Course Schedule and Lecture Notes

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: 12/01/2011 02:18:39 PM

Fall 2009 schedule with 13th edition page numbers (focus on the topics and the assigned pages should be correct) - PDF format

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  

 

Dr. Longhofer's home page.

Center for Real Estate home page.