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Topic 1: Land Value and Real Estate Development |
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1 |
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Course intro, Real option model of land value |
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GM* 28 (new students review Ch.7) |
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2 |
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Land value (cont.) |
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GM* 28 |
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Option theory review (Callagy), Intro Case 1 |
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3 |
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Development financial feasibility |
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GM* 28 finish, GM* 29 |
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4 |
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Development project evaluation |
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GM* 29, R(11) |
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Guest speaker on use of land options (Bill McLaughlin, Avalon Bay) |
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Topic 2: Portfolio Strategy and Equilibrium Asset Class Valuation |
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5 |
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Portfolio theory |
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GM* 29 finish, GM* 21 (Review Ch.9) |
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Review (Callagy) |
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6 |
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Portfolio theory (cont.) |
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GM* 21 |
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7 |
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Portfolio theory (cont.), Begin equilibrium asset class val. |
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GM* 21, GM* 22, R(1), R(8) |
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Unsmoothing (Geltner), Intro Case 2 (Callagy) |
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8 |
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Equilibrium asset class valuation (cont.) |
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GM* 22 |
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9 |
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Equilibrium asset class valuation (cont.) Alternatively, students encouraged to attend PREA Meeting (NYC) |
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GM* 22; R (2), R(7) |
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Case 1 due (dvlpt case) (course instructor and Guest speaker John Hynes) |
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10 |
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Follow-up discussion Case 1 |
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11 |
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R.E. periodic returns data issues. |
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GM* 23 and 25 skim |
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Case 2 due (portf case) (Cate Polleys Guest participant) |
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12 |
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Mid-term Quiz (Chs. 28-29, 21-22 as covered in class) |
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Review for exam, due a day earlier |
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13 |
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R.E. periodic returns data issues (cont.) |
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GM* 23 and 25 skim; R(1) |
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Review Midterm Quiz |
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Topic 3: Real Estate Debt, MBS, REITs, Invstmt Mgt. |
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14 |
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Bond and mortgage economics |
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GM* 18.1, GM* 19, R(12) |
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15 |
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Mortgage investments |
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GM* 19, R(9) |
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Case 3 due (Graybar) |
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16 |
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Morg. Invstmt (cont.) |
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GM* 19 |
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17 |
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Residential MBS, CMBS |
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GM* 20 |
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Sam Davis and Tony Wood (Hancock), Guest speakers |
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18 |
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CMBS (cont.) |
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GM* 20 |
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19 |
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CMBS (cont.) |
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GM* 20 |
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Review (Callagy) |
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20 |
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CMBS (cont.), REITs |
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GM* 20, GM* 24, R(4), R(5) |
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Guest speaker (REITs): Doug Linde (Boston Properties) |
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21 |
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REITs (cont.) |
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GM* 24 |
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22 |
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New York field trip (no class): Optional (recommended) visit CSFB (CMBS), Morg-Stan (REITs) |
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On your own to get to & stay in NYC, Visit sites in Midtown. |
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23 |
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REITs (cont.) |
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GM* 24 |
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24 |
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REITs (cont.), R.E. Investment Mgt. |
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GM* 24, R(6), GM* 26, GM* 27 |
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Case 4 due (REIT case) |
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25 |
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R.E. Investment Mgt. (cont.) |
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GM* 27 |
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26 |
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Benchmarking |
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GM* 27 |
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Kevin Fitzpatrick (AIG), guest speaker (Intl R.E. Investmt) |
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Exam 2 (Cumulative but with emphasis on material since midterm quiz) |
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GM* 18.1, 19-29 (esp GM* 18.1, 19-20, 24, 26-27) |
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Review (& voluntary practice problem set, assigned two days earlier) |
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* GM # = Geltner-Miller text chapter #, R(#) = Reader packet article #. Note: GM is primary reference. |
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