11.432J | Spring 2007 | Graduate

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  

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