Over the past two decades the development of commercial real estate capital markets, in particular the expansion of the public markets for debt and equity securities, have revolutionized the industry providing unprecedented capital availability and pricing, reshaping valuation metrics, heavily influencing private capital formation and providing investors with a greater array of investment, hedging and arbitrage opportunities. As the past several years have demonstrated, this integration into the public markets also creates volatility that can be driven by factors well outside the realm of commercial property markets. Today’s professional real estate investor must have an investment view and strategy which are informed by and integrated with the opportunities and the risks inherent in today’s capital markets. This course takes an in-depth look at financial structures and capital markets available to real estate debt and equity investors and explores the ways those structures and markets influence broad investment strategies.
J. Daniel Adkinson was a Columbia Business School faculty member from 2003 to 2016.
Michael Giliberto was a Columbia Business School faculty member from 2007 to 2016.