The Advanced Real Estate Finance course will provide the intermediate to senior level real estate professional with techniques used to analyze, finance and structure real estate transactions. It was designed to provide a decision-making framework that offers attendees an intuitive understanding of real estate finance and investment and provides the ability to analyze a broad range of real estate problems and decisions.

Advanced Development Practices is a sequel to the Essentials of the Development Process and builds on the concept of a Development Matrix where the seven stages of Real Estate Development are combined with the eight Tasks required in each stage to produce a 56-cell matrix. This survey course focuses on the eight Tasks in each stage of the real estate development process. Each Task is really a category of tasks that must be completed in order to create value throughout the development process. Each Stage of Development begins with the Acquisition Task and ends with the Disposition Task. In between, the developer must address and complete the following Tasks: Finance, Market Studies and Marketing Strategy, Environmental, Approvals and Permits, Improvements, and Transportation and Accessibility. In reality these Tasks are completed in various orders and usually they are done simultaneously. The order of the Tasks presented in this course is arbitrary, and most tasks interact with each other to some extent and the completion of individual task is dependent on the completion of other Tasks. This course broadly describes the Tasks and the sub-tasks from a developer’s point of view. Students are not expected to be experts in all of these tasks, but they are expected to understand and appreciate what needs to happen for a successful development, i.e. one that creates value in excess of the costs needed to create value.

The Advanced Real Estate Finance course will provide the intermediate to senior level real estate professional with techniques used to analyze, finance and structure real estate transactions. It was designed to provide a decision-making framework that offers attendees an intuitive understanding of real estate finance and investment and provides the ability to analyze a broad range of real estate problems and decisions.

Basic Real Estate Finance is designed to provide entry level professionals with the skills necessary to analyze the financial feasibility of real estate investment opportunities. It provides a step-by-step approach for completing a financial feasibility analysis. Students will become more familiar with real estate market participants, valuation fundamentals, determinants of real estate returns, the impact of leverage on real estate investments, and interactions between the real estate space market and the capital market. This course is ideal for developers, asset managers and owners who have very little financial analysis experience. It will therefore emphasize fundamentals and will not delve into more complex issues that are covered in NAIOP's Advanced Real Estate Finance course.

This survey course will examine the seven stages of a comprehensive real estate development model at an introductory level. This model begins with raw land in the land banking stage and continues through land packaging, land development, building development, and building operations. The model continues through the development process to include building renovations and property redevelopment. The life cycle of a real estate development is analyzed in terms of how value is created in each stage of development. Module One presents the theoretical context of this seven stage model, then starting with Module Two, successive sessions will examine each principle development stage by outlining how value is created, key players, critical tasks, controllable costs and major risks. Examples discussed in each stage will describe how to apply those principles to real world practices. Finally, a special skills section will be presented at the end of each module. These special skills will teach students how to perform basic calculations to estimate and analyze real estate values in order to better understand value creation throughout the real estate development process.

The Financial Analysis of Development Projects course provides a combination of analytical theory and practical tools needed to evaluate the financial feasibility of complex value added and opportunistic real estate investments. This includes speculative land, land development, and commercial and residential rehabilitation and development for all property types: office, industrial, retail, multi-family and mixed-use. Accounting, risk management, taxation, capital markets and organizational issues influencing the financial viability of these real estate projects will also be considered and discussed. It is designed as an introductory to intermediate experience level course. Class sessions are primarily lecture type with substantial participation and discussion expected from the students. Outside speakers, group activities, case studies and exercises will be utilized to reinforce and apply the concepts. Assessments are designed in such a way as to measure student knowledge of content.

The Leasing, Marketing and Negotiations course is designed for entry to intermediate-level commercial real estate development professionals. It is ideal for leasing agents, developers, asset managers and owners. The course provides learners with an overview of the commercial leasing process and marketing strategy, and explores a range of applied negotiation strategies intended to immediately maximize the value of every commercial lease. This course will expose learners to leasing issues surrounding office space, flex space, retail buildings and pad sites. Industrial property leasing, build to suits, commercial condos and sale/leasebacks are also addressed.

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.

Real Estate Law and Land Use Policy is a survey course designed to familiarize students with many of the legal issues commercial real estate practitioners deal with on a regular basis. It provides an overview of the so-called “bundle of rights” associated with real estate ownership, as well as a thorough analysis of the contractual agreements used to create and transfer those rights. Emerging trends in municipal land use regulation and public-private partnerships are also analyzed to help students gain a better understanding of the policy tools government entities rely upon to stimulate, control and tax real estate development. Students completing the course should be in a better position to identify and evaluate potential legal problems involved in complex commercial real estate development and investment transactions.

The Site Feasibility and Market Analysis course is designed for the intermediate experienced- level real estate professional. The course starts with an analysis of macro- economics that drive and support the demand for real estate development. Students explore how to navigate through the capital considerations of a project to include the cost and availability of financing. The underlying contributors to supply, what drives the demand for development and the potential political, legal and regulatory challenges are also examined. As the site feasibility study process continues, each of the due diligence check points are defined and examined. Once the research process leads to consideration of a specific site, learners will identify and analyze the physical attributes, environmental considerations and potential issues with the project.

Construction Management (CM) for Owners and Developers is an introductory course designed exclusively for the real estate professional with little or no prior CM knowledge. The course provides a practical understanding of the planning, design and construction processes from project initiation to closeout. The emphasis is placed on best practices and applied processes within the limitations of budgets, schedules and available resources in an environment of both known and unknown risks. Fundamentals of the construction process, the documents involved for each construction phase and the level of control and leadership required of the various stakeholders are also addressed. Other topics that will be explored include: project management, delivery methods, contracts, scheduling, construction documents, quality and time management, safety, cost management and commissioning. Class exercises and case studies are used to help students strengthen their applied skills and to increase their value to the development team.