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The readings are from the textbook: 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 # LECTURES 1 Course introduction (Geltner) DCF (McGrath) DCF (cont.) and NPV (McGrath) READINGS Chapters 1, 2, and skim parts Chapter 10 (10.1-3) Chapter 10 (10.4-6) Chapter 10 (10.5 and 10.6 and appendix A and B) Problem set 1 due (chapters 8, 10, 11, excel and argus tutorial exercise) (TA) Required assignment Guest speaker: Jeannette Rice, VP market research, Crescent RE. (Liquidity Seminar) Coaching on excel and argus (TA) RECITATIONS PV math (chapter 8), calculator help, PS1 coaching (TA)
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NPV (Geltner)
Chapter 11 (11.1)
SES # LECTURES 7 8 9 10 Leverage (McGrath) Case 1: Private practice case I due (McGrath) WACC formula (McGrath) After-tax cash flows (McGrath) After-tax investment analysis and capital budgeting (Geltner) Commercial mortgage underwriting (Geltner) Case 2: Private practice case II due (McGrath) Exam 1 (Chapters 10-13, 14.1-5) Development financial feasibility (Geltner) Development project evaluation (Geltner) Intro case 3, madison project example (Geltner)
RECITATIONS
Case discussion (cont.) Chapter 13 (13.3-5) Chapter 14 (14.1 and 14.2) Chapter 14 (14.3.1-5) Chapter 18 (Section 2) Chapter 17 (Section 1) Mortgage mechanics (Geltner) Leverage and tax (TAs)
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SES # LECTURES Madison example (cont.) 18 Finish development project investment analysis (Geltner) Case 3: One Lincoln St case I (development) due (McGrath) Lincoln (post) and InterMountain (pre) case discussions (Geltner) Capital structure debt vs equity, etc. (Geltner) Project level capital structure (Geltner) Real options and land value (Geltner) Real options and land value (cont.) (Geltner) Case 4: "InterMountain" development project case (Larry Ellman, Citigroup) guest participant Case 4 debriefing; review and catch up (Geltner)
READINGS
RECITATIONS
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Inter-Mountain
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No recitation
Lecture extension
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SES # LECTURES 27 Real options (cont.) review, catch up (Geltner) 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)
READINGS Chapter 27
RECITATIONS