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Real Estate Course Schedule

September Start | January Start | Course Descriptions

September Start

Students starting the MBA in September generally take their first real estate course, Real Estate Finance, in their second semester. Students wishing to obtain a real estate internship between first and second year benefit from having Real Estate Finance under their belt before beginning the summer work term.

In the second-year fall semester, students can take Real Estate Capital Markets and/or Real Estate Transactions, among other options. In the spring semester, students can choose from a number of real estate electives as well.

Year

Fall Semester

Spring Semester

Summer

First

MBA Core courses

MBA Core courses plus elective(s):
Real Estate Finance*
Real Estate Development

Internship

Second

3 courses plus electives:
Real Estate Capital Markets
Real Estate Transactions
Real Estate Project Class
Social Impact Real Estate Investing and Development

2-3 courses plus electives:
Advanced Seminar in Real Estate
Real Estate M&A and Restructuring Deal Workshop
Real Estate Development
Global Real Estate Investment
Real Estate Portfolio Management
EMBA Block Week Course: Real Estate as an Asset and a Business

 

 

 

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January Start

Students starting the MBA in January may take Real Estate Finance and Real Estate Fundamentals during the summer term.

In the second-year fall semester, students can take Real Estate Capital Markets and/or Real Estate Transactions, among other options. In the spring semester, students can choose from a number of real estate electives as well.

Year

Fall Semester

Spring Semester

Summer

First

 

MBA Core courses

 

 

MBA Core courses plus electives:
Real Estate Finance*
Real Estate Fundamentals (not offered in Summer 2014)

Second

2 courses plus electives:
Real Estate Capital Markets
Real Estate Transactions
Real Estate Project Class
Social Impact Real Estate Investing and Development

2-3 courses plus electives:
Advanced Seminar in Real Estate
Real Estate M&A and Restructuring Deal Workshop
Real Estate Development
Global Real Estate Investment
Real Estate Portfolio Management
EMBA Block Week Course: Real Estate as an Asset and a Business

 

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Course Descriptions

Please see the course catalog to for details about schedules, credits, and professors. Refer to the Real Estate Career Course Map for assistance in selecting related electives outside the real estate courses.

Real Estate Finance* focuses on the set of concepts and techniques used to analyze and finance income-producing real property. It starts with the characteristics that make real property different, including cash flow uncertainties, debt sources, and tax features. It then considers the available strategies and structures of real estate finance, including capital structure choices for construction and permanent financing. Extensive use is then made of cases to illustrate the range of choices and outcomes.

A blend of finance theory as applicable to real estate and practical skills of project analyses, Real Estate Finance is essential for all students who wish to take further coursework in real estate. 3 credits. Starting in fall 2012, the division will offer students the option to take an exemption exam.

Real Estate Transactions provides you with an understanding of the institutional framework of commercial real estate transactions. It is the complement to the analytics of finance and investment. Real estate transactions draw upon a vast array of laws and regulations – property law, contract law, land-use law, environment law, securities law, constitutional law, corporate law, bankruptcy law, insurance law, and riparian law. Tax considerations similarly play a significant role in shaping transactions as real estate is highly sensitive to taxation at all levels of government and across all stages of property ownership. You should finish the course knowing how the terms and conditions spelled out in a term sheet find their way into particular sections and provisions of a deal’s legal documentation. To succeed in this business, you will need to be savvy consumers of legal expertise, notwithstanding the knowledge and expertise of your attorney. 3 credits.

Real Estate Capital Markets: 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, has 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 that 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. 3 credits.

Real Estate M&A and Restructuring Deal Workshop: High-stakes real estate M&A and restructuring transactions require consummate deal-making skills and a thorough understanding of the underlying business, legal, financial, and strategic frameworks. This workshop will explore the relevant skill-sets and underlying frameworks through a combination of class discussions and hands-on exercises. The class will take a multidisciplinary approach based on the premise that an effective transactional lawyer must understand the business and financial goals and implications of the deal and, similarly, that an effective business or finance expert must have a solid grasp of the legal and structural underpinnings for the transaction. 1.5 credits.

Global Real Estate Investment: This half-term course will introduce students to the fundamentals of global real estate investment from an institutional perspective through an exploration of specific strategies for structuring global real estate portfolios. It will also provide students with an analytical framework and the tools to analyze and value cross-border real estate investments in developed and emerging markets. Given current market conditions, attention will also be paid to asset management strategies. 1.5 credits.

Advanced Seminar in Real Estate: This case-based course addresses and, where possible, simulates complex problem solving applied to real estate. The emphasis is on strategic decision making and the types of issues that principals and investors face in acquiring, financing, owning, managing, developing, and restructuring real estate. Using cutting-edge case materials developed for the Columbia MBA Real Estate Program, the course focuses on analyzing complex problems and developing a recommended course of action based on in-depth analysis, both quantitative and qualitative. The course aims to develop your understanding of and appreciation for the multiple dimensions – economic, financial, and institutional – that shape the decision-making environment for real estate investment. Drawing upon the participation of case principals in the classroom, the course also addresses the issues and tactics of how the various industry actors – public companies, private equity funds, and individuals – execute their strategies, including dynamics that constrain actors and organizations in the real estate business. The course is designed to challenge students with complex situations so that they can not only hone their analytical skills, but also develop effective means of communicating their analytical insights and conclusions to different audiences: investors, lenders, clients, and joint-venture partners. 3 credits.

Real Estate Development will examine the development process and review practical applications of site acquisition, design, construction, and financing. This will be accomplished through a combination of outside speakers and project presentations (including site visits) as well as through the use of case studies and decision briefs. Specific attention will be paid to covering substantially all of the major use types found in the built environment and produced primarily by developers but also users. This broad survey of development will include urban commercial projects, urban residential projects, suburban commercial projects, hotel, retail, and international. 3 credits.

Real Estate Project Class: This course provides students who intend on pursuing careers in real estate the opportunity to learn how to design and execute projects of professional scope and quality under the guidance of an experienced professor and a specific company sponsor. The course will include instruction in project design, scoping, strategy, research, and execution. Presentation skills both oral and written are integral to the course and project. 3 credits. More . . .

Social Impact Real Estate Investing and Development: This course will explore what comprises and how to develop and invest in “social impact” real estate projects. How do we define what constitutes “social impact” with respect to real estate projects? How do various public and private sector stakeholders define “social impact” and how does it change over time as policy and markets change? Is “social impact” measurable, or is it a qualitative concept? How does that effect what types of financial products are available for developers and investors to utilize when putting together deals? Using examples of real deals, and focusing largely on urban markets, students will work through the challenges and opportunities of financing various types of projects, including: affordable and mixed-income housing, mixed-use, neighborhood retail, and community facilities (charter schools, primary care clinics, day care, etc.). Students will be exposed to a variety of financial tools (LIHTCs, tax-exempt bonds, NMTCs, QSCABs, etc.) and public sector programs that are necessary to make social impact projects feasible while also being asked to gauge whether the risk-adjusted returns warrant “doing the deal.” In addition, the course will explore the following questions: Who are the players in the “social impact” real estate space. Who are the capital providers in both the public and private sectors? Who are the developers? Can you make money being a socially responsible developer? What role do non-profits play? How do shifts in public policy and priorities impact the availability of capital (rental vs. home-ownership, transit-oriented development, the Community Reinvestment Act, etc.) and determine what projects do and do not get done? Speakers will include for-profit and non-profit developers, fund managers, government officials, and financial institutions. The course will include a site visit to at least one large-scale “social impact” project in NYC. 3 credits.

Real Estate Portfolio Management: This six-week course focuses on design and implementation of strategies for the management of portfolios of private-market real estate investments. Topics include devising alpha strategies, approaches to diversification, creating investment plans to achieve different risk profiles (core, value-add, opportunistic), performance measurement and analysis, etc. Class sessions will be made up of lectures, guest speakers and student presentations. There will be a final case project, to be done in groups, due after class sessions have ended. Grading will be based on class participation and written assignments. Although not a pre-requisite, B8333 Real Estate Capital Markets is highly recommended. Students who have not taken Real Estate Capital Markets may need additional preparation prior to or in conjunction with the class. 1.5 credits.

Real Estate Fundamentals focuses on global demand for real estate, emphasizing human and business demographics; success factors in development, public-private partnerships, and mixed-use projects; an overview of infrastructure and green investments; and characteristics of developed and emerging real estate markets. These topics complement Real Estate Finance and are not duplicative. Each student will make a 15-minute presentation related to a reading, and discussion will follow. Classes will be highly interactive, with students expected to share previous real estate experience. 3 credits.

EMBA Block Week Course: Real Estate as an Asset and a Business: This block week course is designed to provide you with an intensive dive into the fundamentals of commercial real estate finance, investment, and development. It will cover several broad topics – (1) Scope of character of the commercial real estate industry; (2) Real Estate Finance and Investment; (3) Real Estate Transactions; and (4) Real Estate Development. 3 credits.

*Real Estate Finance is offered in the fall, spring, and summer terms. All other real estate courses are offered only once per academic year.