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.
| 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 |
|
