Fall 2020

Basic understanding of public finance, public debt, public-private joint ventures, time value of money, present value, risk and return, discounted cash flows, leverage and taxes.

Land use planning and zoning; community and government relations; environmental regulation.

Real estate overview; evolution of cities and neighborhoods; product types; introduction to valuation.

Real estate development feasibility and analysis; underwriting local fundamentals including neighborhood and city change, real estate capital flows

Cities and urban form created through various real estate product types. Case studies and site visits.

Historical evolution of planning and development. How changing modes of planning and development have shaped the built landscape throughout the century.

Theories and concepts of livable communities and good city form; case studies of historical and current best practices; field visits; collaborative design project.

Macro and micro-analysis of urban property markets; demographics; location choice; regulation

Advanced real estate principles. Underwriting property valuation and deal structure including risk and return. Debt and equity markets; difference between development and existing assets.

Individual research and readings.

Explores macro and micro aspects of residential, retail, office, and industrial markets and examines methodologies for analyzing such markets for real estate development/investment purposes.

Fundamental principles of real estate analysis; economics; capital markets; development decision making; relationships between real estate markets and federal, state and local government policies; property value.

Principles of real estate analysis; captial markets; importance of uncertainty and metrics of risk; investments; valuation techniques; use of debty and equity, leases, taxes;

Theory and methods of real estate finance and investment. Real estate investment analysis, real estate entities, taxation; introduction to securitization of real estate equities, debt.

Explore structure, instruments and institutions of real estate capital markets. Consider linkages between real estate and capital markets. Asses role of Real Estate Investment Trusts.

Approval process for real estate development including land use entitlement, site selection, zoning, environmental review, community and government relations, infrastructure financing, ethical issues, negotiation skills.

Ownership and transfer of real estate; formation and enforcement of contracts; business associations; environmental regulation; taxation of property transfers; acquiring, financing, leasing of commercial property.

Overview of institutional asset management: creating and implementing investment and portfolio strategies through the development, acquisition, underwriting, and operational stages of the investment, asset disposition.

The exploration of categories of building types, including retail, industrial, residential, office, and institutional, using key examples or case studies from each.

Research leading to the master's degree. Maximum units which may be applied to the degree to be determined by the department. Graded CR/NC.

An evaluation of various real estate development product types. Case studies and site visits.