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. 23 |
Course overview
Introduction to commercial property markets |
Ch. 9, pp. 254-264
Ch. 22, pp. 710-716 |
|
Aug. 25 |
Introduction to commercial property markets, cont. |
|
|
Aug. 30 |
Pre-exam on background concepts
Note that you must earn a "B" or better on this pre-exam in order
to receive a grade in the course. |
Ch. 3 |
|
Sept. 1 |
Introduction to leases
Common lease terms
Building measurement |
Ch. 9, pp. 264-290 |
|
Sept. 6 |
Introduction to leases, cont.
Effective rent
Valuation fundamentals, part I
Calculating NOI & cap rates |
HW1 - Commercial markets &
leases |
|
Sept. 8 |
Valuation fundamentals, part I, cont.
Multipliers and ratio analysis |
HW2 - Effective rent |
|
Sept. 13 |
Valuation fundamentals,
part II
Discounted cash flow analysis
Forecasting cash flows
Estimating reversion values |
Ch. 10, pp. 306-324
Ch. 11, 339-362
HW3 - NOI & cap rates |
|
Sept. 15 |
Valuation fundamentals, part II, cont.
Discuss HW4 |
HW4 - Estimating reversion values
|
|
Sept. 20 |
Unlevered investment analysis
Valuation fundamentals, part III |
HW5 - Unlevered investment analysis |
|
Sept. 22 |
Valuation fundamentals, part III, cont.
Review
Last day to take and pass the pre-exam on background concepts |
|
|
Sept. 27 |
Midterm exam #1 |
|
|
Sept. 29 |
Commercial property finance
Introduction to financial leverage
Commercial underwriting guidelines |
Ch. 12, pp. 381-396 |
|
Oct. 4 |
Commercial property finance, cont.
Before-tax investment analysis |
HW6 - Commercial finance |
|
Oct. 6 |
Before-tax investment analysis, cont.
Taxation,
part I
Tax basis & depreciation |
Ch. 11, pp. 363-372
HW7 - Before-tax
investment analysis |
| Oct. 11 |
Taxation, part I, cont.
Calculating ATCF |
|
| Oct. 13 |
Taxation, part I, cont. |
|
|
Oct. 18 |
Fall Break - No class |
|
|
Oct. 20 |
No class |
|
|
Oct. 25 |
Taxation,
part II
After-tax investment analysis
|
|
|
Oct. 27 |
Taxation, part II,
cont. |
HW8 - After-tax
investment analysis |
|
Nov. 1 |
Taxation, part II,
cont. |
|
|
Nov. 3 |
Midterm exam #2 |
|
|
Nov. 8 |
Risk analysis and
choosing discount rates |
Ch. 13 |
|
Nov. 10 |
Risk analysis, cont.
Disposition and renovation decisions
|
Ch. 14
HW9 - Discount rates |
|
Nov. 15 |
Disposition and renovation decisions, cont.
|
HW10 - Disposition analysis |
|
Nov. 17 |
Corporate real estate decisions, part I
Lease vs. own analysis
|
Ch. 15 |
|
Nov. 22 |
Corporate real estate decisions,
part I, cont.
Sale-leasebacks |
|
|
Nov. 24 |
Thanksgiving Break - No class |
|
|
Nov. 29 |
Class cancelled |
|
|
Dec. 1 |
Sale-leasebacks, cont.
Corporate real estate decisions, part II
Valuing leasehold interests and subleases |
HW11 - Sale-leasebacks |
|
Dec. 6 |
Corporate real estate decisions, part II, cont. |
HW12 - Valuing leasehold interests
|
|
Dec. 8 |
No class |
|
|
Dec. 13 |
Final exam - 10:00-11:50 |
|
