01/01/2018 8:00 AM to 12/31/2018 8:00 AM
Real Estate Investment and Capital Markets examines at an intermediate to senior level the intersection of real estate space markets and real estate capital markets by exploring in depth the Four Quadrants of Real Estate Finance: (1) private debt, (2) public debt, (3) private equity, and (4) public equity, and their application to real estate space markets, as well as exploring derivative markets that involve real estate.
A thorough range of topics in equity real estate investment are examined, including private equity markets, private equity deal structuring, public and private real estate investment trusts (REITs), problems in measuring risk and return, structuring optimal portfolios, portfolio valuation issues, valuing publicly traded real estate securities, performance evaluation and attribution, and real estate risk management techniques. The course also covers a variety of topics in commercial real estate debt markets, including the structure of the U.S. mortgage finance system, the valuation of mortgages, and commercial mortgage-backed securities.
Students will generally wish to take Basic Real Estate Finance and Advanced Real Estate Finance (which largely continues BREF into more advanced topics) before taking Real Estate Investment and Capital Markets. The course also correlates with the Financial Analysis of Development Projects course.