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Webinar Course Description
Real estate is a complex asset class wherein the rate of
return varies with risk which is measured by leverage, maturity, and sector,
among other factors. Although positively correlated with equities, the
correlation can be weak at times. When considering the Income Approach, valuing
an interest in a real estate holding entity by traditional common equity methods
(e.g., CAPM) is questionable. The rate of return requirements for an
investor in a fractional interest in a closely-held and family owned real estate
holding entity is heavily influenced by asymmetric information (lack of control)
and illiquidity (lack of marketability). NICE Real Estate utilizes recent
academic research related to these factors to calculate value. We corroborate our findings with rates of return indicated in the private marketplace.
Recommended Pre-Reading(s)
"Cost of Capital of Family Holding Company Interests, " Cost of Capital
(Fifth Edition) Applications and Examples, 2014.
Course Audience
BV appraisers, RE appraisers, attorneys and CPAs with
real estate entity clients
NASBA and Continuing Professional Education (CPE) Credit
The American Society of Appraisers is registered with the National
Association of State Boards of Accountancy (NASBA) as a sponsor of continuing
professional education on the National Registry of CPE Sponsors. State boards of
accountancy have the final authority on the acceptance of individual courses for
CPE credit. Complaints regarding registered sponsors may be submitted to the
National Registry of CPE Sponsors through its websitewww.nasbaregistry.org.
CPE Credit: Two (2) Hours in Specialized Knowledge
Program Level: Fundamental
Delivery Method:
Group-internet based courses are approved for CPE
Prerequisites:
None
Advanced Preparation: None
Policies:ASA's
Refund and Cancellation Policy and ASA's Complaint Resolution Policy
Instructor Information
William H. Frazier, ASA | Managing
Director | Stout Risius Ross, LLC
William H. Frazier is a Managing Director in the Valuation Advisory group of
Stout Risius Ross, LLC. . He has over 40 years of experience in business
valuation and corporate finance. Will has participated as an appraiser and/or
expert witness in numerous U.S. Tax Court cases and has written numerous
articles on the subject of business valuation for tax purposes. He is the
developer of the Non-Marketable Investment Company Evaluation Method and author
of the chapter “The Cost of Capital of Private Company Interests” in the
valuation textbook, The Cost of Capital.
Will has been an Accredited Senior
Appraiser of the American Society of Appraisers (ASA) since 1987. He
served on the IRS Advisory Council (IRSAC) from 2008-2011 and was a member
of the Valuation Advisory Board of Trusts & Estates. He previously served as
the chairman of ASA’s Government Relations Committee and is currently the
Business Valuation delegate to that committee. He also currently serves as the
chairman of the ASA Tax Reform Task Force.
Oliver Warnke, ASA | Director | Stout Risius Ross, LLC
Oliver Warnke is a Director in the Valuation Advisory group. He has over 15
years of experience providing valuations primarily for estate-, gift-, and
income-tax requirements, as well as fairness opinions, mergers and acquisitions,
financial reporting, and employee stock ownership plans. Mr. Warnke serves a
wide range of industries including oil and gas, beverage distribution, asset
management, real estate, manufacturing, construction, and farming. Mr.
Warnke also specializes in the valuation of fractional interests in family
limited partnerships, private equity funds, and hedge funds. Prior to joining
Stout, Mr. Warnke was a Vice President at HFBE where he participated in
financial analysis and valuation of corporate securities and partnership
interests of private and closely held companies as well as publicly traded
corporations.