Readings

There are no formal required materials. Students may find the following text useful for some topics:

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 # TOPICS REFERENCES
1 Transaction index methodology Chapter 25
2 Guest lecture on transaction-based indices  
3 Guest lecture on CDO's (collateralized debt obligations)  
4 Guest lecture on CMBS (commercial mortgage-backed securities) default modeling  
5 Guest lecture on commercial real estate derivatives Chapter 26 (section 26.3 only)
6 No class (optional trip to New York)  
7 No class (optional trip to New York)  
8 Valuing flexibility in real estate development projects using spreadsheet-based simulation Chapter 29, especially 29.4 and CD Appendix 29
9 Simulation nuts and bolts  
10 Derivatives (pricing and technical issues) Chapter 26.3
11 International real estate investment Chapters 24 and 26 (sections 26.1-2 only)
12-13 Student presentations  

 

Additional Readings

de Neufville, Richard, Stefan Scholtes, and Tao Wang. "Real Options by Spreadsheet: Parking Garage Case Example." Journal of Infrastructure Systems 12, no. 2 (2006): 107-111.

Fisher, Jeff, David Geltner, and Henry Pollakowski. "A Quarterly Transactions-Based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand." Journal of Real Estate Finance and Economics 34, no. 1 (2007): 5-33.

Fisher, Jeff, Dean Gatzlaff, David Geltner, and Donald Haurin. "Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices." Real Estate Economics 31, no. 2 (2003): 269-303.

Geltner, David, and David Ling. "Considerations in the Design and Construction of Investment Real Estate Research Indices." Journal of Real Estate Research 28, no. 4 (2006): 411-444.

Geltner, David, and Henry Pollakowski. "A Set of Indexes for Trading Commercial Real Estate Based on the Real Capital Analytics Transaction Prices Database." Working paper, MIT Center for Real Estate, 2006.