Real Estate Capital Markets

Calendar

LEC #	TOPICS	RECITATIONS
1	Course introduction, portfolio theory
2	Portfolio theory and CAPM	Review of real estate finance from last fall
3	CAPM (cont.)
4	REITs introduction	Portfolio exercise due Guest speakers: Cate Polleys and John Barrie, Fidelity
5	REIT CF-based valuation (as stocks)	Coaching on “ABC REIT” excel model and/or Lincoln case
6	REIT NAV-based valuation and asset valuation
7	Lincoln case due	Case discussion (cont.)
8	REITs management considerations, wrap-up
9	CMBS introduction, CMBS structure (start)	Guest speaker on REITs
10	CMBS structure and rating
11	CMBS rating and other topics	CMBS guest speaker
12	Real estate equity derivatives: Index swaps
13	Course wrap-up, CMBS case due	Case discussion (cont.)