Calendar

The readings are from the textbook:

Amazon logo Geltner, David M., Norman G. Miller, Jim Clayton, and Piet Eichholtz. Commercial Real Estate Analysis and Investments. Cincinnati, OH: South-Western Educational Publishing, 2007. ISBN: 9780324305487.

SES # LECTURES READINGS RECITATIONS
1 Course introduction (Geltner) Chapters 1, 2, and skim parts PV math (chapter 8), calculator help, PS1 coaching (TA)
2 DCF (McGrath) Chapter 10 (10.1-3)
3 DCF (cont.) and NPV (McGrath) Chapter 10 (10.4-6) Coaching on excel and argus (TA)
4 NPV (Geltner) Chapter 10 (10.5 and 10.6 and appendix A and B)
5 Real estate cash flows, proformas (McGrath) Chapter 11 (11.1) Problem set 1 due (chapters 8, 10, 11, excel and argus tutorial exercise) (TA) Required assignment
6 Real estate opportunity cost of capital (McGrath) Chapter 11 (11.2) Guest speaker: Jeannette Rice, VP market research, Crescent RE. (Liquidity Seminar)
7 Leverage (McGrath) Chapter 13 (13.1 and 13.2)
8 Case 1: Private practice case I due (McGrath) Case discussion (cont.)
9 WACC formula (McGrath) Chapter 13 (13.3-5)
10 After-tax cash flows (McGrath) Chapter 14 (14.1 and 14.2)
11 After-tax investment analysis and capital budgeting (Geltner) Chapter 14 (14.3.1-5) Leverage and tax (TAs)
12 Commercial mortgage underwriting (Geltner) Chapter 18 (Section 2)
13 Case 2: Private practice case II due (McGrath) Chapter 17 (Section 1) Mortgage mechanics (Geltner)
14 Exam 1 (Chapters 10-13, 14.1-5)
15 Development financial feasibility (Geltner) Chapter 28 Lecture extension; exam de-briefing (Geltner)
16 Development project evaluation (Geltner) Chapter 29 (29.1 and 29.3 only)
17 Intro case 3, madison project example (Geltner) Madison spreadsheet Case 3 guidance (TAs)
18

Madison example (cont.)

Finish development project investment analysis (Geltner)

Sections 29.1 and 29.3
19 Case 3: One Lincoln St case I (development) due (McGrath) Extension of case 3 discussion
20 Lincoln (post) and Inter-Mountain (pre) case discussions (Geltner) Inter-Mountain
21 Capital structure debt vs equity, etc. (Geltner) Chapter 15 No recitation
22 Project level capital structure (Geltner) Section 15.3
23 Real options and land value (Geltner) Chapter 27 Lecture extension
24 Real options and land value (cont.) (Geltner) Chapter 27
25 Case 4: "Inter-Mountain" development project case (Larry Ellman, Citigroup) guest participant Case discussion continued
26 Case 4 debriefing; review and catch up (Geltner)
27 Real options (cont.) review, catch up (Geltner) Chapter 27
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)