FIN 473: Real Estate Investment

Larry Schrenk, Instructor

Schedule and Supplements

 

Topic Number

Date

Topics

Readings
Part I: Introduction

1

(Top)

Week 1

8/21-8/27

Real Estate Investment: Basic Legal Concepts

Slides: Topic 0, Topic 1

Spreadsheets(s): None

Connect Assignment: Chapter 1, Due 9/3

     (NOTE: Connect Assignments are in D2L and require a login.)

 

 Chapter 1
(NOTE: Connect Assignments are in D2L and require a login.)
    Part II: Residential Housing
  

2

(Top)

Week 2

8/28-9/3

Single-Family Housing: Pricing, Investment, and Tax Considerations

Slides: Topic 2

Spreadsheets(s): Rent vs. Owning

Connect Assignment: Chapter 7, Due 9/10  

 

Chapter 7
    Part III: Income-Producing Properties
 

3

(Top)

 Week 3

9/4-9/10

 Income-Producing Properties: Leases, Rents, and the Market for Space

Slides: Topic 3

Spreadsheets(s): Effective Rent

Connect Assignment: Chapter 9, Due 9/17

Labor Day, Monday 9/4, No Classes

 

Chapter 9

 

 4

(Top)

Week 4

9/11-9/17

Valuation of Income Properties: Appraisal and the Market for Capital

Slides: Topic 4

Spreadsheets(s): Highest and Best Use, Apartment Example

Connect Assignment: Chapter 10, Due 9/24

 

 Chapter 10

 5

(Top)

Week 5

9/18-9/24

 Investment Analysis and Taxation of Income Properties

  Slides: Topic 5 

Spreadsheets(s): Market Analysis, Basic Investment Analysis, Office Lease, After Tax Investment Analysis

Connect Assignment: Chapter 11, Due 10/1

 

 Chapter 11

6

(Top)

Week 6

9/25-10/1

 Risk Analysis

Slides: Topic 6

Spreadsheets(s): Partitioning the IRR, Risk and Leverage, Monte Carlo Simulation, Monte Carlo Simulation with Loan, Retail Example, Industrial Example

Connect Assignment: Chapter 13, Due 10/8

 

Chapter 13

7

(Top)

 

Week 7

10/2-10/8

Disposition and Renovation of Income Properties

Slides: Topic 7

Spreadsheets(s): Return If Held, MRR, Return with Refinancing, Installment Sale, Exchange, Renovation

Connect Assignment: Chapter 14, Due 10/15

Improvement Day, Tuesday 10/3, No Classes

 

 Chapter 14
    Part IV: Alternative Real Estate Financing and Investment Vehicles
 

8

(Top)

 Week 8

10/9-10/15

 Structuring Real Estate Investments: Organizational Forms and Joint Ventures

        Slides: Topic 8

Spreadsheets(s): IRR Preference, IRR Lookback, Partnership

Connect Assignment: Chapter 18, Due 10/22

        Exam 1, Friday 10/13 (Through Topic 7)

 

 Chapter 18

9

(Top)

 

Week 9

10/16-10/22

Real Estate Investment Trusts (REITs)

        Slides: Topic 9      

Spreadsheets(s): None

Connect Assignment: Chapter 21, Due 10/29

  

Chapter 21
    Part V: Portfolio Analysis and Real Estate Funds
 

10

(Top)

Week 10

10/23-10/29

Real Estate Investment Performance and Portfolio Considerations

         Slides: Topic 10 

Spreadsheets(s): Frontier, Portfolio Optimizer

Connect Assignment: Chapter 22, Due 11/5

    

 Chapter 22

11

(Top)

Week 11

10/30-11/5

Real Estate Investment Funds: Structure, Performance, Benchmarking, and Attribution Analysis

Slides: Topic 11 

Spreadsheets(s): Fee Example, Fund Returns, Catchup, Attribution Analysis, Risk Measures

Connect Assignment: Chapter 23, Due 11/12

Spring Summer Registration, Monday 10/30

 

 Chapter 23
    Part VI: Cases  

 

Week 12

11/6-11/12

Case 1

  

 TBA
   Week 13

 11/13-11/19

Case 2

  

TBA

 

 Week 14

 11/20-11/26

Case 3

  Fall Break/Thanksgiving, 11/22-11/24, No Classes

  

TBA

 

 Week 15

 11/27-12/1

Case 4

Slides: TBA

Case Reports:  Due 12/1  (To aviod penalties, please follow the submission instructions in D2L exactly.)

 

 TBA

 

 

Exam 2/Final Exam

  Date: See Registrar's Website