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1 |
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Course Intro, R. E. Space & Asset Markets |
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Text Ch. 1 (PDF) |
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2 |
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Space & Asset Mkts (cont.); Real Estate "System" |
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Text Ch. 2 (PDF)
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3 |
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Monocentric City Model |
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Text Ch. 4 (PDF)
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PV math, Text Ch. 8, Calculator tutorial (Geltner) |
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4 |
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More Complex City Models, Location & Property Life Cycle |
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Text Ch. 5 (PDF)
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5 |
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R. E. Financial Econ Intro & Overview |
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Text Ch. 7 (PDF) |
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PS 1 (PDF), PS 1 Excel (PDF) (Ch. 8), Returns,
Text Ch. 9 (Geltner); Term Project Intro (McGrath) |
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Term Project Descriptions:
385 Broadway Revere (PDF)
Fifth Avenue NYC (PDF)
Parcel C LP (PDF)
SHARP Investment Fund (PDF)
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6 |
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R. E. & The Investment Industry |
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Text Ch. 7 |
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7 |
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DCF |
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Text Ch. 10
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PS 2 (PDF) (Chs. 1-2, 4-5, 7, 9) (Geltner) |
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PS 1 Answers |
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8 |
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NPV |
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Text Ch. 10 |
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PS 2 Answers |
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9 |
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R. E. Cash Flows, Proformas (Tod McGrath, Geltner Away) |
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Text Ch. 11 (PDF) |
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PS 3 (PDF) (Ch. 10) (McGrath)
PS 3 Answers, PS Qu4 answer |
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10 |
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R. E. Opportunity Cost of Capital (Discount Rate) |
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Text Ch. 11 |
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11 |
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Market Value & Investment Value |
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Text Ch. 12 (PDF) |
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PS 4 (PDF) (Ch. 11, Excel)(McGrath) |
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12 |
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Market Inefficiency, Public & Private Markets for R. E. |
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Text Ch. 12 |
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PS 5 (PDF) (Ch. 12. Argus Tutorial) (McGrath) |
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PS 4 Answers |
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13 |
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Public & Private Mkts (cont.) |
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Text Ch. 12 |
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Practice Midterm (PDF) |
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14 |
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Exam 1 (Chs. 1-2, 4-5, 7-12) |
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15 |
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Leverage |
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Text Ch. 13 (PDF) |
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16 |
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WACC Formula |
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Text Ch. 13 |
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PS 6 (PDF) (Ch. 13, 14) (Geltner) |
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PS 6 Answers |
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17 |
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After-tax Cash Flows |
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Text Ch. 14 (PDF) |
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18 |
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After-tax Equity Valuation & Capital Budgeting |
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Text Ch. 14 |
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19 |
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R. E. Leases, Effective Rent |
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Text Ch. 30 |
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20 |
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Leasing Strategy, Lease Term |
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Text Ch. 30 (PDF) |
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Case due (McGrath) |
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21 |
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Intro to Mortgages |
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Text Ch. 16 |
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22 |
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Mortgage Mechanics |
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Text Ch. 17 (PDF) |
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PS 7 (PDF) (Ch. 30) |
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Mortgage Excel Example (PDF) |
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23 |
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Mortgage Yields, Valuation, Refinancing |
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Text Ch. 17 |
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24 |
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Intro to Commercial Mortgages, Default Risk |
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Text Ch. 18 |
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25 |
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Commercial Mortgage Underwriting |
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Text Ch. 18 (PDF) |
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Term Projects due (McGrath) |
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26 |
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Catch up, Review |
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PS 7 Answers |
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27 |
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Exam 2 (Chs. 13-14, 16-18, 30) (Duration - 3 hours) |
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