Course Schedule

The following course schedule should be considered extremely tentative, and will likely change depending on our pace through the semester.  In particular, the dates and topics of homework assignments and quizzes WILL change, so check back at this page frequently for the most current information.  Make sure to press the REFRESH button on your browser to ensure that the latest information is shown.  

Page last updated: 11/19/2009

Date

Topic

Assignment

Aug. 24

Course overview

Introduction to commercial property markets

Ch. 9, pp. 245-255

Ch. 22, pp. 648-654; 663-673

Aug. 26

Introduction to commercial property markets, cont.

 
Aug. 28

Optional Friday session (8:30-10:30)
Time value of money & financial calculator review

Ch. 3

Aug. 31

Pre-exam on background concepts
Note that you must earn a "B" or higher on this pre-exam in order to receive a grade in the course.

 
Sept. 2

Introduction to leases
Common lease terms
Building measurement

Ch. 9, pp. 255-276

 

Sept. 7 Labor Day - No class  
Sept. 9

Introduction to leases, cont.
Effective rent

Ch. 10, 280-288

HW1 - Lease jargon

Sept. 14

Valuation fundamentals, part I
Calculating NOI & cap rates

 

HW2 - Effective rent

Sept. 16

Valuation fundamentals, part I, cont.
Multipliers and ratio analysis

 
Sept. 21

Valuation fundamentals, part II
Discounted cash flow analysis
Forecasting cash flows
Estimating reversion values

Ch. 10, pp. 288-294

Ch. 11, 319-335

HW3 - NOI & cap rates

Sept. 23

Valuation fundamentals, part II, cont.
Discounted cash flow analysis
Forecasting cash flows
Estimating reversion values

Last day to take and pass the pre-exam on background concepts

HW4 - Estimating reversion values

Sept. 28

Valuation fundamentals, cont.

Review

HW5 - Unlevered investment analysis

Sept. 30

Midterm exam #1

 
Oct. 5

Spreadsheet modeling

 

Oct. 7

Commercial property finance
Introduction to financial leverage
Commercial underwriting guidelines

 
Oct. 12

Commercial property finance, cont.

Before-tax investment analysis

 

Oct. 14

Before-tax investment analysis, cont.

 

HW6 - Commercial finance

HW7 - Before-tax investment analysis

Oct. 19

Taxation, part I
Tax basis & depreciation

Ch. 11, pp. 336-345

Oct. 21

Taxation, part I, cont.
Calculating ATCF

Spreadsheet assignment #1

Oct. 26

Taxation, part II
After-tax investment analysis

 
Oct. 28

Taxation, part II, cont.

 

HW8 - After-tax investment analysis

Nov. 2 Schwartz Lecture - RSC Theatre  
Nov. 4

Taxation, part II, cont.

Review

 

Nov. 9

Midterm exam #2

 

Nov. 11

Corporate real estate decisions, part I
Lease vs. own analysis
Sale-leasebacks

Ch. 15

 

Nov. 16

Corporate real estate decisions, part I, cont.
Sale-leasebacks

 

Nov. 18

Corporate real estate decisions, part II
Valuing leasehold interests and subleases

 

Nov. 23

Corporate real estate decisions, part II, cont.

HW9 - Sale-leasebacks

Nov. 28 Thanksgiving Break - No class  
Nov. 30

Disposition and renovation decisions

Ch. 14

HW10 - Valuing leasehold interests

Dec. 2

Disposition and renovation decisions, cont.

 

Dec. 7

Risk analysis and choosing discount rates

Spreadsheet assignment #2

Dec. 9

Valuation fundamentals, part III
Highest & best use
Mortgage equity capitalization
Cap rates & property values

 

Ch. 10, pp. 294-304

Ch. 12, pp. 358-362

HW11 - Discount rates & other topics

Dec. 14

Final exam - 8:00-9:50

 

 

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