Courses:

Real Estate Finance and Investment >> Content Detail



Calendar / Schedule



Calendar

Amazon logo Help support MIT OpenCourseWare by shopping at Amazon.com! MIT OpenCourseWare offers direct links to Amazon.com to purchase the books cited in this course. Click on the Amazon logo to the left of any citation and purchase the book from Amazon.com, and MIT OpenCourseWare will receive up to 10% of all purchases you make. Your support will enable MIT to continue offering open access to MIT courses.

The readings are from the textbook:

Amazon logo Geltner, David M., Norman G. Miller, Jim Clayton, and Piet Eichholtz. Commercial Real Estate Analysis and Investments. Cincinnati, OH: South-Western Educational Publishing, 2007. ISBN: 9780324305487.


SES #LECTURESREADINGSRECITATIONS
1Course introduction (Geltner)Chapters 1, 2, and skim partsPV math (chapter 8), calculator help, PS1 coaching (TA)
2DCF (McGrath)Chapter 10 (10.1-3)
3DCF (cont.) and NPV (McGrath)Chapter 10 (10.4-6)Coaching on excel and argus (TA)
4NPV (Geltner)Chapter 10 (10.5 and 10.6 and appendix A and B)
5Real estate cash flows, proformas (McGrath)Chapter 11 (11.1)Problem set 1 due (chapters 8, 10, 11, excel and argus tutorial exercise) (TA) Required assignment
6Real estate opportunity cost of capital (McGrath)Chapter 11 (11.2)Guest speaker: Jeannette Rice, VP market research, Crescent RE. (Liquidity Seminar)
7Leverage (McGrath)Chapter 13 (13.1 and 13.2)
8Case 1: Private practice case I due (McGrath)Case discussion (cont.)
9WACC formula (McGrath)Chapter 13 (13.3-5)
10After-tax cash flows (McGrath)Chapter 14 (14.1 and 14.2)
11After-tax investment analysis and capital budgeting (Geltner)Chapter 14 (14.3.1-5)Leverage and tax (TAs)
12Commercial mortgage underwriting (Geltner)Chapter 18 (Section 2)
13Case 2: Private practice case II due (McGrath)Chapter 17 (Section 1)Mortgage mechanics (Geltner)
14Exam 1 (Chapters 10-13, 14.1-5)
15Development financial feasibility (Geltner)Chapter 28Lecture extension; exam de-briefing (Geltner)
16Development project evaluation (Geltner)Chapter 29 (29.1 and 29.3 only)
17Intro case 3, madison project example (Geltner)Madison spreadsheetCase 3 guidance (TAs)
18

Madison example (cont.)

Finish development project investment analysis (Geltner)

Sections 29.1 and 29.3
19Case 3: One Lincoln St case I (development) due (McGrath)Extension of case 3 discussion
20Lincoln (post) and Inter-Mountain (pre) case discussions (Geltner)Inter-Mountain
21Capital structure debt vs equity, etc. (Geltner)Chapter 15No recitation
22Project level capital structure (Geltner)Section 15.3
23Real options and land value (Geltner)Chapter 27Lecture extension
24Real options and land value (cont.) (Geltner)Chapter 27
25Case 4: "Inter-Mountain" development project case (Larry Ellman, Citigroup) guest participantCase discussion continued
26Case 4 debriefing; review and catch up (Geltner)
27Real options (cont.) review, catch up (Geltner)Chapter 27
Final exam (cumulative with emphasis on 17.1, 18.2, 15.3, 27, 28, 29.1 and 29.3, and lessons from Cases 3 and 4)

 








© 2010-2021 OpenCollege.com, All Rights Reserved.
Open College is a service mark of AmeriCareers LLC.