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“Real estate accounts for one third of the world’s capital assets. Integrating theoretical and practical knowledge, this program provides participants with a high level of expertise of the ever-changing global market for real estate finance and investment.”
– Faculty Co-Director Tomasz Piskorski
As yields are compressing in traditional asset classes, more and more investors are increasing capital allocations into real estate. With financing attributes beneficial to institutional investors, fund managers, and entrepreneurs alike, real estate has become an avenue to wealth and a source of portfolio diversification for a wide range of investment entities.
Taught by Columbia Business School’s top real estate faculty from the School’s esteemed Paul Milstein Center for Real Estate, the Real Estate as an Asset and Business program provides participants with a deep understanding of real estate valuation and investments — sharpening their acumen of real estate principles, teaching them how to mitigate risk in real estate investing, and strengthening their strategic decision-making capabilities in the field.
The program also introduces participants to businesses and strategies that disrupt and improve the way they buy, rent, sell, and manage real estate assets, including investment in disruptive real estate technologies and applications — insights that will help participants make better real estate investment decisions for the future. While touching on residential housing, the three-day program primarily focuses on the acquisition and management of income-producing commercial properties.
For a complete program schedule, download the agenda.
Please Contact Us
Please contact our Learning Solutions Specialists at +1 212-854-3395 for a personal conversation to learn more.
This three-day program is designed to provide an intensive dive into the changing fundamentals and emerging opportunities in real estate. Participants build on their existing business knowledge and learn how to apply that knowledge to the real estate investment market. Specifically, participants will walk away with:
- A deep understanding of the scope and character of the global real estate industry
- Hands-on real estate finance expertise essential to developing or investing in real estate assets
- A tool set to identify real estate investment opportunities globally
- Ways to identify investment risk profiles of different types of real estate properties
- A better grasp of the challenges and opportunities of technological disruption in real estate
Upon completion of this program, you will earn three days towards a Certificate with select alumni and tuition benefits. Learn more.
Day 1: Commercial Real Estate Fundamentals and Valuation
Day one provides participants with an overview of the categories of real estate assets and investments and provides them with the tools to project and analyze cash flow for real estate properties, including modeling cash flow, the concept of real estate pro forma, and capitalization rates.
Participants also get a deep dive into real estate financing, including mortgage financing and other ways of raising capital for real estate acquisitions and investments. Finally, participants learn about real estate taxation, an important driver of value in many real estate investments.
Day 2: Real Estate Investment Opportunities and Transactions
Day two features a hands-on case exercise where participants model cash flows of a real estate investment comparable to a real-life analysis in the industry. Sessions on day two also cover lender's rights, borrower’s rights, and foreclosure processes, followed by a discussion about value investing strategies in the real estate industry.
Day 3: Corporate Real Estate, Housing, Disruption, and Course Summary
The last program day offers another hands-on case study, providing participants the opportunity to analyze an actual real estate investment strategy. Day three will also address the latest developments in the real estate industry, including the impact of disruptive technologies in the field.
Throughout the program, industry guest speakers will complement the classroom and experiential learning sessions.
For a complete program schedule, please download the agenda.
The course is designed for businesspeople on the periphery of the real estate business, including investors who touch but don't specialize in real estate, mortgage lenders, private wealth advisors, or chief investment officers who do not have a background in real estate but need to acquire or enhance their understanding of the sector. The program would also be appropriate for real estate professionals who need a refresher of the key concepts and an update to new developments in proptech.
Familiarity with Microsoft Excel and basic financial concepts such as net present value, internal rate of return, or discounted cash flow is expected.
Alumni and up to four of their colleagues are eligible for a 25 percent tuition benefit for programs lasting up to seven days. More on the Alumni Tuition Benefit.
Christopher J. Mayer, Faculty Co-Director
Paul Milstein Professor of Real Estate; Professor of Finance
Co-Director, Paul Milstein Center for Real Estate, Columbia Business School
Christopher Mayer’s research explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Professor Mayer is also CEO of Longbridge Financial, an innovative reverse mortgage company focused on delivering responsible home equity products to older Americans to help finance retirement. Mayer serves as a research associate at the National Bureau of Economic Research, a director of the National Reverse Mortgage Lenders Association, and a member of the Academic Advisory Boards for Standard and Poor's and the Housing Policy Center at the Urban Institute.
Mayer is active in the media and advising policymakers, testifying six times before committees of the U.S. Senate and House of Representatives, writing a paper for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles in major publications. He previously served as senior vice dean at Columbia Business School and held positions at the Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He earned a BS in Math and Economics from the University of Rochester with highest honors and a PhD in Economics from MIT.
Tomasz Piskorski, Faculty Co-Director
Edward S. Gordon Professor of Real Estate, Columbia Business School
Tomasz Piskorski is also a research associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute. Professor Piskorski’s research explores issues in real estate finance, securities and mortgage markets, financial intermediation and banking, market structure and regulation, and housing policy. His recent work centers on inefficiencies in credit markets, financial technology, shadow banking, financial regulation, mortgage market reform, and the impact of consumer credit markets on the broader economy.
His research and market views have been presented at an array of academic, governmental, and financial institutions, including the U.S. Congress, the U.S. Treasury, the U.S. Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the London Stock Exchange, the Federal Reserve Banks, the European Central Bank, the National Association of Home Builders, the Brookings Institution, the Cato Institute, and the Woodrow Wilson Center. He received the AQR Insight Distinguished Paper Award that recognizes research that provides the most significant, new practical insights for tax-exempt institutional or taxable investor portfolios.
David M. Sherman, Faculty Co-Director
Senior Advisor and Chairman of the Investment Committee, Metropolitan Real Estate
Co-Director, Paul Milstein Center for Real Estate, Columbia Business School
David Sherman is senior advisor and chairman of the Investment Committee at Metropolitan, a real estate investment management company that he co-founded in 2002. Sherman has more than 30 years of real estate finance and analytical experience. In 2000, Mr. Sherman founded D. Sherman & Company, Inc., an advisory firm focused on strategic issues and transactions in the real estate securities industry.
Previously, Sherman was managing director of Salomon Smith Barney’s REIT research team, which covered more than 60 stocks and supported the firm’s $15 billion of REIT offering activity. At Smith Barney, Mr. Sherman created a new approach to evaluate global real estate securities and initiated global coverage of the sector. Sherman also held other positions in real estate finance, investment banking, and strategic planning at Smith Barney, The Harlan Company, First Boston, and Paine Webber, including acting as the Chief Financial Officer of Paine Webber Properties, a family of real estate funds with over $500 million in property investments.
For seven years, Sherman was an adjunct professor of Real Estate Finance at Columbia Business School. He is also the former chairman of the Pension Real Estate Association (PREA) Institute Committee. He received an A.B. in Mathematical Economics (magna cum laude) from Brown University and an M.B.A. in Finance from Columbia Business School. Currently, Sherman serves as an independent director on the board of Brookfield Residential Properties.
Stijn Van Nieuwerburghn, Faculty Co-Director
Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance
Professor Van Nieuwerburgh’s research lies in the intersection of housing, asset pricing, and macroeconomics. One strand of his work studies how financial market liberalization in the mortgage market relaxed households' down payment constraints, and how that affected the macro-economy, and the prices of stocks and bonds. In this area, he has also worked on regional housing prices, households’ mortgage choice, commercial real estate price formation, the impact of foreign buyers on the housing market, and mortgage market design.
Van Nieuwerburgh is editor at the Review of Financial Studies and a faculty research associate at the National Bureau of Economic Research and at the Center for European Policy Research. He has served as an advisor to the Norwegian Minister of Finance, and has been a visiting scholar at to the Central Bank of Belgium, the New York and Minneapolis Federal Reserve Banks, the Swedish House of Finance, the International Center for Housing Risk, and has contributed to the World Economic Forum project on real estate price dynamics.
Professor Van Nieuwerburgh was awarded the 15th Edition of the Bérnácer Prize for his research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets. The Bérnácer Prize is awarded annually to a European economist under the age of 40 who has made significant contributions in the fields of macroeconomics and finance.
Along with Professors Mayer, Piskorski, Sherman, and Van Nieuwerburgh, additional Columbia Business School faculty contribute to and teach in the program.