Some of the lecture notes span more than one class session; they are included in the first session only.
Lecture notes files.
| SES # |
TOPICS |
| 1 |
Course introduction (Geltner) (PDF) |
| 2 |
DCF (McGrath) (PDF) |
| 3 |
DCF (cont.) and NPV (McGrath) |
| 4 |
NPV (Geltner) |
| 5 |
Real estate cash flows, proformas (McGrath) (PDF) |
| 6 |
Real estate opportunity cost of capital (McGrath) |
| 7 |
Leverage (McGrath) (PDF) |
| 8 |
Case 1: Private practice case I due (McGrath) |
| 9 |
WACC formula (McGrath) |
| 10 |
After-tax cash flows (McGrath) |
| 11 |
After-tax investment analysis and capital budgeting (Geltner) (PDF) |
| 12 |
Commercial mortgage underwriting (Geltner) (PDF) |
| 13 |
Case 2: Private practice case II due (McGrath) (PDF) |
| 14 |
Exam 1 (Chapters 10-13, 14.1-5) |
| 15 |
Development financial feasibility (Geltner) (PDF) |
| 16 |
Development project evaluation (Geltner) (PDF) |
| 17 |
Intro case 3, madison project example (Geltner) |
| 18 |
Madison example (cont.)
Finish development project investment analysis (Geltner)
|
| 19 |
Case 3: One Lincoln St case I (development) due (McGrath) |
| 20 |
Lincoln (post) and Inter-Mountain (pre) case discussions (Geltner) |
| 21 |
Capital structure debt vs equity, etc. (Geltner) (PDF) |
| 22 |
Project level capital structure (Geltner) |
| 23 |
Real options and land value (Geltner) (PDF) |
| 24 |
Real options and land value (cont.) (Geltner) |
| 25 |
Case 4: "Inter-Mountain" development project case (Larry Ellman, Citigroup) guest participant |
| 26 |
Case 4 debriefing; review and catch up (Geltner) |
| 27 |
Real options (cont.) review, catch up (Geltner) |
|
Final exam (Cumulative with emphasis on 17.1, 18.2, 15.3, 27, 28, 29.1 and 29.3, and lessons from Cases 3 and 4) |