Real Estate Capital Markets

Lecture Notes

LEC #	TOPICS	LECTURE NOTES
1	Course introduction, portfolio theory	Chapters 21 and 22, slides 19-29 (PDF)
2	Portfolio theory and CAPM	Chapters 21 and 22, slides 30-59
3	CAPM (cont.)	Chapters 21 and 22, slides 60-73
4	REITs introduction	Chapter 23, slides 80-82, 1-26 (PDF)
5	REIT CF-based valuation (as stocks)	Chapter 23, slides 27-46
6	REIT NAV-based valuation and asset valuation	Chapter 23, slides 79, 47-72
7	Lincoln case due
8	REITs management considerations, wrap-up	Chapter 23, slides 73-78
9	CMBS introduction, CMBS structure (start)	Chapter 20, slides 1-16 (PDF)
10	CMBS structure and rating	Chapter 20, slides 17-36
11	CMBS rating and other topics	Chapter 20, slides 37-54
12	Real estate equity derivatives: Index swaps	Chapter 26 (PDF) Derivatives (PDF)
13	Course wrap-up, CMBS case due