Spring 2011 EMBA Course

B7399-130: Real Estate Investment

2011EMBA, Menu D - 04:00AM to 05:00AM

Instructor: Daniel Adkinson

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With an aggregate economic value of $5 trillion, income producing real estate in the U.S. represents a large class of investment assets that is highly segmented by geography and property type. While the growth and consolidation of publicly-traded real estate investment trusts (REIT) has increased the scale of the largest market players, the ownership of income producing commercial and residential real estate remains a highly
fractionalized, entrepreneurial business.
This course will focus on real estate investment: the process of buying, financing, operating and selling income producing real estate. First, we will gain perspective on real estate as one of the investment alternatives for a multi-sector investor. Then we will identify the unique characteristics of real estate investments reviewing the significant property types and reviewing historic returns to real estate investment and the sources of
that return. Next we will delve into the investment process itself: gathering and understanding positive and negative information on real estate markets, identifying and evaluating buying opportunities, raising secured real estate debt and understanding the impact of leverage on investments. Lastly we will discuss perspectives on current capital market conditions and their impact on real estate investment including differences in
valuation of assets between public and private markets and most importantly the sources and impact of the current credit crisis.


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J. Daniel Adkinson

Adjunct ProfessorDan Adkinson serves as a Managing Director of NewStar and Head of its Commercial Real Estate lending division. He also serves as a member of NewStar's Management Committee. Mr. Adkinson has more than 30 years experience in the origination, underwriting, management and workout of portfolios of senior and subordinated real estate debt investments. For the past decade he has been a portfolio manager at JP Morgan...

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