tenants
• Kindred rents up for renewal, expecting to not renew 64 properties
• Rent coverage ratio: 2.1x
• Good tenant spread relative to peers, Top 5 = 59% NOI
Kindred, 18%
Other, 22%
Emeritus, 2%
Avamere, 2% Atria, 14%
Elmcroft, 6%
Sunrise, 11% Brookdale, 12
%
MOBs, 12%
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55. REIT ANALYSIS - VTR
Pros
• Low cost of borrowing allows competitive M&A position
• Relatively low Debt-to-Total Cap value leaves room for further leveraging
• Large portion of NOI comes from private pay
• Diversified tenant base
• High-quality properties
• Multiple healthcare markets
Cons
• Trades at a significant NAV premium
• One top tenant dropping properties
-VTR is diversified both in geography and more importantly in asset class; -VTR terminal dividend growth 6.2%-SNH acquisition activity was only $1B
-Currently 56% of healthcare expense private. Shrinking over the years but may increase now.-Healthcare spending expected to grow at 6% till 2020. Will become 20% of US GDP by 2020-The health care REIT industry continues to be highly fractured and many further opportunities for consolidation exist.
-3.65M baby boomers retire every year. One of the strongest economic trends in US. Currently about 15% of US population.-Healthcare REITs gobbled $27B worth senior housing. Ventas has 100k units after NHP acquisition-Avg occupancy in senior housing is 88%-2% overall cut in medicare payments with risk of further reductions-5% weighted avg. yield for healthcare REITs-Broader consolidation doesn’t necessarily have positive impact on sector. –ve market sentiment has more +ve impact-The health care REIT industry continues to be highly fractured and many further opportunities for consolidation exist
-Only 8% of healthcare properties owned by public REITs as opposed to 60% by mall REITs
-Declining cap rates and low occupancy-Somewhat cyclical in terms of higher revenue in first quarter
-CMS cut 11.2% for 2012 which will trigger lease term adjustments.
-CMS cut 11.2% for 2012 which will trigger lease term adjustments.
-Affordable Care Act adds 32 million uninsured Americans to affordable healthcare making it likely to use more MOB than emergency room-Occupancy for SNH MOBs higher than VTRs-Slow supply also due to regulations such as ‘certificate of need’
-Sale-leaseback transactions provide an alternative avenue to address the maturing loans while allowing the OpCos to continue operations.-RIDEA creates operating risk exposing REIT to market volatility